UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-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
One International Place
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, 2019
FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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, 2019
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
Page | ||||
1 | ||||
Portfolio Summary | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
Schedule of Investments | ||||
9 | ||||
36 | ||||
57 | ||||
65 | ||||
74 | ||||
77 | ||||
82 | ||||
84 | ||||
86 | ||||
89 | ||||
92 | ||||
103 | ||||
104 |
To our Shareholders:(Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for 6 of our currency-hedged equity ETFs for the period ended November 30, 2019.
Global economic majors together curved towards a slowdown owing to restricted cross border trade and political instability. Lower unemployment and government investments in all these regions, on the other hand, spurred domestic demand. The U.S. GDP1 avoided a steep fall, as proportionate interest rate cuts were made by the U.S. Federal Reserve (FRB) when they sensed a sizeable risk. Elsewhere, the Euro area more than halved its already low growth levels as its biggest member nation, Germany, lost steam amid sliding external supply. Trade tensions hovered around developed and emerging economies alike, and Brexit2 uncertainties continued to be a major risk for the U.K.
The double booster of lower unemployment levels and a cumulative 0.75% rate cut provided by the FRB during the review period were the drivers for increased consumer spending, which, in turn, was the main reason behind a resolute GDP. Inflation in the U.S. floated just short of target, nevertheless maintaining a stable level despite lingering risks. The U.S. equity markets added to the sentiment by racing ahead to reachall-time highs on the prospects of future cash flows. While the trade sanctions may have caused a set of instabilities in external demand, it in turn led to the reduction of the U.S. trade deficit substantially.
The Eurozone region fell prey to all the headwinds that were faced globally — trade tensions, political banter and most importantly, Brexit. The export reliant region, saw a blanket reduction in external demand, which was thankfully countered by upticks in domestic spending. Germany avoided a technical recession as GDP numbers reboundedmid-cycle to the positive territory, benefiting from an increase in construction, as well as private and public consumption. Elsewhere, meagre fixed investment in the country held back growth potential in France, while hazardous debt levels in Italy were a widely discussed concern. Meanwhile, in the U.K., inflation was pulled down to a multi-year low with a slowdown in housing and utility prices, mainly due to a cap introduced by regulators on electricity and gas costs.
China’s expansion was at a multi-decade low surrounded by targeted sanctions and shrinking wages. Despite the slowing economy and weaker currency, Chinese stock markets were steadily anchored by continuing international flows and a comeback of retail investors who identified value in certain stocks. However, the possibility of a trade agreement between China and the U.S. was sufficient to resurge business confidence. Despite Japanese policy makers having tried all known approaches to revive growth, an increase in natural calamities contracted manufacturing PMIs3 in Japan, hurting economic expansion.
Drivers of growth are estimated to be in short supply, and the risks still remain; policy makers and administrators have taken note and have agreed to unanimously counter slowing global growth. With the European Central Bank’s promise of a continuation of asset purchases, the Bank of Japan considering steeper negative rates, success of a Brexit friendly conservative party recent elections and a possible agreement between the U.S. and China should restore confidence among investors. Given the economic backdrop of an uncertain environment, hedging currency exposure would play a significant role in managing investments.
Our team appreciates your trust and looks forward to continue serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1GDP provides an economic snapshot of a country, used to estimate the size of an economy by summing the monetary value of all finished goods and services made within a country during a specific period.
2Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
3 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.
1
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, 2019 (10.4% of Net Assets) |
Description | % of Net Assets | |||
Alibaba Group Holding Ltd. (China) | 1.5% | |||
Nestle SA (Switzerland) | 1.4% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 1.1% | |||
Tencent Holdings Ltd. (China) | 1.1% | |||
Royal Dutch Shell PLC (Netherlands) | 1.0% | |||
Samsung Electronics Co. Ltd. (South Korea) | 1.0% | |||
Roche Holding AG (Switzerland) | 1.0% | |||
Novartis AG (Switzerland) | 0.9% | |||
Toyota Motor Corp. (Japan) | 0.7% | |||
HSBC Holdings PLC (United Kingdom) | 0.7% |
Country Diversification* as of November 30, 2019 |
Japan | 16.6% | |||
United Kingdom | 9.7% | |||
China | 8.0% | |||
France | 7.4% | |||
Canada | 6.8% | |||
Switzerland | 6.4% | |||
Germany | 5.8% | |||
Australia | 4.7% | |||
Netherlands | 3.3% | |||
Hong Kong | 3.2% | |||
Taiwan | 3.2% | |||
South Korea | 3.1% | |||
India | 2.4% | |||
Other | 19.4% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2019 |
Financials | 21.3% | |||
Industrials | 12.2% | |||
Consumer Discretionary | 11.9% | |||
Consumer Staples | 9.7% | |||
Information Technology | 9.1% | |||
Health Care | 8.9% | |||
Materials | 7.3% | |||
Communication Services | 6.6% | |||
Energy | 6.5% | |||
Utilities | 3.3% | |||
Real Estate | 3.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.
2
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, 2019 (24.0% of Net Assets) |
Description | % of Net Assets | |||
Alibaba Group Holding Ltd. (China) | 5.7% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 4.1% | |||
Tencent Holdings Ltd. (China) | 4.1% | |||
Samsung Electronics Co. Ltd. (South Korea) | 3.9% | |||
China Construction Bank Corp. (China) | 1.3% | |||
Ping An Insurance Group Co. of China Ltd. (China) | 1.1% | |||
Naspers Ltd. (South Africa) | 1.0% | |||
Reliance Industries Ltd. (India) | 1.0% | |||
Housing Development Finance Corp. Ltd. (India) | 0.9% | |||
Petroleo Brasileiro SA (Brazil) | 0.9% |
Country Diversification* as of November 30, 2019 |
China | 30.2% | |||
Taiwan | 11.7% | |||
South Korea | 11.6% | |||
India | 9.1% | |||
Brazil | 7.2% | |||
South Africa | 4.6% | |||
Russia | 3.9% | |||
Hong Kong | 3.8% | |||
Thailand | 2.7% | |||
Saudi Arabia | 2.5% | |||
Mexico | 2.3% | |||
Other | 10.4% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2019 |
Financials | 24.5% | |||
Information Technology | 15.3% | |||
Consumer Discretionary | 14.3% | |||
Communication Services | 10.9% | |||
Energy | 7.4% | |||
Materials | 7.2% | |||
Consumer Staples | 6.6% | |||
Industrials | 5.4% | |||
Real Estate | 2.9% | |||
Health Care | 2.8% | |||
Utilities | 2.7% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded fund, securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 36.
3
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers MSCI Europe Hedged Equity ETF (DBEU)
TheX-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, 2019 (18.9% of Net Assets) |
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 3.3% | |||
Royal Dutch Shell PLC (Netherlands) | 2.5% | |||
Roche Holding AG (Switzerland) | 2.3% | |||
Novartis AG (Switzerland) | 2.1% | |||
HSBC Holdings PLC (United Kingdom) | 1.6% | |||
SAP SE (Germany) | 1.5% | |||
AstraZeneca PLC (United Kingdom) | 1.4% | |||
BP PLC (United Kingdom) | 1.4% | |||
TOTAL SA (France) | 1.4% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 1.4% |
Country Diversification* as of November 30, 2019 |
United Kingdom | 23.0% | |||
France | 17.9% | |||
Switzerland | 15.3% | |||
Germany | 13.9% | |||
Netherlands | 7.9% | |||
Spain | 4.5% | |||
Sweden | 3.9% | |||
Italy | 3.3% | |||
Denmark | 2.9% | |||
Other | 7.4% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2019 |
Financials | 17.8% | |||
Consumer Staples | 14.0% | |||
Industrials | 14.0% | |||
Health Care | 13.8% | |||
Consumer Discretionary | 10.1% | |||
Materials | 7.2% | |||
Energy | 6.7% | |||
Information Technology | 6.1% | |||
Communication Services | 4.6% | |||
Utilities | 4.3% | |||
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 57.
4
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, 2019 (19.9% of Net Assets) |
Description | % of Net Assets | |||
SAP SE (Germany) | 2.5% | |||
TOTAL SA (France) | 2.4% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 2.4% | |||
ASML Holding NV (Netherlands) | 2.2% | |||
Sanofi (France) | 2.0% | |||
Allianz SE (Germany) | 1.9% | |||
Siemens AG (Germany) | 1.9% | |||
Unilever NV (United Kingdom) | 1.6% | |||
Airbus SE (France) | 1.6% | |||
L’Oreal SA (France) | 1.4% |
Country Diversification* as of November 30, 2019 |
France | 32.5% | |||
Germany | 26.7% | |||
Netherlands | 10.6% | |||
Spain | 8.8% | |||
Italy | 7.4% | |||
Belgium | 3.7% | |||
Finland | 3.1% | |||
United Kingdom | 2.5% | |||
Other | 4.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2019 |
Financials | 16.4% | |||
Industrials | 15.8% | |||
Consumer Discretionary | 13.8% | |||
Information Technology | 10.2% | |||
Consumer Staples | 9.7% | |||
Health Care | 7.7% | |||
Materials | 7.2% | |||
Utilities | 6.3% | |||
Communication Services | 5.3% | |||
Energy | 4.6% | |||
Real Estate | 3.0% | |||
|
| |||
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 65.
5
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, 2019 (55.5% of Net Assets) |
Description | % of Net Assets | |||
SAP SE | 10.3% | |||
Allianz SE | 7.9% | |||
Siemens AG | 7.6% | |||
Bayer AG | 5.4% | |||
BASF SE | 5.3% | |||
adidas AG | 4.3% | |||
Deutsche Telekom AG | 4.3% | |||
Daimler AG | 4.0% | |||
Volkswagen AG | 3.2% | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3.2% |
Sector Diversification* as of November 30, 2019 |
Consumer Discretionary | 17.7% | |||
Financials | 16.1% | |||
Industrials | 14.5% | |||
Information Technology | 13.9% | |||
Health Care | 12.1% | |||
Materials | 9.4% | |||
Communication Services | 5.2% | |||
Real Estate | 3.9% | |||
Utilities | 3.7% | |||
Consumer Staples | 3.5% | |||
|
| |||
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 74.
6
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, 2019 (18.4% of Net Assets) |
Description | % of Net Assets | |||
Toyota Motor Corp. | 4.3% | |||
Sony Corp. | 2.2% | |||
Mitsubishi UFJ Financial Group, Inc. | 1.8% | |||
Keyence Corp. | 1.7% | |||
SoftBank Group Corp. | 1.6% | |||
Takeda Pharmaceutical Co. Ltd. | 1.6% | |||
KDDI Corp. | 1.4% | |||
Recruit Holdings Co. Ltd. | 1.3% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.3% | |||
Honda Motor Co. Ltd. | 1.2% |
Sector Diversification* as of November 30, 2019 |
Industrials | 21.0% | |||
Consumer Discretionary | 18.6% | |||
Information Technology | 11.8% | |||
Financials | 10.7% | |||
Health Care | 10.0% | |||
Communication Services | 8.3% | |||
Consumer Staples | 7.9% | |||
Materials | 5.1% | |||
Real Estate | 4.2% | |||
Utilities | 1.6% | |||
Energy | 0.8% | |||
|
| |||
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 77.
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 management fees and other Fund expenses. In the most recentsix-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 thesix-month period and held for the entire period (June 1, 2019 to November 30, 2019).
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, 2019 | Ending Account Value November 30, 2019 | 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 | $ | 1,094.50 | 0.41 | % | $ | 2.15 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.95 | 0.41 | % | $ | 2.07 | ||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,054.70 | 0.66 | % | $ | 3.39 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.70 | 0.66 | % | $ | 3.34 | ||||||||
Xtrackers MSCI Europe Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,109.00 | 0.46 | % | $ | 2.43 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.70 | 0.46 | % | $ | 2.33 | ||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,134.80 | 0.47 | % | $ | 2.51 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.65 | 0.47 | % | $ | 2.38 | ||||||||
Xtrackers MSCI Germany Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,136.50 | 0.45 | % | $ | 2.40 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Xtrackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,147.40 | 0.46 | % | $ | 2.47 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.70 | 0.46 | % | $ | 2.33 |
(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 recentsix-month period), then divided by 366.
8
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||||||
COMMON STOCKS — 95.8% | ||||||||||||
Argentina — 0.0% | ||||||||||||
Banco Macro SA, ADR | 238 | $ | 6,152 | |||||||||
Globant SA* | 172 | 18,404 | ||||||||||
Grupo Financiero Galicia SA, ADR | 536 | 7,161 | ||||||||||
Telecom Argentina SA, ADR | 657 | 6,820 | ||||||||||
YPF SA, ADR | 928 | 8,918 | ||||||||||
|
| |||||||||||
47,455 | ||||||||||||
|
| |||||||||||
Australia — 4.5% | ||||||||||||
AGL Energy Ltd. | 2,975 | 41,071 | ||||||||||
Alumina Ltd. | 12,919 | 20,186 | ||||||||||
AMP Ltd. | 15,025 | 19,868 | ||||||||||
APA Group (a) | 5,460 | 40,625 | ||||||||||
Aristocrat Leisure Ltd. | 2,583 | 59,263 | ||||||||||
ASX Ltd. | 957 | 52,892 | ||||||||||
Aurizon Holdings Ltd. | 10,233 | 40,007 | ||||||||||
AusNet Services | 8,484 | 9,985 | ||||||||||
Australia & New Zealand Banking Group Ltd. | 13,600 | 228,504 | ||||||||||
Bendigo & Adelaide Bank Ltd. | 1,943 | 13,182 | ||||||||||
BHP Group Ltd. | 14,069 | 363,807 | ||||||||||
BHP Group PLC | 10,109 | 223,574 | ||||||||||
BlueScope Steel Ltd. | 2,738 | 26,946 | ||||||||||
Boral Ltd. | 5,217 | 18,138 | ||||||||||
Brambles Ltd. | 7,702 | 65,381 | ||||||||||
Caltex Australia Ltd. | 1,424 | 33,288 | ||||||||||
Challenger Ltd. | 2,819 | 15,521 | ||||||||||
CIMIC Group Ltd. | 457 | 10,399 | ||||||||||
Coca-Cola Amatil Ltd. | 2,831 | 21,791 | ||||||||||
Cochlear Ltd. | 286 | 45,265 | ||||||||||
Coles Group Ltd. | 5,587 | 61,447 | ||||||||||
Commonwealth Bank of Australia | 8,356 | 456,795 | ||||||||||
Computershare Ltd. | 2,151 | 25,796 | ||||||||||
Crown Resorts Ltd. | 1,926 | 16,818 | ||||||||||
CSL Ltd. | 2,164 | 414,938 | ||||||||||
Dexus REIT | 4,785 | 39,583 | ||||||||||
Flight Centre Travel Group Ltd. | 308 | 9,173 | ||||||||||
Fortescue Metals Group Ltd. (b) | 6,722 | 44,240 | ||||||||||
Goodman Group REIT | 8,614 | 86,349 | ||||||||||
GPT Group REIT | 8,876 | 36,923 | ||||||||||
Harvey Norman Holdings Ltd. (b) | 2,924 | 8,504 | ||||||||||
Incitec Pivot Ltd. | 8,492 | 18,553 | ||||||||||
Insurance Australia Group Ltd. | 11,545 | 61,613 | ||||||||||
Lendlease Group (a) | 2,803 | 36,611 | ||||||||||
Macquarie Group Ltd. | 1,559 | 145,575 | ||||||||||
Magellan Financial Group Ltd. | 587 | 20,841 | ||||||||||
Medibank Pvt Ltd. | 12,528 | 27,625 | ||||||||||
Mirvac Group REIT | 18,275 | 41,657 | ||||||||||
National Australia Bank Ltd. | 13,135 | 230,020 | ||||||||||
Newcrest Mining Ltd. | 3,679 | 76,546 | ||||||||||
Oil Search Ltd. | 6,857 | 34,507 | ||||||||||
Orica Ltd. | 1,775 | 28,550 | ||||||||||
Origin Energy Ltd. | 8,660 | 50,961 | ||||||||||
QBE Insurance Group Ltd. | 6,692 | 57,396 | ||||||||||
Ramsay Health Care Ltd. | 715 | 35,295 | ||||||||||
REA Group Ltd. | 254 | 17,930 | ||||||||||
Santos Ltd. | 8,611 | 47,470 |
Number | Value | |||||||||
Australia (Continued) | ||||||||||
Scentre Group REIT | 25,626 | $ | 68,294 | |||||||
SEEK Ltd. | 1,563 | 24,517 | ||||||||
Sonic Healthcare Ltd. | 1,955 | 39,830 | ||||||||
South32 Ltd. | 23,746 | 43,367 | ||||||||
Stockland REIT | 11,470 | 39,179 | ||||||||
Suncorp Group Ltd. | 5,958 | 53,921 | ||||||||
Sydney Airport (a) | 5,247 | 32,580 | ||||||||
Tabcorp Holdings Ltd. | 9,890 | 32,043 | ||||||||
Telstra Corp. Ltd. | 19,585 | 51,135 | ||||||||
TPG Telecom Ltd. | 1,742 | 8,236 | ||||||||
Transurban Group (a) | 12,653 | 131,373 | ||||||||
Treasury Wine Estates Ltd. | 3,625 | 45,851 | ||||||||
Vicinity Centres REIT | 15,311 | 27,755 | ||||||||
Washington H Soul Pattinson & Co. Ltd. | 520 | 7,851 | ||||||||
Wesfarmers Ltd. | 5,374 | 154,014 | ||||||||
Westpac Banking Corp. | 16,143 | 267,737 | ||||||||
Woodside Petroleum Ltd. | 4,430 | 103,408 | ||||||||
Woolworths Group Ltd. | 6,002 | 161,416 | ||||||||
Worley Ltd. | 1,182 | 11,993 | ||||||||
|
| |||||||||
4,785,909 | ||||||||||
|
| |||||||||
Austria — 0.1% | ||||||||||
ANDRITZ AG | 387 | 15,093 | ||||||||
Erste Group Bank AG* | 1,430 | 51,202 | ||||||||
OMV AG | 714 | 40,699 | ||||||||
Raiffeisen Bank International AG | 717 | 16,833 | ||||||||
Verbund AG | 329 | 17,101 | ||||||||
voestalpine AG | 440 | 11,658 | ||||||||
|
| |||||||||
152,586 | ||||||||||
|
| |||||||||
Belgium — 0.7% | ||||||||||
Ageas | 1,004 | 60,261 | ||||||||
Anheuser-Busch InBev SA/NV | 3,636 | 287,896 | ||||||||
Colruyt SA | 278 | 14,395 | ||||||||
Galapagos NV* | 204 | 40,196 | ||||||||
Groupe Bruxelles Lambert SA | 391 | 39,673 | ||||||||
KBC Group NV | 1,109 | 80,809 | ||||||||
Proximus SADP | 735 | 22,171 | ||||||||
Solvay SA | 355 | 40,675 | ||||||||
Telenet Group Holding NV* | 295 | 13,312 | ||||||||
Titan Cement International SA* | 224 | 4,471 | ||||||||
UCB SA | 631 | 51,137 | ||||||||
Umicore SA | 899 | 38,607 | ||||||||
|
| |||||||||
693,603 | ||||||||||
|
| |||||||||
Brazil — 1.2% | ||||||||||
Ambev SA | 22,196 | 94,523 | ||||||||
Atacadao SA | 1,728 | 7,669 | ||||||||
B2W Cia Digital* | 954 | 12,681 | ||||||||
B3 SA — Brasil Bolsa Balcao | 10,041 | 113,049 | ||||||||
Banco Bradesco SA | 5,740 | 42,320 | ||||||||
Banco BTG Pactual SA | 1,039 | 17,221 | ||||||||
Banco do Brasil SA | 3,917 | 44,183 | ||||||||
Banco Santander Brasil SA | 1,763 | 18,343 | ||||||||
BB Seguridade Participacoes SA | 3,675 | 29,870 | ||||||||
BR Malls Participacoes SA | 3,900 | 14,326 | ||||||||
BRF SA* | 2,728 | 23,557 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Brazil (Continued) | ||||||||||
CCR SA | 5,921 | $ | 24,014 | |||||||
Centrais Eletricas Brasileiras SA | 773 | 6,352 | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 1,860 | 25,189 | ||||||||
Cia Siderurgica Nacional SA | 2,953 | 8,751 | ||||||||
Cielo SA | 5,536 | 10,188 | ||||||||
Cogna Educacao | 6,692 | 16,183 | ||||||||
Cosan SA | 605 | 8,864 | ||||||||
Embraer SA | 3,550 | 15,076 | ||||||||
Energisa SA | 1,284 | 13,929 | ||||||||
Engie Brasil Energia SA | 1,304 | 14,389 | ||||||||
Equatorial Energia SA | 5,120 | 24,933 | ||||||||
Hypera SA | 1,860 | 14,613 | ||||||||
IRB Brasil Resseguros S/A | 3,456 | 30,275 | ||||||||
JBS SA | 5,477 | 36,802 | ||||||||
Klabin SA | 2,672 | 11,171 | ||||||||
Localiza Rent a Car SA | 2,452 | 26,056 | ||||||||
Lojas Renner SA | 3,908 | 47,761 | ||||||||
Magazine Luiza SA | 2,624 | 27,877 | ||||||||
Multiplan Empreendimentos Imobiliarios SA | 1,318 | 8,993 | ||||||||
Natura Cosmeticos SA | 2,098 | 16,394 | ||||||||
Notre Dame Intermedica Participacoes SA | 1,607 | 21,494 | ||||||||
Petrobras Distribuidora SA | 3,362 | 22,559 | ||||||||
Petroleo Brasileiro SA | 14,094 | 103,747 | ||||||||
Porto Seguro SA | 327 | 4,629 | ||||||||
Raia Drogasil SA | 1,266 | 33,749 | ||||||||
Rumo SA* | 6,310 | 36,370 | ||||||||
Sul America SA | 1,129 | 14,168 | ||||||||
Suzano SA | 2,344 | 21,325 | ||||||||
TIM Participacoes SA | 3,349 | 10,698 | ||||||||
Ultrapar Participacoes SA | 3,444 | 17,722 | ||||||||
Vale SA* | 14,556 | 171,643 | ||||||||
WEG SA | 3,417 | 24,524 | ||||||||
|
| |||||||||
1,288,180 | ||||||||||
|
| |||||||||
Canada — 6.6% | ||||||||||
Agnico Eagle Mines Ltd. | 1,137 | 67,554 | ||||||||
Air Canada, Class B* | 623 | 23,474 | ||||||||
Algonquin Power & Utilities Corp. | 2,439 | 34,208 | ||||||||
Alimentation Couche-Tard, Inc., Class B | 4,150 | 135,782 | ||||||||
AltaGas Ltd. (b) | 1,493 | 22,143 | ||||||||
Atco Ltd., Class I | 362 | 13,733 | ||||||||
Aurora Cannabis, Inc.*(b) | 2,950 | 7,373 | ||||||||
Bank of Montreal | 3,064 | 235,792 | ||||||||
Bank of Nova Scotia | 5,888 | 332,189 | ||||||||
Barrick Gold Corp. | 8,369 | 139,746 | ||||||||
BCE, Inc. | 699 | 33,648 | ||||||||
BlackBerry Ltd.* | 3,206 | 17,692 | ||||||||
Bombardier, Inc., Class B* | 12,392 | 18,379 | ||||||||
Brookfield Asset Management, Inc., Class A | 4,023 | 232,754 | ||||||||
CAE, Inc. | 1,343 | 36,085 | ||||||||
Cameco Corp. | 1,632 | 14,866 | ||||||||
Canadian Imperial Bank of Commerce | 2,072 | 180,105 |
Number | Value | |||||||||
Canada (Continued) | ||||||||||
Canadian National Railway Co. | 3,442 | $ | 312,535 | |||||||
Canadian Natural Resources Ltd. | 5,740 | 160,364 | ||||||||
Canadian Pacific Railway Ltd. | 664 | 157,249 | ||||||||
Canadian Tire Corp. Ltd., Class A | 232 | 27,030 | ||||||||
Canadian Utilities Ltd., Class A | 633 | 18,614 | ||||||||
Canopy Growth Corp.* | 942 | 17,382 | ||||||||
CCL Industries, Inc., Class B | 726 | 31,050 | ||||||||
Cenovus Energy, Inc. | 4,740 | 41,894 | ||||||||
CGI, Inc.* | 1,157 | 95,875 | ||||||||
CI Financial Corp. | 1,290 | 20,317 | ||||||||
Constellation Software, Inc. | 93 | 99,421 | ||||||||
Cronos Group, Inc.* | 1,217 | 8,273 | ||||||||
Dollarama, Inc. | 1,503 | 54,981 | ||||||||
Emera, Inc. | 1,130 | 46,466 | ||||||||
Empire Co. Ltd., Class A | 823 | 22,039 | ||||||||
Enbridge, Inc. | 9,666 | 366,032 | ||||||||
Encana Corp. | 7,173 | 28,135 | ||||||||
Fairfax Financial Holdings Ltd. | 124 | 56,012 | ||||||||
First Capital Realty, Inc. | 1,296 | 21,055 | ||||||||
First Quantum Minerals Ltd. | 3,180 | 29,088 | ||||||||
Fortis, Inc. | 2,116 | 82,900 | ||||||||
Franco-Nevada Corp. | 910 | 89,520 | ||||||||
George Weston Ltd. | 359 | 29,200 | ||||||||
Gildan Activewear, Inc. | 1,083 | 31,798 | ||||||||
Great-West Lifeco, Inc. | 1,440 | 36,263 | ||||||||
H&R Real Estate Investment Trust REIT | 676 | 10,983 | ||||||||
Husky Energy, Inc. (b) | 1,650 | 12,012 | ||||||||
Hydro One Ltd., 144A | 1,732 | 32,624 | ||||||||
iA Financial Corp., Inc. | 512 | 26,211 | ||||||||
IGM Financial, Inc. | 528 | 15,185 | ||||||||
Imperial Oil Ltd. | 1,332 | 33,353 | ||||||||
Intact Financial Corp. | 672 | 69,294 | ||||||||
Inter Pipeline Ltd. | 1,709 | 28,305 | ||||||||
Keyera Corp. | 1,042 | 25,424 | ||||||||
Kinross Gold Corp.* | 6,638 | 28,685 | ||||||||
Kirkland Lake Gold Ltd. | 928 | 38,977 | ||||||||
Loblaw Cos. Ltd. | 933 | 50,292 | ||||||||
Lundin Mining Corp. | 3,188 | 17,256 | ||||||||
Magna International, Inc. | 1,523 | 83,907 | ||||||||
Manulife Financial Corp. | 9,179 | 180,567 | ||||||||
Methanex Corp. | 264 | 9,824 | ||||||||
Metro, Inc. | 1,258 | 55,101 | ||||||||
National Bank of Canada | 1,523 | 81,579 | ||||||||
Nutrien Ltd. | 2,946 | 139,061 | ||||||||
Onex Corp. | 372 | 22,153 | ||||||||
Open Text Corp. | 1,191 | 51,852 | ||||||||
Parkland Fuel Corp. | 691 | 24,564 | ||||||||
Pembina Pipeline Corp. | 2,487 | 86,838 | ||||||||
Power Corp. of Canada | 1,510 | 36,650 | ||||||||
Power Financial Corp. | 1,127 | 27,558 | ||||||||
PrairieSky Royalty Ltd. | 869 | 8,963 | ||||||||
Quebecor, Inc., Class B | 807 | 20,012 | ||||||||
Restaurant Brands International, Inc. | 1,150 | 75,556 | ||||||||
RioCan Real Estate Investment Trust REIT | 726 | 14,834 | ||||||||
Rogers Communications, Inc., Class B | 1,785 | 86,569 | ||||||||
Royal Bank of Canada | 6,862 | 561,699 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Canada (Continued) | ||||||||||
Saputo, Inc. | 1,027 | $ | 31,043 | |||||||
Shaw Communications, Inc., Class B | 2,419 | 49,990 | ||||||||
Shopify, Inc., Class A* | 473 | 158,622 | ||||||||
SmartCentres Real Estate Investment Trust REIT | 636 | 15,336 | ||||||||
Stars Group, Inc.* | 856 | 20,512 | ||||||||
Sun Life Financial, Inc. (b) | 3,078 | 140,448 | ||||||||
Suncor Energy, Inc. | 7,574 | 236,235 | ||||||||
TC Energy Corp. | 4,458 | 225,535 | ||||||||
Teck Resources Ltd., Class B | 2,455 | 38,443 | ||||||||
TELUS Corp. | 950 | 35,867 | ||||||||
Thomson Reuters Corp. | 980 | 68,525 | ||||||||
Toronto-Dominion Bank | 8,637 | 498,011 | ||||||||
West Fraser Timber Co. Ltd. | 224 | 9,742 | ||||||||
Wheaton Precious Metals Corp. | 1,806 | 49,627 | ||||||||
WSP Global, Inc. | 459 | 29,624 | ||||||||
|
| |||||||||
6,992,464 | ||||||||||
|
| |||||||||
Chile — 0.2% | ||||||||||
Aguas Andinas SA, Class A | 6,881 | 2,813 | ||||||||
Antofagasta PLC | 2,006 | 22,520 | ||||||||
Banco de Chile | 215,346 | 21,862 | ||||||||
Banco de Credito e Inversiones SA | 187 | 8,361 | ||||||||
Banco Santander Chile | 312,455 | 16,684 | ||||||||
Cencosud SA | 8,433 | 10,741 | ||||||||
Cia Cervecerias Unidas SA | 666 | 6,132 | ||||||||
Colbun SA | 30,600 | 4,358 | ||||||||
Empresa Nacional de Telecomunicaciones SA* | 868 | 5,265 | ||||||||
Empresas CMPC SA | 8,312 | 18,024 | ||||||||
Empresas COPEC SA | 2,150 | 17,099 | ||||||||
Enel Americas SA | 183,174 | 35,153 | ||||||||
Enel Chile SA | 123,794 | 9,290 | ||||||||
Itau CorpBanca | 1,267,566 | 6,300 | ||||||||
Latam Airlines Group SA | 1,466 | 15,391 | ||||||||
SACI Falabella | 2,985 | 11,980 | ||||||||
|
| |||||||||
211,973 | ||||||||||
|
| |||||||||
China — 7.8% | ||||||||||
360 Security Technology, Inc., Class A | 3,700 | 10,914 | ||||||||
3SBio, Inc., 144A* | 4,816 | 6,952 | ||||||||
51job, Inc., ADR*(b) | 112 | 8,805 | ||||||||
58.com, Inc., ADR* | 516 | 31,744 | ||||||||
AAC Technologies Holdings, Inc. | 3,620 | 25,388 | ||||||||
Accelink Technologies Co. Ltd., Class A | 2,700 | 10,714 | ||||||||
Agile Group Holdings Ltd. | 7,957 | 11,141 | ||||||||
Agricultural Bank of China Ltd., Class A | 19,900 | 10,246 | ||||||||
Agricultural Bank of China Ltd., Class H | 131,537 | 53,266 | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 2,700 | 15,330 | ||||||||
Air China Ltd., Class H | 10,875 | 9,891 | ||||||||
Alibaba Group Holding Ltd., ADR* | 8,060 | 1,612,000 | ||||||||
A-Living Services Co. Ltd., Class H, 144A | 4,750 | 15,321 |
Number | Value | |||||||||
China (Continued) | ||||||||||
Aluminum Corp. of China Ltd., Class H* | 20,450 | $ | 6,270 | |||||||
Anhui Conch Cement Co. Ltd., Class A | 1,200 | 7,817 | ||||||||
Anhui Conch Cement Co. Ltd., Class H | 5,837 | 37,320 | ||||||||
ANTA Sports Products Ltd. | 5,136 | 48,289 | ||||||||
Anxin Trust Co. Ltd., Class A* | 1,500 | 849 | ||||||||
Autohome, Inc., ADR*(b) | 308 | 20,959 | ||||||||
AviChina Industry & Technology Co. Ltd., Class H | 13,135 | 5,990 | ||||||||
BAIC Motor Corp. Ltd., Class H, 144A | 10,311 | 5,782 | ||||||||
Baidu, Inc., ADR* | 1,321 | 156,578 | ||||||||
Bank of Beijing Co. Ltd., Class A | 11,100 | 8,778 | ||||||||
Bank of China Ltd., Class A | 16,800 | 8,674 | ||||||||
Bank of China Ltd., Class H | 391,390 | 156,995 | ||||||||
Bank of Communications Co. Ltd., Class A | 13,200 | 10,345 | ||||||||
Bank of Communications Co. Ltd., Class H | 35,578 | 23,361 | ||||||||
Bank of Jiangsu Co. Ltd., Class A | 10,000 | 9,814 | ||||||||
Bank of Ningbo Co. Ltd., Class A | 2,300 | 8,695 | ||||||||
Bank of Shanghai Co. Ltd., Class A | 5,590 | 7,307 | ||||||||
Baozun, Inc., ADR*(b) | 175 | 6,645 | ||||||||
BeiGene Ltd., ADR*(b) | 158 | 32,120 | ||||||||
Beijing Capital International Airport Co. Ltd., Class H | 7,123 | 6,733 | ||||||||
BYD Co. Ltd., Class H (b) | 3,102 | 14,721 | ||||||||
BYD Electronic International Co. Ltd. (b) | 3,177 | 5,682 | ||||||||
CGN Power Co. Ltd., Class H, 144A | 51,498 | 12,894 | ||||||||
China Aoyuan Group Ltd. | 5,569 | 7,968 | ||||||||
China Cinda Asset Management Co. Ltd., Class H | 59,929 | 12,479 | ||||||||
China CITIC Bank Corp. Ltd., Class H | 46,587 | 25,472 | ||||||||
China Communications Construction Co. Ltd., Class H | 24,316 | 18,917 | ||||||||
China Communications Services Corp. Ltd., Class H | 15,597 | 10,500 | ||||||||
China Conch Venture Holdings Ltd. | 7,770 | 30,224 | ||||||||
China Construction Bank Corp., Class H | 454,708 | 361,882 | ||||||||
China Eastern Airlines Corp. Ltd., Class H* | 6,242 | 3,166 | ||||||||
China Everbright Bank Co. Ltd., Class A | 14,000 | 8,224 | ||||||||
China Everbright Bank Co. Ltd., Class H | 14,787 | 6,385 | ||||||||
China Evergrande Group*(b) | 8,711 | 20,787 | ||||||||
China Galaxy Securities Co. Ltd., Class H | 12,246 | 6,226 | ||||||||
China Hongqiao Group Ltd. | 8,230 | 4,321 | ||||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 68,252 | 9,940 | ||||||||
China International Capital Corp. Ltd., Class H, 144A (b) | 5,058 | 8,710 | ||||||||
China International Travel Service Corp. Ltd., Class A | 800 | 9,535 | ||||||||
China Lesso Group Holdings Ltd. | 14,000 | 14,665 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
China (Continued) | ||||||||||
China Life Insurance Co. Ltd., Class A | 700 | $ | 3,267 | |||||||
China Life Insurance Co. Ltd., Class H | 33,947 | 85,778 | ||||||||
China Literature Ltd., 144A*(b) | 2,240 | 8,599 | ||||||||
China Longyuan Power Group Corp. Ltd., Class H | 22,041 | 11,938 | ||||||||
China Medical System Holdings Ltd. | 6,743 | 9,596 | ||||||||
China Merchants Bank Co. Ltd., Class A | 7,800 | 39,972 | ||||||||
China Merchants Bank Co. Ltd., Class H | 19,748 | 93,341 | ||||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 2,200 | 5,667 | ||||||||
China Minsheng Banking Corp. Ltd., Class A | 13,500 | 11,847 | ||||||||
China Minsheng Banking Corp. Ltd., Class H | 33,356 | 23,223 | ||||||||
China Molybdenum Co. Ltd., Class H | 16,711 | 5,721 | ||||||||
China National Building Material Co. Ltd., Class H | 15,008 | 14,494 | ||||||||
China National Nuclear Power Co. Ltd., Class A | 12,600 | 8,710 | ||||||||
China Oilfield Services Ltd., Class H | 12,051 | 16,226 | ||||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,600 | 7,794 | ||||||||
China Pacific Insurance Group Co. Ltd., Class H | 12,650 | 44,763 | ||||||||
China Petroleum & Chemical Corp., Class A | 9,200 | 6,530 | ||||||||
China Petroleum & Chemical Corp., Class H | 139,260 | 78,098 | ||||||||
China Railway Construction Corp. Ltd., Class H | 10,726 | 11,071 | ||||||||
China Railway Group Ltd., Class A | 15,300 | 12,295 | ||||||||
China Railway Group Ltd., Class H | 20,256 | 11,851 | ||||||||
China Resources Pharmaceutical Group Ltd., 144A | 8,748 | 7,644 | ||||||||
China Shenhua Energy Co. Ltd., Class H | 17,751 | 34,377 | ||||||||
China Shipbuilding Industry Co. Ltd., Class A | 8,500 | 6,383 | ||||||||
China Southern Airlines Co. Ltd., Class H (b) | 8,335 | 5,207 | ||||||||
China State Construction Engineering Corp. Ltd., Class A | 9,600 | 6,977 | ||||||||
China Telecom Corp. Ltd., Class H | 71,007 | 26,850 | ||||||||
China Tower Corp. Ltd., Class H, 144A | 208,683 | 42,653 | ||||||||
China United Network Communications Ltd., Class A | 9,100 | 7,390 | ||||||||
China Vanke Co. Ltd., Class A | 2,100 | 8,274 | ||||||||
China Vanke Co. Ltd., Class H | 6,217 | 23,270 | ||||||||
China Yangtze Power Co. Ltd., Class A | 10,200 | 26,302 | ||||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 16,569 | 8,234 | ||||||||
CIFI Holdings Group Co. Ltd. | 13,094 | 9,534 | ||||||||
CITIC Securities Co. Ltd., Class A | 3,100 | 9,440 | ||||||||
CITIC Securities Co. Ltd., Class H | 7,298 | 13,555 | ||||||||
CNOOC Ltd. | 84,869 | 123,161 |
Number | Value | |||||||||
China (Continued) | ||||||||||
Contemporary Amperex Technology Co. Ltd., Class A | 1,600 | $ | 19,892 | |||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 16,200 | 10,899 | ||||||||
Country Garden Holdings Co. Ltd. (b) | 36,720 | 51,130 | ||||||||
Country Garden Services Holdings Co. Ltd. | 4,808 | 15,539 | ||||||||
CRRC Corp. Ltd., Class A | 9,800 | 9,715 | ||||||||
CRRC Corp. Ltd., Class H | 24,010 | 15,796 | ||||||||
CSPC Pharmaceutical Group Ltd. | 23,942 | 54,502 | ||||||||
Dali Foods Group Co. Ltd., 144A | 17,259 | 11,729 | ||||||||
Daqin Railway Co. Ltd., Class A | 10,400 | 11,730 | ||||||||
Dongfeng Motor Group Co. Ltd., Class H | 13,883 | 13,337 | ||||||||
ENN Energy Holdings Ltd. | 4,240 | 46,040 | ||||||||
Focus Media Information Technology Co. Ltd., Class A | 3,200 | 2,549 | ||||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 500 | 7,608 | ||||||||
Fosun International Ltd. | 15,117 | 20,354 | ||||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 2,294 | 6,769 | ||||||||
GCL System Integration Technology Co. Ltd., Class A* | 12,400 | 10,829 | ||||||||
GDS Holdings Ltd., ADR*(b) | 329 | 15,404 | ||||||||
Genscript Biotech Corp.* | 4,043 | 9,761 | ||||||||
GF Securities Co. Ltd., Class H | 11,962 | 12,805 | ||||||||
GOME Retail Holdings Ltd.*(b) | 109,510 | 9,653 | ||||||||
Great Wall Motor Co. Ltd., Class H | 21,547 | 16,653 | ||||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 1,300 | 10,671 | ||||||||
Greentown Service Group Co. Ltd. | 4,808 | 5,264 | ||||||||
Guangzhou Automobile Group Co. Ltd., Class H | 14,124 | 15,084 | ||||||||
Guangzhou R&F Properties Co. Ltd., Class H | 7,029 | 11,817 | ||||||||
Guotai Junan Securities Co. Ltd., Class H, 144A | 7,228 | 10,988 | ||||||||
Haidilao International Holding Ltd., 144A (b) | 3,000 | 12,609 | ||||||||
Haitian International Holdings Ltd. | 4,920 | 10,999 | ||||||||
Haitong Securities Co. Ltd., Class H | 15,568 | 15,552 | ||||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 3,100 | 13,849 | ||||||||
Hansoh Pharmaceutical Group Co. Ltd., 144A* | 6,000 | 17,706 | ||||||||
Hengan International Group Co. Ltd. | 3,470 | 22,917 | ||||||||
Hua Hong Semiconductor Ltd., 144A (b) | 2,953 | 5,236 | ||||||||
Huaneng Power International, Inc., Class H | 14,715 | 7,294 | ||||||||
Huaneng Renewables Corp. Ltd., Class H | 18,697 | 7,141 | ||||||||
Huatai Securities Co. Ltd., Class A | 2,100 | 5,069 | ||||||||
Huatai Securities Co. Ltd., Class H, 144A | 7,057 | 10,584 | ||||||||
Huaxia Bank Co. Ltd., Class A | 9,400 | 9,934 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
China (Continued) | ||||||||||
Huazhu Group Ltd., ADR (b) | 634 | $ | 21,689 | |||||||
HUYA, Inc., ADR*(b) | 761 | 16,057 | ||||||||
Industrial & Commercial Bank of China Ltd., Class A | 14,000 | 11,529 | ||||||||
Industrial & Commercial Bank of China Ltd., Class H | 317,963 | 226,651 | ||||||||
Industrial Bank Co. Ltd., Class A | 5,000 | 13,434 | ||||||||
Industrial Securities Co. Ltd., Class A | 1,500 | 1,321 | ||||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 32,600 | 5,935 | ||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,500 | 6,206 | ||||||||
Innovent Biologics, Inc., 144A* | 6,500 | 22,752 | ||||||||
iQIYI, Inc., ADR*(b) | 788 | 15,090 | ||||||||
JD.com, Inc., ADR* | 3,673 | 119,923 | ||||||||
Jiangsu Expressway Co. Ltd., Class H | 9,726 | 12,971 | ||||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 1,000 | 12,218 | ||||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 200 | 2,793 | ||||||||
Jiangxi Copper Co. Ltd., Class H | 5,628 | 6,492 | ||||||||
Kingdee International Software Group Co. Ltd. | 13,211 | 13,096 | ||||||||
Kingsoft Corp. Ltd.* | 4,776 | 10,567 | ||||||||
Kweichow Moutai Co. Ltd., Class A | 400 | 64,231 | ||||||||
KWG Group Holdings Ltd.* | 5,818 | 6,392 | ||||||||
Legend Holdings Corp., Class H, 144A | 3,532 | 7,264 | ||||||||
Lenovo Group Ltd. | 35,135 | 23,205 | ||||||||
Li Ning Co. Ltd. | 8,847 | 28,367 | ||||||||
Logan Property Holdings Co. Ltd. | 9,750 | 14,274 | ||||||||
Longfor Group Holdings Ltd., 144A | 8,295 | 33,962 | ||||||||
Luxshare Precision Industry Co. Ltd., Class A | 3,600 | 17,424 | ||||||||
Luye Pharma Group Ltd., 144A (b) | 11,644 | 8,553 | ||||||||
Luzhou Laojiao Co. Ltd., Class A | 800 | 9,302 | ||||||||
Maanshan Iron & Steel Co. Ltd., Class A | 26,500 | 10,365 | ||||||||
Meituan Dianping, Class B* | 4,759 | 62,740 | ||||||||
Metallurgical Corp. of China Ltd., Class A | 21,100 | 8,043 | ||||||||
Midea Group Co. Ltd., Class A | 500 | 3,862 | ||||||||
Momo, Inc., ADR | 829 | 31,029 | ||||||||
Muyuan Foodstuff Co. Ltd., Class A | 1,300 | 16,049 | ||||||||
NetEase, Inc., ADR | 339 | 106,893 | ||||||||
New China Life Insurance Co. Ltd., Class H | 4,923 | 18,961 | ||||||||
New Oriental Education & Technology Group, Inc., ADR* | 724 | 87,662 | ||||||||
Ninestar Corp., Class A | 2,700 | 10,868 | ||||||||
NIO, Inc., ADR*(b) | 3,140 | 7,128 | ||||||||
Noah Holdings Ltd., ADR*(b) | 190 | 5,537 | ||||||||
OFILM Group Co. Ltd., Class A* | 6,200 | 11,137 | ||||||||
Orient Securities Co. Ltd., Class A | 1,600 | 2,212 | ||||||||
People’s Insurance Co. Group of China Ltd., Class H | 33,693 | 13,515 | ||||||||
PetroChina Co. Ltd., Class A | 7,700 | 6,122 | ||||||||
PetroChina Co. Ltd., Class H | 95,491 | 44,037 |
Number | Value | |||||||||
China (Continued) | ||||||||||
PICC Property & Casualty Co. Ltd., Class H | 37,763 | $ | 43,706 | |||||||
Pinduoduo, Inc., ADR*(b) | 877 | 31,528 | ||||||||
Ping An Bank Co. Ltd., Class A | 3,800 | 8,264 | ||||||||
Ping An Healthcare and Technology Co. Ltd., 144A* | 3,100 | 20,632 | ||||||||
Ping An Insurance Group Co. of China Ltd., Class A | 2,700 | 32,112 | ||||||||
Ping An Insurance Group Co. of China Ltd., Class H | 26,364 | 298,732 | ||||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 3,400 | 6,978 | ||||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 36,685 | 23,807 | ||||||||
Power Construction Corp. of China Ltd., Class A | 14,500 | 8,414 | ||||||||
SAIC Motor Corp. Ltd., Class A | 2,000 | 6,614 | ||||||||
Seazen Group Ltd.*(b) | 10,549 | 11,239 | ||||||||
Semiconductor Manufacturing International Corp.*(b) | 12,721 | 16,218 | ||||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 9,093 | 10,977 | ||||||||
Shanghai Electric Group Co. Ltd., Class H | 14,557 | 4,482 | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (b) | 3,305 | 9,288 | ||||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 3,931 | 3,597 | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 5,098 | 9,144 | ||||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 9,300 | 15,754 | ||||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 11,900 | 8,056 | ||||||||
Shenzhen KingdomSci-Tech Co. Ltd., Class A* | 3,900 | 10,245 | ||||||||
Shenzhou International Group Holdings Ltd. | 3,696 | 48,726 | ||||||||
SINA Corp.* | 378 | 13,188 | ||||||||
Sino-Ocean Group Holding Ltd. | 13,001 | 4,816 | ||||||||
Sinopec Engineering Group Co. Ltd., Class H | 7,834 | 4,593 | ||||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 16,218 | 4,496 | ||||||||
Sinopharm Group Co. Ltd., Class H | 6,046 | 19,965 | ||||||||
Sinotruk Hong Kong Ltd. | 3,686 | 6,225 | ||||||||
SOHO China Ltd. | 10,116 | 3,489 | ||||||||
Sunac China Holdings Ltd. | 10,978 | 53,501 | ||||||||
Sunny Optical Technology Group Co. Ltd. | 3,139 | 51,448 | ||||||||
TAL Education Group, ADR*(b) | 1,981 | 87,679 | ||||||||
Tencent Holdings Ltd. | 27,117 | 1,149,382 | ||||||||
Tencent Music Entertainment Group, ADR*(b) | 423 | 5,258 | ||||||||
Tianma Microelectronics Co. Ltd., Class A | 1,000 | 2,180 | ||||||||
Tingyi Cayman Islands Holding Corp. | 11,317 | 18,418 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
China (Continued) | ||||||||||
TravelSky Technology Ltd., Class H | 4,761 | $ | 11,592 | |||||||
Trip.com Group Ltd., ADR* | 2,264 | 75,255 | ||||||||
Tsingtao Brewery Co. Ltd., Class H | 1,980 | 12,242 | ||||||||
Uni-President China Holdings Ltd. | 11,236 | 11,411 | ||||||||
Vipshop Holdings Ltd., ADR* | 2,092 | 26,736 | ||||||||
Wanhua Chemical Group Co. Ltd., Class A | 2,400 | 16,525 | ||||||||
Want Want China Holdings Ltd. | 29,747 | 25,612 | ||||||||
Weibo Corp., ADR* | 244 | 10,446 | ||||||||
Weichai Power Co. Ltd., Class H | 13,085 | 22,365 | ||||||||
Wens Foodstuffs Group Co. Ltd., Class A | 1,200 | 6,110 | ||||||||
Wuliangye Yibin Co. Ltd., Class A | 1,600 | 29,026 | ||||||||
WuXi AppTec Co. Ltd., Class A | 1,200 | 15,018 | ||||||||
WuXi AppTec Co. Ltd., Class H, 144A | 703 | 8,159 | ||||||||
Wuxi Biologics Cayman, Inc., 144A* | 2,812 | 31,773 | ||||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 2,300 | 12,365 | ||||||||
Xiaomi Corp., Class B, 144A* | 41,463 | 47,406 | ||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 5,788 | 6,440 | ||||||||
Xinyi Solar Holdings Ltd. | 15,406 | 9,466 | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 10,700 | 8,058 | ||||||||
Yanzhou Coal Mining Co. Ltd., Class H | 11,122 | 9,832 | ||||||||
Yihai International Holding Ltd.* | 2,266 | 14,416 | ||||||||
Yum China Holdings, Inc. | 1,815 | 80,804 | ||||||||
YY, Inc., ADR*(b) | 235 | 14,991 | ||||||||
Zhaojin Mining Industry Co. Ltd., Class H | 8,500 | 8,795 | ||||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 4,800 | 11,565 | ||||||||
Zhejiang Expressway Co. Ltd., Class H | 6,370 | 5,574 | ||||||||
Zhongsheng Group Holdings Ltd. | 2,526 | 8,955 | ||||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 3,224 | 11,017 | ||||||||
Zijin Mining Group Co. Ltd., Class H | 29,355 | 10,987 | ||||||||
ZTE Corp., Class H* | 3,812 | 10,153 | ||||||||
ZTO Express Cayman, Inc., ADR | 1,769 | 37,644 | ||||||||
|
| |||||||||
8,260,918 | ||||||||||
|
| |||||||||
Colombia — 0.1% | ||||||||||
Bancolombia SA | 1,042 | 12,349 | ||||||||
Ecopetrol SA | 23,874 | 22,333 | ||||||||
Grupo Argos SA | 1,348 | 6,730 | ||||||||
Grupo de Inversiones Suramericana SA | 1,145 | 10,548 | ||||||||
Interconexion Electrica SA ESP | 1,750 | 9,444 | ||||||||
|
| |||||||||
61,404 | ||||||||||
|
| |||||||||
Cyprus — 0.0% | ||||||||||
Polymetal International PLC | 1,051 | 15,776 | ||||||||
|
| |||||||||
Czech Republic — 0.0% | ||||||||||
CEZ AS | 1,048 | 23,210 | ||||||||
Komercni banka AS | 359 | 12,294 | ||||||||
Moneta Money Bank AS, 144A | 1,848 | 6,137 | ||||||||
|
| |||||||||
41,641 | ||||||||||
|
|
Number | Value | |||||||||
Denmark — 1.2% | ||||||||||
A.P. Moller — Maersk A/S, Class A | 16 | $ | 20,772 | |||||||
A.P. Moller — Maersk A/S, Class B | 31 | 43,323 | ||||||||
Carlsberg A/S, Class B | 525 | 75,521 | ||||||||
Chr Hansen Holding A/S | 521 | 39,562 | ||||||||
Coloplast A/S, Class B | 588 | 69,463 | ||||||||
Danske Bank A/S | 2,742 | 37,018 | ||||||||
Demant A/S* | 533 | 16,307 | ||||||||
DSV PANALPINA A/S | 1,052 | 114,536 | ||||||||
Genmab A/S* | 310 | 72,219 | ||||||||
H Lundbeck A/S | 327 | 12,526 | ||||||||
ISS A/S | 766 | 17,580 | ||||||||
Novo Nordisk A/S, Class B | 8,376 | 470,788 | ||||||||
Novozymes A/S, Class B | 1,066 | 50,926 | ||||||||
Orsted A/S, 144A | 875 | 80,635 | ||||||||
Pandora A/S | 477 | 19,201 | ||||||||
Tryg A/S | 526 | 15,124 | ||||||||
Vestas Wind Systems A/S | 969 | 92,212 | ||||||||
|
| |||||||||
1,247,713 | ||||||||||
|
| |||||||||
Egypt — 0.0% | ||||||||||
Commercial International Bank Egypt SAE | 6,350 | 31,041 | ||||||||
Eastern Co. SAE | 4,376 | 4,064 | ||||||||
ElSewedy Electric Co. | 4,141 | 3,090 | ||||||||
|
| |||||||||
38,195 | ||||||||||
|
| |||||||||
Finland — 0.7% | ||||||||||
Elisa OYJ | 689 | 36,823 | ||||||||
Fortum OYJ | 2,176 | 51,278 | ||||||||
Kone OYJ, Class B | 1,657 | 103,726 | ||||||||
Metso OYJ | 528 | 20,243 | ||||||||
Neste OYJ | 1,959 | 66,214 | ||||||||
Nokia OYJ | 26,954 | 95,366 | ||||||||
Nokian Renkaat OYJ | 592 | 16,018 | ||||||||
Nordea Bank Abp | 14,697 | 104,080 | ||||||||
Nordea Bank Abp | 208 | 1,474 | ||||||||
Orion OYJ, Class B | 562 | 24,457 | ||||||||
Sampo OYJ, Class A | 2,086 | 84,342 | ||||||||
Stora Enso OYJ, Class R | 2,629 | 35,336 | ||||||||
UPM-Kymmene OYJ | 2,493 | 83,275 | ||||||||
Wartsila OYJ Abp | 2,146 | 21,600 | ||||||||
|
| |||||||||
744,232 | ||||||||||
|
| |||||||||
France — 7.2% | ||||||||||
Accor SA | 901 | 38,544 | ||||||||
Aeroports de Paris | 131 | 25,617 | ||||||||
Air Liquide SA | 2,294 | 310,984 | ||||||||
Airbus SE | 2,779 | 408,421 | ||||||||
Alstom SA | 750 | 32,704 | ||||||||
Amundi SA, 144A | 306 | 23,160 | ||||||||
Arkema SA | 339 | 35,129 | ||||||||
Atos SE | 430 | 36,515 | ||||||||
AXA SA | 9,261 | 251,959 | ||||||||
BioMerieux | 184 | 16,633 | ||||||||
BNP Paribas SA | 5,283 | 296,660 | ||||||||
Bollore SA* | 18 | 76 | ||||||||
Bollore SA | 3,253 | 13,905 | ||||||||
Bouygues SA | 929 | 37,951 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
France (Continued) | ||||||||||
Bureau Veritas SA | 1,410 | $ | 36,909 | |||||||
Capgemini SE | 763 | 90,238 | ||||||||
Carrefour SA | 2,696 | 44,493 | ||||||||
Casino Guichard Perrachon SA (b) | 395 | 17,381 | ||||||||
Cie de Saint-Gobain | 2,116 | 85,672 | ||||||||
Cie Generale des Etablissements Michelin SCA | 772 | 92,621 | ||||||||
CNP Assurances | 886 | 17,492 | ||||||||
Covivio REIT | 257 | 28,427 | ||||||||
Credit Agricole SA | 5,367 | 73,408 | ||||||||
Danone SA | 2,952 | 243,006 | ||||||||
Dassault Aviation SA | 13 | 17,688 | ||||||||
Dassault Systemes SE | 605 | 95,314 | ||||||||
Edenred | 1,145 | 56,828 | ||||||||
Eiffage SA | 360 | 39,304 | ||||||||
Electricite de France SA | 2,883 | 29,615 | ||||||||
Engie SA | 8,795 | 139,141 | ||||||||
EssilorLuxottica SA | 1,350 | 209,709 | ||||||||
Eurazeo SE | 194 | 13,219 | ||||||||
Eutelsat Communications SA (b) | 884 | 14,501 | ||||||||
Faurecia SE | 361 | 19,146 | ||||||||
Gecina SA REIT | 217 | 37,486 | ||||||||
Getlink SE | 2,446 | 41,257 | ||||||||
Hermes International | 146 | 109,377 | ||||||||
ICADE REIT | 160 | 16,014 | ||||||||
Iliad SA (b) | 119 | 15,149 | ||||||||
Ingenico Group SA | 291 | 31,053 | ||||||||
Ipsen SA | 182 | 20,552 | ||||||||
JCDecaux SA | 443 | 12,689 | ||||||||
Kering SA | 365 | 219,839 | ||||||||
Klepierre SA REIT | 993 | 35,631 | ||||||||
Legrand SA | 1,266 | 99,976 | ||||||||
L’Oreal SA | 1,239 | 353,127 | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,321 | 592,763 | ||||||||
Natixis SA | 4,514 | 18,863 | ||||||||
Orange SA (b) | 9,621 | 158,992 | ||||||||
Pernod Ricard SA (b) | 1,006 | 184,755 | ||||||||
Peugeot SA | 2,821 | 68,125 | ||||||||
Publicis Groupe SA | 972 | 42,770 | ||||||||
Remy Cointreau SA (b) | 96 | 12,364 | ||||||||
Renault SA | 928 | 44,427 | ||||||||
Safran SA | 1,563 | 255,625 | ||||||||
Sanofi | 5,348 | 497,924 | ||||||||
Sartorius Stedim Biotech | 134 | 21,273 | ||||||||
Schneider Electric SE | 2,656 | 256,328 | ||||||||
SCOR SE | 731 | 31,400 | ||||||||
SEB SA | 141 | 21,903 | ||||||||
Societe Generale SA | 3,484 | 109,623 | ||||||||
Sodexo SA | 393 | 45,808 | ||||||||
Suez | 1,708 | 25,281 | ||||||||
Teleperformance | 260 | 61,585 | ||||||||
Thales SA | 502 | 49,178 | ||||||||
TOTAL SA | 11,208 | 588,252 | ||||||||
Ubisoft Entertainment SA* | 468 | 28,409 | ||||||||
Unibail-Rodamco-Westfield REIT | 523 | 81,761 | ||||||||
Unibail-Rodamco-Westfield CDI | 2,774 | 21,709 |
Number | Value | |||||||||
France (Continued) | ||||||||||
Valeo SA | 1,163 | $ | 45,819 | |||||||
Veolia Environnement SA | 2,551 | 65,315 | ||||||||
Vinci SA | 2,373 | 258,767 | ||||||||
Vivendi SA | 4,433 | 121,705 | ||||||||
Wendel SA | 130 | 17,516 | ||||||||
Worldline SA, 144A* | 400 | 25,890 | ||||||||
|
| |||||||||
7,638,650 | ||||||||||
|
| |||||||||
Germany — 5.3% | ||||||||||
adidas AG | 860 | 267,895 | ||||||||
Allianz SE | 1,970 | 471,726 | ||||||||
Axel Springer SE | 216 | 14,873 | ||||||||
BASF SE | 4,474 | 336,257 | ||||||||
Bayer AG | 4,461 | 337,639 | ||||||||
Bayerische Motoren Werke AG | 1,643 | 132,680 | ||||||||
Beiersdorf AG | 467 | 54,459 | ||||||||
Brenntag AG | 737 | 39,307 | ||||||||
Carl Zeiss Meditec AG | 197 | 24,091 | ||||||||
Commerzbank AG | 5,189 | 30,076 | ||||||||
Continental AG | 531 | 69,381 | ||||||||
Covestro AG, 144A | 845 | 39,565 | ||||||||
Daimler AG | 4,125 | 232,679 | ||||||||
Delivery Hero SE, 144A* | 537 | 28,397 | ||||||||
Deutsche Bank AG (c) | 9,455 | 68,166 | ||||||||
Deutsche Boerse AG | 933 | 143,133 | ||||||||
Deutsche Lufthansa AG | 1,043 | 19,787 | ||||||||
Deutsche Post AG | 4,779 | 178,169 | ||||||||
Deutsche Telekom AG | 15,315 | 257,070 | ||||||||
Deutsche Wohnen SE | 1,792 | 69,987 | ||||||||
E.ON SE | 10,660 | 111,546 | ||||||||
Evonik Industries AG | 962 | 27,916 | ||||||||
Fraport AG Frankfurt Airport Services Worldwide | 221 | 18,826 | ||||||||
Fresenius Medical Care AG & Co. KGaA | 1,042 | 76,409 | ||||||||
Fresenius SE & Co. KGaA | 1,974 | 107,955 | ||||||||
GEA Group AG | 835 | 26,834 | ||||||||
Hannover Rueck SE | 275 | 51,050 | ||||||||
HeidelbergCement AG | 650 | 48,051 | ||||||||
Henkel AG & Co. KGaA | 493 | 47,688 | ||||||||
HOCHTIEF AG | 90 | 11,056 | ||||||||
Infineon Technologies AG | 6,027 | 128,735 | ||||||||
KION Group AG | 372 | 24,680 | ||||||||
Knorr-Bremse AG | 228 | 22,175 | ||||||||
LANXESS AG | 449 | 29,927 | ||||||||
Merck KGaA | 619 | 72,287 | ||||||||
METRO AG | 884 | 14,243 | ||||||||
MTU Aero Engines AG | 238 | 64,476 | ||||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 647 | 185,756 | ||||||||
Puma SE | 500 | 37,568 | ||||||||
RWE AG | 2,462 | 72,990 | ||||||||
SAP SE | 4,684 | 637,202 | ||||||||
Siemens AG | 3,663 | 472,641 | ||||||||
Siemens Healthineers AG, 144A | 638 | 30,941 | ||||||||
Symrise AG | 585 | 56,741 | ||||||||
Telefonica Deutschland Holding AG | 3,110 | 9,494 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Germany (Continued) | ||||||||||
thyssenkrupp AG (b) | 2,031 | $ | 25,463 | |||||||
TUI AG | 2,080 | 28,610 | ||||||||
Uniper SE | 923 | 29,794 | ||||||||
United Internet AG | 583 | 19,751 | ||||||||
Volkswagen AG | 155 | 29,568 | ||||||||
Vonovia SE | 2,338 | 121,808 | ||||||||
Wirecard AG (b) | 568 | 74,967 | ||||||||
Zalando SE, 144A* | 503 | 21,668 | ||||||||
|
| |||||||||
5,554,153 | ||||||||||
|
| |||||||||
Greece — 0.1% | ||||||||||
Alpha Bank AE* | 7,127 | 14,997 | ||||||||
Eurobank Ergasias SA* | 12,640 | 13,313 | ||||||||
FF Group*(d) | 197 | 1,042 | ||||||||
Hellenic Telecommunications Organization SA | 1,306 | 19,625 | ||||||||
JUMBO SA | 642 | 12,873 | ||||||||
Motor Oil Hellas Corinth Refineries SA | 235 | 5,499 | ||||||||
National Bank of Greece SA* | 2,248 | 7,613 | ||||||||
OPAP SA | 752 | 9,246 | ||||||||
|
| |||||||||
84,208 | ||||||||||
|
| |||||||||
Hong Kong — 3.1% | ||||||||||
AIA Group Ltd. | 57,703 | 577,911 | ||||||||
Alibaba Health Information Technology Ltd.* | 14,938 | 16,907 | ||||||||
Alibaba Pictures Group Ltd.* | 56,769 | 9,428 | ||||||||
ASM Pacific Technology Ltd. | 1,169 | 15,262 | ||||||||
Bank of East Asia Ltd. (b) | 5,962 | 13,450 | ||||||||
Beijing Enterprises Holdings Ltd. | 3,220 | 14,232 | ||||||||
Beijing Enterprises Water Group Ltd.* | 32,433 | 15,910 | ||||||||
BOC Hong Kong Holdings Ltd. | 17,995 | 61,148 | ||||||||
Brilliance China Automotive Holdings Ltd. | 15,169 | 15,657 | ||||||||
Budweiser Brewing Co. APAC Ltd., 144A* | 5,700 | 20,315 | ||||||||
China Ding Yi Feng Holdings Ltd. (d) | 7,780 | 22,938 | ||||||||
China Everbright International Ltd. | 18,662 | 14,113 | ||||||||
China Everbright Ltd. | 8,000 | 12,877 | ||||||||
China First Capital Group Ltd.* | 28,159 | 1,475 | ||||||||
China Gas Holdings Ltd. | 9,100 | 33,828 | ||||||||
China Jinmao Holdings Group Ltd. | 31,925 | 21,207 | ||||||||
China Mengniu Dairy Co. Ltd.* | 13,746 | 52,592 | ||||||||
China Merchants Port Holdings Co. Ltd. | 6,845 | 10,650 | ||||||||
China Mobile Ltd. | 29,419 | 221,731 | ||||||||
China Overseas Land & Investment Ltd. | 17,664 | 59,233 | ||||||||
China Resources Beer Holdings Co. Ltd. | 6,042 | 31,645 | ||||||||
China Resources Cement Holdings Ltd. | 11,672 | 13,971 | ||||||||
China Resources Gas Group Ltd. | 4,884 | 27,202 | ||||||||
China Resources Land Ltd. | 13,858 | 59,925 | ||||||||
China Resources Power Holdings Co. Ltd. | 8,490 | 11,041 | ||||||||
China State Construction International Holdings Ltd. | 13,742 | 10,831 |
Number | Value | |||||||||
Hong Kong (Continued) | ||||||||||
China Taiping Insurance Holdings Co. Ltd. | 9,224 | $ | 21,328 | |||||||
China Unicom Hong Kong Ltd. | 27,042 | 23,145 | ||||||||
CITIC Ltd. | 29,488 | 36,916 | ||||||||
CK Asset Holdings Ltd. | 11,775 | 78,294 | ||||||||
CK Hutchison Holdings Ltd. | 12,895 | 117,122 | ||||||||
CK Infrastructure Holdings Ltd. | 3,415 | 23,121 | ||||||||
CLP Holdings Ltd. | 7,819 | 80,607 | ||||||||
COSCO SHIPPING Ports Ltd. | 8,735 | 7,108 | ||||||||
Dairy Farm International Holdings Ltd. | 1,700 | 9,945 | ||||||||
Far East Horizon Ltd. | 12,824 | 11,648 | ||||||||
Galaxy Entertainment Group Ltd. | 9,456 | 61,848 | ||||||||
Geely Automobile Holdings Ltd. | 24,220 | 45,296 | ||||||||
Guangdong Investment Ltd. | 15,071 | 31,151 | ||||||||
Haier Electronics Group Co. Ltd. | 5,353 | 14,873 | ||||||||
Hang Lung Properties Ltd. | 9,627 | 19,726 | ||||||||
Hang Seng Bank Ltd. | 3,666 | 74,743 | ||||||||
Henderson Land Development Co. Ltd. | 7,110 | 34,196 | ||||||||
HK Electric Investments & HK Electric Investments Ltd. (a) | 12,644 | 12,389 | ||||||||
HKT Trust & HKT Ltd. (a) | 18,549 | 27,203 | ||||||||
Hong Kong & China Gas Co. Ltd. | 47,722 | 90,957 | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 5,737 | 181,167 | ||||||||
Hongkong Land Holdings Ltd. | 5,600 | 30,800 | ||||||||
Hutchison China MediTech Ltd., ADR* | 260 | 6,269 | ||||||||
Jardine Matheson Holdings Ltd. | 1,021 | 57,401 | ||||||||
Jardine Strategic Holdings Ltd. | 1,146 | 36,385 | ||||||||
Kerry Properties Ltd. | 4,014 | 12,947 | ||||||||
Kingboard Holdings Ltd. | 3,729 | 10,266 | ||||||||
Kunlun Energy Co. Ltd. | 16,221 | 13,738 | ||||||||
Lee & Man Paper Manufacturing Ltd. | 6,135 | 4,154 | ||||||||
Link REIT | 10,038 | 102,585 | ||||||||
Melco Resorts & Entertainment Ltd., ADR | 1,168 | 24,855 | ||||||||
MTR Corp. Ltd. | 7,016 | 39,346 | ||||||||
New World Development Co. Ltd. | 28,609 | 37,351 | ||||||||
Nine Dragons Paper Holdings Ltd. | 12,519 | 12,746 | ||||||||
NWS Holdings Ltd. | 5,775 | 7,746 | ||||||||
PCCW Ltd. | 13,612 | 8,207 | ||||||||
Power Assets Holdings Ltd. | 6,553 | 45,581 | ||||||||
Shanghai Industrial Holdings Ltd. | 2,537 | 4,570 | ||||||||
Shenzhen International Holdings Ltd. | 3,792 | 8,012 | ||||||||
Shimao Property Holdings Ltd. | 6,607 | 23,928 | ||||||||
Sino Biopharmaceutical Ltd. | 31,115 | 40,146 | ||||||||
Sino Land Co. Ltd. | 16,209 | 24,309 | ||||||||
SJM Holdings Ltd. | 12,719 | 12,966 | ||||||||
SSY Group Ltd. | 7,414 | 5,834 | ||||||||
Sun Art Retail Group Ltd. | 11,832 | 13,392 | ||||||||
Sun Hung Kai Properties Ltd. | 7,331 | 106,668 | ||||||||
Swire Pacific Ltd., Class A | 2,782 | 25,037 | ||||||||
Swire Properties Ltd. | 6,234 | 19,392 | ||||||||
Techtronic Industries Co. Ltd. | 5,980 | 44,957 | ||||||||
Vitasoy International Holdings Ltd. | 3,291 | 12,654 | ||||||||
WH Group Ltd., 144A | 45,394 | 46,623 | ||||||||
Wharf Real Estate Investment Co. Ltd. | 5,851 | 32,476 | ||||||||
Wheelock & Co. Ltd. | 3,725 | 23,150 | ||||||||
Yue Yuen Industrial Holdings Ltd. | 3,360 | 9,937 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Hong Kong (Continued) | ||||||||||
Yuexiu Property Co. Ltd. | 27,696 | $ | 5,909 | |||||||
|
| |||||||||
3,278,599 | ||||||||||
|
| |||||||||
Hungary — 0.1% | ||||||||||
MOL Hungarian Oil & Gas PLC | 1,487 | 14,374 | ||||||||
OTP Bank Nyrt | 1,170 | 55,083 | ||||||||
Richter Gedeon Nyrt | 680 | 13,028 | ||||||||
|
| |||||||||
82,485 | ||||||||||
|
| |||||||||
India — 2.3% | ||||||||||
Adani Ports & Special Economic Zone Ltd. | 2,391 | 12,734 | ||||||||
Ambuja Cements Ltd. | 2,048 | 5,842 | ||||||||
Ashok Leyland Ltd. | 5,515 | 6,085 | ||||||||
Asian Paints Ltd. | 1,164 | 27,684 | ||||||||
Aurobindo Pharma Ltd. | 1,595 | 10,003 | ||||||||
Avenue Supermarts Ltd., 144A* | 518 | 13,160 | ||||||||
Axis Bank Ltd. | 10,031 | 103,341 | ||||||||
Bajaj Auto Ltd. | 521 | 23,066 | ||||||||
Bajaj Finance Ltd. | 732 | 41,573 | ||||||||
Bajaj Finserv Ltd. | 186 | 23,621 | ||||||||
Bharat Forge Ltd. | 1,495 | 9,678 | ||||||||
Bharat Petroleum Corp. Ltd. | 2,344 | 16,715 | ||||||||
Bharti Airtel Ltd.* | 10,908 | 67,276 | ||||||||
Bharti Infratel Ltd. | 2,785 | 10,727 | ||||||||
Bosch Ltd. | 40 | 9,001 | ||||||||
Britannia Industries Ltd. | 312 | 13,299 | ||||||||
Cipla Ltd. | 1,780 | 11,580 | ||||||||
Coal India Ltd. | 6,331 | 18,114 | ||||||||
Container Corp. Of India Ltd. | 1,017 | 8,208 | ||||||||
Dabur India Ltd. | 2,705 | 17,311 | ||||||||
Divi’s Laboratories Ltd. | 378 | 9,412 | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 540 | 21,989 | ||||||||
Eicher Motors Ltd. | 65 | 20,732 | ||||||||
GAIL India Ltd. | 7,774 | 13,660 | ||||||||
Godrej Consumer Products Ltd. | 2,049 | 20,708 | ||||||||
Grasim Industries Ltd. | 1,418 | 15,557 | ||||||||
Havells India Ltd. | 1,193 | 11,100 | ||||||||
HCL Technologies Ltd. | 2,863 | 45,004 | ||||||||
HDFC Life Insurance Co. Ltd., 144A | 2,389 | 19,032 | ||||||||
Hero MotoCorp Ltd. | 557 | 18,895 | ||||||||
Hindalco Industries Ltd. | 5,786 | 16,143 | ||||||||
Hindustan Petroleum Corp. Ltd. | 2,920 | 11,503 | ||||||||
Hindustan Unilever Ltd. | 3,214 | 91,186 | ||||||||
Housing Development Finance Corp. Ltd. | 7,910 | 253,302 | ||||||||
ICICI Bank Ltd. | 22,424 | 160,231 | ||||||||
ICICI Lombard General Insurance Co. Ltd., 144A | 659 | 12,520 | ||||||||
Indian Oil Corp. Ltd. | 8,950 | 16,393 | ||||||||
Infosys Ltd., ADR (b) | 1,130 | 11,108 | ||||||||
Infosys Ltd. | 15,654 | 151,952 | ||||||||
InterGlobe Aviation Ltd., 144A | 239 | 4,811 | ||||||||
ITC Ltd. | 17,204 | 59,091 | ||||||||
JSW Steel Ltd. | 4,127 | 15,047 | ||||||||
Larsen & Toubro Ltd. | 2,338 | 43,364 | ||||||||
LIC Housing Finance Ltd. | 1,791 | 11,587 | ||||||||
Lupin Ltd. | 1,453 | 16,217 |
Number | Value | |||||||||
India (Continued) | ||||||||||
Mahindra & Mahindra Financial Services Ltd. | 1,409 | $ | 6,911 | |||||||
Mahindra & Mahindra Ltd. | 3,735 | 27,623 | ||||||||
Marico Ltd. | 2,701 | 13,551 | ||||||||
Maruti Suzuki India Ltd. | 444 | 44,846 | ||||||||
Motherson Sumi Systems Ltd. | 4,103 | 7,410 | ||||||||
Nestle India Ltd. | 124 | 24,984 | ||||||||
NTPC Ltd. | 11,858 | 19,232 | ||||||||
Oil & Natural Gas Corp. Ltd. | 12,131 | 22,279 | ||||||||
Page Industries Ltd. | 15 | 4,610 | ||||||||
Petronet LNG Ltd. | 3,652 | 13,821 | ||||||||
Pidilite Industries Ltd. | 846 | 15,366 | ||||||||
Piramal Enterprises Ltd. | 611 | 15,420 | ||||||||
Power Grid Corp. of India Ltd. | 9,465 | 25,504 | ||||||||
REC Ltd. | 3,934 | 7,562 | ||||||||
Reliance Industries Ltd. | 13,658 | 295,321 | ||||||||
SBI Life Insurance Co. Ltd., 144A | 1,643 | 21,988 | ||||||||
Shree Cement Ltd. | 41 | 12,000 | ||||||||
Shriram Transport Finance Co. Ltd. | 716 | 11,250 | ||||||||
State Bank of India* | 9,126 | 43,488 | ||||||||
Sun Pharmaceutical Industries Ltd. | 3,997 | 25,064 | ||||||||
Tata Consultancy Services Ltd. | 4,182 | 119,696 | ||||||||
Tata Motors Ltd.* | 7,221 | 16,256 | ||||||||
Tata Steel Ltd. | 1,695 | 10,101 | ||||||||
Tech Mahindra Ltd. | 2,303 | 24,445 | ||||||||
Titan Co. Ltd. | 1,500 | 24,249 | ||||||||
UltraTech Cement Ltd. | 397 | 23,570 | ||||||||
United Spirits Ltd.* | 1,067 | 9,017 | ||||||||
UPL Ltd. | 2,605 | 20,816 | ||||||||
Vedanta Ltd. | 9,028 | 18,198 | ||||||||
Wipro Ltd. | 5,503 | 18,234 | ||||||||
Zee Entertainment Enterprises Ltd. | 1,706 | 6,969 | ||||||||
|
| |||||||||
2,469,343 | ||||||||||
|
| |||||||||
Indonesia — 0.5% | ||||||||||
PT Adaro Energy Tbk | 47,224 | 4,118 | ||||||||
PT Astra International Tbk | 91,574 | 42,200 | ||||||||
PT Bank Central Asia Tbk | 46,679 | 103,915 | ||||||||
PT Bank Mandiri Persero Tbk | 90,367 | 44,687 | ||||||||
PT Bank Negara Indonesia Persero Tbk | 33,270 | 17,691 | ||||||||
PT Bank Rakyat Indonesia Persero Tbk | 271,612 | 78,759 | ||||||||
PT Bank Tabungan Negara Persero Tbk | 19,578 | 2,957 | ||||||||
PT Barito Pacific Tbk | 114,260 | 11,017 | ||||||||
PT Bumi Serpong Damai Tbk* | 52,437 | 4,647 | ||||||||
PT Charoen Pokphand Indonesia Tbk | 37,001 | 17,641 | ||||||||
PT Gudang Garam Tbk | 1,652 | 5,900 | ||||||||
PT Hanjaya Mandala Sampoerna Tbk | 34,394 | 4,718 | ||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 15,846 | 7,639 | ||||||||
PT Indocement Tunggal Prakarsa Tbk | 9,248 | 12,720 | ||||||||
PT Indofood CBP Sukses Makmur Tbk | 12,161 | 9,764 | ||||||||
PT Indofood Sukses Makmur Tbk | 16,417 | 9,253 | ||||||||
PT Jasa Marga Persero Tbk | 20,622 | 7,222 | ||||||||
PT Kalbe Farma Tbk | 102,044 | 11,033 | ||||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 10,716 | 6,990 | ||||||||
PT Pakuwon Jati Tbk | 103,608 | 4,150 | ||||||||
PT Perusahaan Gas Negara Tbk | 41,896 | 5,703 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Indonesia (Continued) | ||||||||||
PT Semen Indonesia Persero Tbk | 18,487 | $ | 15,007 | |||||||
PT Telekomunikasi Indonesia Persero Tbk | 235,963 | 65,745 | ||||||||
PT Unilever Indonesia Tbk | 2,298 | 6,810 | ||||||||
PT United Tractors Tbk | 9,001 | 13,353 | ||||||||
|
| |||||||||
513,639 | ||||||||||
|
| |||||||||
Ireland — 0.6% | ||||||||||
AerCap Holdings NV* | 649 | 40,115 | ||||||||
AIB Group PLC | 3,349 | 10,958 | ||||||||
Bank of Ireland Group PLC | 3,786 | 19,020 | ||||||||
CRH PLC | 3,771 | 144,286 | ||||||||
DCC PLC | 490 | 41,878 | ||||||||
Experian PLC | 4,351 | 144,229 | ||||||||
Flutter Entertainment PLC* | 380 | 43,539 | ||||||||
James Hardie Industries PLC CDI | 2,226 | 43,604 | ||||||||
Kerry Group PLC, Class A | 767 | 98,359 | ||||||||
Kingspan Group PLC | 740 | 39,882 | ||||||||
Smurfit Kappa Group PLC | 985 | 34,943 | ||||||||
|
| |||||||||
660,813 | ||||||||||
|
| |||||||||
Isle of Man — 0.0% | ||||||||||
GVC Holdings PLC | 3,002 | 33,065 | ||||||||
|
| |||||||||
Israel — 0.4% | ||||||||||
Azrieli Group Ltd. | 195 | 15,210 | ||||||||
Bank Hapoalim BM | 5,162 | 41,630 | ||||||||
Bank LeumiLe-Israel BM | 7,290 | 52,877 | ||||||||
Check Point Software Technologies Ltd.* | 561 | 66,131 | ||||||||
CyberArk Software Ltd.* | 173 | 21,201 | ||||||||
Elbit Systems Ltd. | 109 | 18,058 | ||||||||
Israel Chemicals Ltd. | 3,070 | 14,397 | ||||||||
Israel Discount Bank Ltd., Class A | 6,560 | 30,199 | ||||||||
Mizrahi Tefahot Bank Ltd. | 626 | 16,728 | ||||||||
Nice Ltd.* | 335 | 50,795 | ||||||||
Teva Pharmaceutical Industries Ltd., ADR* | 4,938 | 51,454 | ||||||||
Wix.com Ltd.* | 210 | 25,387 | ||||||||
|
| |||||||||
404,067 | ||||||||||
|
| |||||||||
Italy — 1.3% | ||||||||||
Assicurazioni Generali SpA | 5,071 | 103,522 | ||||||||
Atlantia SpA | 2,300 | 50,982 | ||||||||
Davide Campari-Milano SpA | 2,678 | 24,444 | ||||||||
Enel SpA | 37,440 | 282,794 | ||||||||
Eni SpA | 12,026 | 181,697 | ||||||||
Ferrari NV | 601 | 101,570 | ||||||||
FinecoBank Banca Fineco SpA | 2,883 | 35,764 | ||||||||
Intesa Sanpaolo SpA | 70,566 | 178,847 | ||||||||
Leonardo SpA | 2,001 | 23,401 | ||||||||
Mediobanca Banca di Credito Finanziario SpA (b) | 3,323 | 37,159 | ||||||||
Moncler SpA | 783 | 34,307 | ||||||||
Pirelli & C SpA, 144A | 1,760 | 9,986 | ||||||||
Poste Italiane SpA, 144A | 2,897 | 33,799 | ||||||||
Prysmian SpA | 1,180 | 26,897 | ||||||||
Recordati SpA | 498 | 20,887 |
Number | Value | |||||||||
Italy (Continued) | ||||||||||
Snam SpA | 10,362 | $ | 51,508 | |||||||
Telecom Italia SpA* | 40,099 | 25,101 | ||||||||
Telecom ItaliaSpA-RSP | 34,417 | 21,196 | ||||||||
Terna Rete Elettrica Nazionale SpA | 6,684 | 42,931 | ||||||||
UniCredit SpA | 9,510 | 131,614 | ||||||||
|
| |||||||||
1,418,406 | ||||||||||
|
| |||||||||
Japan — 16.1% | ||||||||||
ABC-Mart, Inc. | 200 | 13,321 | ||||||||
Acom Co. Ltd. | 1,700 | 7,051 | ||||||||
Advantest Corp. | 1,000 | 48,879 | ||||||||
Aeon Co. Ltd. | 3,200 | 65,283 | ||||||||
AEON Financial Service Co. Ltd. | 400 | 6,048 | ||||||||
Aeon Mall Co. Ltd. | 500 | 8,035 | ||||||||
AGC, Inc. | 800 | 29,199 | ||||||||
Air Water, Inc. | 1,000 | 16,061 | ||||||||
Aisin Seiki Co. Ltd. | 800 | 30,259 | ||||||||
Ajinomoto Co., Inc. | 1,900 | 31,662 | ||||||||
Alfresa Holdings Corp. | 300 | 6,197 | ||||||||
Alps Alpine Co. Ltd. | 1,200 | 27,091 | ||||||||
Amada Holdings Co. Ltd. | 1,100 | 12,261 | ||||||||
ANA Holdings, Inc. | 600 | 20,430 | ||||||||
Aozora Bank Ltd. | 400 | 10,189 | ||||||||
Asahi Group Holdings Ltd. | 1,700 | 81,789 | ||||||||
Asahi Intecc Co. Ltd. | 1,000 | 29,144 | ||||||||
Asahi Kasei Corp. | 5,900 | 66,274 | ||||||||
Astellas Pharma, Inc. | 9,000 | 153,556 | ||||||||
Bandai Namco Holdings, Inc. | 900 | 54,573 | ||||||||
Bank of Kyoto Ltd. | 200 | 8,250 | ||||||||
Benesse Holdings, Inc. | 200 | 5,277 | ||||||||
Bridgestone Corp. | 2,800 | 111,918 | ||||||||
Brother Industries Ltd. | 919 | 18,220 | ||||||||
Calbee, Inc. | 300 | 9,661 | ||||||||
Canon, Inc. | 4,700 | 130,108 | ||||||||
Casio Computer Co. Ltd. | 700 | 13,347 | ||||||||
Central Japan Railway Co. | 700 | 141,305 | ||||||||
Chiba Bank Ltd. | 3,800 | 21,664 | ||||||||
Chubu Electric Power Co., Inc. | 3,300 | 46,008 | ||||||||
Chugai Pharmaceutical Co. Ltd. | 1,200 | 104,788 | ||||||||
Chugoku Electric Power Co., Inc. | 1,200 | 15,864 | ||||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 600 | 14,411 | ||||||||
Concordia Financial Group Ltd. | 6,300 | 25,556 | ||||||||
Credit Saison Co. Ltd. | 500 | 8,268 | ||||||||
CyberAgent, Inc. | 600 | 20,721 | ||||||||
Dai Nippon Printing Co. Ltd. | 1,000 | 26,742 | ||||||||
Daicel Corp. | 1,000 | 9,831 | ||||||||
Daifuku Co. Ltd. | 500 | 29,099 | ||||||||
Dai-ichi Life Holdings, Inc. | 5,000 | 80,535 | ||||||||
Daiichi Sankyo Co. Ltd. | 2,704 | 169,520 | ||||||||
Daikin Industries Ltd. | 1,200 | 172,619 | ||||||||
Daito Trust Construction Co. Ltd. | 300 | 36,686 | ||||||||
Daiwa House Industry Co. Ltd. | 2,571 | 78,665 | ||||||||
Daiwa House REIT Investment Corp. REIT | 11 | 30,089 | ||||||||
Daiwa Securities Group, Inc. | 7,800 | 39,550 | ||||||||
Denso Corp. | 2,100 | 93,781 | ||||||||
Dentsu, Inc. | 900 | 32,644 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Japan (Continued) | ||||||||||
Disco Corp. | 100 | $ | 21,580 | |||||||
East Japan Railway Co. | 1,500 | 138,002 | ||||||||
Eisai Co. Ltd. | 1,300 | 96,323 | ||||||||
Electric Power Development Co. Ltd. | 700 | 16,788 | ||||||||
FamilyMart Co. Ltd. | 1,200 | 28,329 | ||||||||
FANUC Corp. | 900 | 171,893 | ||||||||
Fast Retailing Co. Ltd. | 300 | 182,787 | ||||||||
Fuji Electric Co. Ltd. | 600 | 18,473 | ||||||||
FUJIFILM Holdings Corp. | 1,700 | 80,329 | ||||||||
Fujitsu Ltd. | 1,000 | 90,914 | ||||||||
Fukuoka Financial Group, Inc. | 800 | 15,239 | ||||||||
GMO Payment Gateway, Inc. | 200 | 14,179 | ||||||||
Hakuhodo DY Holdings, Inc. | 1,200 | 19,394 | ||||||||
Hamamatsu Photonics KK | 600 | 24,311 | ||||||||
Hankyu Hanshin Holdings, Inc. | 1,100 | 47,234 | ||||||||
Hikari Tsushin, Inc. | 100 | 23,316 | ||||||||
Hino Motors Ltd. | 1,000 | 9,785 | ||||||||
Hirose Electric Co. Ltd. | 105 | 12,912 | ||||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 14,718 | ||||||||
Hitachi Chemical Co. Ltd. | 400 | 14,399 | ||||||||
Hitachi Construction Machinery Co. Ltd. | 700 | 18,457 | ||||||||
Hitachi High-Technologies Corp. | 400 | 26,093 | ||||||||
Hitachi Ltd. | 4,641 | 182,324 | ||||||||
Hitachi Metals Ltd. | 700 | 9,798 | ||||||||
Honda Motor Co. Ltd. | 7,800 | 218,561 | ||||||||
Hoshizaki Corp. | 200 | 17,487 | ||||||||
Hoya Corp. | 1,800 | 164,287 | ||||||||
Hulic Co. Ltd. | 1,300 | 14,621 | ||||||||
Idemitsu Kosan Co. Ltd. | 1,032 | 28,172 | ||||||||
IHI Corp. | 600 | 13,995 | ||||||||
Iida Group Holdings Co. Ltd. | 500 | 8,885 | ||||||||
Inpex Corp. | 5,300 | 51,763 | ||||||||
Isetan Mitsukoshi Holdings Ltd. | 1,400 | 12,471 | ||||||||
Isuzu Motors Ltd. | 2,700 | 31,587 | ||||||||
ITOCHU Corp. | 6,600 | 143,993 | ||||||||
Itochu Techno-Solutions Corp. | 400 | 10,682 | ||||||||
J. Front Retailing Co. Ltd. | 1,000 | 13,138 | ||||||||
Japan Airlines Co. Ltd. | 600 | 18,649 | ||||||||
Japan Airport Terminal Co. Ltd. | 200 | 10,397 | ||||||||
Japan Exchange Group, Inc. | 2,300 | 39,106 | ||||||||
Japan Post Bank Co. Ltd. | 1,800 | 17,432 | ||||||||
Japan Post Holdings Co. Ltd. | 7,899 | 74,259 | ||||||||
Japan Post Insurance Co. Ltd. | 1,100 | 18,924 | ||||||||
Japan Prime Realty Investment Corp. REIT | 3 | 13,663 | ||||||||
Japan Real Estate Investment Corp. REIT | 7 | 47,645 | ||||||||
Japan Retail Fund Investment Corp. REIT | 13 | 29,609 | ||||||||
Japan Tobacco, Inc. | 5,900 | 134,462 | ||||||||
JFE Holdings, Inc. | 2,600 | 33,137 | ||||||||
JGC Holdings Corp. | 1,000 | 14,536 | ||||||||
JSR Corp. | 600 | 10,618 | ||||||||
JTEKT Corp. | 1,300 | 16,153 | ||||||||
JXTG Holdings, Inc. | 16,050 | 71,353 | ||||||||
Kajima Corp. | 2,200 | 29,004 |
Number | Value | |||||||||
Japan (Continued) | ||||||||||
Kakaku.com, Inc. | 600 | $ | 14,477 | |||||||
Kamigumi Co. Ltd. | 500 | 11,082 | ||||||||
Kansai Electric Power Co., Inc. | 3,300 | 37,626 | ||||||||
Kansai Paint Co. Ltd. | 800 | 20,158 | ||||||||
Kao Corp. | 2,300 | 180,966 | ||||||||
Kawasaki Heavy Industries Ltd. | 600 | 13,474 | ||||||||
KDDI Corp. | 8,500 | 243,767 | ||||||||
Keihan Holdings Co. Ltd. | 600 | 29,327 | ||||||||
Keikyu Corp. | 1,100 | 22,622 | ||||||||
Keio Corp. | 500 | 32,068 | ||||||||
Keisei Electric Railway Co. Ltd. | 500 | 20,602 | ||||||||
Keyence Corp. | 900 | 307,853 | ||||||||
Kikkoman Corp. | 700 | 35,174 | ||||||||
Kintetsu Group Holdings Co. Ltd. | 800 | 45,242 | ||||||||
Kirin Holdings Co. Ltd. | 3,900 | 86,334 | ||||||||
Kobayashi Pharmaceutical Co. Ltd. | 300 | 24,613 | ||||||||
Koito Manufacturing Co. Ltd. | 600 | 30,917 | ||||||||
Komatsu Ltd. | 4,400 | 103,191 | ||||||||
Konami Holdings Corp. | 400 | 17,615 | ||||||||
Konica Minolta, Inc. | 2,100 | 13,756 | ||||||||
Kose Corp. | 200 | 31,849 | ||||||||
Kubota Corp. | 4,700 | 72,504 | ||||||||
Kuraray Co. Ltd. | 1,500 | 18,131 | ||||||||
Kurita Water Industries Ltd. | 400 | 11,183 | ||||||||
Kyocera Corp. | 1,584 | 107,771 | ||||||||
Kyowa Kirin Co. Ltd. | 1,000 | 21,223 | ||||||||
Kyushu Electric Power Co., Inc. | 1,700 | 14,972 | ||||||||
Kyushu Railway Co. | 700 | 23,823 | ||||||||
Lawson, Inc. | 300 | 16,335 | ||||||||
LINE Corp.*(b) | 200 | 9,410 | ||||||||
Lion Corp. | 1,032 | 20,790 | ||||||||
LIXIL Group Corp. | 1,600 | 27,043 | ||||||||
M3, Inc. | 2,142 | 58,905 | ||||||||
Makita Corp. | 1,000 | 33,073 | ||||||||
Marubeni Corp. | 7,300 | 53,902 | ||||||||
Marui Group Co. Ltd. | 900 | 21,658 | ||||||||
Maruichi Steel Tube Ltd. | 200 | 5,756 | ||||||||
Mazda Motor Corp. | 2,600 | 23,041 | ||||||||
McDonald’s Holdings Co. Japan Ltd. | 300 | 14,828 | ||||||||
Mebuki Financial Group, Inc. | 3,644 | 9,422 | ||||||||
Medipal Holdings Corp. | 865 | 18,556 | ||||||||
MEIJI Holdings Co. Ltd. | 500 | 33,987 | ||||||||
Mercari, Inc.* | 400 | 8,822 | ||||||||
MINEBEA MITSUMI, Inc. | 1,600 | 31,048 | ||||||||
MISUMI Group, Inc. | 1,500 | 37,139 | ||||||||
Mitsubishi Chemical Holdings Corp. | 5,700 | 42,270 | ||||||||
Mitsubishi Corp. | 6,500 | 170,198 | ||||||||
Mitsubishi Electric Corp. | 8,400 | 115,998 | ||||||||
Mitsubishi Estate Co. Ltd. | 5,800 | 106,324 | ||||||||
Mitsubishi Gas Chemical Co., Inc. | 600 | 9,385 | ||||||||
Mitsubishi Heavy Industries Ltd. | 1,500 | 57,393 | ||||||||
Mitsubishi Materials Corp. | 500 | 13,357 | ||||||||
Mitsubishi Motors Corp. | 4,100 | 18,355 | ||||||||
Mitsubishi Tanabe Pharma Corp. | 1,100 | 20,130 | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 58,400 | 308,447 | ||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,500 | 9,634 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Japan (Continued) | ||||||||||
Mitsui & Co. Ltd. | 8,000 | $ | 141,757 | |||||||
Mitsui Chemicals, Inc. | 800 | 19,171 | ||||||||
Mitsui Fudosan Co. Ltd. | 4,100 | 101,999 | ||||||||
Mitsui OSK Lines Ltd. | 600 | 15,732 | ||||||||
Mizuho Financial Group, Inc. | 115,900 | 179,163 | ||||||||
MonotaRO Co. Ltd. | 600 | 16,884 | ||||||||
MS&AD Insurance Group Holdings, Inc. | 2,200 | 71,173 | ||||||||
Murata Manufacturing Co. Ltd. | 2,800 | 162,288 | ||||||||
Nabtesco Corp. | 700 | 21,488 | ||||||||
Nagoya Railroad Co. Ltd. | 800 | 25,472 | ||||||||
NEC Corp. | 1,300 | 51,962 | ||||||||
Nexon Co. Ltd.* | 2,360 | 32,191 | ||||||||
NGK Insulators Ltd. | 1,000 | 16,491 | ||||||||
NGK Spark Plug Co. Ltd. | 800 | 16,014 | ||||||||
NH Foods Ltd. | 500 | 20,968 | ||||||||
Nidec Corp. | 1,100 | 162,706 | ||||||||
Nikon Corp. | 1,600 | 21,941 | ||||||||
Nintendo Co. Ltd. | 539 | 208,548 | ||||||||
Nippon Building Fund, Inc. REIT | 6 | 45,060 | ||||||||
Nippon Express Co. Ltd. | 300 | 19,022 | ||||||||
Nippon Paint Holdings Co. Ltd. | 700 | 37,349 | ||||||||
Nippon Prologis REIT, Inc. REIT | 10 | 26,833 | ||||||||
Nippon Steel Corp. | 4,010 | 58,819 | ||||||||
Nippon Telegraph & Telephone Corp. | 3,000 | 151,487 | ||||||||
Nippon Yusen KK | 800 | 13,733 | ||||||||
Nissan Chemical Corp. | 600 | 23,763 | ||||||||
Nissan Motor Co. Ltd. | 11,100 | 68,838 | ||||||||
Nisshin Seifun Group, Inc. | 850 | 15,966 | ||||||||
Nissin Foods Holdings Co. Ltd. | 240 | 17,980 | ||||||||
Nitori Holdings Co. Ltd. | 401 | 62,831 | ||||||||
Nitto Denko Corp. | 700 | 39,267 | ||||||||
Nomura Holdings, Inc. | 14,800 | 75,815 | ||||||||
Nomura Real Estate Holdings, Inc. | 600 | 14,499 | ||||||||
Nomura Real Estate Master Fund, Inc. REIT | 19 | 34,683 | ||||||||
Nomura Research Institute Ltd. | 1,656 | 34,934 | ||||||||
NSK Ltd. | 1,800 | 17,399 | ||||||||
NTT Data Corp. | 3,100 | 42,257 | ||||||||
NTT DOCOMO, Inc. | 6,342 | 173,999 | ||||||||
Obayashi Corp. | 2,800 | 29,674 | ||||||||
Obic Co. Ltd. | 300 | 39,825 | ||||||||
Odakyu Electric Railway Co. Ltd. | 1,500 | 36,878 | ||||||||
Oji Holdings Corp. | 4,522 | 25,821 | ||||||||
Olympus Corp. | 5,700 | 84,572 | ||||||||
Omron Corp. | 900 | 52,871 | ||||||||
Ono Pharmaceutical Co. Ltd. | 1,800 | 40,373 | ||||||||
Oracle Corp. | 200 | 18,400 | ||||||||
Oriental Land Co. Ltd. | 1,000 | 138,367 | ||||||||
ORIX Corp. | 6,400 | 104,810 | ||||||||
Orix JREIT, Inc. REIT | 12 | 26,389 | ||||||||
Osaka Gas Co. Ltd. | 1,600 | 29,996 | ||||||||
Otsuka Corp. | 508 | 20,352 | ||||||||
Otsuka Holdings Co. Ltd. | 1,783 | 77,767 | ||||||||
Pan Pacific International Holdings Corp. | 2,000 | 32,415 | ||||||||
Panasonic Corp. | 11,000 | 103,714 | ||||||||
Park24 Co. Ltd. | 400 | 9,666 |
Number | Value | |||||||||
Japan (Continued) | ||||||||||
PeptiDream, Inc.* | 500 | $ | 22,977 | |||||||
Persol Holdings Co. Ltd. | 1,000 | 18,391 | ||||||||
Pigeon Corp. | 600 | 27,902 | ||||||||
Pola Orbis Holdings, Inc. | 400 | 9,860 | ||||||||
Rakuten, Inc. | 4,000 | 34,681 | ||||||||
Recruit Holdings Co. Ltd. | 6,400 | 231,664 | ||||||||
Renesas Electronics Corp.* | 4,000 | 26,056 | ||||||||
Resona Holdings, Inc. | 10,000 | 42,401 | ||||||||
Ricoh Co. Ltd. | 3,200 | 32,949 | ||||||||
Rinnai Corp. | 100 | 7,674 | ||||||||
Rohm Co. Ltd. | 400 | 33,621 | ||||||||
Ryohin Keikaku Co. Ltd. | 1,150 | 26,193 | ||||||||
Sankyo Co. Ltd. | 200 | 6,761 | ||||||||
Santen Pharmaceutical Co. Ltd. | 1,800 | 33,712 | ||||||||
SBI Holdings, Inc. | 1,317 | 27,350 | ||||||||
Secom Co. Ltd. | 1,000 | 85,030 | ||||||||
Sega Sammy Holdings, Inc. | 700 | 10,098 | ||||||||
Seibu Holdings, Inc. | 1,300 | 22,911 | ||||||||
Seiko Epson Corp. | 1,500 | 22,831 | ||||||||
Sekisui Chemical Co. Ltd. | 1,800 | 31,328 | ||||||||
Sekisui House Ltd. | 3,200 | 69,143 | ||||||||
Seven & i Holdings Co. Ltd. | 3,587 | 133,642 | ||||||||
Seven Bank Ltd. | 3,300 | 10,221 | ||||||||
SG Holdings Co. Ltd. | 700 | 16,794 | ||||||||
Sharp Corp. (b) | 1,600 | 24,178 | ||||||||
Shimadzu Corp. | 1,200 | 36,124 | ||||||||
Shimamura Co. Ltd. | 100 | 8,022 | ||||||||
Shimano, Inc. | 400 | 64,684 | ||||||||
Shimizu Corp. | 2,900 | 27,767 | ||||||||
Shin-Etsu Chemical Co. Ltd. | 1,700 | 181,874 | ||||||||
Shinsei Bank Ltd. | 500 | 7,871 | ||||||||
Shionogi & Co. Ltd. | 1,200 | 70,582 | ||||||||
Shiseido Co. Ltd. | 1,860 | 134,332 | ||||||||
Shizuoka Bank Ltd. | 1,800 | 13,699 | ||||||||
Showa Denko KK | 800 | 21,364 | ||||||||
SMC Corp. | 300 | 135,974 | ||||||||
Softbank Corp. | 8,500 | 115,399 | ||||||||
SoftBank Group Corp. | 7,400 | 287,536 | ||||||||
Sohgo Security Services Co. Ltd. | 400 | 20,794 | ||||||||
Sompo Holdings, Inc. | 1,700 | 67,034 | ||||||||
Sony Corp. | 6,100 | 384,765 | ||||||||
Sony Financial Holdings, Inc. | 900 | 20,885 | ||||||||
Square Enix Holdings Co. Ltd. | 400 | 19,771 | ||||||||
Stanley Electric Co. Ltd. | 800 | 22,146 | ||||||||
Subaru Corp. | 2,900 | 75,948 | ||||||||
SUMCO Corp. | 1,300 | 20,084 | ||||||||
Sumitomo Chemical Co. Ltd. | 7,200 | 32,496 | ||||||||
Sumitomo Corp. | 5,400 | 81,354 | ||||||||
Sumitomo Dainippon Pharma Co. Ltd. | 1,000 | 18,884 | ||||||||
Sumitomo Electric Industries Ltd. | 3,200 | 47,771 | ||||||||
Sumitomo Heavy Industries Ltd. | 400 | 11,438 | ||||||||
Sumitomo Metal Mining Co. Ltd. | 1,200 | 36,355 | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 6,300 | 229,598 | ||||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,610 | 61,588 | ||||||||
Sumitomo Realty & Development Co. Ltd. | 1,539 | 53,627 | ||||||||
Sumitomo Rubber Industries Ltd. | 400 | 5,083 | ||||||||
Sundrug Co. Ltd. | 400 | 14,033 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Japan (Continued) | ||||||||||
Suntory Beverage & Food Ltd. | 700 | $ | 30,378 | |||||||
Suzuken Co. Ltd. | 400 | 17,487 | ||||||||
Suzuki Motor Corp. | 1,800 | 79,857 | ||||||||
Sysmex Corp. | 800 | 55,453 | ||||||||
T&D Holdings, Inc. | 3,000 | 35,302 | ||||||||
Taiheiyo Cement Corp. | 600 | 17,350 | ||||||||
Taisei Corp. | 900 | 35,316 | ||||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 14,764 | ||||||||
Taiyo Nippon Sanso Corp. | 500 | 11,132 | ||||||||
Takeda Pharmaceutical Co. Ltd. | 6,807 | 277,056 | ||||||||
TDK Corp. | 600 | 63,094 | ||||||||
Teijin Ltd. | 600 | 11,287 | ||||||||
Terumo Corp. | 3,000 | 105,276 | ||||||||
THK Co. Ltd. | 700 | 19,666 | ||||||||
Tobu Railway Co. Ltd. | 800 | 29,272 | ||||||||
Toho Co. Ltd. | 500 | 20,305 | ||||||||
Toho Gas Co. Ltd. | 400 | 15,111 | ||||||||
Tohoku Electric Power Co., Inc. | 2,100 | 20,817 | ||||||||
Tokio Marine Holdings, Inc. | 3,100 | 168,573 | ||||||||
Tokyo Century Corp. | 200 | 10,671 | ||||||||
Tokyo Electric Power Co. Holdings, Inc.* | 6,900 | 30,259 | ||||||||
Tokyo Electron Ltd. | 700 | 144,534 | ||||||||
Tokyo Gas Co. Ltd. | 1,700 | 41,073 | ||||||||
Tokyu Corp. | 2,300 | 45,367 | ||||||||
Tokyu Fudosan Holdings Corp. | 3,000 | 20,584 | ||||||||
Toppan Printing Co. Ltd. | 1,500 | 29,834 | ||||||||
Toray Industries, Inc. | 6,100 | 40,349 | ||||||||
Toshiba Corp. | 2,710 | 97,303 | ||||||||
Tosoh Corp. | 1,500 | 22,338 | ||||||||
TOTO Ltd. | 640 | 28,008 | ||||||||
Toyo Seikan Group Holdings Ltd. | 900 | 15,680 | ||||||||
Toyo Suisan Kaisha Ltd. | 400 | 17,249 | ||||||||
Toyoda Gosei Co. Ltd. | 100 | 2,336 | ||||||||
Toyota Industries Corp. | 700 | 41,122 | ||||||||
Toyota Motor Corp. | 10,584 | 738,574 | ||||||||
Toyota Tsusho Corp. | 1,000 | 34,946 | ||||||||
Trend Micro, Inc. | 600 | 32,397 | ||||||||
Tsuruha Holdings, Inc. | 200 | 23,809 | ||||||||
Unicharm Corp. | 1,800 | 58,956 | ||||||||
United Urban Investment Corp. REIT (b) | 12 | 23,352 | ||||||||
USS Co. Ltd. | 1,100 | 21,326 | ||||||||
Welcia Holdings Co. Ltd. | 200 | 12,261 | ||||||||
West Japan Railway Co. | 800 | 70,436 | ||||||||
Yakult Honsha Co. Ltd. | 500 | 29,327 | ||||||||
Yamada Denki Co. Ltd. | 2,976 | 14,845 | ||||||||
Yamaha Corp. | 700 | 38,564 | ||||||||
Yamaha Motor Co. Ltd. | 1,300 | 27,163 | ||||||||
Yamato Holdings Co. Ltd. | 1,400 | 23,944 | ||||||||
Yamazaki Baking Co. Ltd. | 1,000 | 18,336 | ||||||||
Yaskawa Electric Corp. | 1,200 | 44,073 | ||||||||
Yokogawa Electric Corp. | 961 | 17,586 | ||||||||
Yokohama Rubber Co. Ltd. | 500 | 10,301 | ||||||||
Z Holdings Corp. | 12,600 | 43,399 | ||||||||
ZOZO, Inc. (b) | 1,033 | 20,565 | ||||||||
|
| |||||||||
17,074,106 | ||||||||||
|
|
Number | Value | |||||||||
Luxembourg — 0.2% | ||||||||||
ArcelorMittal SA | 2,922 | $ | 49,987 | |||||||
Aroundtown SA | 4,426 | 38,434 | ||||||||
Eurofins Scientific SE | 52 | 27,304 | ||||||||
Millicom International Cellular SA SDR (b) | 351 | 15,699 | ||||||||
Reinet Investments SCA | 644 | 12,531 | ||||||||
SES SA | 2,016 | 26,752 | ||||||||
Tenaris SA | 2,226 | 23,671 | ||||||||
|
| |||||||||
194,378 | ||||||||||
|
| |||||||||
Macau — 0.1% | ||||||||||
Sands China Ltd. | 11,322 | 53,514 | ||||||||
Wynn Macau Ltd. | 8,449 | 18,586 | ||||||||
|
| |||||||||
72,100 | ||||||||||
|
| |||||||||
Malaysia — 0.5% | ||||||||||
AirAsia Group Bhd | 6,700 | 2,711 | ||||||||
AMMB Holdings Bhd | 6,287 | 6,006 | ||||||||
Axiata Group Bhd | 13,276 | 13,128 | ||||||||
British American Tobacco Malaysia Bhd | 700 | 2,732 | ||||||||
CIMB Group Holdings Bhd | 23,413 | 29,039 | ||||||||
Dialog Group Bhd | 17,600 | 14,117 | ||||||||
DiGi.Com Bhd | 8,844 | 9,487 | ||||||||
Fraser & Neave Holdings Bhd | 800 | 6,654 | ||||||||
Gamuda Bhd | 13,255 | 11,933 | ||||||||
Genting Bhd | 11,700 | 16,332 | ||||||||
Genting Malaysia Bhd | 14,618 | 10,990 | ||||||||
Genting Plantations Bhd | 1,000 | 2,471 | ||||||||
HAP Seng Consolidated Bhd | 2,069 | 4,904 | ||||||||
Hartalega Holdings Bhd | 7,400 | 9,302 | ||||||||
Hong Leong Bank Bhd | 1,582 | 6,402 | ||||||||
Hong Leong Financial Group Bhd | 1,753 | 6,842 | ||||||||
IHH Healthcare Bhd | 7,891 | 10,146 | ||||||||
IJM Corp. Bhd | 13,600 | 6,806 | ||||||||
IOI Corp. Bhd | 13,200 | 13,748 | ||||||||
Kuala Lumpur Kepong Bhd | 1,300 | 7,265 | ||||||||
Malayan Banking Bhd | 14,580 | 29,778 | ||||||||
Malaysia Airports Holdings Bhd | 4,500 | 8,943 | ||||||||
Maxis Bhd | 15,300 | 18,976 | ||||||||
MISC Bhd | 6,700 | 13,074 | ||||||||
Nestle Malaysia Bhd | 300 | 10,293 | ||||||||
Petronas Chemicals Group Bhd | 10,857 | 18,353 | ||||||||
Petronas Dagangan Bhd | 1,500 | 8,225 | ||||||||
Petronas Gas Bhd | 2,841 | 10,544 | ||||||||
PPB Group Bhd | 2,440 | 10,633 | ||||||||
Press Metal Aluminium Holdings Bhd | 5,200 | 5,852 | ||||||||
Public Bank Bhd | 14,500 | 68,117 | ||||||||
RHB Bank Bhd | 6,800 | 9,215 | ||||||||
Sime Darby Bhd | 13,911 | 7,494 | ||||||||
Sime Darby Plantation Bhd | 14,911 | 17,780 | ||||||||
Telekom Malaysia Bhd | 4,400 | 3,961 | ||||||||
Tenaga Nasional Bhd | 16,000 | 50,416 | ||||||||
Top Glove Corp. Bhd | 5,500 | 5,926 | ||||||||
Westports Holdings Bhd | 12,000 | 11,981 | ||||||||
YTL Corp. Bhd | 15,372 | 3,073 | ||||||||
|
| |||||||||
503,649 | ||||||||||
|
|
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Mexico — 0.6% | ||||||||||
Alfa SAB de CV, Class A | 14,521 | $ | 11,406 | |||||||
Alsea SAB de CV* | 2,211 | 5,990 | ||||||||
America Movil SAB de CV, Series L | 159,797 | 122,578 | ||||||||
Arca Continental SAB de CV | 1,860 | 9,846 | ||||||||
Cemex SAB de CV, Series CPO | 68,987 | 25,225 | ||||||||
Coca-Cola Femsa SAB de CV | 2,372 | 13,604 | ||||||||
El Puerto de Liverpool SAB de CV, Class C1 | 911 | 4,492 | ||||||||
Fibra Uno Administracion SA de CV REIT | 12,883 | 19,679 | ||||||||
Fomento Economico Mexicano SAB de CV | 9,296 | 84,372 | ||||||||
Gruma SAB de CV, Class B | 1,007 | 10,145 | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 1,807 | 18,370 | ||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 973 | 16,603 | ||||||||
Grupo Bimbo SAB de CV, Series A | 7,409 | 12,807 | ||||||||
Grupo Carso SAB de CV, Series A1 | 2,147 | 7,176 | ||||||||
Grupo Financiero Banorte SAB de CV, Class O | 11,543 | 60,765 | ||||||||
Grupo Financiero Inbursa SAB de CV, Class O | 10,284 | 12,207 | ||||||||
Grupo Mexico SAB de CV, Series B | 15,295 | 39,953 | ||||||||
Grupo Televisa SAB, Series CPO | 11,278 | 24,541 | ||||||||
Industrias Penoles SAB de CV | 658 | 6,976 | ||||||||
Infraestructura Energetica Nova SAB de CV | 2,569 | 10,535 | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A* | 6,367 | 12,194 | ||||||||
Megacable Holdings SAB de CV, Series CPO | 2,012 | 7,124 | ||||||||
Orbia Advance Corp. SAB de CV | 4,964 | 10,835 | ||||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,173 | 11,214 | ||||||||
Wal-Mart de Mexico SAB de CV | 25,346 | 70,615 | ||||||||
|
| |||||||||
629,252 | ||||||||||
|
| |||||||||
Netherlands — 3.2% | ||||||||||
ABN AMRO Bank NV, 144A | 1,925 | 32,851 | ||||||||
Adyen NV, 144A* | 47 | 36,049 | ||||||||
Aegon NV | 9,465 | 42,670 | ||||||||
Akzo Nobel NV | 1,126 | 107,826 | ||||||||
ASML Holding NV | 2,021 | 549,955 | ||||||||
EXOR NV | 506 | 38,710 | ||||||||
Heineken Holding NV | 589 | 56,454 | ||||||||
Heineken NV | 1,255 | 130,023 | ||||||||
ING Groep NV | 18,536 | 213,278 | ||||||||
Koninklijke Ahold Delhaize NV | 5,506 | 141,853 | ||||||||
Koninklijke DSM NV | 901 | 115,443 | ||||||||
Koninklijke KPN NV | 16,343 | 50,342 | ||||||||
Koninklijke Philips NV | 4,412 | 204,854 | ||||||||
Koninklijke Vopak NV | 359 | 19,139 | ||||||||
NN Group NV | 1,442 | 55,349 | ||||||||
NXP Semiconductors NV | 1,279 | 147,827 | ||||||||
Prosus NV* | 2,453 | 167,202 | ||||||||
QIAGEN NV* | 1,122 | 48,035 | ||||||||
Randstad NV | 598 | 34,825 |
Number | Value | |||||||||
Netherlands (Continued) | ||||||||||
Royal Dutch Shell PLC, Class A | 20,645 | $ | 590,364 | |||||||
Royal Dutch Shell PLC, Class B | 17,905 | 507,032 | ||||||||
Wolters Kluwer NV | 1,278 | 91,743 | ||||||||
|
| |||||||||
3,381,824 | ||||||||||
|
| |||||||||
New Zealand — 0.2% | ||||||||||
a2 Milk Co. Ltd.* | 3,223 | 32,103 | ||||||||
Auckland International Airport Ltd. | 4,596 | 26,636 | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 2,638 | 37,502 | ||||||||
Fletcher Building Ltd. | 3,907 | 13,114 | ||||||||
Meridian Energy Ltd. | 6,201 | 18,745 | ||||||||
Ryman Healthcare Ltd. | 2,877 | 27,882 | ||||||||
Spark New Zealand Ltd. | 8,624 | 25,128 | ||||||||
|
| |||||||||
181,110 | ||||||||||
|
| |||||||||
Norway — 0.4% | ||||||||||
Aker BP ASA | 512 | 14,687 | ||||||||
DNB ASA | 4,576 | 76,883 | ||||||||
Equinor ASA | 4,691 | 86,453 | ||||||||
Gjensidige Forsikring ASA | 938 | 17,659 | ||||||||
Mowi ASA | 2,172 | 53,890 | ||||||||
Norsk Hydro ASA | 6,616 | 23,409 | ||||||||
Orkla ASA | 4,034 | 39,081 | ||||||||
Schibsted ASA, Class B | 525 | 13,539 | ||||||||
Telenor ASA | 3,533 | 64,498 | ||||||||
Yara International ASA | 871 | 32,851 | ||||||||
|
| |||||||||
422,950 | ||||||||||
|
| |||||||||
Peru — 0.1% | ||||||||||
Cia de Minas Buenaventura SAA, ADR (b) | 959 | 14,740 | ||||||||
Credicorp Ltd. | 327 | 69,059 | ||||||||
Southern Copper Corp. | 372 | 14,147 | ||||||||
|
| |||||||||
97,946 | ||||||||||
|
| |||||||||
Philippines — 0.3% | ||||||||||
Aboitiz Equity Ventures, Inc. | 9,127 | 8,792 | ||||||||
Aboitiz Power Corp. | 1,600 | 1,085 | ||||||||
Altus San Nicolas Corp.*(d) | 170 | 17 | ||||||||
Ayala Corp. | 1,540 | 24,427 | ||||||||
Ayala Land, Inc. | 36,900 | 33,040 | ||||||||
Bank of the Philippine Islands | 2,211 | 3,740 | ||||||||
BDO Unibank, Inc. | 10,330 | 30,859 | ||||||||
Globe Telecom, Inc. | 160 | 6,108 | ||||||||
GT Capital Holdings, Inc. | 293 | 5,158 | ||||||||
International Container Terminal Services, Inc. | 4,190 | 10,192 | ||||||||
JG Summit Holdings, Inc. | 10,590 | 16,026 | ||||||||
Jollibee Foods Corp. | 1,900 | 7,179 | ||||||||
Manila Electric Co. | 930 | 5,838 | ||||||||
Megaworld Corp. | 49,400 | 4,307 | ||||||||
Metro Pacific Investments Corp. | 88,600 | 7,497 | ||||||||
Metropolitan Bank & Trust Co. | 8,701 | 11,344 | ||||||||
PLDT, Inc. | 680 | 14,385 | ||||||||
Robinsons Land Corp. | 8,867 | 4,572 | ||||||||
Security Bank Corp. | 520 | 2,098 | ||||||||
SM Investments Corp. | 1,245 | 25,971 | ||||||||
SM Prime Holdings, Inc. | 51,700 | 39,679 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Philippines (Continued) | ||||||||||
Universal Robina Corp. | 4,860 | $ | 14,356 | |||||||
|
| |||||||||
276,670 | ||||||||||
|
| |||||||||
Poland — 0.2% | ||||||||||
Bank Polska Kasa Opieki SA | 979 | 26,195 | ||||||||
CCC SA | 144 | 4,132 | ||||||||
CD Projekt SA | 312 | 20,910 | ||||||||
Cyfrowy Polsat SA | 942 | 6,715 | ||||||||
Dino Polska SA, 144A* | 294 | 10,149 | ||||||||
Grupa Lotos SA | 446 | 10,440 | ||||||||
KGHM Polska Miedz SA* | 614 | 14,093 | ||||||||
LPP SA | 3 | 6,664 | ||||||||
mBank SA* | 131 | 12,449 | ||||||||
Orange Polska SA* | 3,174 | 5,178 | ||||||||
PGE Polska Grupa Energetyczna SA* | 4,128 | 9,193 | ||||||||
Polski Koncern Naftowy ORLEN SA | 1,418 | 33,634 | ||||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 12,592 | 14,853 | ||||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 4,285 | 39,538 | ||||||||
Powszechny Zaklad Ubezpieczen SA | 2,925 | 28,901 | ||||||||
Santander Bank Polska SA | 173 | 12,147 | ||||||||
|
| |||||||||
255,191 | ||||||||||
|
| |||||||||
Portugal — 0.1% | ||||||||||
EDP — Energias de Portugal SA | 11,309 | 45,725 | ||||||||
Galp Energia SGPS SA | 2,426 | 39,490 | ||||||||
Jeronimo Martins SGPS SA | 1,102 | 17,598 | ||||||||
|
| |||||||||
102,813 | ||||||||||
|
| |||||||||
Qatar — 0.2% | ||||||||||
Barwa Real Estate Co. | 8,950 | 8,383 | ||||||||
Commercial Bank PSQC | 8,970 | 10,791 | ||||||||
Industries Qatar QSC | 9,750 | 27,075 | ||||||||
Masraf Al Rayan QSC | 18,600 | 19,669 | ||||||||
Mesaieed Petrochemical Holding Co. | 20,910 | 14,933 | ||||||||
Qatar Electricity & Water Co. QSC | 1,690 | 7,487 | ||||||||
Qatar Fuel QSC | 1,750 | 10,786 | ||||||||
Qatar Insurance Co. SAQ | 6,920 | 5,835 | ||||||||
Qatar Islamic Bank SAQ | 5,600 | 22,857 | ||||||||
Qatar National Bank QPSC | 21,900 | 115,794 | ||||||||
|
| |||||||||
243,610 | ||||||||||
|
| |||||||||
Romania — 0.0% | ||||||||||
NEPI Rockcastle PLC | 2,007 | 16,981 | ||||||||
|
| |||||||||
Russia — 1.0% | ||||||||||
Alrosa PJSC | 12,690 | 15,365 | ||||||||
Evraz PLC | 2,311 | 11,071 | ||||||||
Gazprom PJSC | 51,292 | 205,312 | ||||||||
Inter RAO UES PJSC | 166,179 | 11,518 | ||||||||
LUKOIL PJSC | 1,805 | 172,182 | ||||||||
Magnit PJSC, GDR | 1,642 | 18,743 | ||||||||
Magnitogorsk Iron & Steel Works PJSC | 10,333 | 6,261 | ||||||||
MMC Norilsk Nickel PJSC | 312 | 82,660 | ||||||||
Mobile TeleSystems PJSC, ADR | 2,392 | 22,581 | ||||||||
Moscow ExchangeMICEX-RTS PJSC | 6,740 | 11,073 | ||||||||
Novatek PJSC, GDR | 445 | 88,110 |
Number | Value | |||||||||
Russia (Continued) | ||||||||||
Novolipetsk Steel PJSC | 5,737 | $ | 11,540 | |||||||
PhosAgro PJSC, GDR | 523 | 6,443 | ||||||||
Polyus PJSC | 81 | 8,675 | ||||||||
Rosneft Oil Co. PJSC | 5,068 | 34,737 | ||||||||
Sberbank of Russia PJSC | 50,186 | 182,507 | ||||||||
Severstal PJSC | 1,033 | 14,578 | ||||||||
Surgutneftegas PJSC | 35,179 | 24,112 | ||||||||
Tatneft PJSC | 7,285 | 83,833 | ||||||||
VTB Bank PJSC | 14,087,984 | 9,926 | ||||||||
X5 Retail Group NV, GDR | 530 | 17,661 | ||||||||
|
| |||||||||
1,038,888 | ||||||||||
|
| |||||||||
Saudi Arabia — 0.6% | ||||||||||
Advanced Petrochemical Co. | 842 | 10,531 | ||||||||
Al Rajhi Bank | 6,102 | 101,212 | ||||||||
Alinma Bank | 2,274 | 13,826 | ||||||||
Almarai Co. JSC | 788 | 10,349 | ||||||||
Arab National Bank | 2,846 | 19,353 | ||||||||
Bank AlBilad | 1,067 | 7,341 | ||||||||
Banque Saudi Fransi | 3,056 | 27,300 | ||||||||
Dar Al Arkan Real Estate Development Co.* | 4,027 | 12,457 | ||||||||
Etihad Etisalat Co.* | 2,668 | 15,994 | ||||||||
Jarir Marketing Co. | 225 | 9,492 | ||||||||
National Commercial Bank | 6,061 | 74,348 | ||||||||
Rabigh Refining & Petrochemical Co.* | 1,926 | 9,892 | ||||||||
Riyad Bank | 6,386 | 37,464 | ||||||||
Sahara International Petrochemical Co. | 2,629 | 10,937 | ||||||||
Samba Financial Group | 5,243 | 40,756 | ||||||||
Saudi Arabian Fertilizer Co. | 492 | 9,617 | ||||||||
Saudi Arabian Mining Co.* | 2,313 | 26,491 | ||||||||
Saudi Basic Industries Corp. | 3,746 | 90,903 | ||||||||
Saudi British Bank | 2,869 | 26,089 | ||||||||
Saudi Cement Co. | 623 | 11,297 | ||||||||
Saudi Electricity Co. | 2,882 | 15,586 | ||||||||
Saudi Kayan Petrochemical Co.* | 5,149 | 13,840 | ||||||||
Saudi Telecom Co. | 2,064 | 51,297 | ||||||||
Savola Group* | 735 | 6,154 | ||||||||
Yanbu National Petrochemical Co. | 672 | 8,978 | ||||||||
|
| |||||||||
661,504 | ||||||||||
|
| |||||||||
Singapore — 0.8% | ||||||||||
Ascendas Real Estate Investment Trust REIT | 14,152 | 30,835 | ||||||||
BOC Aviation Ltd., 144A | 771 | 7,284 | ||||||||
CapitaLand Commercial Trust REIT | 13,307 | 19,556 | ||||||||
CapitaLand Ltd. | 11,057 | 29,751 | ||||||||
CapitaLand Mall Trust REIT | 13,109 | 24,153 | ||||||||
City Developments Ltd. | 1,800 | 13,608 | ||||||||
ComfortDelGro Corp. Ltd. | 11,100 | 19,072 | ||||||||
DBS Group Holdings Ltd. | 8,600 | 158,770 | ||||||||
Genting Singapore Ltd. | 34,700 | 23,468 | ||||||||
Jardine Cycle & Carriage Ltd. | 400 | 8,961 | ||||||||
Keppel Corp. Ltd. | 7,000 | 34,394 | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 15,670 | 123,509 | ||||||||
SATS Ltd. | 3,200 | 11,652 | ||||||||
Sembcorp Industries Ltd. | 3,900 | 6,245 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Singapore (Continued) | ||||||||||
Singapore Airlines Ltd. | 2,600 | $ | 17,470 | |||||||
Singapore Exchange Ltd. | 3,293 | 21,308 | ||||||||
Singapore Press Holdings Ltd. | 5,300 | 8,525 | ||||||||
Singapore Technologies Engineering Ltd. | 7,630 | 23,040 | ||||||||
Singapore Telecommunications Ltd. | 38,600 | 95,392 | ||||||||
Suntec Real Estate Investment Trust REIT | 8,728 | 11,742 | ||||||||
United Overseas Bank Ltd. | 6,022 | 113,686 | ||||||||
UOL Group Ltd. | 1,900 | 10,780 | ||||||||
Venture Corp. Ltd. | 1,500 | 17,405 | ||||||||
Wilmar International Ltd. | 7,200 | 21,531 | ||||||||
|
| |||||||||
852,137 | ||||||||||
|
| |||||||||
South Africa — 1.2% | ||||||||||
Absa Group Ltd. | 3,250 | 32,651 | ||||||||
Anglo American Platinum Ltd. | 289 | 23,905 | ||||||||
AngloGold Ashanti Ltd. | 1,992 | 37,246 | ||||||||
Aspen Pharmacare Holdings Ltd.* | 2,324 | 18,614 | ||||||||
Bid Corp. Ltd. | 1,458 | 32,091 | ||||||||
Bidvest Group Ltd. | 1,587 | 21,975 | ||||||||
Capitec Bank Holdings Ltd. | 233 | 22,529 | ||||||||
Clicks Group Ltd. | 1,118 | 19,102 | ||||||||
Discovery Ltd. | 2,165 | 17,438 | ||||||||
Exxaro Resources Ltd. | 1,334 | 12,134 | ||||||||
FirstRand Ltd. | 16,891 | 72,160 | ||||||||
Fortress REIT Ltd., Class A REIT | 3,249 | 4,378 | ||||||||
Foschini Group Ltd. | 1,092 | 11,561 | ||||||||
Gold Fields Ltd. | 4,672 | 24,527 | ||||||||
Growthpoint Properties Ltd. REIT | 13,450 | 20,930 | ||||||||
Impala Platinum Holdings Ltd.* | 3,750 | 28,807 | ||||||||
Investec Ltd. (b) | 794 | 4,561 | ||||||||
Kumba Iron Ore Ltd. (b) | 322 | 8,257 | ||||||||
Liberty Holdings Ltd. | 392 | 2,981 | ||||||||
Life Healthcare Group Holdings Ltd. (b) | 7,262 | 12,247 | ||||||||
Momentum Metropolitan Holdings | 4,510 | 6,261 | ||||||||
Mr Price Group Ltd. (b) | 1,054 | 12,584 | ||||||||
MTN Group Ltd. | 7,886 | 49,695 | ||||||||
MultiChoice Group* | 2,122 | 17,549 | ||||||||
Naspers Ltd., Class N | 2,101 | 300,269 | ||||||||
Nedbank Group Ltd. | 1,937 | 28,940 | ||||||||
Old Mutual Ltd. | 25,843 | 32,687 | ||||||||
Pick n Pay Stores Ltd. | 1,575 | 7,294 | ||||||||
PSG Group Ltd. | 613 | 9,754 | ||||||||
Rand Merchant Investment Holdings Ltd. | 2,401 | 4,945 | ||||||||
Redefine Properties Ltd. REIT (b) | 25,171 | 14,133 | ||||||||
Remgro Ltd. | 2,503 | 32,820 | ||||||||
RMB Holdings Ltd. | 4,548 | 25,024 | ||||||||
Sanlam Ltd. | 8,891 | 46,347 | ||||||||
Sasol Ltd. | 2,782 | 50,106 | ||||||||
Shoprite Holdings Ltd. | 2,484 | 21,718 | ||||||||
Sibanye Gold Ltd.* | 10,652 | 20,987 | ||||||||
SPAR Group Ltd. (b) | 744 | 10,452 | ||||||||
Standard Bank Group Ltd. | 5,826 | 65,875 | ||||||||
Telkom SA SOC Ltd. (b) | 799 | 2,556 |
Number | Value | |||||||||
South Africa (Continued) | ||||||||||
Tiger Brands Ltd. | 896 | $ | 12,488 | |||||||
Vodacom Group Ltd. (b) | 2,756 | 22,773 | ||||||||
Woolworths Holdings Ltd. | 4,604 | 16,389 | ||||||||
|
| |||||||||
1,239,740 | ||||||||||
|
| |||||||||
South Korea — 2.8% | ||||||||||
Amorepacific Corp. | 175 | 28,002 | ||||||||
AMOREPACIFIC Group | 153 | 10,518 | ||||||||
BGF retail Co. Ltd. | 34 | 4,836 | ||||||||
BNK Financial Group, Inc. | 1,253 | 7,383 | ||||||||
Celltrion Healthcare Co. Ltd.* | 330 | 13,760 | ||||||||
Celltrion, Inc.* | 400 | 58,926 | ||||||||
Cheil Worldwide, Inc. | 320 | 6,407 | ||||||||
CJ CheilJedang Corp. | 28 | 5,879 | ||||||||
CJ Corp. | 92 | 7,174 | ||||||||
CJ ENM Co. Ltd. | 75 | 9,690 | ||||||||
CJ Logistics Corp.* | 30 | 4,000 | ||||||||
Daelim Industrial Co. Ltd. | 137 | 10,427 | ||||||||
Daewoo Engineering & Construction Co. Ltd.* | 556 | 2,099 | ||||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.* | 202 | 4,506 | ||||||||
DB Insurance Co. Ltd. | 302 | 14,242 | ||||||||
Doosan Bobcat, Inc. | 341 | 9,036 | ||||||||
E-MART, Inc. | 89 | 9,871 | ||||||||
Fila Korea Ltd. | 235 | 10,266 | ||||||||
GS Engineering & Construction Corp. | 342 | 8,686 | ||||||||
GS Holdings Corp. | 314 | 12,721 | ||||||||
GS Retail Co. Ltd. | 176 | 5,677 | ||||||||
Hana Financial Group, Inc. | 1,391 | 42,102 | ||||||||
Hankook Tire & Technology Co. Ltd. | 370 | 10,416 | ||||||||
Hanmi Pharm. Co. Ltd. | 18 | 4,869 | ||||||||
Hanon Systems | 837 | 7,653 | ||||||||
Hanwha Chemical Corp. | 647 | 9,613 | ||||||||
Hanwha Corp. | 204 | 4,240 | ||||||||
Hanwha Life Insurance Co. Ltd. | 1,227 | 2,379 | ||||||||
HDC Hyundai DevelopmentCo-Engineering & Construction, Class E | 113 | 2,645 | ||||||||
Helixmith Co. Ltd.* | 75 | 5,772 | ||||||||
HLB, Inc.* | 134 | 13,058 | ||||||||
Hotel Shilla Co. Ltd. | 152 | 10,900 | ||||||||
Hyundai Department Store Co. Ltd. | 69 | 4,860 | ||||||||
Hyundai Engineering & Construction Co. Ltd. | 346 | 11,996 | ||||||||
Hyundai Glovis Co. Ltd. | 90 | 11,468 | ||||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 46 | 13,475 | ||||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 450 | 10,668 | ||||||||
Hyundai Mobis Co. Ltd. | 312 | 64,717 | ||||||||
Hyundai Motor Co. | 695 | 71,198 | ||||||||
Hyundai Steel Co. | 430 | 11,559 | ||||||||
Industrial Bank of Korea | 1,123 | 11,172 | ||||||||
Kakao Corp. | 236 | 31,070 | ||||||||
Kangwon Land, Inc. | 553 | 13,741 | ||||||||
KB Financial Group, Inc. | 1,904 | 74,232 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
South Korea (Continued) | ||||||||||
KCC Corp. | 18 | $ | 3,307 | |||||||
Kia Motors Corp. | 1,266 | 46,357 | ||||||||
Korea Aerospace Industries Ltd. | 362 | 11,432 | ||||||||
Korea Electric Power Corp.* | 1,204 | 28,440 | ||||||||
Korea Gas Corp. | 117 | 3,705 | ||||||||
Korea Investment Holdings Co. Ltd. | 206 | 12,505 | ||||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.* | 196 | 19,913 | ||||||||
Korea Zinc Co. Ltd. | 32 | 10,999 | ||||||||
Korean Air Lines Co. Ltd. | 382 | 8,005 | ||||||||
KT&G Corp. | 565 | 46,782 | ||||||||
Kumho Petrochemical Co. Ltd. | 50 | 3,094 | ||||||||
LG Chem Ltd. | 221 | 57,348 | ||||||||
LG Corp. | 471 | 28,312 | ||||||||
LG Display Co. Ltd.* | 1,066 | 13,267 | ||||||||
LG Electronics, Inc. | 477 | 28,229 | ||||||||
LG Household & Health Care Ltd. | 49 | 52,479 | ||||||||
LG Innotek Co. Ltd. | 88 | 9,089 | ||||||||
LG Uplus Corp. | 302 | 3,426 | ||||||||
Lotte Chemical Corp. | 94 | 17,508 | ||||||||
Lotte Corp. | 188 | 5,674 | ||||||||
Lotte Shopping Co. Ltd. | 54 | 6,058 | ||||||||
Medy-Tox, Inc. | 18 | 4,607 | ||||||||
Meritz Securities Co. Ltd. | 1,307 | 4,703 | ||||||||
Mirae Asset Daewoo Co. Ltd. | 1,783 | 10,914 | ||||||||
NAVER Corp. | 677 | 98,585 | ||||||||
NCSoft Corp. | 85 | 35,478 | ||||||||
Netmarble Corp., 144A* | 77 | 5,737 | ||||||||
NH Investment & Securities Co. Ltd. | 628 | 6,593 | ||||||||
OCI Co. Ltd. | 87 | 4,559 | ||||||||
Orange Life Insurance Ltd., 144A | 143 | 3,457 | ||||||||
Orion Corp. | 120 | 10,464 | ||||||||
Ottogi Corp. | 8 | 3,773 | ||||||||
Pan Ocean Co. Ltd.* | 973 | 3,460 | ||||||||
Pearl Abyss Corp.* | 18 | 2,824 | ||||||||
POSCO | 378 | 73,766 | ||||||||
POSCO Chemical Co. Ltd. | 133 | 5,416 | ||||||||
Posco International Corp. | 351 | 5,423 | ||||||||
S-1 Corp. | 77 | 6,102 | ||||||||
Samsung Biologics Co. Ltd., 144A* | 85 | 28,318 | ||||||||
Samsung C&T Corp. | 373 | 31,232 | ||||||||
Samsung Card Co. Ltd. | 213 | 6,690 | ||||||||
Samsung Electro-Mechanics Co. Ltd. | 296 | 27,817 | ||||||||
Samsung Electronics Co. Ltd. | 22,228 | 946,593 | ||||||||
Samsung Engineering Co. Ltd.* | 680 | 10,823 | ||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 149 | 29,330 | ||||||||
Samsung Heavy Industries Co. Ltd.* | 2,475 | 14,584 | ||||||||
Samsung Life Insurance Co. Ltd. | 335 | 20,307 | ||||||||
Samsung SDI Co. Ltd. | 278 | 54,369 | ||||||||
Samsung SDS Co. Ltd. | 164 | 27,145 | ||||||||
Samsung Securities Co. Ltd. | 383 | 11,706 | ||||||||
Shinhan Financial Group Co. Ltd. | 2,080 | 76,691 | ||||||||
Shinsegae Inc. | 19 | 4,528 | ||||||||
SK Holdings Co. Ltd. | 153 | 33,355 | ||||||||
SK Hynix, Inc. | 2,626 | 179,862 | ||||||||
SK Innovation Co. Ltd. | 260 | 32,248 | ||||||||
SK Telecom Co. Ltd. | 77 | 16,037 |
Number | Value | |||||||||
South Korea (Continued) | ||||||||||
S-Oil Corp. | 231 | $ | 17,445 | |||||||
Woongjin Coway Co. Ltd. | 184 | 13,958 | ||||||||
Woori Financial Group, Inc. | 2,235 | 22,139 | ||||||||
Yuhan Corp. | 38 | 6,949 | ||||||||
|
| |||||||||
3,001,825 | ||||||||||
|
| |||||||||
Spain — 1.8% | ||||||||||
ACS Actividades de Construccion y Servicios SA | 1,312 | 51,067 | ||||||||
Aena SME SA, 144A | 312 | 57,300 | ||||||||
Amadeus IT Group SA | 2,090 | 166,475 | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 31,846 | 167,758 | ||||||||
Banco de Sabadell SA | 30,378 | 33,702 | ||||||||
Banco Santander SA | 2,940 | 10,876 | ||||||||
Banco Santander SA | 75,352 | 293,625 | ||||||||
Bankia SA | 4,763 | 9,228 | ||||||||
Bankinter SA | 3,205 | 22,414 | ||||||||
CaixaBank SA | 16,894 | 49,862 | ||||||||
Cellnex Telecom SA, 144A* | 1,299 | 55,813 | ||||||||
Enagas SA | 1,063 | 26,479 | ||||||||
Endesa SA | 1,511 | 41,084 | ||||||||
Ferrovial SA* | 35 | 1,039 | ||||||||
Ferrovial SA | 2,282 | 67,754 | ||||||||
Grifols SA (b) | 1,472 | 50,289 | ||||||||
Iberdrola SA | 28,467 | 280,001 | ||||||||
Industria de Diseno Textil SA | 5,347 | 166,474 | ||||||||
Mapfre SA | 8,795 | 24,795 | ||||||||
Naturgy Energy Group SA | 1,517 | 39,442 | ||||||||
Red Electrica Corp. SA | 1,969 | 38,504 | ||||||||
Repsol SA | 6,924 | 109,007 | ||||||||
Siemens Gamesa Renewable Energy SA | 1,142 | 18,224 | ||||||||
Telefonica SA | 22,249 | 170,406 | ||||||||
|
| |||||||||
1,951,618 | ||||||||||
|
| |||||||||
Sweden — 1.6% | ||||||||||
Alfa Laval AB | 1,262 | 31,042 | ||||||||
Assa Abloy AB, Class B | 4,693 | 111,419 | ||||||||
Atlas Copco AB, Class A | 3,156 | 115,622 | ||||||||
Atlas Copco AB, Class B | 1,922 | 62,126 | ||||||||
Boliden AB | 1,392 | 35,897 | ||||||||
Electrolux AB, Series B | 1,214 | 31,192 | ||||||||
Epiroc AB, Class A | 3,063 | 35,753 | ||||||||
Epiroc AB, Class B | 2,244 | 25,221 | ||||||||
Essity AB, Class B | 3,019 | 94,874 | ||||||||
Hennes & Mauritz AB, Class B (b) | 3,907 | 75,398 | ||||||||
Hexagon AB, Class B | 1,291 | 72,973 | ||||||||
Husqvarna AB, Class B | 1,995 | 15,576 | ||||||||
ICA Gruppen AB (b) | 359 | 15,667 | ||||||||
Industrivarden AB, Class C | 805 | 18,666 | ||||||||
Investor AB, Class B | 2,127 | 112,411 | ||||||||
Kinnevik AB, Class B | 1,099 | 25,163 | ||||||||
L E Lundbergforetagen AB, Class B | 374 | 14,822 | ||||||||
Lundin Petroleum AB | 901 | 27,769 | ||||||||
Sandvik AB | 5,364 | 97,528 | ||||||||
Securitas AB, Class B | 1,486 | 24,637 | ||||||||
Skandinaviska Enskilda Banken AB, Class A | 7,580 | 64,988 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Sweden (Continued) | ||||||||||
Skanska AB, Class B | 1,638 | $ | 36,187 | |||||||
SKF AB, Class B | 1,762 | 33,646 | ||||||||
Svenska Handelsbanken AB, Class A | 6,945 | 68,158 | ||||||||
Swedbank AB, Class A | 4,272 | 55,618 | ||||||||
Swedish Match AB | 899 | 43,053 | ||||||||
Tele2 AB, Class B | 2,416 | 35,642 | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 14,837 | 133,683 | ||||||||
Telia Co. AB | 13,623 | 58,954 | ||||||||
Volvo AB, Class B | 7,055 | 109,049 | ||||||||
|
| |||||||||
1,682,734 | ||||||||||
|
| |||||||||
Switzerland — 6.2% | ||||||||||
ABB Ltd. | 8,707 | 190,422 | ||||||||
Adecco Group AG | 789 | 48,776 | ||||||||
Alcon, Inc.* | 2,082 | 114,947 | ||||||||
Baloise Holding AG | 224 | 38,931 | ||||||||
Barry Callebaut AG | 11 | 22,110 | ||||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 10 | 76,250 | ||||||||
Cie Financiere Richemont SA | 2,489 | 189,562 | ||||||||
Clariant AG* | 1,066 | 22,024 | ||||||||
Coca-Cola HBC AG* | 1,059 | 35,324 | ||||||||
Credit Suisse Group AG* | 12,096 | 158,518 | ||||||||
Dufry AG* | 161 | 15,710 | ||||||||
EMS-Chemie Holding AG | 39 | 24,200 | ||||||||
Geberit AG | 168 | 90,182 | ||||||||
Givaudan SA | 48 | 141,072 | ||||||||
Glencore PLC* | 53,282 | 168,077 | ||||||||
Julius Baer Group Ltd.* | 1,086 | 51,129 | ||||||||
Kuehne + Nagel International AG | 273 | 44,390 | ||||||||
LafargeHolcim Ltd.* | 2,336 | 120,444 | ||||||||
Lonza Group AG* | 367 | 124,633 | ||||||||
Nestle SA | 13,988 | 1,453,633 | ||||||||
Novartis AG | 10,214 | 940,301 | ||||||||
Pargesa Holding SA | 219 | 17,279 | ||||||||
Partners Group Holding AG | 84 | 70,829 | ||||||||
Roche Holding AG | 3,362 | 1,036,168 | ||||||||
Schindler Holding AG | 89 | 21,289 | ||||||||
Schindler Holding AG Participation Certificates | 203 | 50,608 | ||||||||
SGS SA | 25 | 65,050 | ||||||||
Sika AG | 628 | 109,303 | ||||||||
Sonova Holding AG | 249 | 56,847 | ||||||||
STMicroelectronics NV | 3,448 | 84,710 | ||||||||
Straumann Holding AG | 48 | 46,176 | ||||||||
Swatch Group AG — Bearer | 156 | 43,680 | ||||||||
Swatch Group AG — Registered | 212 | 11,300 | ||||||||
Swiss Life Holding AG | 161 | 79,824 | ||||||||
Swiss Prime Site AG | 444 | 46,886 | ||||||||
Swiss Re AG | 1,487 | 161,042 | ||||||||
Swisscom AG | 132 | 68,323 | ||||||||
Temenos AG* | 308 | 46,724 | ||||||||
UBS Group AG* | 18,279 | 221,542 | ||||||||
Vifor Pharma AG | 207 | 36,908 | ||||||||
Zurich Insurance Group AG | 714 | 280,102 | ||||||||
|
| |||||||||
6,625,225 | ||||||||||
|
|
Number | Value | |||||||||
Taiwan — 3.1% | ||||||||||
Acer, Inc. | 17,300 | $ | 10,178 | |||||||
Advantech Co. Ltd. | 1,525 | 14,970 | ||||||||
Airtac International Group | 1,110 | 16,044 | ||||||||
ASE Technology Holding Co. Ltd. | 15,527 | 38,473 | ||||||||
Asia Cement Corp. | 10,572 | 15,749 | ||||||||
Asustek Computer, Inc. | 3,170 | 23,949 | ||||||||
AU Optronics Corp. | 46,038 | 13,248 | ||||||||
Catcher Technology Co. Ltd. | 3,107 | 25,408 | ||||||||
Cathay Financial Holding Co. Ltd. | 37,164 | 50,794 | ||||||||
Chailease Holding Co. Ltd. | 5,065 | 22,660 | ||||||||
Chang Hwa Commercial Bank Ltd. | 20,224 | 15,212 | ||||||||
Cheng Shin Rubber Industry Co. Ltd. | 9,594 | 13,081 | ||||||||
Chicony Electronics Co. Ltd. | 2,237 | 6,489 | ||||||||
China Development Financial Holding Corp. | 86,713 | 27,596 | ||||||||
China Life Insurance Co. Ltd.* | 8,087 | 6,719 | ||||||||
China Steel Corp. | 58,650 | 44,982 | ||||||||
Chunghwa Telecom Co. Ltd. | 18,285 | 67,721 | ||||||||
Compal Electronics, Inc. | 22,036 | 13,578 | ||||||||
CTBC Financial Holding Co. Ltd. | 89,804 | 64,313 | ||||||||
Delta Electronics, Inc. | 9,548 | 43,812 | ||||||||
E.Sun Financial Holding Co. Ltd. | 53,904 | 47,790 | ||||||||
Eclat Textile Co. Ltd. | 1,246 | 16,172 | ||||||||
Eva Airways Corp. | 10,317 | 4,734 | ||||||||
Far Eastern New Century Corp. | 15,056 | 14,681 | ||||||||
Far EasTone Telecommunications Co. Ltd. | 9,250 | 22,162 | ||||||||
Feng TAY Enterprise Co. Ltd. | 2,138 | 13,384 | ||||||||
First Financial Holding Co. Ltd. | 51,871 | 39,017 | ||||||||
Formosa Chemicals & Fibre Corp. | 16,897 | 48,348 | ||||||||
Formosa Petrochemical Corp. | 6,988 | 21,987 | ||||||||
Formosa Plastics Corp. | 22,135 | 70,517 | ||||||||
Foxconn Technology Co. Ltd. | 4,226 | 9,225 | ||||||||
Fubon Financial Holding Co. Ltd. | 38,637 | 56,733 | ||||||||
Giant Manufacturing Co. Ltd. | 1,876 | 13,589 | ||||||||
Globalwafers Co. Ltd. | 1,575 | 17,087 | ||||||||
Hiwin Technologies Corp. | 949 | 8,103 | ||||||||
Hon Hai Precision Industry Co. Ltd. | 59,523 | 172,655 | ||||||||
Hotai Motor Co. Ltd. | 1,460 | 28,568 | ||||||||
Hua Nan Financial Holdings Co. Ltd. | 46,256 | 32,899 | ||||||||
Innolux Corp. | 46,230 | 11,970 | ||||||||
Inventec Corp. | 13,870 | 10,388 | ||||||||
Largan Precision Co. Ltd. | 521 | 75,732 | ||||||||
Lite-On Technology Corp. | 9,228 | 14,639 | ||||||||
MediaTek, Inc. | 7,326 | 101,208 | ||||||||
Mega Financial Holding Co. Ltd. | 48,725 | 48,389 | ||||||||
Micro-Star International Co. Ltd. | 1,704 | 4,686 | ||||||||
Nan Ya Plastics Corp. | 23,301 | 54,605 | ||||||||
Nanya Technology Corp. | 6,135 | 14,317 | ||||||||
Nien Made Enterprise Co. Ltd. | 661 | 6,066 | ||||||||
Novatek Microelectronics Corp. | 2,585 | 18,936 | ||||||||
Pegatron Corp. | 10,138 | 22,595 | ||||||||
Phison Electronics Corp. | 756 | 7,049 | ||||||||
Pou Chen Corp. | 11,351 | 14,788 | ||||||||
Powertech Technology, Inc. | 1,605 | 4,950 | ||||||||
President Chain Store Corp. | 2,564 | 25,673 | ||||||||
Quanta Computer, Inc. | 12,507 | 24,718 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Taiwan (Continued) | ||||||||||
Realtek Semiconductor Corp. | 1,613 | $ | 12,186 | |||||||
Ruentex Development Co. Ltd.* | 2,518 | 3,763 | ||||||||
Shanghai Commercial & Savings Bank Ltd. | 13,602 | 22,246 | ||||||||
Shin Kong Financial Holding Co. Ltd.* | 38,153 | 12,567 | ||||||||
SinoPac Financial Holdings Co. Ltd. | 52,678 | 22,186 | ||||||||
Standard Foods Corp. | 2,737 | 5,948 | ||||||||
Synnex Technology International Corp. | 7,783 | 9,400 | ||||||||
Taishin Financial Holding Co. Ltd. | 46,657 | 21,791 | ||||||||
Taiwan Business Bank | 19,625 | 8,040 | ||||||||
Taiwan Cement Corp. | 24,355 | 33,048 | ||||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 34,256 | 23,297 | ||||||||
Taiwan High Speed Rail Corp. | 9,687 | 11,414 | ||||||||
Taiwan Mobile Co. Ltd. | 10,785 | 40,474 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 115,864 | 1,158,241 | ||||||||
Tatung Co. Ltd.* | 8,754 | 6,327 | ||||||||
Uni-President Enterprises Corp. | 23,439 | 55,696 | ||||||||
United Microelectronics Corp. | 51,679 | 25,322 | ||||||||
Vanguard International Semiconductor Corp. | 4,827 | 11,328 | ||||||||
Walsin Technology Corp. | 2,110 | 11,757 | ||||||||
Win Semiconductors Corp. | 2,249 | 22,298 | ||||||||
Winbond Electronics Corp. | 12,821 | 7,333 | ||||||||
Wistron Corp. | 8,893 | 8,074 | ||||||||
WPG Holdings Ltd. | 10,759 | 13,382 | ||||||||
Yageo Corp. | 1,914 | 20,702 | ||||||||
Yuanta Financial Holding Co. Ltd. | 46,485 | 30,091 | ||||||||
Zhen Ding Technology Holding Ltd. | 2,151 | 9,482 | ||||||||
|
| |||||||||
3,239,729 | ||||||||||
|
| |||||||||
Thailand — 0.7% | ||||||||||
Advanced Info Service PCL, NVDR | 5,700 | 39,990 | ||||||||
Airports of Thailand PCL, NVDR | 20,800 | 51,970 | ||||||||
Bangkok Bank PCL, NVDR | 900 | 5,257 | ||||||||
Bangkok Dusit Medical Services PCL, NVDR | 33,500 | 27,272 | ||||||||
Bangkok Expressway & Metro PCL, NVDR | 51,600 | 18,442 | ||||||||
Berli Jucker PCL, NVDR | 5,800 | 8,733 | ||||||||
BTS Group Holdings PCL, NVDR | 37,100 | 16,820 | ||||||||
Bumrungrad Hospital PCL, NVDR | 2,100 | 9,417 | ||||||||
Central Pattana PCL, NVDR | 12,700 | 26,163 | ||||||||
Charoen Pokphand Foods PCL, NVDR | 18,200 | 16,563 | ||||||||
CP ALL PCL, NVDR | 29,400 | 73,944 | ||||||||
Electricity Generating PCL, NVDR | 1,600 | 18,268 | ||||||||
Energy Absolute PCL, NVDR | 7,900 | 11,176 | ||||||||
Gulf Energy Development PCL, NVDR | 2,600 | 14,369 | ||||||||
Home Product Center PCL, NVDR | 24,000 | 13,105 | ||||||||
Indorama Ventures PCL, NVDR | 8,400 | 9,660 | ||||||||
Intouch Holdings PCL, NVDR | 11,700 | 22,748 | ||||||||
IRPC PCL, NVDR | 108,002 | 12,510 | ||||||||
Kasikornbank PCL, NVDR | 9,700 | 49,756 | ||||||||
Krung Thai Bank PCL, NVDR | 20,800 | 11,289 | ||||||||
Land & Houses PCL, NVDR | 42,500 | 13,783 | ||||||||
Minor International PCL, NVDR | 14,000 | 17,837 |
Number | Value | |||||||||
Thailand (Continued) | ||||||||||
PTT Exploration & Production PCL, NVDR | 6,900 | $ | 27,401 | |||||||
PTT Global Chemical PCL, NVDR | 6,700 | 11,918 | ||||||||
PTT PCL, NVDR | 55,600 | 79,580 | ||||||||
Ratch Group PCL, NVDR | 3,500 | 8,195 | ||||||||
Robinson PCL, NVDR | 700 | 1,523 | ||||||||
Siam Cement PCL | 700 | 8,826 | ||||||||
Siam Cement PCL, NVDR | 3,200 | 40,348 | ||||||||
Siam Commercial Bank PCL, NVDR | 1,200 | 4,805 | ||||||||
Thai Oil PCL, NVDR | 8,500 | 19,409 | ||||||||
Thai Union Group PCL, NVDR | 16,100 | 7,353 | ||||||||
True Corp. PCL, NVDR | 52,400 | 7,699 | ||||||||
|
| |||||||||
706,129 | ||||||||||
|
| |||||||||
Turkey — 0.1% | ||||||||||
Akbank T.A.S.* | 13,374 | 18,076 | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 659 | 2,485 | ||||||||
Arcelik AS* | 1,369 | 4,791 | ||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 954 | 3,098 | ||||||||
BIM Birlesik Magazalar AS | 1,980 | 15,844 | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 6,773 | 9,449 | ||||||||
Ford Otomotiv Sanayi AS | 232 | 2,575 | ||||||||
Haci Omer Sabanci Holding AS | 5,903 | 9,344 | ||||||||
KOC Holding AS | 4,017 | 13,989 | ||||||||
TAV Havalimanlari Holding AS | 1,486 | 6,954 | ||||||||
Tupras Turkiye Petrol Rafinerileri AS | 817 | 17,609 | ||||||||
Turk Hava Yollari AO* | 2,513 | 5,971 | ||||||||
Turkcell Iletisim Hizmetleri AS | 4,654 | 10,978 | ||||||||
Turkiye Garanti Bankasi AS* | 11,093 | 19,489 | ||||||||
Turkiye Is Bankasi AS, Class C* | 8,169 | 8,739 | ||||||||
|
| |||||||||
149,391 | ||||||||||
|
| |||||||||
United Arab Emirates — 0.2% | ||||||||||
Abu Dhabi Commercial Bank PJSC | 13,268 | 27,272 | ||||||||
Aldar Properties PJSC | 32,065 | 18,943 | ||||||||
DP World PLC | 840 | 10,534 | ||||||||
Dubai Islamic Bank PJSC | 2,155 | 3,109 | ||||||||
Emaar Malls PJSC | 13,754 | 7,152 | ||||||||
Emaar Properties PJSC | 14,089 | 15,841 | ||||||||
Emirates Telecommunications Group Co. PJSC | 8,325 | 36,943 | ||||||||
First Abu Dhabi Bank PJSC | 13,181 | 54,545 | ||||||||
NMC Health PLC | 456 | 14,797 | ||||||||
|
| |||||||||
189,136 | ||||||||||
|
| |||||||||
United Kingdom — 9.4% | ||||||||||
3i Group PLC | 4,584 | 63,497 | ||||||||
Admiral Group PLC | 749 | 20,731 | ||||||||
Anglo American PLC | 5,097 | 133,591 | ||||||||
Ashtead Group PLC | 2,079 | 63,189 | ||||||||
Associated British Foods PLC | 1,692 | 56,219 | ||||||||
AstraZeneca PLC | 6,240 | 601,898 | ||||||||
Auto Trader Group PLC, 144A | 4,410 | 32,055 | ||||||||
Aviva PLC | 19,076 | 99,625 | ||||||||
BAE Systems PLC | 15,453 | 114,601 | ||||||||
Barclays PLC | 81,271 | 180,309 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
United Kingdom (Continued) | ||||||||||
Barratt Developments PLC | 4,919 | $ | 42,422 | |||||||
Berkeley Group Holdings PLC | 606 | 35,944 | ||||||||
BP PLC | 96,243 | 597,734 | ||||||||
British American Tobacco PLC | 10,950 | 433,363 | ||||||||
British Land Co. PLC REIT | 4,565 | 33,984 | ||||||||
BT Group PLC | 40,808 | 101,104 | ||||||||
Bunzl PLC | 1,642 | 45,086 | ||||||||
Burberry Group PLC | 2,009 | 54,669 | ||||||||
Centrica PLC | 27,301 | 28,325 | ||||||||
CNH Industrial NV | 5,303 | 56,834 | ||||||||
Coca-Cola European Partners PLC | 1,096 | 55,304 | ||||||||
Compass Group PLC | 7,524 | 184,357 | ||||||||
Croda International PLC | 583 | 37,550 | ||||||||
Diageo PLC | 11,197 | 458,344 | ||||||||
Direct Line Insurance Group PLC | 7,127 | 28,151 | ||||||||
easyJet PLC | 958 | 16,578 | ||||||||
Ferguson PLC | 1,055 | 91,721 | ||||||||
Fiat Chrysler Automobiles NV | 5,229 | 77,310 | ||||||||
G4S PLC | 7,784 | 21,051 | ||||||||
GlaxoSmithKline PLC | 23,536 | 533,923 | ||||||||
Halma PLC | 1,967 | 53,577 | ||||||||
Hargreaves Lansdown PLC | 1,365 | 32,749 | ||||||||
HSBC Holdings PLC | 95,284 | 710,207 | ||||||||
Imperial Brands PLC | 4,565 | 100,559 | ||||||||
Informa PLC | 5,861 | 59,991 | ||||||||
InterContinental Hotels Group PLC | 854 | 55,303 | ||||||||
Intertek Group PLC | 737 | 52,578 | ||||||||
ITV PLC | 17,830 | 33,461 | ||||||||
J Sainsbury PLC | 8,365 | 23,185 | ||||||||
JD Sports Fashion PLC | 2,056 | 20,225 | ||||||||
Johnson Matthey PLC | 877 | 32,599 | ||||||||
Kingfisher PLC | 11,019 | 29,914 | ||||||||
Land Securities Group PLC REIT | 3,369 | 41,760 | ||||||||
Legal & General Group PLC | 27,781 | 100,929 | ||||||||
Lloyds Banking Group PLC | 340,508 | 269,302 | ||||||||
London Stock Exchange Group PLC | 1,461 | 129,852 | ||||||||
M&G PLC* | 12,470 | 38,062 | ||||||||
Marks & Spencer Group PLC | 8,932 | 22,452 | ||||||||
Meggitt PLC | 3,916 | 32,566 | ||||||||
Melrose Industries PLC | 23,068 | 68,501 | ||||||||
Micro Focus International PLC | 1,799 | 26,357 | ||||||||
Mondi PLC | 2,258 | 48,931 | ||||||||
National Grid PLC (b) | 15,673 | 180,348 | ||||||||
Next PLC | 687 | 60,047 | ||||||||
Ocado Group PLC* | 2,154 | 36,913 | ||||||||
Pearson PLC | 3,911 | 32,707 | ||||||||
Persimmon PLC | 1,479 | 48,931 | ||||||||
Prudential PLC | 12,470 | 222,003 | ||||||||
Reckitt Benckiser Group PLC | 3,385 | 265,569 | ||||||||
RELX PLC | 9,298 | 225,239 | ||||||||
Rentokil Initial PLC | 8,778 | 50,510 | ||||||||
Rio Tinto Ltd. | 1,725 | 113,062 | ||||||||
Rio Tinto PLC | 5,498 | 298,762 | ||||||||
Rolls-Royce Holdings PLC* | 7,940 | 73,076 | ||||||||
Rolls-Royce Holdings PLC — Entitlement* | 365,240 | 472 | ||||||||
Royal Bank of Scotland Group PLC | 21,828 | 63,859 |
Number | Value | |||||||||||
United Kingdom (Continued) | ||||||||||||
RSA Insurance Group PLC | 4,649 | $ | 33,155 | |||||||||
Sage Group PLC | 5,134 | 50,053 | ||||||||||
Schroders PLC | 567 | 24,193 | ||||||||||
Segro PLC REIT | 5,219 | 60,345 | ||||||||||
Severn Trent PLC | 1,242 | 36,030 | ||||||||||
Smith & Nephew PLC | 4,177 | 93,514 | ||||||||||
Smiths Group PLC | 2,007 | 43,115 | ||||||||||
Spirax-Sarco Engineering PLC | 343 | 39,593 | ||||||||||
SSE PLC | 4,952 | 83,261 | ||||||||||
St James’s Place PLC | 2,634 | 37,082 | ||||||||||
Standard Chartered PLC | 12,926 | 116,590 | ||||||||||
Standard Life Aberdeen PLC | 11,999 | 49,179 | ||||||||||
Taylor Wimpey PLC | 15,641 | 35,250 | ||||||||||
Tesco PLC | 47,372 | 140,550 | ||||||||||
Unilever NV | 6,966 | 412,885 | ||||||||||
Unilever PLC | 5,300 | 313,811 | ||||||||||
United Utilities Group PLC | 3,253 | 35,905 | ||||||||||
Vodafone Group PLC | 129,267 | 256,399 | ||||||||||
Weir Group PLC | 1,180 | 21,297 | ||||||||||
Whitbread PLC | 627 | 37,311 | ||||||||||
Wm Morrison Supermarkets PLC | 9,836 | 25,227 | ||||||||||
WPP PLC | 5,716 | 73,965 | ||||||||||
|
| |||||||||||
9,972,737 | ||||||||||||
|
| |||||||||||
United States (e) — 0.1% | ||||||||||||
Bausch Health Cos., Inc.* | 1,521 | 42,963 | ||||||||||
Carnival PLC | 897 | 37,740 | ||||||||||
Nexteer Automotive Group Ltd. | 3,981 | 3,336 | ||||||||||
|
| |||||||||||
84,039 | ||||||||||||
|
| |||||||||||
TOTAL COMMON STOCKS | 101,566,889 | |||||||||||
|
| |||||||||||
PREFERRED STOCKS — 1.2% | ||||||||||||
Brazil — 0.6% | ||||||||||||
Banco Bradesco SA | 19,282 | 151,808 | ||||||||||
Braskem SA, Class A | 896 | 5,917 | ||||||||||
Centrais Eletricas Brasileiras SA, Class B | 1,629 | 13,809 | ||||||||||
Cia Brasileira de Distribuicao | 602 | 11,385 | ||||||||||
Cia Energetica de Minas Gerais | 5,128 | 15,789 | ||||||||||
Gerdau SA | 4,941 | 19,818 | ||||||||||
Itau Unibanco Holding SA | 23,243 | 190,836 | ||||||||||
Itausa — Investimentos Itau SA | 20,842 | 65,253 | ||||||||||
Lojas Americanas SA | 2,823 | 14,839 | ||||||||||
Petroleo Brasileiro SA | 20,222 | 139,075 | ||||||||||
Telefonica Brasil SA | 1,890 | 25,083 | ||||||||||
|
| |||||||||||
653,612 | ||||||||||||
|
| |||||||||||
Chile — 0.0% | ||||||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 457 | 10,846 | ||||||||||
|
| |||||||||||
Colombia — 0.0% | ||||||||||||
Bancolombia SA | 2,635 | 32,471 | ||||||||||
Grupo Aval Acciones y Valores SA | 18,630 | 7,495 | ||||||||||
|
| |||||||||||
39,966 | ||||||||||||
|
|
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||||
Germany — 0.4% | ||||||||||||
Bayerische Motoren Werke AG | 177 | $ | 10,920 | |||||||||
FUCHS PETROLUB SE | 370 | 15,979 | ||||||||||
Henkel AG & Co. KGaA | 929 | 98,132 | ||||||||||
Porsche Automobil Holding SE | 753 | 55,731 | ||||||||||
Sartorius AG | 159 | 33,510 | ||||||||||
Volkswagen AG | 886 | 171,287 | ||||||||||
|
| |||||||||||
385,559 | ||||||||||||
|
| |||||||||||
Russia — 0.0% | ||||||||||||
Surgutneftegas PJSC | 34,136 | 19,148 | ||||||||||
Transneft PJSC | 3 | 7,922 | ||||||||||
|
| |||||||||||
27,070 | ||||||||||||
|
| |||||||||||
South Korea — 0.2% | ||||||||||||
Amorepacific Corp. | 58 | 4,311 | ||||||||||
Hyundai Motor Co. | 118 | 7,203 | ||||||||||
Hyundai Motor Co. — 2nd Preferred | 171 | 11,770 | ||||||||||
LG Chem Ltd. | 27 | 3,818 | ||||||||||
Samsung Electronics Co. Ltd. | 4,158 | 143,804 | ||||||||||
|
| |||||||||||
170,906 | ||||||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | 1,287,959 | |||||||||||
|
| |||||||||||
Principal | Value | |||||||||||
CORPORATE BONDS — 0.0% | ||||||||||||
India — 0.0% | ||||||||||||
Britannia Industries Ltd. | INR | 9,360 | 135 | |||||||||
|
|
Number | Value | |||||||||||
RIGHTS — 0.0% | ||||||||||||
Brazil — 0.0% | ||||||||||||
Centrais Eletricas Brasileiras SA*, expires 12/20/19 | 333 | $ | 5 | |||||||||
Centrais Eletricas Brasileiras SA*, expires 12/20/19 | 158 | 5 | ||||||||||
|
| |||||||||||
10 | ||||||||||||
|
| |||||||||||
China — 0.0% | ||||||||||||
Zhengqi Financial Holding Corp.*, expires 12/31/49 (d) | 271 | 0 | ||||||||||
|
| |||||||||||
South Korea — 0.0% | ||||||||||||
AMOREPACIFIC Group*, | 10 | 25 | ||||||||||
|
| |||||||||||
TOTAL RIGHTS | 35 | |||||||||||
|
| |||||||||||
SECURITIES LENDING COLLATERAL — 1.2% | ||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (f)(g) | 1,323,973 | 1,323,973 | ||||||||||
|
| |||||||||||
CASH EQUIVALENTS — 2.3% | ||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (f) | 2,409,800 | 2,409,800 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS — 100.5% (Cost $99,824,409) | $ | 106,588,791 | ||||||||||
Other assets and liabilities, net — (0.5%) | (545,358 | ) | ||||||||||
|
| |||||||||||
NET ASSETS — 100.0% | $ | 106,043,433 | ||||||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
COMMON STOCKS —0.1% |
| |||||||||||||||||||||||||||||||||||
Germany —0.1% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG (c) |
| |||||||||||||||||||||||||||||||||||
64,295 | — | — | — | 3,871 | — | — | 9,455 | 68,166 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —1.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (f)(g) |
| |||||||||||||||||||||||||||||||||||
1,641,117 | — | (317,144 | )(h) | — | — | 11,877 | — | 1,323,973 | 1,323,973 | |||||||||||||||||||||||||||
CASH EQUIVALENTS —2.3% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (f) |
| |||||||||||||||||||||||||||||||||||
856,243 | 12,167,093 | (10,613,536 | ) | — | — | 21,464 | — | 2,409,800 | 2,409,800 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
2,561,655 | 12,167,093 | (10,930,680 | ) | — | 3,871 | 33,341 | — | 3,743,228 | 3,801,939 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (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, 2019 amounted to $1,573,866, which is 1.5% 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) | Securities are listed in country of domicile and trade on exchanges within the MSCI Europe US Dollar Hedged Index. |
(f) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(g) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund heldnon-cash U.S. Treasury securities collateral having a value of $352,050. |
(h) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
JSC | Joint Stock Company |
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 |
SDR: | Swedish 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, 2019, 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 | 6 | $ | 227,136 | $ | 229,850 | 12/19/2019 | $ | 3,118 | |||||||||
MSCI EAFE Futures | USD | 20 | 1,928,105 | 1,977,300 | 12/20/2019 | 49,195 | ||||||||||||
MSCI Emerging Markets Index Futures | USD | 17 | 873,725 | 882,300 | 12/20/2019 | 8,575 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | $ | 60,888 | ||||||||||||||||
|
|
As of November 30, 2019, 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. | 12/4/2019 | AUD | 5,680,000 | USD | 3,916,218 | $ | 73,804 | $ | — | |||||||||||||
RBC Capital Markets | 12/4/2019 | AUD | 1,623,300 | USD | 1,119,291 | 21,159 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | BRL | 2,596,900 | USD | 646,043 | 33,481 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | BRL | 5,539,600 | USD | 1,376,880 | 70,187 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | BRL | 469,000 | USD | 116,580 | 5,951 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | CAD | 2,345,000 | USD | 1,784,248 | 18,749 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | CAD | 4,876,100 | USD | 3,710,104 | 38,994 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | CAD | 2,020,300 | USD | 1,537,211 | 16,171 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | CHF | 1,111,600 | USD | 1,128,923 | 16,886 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | CHF | 4,349,900 | USD | 4,417,936 | 66,323 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | CHF | 121,000 | USD | 122,891 | 1,843 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | CHF | 1,010,100 | USD | 1,025,888 | 15,391 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | CLP | 13,480,400 | USD | 18,253 | 1,497 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | CLP | 159,063,400 | USD | 214,800 | 17,095 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | CNH | 4,059,400 | USD | 575,668 | — | (1,634 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | COP | 23,380,500 | USD | 6,914 | 268 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | COP | 332,003,700 | USD | 98,162 | 3,787 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | CZK | 1,161,500 | USD | 50,806 | 701 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | DKK | 1,351,000 | USD | 202,189 | 2,914 | — |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Morgan Stanley Capital | 12/4/2019 | DKK | 6,404,300 | USD | 958,516 | $ | 13,871 | $ | — | |||||||||||||
RBC Capital Markets | 12/4/2019 | DKK | 716,000 | USD | 107,165 | 1,554 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | EGP | 632,000 | USD | 39,125 | — | (26 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | EUR | 13,134,000 | USD | 14,680,555 | 205,975 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | EUR | 2,134,800 | USD | 2,386,215 | 33,518 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | EUR | 4,640,600 | USD | 5,187,202 | 72,939 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | EUR | 396,000 | USD | 442,640 | 6,221 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | GBP | 6,965,200 | USD | 9,021,118 | 10,952 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | GBP | 707,800 | USD | 916,707 | 1,099 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | GBP | 1,471,000 | USD | 1,905,202 | 2,320 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | HKD | 44,512,700 | USD | 5,678,060 | — | (7,949 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | HKD | 896,000 | USD | 114,490 | 36 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | HKD | 780,000 | USD | 99,491 | — | (145 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | HKD | 18,284,900 | USD | 2,332,347 | — | (3,348 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | HUF | 16,042,500 | USD | 54,604 | 1,737 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | HUF | 5,831,900 | USD | 19,852 | 633 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | IDR | 6,459,100,900 | USD | 458,352 | 602 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | IDR | 1,679,087,700 | USD | 119,298 | 303 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | ILS | 708,300 | USD | 201,312 | — | (2,518 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | ILS | 165,000 | USD | 46,892 | — | (591 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | INR | 161,683,500 | USD | 2,279,223 | 26,227 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | INR | 12,105,000 | USD | 170,147 | 1,468 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | INR | 752,700 | USD | 10,567 | 78 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | JPY | 847,301,300 | USD | 7,850,543 | 106,515 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | JPY | 503,943,800 | USD | 4,669,086 | 63,221 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | JPY | 224,243,700 | USD | 2,077,677 | 28,171 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | JPY | 273,398,500 | USD | 2,533,156 | 34,392 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | JPY | 87,000,000 | USD | 806,088 | �� | 10,940 | — | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | KRW | 2,870,048,000 | USD | 2,469,411 | 39,258 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | KRW | 96,715,000 | USD | 83,160 | 1,269 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | KRW | 926,122,200 | USD | 796,404 | 12,229 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | MXN | 9,408,000 | USD | 488,372 | 7,518 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | MXN | 968,700 | USD | 50,286 | 774 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | MXN | 2,305,000 | USD | 119,652 | 1,841 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | MYR | 2,370,900 | USD | 567,697 | 54 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | NOK | 2,007,700 | USD | 218,702 | 781 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | NOK | 276,700 | USD | 30,141 | 107 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | NOK | 1,882,200 | USD | 204,984 | 685 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | NZD | 13,300 | USD | 8,533 | — | (3 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | NZD | 256,100 | USD | 164,323 | — | (53 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | PHP | 561,200 | USD | 11,044 | 2 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | PHP | 13,280,600 | USD | 261,378 | 51 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | PLN | 1,035,000 | USD | 271,335 | 7,088 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | PLN | 54,900 | USD | 14,392 | 375 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | PLN | 29,500 | USD | 7,734 | 202 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | QAR | 858,700 | USD | 235,894 | 30 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | RUB | 20,400,000 | USD | 316,837 | — | (19 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | RUB | 50,361,400 | USD | 782,628 | 409 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | SEK | 4,701,200 | USD | 488,747 | — | (2,225 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | SEK | 11,717,900 | USD | 1,218,250 | — | (5,513 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | SEK | 1,903,000 | USD | 197,836 | — | (904 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | SGD | 1,013,900 | USD | 745,159 | 3,814 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | SGD | 212,300 | USD | 156,031 | 801 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | THB | 24,502,900 | USD | 811,634 | 675 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | TRY | 911,400 | USD | 158,091 | — | (280 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | TWD | 21,134,600 | USD | 697,834 | 5,003 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | TWD | 73,410,700 | USD | 2,423,435 | 16,897 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | TWD | 6,620,000 | USD | 218,426 | 1,410 | — |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 125,469 | AUD | 182,000 | $ | — | $ | (2,350 | ) | ||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 3,718,957 | AUD | 5,498,000 | 337 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,098,033 | AUD | 1,623,300 | 99 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 614,244 | BRL | 2,596,900 | — | (1,681 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,420,876 | BRL | 6,008,600 | — | (3,554 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 3,671,076 | CAD | 4,876,100 | 33 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 1,765,481 | CAD | 2,345,000 | 19 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 68,482 | CAD | 90,000 | — | (723 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,453,269 | CAD | 1,930,300 | 12 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 4,353,034 | CHF | 4,349,900 | — | (1,421 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 1,112,400 | CHF | 1,111,600 | — | (362 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,131,913 | CHF | 1,131,100 | — | (367 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 197,146 | CLP | 159,063,400 | 559 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 16,705 | CLP | 13,480,400 | 50 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 577,430 | CNH | 4,059,400 | — | (128 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 94,203 | COP | 332,003,700 | 173 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 94,234 | COP | 332,003,700 | 141 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 6,634 | COP | 23,380,500 | 12 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 50,122 | CZK | 1,161,500 | — | (17 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 199,381 | DKK | 1,351,000 | — | (107 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 945,155 | DKK | 6,404,300 | — | (510 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 105,668 | DKK | 716,000 | — | (57 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 39,217 | EGP | 632,000 | — | (66 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 2,353,984 | EUR | 2,134,800 | — | (1,286 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 14,207,877 | EUR | 12,885,000 | — | (7,712 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 276,198 | EUR | 249,000 | — | (1,782 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 5,553,688 | EUR | 5,036,600 | — | (3,005 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 915,575 | GBP | 707,800 | 34 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 96,606 | GBP | 75,000 | 414 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 8,912,715 | GBP | 6,890,200 | 431 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 177,446 | GBP | 137,000 | — | (223 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,725,574 | GBP | 1,334,000 | 85 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 5,686,570 | HKD | 44,512,700 | — | (561 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 2,550,005 | HKD | 19,960,900 | — | (219 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 19,233 | HUF | 5,831,900 | — | (15 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 52,908 | HUF | 16,042,500 | — | (41 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 457,541 | IDR | 6,459,100,900 | 209 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 118,983 | IDR | 1,679,087,700 | 12 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 204,125 | ILS | 708,300 | — | (295 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 47,552 | ILS | 165,000 | — | (69 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 179,289 | INR | 12,857,700 | — | (122 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 2,254,874 | INR | 161,683,500 | — | (1,878 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 7,737,699 | JPY | 847,301,300 | 6,329 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 343,234 | JPY | 37,356,000 | — | (1,813 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 4,260,905 | JPY | 466,587,800 | 3,540 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 3,291,175 | JPY | 360,398,500 | 2,737 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 2,047,804 | JPY | 224,243,700 | 1,703 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 866,079 | KRW | 1,022,837,200 | — | (13 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 2,429,979 | KRW | 2,870,048,000 | 174 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 482,281 | MXN | 9,408,000 | — | (1,427 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 49,657 | MXN | 968,700 | — | (145 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 118,159 | MXN | 2,305,000 | — | (348 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 567,608 | MYR | 2,370,900 | 34 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 204,375 | NOK | 1,882,200 | — | (76 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 218,003 | NOK | 2,007,700 | — | (82 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 30,045 | NOK | 276,700 | — | (11 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 8,537 | NZD | 13,300 | — | (1 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 164,394 | NZD | 256,100 | — | (18 | ) |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 11,037 | PHP | 561,200 | $ | 5 | $ | — | |||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 261,167 | PHP | 13,280,600 | 159 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 264,635 | PLN | 1,035,000 | — | (387 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 7,543 | PLN | 29,500 | — | (11 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 14,037 | PLN | 54,900 | — | (21 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 234,297 | QAR | 858,700 | 1,567 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 783,390 | RUB | 50,361,400 | — | (1,171 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 317,330 | RUB | 20,400,000 | — | (474 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 491,159 | SEK | 4,701,200 | — | (188 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,423,048 | SEK | 13,620,900 | — | (545 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 741,479 | SGD | 1,013,900 | — | (134 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 155,252 | SGD | 212,300 | — | (23 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 733,869 | THB | 22,185,900 | 405 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | USD | 76,778 | THB | 2,317,000 | — | (93 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 158,595 | TRY | 911,400 | — | (224 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 692,438 | TWD | 21,134,600 | 393 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 2,622,324 | TWD | 80,030,700 | 1,230 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 255,544 | ZAR | 3,745,000 | — | (203 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,061,094 | ZAR | 15,550,400 | — | (838 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | ZAR | 3,745,000 | USD | 247,591 | — | (7,751 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | ZAR | 15,550,400 | USD | 1,028,148 | — | (32,107 | ) | ||||||||||||||
Morgan Stanley Capital | 12/6/2019 | AED | 669,700 | USD | 182,314 | — | (5 | ) | ||||||||||||||
Citigroup Global Markets | 12/6/2019 | USD | 182,323 | AED | 669,700 | — | (4 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | AED | 669,700 | USD | 182,297 | — | (1 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | AUD | 5,498,000 | USD | 3,722,300 | — | (543 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | AUD | 1,623,300 | USD | 1,099,104 | — | (76 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | AUD | 192,000 | USD | 129,988 | — | (20 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | BRL | 2,596,900 | USD | 613,402 | 1,872 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | BRL | 6,008,600 | USD | 1,419,131 | 4,197 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | CAD | 4,876,100 | USD | 3,672,398 | 67 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | CAD | 2,345,000 | USD | 1,766,082 | — | (5 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | CAD | 1,930,300 | USD | 1,453,769 | 5 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | CAD | 304,000 | USD | 228,948 | — | (3 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | CHF | 4,349,900 | USD | 4,366,361 | 1,387 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | CHF | 1,111,600 | USD | 1,115,767 | 315 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | CHF | 1,131,100 | USD | 1,135,386 | 366 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | CLP | 159,063,400 | USD | 197,499 | — | (576 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | CLP | 13,480,400 | USD | 16,729 | — | (58 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | CNH | 4,059,400 | USD | 576,782 | 35 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | CNH | 1,886,000 | USD | 267,957 | — | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | CZK | 1,161,500 | USD | 50,186 | 16 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | DKK | 1,351,000 | USD | 199,962 | 104 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | DKK | 716,000 | USD | 105,975 | 55 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | DKK | 6,404,300 | USD | 947,900 | 488 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | EUR | 2,134,800 | USD | 2,360,128 | 1,243 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | EUR | 541,000 | USD | 598,084 | 296 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | EUR | 12,885,000 | USD | 14,244,870 | 7,360 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | EUR | 5,036,600 | USD | 5,568,148 | 2,867 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | GBP | 707,800 | USD | 916,923 | — | (8 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | GBP | 6,890,200 | USD | 8,925,827 | — | (200 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | GBP | 1,334,000 | USD | 1,728,110 | — | (43 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | GBP | 86,000 | USD | 111,406 | — | (4 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | HKD | 7,000,000 | USD | 893,780 | — | (56 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | HKD | 44,512,700 | USD | 5,683,480 | — | (391 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | HKD | 19,960,900 | USD | 2,548,715 | — | (112 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | HUF | 5,831,900 | USD | 19,269 | 13 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | HUF | 16,042,500 | USD | 52,993 | 23 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | IDR | 6,459,100,900 | USD | 455,604 | — | (641 | ) |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
RBC Capital Markets | 1/6/2020 | IDR | 1,679,087,700 | USD | 118,496 | $ | — | $ | (108 | ) | ||||||||||||
Citigroup Global Markets | 1/6/2020 | ILS | 708,300 | USD | 204,444 | 263 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | ILS | 165,000 | USD | 47,625 | 60 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | INR | 12,857,700 | USD | 178,790 | 167 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | INR | 10,664,000 | USD | 148,099 | — | (49 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | INR | 161,683,500 | USD | 2,248,321 | 2,160 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | KRW | 1,022,837,200 | USD | 866,774 | — | (64 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | KRW | 2,870,048,000 | USD | 2,431,832 | — | (488 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | MXN | 9,408,000 | USD | 480,101 | 1,464 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | MXN | 968,700 | USD | 49,436 | 153 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | MXN | 2,305,000 | USD | 117,630 | 362 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | MYR | 2,370,900 | USD | 566,794 | — | (531 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | NOK | 1,882,200 | USD | 204,468 | 84 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | NOK | 2,007,700 | USD | 218,100 | 88 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | NOK | 276,700 | USD | 30,058 | 12 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | NZD | 13,300 | USD | 8,542 | 1 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | NZD | 256,100 | USD | 164,478 | 12 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | PHP | 561,200 | USD | 11,024 | — | (8 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | PHP | 13,280,600 | USD | 260,966 | — | (112 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | QAR | 858,700 | USD | 234,317 | — | (1,599 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | SGD | 1,013,900 | USD | 741,616 | 41 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | SGD | 212,300 | USD | 155,294 | 16 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | THB | 22,185,900 | USD | 733,673 | — | (1,151 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | TRY | 911,400 | USD | 157,214 | 219 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | TWD | 21,134,600 | USD | 693,620 | — | (294 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | TWD | 80,030,700 | USD | 2,627,412 | — | (244 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | ZAR | 3,745,000 | USD | 254,320 | 209 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | ZAR | 15,550,400 | USD | 1,056,087 | 937 | — | |||||||||||||||
Citigroup Global Markets | 1/7/2020 | COP | 332,003,700 | USD | 94,032 | — | (153 | ) | ||||||||||||||
Citigroup Global Markets | 1/7/2020 | COP | 332,003,700 | USD | 94,012 | — | (173 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/7/2020 | COP | 23,380,500 | USD | 6,620 | — | (13 | ) | ||||||||||||||
Citigroup Global Markets | 1/7/2020 | JPY | 847,301,300 | USD | 7,759,525 | — | (6,862 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/7/2020 | JPY | 466,587,800 | USD | 4,272,958 | — | (3,798 | ) | ||||||||||||||
RBC Capital Markets | 1/7/2020 | JPY | 360,398,500 | USD | 3,300,564 | — | (2,858 | ) | ||||||||||||||
RBC Capital Markets | 1/7/2020 | JPY | 50,033,000 | USD | 458,200 | — | (404 | ) | ||||||||||||||
RBC Capital Markets | 1/7/2020 | JPY | 224,243,700 | USD | 2,053,645 | — | (1,778 | ) | ||||||||||||||
Citigroup Global Markets | 1/7/2020 | PLN | 1,035,000 | USD | 264,573 | 362 | — | |||||||||||||||
Citigroup Global Markets | 1/7/2020 | PLN | 29,500 | USD | 7,541 | 10 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/7/2020 | PLN | 54,900 | USD | 14,033 | 19 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/7/2020 | SEK | 4,701,200 | USD | 492,311 | 196 | — | |||||||||||||||
RBC Capital Markets | 1/7/2020 | SEK | 13,620,900 | USD | 1,426,414 | 597 | — | |||||||||||||||
Citigroup Global Markets | 1/8/2020 | EGP | 632,000 | USD | 38,710 | 12 | — | |||||||||||||||
Citigroup Global Markets | 1/10/2020 | RUB | 50,361,400 | USD | 779,583 | 1,555 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/10/2020 | RUB | 20,400,000 | USD | 315,789 | 631 | — | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 1,180,481 | $ | (125,296 | ) | |||||||||||||||||
|
|
|
|
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.
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Currency Abbreviations
AED | Arab Emirates Dirham |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CLP | Chilean Peso |
CNH | Chinese Yuan |
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 |
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, 2019 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 (i) | $ | 101,542,892 | $ | — | $ | 23,997 | $ | 101,566,889 | ||||||||
Preferred Stocks (i) | 1,287,959 | — | — | 1,287,959 | ||||||||||||
Corporate Bonds | — | 135 | — | 135 | ||||||||||||
Rights (i) | 10 | — | 25 | 35 | ||||||||||||
Short-Term Investments (i) | 3,733,773 | — | — | 3,733,773 | ||||||||||||
Derivatives (j) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 1,180,481 | — | 1,180,481 | ||||||||||||
Futures Contracts | 60,888 | — | — | 60,888 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 106,625,522 | $ | 1,180,616 | $ | 24,022 | $ | 107,830,160 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (j) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (125,296 | ) | $ | — | $ | (125,296 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (125,296 | ) | $ | — | $ | (125,296 | ) | ||||||
|
|
|
|
|
|
|
|
(i) | See Schedule of Investments for additional detailed categorizations. |
(j) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||||||
COMMON STOCKS — 93.8% | ||||||||||||
Argentina — 0.2% | ||||||||||||
Banco Macro SA, ADR | 923 | $ | 23,860 | |||||||||
Globant SA* | 686 | 73,402 | ||||||||||
Grupo Financiero Galicia SA, ADR | 2,104 | 28,109 | ||||||||||
Telecom Argentina SA, ADR | 1,634 | 16,961 | ||||||||||
YPF SA, ADR | 3,413 | 32,799 | ||||||||||
|
| |||||||||||
175,131 | ||||||||||||
|
| |||||||||||
Belgium — 0.0% | ||||||||||||
Titan Cement International SA* | 447 | 8,923 | ||||||||||
|
| |||||||||||
Brazil — 4.6% | ||||||||||||
Ambev SA | 86,050 | 366,451 | ||||||||||
Atacadao SA | 8,318 | 36,914 | ||||||||||
B2W Cia Digital* | 3,906 | 51,920 | ||||||||||
B3 SA — Brasil Bolsa Balcao | 37,360 | 420,625 | ||||||||||
Banco Bradesco SA | 22,850 | 168,471 | ||||||||||
Banco BTG Pactual SA | 4,058 | 67,258 | ||||||||||
Banco do Brasil SA | 15,293 | 172,504 | ||||||||||
Banco Santander Brasil SA | 7,957 | 82,790 | ||||||||||
BB Seguridade Participacoes SA | 11,728 | 95,324 | ||||||||||
BR Malls Participacoes SA | 14,375 | 52,806 | ||||||||||
BRF SA* | 11,521 | 99,485 | ||||||||||
CCR SA | 22,843 | 92,644 | ||||||||||
Centrais Eletricas Brasileiras SA | 3,934 | 32,328 | ||||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 6,076 | 82,284 | ||||||||||
Cia Siderurgica Nacional SA | 12,735 | 37,738 | ||||||||||
Cielo SA | 23,665 | 43,550 | ||||||||||
Cogna Educacao | 28,907 | 69,906 | ||||||||||
Cosan SA | 2,752 | 40,321 | ||||||||||
Embraer SA | 13,243 | 56,240 | ||||||||||
Energisa SA | 3,185 | 34,551 | ||||||||||
Engie Brasil Energia SA | 4,345 | 47,945 | ||||||||||
Equatorial Energia SA | 17,100 | 83,271 | ||||||||||
Hapvida Participacoes e Investimentos SA, 144A | 3,731 | 49,031 | ||||||||||
Hypera SA | 7,637 | 60,001 | ||||||||||
IRB Brasil Resseguros S/A | 13,734 | 120,312 | ||||||||||
JBS SA | 21,570 | 144,937 | ||||||||||
Klabin SA | 12,823 | 53,609 | ||||||||||
Localiza Rent a Car SA | 10,820 | 114,978 | ||||||||||
Lojas Renner SA | 15,180 | 185,519 | ||||||||||
Magazine Luiza SA | 13,231 | 140,567 | ||||||||||
Multiplan Empreendimentos Imobiliarios SA | 5,499 | 37,521 | ||||||||||
Natura Cosmeticos SA | 7,354 | 57,465 | ||||||||||
Notre Dame Intermedica Participacoes SA | 6,273 | 83,901 | ||||||||||
Petrobras Distribuidora SA | 13,599 | 91,248 | ||||||||||
Petroleo Brasileiro SA | 54,674 | 402,461 | ||||||||||
Porto Seguro SA | 1,895 | 26,826 | ||||||||||
Raia Drogasil SA | 4,632 | 123,480 | ||||||||||
Rumo SA* | 18,351 | 105,772 | ||||||||||
Sul America SA | 4,423 | 55,505 | ||||||||||
Suzano SA | 10,832 | 98,545 | ||||||||||
TIM Participacoes SA | 15,037 | 48,036 | ||||||||||
Ultrapar Participacoes SA | 14,174 | 72,935 |
Number | Value | |||||||||
Brazil (Continued) | ||||||||||
Vale SA* | 58,701 | $ | 692,197 | |||||||
WEG SA | 16,262 | 116,713 | ||||||||
|
| |||||||||
5,116,885 | ||||||||||
|
| |||||||||
Chile — 0.6% | ||||||||||
Aguas Andinas SA, Class A | 55,785 | 22,806 | ||||||||
Banco de Chile | 749,188 | 76,059 | ||||||||
Banco de Credito e Inversiones SA | 940 | 42,027 | ||||||||
Banco Santander Chile | 1,072,338 | 57,258 | ||||||||
Cencosud SA | 30,577 | 38,946 | ||||||||
Cia Cervecerias Unidas SA | 3,068 | 28,250 | ||||||||
Colbun SA | 168,366 | 23,976 | ||||||||
Empresa Nacional de Telecomunicaciones SA* | 3,214 | 19,494 | ||||||||
Empresas CMPC SA | 20,861 | 45,234 | ||||||||
Empresas COPEC SA | 7,683 | 61,101 | ||||||||
Enel Americas SA | 718,890 | 137,963 | ||||||||
Enel Chile SA | 565,500 | 42,436 | ||||||||
Itau CorpBanca | 3,279,847 | 16,302 | ||||||||
Latam Airlines Group SA | 5,279 | 55,424 | ||||||||
SACI Falabella | 13,115 | 52,638 | ||||||||
|
| |||||||||
719,914 | ||||||||||
|
| |||||||||
China — 29.3% | ||||||||||
3SBio, Inc., 144A* | 25,919 | 37,415 | ||||||||
51job, Inc., ADR*(a) | 515 | 40,489 | ||||||||
58.com, Inc., ADR* | 1,851 | 113,873 | ||||||||
AAC Technologies Holdings, Inc. | 13,485 | 94,574 | ||||||||
AECC Aviation Power Co. Ltd., Class A | 2,500 | 7,211 | ||||||||
Agile Group Holdings Ltd. | 26,064 | 36,492 | ||||||||
Agricultural Bank of China Ltd., Class A | 101,800 | 52,414 | ||||||||
Agricultural Bank of China Ltd., Class H | 531,256 | 215,134 | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 5,130 | 29,127 | ||||||||
Air China Ltd., Class A | 1,000 | 1,202 | ||||||||
Air China Ltd., Class H | 38,887 | 35,370 | ||||||||
Aisino Corp., Class A | 6,700 | 19,678 | ||||||||
Alibaba Group Holding Ltd., ADR* | 31,335 | 6,267,000 | ||||||||
A-Living Services Co. Ltd., Class H, 144A | 6,935 | 22,369 | ||||||||
Aluminum Corp. of China Ltd., Class A* | 18,200 | 8,491 | ||||||||
Aluminum Corp. of China Ltd., Class H* | 54,532 | 16,719 | ||||||||
Angang Steel Co. Ltd., Class A | 21,190 | 9,494 | ||||||||
Anhui Conch Cement Co. Ltd., Class A | 6,000 | 39,085 | ||||||||
Anhui Conch Cement Co. Ltd., Class H | 22,874 | 146,249 | ||||||||
Anhui Gujing Distillery Co. Ltd., Class A | 700 | 10,769 | ||||||||
ANTA Sports Products Ltd. | 20,332 | 191,163 | ||||||||
Anxin Trust Co. Ltd., Class A* | 1,400 | 792 | ||||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 700 | 12,246 | ||||||||
Autohome, Inc., ADR*(a) | 1,183 | 80,503 | ||||||||
AVIC Aircraft Co. Ltd., Class A | 5,400 | 12,212 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
China (Continued) | ||||||||||
Avic Capital Co. Ltd., Class A | 2,300 | $ | 1,485 | |||||||
AVIC Jonhon Optronic Technology Co. Ltd., Class A | 2,700 | 14,792 | ||||||||
AVIC Shenyang Aircraft Co. Ltd., Class A* | 2,600 | 10,395 | ||||||||
AviChina Industry & Technology Co. Ltd., Class H | 44,336 | 20,220 | ||||||||
BAIC Motor Corp. Ltd., Class H, 144A | 33,549 | 18,814 | ||||||||
Baidu, Inc., ADR* | 5,090 | 603,318 | ||||||||
Bank of Beijing Co. Ltd., Class A | 41,900 | 33,135 | ||||||||
Bank of Chengdu Co. Ltd., Class A | 15,000 | 18,220 | ||||||||
Bank of China Ltd., Class A | 37,100 | 19,155 | ||||||||
Bank of China Ltd., Class H | 1,458,987 | 585,231 | ||||||||
Bank of Communications Co. Ltd., Class A | 62,900 | 49,294 | ||||||||
Bank of Communications Co. Ltd., Class H | 166,644 | 109,421 | ||||||||
Bank of Guiyang Co. Ltd., Class A | 840 | 1,100 | ||||||||
Bank of Hangzhou Co. Ltd., Class A | 19,160 | 23,736 | ||||||||
Bank of Jiangsu Co. Ltd., Class A | 13,479 | 13,228 | ||||||||
Bank of Nanjing Co. Ltd., Class A | 8,900 | 10,469 | ||||||||
Bank of Ningbo Co. Ltd., Class A | 10,000 | 37,805 | ||||||||
Bank of Shanghai Co. Ltd., Class A | 13,540 | 17,698 | ||||||||
Baoshan Iron & Steel Co. Ltd., Class A | 15,000 | 11,670 | ||||||||
Baozun, Inc., ADR*(a) | 848 | 32,199 | ||||||||
BBMG Corp., Class A | 23,600 | 10,976 | ||||||||
BBMG Corp., Class H | 43,371 | 11,967 | ||||||||
Beijing Capital International Airport Co. Ltd., Class H | 32,004 | 30,254 | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 2,100 | 1,296 | ||||||||
Beijing New Building Materials PLC, Class A | 4,100 | 13,016 | ||||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 200 | 1,027 | ||||||||
Beijing Tongrentang Co. Ltd., Class A | 300 | 1,135 | ||||||||
BEST, Inc., ADR* | 3,153 | 18,950 | ||||||||
BOE Technology Group Co. Ltd., Class A | 35,400 | 19,636 | ||||||||
BYD Co. Ltd., Class A | 1,300 | 8,023 | ||||||||
BYD Co. Ltd., Class H (a) | 12,828 | 60,879 | ||||||||
BYD Electronic International Co. Ltd. (a) | 12,934 | 23,132 | ||||||||
Caitong Securities Co. Ltd., Class A | 7,500 | 10,177 | ||||||||
CGN Power Co. Ltd., Class H, 144A | 190,263 | 47,638 | ||||||||
Changchun High & New Technology Industry Group, Inc., Class A | 300 | 18,732 | ||||||||
Changjiang Securities Co. Ltd., Class A | 1,400 | 1,243 | ||||||||
China Aoyuan Group Ltd. | 23,030 | 32,950 | ||||||||
China Cinda Asset Management Co. Ltd., Class H | 191,837 | 39,945 | ||||||||
China CITIC Bank Corp. Ltd., Class A | 1,400 | 1,195 | ||||||||
China CITIC Bank Corp. Ltd., Class H | 167,427 | 91,541 | ||||||||
China Coal Energy Co. Ltd., Class H | 37,004 | 14,654 | ||||||||
China Communications Construction Co. Ltd., Class A | 700 | 896 |
Number | Value | |||||||||
China (Continued) | ||||||||||
China Communications Construction Co. Ltd., Class H | 92,323 | $ | 71,825 | |||||||
China Communications Services Corp. Ltd., Class H | 53,773 | 36,201 | ||||||||
China Conch Venture Holdings Ltd. | 30,342 | 118,026 | ||||||||
China Construction Bank Corp., Class A | 10,400 | 10,502 | ||||||||
China Construction Bank Corp., Class H | 1,772,967 | 1,411,026 | ||||||||
China East Education Holdings Ltd., 144A* | 6,931 | 12,821 | ||||||||
China Eastern Airlines Corp. Ltd., Class A* | 23,500 | 17,113 | ||||||||
China Eastern Airlines Corp. Ltd., Class H* | 25,444 | 12,904 | ||||||||
China Everbright Bank Co. Ltd., Class A | 62,700 | 36,831 | ||||||||
China Everbright Bank Co. Ltd., Class H | 50,955 | 22,001 | ||||||||
China Evergrande Group*(a) | 36,601 | 87,341 | ||||||||
China Film Co. Ltd., Class A | 500 | 1,003 | ||||||||
China Fortune Land Development Co. Ltd., Class A | 2,500 | 9,931 | ||||||||
China Galaxy Securities Co. Ltd., Class H | 72,867 | 37,048 | ||||||||
China Gezhouba Group Co. Ltd., Class A | 1,200 | 1,050 | ||||||||
China Grand Automotive Services Group Co. Ltd., Class A | 1,400 | 665 | ||||||||
China Hongqiao Group Ltd. | 33,065 | 17,360 | ||||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 194,430 | 28,315 | ||||||||
China International Capital Corp. Ltd., Class H, 144A (a) | 26,193 | 45,105 | ||||||||
China International Marine Containers Group Co. Ltd., Class A | 360 | 494 | ||||||||
China International Travel Service Corp. Ltd., Class A | 2,800 | 33,373 | ||||||||
China Lesso Group Holdings Ltd. | 17,175 | 17,991 | ||||||||
China Life Insurance Co. Ltd., Class A | 2,400 | 11,200 | ||||||||
China Life Insurance Co. Ltd., Class H | 141,363 | 357,198 | ||||||||
China Literature Ltd., 144A* | 3,352 | 12,868 | ||||||||
China Longyuan Power Group Corp. Ltd., Class H | 65,485 | 35,469 | ||||||||
China Medical System Holdings Ltd. | 27,048 | 38,492 | ||||||||
China Merchants Bank Co. Ltd., Class A | 26,663 | 136,636 | ||||||||
China Merchants Bank Co. Ltd., Class H | 68,579 | 324,145 | ||||||||
China Merchants Securities Co. Ltd., Class A | 5,500 | 12,892 | ||||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 12,500 | 32,197 | ||||||||
China Minsheng Banking Corp. Ltd., Class A | 34,200 | 30,013 | ||||||||
China Minsheng Banking Corp. Ltd., Class H | 136,959 | 95,353 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
China (Continued) | ||||||||||
China Molybdenum Co. Ltd., Class A | 15,700 | $ | 7,950 | |||||||
China Molybdenum Co. Ltd., Class H | 72,880 | 24,951 | ||||||||
China National Building Material Co. Ltd., Class H | 72,656 | 70,168 | ||||||||
China National Chemical Engineering Co. Ltd., Class A | 14,200 | 12,583 | ||||||||
China National Nuclear Power Co. Ltd., Class A | 12,400 | 8,571 | ||||||||
China Northern Rare Earth GroupHigh-Tech Co. Ltd., Class A | 7,500 | 10,603 | ||||||||
China Oilfield Services Ltd., Class H | 30,765 | 41,423 | ||||||||
China Pacific Insurance Group Co. Ltd., Class A | 10,200 | 49,688 | ||||||||
China Pacific Insurance Group Co. Ltd., Class H | 45,107 | 159,614 | ||||||||
China Petroleum & Chemical Corp., Class A | 43,100 | 30,589 | ||||||||
China Petroleum & Chemical Corp., Class H | 472,684 | 265,083 | ||||||||
China Railway Construction Corp. Ltd., Class A | 13,500 | 18,567 | ||||||||
China Railway Construction Corp. Ltd., Class H | 25,881 | 26,714 | ||||||||
China Railway Group Ltd., Class A | 19,600 | 15,751 | ||||||||
China Railway Group Ltd., Class H | 72,854 | 42,625 | ||||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 28,909 | 15,511 | ||||||||
China Reinsurance Group Corp., Class H | 118,567 | 18,782 | ||||||||
China Resources Pharmaceutical Group Ltd., 144A | 25,063 | 21,900 | ||||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 200 | 836 | ||||||||
China Shenhua Energy Co. Ltd., Class A | 4,200 | 10,281 | ||||||||
China Shenhua Energy Co. Ltd., Class H | 64,154 | 124,242 | ||||||||
China Shipbuilding Industry Co. Ltd., Class A | 34,000 | 25,533 | ||||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A* | 4,800 | 14,999 | ||||||||
China South Publishing & Media Group Co. Ltd., Class A | 6,700 | 11,035 | ||||||||
China Southern Airlines Co. Ltd., Class A | 1,800 | 1,692 | ||||||||
China Southern Airlines Co. Ltd., Class H | 38,690 | 24,169 | ||||||||
China Spacesat Co. Ltd., Class A | 300 | 864 | ||||||||
China State Construction Engineering Corp. Ltd., Class A | 48,540 | 35,279 | ||||||||
China Telecom Corp. Ltd., Class H | 269,361 | 101,853 | ||||||||
China Tower Corp. Ltd., Class H, 144A | 810,144 | 165,588 | ||||||||
China United Network Communications Ltd., Class A | 49,996 | 40,603 | ||||||||
China Vanke Co. Ltd., Class A | 12,500 | 49,247 | ||||||||
China Vanke Co. Ltd., Class H | 27,955 | 104,634 | ||||||||
China Yangtze Power Co. Ltd., Class A | 28,200 | 72,718 |
Number | Value | |||||||||
China (Continued) | ||||||||||
China Zhongwang Holdings Ltd. | 29,604 | $ | 11,837 | |||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 300 | 509 | ||||||||
Chongqing Changan Automobile Co. Ltd., Class A | 1,000 | 1,212 | ||||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 34,240 | 17,015 | ||||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 1,800 | 11,341 | ||||||||
CIFI Holdings Group Co. Ltd. | 51,869 | 37,768 | ||||||||
CITIC Guoan Information Industry Co. Ltd., Class A* | 1,000 | 474 | ||||||||
CITIC Securities Co. Ltd., Class A | 14,400 | 43,850 | ||||||||
CITIC Securities Co. Ltd., Class H | 38,218 | 70,987 | ||||||||
CNOOC Ltd. | 328,842 | 477,213 | ||||||||
Contemporary Amperex Technology Co. Ltd., Class A | 2,700 | 33,567 | ||||||||
COSCO SHIPPING Development Co. Ltd., Class A | 2,000 | 711 | ||||||||
COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 20,799 | 8,582 | ||||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 1,900 | 1,278 | ||||||||
COSCO SHIPPING Holdings Co. Ltd., Class H* | 49,155 | 18,147 | ||||||||
Country Garden Holdings Co. Ltd. (a) | 138,363 | 192,661 | ||||||||
Country Garden Services Holdings Co. Ltd. | 22,091 | 71,397 | ||||||||
CRRC Corp. Ltd., Class A | 44,500 | 44,115 | ||||||||
CRRC Corp. Ltd., Class H | 52,236 | 34,366 | ||||||||
CSPC Pharmaceutical Group Ltd. | 86,342 | 196,551 | ||||||||
Dali Foods Group Co. Ltd., 144A | 38,450 | 26,131 | ||||||||
Daqin Railway Co. Ltd., Class A | 13,100 | 14,775 | ||||||||
Datang International Power Generation Co. Ltd., Class H | 52,047 | 9,641 | ||||||||
DHC Software Co. Ltd., Class A | 800 | 1,043 | ||||||||
Dong-E-E-Jiao Co. Ltd., Class A | 200 | 958 | ||||||||
Dongfang Electric Corp. Ltd., Class A | 7,500 | 9,483 | ||||||||
Dongfeng Motor Group Co. Ltd., Class H | 50,526 | 48,538 | ||||||||
Dongxing Securities Co. Ltd., Class A | 600 | 924 | ||||||||
East Money Information Co. Ltd., Class A | 5,700 | 11,228 | ||||||||
ENN Energy Holdings Ltd. | 14,239 | 154,613 | ||||||||
Everbright Securities Co. Ltd., Class A | 8,100 | 12,915 | ||||||||
Fangda Carbon New Material Co. Ltd., Class A* | 596 | 914 | ||||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 4,000 | 14,155 | ||||||||
Financial Street Holdings Co. Ltd., Class A | 800 | 880 | ||||||||
First Capital Securities Co. Ltd., Class A | 900 | 920 | ||||||||
Focus Media Information Technology Co. Ltd., Class A | 12,720 | 10,131 | ||||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 3,100 | 47,169 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
China (Continued) | ||||||||||
Fosun International Ltd. | 51,392 | $ | 69,196 | |||||||
Founder Securities Co. Ltd., Class A | 15,700 | 14,939 | ||||||||
Foxconn Industrial Internet Co. Ltd., Class A | 3,700 | 8,767 | ||||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 500 | 1,581 | ||||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 10,763 | 31,761 | ||||||||
Ganfeng Lithium Co. Ltd., Class A | 200 | 789 | ||||||||
GD Power Development Co. Ltd., Class A | 20,300 | 6,525 | ||||||||
GDS Holdings Ltd., ADR*(a) | 1,183 | 55,388 | ||||||||
Gemdale Corp., Class A | 7,800 | 13,202 | ||||||||
Genscript Biotech Corp.* | 17,470 | 42,179 | ||||||||
GF Securities Co. Ltd., Class A* | 7,200 | 13,661 | ||||||||
GF Securities Co. Ltd., Class H | 20,617 | 22,071 | ||||||||
Giant Network Group Co. Ltd., Class A | 300 | 755 | ||||||||
Gigadevice Semiconductor Beijing, Inc., Class A | 500 | 11,762 | ||||||||
Glodon Co. Ltd., Class A | 3,500 | 16,438 | ||||||||
GoerTek, Inc., Class A | 4,400 | 12,135 | ||||||||
GOME Retail Holdings Ltd.*(a) | 216,093 | 19,047 | ||||||||
Great Wall Motor Co. Ltd., Class H | 56,344 | 43,546 | ||||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 4,100 | 33,653 | ||||||||
Greenland Holdings Corp. Ltd., Class A | 13,173 | 12,272 | ||||||||
Greentown Service Group Co. Ltd. | 17,691 | 19,368 | ||||||||
Guangdong Haid Group Co. Ltd., Class A | 2,000 | 8,733 | ||||||||
Guangdong LY Intelligent Manufacturing Co. Ltd., Class A* | 7,300 | 10,871 | ||||||||
Guangshen Railway Co. Ltd., Class A | 25,600 | 10,778 | ||||||||
Guangzhou Automobile Group Co. Ltd., Class A | 560 | 941 | ||||||||
Guangzhou Automobile Group Co. Ltd., Class H | 56,441 | 60,276 | ||||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 2,300 | 10,874 | ||||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 600 | 876 | ||||||||
Guangzhou R&F Properties Co. Ltd., Class H | 17,009 | 28,594 | ||||||||
Guosen Securities Co. Ltd., Class A | 9,400 | 15,188 | ||||||||
Guotai Junan Securities Co. Ltd., Class A | 6,600 | 15,686 | ||||||||
Guotai Junan Securities Co. Ltd., Class H, 144A | 16,914 | 25,712 | ||||||||
Guoyuan Securities Co. Ltd., Class A | 9,600 | 11,415 | ||||||||
Haidilao International Holding Ltd., 144A (a) | 7,000 | 29,420 | ||||||||
Haier Smart Home Co. Ltd., Class A | 5,200 | 12,618 | ||||||||
Haitian International Holdings Ltd. | 11,053 | 24,710 | ||||||||
Haitong Securities Co. Ltd., Class A | 8,300 | 16,220 | ||||||||
Haitong Securities Co. Ltd., Class H | 56,154 | 56,096 | ||||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 12,100 | 54,056 |
Number | Value | |||||||||
China (Continued) | ||||||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 200 | $ | 845 | |||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 600 | 5,359 | ||||||||
Hansoh Pharmaceutical Group Co. Ltd., 144A* | 7,440 | 21,955 | ||||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 2,308 | 10,173 | ||||||||
Hengan International Group Co. Ltd. | 13,674 | 90,309 | ||||||||
Hengli Petrochemical Co. Ltd., Class A | 6,580 | 13,130 | ||||||||
Hengtong Optic-electric Co. Ltd., Class A | 420 | 925 | ||||||||
Hengyi Petrochemical Co. Ltd., Class A | 5,900 | 11,689 | ||||||||
Hesteel Co. Ltd., Class A | 2,700 | 968 | ||||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 500 | 6,489 | ||||||||
HLA Corp. Ltd., Class A | 600 | 655 | ||||||||
Hua Hong Semiconductor Ltd., 144A (a) | 9,412 | 16,689 | ||||||||
Huaan Securities Co. Ltd., Class A | 900 | 765 | ||||||||
Huadian Power International Corp. Ltd., Class A | 2,000 | 1,055 | ||||||||
Huadian Power International Corp. Ltd., Class H | 26,589 | 9,680 | ||||||||
Huadong Medicine Co. Ltd., Class A | 3,000 | 10,497 | ||||||||
Hualan Biological Engineering, Inc., Class A | 3,400 | 16,181 | ||||||||
Huaneng Power International, Inc., Class A | 1,200 | 1,022 | ||||||||
Huaneng Power International, Inc., Class H | 76,635 | 37,984 | ||||||||
Huaneng Renewables Corp. Ltd., Class H | 81,097 | 30,976 | ||||||||
Huatai Securities Co. Ltd., Class A | 6,200 | 14,965 | ||||||||
Huatai Securities Co. Ltd., Class H, 144A | 30,161 | 45,233 | ||||||||
Huaxia Bank Co. Ltd., Class A | 15,100 | 15,957 | ||||||||
Huayu Automotive Systems Co. Ltd., Class A | 4,100 | 15,115 | ||||||||
Huazhu Group Ltd., ADR (a) | 2,654 | 90,793 | ||||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 1,000 | 953 | ||||||||
Hubei Energy Group Co. Ltd., Class A | 1,100 | 646 | ||||||||
Hundsun Technologies, Inc., Class A | 1,760 | 18,226 | ||||||||
HUYA, Inc., ADR*(a) | 1,032 | 21,775 | ||||||||
Iflytek Co. Ltd., Class A | 3,050 | 14,298 | ||||||||
Industrial & Commercial Bank of China Ltd., Class A | 81,200 | 66,869 | ||||||||
Industrial & Commercial Bank of China Ltd., Class H | 1,202,363 | 857,070 | ||||||||
Industrial Bank Co. Ltd., Class A | 27,000 | 72,542 | ||||||||
Industrial Securities Co. Ltd., Class A | 19,900 | 17,520 | ||||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 49,800 | 9,066 | ||||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A* | 23,100 | 9,922 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
China (Continued) | ||||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 8,300 | $ | 34,341 | |||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 21,400 | 15,429 | ||||||||
Innovent Biologics, Inc., 144A* | 13,088 | 45,811 | ||||||||
iQIYI, Inc., ADR*(a) | 2,541 | 48,660 | ||||||||
JD.com, Inc., ADR* | 13,577 | 443,289 | ||||||||
Jiangsu Expressway Co. Ltd., Class H | 26,010 | 34,689 | ||||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 1,900 | 11,788 | ||||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 5,560 | 67,930 | ||||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 2,800 | 12,019 | ||||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 2,100 | 29,328 | ||||||||
Jiangxi Copper Co. Ltd., Class A | 500 | 1,002 | ||||||||
Jiangxi Copper Co. Ltd., Class H | 21,363 | 24,643 | ||||||||
Jinduicheng Molybdenum Co. Ltd., Class A | 700 | 715 | ||||||||
Jinke Properties Group Co. Ltd., Class A | 1,400 | 1,308 | ||||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 500 | 961 | ||||||||
JonjeeHi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 2,100 | 13,483 | ||||||||
Kaisa Group Holdings Ltd.* | 45,378 | 17,854 | ||||||||
Kingdee International Software Group Co. Ltd. | 48,156 | 47,737 | ||||||||
Kingsoft Corp. Ltd.* | 17,060 | 37,746 | ||||||||
Kweichow Moutai Co. Ltd., Class A | 1,400 | 224,809 | ||||||||
KWG Group Holdings Ltd.* | 24,576 | 26,999 | ||||||||
Legend Holdings Corp., Class H, 144A | 6,377 | 13,116 | ||||||||
Lenovo Group Ltd. | 137,204 | 90,616 | ||||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 3,200 | 14,687 | ||||||||
Li Ning Co. Ltd. | 38,576 | 123,691 | ||||||||
Liaoning Cheng Da Co. Ltd., Class A* | 400 | 824 | ||||||||
Logan Property Holdings Co. Ltd. | 27,157 | 39,757 | ||||||||
Longfor Group Holdings Ltd., 144A | 35,256 | 144,347 | ||||||||
LONGi Green Energy Technology Co. Ltd., Class A | 3,250 | 11,025 | ||||||||
Luxshare Precision Industry Co. Ltd., Class A | 5,985 | 28,968 | ||||||||
Luye Pharma Group Ltd., 144A (a) | 21,980 | 16,145 | ||||||||
Luzhou Laojiao Co. Ltd., Class A | 1,200 | 13,953 | ||||||||
Maanshan Iron & Steel Co. Ltd., Class A | 1,500 | 587 | ||||||||
Mango Excellent Media Co. Ltd., Class A* | 2,900 | 12,564 | ||||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 1,008 | 2,120 | ||||||||
Meituan Dianping, Class B* | 19,190 | 252,989 | ||||||||
Metallurgical Corp. of China Ltd., Class A | 23,200 | 8,843 | ||||||||
Metallurgical Corp. of China Ltd., Class H | 40,488 | 8,431 |
Number | Value | |||||||||
China (Continued) | ||||||||||
Midea Group Co. Ltd., Class A | 4,850 | $ | 37,457 | |||||||
Momo, Inc., ADR | 2,846 | 106,526 | ||||||||
Muyuan Foodstuff Co. Ltd., Class A | 1,460 | 18,025 | ||||||||
NARI Technology Co. Ltd., Class A | 4,100 | 13,389 | ||||||||
NetEase, Inc., ADR | 1,311 | 413,384 | ||||||||
New China Life Insurance Co. Ltd., Class A | 2,100 | 13,297 | ||||||||
New China Life Insurance Co. Ltd., Class H | 15,687 | 60,419 | ||||||||
New Hope Liuhe Co. Ltd., Class A | 5,200 | 15,213 | ||||||||
New Oriental Education & Technology Group, Inc., ADR* | 2,711 | 328,248 | ||||||||
Ninestar Corp., Class A | 200 | 805 | ||||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 29,300 | 15,086 | ||||||||
NIO, Inc., ADR*(a) | 12,988 | 29,483 | ||||||||
Noah Holdings Ltd., ADR*(a) | 585 | 17,047 | ||||||||
Oceanwide Holdings Co. Ltd., Class A | 11,900 | 7,159 | ||||||||
Offshore Oil Engineering Co. Ltd., Class A | 15,000 | 14,891 | ||||||||
OFILM Group Co. Ltd., Class A* | 700 | 1,257 | ||||||||
Orient Securities Co. Ltd., Class A | 12,900 | 17,834 | ||||||||
Oriental Pearl Group Co. Ltd., Class A | 910 | 1,142 | ||||||||
People’s Insurance Co. Group of China Ltd., Class H | 151,852 | 60,911 | ||||||||
Perfect World Co. Ltd., Class A | 200 | 981 | ||||||||
PetroChina Co. Ltd., Class A | 14,632 | 11,633 | ||||||||
PetroChina Co. Ltd., Class H | 372,135 | 171,615 | ||||||||
PICC Property & Casualty Co. Ltd., Class H | 133,297 | 154,275 | ||||||||
Pinduoduo, Inc., ADR*(a) | 3,689 | 132,620 | ||||||||
Ping An Bank Co. Ltd., Class A | 22,400 | 48,713 | ||||||||
Ping An Healthcare and Technology Co. Ltd., 144A* | 5,784 | 38,496 | ||||||||
Ping An Insurance Group Co. of China Ltd., Class A | 12,800 | 152,234 | ||||||||
Ping An Insurance Group Co. of China Ltd., Class H | 103,485 | 1,172,593 | ||||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 15,800 | 32,428 | ||||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 152,332 | 98,856 | ||||||||
Power Construction Corp. of China Ltd., Class A | 13,201 | 7,661 | ||||||||
Qudian, Inc., ADR*(a) | 2,457 | 12,187 | ||||||||
RiseSun Real Estate Development Co. Ltd., Class A | 9,300 | 11,415 | ||||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 12,550 | 21,688 | ||||||||
SAIC Motor Corp. Ltd., Class A | 9,000 | 29,762 | ||||||||
Sanan Optoelectronics Co. Ltd., Class A | 5,800 | 13,719 | ||||||||
Sany Heavy Industry Co. Ltd., Class A | 7,500 | 15,446 | ||||||||
SDIC Capital Co. Ltd., Class A | 7,100 | 12,068 | ||||||||
SDIC Power Holdings Co. Ltd., Class A | 6,400 | 7,619 | ||||||||
Seazen Group Ltd.*(a) | 37,796 | 40,268 | ||||||||
Seazen Holdings Co. Ltd., Class A | 2,200 | 10,216 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
China (Continued) | ||||||||||
Semiconductor Manufacturing International Corp.*(a) | 57,710 | $ | 73,575 | |||||||
SF Holding Co. Ltd., Class A | 2,600 | 14,034 | ||||||||
Shaanxi Coal Industry Co. Ltd., Class A | 7,600 | 9,166 | ||||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 338 | 990 | ||||||||
Shandong Gold Mining Co. Ltd., Class A | 3,940 | 16,862 | ||||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 40,966 | 49,454 | ||||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 1,521 | 653 | ||||||||
Shanghai Construction Group Co. Ltd., Class A | 45,900 | 22,719 | ||||||||
Shanghai Electric Group Co. Ltd., Class A | 2,000 | 1,331 | ||||||||
Shanghai Electric Group Co. Ltd., Class H | 60,151 | 18,518 | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1,700 | 6,081 | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 9,570 | 26,896 | ||||||||
Shanghai International Airport Co. Ltd., Class A | 900 | 9,617 | ||||||||
Shanghai International Port Group Co. Ltd., Class A | 12,400 | 9,824 | ||||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 23,659 | 21,648 | ||||||||
Shanghai M&G Stationery, Inc., Class A | 2,200 | 14,372 | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 500 | 1,265 | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 14,669 | 26,310 | ||||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 39,100 | 66,234 | ||||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 800 | 669 | ||||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 700 | 689 | ||||||||
Shanxi Securities Co. Ltd., Class A | 10,500 | 11,111 | ||||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 700 | 8,895 | ||||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 800 | 658 | ||||||||
Shenergy Co. Ltd., Class A | 1,100 | 928 | ||||||||
Shennan Circuits Co. Ltd., Class A | 500 | 10,389 | ||||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 22,500 | 15,233 | ||||||||
Shenzhen Energy Group Co. Ltd., Class A | 13,300 | 11,388 | ||||||||
Shenzhen Expressway Co. Ltd., Class H | 9,438 | 12,587 | ||||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 600 | 16,564 | ||||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 4,700 | 17,561 |
Number | Value | |||||||||
China (Continued) | ||||||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 500 | $ | 5,435 | |||||||
Shenzhen MindrayBio-Medical Electronics Co. Ltd., Class A | 300 | 7,668 | ||||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 18,700 | 18,325 | ||||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 200 | 528 | ||||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 900 | 509 | ||||||||
Shenzhou International Group Holdings Ltd. | 13,742 | 181,166 | ||||||||
Shui On Land Ltd. | 65,635 | 13,751 | ||||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 14,400 | 19,559 | ||||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 400 | 1,321 | ||||||||
SINA Corp.* | 1,286 | 44,869 | ||||||||
Sinolink Securities Co. Ltd., Class A | 800 | 935 | ||||||||
Sino-Ocean Group Holding Ltd. | 64,022 | 23,718 | ||||||||
Sinopec Engineering Group Co. Ltd., Class H | 24,280 | 14,237 | ||||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 1,200 | 667 | ||||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 50,483 | 13,994 | ||||||||
Sinopharm Group Co. Ltd., Class H | 24,430 | 80,673 | ||||||||
Sinotrans Ltd., Class H | 37,004 | 11,534 | ||||||||
Sinotruk Hong Kong Ltd. | 13,304 | 22,468 | ||||||||
SOHO China Ltd. | 30,051 | 10,365 | ||||||||
Songcheng Performance Development Co. Ltd., Class A | 1,400 | 5,444 | ||||||||
SooChow Securities Co. Ltd., Class A | 800 | 971 | ||||||||
Spring Airlines Co. Ltd., Class A | 2,600 | 14,899 | ||||||||
Sunac China Holdings Ltd. | 46,926 | 228,694 | ||||||||
Suning.com Co. Ltd., Class A | 9,300 | 13,029 | ||||||||
Sunny Optical Technology Group Co. Ltd. | 13,854 | 227,064 | ||||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 2,500 | 6,791 | ||||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 700 | 801 | ||||||||
TAL Education Group, ADR* | 7,099 | 314,202 | ||||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 420 | 912 | ||||||||
TBEA Co. Ltd., Class A | 11,600 | 10,708 | ||||||||
TCL Corp., Class A | 12,800 | 6,991 | ||||||||
Tencent Holdings Ltd. | 106,217 | 4,502,117 | ||||||||
Tencent Music Entertainment Group, ADR*(a) | 1,852 | 23,020 | ||||||||
Tianma Microelectronics Co. Ltd., Class A | 1,000 | 2,180 | ||||||||
Tingyi Cayman Islands Holding Corp. | 37,802 | 61,522 | ||||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 400 | 755 | ||||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 2,600 | 788 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
China (Continued) | ||||||||||
Tongwei Co. Ltd., Class A | 4,300 | $ | 8,012 | |||||||
Topchoice Medical Corp., Class A* | 800 | 11,783 | ||||||||
TravelSky Technology Ltd., Class H | 20,280 | 49,378 | ||||||||
Trip.com Group Ltd., ADR* | 8,588 | 285,465 | ||||||||
Tsingtao Brewery Co. Ltd., Class A | 200 | 1,442 | ||||||||
Tsingtao Brewery Co. Ltd., Class H | 7,828 | 48,400 | ||||||||
Tunghsu Optoelectronic Technology Co. Ltd., Class A (b) | 17,600 | 12,016 | ||||||||
Tus Environmental Science And Technology Development Co. Ltd., Class A | 300 | 365 | ||||||||
Uni-President China Holdings Ltd. | 24,872 | 25,259 | ||||||||
Unisplendour Corp. Ltd., Class A | 3,296 | 12,681 | ||||||||
Vipshop Holdings Ltd., ADR* | 8,760 | 111,953 | ||||||||
Walvax Biotechnology Co. Ltd., Class A | 1,300 | 5,584 | ||||||||
Wanhua Chemical Group Co. Ltd., Class A | 2,700 | 18,590 | ||||||||
Want Want China Holdings Ltd. | 94,671 | 81,512 | ||||||||
Wanxiang Qianchao Co. Ltd., Class A | 700 | 506 | ||||||||
Weibo Corp., ADR* | 1,074 | 45,978 | ||||||||
Weichai Power Co. Ltd., Class A | 11,500 | 21,574 | ||||||||
Weichai Power Co. Ltd., Class H | 25,732 | 43,982 | ||||||||
Weifu High-Technology Group Co. Ltd., Class A | 200 | 529 | ||||||||
Wens Foodstuffs Group Co. Ltd., Class A | 6,900 | 35,134 | ||||||||
Western Securities Co. Ltd., Class A | 900 | 1,129 | ||||||||
Will Semiconductor Ltd., Class A | 900 | 16,026 | ||||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1,000 | 3,085 | ||||||||
Wuliangye Yibin Co. Ltd., Class A | 4,700 | 85,265 | ||||||||
WuXi AppTec Co. Ltd., Class A | 1,300 | 16,269 | ||||||||
WuXi AppTec Co. Ltd., Class H, 144A | 2,840 | 32,960 | ||||||||
Wuxi Biologics Cayman, Inc., 144A* | 10,257 | 115,895 | ||||||||
XCMG Construction Machinery Co. Ltd., Class A | 19,400 | 12,637 | ||||||||
Xiamen C & D, Inc., Class A | 700 | 796 | ||||||||
Xiaomi Corp., Class B, 144A* | 149,562 | 170,998 | ||||||||
Xinhu Zhongbao Co. Ltd., Class A | 2,200 | 1,164 | ||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 9,333 | 15,385 | ||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 9,299 | 10,347 | ||||||||
Xinyi Solar Holdings Ltd. | 60,942 | 37,446 | ||||||||
Yanzhou Coal Mining Co. Ltd., Class H | 40,331 | 35,653 | ||||||||
Yihai International Holding Ltd.* | 8,514 | 54,164 | ||||||||
Yonghui Superstores Co. Ltd., Class A | 8,300 | 8,771 | ||||||||
Yonyou Network Technology Co. Ltd., Class A | 2,200 | 8,686 | ||||||||
Yum China Holdings, Inc. | 6,596 | 293,654 | ||||||||
Yunda Holding Co. Ltd., Class A | 1,200 | 4,962 | ||||||||
Yunnan Baiyao Group Co. Ltd., Class A | 1,900 | 23,754 | ||||||||
Yuzhou Properties Co. Ltd. | 33,698 | 15,497 | ||||||||
YY, Inc., ADR* | 1,053 | 67,171 |
Number | Value | |||||||||
China (Continued) | ||||||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 1,100 | $ | 15,611 | |||||||
Zhaojin Mining Industry Co. Ltd., Class H | 16,481 | 17,054 | ||||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 1,400 | 759 | ||||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 4,900 | 16,643 | ||||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 6,100 | 14,697 | ||||||||
Zhejiang Expressway Co. Ltd., Class H | 30,365 | 26,571 | ||||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 752 | 3,261 | ||||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 800 | 1,499 | ||||||||
Zhejiang NHU Co. Ltd., Class A | 4,500 | 13,633 | ||||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 6,200 | 13,025 | ||||||||
Zhejiang Supor Co. Ltd., Class A | 1,600 | 16,339 | ||||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 503 | 1,004 | ||||||||
Zhenro Properties Group Ltd. | 17,404 | 11,228 | ||||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A* | 6,816 | 23,553 | ||||||||
Zhongjin Gold Corp. Ltd., Class A | 900 | 1,004 | ||||||||
Zhongsheng Group Holdings Ltd. | 11,514 | 40,816 | ||||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 10,552 | 36,058 | ||||||||
Zijin Mining Group Co. Ltd., Class A | 28,300 | 14,329 | ||||||||
Zijin Mining Group Co. Ltd., Class H | 94,941 | 35,536 | ||||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 16,576 | 14,028 | ||||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 14,982 | 10,603 | ||||||||
ZTE Corp., Class A* | 3,200 | 13,977 | ||||||||
ZTE Corp., Class H* | 12,863 | 34,261 | ||||||||
ZTO Express Cayman, Inc., ADR | 6,129 | 130,425 | ||||||||
|
| |||||||||
32,407,019 | ||||||||||
|
| |||||||||
Colombia — 0.2% | ||||||||||
Bancolombia SA | 4,340 | 51,433 | ||||||||
Ecopetrol SA | 93,845 | 87,787 | ||||||||
Grupo Argos SA | 4,802 | 23,975 | ||||||||
Grupo de Inversiones Suramericana SA | 3,998 | 36,831 | ||||||||
Interconexion Electrica SA ESP | 8,280 | 44,683 | ||||||||
|
| |||||||||
244,709 | ||||||||||
|
| |||||||||
Cyprus — 0.1% | ||||||||||
Polymetal International PLC | 4,365 | 65,522 | ||||||||
|
| |||||||||
Czech Republic — 0.1% | ||||||||||
CEZ AS | 3,051 | 67,570 | ||||||||
Komercni banka AS | 1,470 | 50,340 | ||||||||
Moneta Money Bank AS, 144A | 8,979 | 29,819 | ||||||||
|
| |||||||||
147,729 | ||||||||||
|
|
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Egypt — 0.1% | ||||||||||
Commercial International Bank Egypt SAE | 27,646 | $ | 135,143 | |||||||
Eastern Co. SAE | 18,530 | 17,208 | ||||||||
ElSewedy Electric Co. | 17,540 | 13,090 | ||||||||
|
| |||||||||
165,441 | ||||||||||
|
| |||||||||
Greece — 0.3% | ||||||||||
Alpha Bank AE* | 22,903 | 48,194 | ||||||||
Eurobank Ergasias SA* | 53,092 | 55,918 | ||||||||
FF Group*(b) | 1,458 | 7,710 | ||||||||
Hellenic Telecommunications Organization SA | 4,535 | 68,148 | ||||||||
JUMBO SA | 2,230 | 44,714 | ||||||||
Motor Oil Hellas Corinth Refineries SA | 1,330 | 31,122 | ||||||||
National Bank of Greece SA* | 11,323 | 38,347 | ||||||||
OPAP SA | 2,211 | 27,184 | ||||||||
|
| |||||||||
321,337 | ||||||||||
|
| |||||||||
Hong Kong — 3.7% | ||||||||||
Alibaba Health Information Technology Ltd.* | 71,195 | 80,580 | ||||||||
Alibaba Pictures Group Ltd.* | 274,447 | 45,577 | ||||||||
Beijing Enterprises Holdings Ltd. | 8,965 | 39,625 | ||||||||
Beijing Enterprises Water Group Ltd.* | 84,109 | 41,259 | ||||||||
Bosideng International Holdings Ltd. | 58,000 | 27,711 | ||||||||
Brilliance China Automotive Holdings Ltd. | 60,459 | 62,405 | ||||||||
China Agri-Industries Holdings Ltd. | 33,549 | 17,614 | ||||||||
China Ding Yi Feng Holdings Ltd. (b) | 22,249 | 65,598 | ||||||||
China Education Group Holdings Ltd. (a) | 11,976 | 16,217 | ||||||||
China Everbright International Ltd. | 71,199 | 53,845 | ||||||||
China Everbright Ltd. | 18,608 | 29,951 | ||||||||
China First Capital Group Ltd.* | 62,447 | 3,271 | ||||||||
China Gas Holdings Ltd. | 35,252 | 131,046 | ||||||||
China Jinmao Holdings Group Ltd. | 104,882 | 69,671 | ||||||||
China Mengniu Dairy Co. Ltd.* | 52,812 | 202,058 | ||||||||
China Merchants Port Holdings Co. Ltd. | 28,563 | 44,442 | ||||||||
China Mobile Ltd. | 113,507 | 855,502 | ||||||||
China Overseas Land & Investment Ltd. | 66,763 | 223,878 | ||||||||
China Power International Development Ltd. | 69,403 | 14,363 | ||||||||
China Resources Beer Holdings Co. Ltd. | 27,371 | 143,358 | ||||||||
China Resources Cement Holdings Ltd. | 46,015 | 55,079 | ||||||||
China Resources Gas Group Ltd. | 17,087 | 95,170 | ||||||||
China Resources Land Ltd. | 49,181 | 212,668 | ||||||||
China Resources Power Holdings Co. Ltd. | 37,181 | 48,352 | ||||||||
China State Construction International Holdings Ltd. | 43,930 | 34,625 | ||||||||
China Taiping Insurance Holdings Co. Ltd. | 31,757 | 73,429 | ||||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 43,949 | 19,594 |
Number | Value | |||||||||
Hong Kong (Continued) | ||||||||||
China Unicom Hong Kong Ltd. | 116,809 | $ | 99,976 | |||||||
CITIC Ltd. | 104,580 | 130,925 | ||||||||
COSCO SHIPPING Ports Ltd. | 30,797 | 25,061 | ||||||||
Far East Horizon Ltd. | 42,973 | 39,031 | ||||||||
Geely Automobile Holdings Ltd. | 95,593 | 178,778 | ||||||||
Guangdong Investment Ltd. | 56,892 | 117,592 | ||||||||
Haier Electronics Group Co. Ltd. | 25,594 | 71,112 | ||||||||
Hutchison China MediTech Ltd., ADR* | 1,154 | 27,823 | ||||||||
Kingboard Holdings Ltd. | 13,639 | 37,547 | ||||||||
Kingboard Laminates Holdings Ltd. | 20,799 | 23,461 | ||||||||
Kunlun Energy Co. Ltd. | 60,391 | 51,148 | ||||||||
Lee & Man Paper Manufacturing Ltd. | 30,314 | 20,524 | ||||||||
Nine Dragons Paper Holdings Ltd. | 29,847 | 30,388 | ||||||||
Shanghai Industrial Holdings Ltd. | 10,403 | 18,738 | ||||||||
Shenzhen International Holdings Ltd. | 18,483 | 39,053 | ||||||||
Shenzhen Investment Ltd. | 52,047 | 20,478 | ||||||||
Shimao Property Holdings Ltd. | 21,754 | 78,784 | ||||||||
Sino Biopharmaceutical Ltd. | 127,131 | 164,029 | ||||||||
SSY Group Ltd. | 28,909 | 22,749 | ||||||||
Sun Art Retail Group Ltd. | 44,542 | 50,414 | ||||||||
Towngas China Co. Ltd.* | 17,907 | 12,650 | ||||||||
Wharf Holdings Ltd. | 19,772 | 47,839 | ||||||||
Yuexiu Property Co. Ltd. | 123,760 | 26,402 | ||||||||
|
| |||||||||
4,041,390 | ||||||||||
|
| |||||||||
Hungary — 0.3% | ||||||||||
MOL Hungarian Oil & Gas PLC | 8,112 | 78,413 | ||||||||
OTP Bank Nyrt | 4,050 | 190,674 | ||||||||
Richter Gedeon Nyrt | 2,346 | 44,945 | ||||||||
|
| |||||||||
314,032 | ||||||||||
|
| |||||||||
India — 8.9% | ||||||||||
Adani Ports & Special Economic Zone Ltd. | 11,817 | 62,933 | ||||||||
Ambuja Cements Ltd. | 12,980 | 37,029 | ||||||||
Ashok Leyland Ltd. | 24,284 | 26,793 | ||||||||
Asian Paints Ltd. | 5,605 | 133,305 | ||||||||
Aurobindo Pharma Ltd. | 4,538 | 28,460 | ||||||||
Avenue Supermarts Ltd., 144A* | 2,322 | 58,991 | ||||||||
Axis Bank Ltd. | 11,316 | 116,579 | ||||||||
Axis Bank Ltd., GDR | 5,548 | 284,058 | ||||||||
Bajaj Auto Ltd. | 1,581 | 69,995 | ||||||||
Bajaj Finance Ltd. | 3,298 | 187,304 | ||||||||
Bajaj Finserv Ltd. | 709 | 90,039 | ||||||||
Bandhan Bank Ltd., 144A | 7,707 | 62,440 | ||||||||
Berger Paints India Ltd. | 3,382 | 23,409 | ||||||||
Bharat Forge Ltd. | 4,456 | 28,846 | ||||||||
Bharat Petroleum Corp. Ltd. | 13,022 | 92,858 | ||||||||
Bharti Airtel Ltd.* | 37,485 | 231,193 | ||||||||
Bharti Infratel Ltd. | 6,374 | 24,550 | ||||||||
Bosch Ltd. | 134 | 30,153 | ||||||||
Britannia Industries Ltd. | 1,182 | 50,381 | ||||||||
Cipla Ltd. | 7,384 | 48,038 | ||||||||
Coal India Ltd. | 23,614 | 67,563 | ||||||||
Colgate-Palmolive India Ltd. | 903 | 18,557 | ||||||||
Container Corp. Of India Ltd. | 3,839 | 30,985 | ||||||||
Dabur India Ltd. | 9,847 | 63,018 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
India (Continued) | ||||||||||
Divi’s Laboratories Ltd. | 1,556 | $ | 38,743 | |||||||
DLF Ltd. | 9,508 | 29,119 | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 2,190 | 89,177 | ||||||||
Eicher Motors Ltd. | 259 | 82,611 | ||||||||
GAIL India Ltd. | 29,884 | 52,509 | ||||||||
Godrej Consumer Products Ltd. | 6,558 | 66,277 | ||||||||
Grasim Industries Ltd. | 5,948 | 65,257 | ||||||||
Havells India Ltd. | 4,389 | 40,836 | ||||||||
HCL Technologies Ltd. | 10,429 | 163,935 | ||||||||
HDFC Asset Management Co. Ltd., 144A | 759 | 37,422 | ||||||||
HDFC Life Insurance Co. Ltd., 144A | 9,358 | 74,551 | ||||||||
Hero MotoCorp Ltd. | 1,832 | 62,147 | ||||||||
Hindalco Industries Ltd. | 24,011 | 66,991 | ||||||||
Hindustan Petroleum Corp. Ltd. | 12,381 | 48,773 | ||||||||
Hindustan Unilever Ltd. | 11,792 | 334,557 | ||||||||
Housing Development Finance Corp. Ltd. | 30,206 | 967,287 | ||||||||
ICICI Bank Ltd. | 52,977 | 378,547 | ||||||||
ICICI Bank Ltd., ADR (a) | 17,305 | 243,827 | ||||||||
ICICI Lombard General Insurance Co. Ltd., 144A | 3,184 | 60,491 | ||||||||
ICICI Prudential Life Insurance Co. Ltd., 144A | 5,450 | 38,172 | ||||||||
Indian Oil Corp. Ltd. | 37,974 | 69,556 | ||||||||
Info Edge India Ltd. | 1,025 | 37,632 | ||||||||
Infosys Ltd. | 28,912 | 280,646 | ||||||||
Infosys Ltd., ADR | 33,980 | 334,023 | ||||||||
InterGlobe Aviation Ltd., 144A | 1,683 | 33,882 | ||||||||
ITC Ltd. | 60,923 | 209,255 | ||||||||
JSW Steel Ltd. | 16,163 | 58,929 | ||||||||
Larsen & Toubro Ltd. | 7,941 | 147,286 | ||||||||
LIC Housing Finance Ltd. | 6,353 | 41,100 | ||||||||
Lupin Ltd. | 4,717 | 52,646 | ||||||||
Mahindra & Mahindra Financial Services Ltd. | 5,933 | 29,100 | ||||||||
Mahindra & Mahindra Ltd. | 14,400 | 106,498 | ||||||||
Marico Ltd. | 5,975 | 29,976 | ||||||||
Maruti Suzuki India Ltd. | 1,893 | 191,203 | ||||||||
Motherson Sumi Systems Ltd. | 15,672 | 28,302 | ||||||||
Nestle India Ltd. | 429 | 86,437 | ||||||||
NTPC Ltd. | 43,466 | 70,497 | ||||||||
Oil & Natural Gas Corp. Ltd. | 46,291 | 85,016 | ||||||||
Page Industries Ltd. | 97 | 29,814 | ||||||||
Petronet LNG Ltd. | 12,344 | 46,717 | ||||||||
Pidilite Industries Ltd. | 2,207 | 40,087 | ||||||||
Piramal Enterprises Ltd. | 1,587 | 40,051 | ||||||||
Power Grid Corp. of India Ltd. | 30,435 | 82,008 | ||||||||
REC Ltd. | 14,727 | 28,309 | ||||||||
Reliance Industries Ltd., GDR, 144A | 26,606 | 1,149,379 | ||||||||
SBI Life Insurance Co. Ltd., 144A | 6,077 | 81,327 | ||||||||
Shree Cement Ltd. | 171 | 50,049 | ||||||||
Shriram Transport Finance Co. Ltd. | 3,122 | 49,055 | ||||||||
Siemens Ltd. | 1,063 | 21,785 | ||||||||
State Bank of India* | 34,706 | 165,384 | ||||||||
Sun Pharmaceutical Industries Ltd. | 15,769 | 98,884 | ||||||||
Tata Consultancy Services Ltd. | 16,626 | 475,865 | ||||||||
Tata Motors Ltd., ADR*(a) | 6,119 | 68,655 |
Number | Value | |||||||||
India (Continued) | ||||||||||
Tata Power Co. Ltd. | 25,164 | $ | 20,117 | |||||||
Tata Steel Ltd. | 6,796 | 40,499 | ||||||||
Tech Mahindra Ltd. | 9,065 | 96,219 | ||||||||
Titan Co. Ltd. | 6,043 | 97,690 | ||||||||
UltraTech Cement Ltd. | 1,873 | 111,201 | ||||||||
United Spirits Ltd.* | 5,845 | 49,396 | ||||||||
UPL Ltd. | 10,065 | 80,429 | ||||||||
Vedanta Ltd. | 36,648 | 73,871 | ||||||||
Wipro Ltd., ADR | 10,977 | 39,846 | ||||||||
Wipro Ltd. | 9,371 | 31,051 | ||||||||
Zee Entertainment Enterprises Ltd. | 10,908 | 44,560 | ||||||||
|
| |||||||||
9,812,938 | ||||||||||
|
| |||||||||
Indonesia — 1.9% | ||||||||||
PT Adaro Energy Tbk | 318,845 | 27,804 | ||||||||
PT Astra International Tbk | 385,458 | 177,630 | ||||||||
PT Bank Central Asia Tbk | 177,793 | 395,796 | ||||||||
PT Bank Mandiri Persero Tbk | 330,278 | 163,324 | ||||||||
PT Bank Negara Indonesia Persero Tbk | 142,639 | 75,845 | ||||||||
PT Bank Rakyat Indonesia Persero Tbk | 995,858 | 288,767 | ||||||||
PT Bank Tabungan Negara Persero Tbk | 93,690 | 14,148 | ||||||||
PT Barito Pacific Tbk | 512,782 | 49,442 | ||||||||
PT Bukit Asam Tbk | 37,143 | 6,373 | ||||||||
PT Bumi Serpong Damai Tbk* | 167,473 | 14,842 | ||||||||
PT Charoen Pokphand Indonesia Tbk | 138,729 | 66,143 | ||||||||
PT Gudang Garam Tbk | 9,070 | 32,393 | ||||||||
PT Hanjaya Mandala Sampoerna Tbk | 202,427 | 27,770 | ||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 54,346 | 26,200 | ||||||||
PT Indocement Tunggal Prakarsa Tbk | 36,768 | 50,571 | ||||||||
PT Indofood CBP Sukses Makmur Tbk | 50,739 | 40,739 | ||||||||
PT Indofood Sukses Makmur Tbk | 95,501 | 53,827 | ||||||||
PT Jasa Marga Persero Tbk | 29,062 | 10,178 | ||||||||
PT Kalbe Farma Tbk | 458,860 | 49,611 | ||||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 31,395 | 20,477 | ||||||||
PT Pakuwon Jati Tbk | 322,949 | 12,936 | ||||||||
PT Perusahaan Gas Negara Tbk | 237,145 | 32,281 | ||||||||
PT Semen Indonesia Persero Tbk | 57,520 | 46,693 | ||||||||
PT Telekomunikasi Indonesia Persero Tbk | 886,608 | 247,031 | ||||||||
PT Unilever Indonesia Tbk | 25,341 | 75,098 | ||||||||
PT United Tractors Tbk | 32,484 | 48,191 | ||||||||
PT XL Axiata Tbk* | 55,424 | 13,124 | ||||||||
|
| |||||||||
2,067,234 | ||||||||||
|
| |||||||||
Luxembourg — 0.0% | ||||||||||
Reinet Investments SCA | 2,799 | 54,464 | ||||||||
|
| |||||||||
Malaysia — 1.8% | ||||||||||
AirAsia Group Bhd | 35,170 | 14,231 | ||||||||
AMMB Holdings Bhd | 34,346 | 32,812 | ||||||||
Axiata Group Bhd | 52,199 | 51,618 | ||||||||
British American Tobacco Malaysia Bhd | 3,242 | 12,653 | ||||||||
CIMB Group Holdings Bhd | 83,984 | 104,163 | ||||||||
Dialog Group Bhd | 74,136 | 59,465 | ||||||||
DiGi.Com Bhd | 59,560 | 63,888 | ||||||||
Fraser & Neave Holdings Bhd | 3,700 | 30,777 | ||||||||
Gamuda Bhd | 35,100 | 31,600 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Malaysia (Continued) | ||||||||||
Genting Bhd | 40,367 | $ | 56,349 | |||||||
Genting Malaysia Bhd | 48,934 | 36,790 | ||||||||
Genting Plantations Bhd | 3,400 | 8,401 | ||||||||
HAP Seng Consolidated Bhd | 12,451 | 29,514 | ||||||||
Hartalega Holdings Bhd | 28,902 | 36,331 | ||||||||
Hong Leong Bank Bhd | 12,641 | 51,151 | ||||||||
Hong Leong Financial Group Bhd | 3,100 | 12,099 | ||||||||
IHH Healthcare Bhd | 43,635 | 56,104 | ||||||||
IJM Corp. Bhd | 44,164 | 22,101 | ||||||||
IOI Corp. Bhd | 41,894 | 43,634 | ||||||||
Kuala Lumpur Kepong Bhd | 7,587 | 42,399 | ||||||||
Malayan Banking Bhd | 66,135 | 135,073 | ||||||||
Malaysia Airports Holdings Bhd | 17,200 | 34,182 | ||||||||
Maxis Bhd | 40,796 | 50,598 | ||||||||
MISC Bhd | 22,700 | 44,297 | ||||||||
Nestle Malaysia Bhd | 1,300 | 44,604 | ||||||||
Petronas Chemicals Group Bhd | 47,424 | 80,166 | ||||||||
Petronas Dagangan Bhd | 4,804 | 26,341 | ||||||||
Petronas Gas Bhd | 10,635 | 39,469 | ||||||||
PPB Group Bhd | 10,562 | 46,026 | ||||||||
Press Metal Aluminium Holdings Bhd | 26,800 | 30,159 | ||||||||
Public Bank Bhd | 59,122 | 277,738 | ||||||||
QL Resources Bhd | 12,400 | 21,525 | ||||||||
RHB Bank Bhd | 26,153 | 35,443 | ||||||||
RHB Bank Bhd*(b) | 19,600 | 0 | ||||||||
Sime Darby Bhd | 49,823 | 26,841 | ||||||||
Sime Darby Plantation Bhd | 39,623 | 47,246 | ||||||||
Telekom Malaysia Bhd | 19,945 | 17,956 | ||||||||
Tenaga Nasional Bhd | 52,505 | 165,441 | ||||||||
Top Glove Corp. Bhd | 29,700 | 32,001 | ||||||||
Westports Holdings Bhd | 15,807 | 15,782 | ||||||||
YTL Corp. Bhd | 58,598 | 11,715 | ||||||||
|
| |||||||||
1,978,683 | ||||||||||
|
| |||||||||
Mexico — 2.3% | ||||||||||
Alfa SAB de CV, Class A | 55,242 | 43,392 | ||||||||
Alsea SAB de CV* | 12,071 | 32,704 | ||||||||
America Movil SAB de CV, Series L | 611,430 | 469,020 | ||||||||
Arca Continental SAB de CV | 7,577 | 40,108 | ||||||||
Cemex SAB de CV, Series CPO | 293,112 | 107,175 | ||||||||
Coca-Cola Femsa SAB de CV | 9,805 | 56,234 | ||||||||
El Puerto de Liverpool SAB de CV, Class C1 | 4,177 | 20,598 | ||||||||
Fibra Uno Administracion SA de CV REIT | 56,465 | 86,252 | ||||||||
Fomento Economico Mexicano SAB de CV | 35,317 | 320,543 | ||||||||
Gruma SAB de CV, Class B | 3,786 | 38,142 | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 6,719 | 68,305 | ||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 3,946 | 67,333 | ||||||||
Grupo Bimbo SAB de CV, Series A | 31,019 | 53,616 | ||||||||
Grupo Carso SAB de CV, Series A1 | 9,835 | 32,873 | ||||||||
Grupo Financiero Banorte SAB de CV, Class O | 46,941 | 247,110 | ||||||||
Grupo Financiero Inbursa SAB de CV, Class O | 45,822 | 54,388 |
Number | Value | |||||||||
Mexico (Continued) | ||||||||||
Grupo Mexico SAB de CV, Series B | 63,095 | $ | 164,816 | |||||||
Grupo Televisa SAB, Series CPO | 46,263 | 100,667 | ||||||||
Industrias Penoles SAB de CV | 2,558 | 27,118 | ||||||||
Infraestructura Energetica Nova SAB de CV | 9,899 | 40,594 | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A* | 28,207 | 54,021 | ||||||||
Megacable Holdings SAB de CV, Series CPO | 6,280 | 22,237 | ||||||||
Orbia Advance Corp. SAB de CV | 19,219 | 41,948 | ||||||||
Promotora y Operadora de Infraestructura SAB de CV | 4,327 | 41,366 | ||||||||
Wal-Mart de Mexico SAB de CV | 94,251 | 262,589 | ||||||||
|
| |||||||||
2,493,149 | ||||||||||
|
| |||||||||
Peru — 0.4% | ||||||||||
Cia de Minas Buenaventura SAA, ADR (a) | 3,751 | 57,653 | ||||||||
Credicorp Ltd. | 1,269 | 268,000 | ||||||||
Southern Copper Corp. | 1,649 | 62,711 | ||||||||
|
| |||||||||
388,364 | ||||||||||
|
| |||||||||
Philippines — 1.0% | ||||||||||
Aboitiz Equity Ventures, Inc. | 38,090 | 36,692 | ||||||||
Aboitiz Power Corp. | 26,246 | 17,794 | ||||||||
Altus San Nicolas Corp.*(b) | 871 | 89 | ||||||||
Ayala Corp. | 5,346 | 84,795 | ||||||||
Ayala Land, Inc. | 138,424 | 123,946 | ||||||||
Bank of the Philippine Islands | 19,424 | 32,854 | ||||||||
BDO Unibank, Inc. | 38,205 | 114,130 | ||||||||
Globe Telecom, Inc. | 634 | 24,205 | ||||||||
GT Capital Holdings, Inc. | 1,744 | 30,700 | ||||||||
International Container Terminal Services, Inc. | 18,562 | 45,149 | ||||||||
JG Summit Holdings, Inc. | 55,102 | 83,388 | ||||||||
Jollibee Foods Corp. | 7,793 | 29,445 | ||||||||
Manila Electric Co. | 4,870 | 30,572 | ||||||||
Megaworld Corp. | 215,200 | 18,761 | ||||||||
Metro Pacific Investments Corp. | 311,127 | 26,328 | ||||||||
Metropolitan Bank & Trust Co. | 30,632 | 39,936 | ||||||||
PLDT, Inc. | 1,856 | 39,264 | ||||||||
Robinsons Land Corp. | 42,239 | 21,778 | ||||||||
Security Bank Corp. | 4,695 | 18,941 | ||||||||
SM Investments Corp. | 3,798 | 79,226 | ||||||||
SM Prime Holdings, Inc. | 191,091 | 146,660 | ||||||||
Universal Robina Corp. | 16,999 | 50,213 | ||||||||
|
| |||||||||
1,094,866 | ||||||||||
|
| |||||||||
Poland — 0.9% | ||||||||||
Bank Millennium SA* | 13,199 | 18,602 | ||||||||
Bank Polska Kasa Opieki SA | 3,172 | 84,874 | ||||||||
CCC SA | 609 | 17,477 | ||||||||
CD Projekt SA | 1,362 | 91,282 | ||||||||
Cyfrowy Polsat SA | 5,101 | 36,362 | ||||||||
Dino Polska SA, 144A* | 871 | 30,066 | ||||||||
Grupa Lotos SA | 1,657 | 38,786 | ||||||||
KGHM Polska Miedz SA* | 2,702 | 62,019 | ||||||||
LPP SA | 23 | 51,089 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Poland (Continued) | ||||||||||
mBank SA* | 322 | $ | 30,599 | |||||||
Orange Polska SA* | 15,049 | 24,552 | ||||||||
PGE Polska Grupa Energetyczna SA* | 17,469 | 38,901 | ||||||||
Polski Koncern Naftowy ORLEN SA | 5,717 | 135,601 | ||||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 31,290 | 36,909 | ||||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 14,744 | 136,045 | ||||||||
Powszechny Zaklad Ubezpieczen SA | 11,545 | 114,074 | ||||||||
Santander Bank Polska SA | 705 | 49,500 | ||||||||
|
| |||||||||
996,738 | ||||||||||
|
| |||||||||
Qatar — 0.9% | ||||||||||
Barwa Real Estate Co. | 32,042 | 30,011 | ||||||||
Commercial Bank PSQC | 43,374 | 52,181 | ||||||||
Industries Qatar QSC | 35,505 | 98,594 | ||||||||
Masraf Al Rayan QSC | 69,129 | 73,102 | ||||||||
Mesaieed Petrochemical Holding Co. | 85,282 | 60,903 | ||||||||
Ooredoo QPSC | 18,352 | 34,983 | ||||||||
Qatar Electricity & Water Co. QSC | 8,580 | 38,013 | ||||||||
Qatar Fuel QSC | 8,328 | 51,330 | ||||||||
Qatar Insurance Co. SAQ | 33,942 | 28,621 | ||||||||
Qatar International Islamic Bank QSC | 8,758 | 22,035 | ||||||||
Qatar Islamic Bank SAQ | 22,212 | 90,660 | ||||||||
Qatar National Bank QPSC | 82,232 | 434,791 | ||||||||
|
| |||||||||
1,015,224 | ||||||||||
|
| |||||||||
Romania — 0.1% | ||||||||||
NEPI Rockcastle PLC | 7,505 | 63,499 | ||||||||
|
| |||||||||
Russia — 3.6% | ||||||||||
Alrosa PJSC | 48,186 | 58,341 | ||||||||
Gazprom PJSC | 179,456 | 718,326 | ||||||||
Gazprom PJSC, ADR | 8,451 | 67,135 | ||||||||
Inter RAO UES PJSC | 681,324 | 47,223 | ||||||||
LUKOIL PJSC, ADR | 3,672 | 350,162 | ||||||||
LUKOIL PJSC | 3,489 | 332,821 | ||||||||
Magnit PJSC, GDR | 6,696 | 76,435 | ||||||||
Magnitogorsk Iron & Steel Works PJSC | 43,742 | 26,504 | ||||||||
MMC Norilsk Nickel PJSC | 1,145 | 303,352 | ||||||||
Mobile TeleSystems PJSC, ADR | 9,527 | 89,935 | ||||||||
Moscow ExchangeMICEX-RTS PJSC | 24,226 | 39,799 | ||||||||
Novatek PJSC, GDR | 1,676 | 331,848 | ||||||||
Novolipetsk Steel PJSC | 21,832 | 43,915 | ||||||||
PhosAgro PJSC, GDR | 2,512 | 30,948 | ||||||||
Polyus PJSC | 508 | 54,408 | ||||||||
Rosneft Oil Co. PJSC, GDR | 21,966 | 148,929 | ||||||||
Sberbank of Russia PJSC | 196,860 | 715,905 | ||||||||
Severstal PJSC | 826 | 11,657 | ||||||||
Severstal PJSC, GDR | 3,074 | 43,190 | ||||||||
Surgutneftegas PJSC, ADR | 14,152 | 95,880 | ||||||||
Tatneft PJSC | 27,692 | 318,669 | ||||||||
VTB Bank PJSC, GDR | 11,573 | 15,971 | ||||||||
VTB Bank PJSC | 41,832,488 | 29,473 | ||||||||
X5 Retail Group NV, GDR | 2,473 | 82,408 | ||||||||
|
| |||||||||
4,033,234 | ||||||||||
|
|
Number | Value | |||||||||
Saudi Arabia — 2.4% | ||||||||||
Advanced Petrochemical Co. | 1,845 | $ | 23,075 | |||||||
Al Rajhi Bank | 22,677 | 376,136 | ||||||||
Alinma Bank | 14,341 | 87,193 | ||||||||
Almarai Co. JSC | 4,761 | 62,528 | ||||||||
Arab National Bank | 9,390 | 63,852 | ||||||||
Bank AlBilad | 7,137 | 49,103 | ||||||||
BankAl-Jazira | 7,663 | 27,832 | ||||||||
Banque Saudi Fransi | 10,494 | 93,746 | ||||||||
Bupa Arabia for Cooperative Insurance Co. | 470 | 12,659 | ||||||||
Co. for Cooperative Insurance* | 1,158 | 21,554 | ||||||||
Dar Al Arkan Real Estate Development Co.* | 10,026 | 31,014 | ||||||||
Emaar Economic City* | 7,006 | 17,001 | ||||||||
Etihad Etisalat Co.* | 7,172 | 42,994 | ||||||||
Jarir Marketing Co. | 1,105 | 46,616 | ||||||||
National Commercial Bank | 21,914 | 268,812 | ||||||||
National Industrialization Co.* | 6,105 | 19,080 | ||||||||
Rabigh Refining & Petrochemical Co.* | 4,016 | 20,626 | ||||||||
Riyad Bank | 23,241 | 136,347 | ||||||||
Sahara International Petrochemical Co. | 6,605 | 27,477 | ||||||||
Samba Financial Group | 18,976 | 147,507 | ||||||||
Saudi Airlines Catering Co. | 736 | 17,428 | ||||||||
Saudi Arabian Fertilizer Co. | 3,185 | 62,256 | ||||||||
Saudi Arabian Mining Co.* | 7,887 | 90,332 | ||||||||
Saudi Basic Industries Corp. | 13,471 | 326,896 | ||||||||
Saudi British Bank | 12,448 | 113,194 | ||||||||
Saudi Cement Co. | 1,389 | 25,187 | ||||||||
Saudi Electricity Co. | 15,878 | 85,868 | ||||||||
Saudi Industrial Investment Group | 4,139 | 22,318 | ||||||||
Saudi Kayan Petrochemical Co.* | 14,059 | 37,791 | ||||||||
Saudi Telecom Co. | 7,689 | 191,097 | ||||||||
Savola Group* | 4,956 | 41,498 | ||||||||
Yanbu National Petrochemical Co. | 4,282 | 57,208 | ||||||||
|
| |||||||||
2,646,225 | ||||||||||
|
| |||||||||
Singapore — 0.0% | ||||||||||
BOC Aviation Ltd., 144A | 4,028 | 38,052 | ||||||||
|
| |||||||||
South Africa — 4.4% | ||||||||||
Absa Group Ltd. | 12,357 | 124,143 | ||||||||
Anglo American Platinum Ltd. | 1,091 | 90,245 | ||||||||
AngloGold Ashanti Ltd. | 7,925 | 148,179 | ||||||||
Aspen Pharmacare Holdings Ltd.* | 7,666 | 61,399 | ||||||||
Bid Corp. Ltd. | 6,501 | 143,090 | ||||||||
Bidvest Group Ltd. | 5,135 | 71,105 | ||||||||
Capitec Bank Holdings Ltd. | 906 | 87,600 | ||||||||
Clicks Group Ltd. | 4,849 | 82,851 | ||||||||
Discovery Ltd. | 7,754 | 62,453 | ||||||||
Exxaro Resources Ltd. | 4,612 | 41,951 | ||||||||
FirstRand Ltd. | 64,792 | 276,796 | ||||||||
Fortress REIT Ltd., Class A REIT | 22,948 | 30,920 | ||||||||
Foschini Group Ltd. | 4,209 | 44,559 | ||||||||
Gold Fields Ltd. | 16,168 | 84,877 | ||||||||
Growthpoint Properties Ltd. REIT | 59,175 | 92,085 | ||||||||
Impala Platinum Holdings Ltd.* | 14,491 | 111,317 | ||||||||
Investec Ltd. (a) | 5,876 | 33,758 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
South Africa (Continued) | ||||||||||
Kumba Iron Ore Ltd. (a) | 1,278 | $ | 32,772 | |||||||
Liberty Holdings Ltd. | 2,897 | 22,033 | ||||||||
Life Healthcare Group Holdings Ltd. (a) | 28,678 | 48,364 | ||||||||
Momentum Metropolitan Holdings | 20,555 | 28,537 | ||||||||
Mr Price Group Ltd. (a) | 5,045 | 60,232 | ||||||||
MTN Group Ltd. (a) | 30,853 | 194,426 | ||||||||
MultiChoice Group* | 8,968 | 74,164 | ||||||||
Naspers Ltd., Class N | 8,058 | 1,151,627 | ||||||||
Nedbank Group Ltd. | 7,133 | 106,572 | ||||||||
Northam Platinum Ltd.* | 6,123 | 44,696 | ||||||||
Old Mutual Ltd. | 93,919 | 118,792 | ||||||||
Pepkor Holdings Ltd., 144A | 11,521 | 13,896 | ||||||||
Pick n Pay Stores Ltd. | 7,952 | 36,825 | ||||||||
PSG Group Ltd. | 2,456 | 39,079 | ||||||||
Rand Merchant Investment Holdings Ltd. | 14,737 | 30,353 | ||||||||
Redefine Properties Ltd. REIT (a) | 104,495 | 58,671 | ||||||||
Remgro Ltd. | 10,005 | 131,188 | ||||||||
RMB Holdings Ltd. | 15,337 | 84,386 | ||||||||
Sanlam Ltd. | 33,751 | 175,939 | ||||||||
Sasol Ltd. | 9,970 | 179,566 | ||||||||
Shoprite Holdings Ltd. | 9,061 | 79,223 | ||||||||
Sibanye Gold Ltd.* | 41,064 | 80,907 | ||||||||
SPAR Group Ltd. (a) | 3,454 | 48,523 | ||||||||
Standard Bank Group Ltd. | 22,403 | 253,314 | ||||||||
Telkom SA SOC Ltd. (a) | 6,049 | 19,350 | ||||||||
Tiger Brands Ltd. | 3,047 | 42,468 | ||||||||
Vodacom Group Ltd. (a) | 10,973 | 90,671 | ||||||||
Woolworths Holdings Ltd. | 17,289 | 61,546 | ||||||||
|
| |||||||||
4,895,448 | ||||||||||
|
| |||||||||
South Korea — 10.6% | ||||||||||
Amorepacific Corp. | 605 | 96,808 | ||||||||
AMOREPACIFIC Group | 549 | 37,742 | ||||||||
BGF retail Co. Ltd. | 178 | 25,318 | ||||||||
BNK Financial Group, Inc. | 5,642 | 33,246 | ||||||||
Celltrion Healthcare Co. Ltd.* | 1,061 | 44,240 | ||||||||
Celltrion, Inc.* | 1,692 | 249,255 | ||||||||
Cheil Worldwide, Inc. | 1,198 | 23,987 | ||||||||
CJ CheilJedang Corp. | 152 | 31,915 | ||||||||
CJ Corp. | 326 | 25,420 | ||||||||
CJ ENM Co. Ltd. | 219 | 28,294 | ||||||||
CJ Logistics Corp.* | 170 | 22,669 | ||||||||
Daelim Industrial Co. Ltd. | 501 | 38,132 | ||||||||
Daewoo Engineering & Construction Co. Ltd.* | 3,304 | 12,476 | ||||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.* | 847 | 18,896 | ||||||||
DB Insurance Co. Ltd. | 766 | 36,123 | ||||||||
Doosan Bobcat, Inc. | 781 | 20,696 | ||||||||
E-MART, Inc. | 412 | 45,694 | ||||||||
Fila Korea Ltd. | 922 | 40,279 | ||||||||
GS Engineering & Construction Corp. | 1,056 | 26,821 | ||||||||
GS Holdings Corp. | 1,077 | 43,631 | ||||||||
GS Retail Co. Ltd. | 640 | 20,644 | ||||||||
Hana Financial Group, Inc. | 5,152 | 155,936 | ||||||||
Hankook Tire & Technology Co. Ltd. | 1,013 | 28,516 | ||||||||
Hanmi Pharm. Co. Ltd. | 133 | 35,976 |
Number | Value | |||||||||
South Korea (Continued) | ||||||||||
Hanon Systems | 2,489 | $ | 22,758 | |||||||
Hanwha Chemical Corp. | 1,766 | 26,240 | ||||||||
Hanwha Corp. | 414 | 8,605 | ||||||||
Hanwha Life Insurance Co. Ltd. | 5,897 | 11,433 | ||||||||
HDC Hyundai DevelopmentCo-Engineering & Construction, Class E | 611 | 14,303 | ||||||||
Helixmith Co. Ltd.* | 334 | 25,704 | ||||||||
HLB, Inc.* | 646 | 62,951 | ||||||||
Hotel Shilla Co. Ltd. | 611 | 43,815 | ||||||||
Hyundai Department Store Co. Ltd. | 334 | 23,527 | ||||||||
Hyundai Engineering & Construction Co. Ltd. | 1,505 | 52,178 | ||||||||
Hyundai Glovis Co. Ltd. | 328 | 41,793 | ||||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 194 | 56,829 | ||||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 1,375 | 32,595 | ||||||||
Hyundai Mobis Co. Ltd. | 1,262 | 261,770 | ||||||||
Hyundai Motor Co. | 2,737 | 280,385 | ||||||||
Hyundai Steel Co. | 1,526 | 41,020 | ||||||||
Industrial Bank of Korea | 4,489 | 44,656 | ||||||||
Kakao Corp. | 998 | 131,388 | ||||||||
Kangwon Land, Inc. | 2,268 | 56,357 | ||||||||
KB Financial Group, Inc. | 7,363 | 287,064 | ||||||||
KCC Corp. | 136 | 24,986 | ||||||||
Kia Motors Corp. | 5,014 | 183,597 | ||||||||
KMW Co. Ltd.* | 457 | 17,953 | ||||||||
Korea Aerospace Industries Ltd. | 1,468 | 46,359 | ||||||||
Korea Electric Power Corp.* | 4,953 | 116,995 | ||||||||
Korea Gas Corp. | 411 | 13,014 | ||||||||
Korea Investment Holdings Co. Ltd. | 822 | 49,898 | ||||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.* | 702 | 71,320 | ||||||||
Korea Zinc Co. Ltd. | 172 | 59,122 | ||||||||
Korean Air Lines Co. Ltd. | 1,050 | 22,002 | ||||||||
KT&G Corp. | 2,044 | 169,245 | ||||||||
Kumho Petrochemical Co. Ltd. | 403 | 24,941 | ||||||||
LG Chem Ltd. | 807 | 209,411 | ||||||||
LG Corp. | 1,533 | 92,150 | ||||||||
LG Display Co. Ltd.* | 4,606 | 57,324 | ||||||||
LG Electronics, Inc. | 1,809 | 107,056 | ||||||||
LG Household & Health Care Ltd. | 166 | 177,784 | ||||||||
LG Innotek Co. Ltd. | 324 | 33,466 | ||||||||
LG Uplus Corp. | 2,389 | 27,103 | ||||||||
Lotte Chemical Corp. | 323 | 60,162 | ||||||||
Lotte Corp. | 345 | 10,413 | ||||||||
Lotte Shopping Co. Ltd. | 233 | 26,138 | ||||||||
Medy-Tox, Inc. | 91 | 23,290 | ||||||||
Meritz Securities Co. Ltd. | 5,608 | 20,179 | ||||||||
Mirae Asset Daewoo Co. Ltd. | 7,012 | 42,922 | ||||||||
NAVER Corp. | 2,585 | 376,430 | ||||||||
NCSoft Corp. | 312 | 130,226 | ||||||||
Neoplux Co. Ltd.* | 25 | 71 | ||||||||
Netmarble Corp., 144A* | 511 | 38,071 | ||||||||
NH Investment & Securities Co. Ltd. | 3,004 | 31,537 | ||||||||
OCI Co. Ltd. | 389 | 20,386 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
South Korea (Continued) | ||||||||||
Orange Life Insurance Ltd., 144A | 667 | $ | 16,122 | |||||||
Orion Corp. | 460 | 40,113 | ||||||||
Ottogi Corp. | 31 | 14,619 | ||||||||
Pan Ocean Co. Ltd.* | 5,310 | 18,882 | ||||||||
Pearl Abyss Corp.* | 135 | 21,179 | ||||||||
POSCO | 1,431 | 279,258 | ||||||||
POSCO Chemical Co. Ltd. | 511 | 20,809 | ||||||||
Posco International Corp. | 1,048 | 16,193 | ||||||||
S-1 Corp. | 356 | 28,211 | ||||||||
Samsung Biologics Co. Ltd., 144A* | 323 | 107,607 | ||||||||
Samsung C&T Corp. | 1,456 | 121,914 | ||||||||
Samsung Card Co. Ltd. | 697 | 21,893 | ||||||||
Samsung Electro-Mechanics Co. Ltd. | 1,087 | 102,152 | ||||||||
Samsung Electronics Co. Ltd. | 88,334 | 3,761,758 | ||||||||
Samsung Engineering Co. Ltd.* | 2,981 | 47,448 | ||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 535 | 105,310 | ||||||||
Samsung Heavy Industries Co. Ltd.* | 8,639 | 50,906 | ||||||||
Samsung Life Insurance Co. Ltd. | 1,340 | 81,229 | ||||||||
Samsung SDI Co. Ltd. | 998 | 195,181 | ||||||||
Samsung SDS Co. Ltd. | 601 | 99,476 | ||||||||
Samsung Securities Co. Ltd. | 1,143 | 34,934 | ||||||||
Shinhan Financial Group Co. Ltd. | 8,424 | 310,600 | ||||||||
Shinsegae Inc. | 134 | 31,936 | ||||||||
SK Holdings Co. Ltd. | 657 | 143,231 | ||||||||
SK Hynix, Inc. | 10,023 | 686,501 | ||||||||
SK Innovation Co. Ltd. | 1,021 | 126,636 | ||||||||
SK Telecom Co. Ltd. | 370 | 77,060 | ||||||||
S-Oil Corp. | 883 | 66,684 | ||||||||
Woongjin Coway Co. Ltd. | 998 | 75,707 | ||||||||
Woori Financial Group, Inc. | 8,828 | 87,447 | ||||||||
Yuhan Corp. | 193 | 35,294 | ||||||||
|
| |||||||||
11,777,926 | ||||||||||
|
| |||||||||
Taiwan — 11.4% | ||||||||||
Accton Technology Corp. | 8,803 | 45,875 | ||||||||
Acer, Inc. | 63,791 | 37,530 | ||||||||
Advantech Co. Ltd. | 6,506 | 63,865 | ||||||||
Airtac International Group | 2,453 | 35,456 | ||||||||
ASE Technology Holding Co. Ltd. | 61,533 | 152,469 | ||||||||
Asia Cement Corp. | 37,636 | 56,065 | ||||||||
Asustek Computer, Inc. | 13,125 | 99,156 | ||||||||
AU Optronics Corp. | 148,049 | 42,604 | ||||||||
Catcher Technology Co. Ltd. | 12,968 | 106,046 | ||||||||
Cathay Financial Holding Co. Ltd. | 149,538 | 204,380 | ||||||||
Chailease Holding Co. Ltd. | 22,783 | 101,928 | ||||||||
Chang Hwa Commercial Bank Ltd. | 106,653 | 80,224 | ||||||||
Cheng Shin Rubber Industry Co. Ltd. | 38,922 | 53,069 | ||||||||
Chicony Electronics Co. Ltd. | 13,161 | 38,175 | ||||||||
China Airlines Ltd. | 28,482 | 8,411 | ||||||||
China Development Financial Holding Corp. | 176,495 | 56,170 | ||||||||
China Life Insurance Co. Ltd.* | 46,256 | 38,432 | ||||||||
China Steel Corp. | 232,768 | 178,521 | ||||||||
Chunghwa Telecom Co. Ltd. | 67,975 | 251,755 | ||||||||
Compal Electronics, Inc. | 74,791 | 46,085 | ||||||||
CTBC Financial Holding Co. Ltd. | 319,447 | 228,771 |
Number | Value | |||||||||
Taiwan (Continued) | ||||||||||
Delta Electronics, Inc. | 37,381 | $ | 171,526 | |||||||
E.Sun Financial Holding Co. Ltd. | 197,527 | 175,123 | ||||||||
Eclat Textile Co. Ltd. | 3,788 | 49,165 | ||||||||
Eva Airways Corp. | 50,765 | 23,294 | ||||||||
Evergreen Marine Corp. Taiwan Ltd.* | 54,165 | 22,014 | ||||||||
Far Eastern New Century Corp. | 59,065 | 57,593 | ||||||||
Far EasTone Telecommunications Co. Ltd. | 30,267 | 72,517 | ||||||||
Feng TAY Enterprise Co. Ltd. | 6,118 | 38,300 | ||||||||
First Financial Holding Co. Ltd. | 189,047 | 142,201 | ||||||||
Formosa Chemicals & Fibre Corp. | 65,325 | 186,915 | ||||||||
Formosa Petrochemical Corp. | 19,682 | 61,929 | ||||||||
Formosa Plastics Corp. | 84,419 | 268,941 | ||||||||
Formosa Taffeta Co. Ltd. | 18,915 | 21,078 | ||||||||
Foxconn Technology Co. Ltd. | 17,844 | 38,951 | ||||||||
Fubon Financial Holding Co. Ltd. | 123,840 | 181,840 | ||||||||
Giant Manufacturing Co. Ltd. | 5,404 | 39,143 | ||||||||
Globalwafers Co. Ltd. | 4,138 | 44,892 | ||||||||
Highwealth Construction Corp. | 17,423 | 26,582 | ||||||||
Hiwin Technologies Corp. | 3,933 | 33,580 | ||||||||
Hon Hai Precision Industry Co. Ltd. | 229,121 | 664,598 | ||||||||
Hotai Motor Co. Ltd. | 5,826 | 113,998 | ||||||||
Hua Nan Financial Holdings Co. Ltd. | 148,710 | 105,767 | ||||||||
Innolux Corp. | 147,882 | 38,291 | ||||||||
Inventec Corp. | 41,418 | 31,019 | ||||||||
Largan Precision Co. Ltd. | 1,933 | 280,980 | ||||||||
Lite-On Technology Corp. | 39,265 | 62,288 | ||||||||
MediaTek, Inc. | 27,611 | 381,444 | ||||||||
Mega Financial Holding Co. Ltd. | 191,113 | 189,794 | ||||||||
Micro-Star International Co. Ltd. | 14,728 | 40,500 | ||||||||
Nan Ya Plastics Corp. | 95,245 | 223,202 | ||||||||
Nanya Technology Corp. | 22,915 | 53,475 | ||||||||
Nien Made Enterprise Co. Ltd. | 3,121 | 28,642 | ||||||||
Novatek Microelectronics Corp. | 10,684 | 78,264 | ||||||||
Pegatron Corp. | 36,118 | 80,498 | ||||||||
Phison Electronics Corp. | 3,129 | 29,177 | ||||||||
Pou Chen Corp. | 39,882 | 51,959 | ||||||||
Powertech Technology, Inc. | 15,291 | 47,160 | ||||||||
President Chain Store Corp. | 10,900 | 109,141 | ||||||||
Quanta Computer, Inc. | 49,032 | 96,905 | ||||||||
Realtek Semiconductor Corp. | 9,538 | 72,057 | ||||||||
Ruentex Development Co. Ltd.* | 13,761 | 20,567 | ||||||||
Ruentex Industries Ltd.* | 6,580 | 16,326 | ||||||||
Shanghai Commercial & Savings Bank Ltd. | 67,143 | 109,813 | ||||||||
Shin Kong Financial Holding Co. Ltd.* | 195,124 | 64,273 | ||||||||
SinoPac Financial Holdings Co. Ltd. | 200,175 | 84,307 | ||||||||
Standard Foods Corp. | 8,043 | 17,478 | ||||||||
Synnex Technology International Corp. | 30,900 | 37,320 | ||||||||
Taishin Financial Holding Co. Ltd. | 189,849 | 88,669 | ||||||||
Taiwan Business Bank | 104,186 | 42,685 | ||||||||
Taiwan Cement Corp. | 87,665 | 118,954 | ||||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 179,746 | 122,244 | ||||||||
Taiwan High Speed Rail Corp. | 36,071 | 42,502 | ||||||||
Taiwan Mobile Co. Ltd. | 30,344 | 113,875 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||
Taiwan (Continued) | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 455,781 | $ | 4,556,241 | |||||||
Tatung Co. Ltd.* | 39,344 | 28,434 | ||||||||
Uni-President Enterprises Corp. | 85,021 | 202,030 | ||||||||
United Microelectronics Corp. | 217,657 | 106,651 | ||||||||
Vanguard International Semiconductor Corp. | 17,792 | 41,753 | ||||||||
Walsin Technology Corp. | 6,522 | 36,340 | ||||||||
Win Semiconductors Corp. | 6,308 | 62,541 | ||||||||
Winbond Electronics Corp. | 59,929 | 34,275 | ||||||||
Wistron Corp. | 57,012 | 51,760 | ||||||||
Wiwynn Corp. | 1,387 | 25,139 | ||||||||
WPG Holdings Ltd. | 23,805 | 29,609 | ||||||||
Yageo Corp. | 5,316 | 57,498 | ||||||||
Yuanta Financial Holding Co. Ltd. | 166,640 | 107,869 | ||||||||
Zhen Ding Technology Holding Ltd. | 10,146 | 44,727 | ||||||||
|
| |||||||||
12,623,610 | ||||||||||
|
| |||||||||
Thailand — 2.6% | ||||||||||
Advanced Info Service PCL, NVDR | 21,374 | 149,956 | ||||||||
Airports of Thailand PCL, NVDR | 77,500 | 193,638 | ||||||||
B Grimm Power PCL, NVDR | 12,000 | 21,047 | ||||||||
Bangkok Bank PCL, NVDR | 9,846 | 57,510 | ||||||||
Bangkok Dusit Medical Services PCL, NVDR | 167,800 | 136,606 | ||||||||
Bangkok Expressway & Metro PCL, NVDR | 153,300 | 54,791 | ||||||||
Banpu PCL, NVDR | 78,500 | 30,135 | ||||||||
Berli Jucker PCL, NVDR | 21,400 | 32,223 | ||||||||
BTS Group Holdings PCL, NVDR | 143,844 | 65,216 | ||||||||
Bumrungrad Hospital PCL, NVDR | 8,500 | 38,115 | ||||||||
Central Pattana PCL, NVDR | 42,500 | 87,553 | ||||||||
Charoen Pokphand Foods PCL, NVDR | 75,243 | 68,476 | ||||||||
CP ALL PCL, NVDR | 108,200 | 272,134 | ||||||||
Electricity Generating PCL, NVDR | 5,100 | 58,228 | ||||||||
Energy Absolute PCL, NVDR | 32,900 | 46,545 | ||||||||
Global Power Synergy PCL, NVDR | 12,000 | 32,365 | ||||||||
Gulf Energy Development PCL, NVDR | 10,400 | 57,477 | ||||||||
Home Product Center PCL, NVDR | 112,100 | 61,211 | ||||||||
Indorama Ventures PCL, NVDR | 31,697 | 36,451 | ||||||||
Intouch Holdings PCL, NVDR | 40,700 | 79,131 | ||||||||
IRPC PCL, NVDR | 217,778 | 25,225 | ||||||||
Kasikornbank PCL, NVDR | 35,479 | 181,989 | ||||||||
Krung Thai Bank PCL, NVDR | 77,806 | 42,228 | ||||||||
Land & Houses PCL, NVDR | 141,400 | 45,858 | ||||||||
Minor International PCL, NVDR | 46,500 | 59,245 | ||||||||
Muangthai Capital PCL, NVDR | 11,300 | 22,531 | ||||||||
Osotspa PCL, NVDR | 12,000 | 16,282 | ||||||||
PTT Exploration & Production PCL, NVDR | 27,413 | 108,863 | ||||||||
PTT Global Chemical PCL, NVDR | 46,600 | 82,891 | ||||||||
PTT PCL | 54,600 | 78,148 | ||||||||
PTT PCL, NVDR | 150,080 | 214,808 | ||||||||
Ratch Group PCL, NVDR | 13,300 | 31,140 | ||||||||
Robinson PCL, NVDR | 12,000 | 26,111 | ||||||||
Siam Cement PCL | 6,458 | 81,426 | ||||||||
Siam Cement PCL, NVDR | 7,500 | 94,564 | ||||||||
Siam Commercial Bank PCL, NVDR | 13,798 | 55,251 |
Number | Value | |||||||||||
Thailand (Continued) | ||||||||||||
Srisawad Corp. PCL, NVDR | 12,000 | $ | 24,919 | |||||||||
Thai Oil PCL, NVDR | 20,557 | 46,941 | ||||||||||
Thai Union Group PCL, NVDR | 62,400 | 28,497 | ||||||||||
TMB Bank PCL, NVDR | 479,326 | 25,380 | ||||||||||
Total Access Communication PCL, NVDR | 12,800 | 22,662 | ||||||||||
True Corp. PCL, NVDR | 216,400 | 31,797 | ||||||||||
|
| |||||||||||
2,925,564 | ||||||||||||
|
| |||||||||||
Turkey — 0.5% | ||||||||||||
Akbank T.A.S.* | 56,955 | 76,980 | ||||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 4,500 | 16,971 | ||||||||||
Arcelik AS* | 5,137 | 17,979 | ||||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 6,110 | 19,843 | ||||||||||
BIM Birlesik Magazalar AS | 8,103 | 64,838 | ||||||||||
Eregli Demir ve Celik Fabrikalari TAS | 25,686 | 35,834 | ||||||||||
Ford Otomotiv Sanayi AS | 1,527 | 16,947 | ||||||||||
Haci Omer Sabanci Holding AS | 11,319 | 17,918 | ||||||||||
KOC Holding AS | 14,544 | 50,649 | ||||||||||
TAV Havalimanlari Holding AS | 3,639 | 17,028 | ||||||||||
Tupras Turkiye Petrol Rafinerileri AS | 2,301 | 49,592 | ||||||||||
Turk Hava Yollari AO* | 12,012 | 28,543 | ||||||||||
Turkcell Iletisim Hizmetleri AS | 15,333 | 36,167 | ||||||||||
Turkiye Garanti Bankasi AS* | 44,043 | 77,379 | ||||||||||
Turkiye Is Bankasi AS, Class C* | 26,918 | 28,797 | ||||||||||
|
| |||||||||||
555,465 | ||||||||||||
|
| |||||||||||
United Arab Emirates — 0.6% | ||||||||||||
Abu Dhabi Commercial Bank PJSC | 53,115 | 109,176 | ||||||||||
Aldar Properties PJSC | 68,535 | 40,489 | ||||||||||
DP World PLC | 3,357 | 42,097 | ||||||||||
Dubai Islamic Bank PJSC | 34,868 | 50,311 | ||||||||||
Emaar Malls PJSC | 45,747 | 23,788 | ||||||||||
Emaar Properties PJSC | 69,049 | 77,637 | ||||||||||
Emirates Telecommunications Group Co. PJSC | 32,699 | 145,105 | ||||||||||
First Abu Dhabi Bank PJSC | 49,172 | 203,480 | ||||||||||
|
| |||||||||||
692,083 | ||||||||||||
|
| |||||||||||
United States (c) — 0.0% | ||||||||||||
Nexteer Automotive Group Ltd. | 17,578 | 14,731 | ||||||||||
|
| |||||||||||
TOTAL COMMON STOCKS | 103,895,529 | |||||||||||
|
| |||||||||||
PREFERRED STOCKS — 3.2% | ||||||||||||
Brazil — 2.3% | ||||||||||||
Banco Bradesco SA | 72,596 | 571,553 | ||||||||||
Braskem SA, Class A | 3,678 | 24,289 | ||||||||||
Centrais Eletricas Brasileiras SA, Class B | 4,818 | 40,843 | ||||||||||
Cia Brasileira de Distribuicao | 2,928 | 55,375 | ||||||||||
Cia Energetica de Minas Gerais | 18,678 | 57,508 | ||||||||||
Gerdau SA | 20,082 | 80,546 | ||||||||||
Itau Unibanco Holding SA | 87,760 | 720,549 | ||||||||||
Itausa — Investimentos Itau SA | 82,872 | 259,458 | ||||||||||
Lojas Americanas SA | 13,910 | 73,119 |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||||||
Brazil (Continued) | ||||||||||||
Petroleo Brasileiro SA | 77,539 | $ | 533,269 | |||||||||
Telefonica Brasil SA | 8,699 | 115,446 | ||||||||||
|
| |||||||||||
2,531,955 | ||||||||||||
|
| |||||||||||
Chile — 0.1% | ||||||||||||
Embotelladora Andina SA, Class B | 5,911 | 15,058 | ||||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 2,169 | 51,479 | ||||||||||
|
| |||||||||||
66,537 | ||||||||||||
|
| |||||||||||
Colombia — 0.1% | ||||||||||||
Bancolombia SA | 8,991 | 110,794 | ||||||||||
Grupo Aval Acciones y Valores SA | 81,392 | 32,746 | ||||||||||
|
| |||||||||||
143,540 | ||||||||||||
|
| |||||||||||
Russia — 0.1% | ||||||||||||
Surgutneftegas PJSC | 138,816 | 77,865 | ||||||||||
Transneft PJSC | 10 | 26,407 | ||||||||||
|
| |||||||||||
104,272 | ||||||||||||
|
| |||||||||||
South Korea — 0.6% | ||||||||||||
Amorepacific Corp. | 227 | 16,874 | ||||||||||
Hyundai Motor Co. | 498 | 30,399 | ||||||||||
Hyundai Motor Co. — 2nd Preferred | 633 | 43,570 | ||||||||||
LG Chem Ltd. | 144 | 20,360 | ||||||||||
LG Household & Health Care Ltd. | 38 | 23,936 | ||||||||||
Samsung Electronics Co. Ltd. | 15,068 | 521,126 | ||||||||||
|
| |||||||||||
656,265 | ||||||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | 3,502,569 | |||||||||||
|
| |||||||||||
Principal | Value | |||||||||||
CORPORATE BONDS — 0.0% | ||||||||||||
India — 0.0% | ||||||||||||
Britannia Industries Ltd. 8.00%, 8/28/22 | ||||||||||||
(Cost $411) | INR | 29,160 | 421 | |||||||||
|
|
Number | Value | |||||||||||
RIGHTS — 0.0% | ||||||||||||
Brazil — 0.0% | ||||||||||||
Centrais Eletricas Brasileiras SA*, expires 12/20/19 | 805 | $ | 25 | |||||||||
Centrais Eletricas Brasileiras SA*, expires 12/20/19 | 986 | 16 | ||||||||||
|
| |||||||||||
41 | ||||||||||||
|
| |||||||||||
China — 0.0% | ||||||||||||
Zhengqi Financial Holding Corp.*, expires 12/31/49 (b) | 532 | 0 | ||||||||||
|
| |||||||||||
South Korea — 0.0% | ||||||||||||
AMOREPACIFIC Group*, expires 12/11/19 (b) | 37 | 91 | ||||||||||
|
| |||||||||||
TOTAL RIGHTS | 132 | |||||||||||
|
| |||||||||||
WARRANTS — 0.0% | ||||||||||||
Thailand — 0.0% | ||||||||||||
Minor International PCL*, expires 9/30/21 | 2,475 | 285 | ||||||||||
|
| |||||||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||||||
Global X MSCI Pakistan ETF | 6,500 | 49,725 | ||||||||||
|
| |||||||||||
SECURITIES LENDING COLLATERAL — 0.9% | ||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) | 993,248 | 993,248 | ||||||||||
|
| |||||||||||
CASH EQUIVALENTS — 1.7% | ||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) | 1,828,982 | 1,828,982 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS — 99.6% (Cost $94,502,492) | $ | 110,270,891 | ||||||||||
Other assets and liabilities, net — 0.4% | 427,535 | |||||||||||
|
| |||||||||||
NET ASSETS — 100.0% | $ | 110,698,426 | ||||||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.9% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) |
| |||||||||||||||||||||||||||||||||||
751,459 | 241,789 | (f) | — | — | — | 8,180 | — | 993,248 | 993,248 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.7% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) |
| |||||||||||||||||||||||||||||||||||
879,859 | 18,255,662 | (17,306,539 | ) | — | — | 14,771 | — | 1,828,982 | 1,828,982 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
1,631,318 | 18,497,451 | (17,306,539 | ) | — | — | 22,951 | — | 2,822,230 | 2,822,230 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2019 amounted to $1,516,104, which is 1.4% of net assets. |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
(b) | Investment was valued using significant unobservable inputs. |
(c) | Securities are listed in country of domicile and trade on exchanges within the MSCI EM US Dollar Hedged Index. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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 heldnon-cash U.S. Treasury securities collateral having a value of $615,427. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
JSC | Joint Stock Company |
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. |
At November 30, 2019, 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 | 62 | $ | 3,188,830 | $3,217,800 | 12/20/2019 | $ | 28,970 |
As of November 30, 2019, 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 | 12/4/2019 | BRL | 729,500 | USD | 182,325 | $ | 10,249 | $ | — | |||||||||||||
Citigroup Global Markets | 12/4/2019 | BRL | 1,444,000 | USD | 357,187 | 16,573 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | BRL | 931,300 | USD | 231,459 | 11,782 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | BRL | 5,200,800 | USD | 1,293,828 | 67,052 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | BRL | 27,077,500 | USD | 6,730,172 | 343,073 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | CLP | 14,715,400 | USD | 19,736 | 1,446 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | CLP | 698,979,600 | USD | 943,866 | 75,081 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | CNH | 549,000 | USD | 77,858 | — | (217 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | CNH | 7,286,000 | USD | 1,033,236 | — | (2,932 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | CNH | 418,600 | USD | 59,755 | 224 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | CNH | 12,047,700 | USD | 1,708,729 | — | (4,618 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | COP | 1,481,944,400 | USD | 438,156 | 16,900 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | CZK | 2,186,000 | USD | 95,616 | 1,316 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | CZK | 2,685,000 | USD | 117,464 | 1,639 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | EGP | 2,695,600 | USD | 165,731 | — | (1,254 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | EUR | 69,000 | USD | 77,125 | 1,082 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | EUR | 299,800 | USD | 335,102 | 4,702 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | HKD | 3,889,800 | USD | 496,715 | — | (164 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | HKD | 55,797,300 | USD | 7,117,608 | — | (9,885 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | HKD | 23,090,500 | USD | 2,945,435 | — | (4,123 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | HKD | 7,931,000 | USD | 1,011,601 | — | (1,497 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | HKD | 7,600,000 | USD | 969,425 | — | (1,392 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | HKD | 90,347,300 | USD | 11,524,699 | — | (16,177 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | HUF | 57,252,000 | USD | 194,869 | 6,200 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | HUF | 44,286,400 | USD | 150,749 | 4,807 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | IDR | 19,077,887,500 | USD | 1,354,867 | 2,837 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | IDR | 10,489,402,700 | USD | 744,352 | 978 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | IDR | 689,321,700 | USD | 49,142 | 291 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | IDR | 1,659,373,000 | USD | 117,519 | — | (79 | ) |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
RBC Capital Markets | 12/4/2019 | IDR | 1,516,118,300 | USD | 107,732 | $ | 287 | $ | — | |||||||||||||
Citigroup Global Markets | 12/4/2019 | INR | 10,077,600 | USD | 141,506 | 1,079 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | INR | 14,772,200 | USD | 208,353 | 2,508 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | INR | 43,985,000 | USD | 618,311 | 5,398 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | INR | 611,614,800 | USD | 8,621,822 | 99,209 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | INR | 36,000,000 | USD | 505,398 | 3,752 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | KRW | 332,424,000 | USD | 287,117 | 5,644 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | KRW | 670,453,000 | USD | 573,694 | 6,002 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | KRW | 864,255,400 | USD | 743,612 | 11,822 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | KRW | 12,244,712,100 | USD | 10,529,644 | 161,691 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | KRW | 2,010,718,000 | USD | �� | 1,729,352 | 26,819 | — | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | MXN | 32,540,000 | USD | 1,689,161 | 26,004 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | MXN | 1,143,300 | USD | 59,299 | 863 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | MXN | 6,280,400 | USD | 326,019 | 5,021 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | MXN | 3,203,000 | USD | 166,267 | 2,558 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | MXN | 12,285,500 | USD | 637,774 | 9,848 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | MYR | 4,566,300 | USD | 1,093,371 | 104 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | MYR | 4,769,500 | USD | 1,142,669 | 751 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | MYR | 196,500 | USD | 47,573 | 527 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | PHP | 1,311,300 | USD | 25,968 | 166 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | PHP | 5,291,800 | USD | 104,143 | 14 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | PHP | 27,035,300 | USD | 532,086 | 105 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | PHP | 29,959,400 | USD | 589,694 | 174 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | PLN | 3,375,200 | USD | 884,841 | 23,114 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | PLN | 93,300 | USD | 24,222 | 401 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | PLN | 1,054,200 | USD | 276,359 | 7,210 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | QAR | 85,100 | USD | 23,220 | — | (155 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | QAR | 4,359,900 | USD | 1,197,709 | 150 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | RUB | 252,050,200 | USD | 3,914,644 | — | (230 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | RUB | 6,232,800 | USD | 97,819 | 1,011 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | RUB | 19,154,000 | USD | 297,658 | 156 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | RUB | 24,855,000 | USD | 386,243 | 192 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | THB | 1,932,800 | USD | 63,878 | — | (91 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | THB | 17,155,000 | USD | 568,265 | 495 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | THB | 78,154,800 | USD | 2,588,799 | 2,153 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | TRY | 2,333,200 | USD | 404,715 | — | (718 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | TRY | 143,200 | USD | 24,848 | — | (36 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | TRY | 70,700 | USD | 12,186 | — | (100 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | TRY | 884,100 | USD | 153,374 | — | (253 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | TWD | 203,296,200 | USD | 6,707,675 | 43,251 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | TWD | 123,381,400 | USD | 4,073,876 | 29,206 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | TWD | 29,174,000 | USD | 961,030 | 4,653 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | TWD | 28,637,800 | USD | 945,392 | 6,592 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | TWD | 18,096,200 | USD | 597,629 | 4,402 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | TWD | 8,475,500 | USD | 279,411 | 1,568 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 734,186 | BRL | 3,104,800 | — | (1,819 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 1,230,143 | BRL | 5,200,800 | — | (3,368 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | USD | 247,936 | BRL | 1,009,000 | — | (9,931 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 6,164,515 | BRL | 26,068,500 | — | (15,421 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 884,764 | CLP | 713,695,000 | 2,310 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 1,174,034 | CNH | 8,253,600 | — | (260 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | USD | 126,691 | CNH | 888,000 | — | (405 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,587,426 | CNH | 11,159,700 | — | (365 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 420,486 | COP | 1,481,944,400 | 770 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 420,625 | COP | 1,481,944,400 | 632 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 94,332 | CZK | 2,186,000 | — | (32 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 115,868 | CZK | 2,685,000 | — | (42 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 167,268 | EGP | 2,695,600 | — | (283 | ) |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 406,664 | EUR | 368,800 | $ | — | $ | (221 | ) | ||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 7,625,065 | HKD | 59,687,100 | — | (693 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 3,963,047 | HKD | 31,021,500 | — | (391 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 740,315 | HKD | 5,793,000 | — | (323 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 10,801,810 | HKD | 84,554,300 | — | (926 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 970,900 | HKD | 7,600,000 | — | (83 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 188,815 | HUF | 57,252,000 | — | (146 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 146,056 | HUF | 44,286,400 | — | (114 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 1,352,083 | IDR | 19,077,887,500 | — | (52 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 909,407 | IDR | 12,838,097,400 | 416 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 107,435 | IDR | 1,516,118,300 | 11 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 501,987 | INR | 36,000,000 | — | (341 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 959,838 | INR | 68,834,800 | — | (652 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 332,176 | INR | 23,637,000 | — | (2,804 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 8,200,070 | INR | 587,977,800 | — | (6,830 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 1,580,842 | KRW | 1,867,132,400 | 113 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | USD | 421,869 | KRW | 488,842,000 | — | (7,952 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 9,958,382 | KRW | 11,755,870,100 | — | (4,346 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,703,277 | KRW | 2,010,718,000 | — | (743 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 1,726,702 | MXN | 33,683,300 | — | (5,109 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 321,942 | MXN | 6,280,400 | — | (943 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 164,192 | MXN | 3,203,000 | — | (483 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 103,112 | MXN | 1,988,000 | — | (1,503 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 527,871 | MXN | 10,297,500 | — | (1,554 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,076,371 | MYR | 4,496,000 | 65 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,093,201 | MYR | 4,566,300 | 66 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 113,945 | MYR | 470,000 | — | (1,417 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 531,982 | PHP | 27,035,300 | — | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 129,867 | PHP | 6,603,100 | 64 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 589,160 | PHP | 29,959,400 | 359 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 886,846 | PLN | 3,468,500 | — | (1,298 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 269,548 | PLN | 1,054,200 | — | (398 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 1,126,057 | QAR | 4,127,000 | 7,529 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | USD | 87,382 | QAR | 318,000 | — | (35 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 781,530 | RUB | 50,241,800 | — | (1,168 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 3,696,224 | RUB | 237,617,200 | — | (5,526 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 225,250 | RUB | 14,433,000 | — | (1,075 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 631,390 | THB | 19,087,800 | 348 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 2,378,679 | THB | 71,910,800 | 1,312 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | USD | 115,979 | THB | 3,500,000 | — | (141 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | USD | 90,549 | THB | 2,744,000 | 268 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 406,006 | TRY | 2,333,200 | — | (573 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 166,151 | TRY | 954,800 | — | (238 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 24,919 | TRY | 143,200 | — | (36 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 405,136 | TWD | 12,289,000 | — | (2,280 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 6,262,326 | TWD | 191,007,200 | — | (758 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 4,998,211 | TWD | 152,555,400 | 2,836 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 938,360 | TWD | 28,637,800 | 440 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 870,661 | TWD | 26,571,700 | 408 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 95,857 | ZAR | 1,427,000 | 1,439 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 4,243,126 | ZAR | 62,183,100 | — | (3,366 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 1,071,159 | ZAR | 15,697,900 | — | (846 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | ZAR | 63,610,100 | USD | 4,205,410 | — | (131,647 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | ZAR | 1,353,000 | USD | 89,453 | — | (2,797 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | ZAR | 1,635,200 | USD | 110,425 | — | (1,066 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | ZAR | 12,709,700 | USD | 840,314 | — | (26,257 | ) | ||||||||||||||
Citigroup Global Markets | 12/6/2019 | AED | 2,349,300 | USD | 639,544 | — | (29 | ) | ||||||||||||||
Citigroup Global Markets | 12/6/2019 | AED | 58,500 | USD | 15,925 | — | (1 | ) |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Morgan Stanley Capital | 12/6/2019 | AED | 665,500 | USD | 181,171 | $ | — | $ | (5 | ) | ||||||||||||
Citigroup Global Markets | 12/6/2019 | USD | 181,180 | AED | 665,500 | — | (4 | ) | ||||||||||||||
Citigroup Global Markets | 12/6/2019 | USD | 591,536 | AED | 2,172,800 | — | (13 | ) | ||||||||||||||
Citigroup Global Markets | 12/6/2019 | USD | 63,985 | AED | 235,000 | — | (9 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | AED | 2,172,800 | USD | 591,452 | — | (4 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | AED | 665,500 | USD | 181,154 | — | (1 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | BRL | 3,104,800 | USD | 733,163 | 2,030 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | BRL | 5,200,800 | USD | 1,228,458 | 3,749 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | BRL | 26,068,500 | USD | 6,156,944 | 18,209 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | CLP | 713,695,000 | USD | 886,115 | — | (2,618 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | CNH | 8,253,600 | USD | 1,172,718 | 71 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | CNH | 11,660,000 | USD | 1,656,618 | — | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | CNH | 11,159,700 | USD | 1,585,883 | 346 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | CZK | 2,186,000 | USD | 94,459 | 37 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | CZK | 2,685,000 | USD | 115,993 | 17 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | EUR | 368,800 | USD | 407,723 | 211 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | HKD | 30,000,000 | USD | 3,830,662 | — | (68 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | HKD | 59,687,100 | USD | 7,621,560 | 56 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | HKD | 31,021,500 | USD | 3,960,893 | — | (272 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | HKD | 7,600,000 | USD | 970,409 | — | (43 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | HKD | 84,554,300 | USD | 10,796,348 | — | (473 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | HUF | 57,252,000 | USD | 189,118 | 84 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | HUF | 44,286,400 | USD | 146,337 | 112 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | IDR | 19,077,887,500 | USD | 1,347,118 | — | (468 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | IDR | 12,838,097,400 | USD | 905,558 | — | (1,274 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | IDR | 1,516,118,300 | USD | 106,995 | — | (98 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | INR | 68,834,800 | USD | 957,169 | 893 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | INR | 36,000,000 | USD | 500,591 | 467 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | INR | 587,977,800 | USD | 8,176,238 | 7,854 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | INR | 68,260,000 | USD | 947,977 | — | (314 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | KRW | 1,867,132,400 | USD | 1,582,047 | — | (317 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | KRW | 353,151,000 | USD | 299,154 | — | (136 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | KRW | 2,010,718,000 | USD | 1,704,619 | 568 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | KRW | 11,755,870,100 | USD | 9,966,234 | 3,322 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | MXN | 33,683,300 | USD | 1,718,897 | 5,241 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | MXN | 6,280,400 | USD | 320,508 | 990 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | MXN | 10,297,500 | USD | 525,508 | 1,617 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | MXN | 3,203,000 | USD | 163,457 | 503 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | MYR | 4,496,000 | USD | 1,074,827 | — | (1,007 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | MYR | 4,566,300 | USD | 1,091,633 | — | (1,023 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | PHP | 27,035,300 | USD | 531,605 | 128 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | PHP | 6,603,100 | USD | 129,714 | — | (94 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | PHP | 29,959,400 | USD | 588,708 | — | (253 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | QAR | 4,127,000 | USD | 1,126,149 | — | (7,684 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | THB | 71,910,800 | USD | 2,378,042 | — | (3,730 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | THB | 19,087,800 | USD | 631,221 | — | (990 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | THB | 4,423,000 | USD | 146,262 | — | (233 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | TRY | 2,333,200 | USD | 402,470 | 562 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | TRY | 143,200 | USD | 24,705 | 38 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | TRY | 954,800 | USD | 164,726 | 255 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | TWD | 191,007,200 | USD | 6,273,639 | 2,281 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | TWD | 152,555,400 | USD | 5,006,741 | — | (2,125 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | TWD | 18,458,000 | USD | 605,816 | — | (217 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | TWD | 26,571,700 | USD | 872,350 | — | (81 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | TWD | 28,637,800 | USD | 940,180 | — | (87 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | USD | 184,126 | IDR | 2,605,378,000 | — | (92 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | ZAR | 62,183,100 | USD | 4,222,809 | 3,463 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | ZAR | 2,247,000 | USD | 152,598 | 131 | — |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
RBC Capital Markets | 1/6/2020 | ZAR | 15,697,900 | USD | 1,066,105 | $ | 946 | $ | — | |||||||||||||
Citigroup Global Markets | 1/7/2020 | COP | 1,481,944,400 | USD | 419,634 | — | (772 | ) | ||||||||||||||
Citigroup Global Markets | 1/7/2020 | COP | 1,481,944,400 | USD | 419,724 | — | (682 | ) | ||||||||||||||
Citigroup Global Markets | 1/7/2020 | PLN | 3,468,500 | USD | 886,639 | 1,213 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/7/2020 | PLN | 1,054,200 | USD | 269,471 | 358 | — | |||||||||||||||
Citigroup Global Markets | 1/8/2020 | EGP | 2,695,600 | USD | 165,107 | 50 | — | |||||||||||||||
Citigroup Global Markets | 1/10/2020 | RUB | 50,241,800 | USD | 777,732 | 1,552 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/10/2020 | RUB | 237,617,200 | USD | 3,678,275 | 7,352 | — | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 1,145,224 | $ | (318,195 | ) | |||||||||||||||||
|
|
|
|
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 |
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, 2019 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) | $ | 103,810,116 | $ | — | $ | 85,413 | $ | 103,895,529 | ||||||||
Preferred Stocks (g) | 3,502,569 | — | — | 3,502,569 | ||||||||||||
Corporate Bonds | — | 421 | — | 421 | ||||||||||||
Rights (g) | 41 | — | 91 | 132 | ||||||||||||
Warrants | 285 | — | — | 285 | ||||||||||||
Exchange-Traded Funds | 49,725 | — | — | 49,725 | ||||||||||||
Short-Term Investments (g) | 2,822,230 | — | — | 2,822,230 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 1,145,224 | — | 1,145,224 | ||||||||||||
Futures Contracts | 28,970 | — | — | 28,970 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 110,213,936 | $ | 1,145,645 | $ | 85,504 | $ | 111,445,085 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (318,195 | ) | $ | — | $ | (318,195 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (318,195 | ) | $ | — | $ | (318,195 | ) | ||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
During the period ended November 30, 2019, the amount of transfers from Level 1 to Level 3 was $12,748 and between Level 3 and Level 1 was $299. 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. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.7% | ||||||||
Australia — 0.5% | ||||||||
BHP Group PLC | 210,862 | $ | 4,663,487 | |||||
|
| |||||||
Austria — 0.4% | ||||||||
ANDRITZ AG | 7,188 | 280,334 | ||||||
Erste Group Bank AG* | 29,934 | 1,071,795 | ||||||
OMV AG | 14,787 | 842,889 | ||||||
Raiffeisen Bank International AG | 15,626 | 366,855 | ||||||
Verbund AG | 6,474 | 336,507 | ||||||
voestalpine AG | 11,694 | 309,843 | ||||||
|
| |||||||
3,208,223 | ||||||||
|
| |||||||
Belgium — 1.5% | ||||||||
Ageas | 18,008 | 1,080,852 | ||||||
Anheuser-Busch InBev SA/NV | 76,339 | 6,044,463 | ||||||
Colruyt SA | 5,671 | 293,644 | ||||||
Galapagos NV* | 4,381 | 863,229 | ||||||
Groupe Bruxelles Lambert SA | 8,483 | 860,742 | ||||||
KBC Group NV | 25,029 | 1,823,775 | ||||||
Proximus SADP | 15,015 | 452,921 | ||||||
Solvay SA | 7,448 | 853,369 | ||||||
Telenet Group Holding NV* | 5,000 | 225,628 | ||||||
UCB SA | 12,691 | 1,028,493 | ||||||
Umicore SA | 20,027 | 860,045 | ||||||
|
| |||||||
14,387,161 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Antofagasta PLC | 38,923 | 436,961 | ||||||
|
| |||||||
Denmark — 2.8% | ||||||||
A.P. Moller — Maersk A/S, Class A | 385 | 499,834 | ||||||
A.P. Moller — Maersk A/S, Class B | 657 | 918,159 | ||||||
Carlsberg A/S, Class B | 10,918 | 1,570,546 | ||||||
Chr Hansen Holding A/S | 10,635 | 807,571 | ||||||
Coloplast A/S, Class B | 11,744 | 1,387,372 | ||||||
Danske Bank A/S | 67,469 | 910,848 | ||||||
Demant A/S* | 11,403 | 348,877 | ||||||
DSV PANALPINA A/S | 21,426 | 2,332,752 | ||||||
Genmab A/S* | 6,791 | 1,582,073 | ||||||
H Lundbeck A/S | 7,442 | 285,079 | ||||||
ISS A/S | 16,444 | 377,392 | ||||||
Novo Nordisk A/S, Class B | 180,504 | 10,145,548 | ||||||
Novozymes A/S, Class B | 21,983 | 1,050,190 | ||||||
Orsted A/S, 144A | 19,198 | 1,769,179 | ||||||
Pandora A/S | 10,466 | 421,288 | ||||||
Tryg A/S | 11,613 | 333,899 | ||||||
Vestas Wind Systems A/S | 18,605 | 1,770,494 | ||||||
|
| |||||||
26,511,101 | ||||||||
|
| |||||||
Finland — 1.7% | ||||||||
Elisa OYJ | 14,580 | 779,206 | ||||||
Fortum OYJ | 43,852 | 1,033,389 | ||||||
Kone OYJ, Class B | 34,811 | 2,179,121 | ||||||
Metso OYJ | 10,831 | 415,252 | ||||||
Neste OYJ | 42,998 | 1,453,340 | ||||||
Nokia OYJ | 546,913 | 1,935,040 | ||||||
Nokian Renkaat OYJ | 12,483 | 337,762 | ||||||
Nordea Bank Abp | 327,442 | 2,318,860 | ||||||
Nordea Bank Abp | 4,205 | 29,797 |
Number | Value | |||||||
Finland (Continued) | ||||||||
Orion OYJ, Class B | 10,492 | $ | 456,582 | |||||
Sampo OYJ, Class A | 45,567 | 1,842,384 | ||||||
Stora Enso OYJ, Class R | 58,412 | 785,101 | ||||||
UPM-Kymmene OYJ | 53,143 | 1,775,166 | ||||||
Wartsila OYJ Abp | 43,816 | 441,014 | ||||||
|
| |||||||
15,782,014 | ||||||||
|
| |||||||
France — 17.4% | ||||||||
Accor SA | 18,298 | 782,771 | ||||||
Aeroports de Paris | 2,977 | 582,158 | ||||||
Air Liquide SA | 48,592 | 6,587,339 | ||||||
Airbus SE | 59,782 | 8,785,974 | ||||||
Alstom SA | 19,575 | 853,574 | ||||||
Amundi SA, 144A | 6,073 | 459,646 | ||||||
Arkema SA | 7,281 | 754,501 | ||||||
Atos SE | 9,703 | 823,970 | ||||||
AXA SA | 198,918 | 5,411,863 | ||||||
BioMerieux | 4,103 | 370,889 | ||||||
BNP Paribas SA | 115,373 | 6,478,619 | ||||||
Bollore SA* | 467 | 1,960 | ||||||
Bollore SA | 88,177 | 376,921 | ||||||
Bouygues SA | 22,391 | 914,696 | ||||||
Bureau Veritas SA | 28,897 | 756,420 | ||||||
Capgemini SE | 16,148 | 1,909,785 | ||||||
Carrefour SA | 68,527 | 1,130,934 | ||||||
Casino Guichard Perrachon SA (a) | 5,668 | 249,403 | ||||||
Cie de Saint-Gobain | 48,602 | 1,967,774 | ||||||
Cie Generale des Etablissements Michelin SCA | 17,310 | 2,076,771 | ||||||
CNP Assurances | 17,562 | 346,717 | ||||||
Covivio REIT | 4,863 | 537,900 | ||||||
Credit Agricole SA | 114,809 | 1,570,313 | ||||||
Danone SA (a) | 61,860 | 5,092,258 | ||||||
Dassault Aviation SA | 241 | 327,905 | ||||||
Dassault Systemes SE | 13,430 | 2,115,805 | ||||||
Edenred | 24,418 | 1,211,905 | ||||||
Eiffage SA | 7,869 | 859,126 | ||||||
Electricite de France SA (a) | 59,302 | 609,165 | ||||||
Engie SA | 187,535 | 2,966,883 | ||||||
EssilorLuxottica SA | 28,737 | 4,464,000 | ||||||
Eurazeo SE | 4,094 | 278,966 | ||||||
Eutelsat Communications SA (a) | 18,177 | 298,181 | ||||||
Faurecia SE | 7,631 | 404,717 | ||||||
Gecina SA REIT | 4,604 | 795,326 | ||||||
Getlink SE | 45,715 | 771,077 | ||||||
Hermes International | 3,197 | 2,395,053 | ||||||
ICADE REIT | 3,243 | 324,590 | ||||||
Iliad SA | 2,771 | 352,753 | ||||||
Ingenico Group SA | 6,219 | 663,634 | ||||||
Ipsen SA | 3,897 | 440,066 | ||||||
JCDecaux SA | 6,806 | 194,953 | ||||||
Kering SA | 7,596 | 4,575,069 | ||||||
Klepierre SA REIT | 20,139 | 722,636 | ||||||
Legrand SA | 27,276 | 2,153,983 | ||||||
L’Oreal SA | 25,345 | 7,223,578 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 28,282 | 12,690,776 | ||||||
Natixis SA | 97,174 | 406,066 | ||||||
Orange SA (a) | 204,612 | 3,381,318 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Pernod Ricard SA | 21,243 | $ | 3,901,352 | |||||
Peugeot SA | 60,030 | 1,449,681 | ||||||
Publicis Groupe SA | 21,470 | 944,721 | ||||||
Remy Cointreau SA | 2,272 | 292,608 | ||||||
Renault SA | 19,313 | 924,598 | ||||||
Safran SA | 32,840 | 5,370,899 | ||||||
Sanofi | 114,960 | 10,703,320 | ||||||
Sartorius Stedim Biotech | 2,905 | 461,184 | ||||||
Schneider Electric SE | 54,851 | 5,293,614 | ||||||
SCOR SE | 16,380 | 703,608 | ||||||
SEB SA | 2,421 | 376,078 | ||||||
Societe Generale SA | 83,382 | 2,623,579 | ||||||
Sodexo SA | 8,810 | 1,026,893 | ||||||
Suez | 34,362 | 508,604 | ||||||
Teleperformance | 5,989 | 1,418,588 | ||||||
Thales SA | 10,859 | 1,063,783 | ||||||
TOTAL SA | 242,928 | 12,750,082 | ||||||
Ubisoft Entertainment SA* | 8,372 | 508,212 | ||||||
Unibail-Rodamco-Westfield REIT | 14,140 | 2,210,525 | ||||||
Valeo SA | 24,498 | 965,143 | ||||||
Veolia Environnement SA | 56,510 | 1,446,855 | ||||||
Vinci SA | 50,911 | 5,551,658 | ||||||
Vivendi SA | 91,175 | 2,503,153 | ||||||
Wendel SA | 2,638 | 355,439 | ||||||
Worldline SA, 144A* | 11,205 | 725,243 | ||||||
|
| |||||||
163,530,107 | ||||||||
|
| |||||||
Germany — 12.6% | ||||||||
adidas AG | 18,391 | 5,728,905 | ||||||
Allianz SE | 43,428 | 10,399,037 | ||||||
Axel Springer SE | 5,064 | 348,688 | ||||||
BASF SE | 94,037 | 7,067,635 | ||||||
Bayer AG | 93,743 | 7,095,112 | ||||||
Bayerische Motoren Werke AG | 32,848 | 2,652,629 | ||||||
Beiersdorf AG | 9,920 | 1,156,821 | ||||||
Brenntag AG | 15,247 | 813,173 | ||||||
Carl Zeiss Meditec AG | 4,048 | 495,025 | ||||||
Commerzbank AG | 104,701 | 606,852 | ||||||
Continental AG | 10,855 | 1,418,333 | ||||||
Covestro AG, 144A | 17,455 | 817,283 | ||||||
Daimler AG | 93,895 | 5,296,343 | ||||||
Delivery Hero SE, 144A* | 11,298 | 597,457 | ||||||
Deutsche Bank AG (b) | 200,377 | 1,444,624 | ||||||
Deutsche Boerse AG | 19,352 | 2,968,826 | ||||||
Deutsche Lufthansa AG | 23,134 | 438,882 | ||||||
Deutsche Post AG | 98,703 | 3,679,801 | ||||||
Deutsche Telekom AG | 333,111 | 5,591,439 | ||||||
Deutsche Wohnen SE | 35,356 | 1,380,839 | ||||||
E.ON SE | 225,774 | 2,362,489 | ||||||
Evonik Industries AG | 18,728 | 543,464 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 3,942 | 335,793 | ||||||
Fresenius Medical Care AG & Co. KGaA | 21,983 | 1,611,996 | ||||||
Fresenius SE & Co. KGaA | 42,592 | 2,329,289 | ||||||
GEA Group AG | 15,751 | 506,184 | ||||||
Hannover Rueck SE | 5,953 | 1,105,094 | ||||||
HeidelbergCement AG | 14,945 | 1,104,796 | ||||||
Henkel AG & Co. KGaA | 10,428 | 1,008,693 |
Number | Value | |||||||
Germany (Continued) | ||||||||
HOCHTIEF AG | 2,741 | $ | 336,703 | |||||
Infineon Technologies AG | 127,136 | 2,715,596 | ||||||
KION Group AG | 6,855 | 454,791 | ||||||
Knorr-Bremse AG | 4,854 | 472,091 | ||||||
LANXESS AG | 8,326 | 554,952 | ||||||
Merck KGaA | 13,086 | 1,528,187 | ||||||
METRO AG | 18,786 | 302,687 | ||||||
MTU Aero Engines AG | 5,307 | 1,437,710 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 14,396 | 4,133,138 | ||||||
Puma SE | 8,270 | 621,375 | ||||||
RWE AG | 60,692 | 1,799,321 | ||||||
SAP SE | 100,132 | 13,621,758 | ||||||
Siemens AG | 78,216 | 10,092,304 | ||||||
Siemens Healthineers AG, 144A | 14,698 | 712,807 | ||||||
Symrise AG | 13,532 | 1,312,519 | ||||||
Telefonica Deutschland Holding AG | 89,951 | 274,603 | ||||||
thyssenkrupp AG | 40,630 | 509,393 | ||||||
TUI AG | 43,305 | 595,651 | ||||||
Uniper SE | 21,097 | 681,008 | ||||||
United Internet AG | 12,352 | 418,452 | ||||||
Volkswagen AG | 3,264 | 622,639 | ||||||
Vonovia SE | 51,809 | 2,699,219 | ||||||
Wirecard AG | 12,017 | 1,586,049 | ||||||
Zalando SE, 144A* | 13,165 | 567,102 | ||||||
|
| |||||||
118,955,557 | ||||||||
|
| |||||||
Ireland — 1.4% | ||||||||
AerCap Holdings NV* | 13,090 | 809,093 | ||||||
AIB Group PLC | 82,336 | 269,408 | ||||||
Bank of Ireland Group PLC | 93,501 | 469,726 | ||||||
CRH PLC | 80,123 | 3,065,671 | ||||||
DCC PLC | 10,040 | 858,065 | ||||||
Experian PLC | 95,071 | 3,151,468 | ||||||
Flutter Entertainment PLC* | 7,932 | 908,824 | ||||||
Kerry Group PLC, Class A | 16,201 | 2,077,583 | ||||||
Kingspan Group PLC | 15,395 | 829,717 | ||||||
Smurfit Kappa Group PLC | 22,244 | 789,101 | ||||||
|
| |||||||
13,228,656 | ||||||||
|
| |||||||
Isle of Man — 0.1% | ||||||||
GVC Holdings PLC | 58,424 | 643,492 | ||||||
|
| |||||||
Italy — 3.2% | ||||||||
Assicurazioni Generali SpA | 112,147 | 2,289,427 | ||||||
Atlantia SpA | 49,861 | 1,105,230 | ||||||
Davide Campari-Milano SpA | 61,157 | 558,216 | ||||||
Enel SpA | 811,865 | 6,132,228 | ||||||
Eni SpA | 253,642 | 3,832,207 | ||||||
Ferrari NV | 12,270 | 2,073,641 | ||||||
FinecoBank Banca Fineco SpA | 64,438 | 799,363 | ||||||
Intesa Sanpaolo SpA | 1,488,826 | 3,773,374 | ||||||
Leonardo SpA | 39,869 | 466,250 | ||||||
Mediobanca Banca di Credito Finanziario SpA (a) | 61,316 | 685,652 | ||||||
Moncler SpA | 18,080 | 792,169 | ||||||
Pirelli & C SpA, 144A | 37,020 | 210,043 | ||||||
Poste Italiane SpA, 144A | 53,520 | 624,418 | ||||||
Prysmian SpA | 24,671 | 562,355 |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Recordati SpA | 10,976 | $ | 460,353 | |||||
Snam SpA | 209,056 | 1,039,191 | ||||||
Telecom Italia SpA* | 916,212 | 573,536 | ||||||
Telecom ItaliaSpA-RSP | 605,430 | 372,854 | ||||||
Terna Rete Elettrica Nazionale SpA | 141,344 | 907,840 | ||||||
UniCredit SpA | 203,942 | 2,822,468 | ||||||
|
| |||||||
30,080,815 | ||||||||
|
| |||||||
Luxembourg — 0.4% | ||||||||
ArcelorMittal SA | 67,499 | 1,154,720 | ||||||
Aroundtown SA | 89,408 | 776,384 | ||||||
Eurofins Scientific SE (a) | 1,090 | 572,327 | ||||||
Millicom International Cellular SA SDR (a) | 8,532 | 381,609 | ||||||
SES SA | 36,218 | 480,612 | ||||||
Tenaris SA | 47,422 | 504,267 | ||||||
|
| |||||||
3,869,919 | ||||||||
|
| |||||||
Netherlands — 7.7% | ||||||||
ABN AMRO Bank NV, 144A | 42,471 | 724,782 | ||||||
Adyen NV, 144A* | 1,046 | 802,286 | ||||||
Aegon NV | 188,305 | 848,909 | ||||||
Akzo Nobel NV | 23,473 | 2,247,770 | ||||||
Altice Europe NV* | 67,882 | 403,992 | ||||||
ASML Holding NV | 43,339 | 11,793,412 | ||||||
EXOR NV | 11,092 | 848,561 | ||||||
Heineken Holding NV | 11,578 | 1,109,728 | ||||||
Heineken NV | 26,491 | 2,744,572 | ||||||
ING Groep NV | 387,411 | 4,457,614 | ||||||
Koninklijke Ahold Delhaize NV | 121,591 | 3,132,582 | ||||||
Koninklijke DSM NV | 18,522 | 2,373,183 | ||||||
Koninklijke KPN NV | 356,272 | 1,097,444 | ||||||
Koninklijke Philips NV | 92,693 | 4,303,845 | ||||||
Koninklijke Vopak NV | 7,066 | 376,698 | ||||||
NN Group NV | 31,104 | 1,193,873 | ||||||
NXP Semiconductors NV | 28,428 | 3,285,708 | ||||||
Prosus NV* | 49,662 | 3,385,072 | ||||||
QIAGEN NV* | 22,822 | 977,058 | ||||||
Randstad NV | 11,966 | 696,851 | ||||||
Royal Dutch Shell PLC, Class A | 436,312 | 12,476,771 | ||||||
Royal Dutch Shell PLC, Class B | 377,844 | 10,699,754 | ||||||
Wolters Kluwer NV | 28,434 | 2,041,187 | ||||||
|
| |||||||
72,021,652 | ||||||||
|
| |||||||
Norway — 1.0% | ||||||||
Aker BP ASA | 10,415 | 298,766 | ||||||
DNB ASA | 98,390 | 1,653,093 | ||||||
Equinor ASA | 102,475 | 1,888,561 | ||||||
Gjensidige Forsikring ASA | 20,087 | 378,151 | ||||||
Mowi ASA | 44,843 | 1,112,618 | ||||||
Norsk Hydro ASA | 135,114 | 478,072 | ||||||
Orkla ASA | 78,176 | 757,366 | ||||||
Schibsted ASA, Class B | 10,248 | 264,278 | ||||||
Telenor ASA | 74,411 | 1,358,434 | ||||||
Yara International ASA | 17,812 | 671,804 | ||||||
|
| |||||||
8,861,143 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 261,629 | 1,057,829 |
Number | Value | |||||||
Portugal (Continued) | ||||||||
Galp Energia SGPS SA | 50,343 | $ | 819,465 | |||||
Jeronimo Martins SGPS SA | 24,321 | 388,386 | ||||||
|
| |||||||
2,265,680 | ||||||||
|
| |||||||
Russia — 0.0% | ||||||||
Evraz PLC | 50,762 | 243,179 | ||||||
|
| |||||||
Spain — 4.4% | ||||||||
ACS Actividades de Construccion y Servicios SA | 26,286 | 1,023,132 | ||||||
Aena SME SA, 144A | 7,090 | 1,302,103 | ||||||
Amadeus IT Group SA | 44,894 | 3,575,940 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 678,935 | 3,576,482 | ||||||
Banco de Sabadell SA | 565,214 | 627,056 | ||||||
Banco Santander SA | 1,684,567 | 6,564,278 | ||||||
Bankia SA | 123,942 | 240,118 | ||||||
Bankinter SA | 66,584 | 465,662 | ||||||
CaixaBank SA | 356,356 | 1,051,769 | ||||||
Cellnex Telecom SA, 144A* | 24,659 | 1,059,507 | ||||||
Enagas SA | 22,809 | 568,160 | ||||||
Endesa SA | 31,940 | 868,448 | ||||||
Ferrovial SA | 48,112 | 1,428,485 | ||||||
Ferrovial SA* | 763 | 22,654 | ||||||
Grifols SA (a) | 29,755 | 1,016,542 | ||||||
Iberdrola SA | 620,104 | 6,099,333 | ||||||
Industria de Diseno Textil SA | 111,661 | 3,476,461 | ||||||
Mapfre SA | 103,305 | 291,243 | ||||||
Naturgy Energy Group SA | 30,173 | 784,502 | ||||||
Red Electrica Corp. SA | 43,504 | 850,729 | ||||||
Repsol SA | 148,546 | 2,338,605 | ||||||
Siemens Gamesa Renewable Energy SA | 24,071 | 384,128 | ||||||
Telefonica SA | 478,508 | 3,664,904 | ||||||
|
| |||||||
41,280,241 | ||||||||
|
| |||||||
Sweden — 3.8% | ||||||||
Alfa Laval AB | 31,589 | 777,015 | ||||||
Assa Abloy AB, Class B | 102,152 | 2,425,245 | ||||||
Atlas Copco AB, Class A | 71,500 | 2,619,436 | ||||||
Atlas Copco AB, Class B | 39,226 | 1,267,924 | ||||||
Boliden AB | 26,749 | 689,800 | ||||||
Electrolux AB, Series B | 22,694 | 583,097 | ||||||
Epiroc AB, Class A | 66,191 | 772,608 | ||||||
Epiroc AB, Class B | 39,202 | 440,596 | ||||||
Essity AB, Class B | 61,986 | 1,947,953 | ||||||
Hennes & Mauritz AB, Class B (a) | 79,875 | 1,541,435 | ||||||
Hexagon AB, Class B | 26,114 | 1,476,080 | ||||||
Husqvarna AB, Class B | 41,926 | 327,331 | ||||||
ICA Gruppen AB (a) | 9,085 | 396,478 | ||||||
Industrivarden AB, Class C | 16,787 | 389,260 | ||||||
Investor AB, Class B | 46,609 | 2,463,260 | ||||||
Kinnevik AB, Class B | 25,215 | 577,319 | ||||||
L E Lundbergforetagen AB, Class B | 7,645 | 302,986 | ||||||
Lundin Petroleum AB | 18,806 | 579,604 | ||||||
Sandvik AB | 114,253 | 2,077,349 | ||||||
Securitas AB, Class B | 30,393 | 503,898 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 166,354 | 1,426,266 | ||||||
Skanska AB, Class B | 33,690 | 744,278 | ||||||
SKF AB, Class B | 37,449 | 715,109 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Sweden (Continued) | ||||||||
Svenska Handelsbanken AB, Class A | 148,925 | $ | 1,461,551 | |||||
Swedbank AB, Class A | 92,410 | 1,203,106 | ||||||
Swedish Match AB | 17,695 | 847,418 | ||||||
Tele2 AB, Class B | 50,177 | 740,228 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 314,595 | 2,834,529 | ||||||
Telia Co. AB | 279,696 | 1,210,401 | ||||||
Volvo AB, Class B | 151,053 | 2,334,835 | ||||||
|
| |||||||
35,676,395 | ||||||||
|
| |||||||
Switzerland — 15.0% | ||||||||
ABB Ltd. | 188,477 | 4,121,992 | ||||||
Adecco Group AG | 15,894 | 982,567 | ||||||
Alcon, Inc.* | 42,452 | 2,343,775 | ||||||
Baloise Holding AG | 4,900 | 851,620 | ||||||
Barry Callebaut AG | 304 | 611,040 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 11 | 938,300 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 103 | 785,375 | ||||||
Cie Financiere Richemont SA | 52,138 | 3,970,830 | ||||||
Clariant AG* | 19,474 | 402,333 | ||||||
Coca-Cola HBC AG* | 20,143 | 671,880 | ||||||
Credit Suisse Group AG* | 259,169 | 3,396,410 | ||||||
Dufry AG* | 4,322 | 421,741 | ||||||
EMS-Chemie Holding AG | 815 | 505,708 | ||||||
Geberit AG | 3,720 | 1,996,896 | ||||||
Givaudan SA | 920 | 2,703,880 | ||||||
Glencore PLC* | 1,084,338 | 3,420,525 | ||||||
Julius Baer Group Ltd.* | 22,478 | 1,058,264 | ||||||
Kuehne + Nagel International AG | 5,421 | 881,455 | ||||||
LafargeHolcim Ltd.* | 49,262 | 2,539,949 | ||||||
Lonza Group AG* | 7,607 | 2,583,337 | ||||||
Nestle SA | 301,915 | 31,375,007 | ||||||
Novartis AG | 218,077 | 20,076,169 | ||||||
Pargesa Holding SA | 3,897 | 307,473 | ||||||
Partners Group Holding AG | 1,902 | 1,603,766 | ||||||
Roche Holding AG | 71,285 | 21,970,037 | ||||||
Schindler Holding AG | 2,050 | 490,360 | ||||||
Schindler Holding AG Participation Certificates | 4,093 | 1,020,385 | ||||||
SGS SA | 547 | 1,423,294 | ||||||
Sika AG | 12,922 | 2,249,074 | ||||||
Sonova Holding AG | 5,458 | 1,246,061 | ||||||
STMicroelectronics NV | 69,707 | 1,712,556 | ||||||
Straumann Holding AG | 1,068 | 1,027,416 | ||||||
Swatch Group AG — Bearer | 2,987 | 836,360 | ||||||
Swatch Group AG — Registered | 5,612 | 299,120 | ||||||
Swiss Life Holding AG | 3,511 | 1,740,754 | ||||||
Swiss Prime Site AG | 7,634 | 806,150 | ||||||
Swiss Re AG | 30,349 | 3,286,797 | ||||||
Swisscom AG | 2,728 | 1,412,013 | ||||||
Temenos AG* | 6,580 | 998,186 | ||||||
UBS Group AG* | 383,492 | 4,647,923 | ||||||
Vifor Pharma AG | 4,687 | 835,692 | ||||||
Zurich Insurance Group AG | 15,161 | 5,947,660 | ||||||
|
| |||||||
140,500,130 | ||||||||
|
|
Number | Value | |||||||
United Arab Emirates (c) — 0.0% | ||||||||
NMC Health PLC | 9,803 | $ | 318,109 | |||||
|
| |||||||
United Kingdom — 22.4% | ||||||||
3i Group PLC | 97,642 | 1,352,516 | ||||||
Admiral Group PLC | 19,315 | 534,595 | ||||||
Anglo American PLC | 107,832 | 2,826,250 | ||||||
Ashtead Group PLC | 47,846 | 1,454,219 | ||||||
Associated British Foods PLC | 35,231 | 1,170,592 | ||||||
AstraZeneca PLC | 133,854 | 12,911,302 | ||||||
Auto Trader Group PLC, 144A | 95,457 | 693,842 | ||||||
AVEVA Group PLC | 6,410 | 377,875 | ||||||
Aviva PLC | 380,291 | 1,986,089 | ||||||
BAE Systems PLC | 325,578 | 2,414,510 | ||||||
Barclays PLC | 1,716,290 | 3,807,785 | ||||||
Barratt Developments PLC | 101,883 | 878,645 | ||||||
Berkeley Group Holdings PLC | 12,480 | 740,227 | ||||||
BP PLC | 2,074,080 | 12,881,426 | ||||||
British American Tobacco PLC | 234,921 | 9,297,358 | ||||||
British Land Co. PLC REIT | 94,793 | 705,689 | ||||||
BT Group PLC | 863,249 | 2,138,736 | ||||||
Bunzl PLC | 34,334 | 942,737 | ||||||
Burberry Group PLC | 40,135 | 1,092,158 | ||||||
Centrica PLC | 572,204 | 593,677 | ||||||
CNH Industrial NV | 101,989 | 1,093,051 | ||||||
Coca-Cola European Partners PLC | 23,424 | 1,181,975 | ||||||
Compass Group PLC | 158,385 | 3,880,833 | ||||||
Croda International PLC | 12,907 | 831,325 | ||||||
Diageo PLC | 237,931 | 9,739,598 | ||||||
Direct Line Insurance Group PLC | 138,259 | 546,108 | ||||||
easyJet PLC | 16,589 | 287,073 | ||||||
Ferguson PLC | 23,719 | 2,062,107 | ||||||
Fiat Chrysler Automobiles NV | 109,131 | 1,613,483 | ||||||
G4S PLC | 160,266 | 433,423 | ||||||
GlaxoSmithKline PLC | 500,568 | 11,355,571 | ||||||
Halma PLC | 38,124 | 1,038,420 | ||||||
Hargreaves Lansdown PLC | 29,627 | 710,801 | ||||||
HSBC Holdings PLC | 2,063,467 | 15,380,216 | ||||||
Imperial Brands PLC | 97,684 | 2,151,817 | ||||||
Informa PLC | 128,062 | 1,310,789 | ||||||
InterContinental Hotels Group PLC | 17,831 | 1,154,701 | ||||||
Intertek Group PLC | 16,487 | 1,176,203 | ||||||
ITV PLC | 363,924 | 682,959 | ||||||
J Sainsbury PLC | 177,024 | 490,649 | ||||||
JD Sports Fashion PLC | 44,745 | 440,167 | ||||||
Johnson Matthey PLC | 19,439 | 722,565 | ||||||
Kingfisher PLC | 211,942 | 575,368 | ||||||
Land Securities Group PLC REIT | 79,695 | 987,857 | ||||||
Legal & General Group PLC | 604,090 | 2,194,672 | ||||||
Lloyds Banking Group PLC | 7,107,746 | 5,621,402 | ||||||
London Stock Exchange Group PLC | 31,735 | 2,820,577 | ||||||
M&G PLC* | 260,717 | 795,788 | ||||||
Marks & Spencer Group PLC | 186,145 | 467,899 | ||||||
Meggitt PLC | 78,059 | 649,158 | ||||||
Melrose Industries PLC | 495,319 | 1,470,866 | ||||||
Micro Focus International PLC | 34,331 | 502,986 | ||||||
Mondi PLC | 49,929 | 1,081,966 | ||||||
National Grid PLC (a) | 347,794 | 4,002,045 | ||||||
Next PLC | 13,815 | 1,207,495 |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Ocado Group PLC* | 45,648 | $ | 782,265 | |||||
Pearson PLC | 78,467 | 656,204 | ||||||
Persimmon PLC | 32,783 | 1,084,590 | ||||||
Prudential PLC | 260,717 | 4,641,538 | ||||||
Reckitt Benckiser Group PLC | 70,963 | 5,567,378 | ||||||
RELX PLC | 194,688 | 4,716,211 | ||||||
Rentokil Initial PLC | 185,757 | 1,068,868 | ||||||
Rio Tinto PLC | 115,554 | 6,279,219 | ||||||
Rolls-Royce Holdings PLC* | 172,390 | 1,586,589 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 7,224,484 | 9,344 | ||||||
Royal Bank of Scotland Group PLC | 493,591 | 1,444,030 | ||||||
RSA Insurance Group PLC | 101,466 | 723,608 | ||||||
Sage Group PLC | 109,071 | 1,063,363 | ||||||
Schroders PLC | 13,283 | 566,754 | ||||||
Segro PLC REIT | 109,938 | 1,271,164 | ||||||
Severn Trent PLC | 23,813 | 690,812 | ||||||
Smith & Nephew PLC | 89,282 | 1,998,837 | ||||||
Smiths Group PLC | 39,812 | 855,263 | ||||||
Spirax-Sarco Engineering PLC | 7,399 | 854,078 | ||||||
SSE PLC | 105,726 | 1,777,630 | ||||||
St James’s Place PLC | 53,200 | 748,956 | ||||||
Standard Chartered PLC | 277,449 | 2,502,542 | ||||||
Standard Life Aberdeen PLC | 254,622 | 1,043,601 | ||||||
Taylor Wimpey PLC | 329,304 | 742,140 | ||||||
Tesco PLC | 1,002,072 | 2,973,094 | ||||||
Unilever NV | 146,481 | 8,682,149 | ||||||
Unilever PLC | 115,474 | 6,837,169 | ||||||
United Utilities Group PLC | 66,325 | 732,059 | ||||||
Vodafone Group PLC | 2,683,704 | 5,323,080 | ||||||
Weir Group PLC | 26,063 | 470,404 | ||||||
Whitbread PLC | 13,142 | 782,042 | ||||||
Wm Morrison Supermarkets PLC | 237,884 | 610,105 | ||||||
WPP PLC | 127,692 | 1,652,331 | ||||||
|
| |||||||
210,199,558 | ||||||||
|
|
Number | Value | |||||||
United States (c) — 0.1% | ||||||||
Carnival PLC | 16,600 | $ | 698,407 | |||||
|
| |||||||
TOTAL COMMON STOCKS | 907,361,987 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.9% | ||||||||
Germany — 0.9% | ||||||||
Bayerische Motoren Werke AG | 5,576 | 344,013 | ||||||
FUCHS PETROLUB SE | 7,661 | 330,853 | ||||||
Henkel AG & Co. KGaA | 18,279 | 1,930,830 | ||||||
Porsche Automobil Holding SE | 15,376 | 1,138,012 | ||||||
Sartorius AG | 3,560 | 750,289 | ||||||
Volkswagen AG | 18,911 | 3,655,997 | ||||||
|
| |||||||
8,149,994 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 8,149,994 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.4% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) | 12,681,557 | 12,681,557 | ||||||
|
| |||||||
CASH EQUIVALENTS — 1.5% | ||||||||
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (d) | 634,907 | 635,034 | ||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) | 13,488,409 | 13,488,409 | ||||||
|
| |||||||
TOTAL CASH EQUIVALENTS | 14,123,443 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.5% (Cost $953,034,528) | $ | 942,316,981 | ||||||
Other assets and liabilities, net — (0.5%) | (4,720,217 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 937,596,764 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
COMMON STOCKS —0.1% |
| |||||||||||||||||||||||||||||||||||
Germany —0.1% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG (b) |
| |||||||||||||||||||||||||||||||||||
1,318,613 | 232,378 | (172,569 | ) | (145,202 | ) | 211,404 | — | — | 200,377 | 1,444,624 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —1.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) |
| |||||||||||||||||||||||||||||||||||
26,160,853 | — | (13,479,296 | )(f) | — | — | 137,919 | — | 12,681,557 | 12,681,557 | |||||||||||||||||||||||||||
CASH EQUIVALENTS —1.5% |
| |||||||||||||||||||||||||||||||||||
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (d) |
| |||||||||||||||||||||||||||||||||||
9,320,708 | 14,199 | (8,701,740 | ) | 1,740 | 127 | 16,832 | — | 634,907 | 635,034 | |||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) |
| |||||||||||||||||||||||||||||||||||
15,462,354 | 191,586,032 | (193,559,977 | ) | — | — | 128,163 | — | 13,488,409 | 13,488,409 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
52,262,528 | 191,832,609 | (215,913,582 | ) | (143,462 | ) | 211,531 | 282,914 | — | 27,005,250 | 28,249,624 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2019 (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, 2019 amounted to $12,075,442, which is 1.3% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Securities are listed in country of domicile and trade on exchanges within the MSCI Europe US Dollar Hedged Index. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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 heldnon-cash U.S. Treasury securities collateral having a value of $87. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish 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, 2019, 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 | 16 | $ | 2,104,080 | $ | 2,105,500 | 12/20/2019 | $ | 668 | |||||||||
CAC40 10 EURO Futures | EUR | 66 | 4,286,934 | 4,289,296 | 12/20/2019 | 876 | ||||||||||||
DAX Index Futures | EUR | 9 | 3,229,701 | 3,283,578 | 12/20/2019 | 60,483 | ||||||||||||
FTSE/MIB Index Futures | EUR | 6 | 743,039 | 769,196 | 12/20/2019 | 27,339 | ||||||||||||
FTSE 100 Index Futures | GBP | 56 | 5,221,210 | 5,334,296 | 12/20/2019 | 46,981 | ||||||||||||
IBEX 35 Index Futures | EUR | 10 | 1,027,839 | 1,027,347 | 12/20/2019 | (788 | ) | |||||||||||
OMXS30 Index Futures | SEK | 48 | 870,779 | 867,098 | 12/20/2019 | (11,605 | ) | |||||||||||
SWISS MKT IX Futures | CHF | 34 | 3,483,199 | 3,568,640 | 12/20/2019 | 99,900 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 223,854 | ||||||||||||||||
|
|
As of November 30, 2019, 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. | 12/4/2019 | CHF | 42,655,522 | USD | 43,320,272 | $ | 647,951 | $ | — | |||||||||||||
Morgan Stanley Capital | 12/4/2019 | CHF | 2,820,000 | USD | 2,864,107 | 42,997 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | CHF | 491,000 | USD | 498,065 | 6,872 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | CHF | 87,227,217 | USD | 88,590,627 | 1,329,057 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | DKK | 37,303,600 | USD | 5,583,201 | 80,858 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | DKK | 77,351,042 | USD | 11,576,250 | 166,841 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | DKK | 2,167,000 | USD | 324,329 | 4,693 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | DKK | 58,412,400 | USD | 8,742,722 | 126,795 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | EUR | 1,400,000 | USD | 1,552,625 | 9,728 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | EUR | 3,300,000 | USD | 3,688,674 | 51,845 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | EUR | 106,933,223 | USD | 119,524,824 | 1,676,987 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | EUR | 5,206,000 | USD | 5,819,317 | 81,943 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | EUR | 97,828,076 | USD | 109,349,289 | 1,535,956 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | EUR | 197,402,797 | USD | 220,654,280 | 3,102,690 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | GBP | 7,354,054 | USD | 9,524,978 | 11,791 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | GBP | 1,477,000 | USD | 1,902,231 | — | (8,412 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | GBP | 73,034,850 | USD | 94,592,547 | 114,839 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | GBP | 5,075,000 | USD | 6,572,886 | 7,878 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | GBP | 101,305,820 | USD | 131,208,765 | 159,799 | ��� | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | NOK | 40,632,691 | USD | 4,426,171 | 15,780 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | NOK | 10,811,900 | USD | 1,177,487 | 3,932 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | NOK | 31,146,100 | USD | 3,392,832 | 12,144 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | SEK | 37,048,250 | USD | 3,851,450 | — | (17,695 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | SEK | 129,969,836 | USD | 13,511,937 | — | (61,501 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | SEK | 18,814,000 | USD | 1,955,904 | — | (8,941 | ) |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Morgan Stanley Capital | 12/4/2019 | SEK | 18,312,000 | USD | 1,903,804 | $ | — | $ | (8,615 | ) | ||||||||||||
RBC Capital Markets | 12/4/2019 | SEK | 165,736,000 | USD | 17,229,931 | — | (78,756 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 3,313,386 | CHF | 3,311,000 | — | (1,082 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 42,686,213 | CHF | 42,655,522 | — | (13,893 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 87,289,891 | CHF | 87,227,217 | — | (28,322 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 5,505,362 | DKK | 37,303,600 | — | (3,018 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 319,811 | DKK | 2,167,000 | — | (175 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 11,415,510 | DKK | 77,351,042 | — | (6,102 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 8,620,579 | DKK | 58,412,400 | — | (4,653 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 5,182,558 | EUR | 4,700,000 | — | (2,832 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 117,911,843 | EUR | 106,933,223 | — | (64,006 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 217,669,353 | EUR | 197,402,797 | — | (117,763 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 113,612,172 | EUR | 103,034,076 | — | (61,466 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 11,423,286 | GBP | 8,831,054 | 544 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 6,564,766 | GBP | 5,075,000 | 242 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 94,473,135 | GBP | 73,034,850 | 4,572 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 124,837,440 | GBP | 96,508,820 | 6,139 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 6,213,204 | GBP | 4,797,000 | — | (7,816 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 1,173,994 | NOK | 10,811,900 | — | (439 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 4,412,011 | NOK | 40,632,691 | — | (1,620 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 3,381,933 | NOK | 31,146,100 | — | (1,245 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 3,870,721 | SEK | 37,048,250 | — | (1,576 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 13,578,631 | SEK | 129,969,836 | — | (5,193 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 3,878,750 | SEK | 37,126,000 | — | (1,485 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 17,315,319 | SEK | 165,736,000 | — | (6,631 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | CHF | 3,169,000 | USD | 3,180,944 | 963 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | CHF | 3,311,000 | USD | 3,323,530 | 1,056 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | CHF | 42,655,522 | USD | 42,815,438 | 12,101 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | CHF | 87,227,217 | USD | 87,557,748 | 28,261 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | DKK | 37,303,600 | USD | 5,521,282 | 2,817 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | DKK | 10,652,000 | USD | 1,576,572 | 780 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | DKK | 2,167,000 | USD | 320,736 | 164 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | DKK | 77,351,042 | USD | 11,448,784 | 5,947 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | DKK | 58,412,400 | USD | 8,645,620 | 4,449 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | EUR | 4,700,000 | USD | 5,196,085 | 2,736 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | EUR | 11,166,000 | USD | 12,344,381 | 6,311 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | EUR | 106,933,223 | USD | 118,218,848 | 61,077 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | EUR | 197,402,797 | USD | 218,236,096 | 112,355 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | EUR | 103,034,076 | USD | 113,907,983 | 58,644 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | GBP | 8,831,054 | USD | 11,440,357 | 17 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | GBP | 5,075,000 | USD | 6,574,434 | — | (61 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | GBP | 1,874,000 | USD | 2,427,647 | — | (58 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | GBP | 73,034,850 | USD | 94,612,120 | — | (2,119 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | GBP | 96,508,820 | USD | 125,020,903 | — | (3,090 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | NOK | 10,811,900 | USD | 1,174,516 | 474 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | NOK | 40,632,691 | USD | 4,413,954 | 1,732 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | NOK | 31,146,100 | USD | 3,383,441 | 1,350 | — | |||||||||||||||
Citigroup Global Markets | 1/7/2020 | SEK | 37,048,250 | USD | 3,879,743 | 1,582 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/7/2020 | SEK | 129,969,836 | USD | 13,610,487 | 5,419 | — | |||||||||||||||
RBC Capital Markets | 1/7/2020 | SEK | 37,126,000 | USD | 3,887,926 | 1,626 | — | |||||||||||||||
RBC Capital Markets | 1/7/2020 | SEK | 165,736,000 | USD | 17,356,282 | 7,260 | — | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized | $ | 9,519,994 | $ | (518,565 | ) | |||||||||||||||||
|
|
|
|
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.
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
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, 2019 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) | $ | 907,361,987 | $ | — | $ | — | $ | 907,361,987 | ||||||||
Preferred Stocks | 8,149,994 | — | — | 8,149,994 | ||||||||||||
Short-Term Investments (g) | 26,805,000 | — | — | 26,805,000 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 9,519,994 | — | 9,519,994 | ||||||||||||
Futures Contracts | 236,247 | — | — | 236,247 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 942,553,228 | $ | 9,519,994 | $ | — | $ | 952,073,222 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | �� | Level 3 | Total | |||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (518,565 | ) | $ | — | $ | (518,565 | ) | ||||||
Futures Contracts | (12,393 | ) | — | — | (12,393 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (12,393 | ) | $ | (518,565 | ) | $ | — | $ | (530,958 | ) | |||||
|
|
|
|
|
|
|
|
(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. | 64 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 95.9% | ||||||||
Austria — 1.0% | ||||||||
Agrana Beteiligungs AG | 84 | $ | 1,695 | |||||
ANDRITZ AG | 297 | 11,583 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 111 | 2,250 | ||||||
BAWAG Group AG, 144A* | 290 | 11,649 | ||||||
CA Immobilien Anlagen AG | 293 | 12,024 | ||||||
DO & CO AG | 27 | 2,427 | ||||||
Erste Group Bank AG* | 1,385 | 49,590 | ||||||
EVN AG | 174 | 3,159 | ||||||
FACC AG | 99 | 1,339 | ||||||
IMMOFINANZ AG* | 416 | 11,252 | ||||||
Kapsch TrafficCom AG | 21 | 662 | ||||||
Lenzing AG | 68 | 6,615 | ||||||
Oesterreichische Post AG | 177 | 6,425 | ||||||
OMV AG | 673 | 38,362 | ||||||
Palfinger AG | 70 | 2,167 | ||||||
Porr AG (a) | 39 | 720 | ||||||
Raiffeisen Bank International AG | 697 | 16,364 | ||||||
S IMMO AG | 218 | 5,476 | ||||||
S&T AG (a) | 203 | 4,665 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 66 | 3,687 | ||||||
Semperit AG Holding* | 47 | 570 | ||||||
Telekom Austria AG* | 732 | 5,879 | ||||||
UNIQA Insurance Group AG | 630 | 6,271 | ||||||
Verbund AG | 306 | 15,905 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 174 | 4,812 | ||||||
voestalpine AG | 534 | 14,149 | ||||||
Wienerberger AG | 556 | 15,253 | ||||||
Zumtobel Group AG* | 126 | 1,002 | ||||||
|
| |||||||
255,952 | ||||||||
|
| |||||||
Belgium — 3.6% | ||||||||
Ackermans & van Haaren NV | 108 | 16,241 | ||||||
Aedifica SA REIT | 112 | 13,696 | ||||||
Ageas | 835 | 50,117 | ||||||
AGFA-Gevaert NV* | 808 | 4,139 | ||||||
Akka Technologies (a) | 54 | 3,320 | ||||||
Anheuser-Busch InBev SA/NV | 3,551 | 281,165 | ||||||
Barco NV | 42 | 9,694 | ||||||
Befimmo SA REIT | 111 | 7,154 | ||||||
Bekaert SA | 159 | 4,180 | ||||||
Biocartis NV, 144A*(a) | 227 | 1,525 | ||||||
bpost SA | 442 | 5,227 | ||||||
Cie d’Entreprises CFE | 39 | 3,644 | ||||||
Cofinimmo SA REIT | 99 | 14,637 | ||||||
Colruyt SA | 261 | 13,515 | ||||||
D’ieteren SA/NV | 114 | 7,347 | ||||||
Econocom Group SA/NV (a) | 563 | 1,460 | ||||||
Elia System Operator SA/NV | 125 | 10,328 | ||||||
Euronav NV | 756 | 8,237 | ||||||
Exmar NV* | 152 | 903 | ||||||
Fagron | 438 | 8,942 | ||||||
Galapagos NV*(a) | 213 | 41,969 | ||||||
Gimv NV | 111 | 6,775 |
Number | Value | |||||||
Belgium (Continued) | ||||||||
Groupe Bruxelles Lambert SA | 381 | $ | 38,659 | |||||
Intervest Offices & Warehouses NV REIT | 131 | 3,933 | ||||||
Ion Beam Applications* | 96 | 1,461 | ||||||
KBC Ancora | 171 | 8,391 | ||||||
KBC Group NV | 1,134 | 82,631 | ||||||
Kinepolis Group NV | 69 | 4,637 | ||||||
Melexis NV | 87 | 6,345 | ||||||
Mithra Pharmaceuticals SA* | 60 | 1,835 | ||||||
Montea C.V.A REIT | 49 | 4,270 | ||||||
Ontex Group NV | 354 | 6,735 | ||||||
Orange Belgium SA | 145 | 3,219 | ||||||
Proximus SADP | 705 | 21,266 | ||||||
Recticel SA | 129 | 1,133 | ||||||
Retail Estates NV REIT | 81 | 7,951 | ||||||
Sioen Industries NV | 35 | 823 | ||||||
Sofina SA | 69 | 14,960 | ||||||
Solvay SA | 336 | 38,498 | ||||||
Telenet Group Holding NV* | 221 | 9,973 | ||||||
Tessenderlo Group SA* | 101 | 3,522 | ||||||
UCB SA | 577 | 46,761 | ||||||
Umicore SA | 939 | 40,325 | ||||||
Van de Velde NV | 24 | 677 | ||||||
Warehouses De Pauw CVA REIT | 82 | 14,508 | ||||||
X-Fab Silicon Foundries SE, 144A* | 228 | 998 | ||||||
|
| |||||||
877,726 | ||||||||
|
| |||||||
Finland — 3.0% | ||||||||
Aktia Bank OYJ | 200 | 1,932 | ||||||
Cargotec OYJ, Class B | 217 | 7,158 | ||||||
Caverion OYJ | 578 | 4,534 | ||||||
Citycon OYJ (a) | 339 | 3,552 | ||||||
Cramo OYJ | 174 | 2,561 | ||||||
Elisa OYJ | 653 | 34,899 | ||||||
Finnair OYJ | 223 | 1,457 | ||||||
Fortum OYJ | 2,039 | 48,050 | ||||||
F-Secure OYJ* | 383 | 1,373 | ||||||
Huhtamaki OYJ | 441 | 19,361 | ||||||
Kemira OYJ | 450 | 7,030 | ||||||
Kesko OYJ, Class B | 306 | 20,645 | ||||||
Kone OYJ, Class B | 1,572 | 98,405 | ||||||
Konecranes OYJ | 298 | 9,488 | ||||||
Metsa Board OYJ | 623 | 4,091 | ||||||
Metso OYJ | 480 | 18,403 | ||||||
Neste OYJ | 1,901 | 64,254 | ||||||
Nokia OYJ | 26,747 | 94,634 | ||||||
Nokian Renkaat OYJ | 566 | 15,315 | ||||||
Oriola OYJ, Class B | 502 | 1,159 | ||||||
Orion OYJ, Class B | 471 | 20,497 | ||||||
Outokumpu OYJ (a) | 1,296 | 3,714 | ||||||
Outotec OYJ* | 807 | 4,765 | ||||||
Rovio Entertainment OYJ, 144A | 227 | 1,043 | ||||||
Sampo OYJ, Class A | 2,098 | 84,827 | ||||||
Sanoma OYJ | 307 | 3,162 | ||||||
Stora Enso OYJ, Class R | 2,701 | 36,303 | ||||||
Tieto OYJ | 233 | 6,695 | ||||||
Tokmanni Group Corp. | 263 | 3,512 | ||||||
UPM-Kymmene OYJ | 2,469 | 82,473 |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Finland (Continued) | ||||||||
Uponor OYJ | 233 | $ | 2,990 | |||||
Valmet OYJ | 597 | 13,365 | ||||||
Wartsila OYJ Abp | 2,028 | 20,412 | ||||||
YIT OYJ (a) | 890 | 5,932 | ||||||
|
| |||||||
747,991 | ||||||||
|
| |||||||
France — 31.6% | ||||||||
ABC arbitrage | 101 | 742 | ||||||
Accor SA | 860 | 36,790 | ||||||
Aeroports de Paris | 137 | 26,791 | ||||||
AirFrance-KLM* | 940 | 11,060 | ||||||
Air Liquide SA | 2,196 | 297,699 | ||||||
Airbus SE | 2,721 | 399,897 | ||||||
AKWEL | 36 | 813 | ||||||
Albioma SA | 98 | 2,467 | ||||||
ALD SA, 144A | 518 | 7,818 | ||||||
Alstom SA | 884 | 38,547 | ||||||
Alten SA | 136 | 15,702 | ||||||
Altran Technologies SA | 1,056 | 16,485 | ||||||
Amundi SA, 144A | 291 | 22,025 | ||||||
Arkema SA | 323 | 33,471 | ||||||
Atos SE | 451 | 38,298 | ||||||
Aubay | 23 | 843 | ||||||
AXA SA | 8,999 | 244,831 | ||||||
Beneteau SA | 126 | 1,492 | ||||||
BioMerieux | 196 | 17,717 | ||||||
BNP Paribas SA | 5,234 | 293,908 | ||||||
Boiron SA | 27 | 1,011 | ||||||
Bollore SA | 3,903 | 16,684 | ||||||
Bonduelle SCA | 54 | 1,416 | ||||||
Bouygues SA | 1,025 | 41,872 | ||||||
Bureau Veritas SA | 1,312 | 34,343 | ||||||
Capgemini SE | 733 | 86,690 | ||||||
Carmila SA REIT | 244 | 4,909 | ||||||
Carrefour SA | 2,815 | 46,457 | ||||||
Casino Guichard Perrachon SA (a) | 262 | 11,528 | ||||||
Cellectis SA* | 114 | 1,576 | ||||||
CGG SA* | 2,366 | 6,204 | ||||||
Chargeurs SA | 79 | 1,368 | ||||||
Cie de Saint-Gobain | 2,235 | 90,490 | ||||||
Cie des Alpes | 24 | 776 | ||||||
Cie Generale des Etablissements Michelin SCA | 788 | 94,540 | ||||||
Cie Plastic Omnium SA | 301 | 8,178 | ||||||
CNP Assurances | 807 | 15,932 | ||||||
Coface SA | 413 | 4,564 | ||||||
Constellium SE* | 532 | 7,522 | ||||||
Covivio REIT | 212 | 23,449 | ||||||
Credit Agricole SA | 5,510 | 75,364 | ||||||
Danone SA | 2,870 | 236,256 | ||||||
Dassault Aviation SA | 11 | 14,967 | ||||||
Dassault Systemes SE | 623 | 98,149 | ||||||
DBV Technologies SA* | 129 | 1,973 | ||||||
Derichebourg SA | 323 | 1,112 | ||||||
Devoteam SA | 21 | 2,047 | ||||||
Edenred | 1,103 | 54,744 | ||||||
Eiffage SA | 358 | 39,086 |
Number | Value | |||||||
France (Continued) | ||||||||
Electricite de France SA | 2,768 | $ | 28,434 | |||||
Elior Group SA, 144A | 474 | 6,068 | ||||||
Elis SA | 858 | 17,119 | ||||||
Engie SA | 8,598 | 136,024 | ||||||
Eramet | 39 | 1,744 | ||||||
EssilorLuxottica SA | 1,323 | 205,515 | ||||||
Etablissements Maurel et Prom SA | 219 | 620 | ||||||
Eurazeo SE | 189 | 12,878 | ||||||
Europcar Mobility Group, 144A | 383 | 1,750 | ||||||
Eutelsat Communications SA (a) | 803 | 13,173 | ||||||
Faurecia SE | 366 | 19,411 | ||||||
FFP | 21 | 2,457 | ||||||
FIGEAC-AERO* | 39 | 481 | ||||||
Fnac Darty SA* | 70 | 3,933 | ||||||
Gaztransport Et Technigaz SA | 99 | 8,747 | ||||||
Gecina SA REIT | 218 | 37,659 | ||||||
Genfit*(a) | 126 | 1,971 | ||||||
Getlink SE | 1,941 | 32,739 | ||||||
GL Events | 54 | 1,413 | ||||||
Groupe Crit | 5 | 375 | ||||||
Groupe Guillin | 23 | 385 | ||||||
Guerbet | 23 | 1,333 | ||||||
Hermes International | 144 | 107,879 | ||||||
ICADE REIT | 128 | 12,811 | ||||||
ID Logistics Group* | 15 | 3,206 | ||||||
Iliad SA (a) | 129 | 16,422 | ||||||
Imerys SA | 171 | 6,782 | ||||||
Ingenico Group SA | 276 | 29,452 | ||||||
Innate Pharma SA*(a) | 171 | 1,060 | ||||||
Interparfums SA | 74 | 3,041 | ||||||
Ipsen SA | 171 | 19,310 | ||||||
IPSOS | 189 | 6,038 | ||||||
Jacquet Metal Service SA | 65 | 1,057 | ||||||
JCDecaux SA | 338 | 9,682 | ||||||
Kaufman & Broad SA | 59 | 2,383 | ||||||
Kering SA | 356 | 214,419 | ||||||
Klepierre SA REIT | 921 | 33,048 | ||||||
Korian SA | 219 | 9,632 | ||||||
Lagardere SCA | 256 | 5,593 | ||||||
Latecoere SACA* | 345 | 1,463 | ||||||
Legrand SA | 1,223 | 96,580 | ||||||
LISI | 75 | 2,652 | ||||||
LNA Sante SA | 20 | 1,079 | ||||||
L’Oreal SA | 1,175 | 334,887 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,295 | 581,096 | ||||||
Maisons du Monde SA, 144A | 184 | 2,666 | ||||||
Manitou BF SA | 36 | 767 | ||||||
Mercialys SA REIT | 219 | 2,895 | ||||||
Mersen SA | 84 | 2,786 | ||||||
Metropole Television SA | 111 | 1,927 | ||||||
Natixis SA | 4,402 | 18,395 | ||||||
Nexans SA | 119 | 4,709 | ||||||
Nexity SA | 188 | 9,474 | ||||||
Oeneo SA | 145 | 1,792 | ||||||
Orange SA (a) | 9,112 | 150,580 | ||||||
Orpea | 215 | 26,600 | ||||||
Pernod Ricard SA (a) | 992 | 182,184 |
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
Peugeot SA | 2,662 | $ | 64,285 | |||||
Publicis Groupe SA | 972 | 42,770 | ||||||
Quadient | 156 | 3,295 | ||||||
Remy Cointreau SA | 106 | 13,652 | ||||||
Renault SA | 852 | 40,789 | ||||||
Rexel SA | 1,137 | 13,873 | ||||||
Rubis SCA | 413 | 23,524 | ||||||
Safran SA | 1,524 | 249,246 | ||||||
Sanofi | 5,237 | 487,589 | ||||||
Sartorius Stedim Biotech | 128 | 20,321 | ||||||
Schneider Electric SE | 2,564 | 247,449 | ||||||
SCOR SE | 744 | 31,959 | ||||||
SEB SA | 100 | 15,534 | ||||||
SMCP SA, 144A* | 168 | 2,125 | ||||||
Societe BIC SA | 114 | 7,850 | ||||||
Societe Generale SA | 3,753 | 118,087 | ||||||
Sodexo SA | 405 | 47,207 | ||||||
SOITEC* | 97 | 10,259 | ||||||
Solocal Group*(a) | 2,417 | 1,535 | ||||||
Sopra Steria Group | 75 | 11,345 | ||||||
SPIE SA | 528 | 10,703 | ||||||
Suez | 1,614 | 23,889 | ||||||
Synergie SA | 25 | 734 | ||||||
Tarkett SA | 133 | 1,950 | ||||||
Technicolor SA* | 1,526 | 1,243 | ||||||
Teleperformance | 270 | 63,954 | ||||||
Television Francaise 1 | 189 | 1,527 | ||||||
Thales SA | 486 | 47,610 | ||||||
TOTAL SA | 11,154 | 585,418 | ||||||
Trigano SA | 34 | 3,596 | ||||||
Ubisoft Entertainment SA* | 383 | 23,250 | ||||||
Unibail-Rodamco-Westfield REIT | 642 | 100,365 | ||||||
Valeo SA | 1,112 | 43,809 | ||||||
Vallourec SA*(a) | 1,322 | 3,398 | ||||||
Veolia Environnement SA | 2,482 | 63,548 | ||||||
Vicat SA | 118 | 5,005 | ||||||
Vilmorin & Cie SA | 34 | 1,873 | ||||||
Vinci SA | 2,384 | 259,966 | ||||||
Virbac SA* | 23 | 5,613 | ||||||
Vivendi SA | 3,887 | 106,715 | ||||||
Wendel SA | 126 | 16,977 | ||||||
Worldline SA, 144A* | 470 | 30,421 | ||||||
|
| |||||||
7,823,437 | ||||||||
|
| |||||||
Germany — 24.5% | ||||||||
Aareal Bank AG | 241 | 7,434 | ||||||
adidas AG | 843 | 262,599 | ||||||
ADLER Real Estate AG* | 248 | 3,229 | ||||||
ADO Properties SA, 144A | 129 | 5,025 | ||||||
ADVA Optical Networking SE* | 204 | 1,829 | ||||||
AIXTRON SE* | 644 | 6,095 | ||||||
Allianz SE | 1,972 | 472,205 | ||||||
alstria officeREIT-AG REIT | 721 | 13,170 | ||||||
Amadeus Fire AG | 21 | 2,823 | ||||||
AURELIUS Equity Opportunities SE & Co KGaA | 96 | 3,943 | ||||||
Aurubis AG | 170 | 8,046 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Axel Springer SE | 229 | $ | 15,768 | |||||
BASF SE | 4,276 | 321,376 | ||||||
Basler AG | 23 | 1,252 | ||||||
Bayer AG | 4,331 | 327,800 | ||||||
Bayerische Motoren Werke AG | 1,527 | 123,312 | ||||||
BayWa AG | 60 | 1,861 | ||||||
Bechtle AG | 143 | 18,811 | ||||||
Beiersdorf AG | 457 | 53,293 | ||||||
Bertrandt AG | 21 | 1,226 | ||||||
bet-at-home.com AG | 5 | 264 | ||||||
Bilfinger SE | 112 | 4,037 | ||||||
Borussia Dortmund GmbH & Co. KGaA | 301 | 2,784 | ||||||
Brenntag AG | 713 | 38,027 | ||||||
CANCOM SE | 144 | 8,527 | ||||||
Carl Zeiss Meditec AG | 186 | 22,746 | ||||||
CECONOMY AG* | 810 | 3,898 | ||||||
Cewe Stiftung & Co. KGAA | 21 | 2,240 | ||||||
Commerzbank AG | 4,609 | 26,714 | ||||||
CompuGroup Medical SE | 118 | 8,066 | ||||||
Consus Real Estate AG* | 253 | 1,723 | ||||||
Continental AG | 505 | 65,984 | ||||||
Covestro AG, 144A | 801 | 37,505 | ||||||
CropEnergies AG | 232 | 2,173 | ||||||
CTS Eventim AG & Co. KGaA | 275 | 16,784 | ||||||
Daimler AG | 4,236 | 238,940 | ||||||
Delivery Hero SE, 144A* | 531 | 28,080 | ||||||
Dermapharm Holding SE | 71 | 2,948 | ||||||
Deutsche Bank AG (b) | 9,059 | 65,311 | ||||||
Deutsche Beteiligungs AG | 52 | 2,323 | ||||||
Deutsche Boerse AG | 866 | 132,855 | ||||||
Deutsche EuroShop AG | 191 | 5,522 | ||||||
Deutsche Lufthansa AG | 1,010 | 19,161 | ||||||
Deutsche Pfandbriefbank AG, 144A | 597 | 8,991 | ||||||
Deutsche Post AG | 4,639 | 172,949 | ||||||
Deutsche Telekom AG | 15,516 | 260,444 | ||||||
Deutsche Wohnen SE | 1,747 | 68,230 | ||||||
Deutz AG | 548 | 3,284 | ||||||
DIC Asset AG | 201 | 3,357 | ||||||
Draegerwerk AG & Co. KGaA | 11 | 484 | ||||||
Duerr AG | 263 | 8,095 | ||||||
E.ON SE | 10,377 | 108,584 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 19 | 4,061 | ||||||
Elmos Semiconductor AG | 43 | 1,357 | ||||||
ElringKlinger AG*(a) | 127 | 1,097 | ||||||
Encavis AG (a) | 368 | 3,519 | ||||||
Evonik Industries AG | 849 | 24,637 | ||||||
Evotec SE*(a) | 639 | 14,157 | ||||||
Flatex AG*(a) | 61 | 1,593 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 190 | 16,185 | ||||||
Freenet AG | 604 | 14,060 | ||||||
Fresenius Medical Care AG & Co. KGaA | 999 | 73,256 | ||||||
Fresenius SE & Co. KGaA | 1,897 | 103,744 | ||||||
GEA Group AG | 698 | 22,431 | ||||||
Gerresheimer AG | 157 | 11,546 | ||||||
GRENKE AG (a) | 133 | 12,411 |
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Hamborner REIT AG REIT | 354 | $ | 3,724 | |||||
Hamburger Hafen und Logistik AG | 111 | 2,998 | ||||||
Hannover Rueck SE | 277 | 51,421 | ||||||
HeidelbergCement AG | 683 | 50,490 | ||||||
Heidelberger Druckmaschinen AG*(a) | 1,163 | 1,600 | ||||||
HelloFresh SE* | 639 | 12,714 | ||||||
Henkel AG & Co. KGaA | 515 | 49,816 | ||||||
HOCHTIEF AG | 110 | 13,512 | ||||||
Hornbach Holding AG & Co. KGAA | 39 | 2,286 | ||||||
HUGO BOSS AG | 290 | 13,658 | ||||||
Hypoport AG* | 13 | 4,182 | ||||||
Indus Holding AG | 66 | 2,803 | ||||||
Infineon Technologies AG | 5,878 | 125,553 | ||||||
Isra Vision AG | 67 | 2,861 | ||||||
Jenoptik AG | 259 | 7,539 | ||||||
JOST Werke AG, 144A | 94 | 3,324 | ||||||
K+S AG | 905 | 10,225 | ||||||
KION Group AG | 306 | 20,301 | ||||||
Kloeckner & Co. SE | 324 | 2,058 | ||||||
Knorr-Bremse AG | 217 | 21,105 | ||||||
Koenig & Bauer AG (a) | 53 | 1,873 | ||||||
Krones AG | 66 | 4,581 | ||||||
KWS Saat SE & Co. KGaA | 65 | 4,340 | ||||||
LANXESS AG | 407 | 27,128 | ||||||
LEG Immobilien AG | 285 | 32,168 | ||||||
Leoni AG*(a) | 129 | 1,663 | ||||||
MBB SE | 6 | 484 | ||||||
Merck KGaA | 599 | 69,951 | ||||||
METRO AG | 797 | 12,842 | ||||||
MLP SE | 278 | 1,446 | ||||||
MorphoSys AG* | 180 | 22,250 | ||||||
MTU Aero Engines AG | 247 | 66,914 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 672 | 192,933 | ||||||
Nemetschek SE | 279 | 16,491 | ||||||
New Work SE | 14 | 4,743 | ||||||
Nordex SE*(a) | 292 | 3,983 | ||||||
Norma Group SE | 135 | 5,586 | ||||||
OHB SE | 24 | 1,108 | ||||||
OSRAM Licht AG (a) | 459 | 19,792 | ||||||
PATRIZIA AG | 204 | 4,126 | ||||||
Pfeiffer Vacuum Technology AG | 22 | 3,793 | ||||||
ProSiebenSat.1 Media SE | 1,033 | 15,489 | ||||||
Puma SE | 384 | 28,852 | ||||||
Rational AG | 17 | 13,017 | ||||||
Rheinmetall AG | 197 | 20,974 | ||||||
RHOEN-KLINIKUM AG | 114 | 2,336 | ||||||
RIB Software SE | 130 | 3,426 | ||||||
Rocket Internet SE, 144A* | 322 | 8,095 | ||||||
RWE AG | 2,688 | 79,690 | ||||||
SAF-Holland SA | 203 | 1,624 | ||||||
Salzgitter AG | 152 | 3,006 | ||||||
SAP SE | 4,572 | 621,966 | ||||||
Scout24 AG, 144A | 511 | 31,639 | ||||||
SGL Carbon SE* | 217 | 1,044 | ||||||
Siemens AG | 3,565 | 459,996 | ||||||
Siemens Healthineers AG, 144A | 675 | 32,735 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Siltronic AG | 102 | $ | 8,446 | |||||
Sixt Leasing SE | 54 | 684 | ||||||
Sixt SE | 64 | 6,057 | ||||||
SMA Solar Technology AG*(a) | 54 | 1,849 | ||||||
Software AG | 203 | 6,846 | ||||||
STRATEC SE | 21 | 1,578 | ||||||
Stroeer SE & Co. KGaA | 137 | 10,709 | ||||||
Suedzucker AG | 313 | 4,697 | ||||||
Symrise AG | 588 | 57,032 | ||||||
TAG Immobilien AG* | 621 | 14,942 | ||||||
Takkt AG | 144 | 1,856 | ||||||
Telefonica Deutschland Holding AG | 4,237 | 12,935 | ||||||
thyssenkrupp AG (a) | 1,899 | 23,808 | ||||||
TLG Immobilien AG | 322 | 10,004 | ||||||
Uniper SE | 924 | 29,827 | ||||||
United Internet AG | 577 | 19,547 | ||||||
Varta AG* | 65 | 8,307 | ||||||
VERBIO Vereinigte BioEnergie AG | 114 | 1,316 | ||||||
Volkswagen AG | 149 | 28,423 | ||||||
Vonovia SE | 2,379 | 123,945 | ||||||
Vossloh AG | 47 | 1,804 | ||||||
Wacker Chemie AG | 75 | 5,172 | ||||||
Wacker Neuson SE (a) | 129 | 2,297 | ||||||
Washtec AG | 64 | 3,730 | ||||||
Wirecard AG (a) | 543 | 71,667 | ||||||
Wuestenrot & Wuerttembergische AG | 84 | 1,790 | ||||||
Zalando SE, 144A* | 715 | 30,800 | ||||||
zooplus AG* | 35 | 3,466 | ||||||
|
| |||||||
6,043,969 | ||||||||
|
| |||||||
Ireland — 1.9% | ||||||||
AerCap Holdings NV* | 583 | 36,035 | ||||||
AIB Group PLC | 3,762 | 12,309 | ||||||
Bank of Ireland Group PLC | 4,440 | 22,306 | ||||||
Cairn Homes PLC | 4,027 | 5,386 | ||||||
CRH PLC | 3,662 | 140,116 | ||||||
Dalata Hotel Group PLC | 738 | 4,407 | ||||||
Flutter Entertainment PLC* | 374 | 42,852 | ||||||
Glanbia PLC | 936 | 10,889 | ||||||
Glenveagh Properties PLC, 144A* | 4,492 | 3,959 | ||||||
Hibernia REIT PLC REIT | 2,966 | 4,764 | ||||||
Irish Residential Properties REIT PLC REIT | 2,460 | 4,770 | ||||||
Kerry Group PLC, Class A | 753 | 96,563 | ||||||
Kingspan Group PLC | 724 | 39,020 | ||||||
Origin Enterprises PLC | 559 | 2,309 | ||||||
Smurfit Kappa Group PLC | 1,036 | 36,752 | ||||||
|
| |||||||
462,437 | ||||||||
|
| |||||||
Italy — 7.2% | ||||||||
A2A SpA | 7,478 | 14,067 | ||||||
ACEA SpA | 237 | 4,930 | ||||||
Amplifon SpA | 586 | 17,147 | ||||||
Anima Holding SpA, 144A | 1,230 | 6,304 | ||||||
Arnoldo Mondadori Editore SpA* | 419 | 1,004 | ||||||
Ascopiave SpA | 222 | 987 | ||||||
Assicurazioni Generali SpA | 5,185 | �� | 105,849 | |||||
ASTM SpA | 171 | 5,230 |
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
Atlantia SpA | 2,260 | $ | 50,096 | |||||
Autogrill SpA | 554 | 5,920 | ||||||
Azimut Holding SpA | 523 | 13,195 | ||||||
Banca Carige SpA*(c) | 231,170 | 382 | ||||||
Banca Farmafactoring SpA, 144A | 832 | 5,005 | ||||||
Banca Generali SpA | 253 | 8,351 | ||||||
Banca IFIS SpA | 79 | 1,182 | ||||||
Banca Mediolanum SpA | 839 | 8,518 | ||||||
Banca Monte dei Paschi di Siena SpA*(a) | 1,327 | 2,156 | ||||||
Banca Popolare di Sondrio SCPA | 1,971 | 4,660 | ||||||
Banco BPM SpA* | 6,873 | 15,303 | ||||||
Biesse SpA | 49 | 796 | ||||||
BPER Banca | 1,780 | 8,619 | ||||||
Brunello Cucinelli SpA | 141 | 5,222 | ||||||
Buzzi Unicem SpA | 270 | 6,687 | ||||||
Buzzi UnicemSpA-RSP | 189 | 2,890 | ||||||
Cairo Communication SpA | 354 | 1,084 | ||||||
Carel Industries SpA, 144A | 128 | 2,002 | ||||||
Cementir Holding NV | 114 | 878 | ||||||
Cerved Group SpA | 879 | 8,735 | ||||||
CIR-Compagnie Industriali Riunite SpA | 1,687 | 1,948 | ||||||
Credito Emiliano SpA | 405 | 2,387 | ||||||
Credito Valtellinese SpA* | 26,604 | 2,058 | ||||||
Danieli & C Officine Meccaniche SpA | 54 | 1,024 | ||||||
Danieli & C Officine MeccanicheSpA-RSP | 144 | 1,717 | ||||||
Datalogic SpA | 81 | 1,625 | ||||||
Davide Campari-Milano SpA | 2,639 | 24,088 | ||||||
De’ Longhi SpA | 308 | 6,566 | ||||||
DeA Capital SpA* | 399 | 607 | ||||||
DiaSorin SpA | 120 | 16,036 | ||||||
doValue SpA, 144A | 152 | 1,772 | ||||||
El.En. SpA | 39 | 1,431 | ||||||
Enav SpA, 144A | 1,319 | 7,818 | ||||||
Enel SpA | 37,739 | 285,052 | ||||||
Eni SpA | 11,891 | 179,658 | ||||||
ERG SpA | 324 | 7,093 | ||||||
Falck Renewables SpA | 578 | 3,077 | ||||||
Ferrari NV | 562 | 94,978 | ||||||
Fila SpA | 99 | 1,684 | ||||||
Fincantieri SpA (a) | 2,190 | 2,184 | ||||||
FinecoBank Banca Fineco SpA | 2,843 | 35,268 | ||||||
Freni Brembo SpA | 782 | 9,684 | ||||||
Geox SpA | 352 | 465 | ||||||
Gruppo MutuiOnline SpA | 99 | 2,103 | ||||||
Hera SpA | 3,814 | 16,824 | ||||||
Illimity Bank SpA* | 284 | 3,241 | ||||||
IMA Industria Macchine Automatiche SpA | 102 | 7,917 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT | 278 | 1,972 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 1,189 | 12,038 | ||||||
Interpump Group SpA | 354 | 11,060 | ||||||
Intesa Sanpaolo SpA | 69,766 | 176,819 | ||||||
Iren SpA | 2,950 | 9,146 | ||||||
Italgas SpA | 2,323 | 14,598 | ||||||
Italmobiliare SpA | 66 | 1,858 | ||||||
Juventus Football Club SpA* | 1,677 | 2,550 | ||||||
La Doria SpA | 20 | 203 |
Number | Value | |||||||
Italy (Continued) | ||||||||
Leonardo SpA | 1,819 | $ | 21,272 | |||||
Maire Tecnimont SpA | 530 | 1,467 | ||||||
MARR SpA | 159 | 3,661 | ||||||
Mediaset SpA*(a) | 1,978 | 5,980 | ||||||
Mediobanca Banca di Credito Finanziario SpA (a) | 2,861 | 31,992 | ||||||
Moncler SpA | 818 | 35,840 | ||||||
OVS SpA, 144A* | 800 | 1,837 | ||||||
Piaggio & C SpA | 759 | 2,450 | ||||||
Pirelli & C SpA, 144A | 1,715 | 9,730 | ||||||
Poste Italiane SpA, 144A | 2,438 | 28,444 | ||||||
Prysmian SpA | 1,036 | 23,615 | ||||||
RAI Way SpA, 144A | 466 | 3,152 | ||||||
Recordati SpA | 473 | 19,838 | ||||||
Reply SpA | 84 | 6,580 | ||||||
Saipem SpA* | 2,713 | 12,404 | ||||||
Salini Impregilo SpA* | 809 | 1,578 | ||||||
Salvatore Ferragamo SpA | 351 | 6,997 | ||||||
Saras SpA | 2,585 | 4,551 | ||||||
Sesa SpA | 38 | 1,781 | ||||||
Snam SpA | 9,617 | 47,805 | ||||||
Societa Cattolica di Assicurazioni SC | 622 | 5,002 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 277 | 4,663 | ||||||
Tamburi Investment Partners SpA | 370 | 2,788 | ||||||
Technogym SpA, 144A | 399 | 4,914 | ||||||
Telecom Italia SpA* | 41,652 | 26,074 | ||||||
Telecom ItaliaSpA-RSP | 26,255 | 16,169 | ||||||
Terna Rete Elettrica Nazionale SpA | 7,044 | 45,243 | ||||||
Tinexta SpA | 125 | 1,738 | ||||||
Tod’s SpA | 41 | 1,804 | ||||||
UniCredit SpA | 9,274 | 128,348 | ||||||
Unione di Banche Italiane SpA | 4,418 | 14,276 | ||||||
Unipol Gruppo SpA | 1,999 | 11,716 | ||||||
Zignago Vetro SpA | 63 | 905 | ||||||
|
| |||||||
1,790,362 | ||||||||
|
| |||||||
Luxembourg — 0.8% | ||||||||
APERAM SA | 247 | 7,402 | ||||||
ArcelorMittal SA | 2,967 | 50,757 | ||||||
Aroundtown SA | 4,240 | 36,819 | ||||||
Befesa SA, 144A | 114 | 4,320 | ||||||
Corestate Capital Holding SA*(a) | 55 | 1,963 | ||||||
Eurofins Scientific SE | 54 | 28,354 | ||||||
Grand City Properties SA | 583 | 13,527 | ||||||
SES SA | 1,655 | 21,962 | ||||||
Solutions 30 SE*(a) | 308 | 3,269 | ||||||
Stabilus SA | 106 | 6,890 | ||||||
Tenaris SA | 2,167 | 23,043 | ||||||
|
| |||||||
198,306 | ||||||||
|
| |||||||
Netherlands — 10.4% | ||||||||
Aalberts NV | 456 | 19,316 | ||||||
ABN AMRO Bank NV, 144A | 1,919 | 32,748 | ||||||
Accell Group NV | 110 | 3,115 | ||||||
Adyen NV, 144A* | 47 | 36,049 | ||||||
Aegon NV | 7,919 | 35,700 |
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Netherlands (Continued) | ||||||||
Akzo Nobel NV | 1,073 | $ | 102,750 | |||||
Altice Europe NV* | 3,158 | 18,795 | ||||||
AMG Advanced Metallurgical Group NV (a) | 145 | 3,412 | ||||||
Arcadis NV | 311 | 6,325 | ||||||
Argenx SE*(a) | 194 | 28,854 | ||||||
ASM International NV | 203 | 22,577 | ||||||
ASML Holding NV | 1,978 | 538,254 | ||||||
ASR Nederland NV | 638 | 23,708 | ||||||
Basic-Fit NV, 144A* | 188 | 6,773 | ||||||
BE Semiconductor Industries NV | 332 | 12,249 | ||||||
Boskalis Westminster | 376 | 8,786 | ||||||
Brunel International NV | 109 | 1,060 | ||||||
Corbion NV | 248 | 7,672 | ||||||
Eurocommercial Properties NV | 186 | 5,352 | ||||||
Euronext NV, 144A | 249 | 18,805 | ||||||
EXOR NV | 493 | 37,716 | ||||||
Flow Traders, 144A | 142 | 3,332 | ||||||
ForFarmers NV | 95 | 585 | ||||||
Fugro NV* | 348 | 3,273 | ||||||
Heineken Holding NV | 542 | 51,950 | ||||||
Heineken NV | 1,195 | 123,807 | ||||||
IMCD NV | 224 | 18,632 | ||||||
ING Groep NV | 18,226 | 209,711 | ||||||
Intertrust NV, 144A | 387 | 7,274 | ||||||
InterXion Holding NV* | 397 | 33,761 | ||||||
Kendrion NV | 54 | 1,243 | ||||||
Koninklijke Ahold Delhaize NV | 5,463 | 140,745 | ||||||
Koninklijke BAM Groep NV | 1,368 | 3,732 | ||||||
Koninklijke DSM NV | 858 | 109,934 | ||||||
Koninklijke KPN NV | 16,247 | 50,047 | ||||||
Koninklijke Philips NV | 4,163 | 193,293 | ||||||
Koninklijke Volkerwessels NV | 120 | 2,902 | ||||||
Koninklijke Vopak NV | 338 | 18,019 | ||||||
NIBC Holding NV, 144A | 234 | 1,817 | ||||||
NN Group NV | 1,371 | 52,623 | ||||||
NSI NV REIT | 84 | 3,739 | ||||||
NXP Semiconductors NV | 1,309 | 151,294 | ||||||
OCI NV* | 400 | 7,580 | ||||||
Pharming Group NV* | 2,477 | 3,919 | ||||||
PostNL NV | 1,875 | 3,966 | ||||||
Prosus NV* | 2,250 | 153,365 | ||||||
QIAGEN NV* | 1,052 | 45,038 | ||||||
Randstad NV | 539 | 31,389 | ||||||
SBM Offshore NV | 790 | 13,312 | ||||||
Shop Apotheke Europe NV, 144A* | 50 | 2,115 | ||||||
SIF Holding NV | 38 | 490 | ||||||
Signify NV, 144A | 605 | 18,043 | ||||||
Takeaway.com NV, 144A* | 170 | 15,283 | ||||||
TKH Group NV | 186 | 9,639 | ||||||
TomTom NV* | 323 | 3,390 | ||||||
Vastned Retail NV REIT | 71 | 2,159 | ||||||
Wereldhave NV REIT (a) | 173 | 4,136 | ||||||
Wolters Kluwer NV | 1,273 | 91,385 | ||||||
|
| |||||||
2,556,938 | ||||||||
|
|
Number | Value | |||||||
Portugal — 0.6% | ||||||||
Altri SGPS SA | 294 | $ | 1,830 | |||||
Banco Comercial Portugues SA, Class R | 40,733 | 8,796 | ||||||
Corticeira Amorim SGPS SA | 224 | 2,690 | ||||||
CTT-Correios de Portugal SA | 577 | 1,955 | ||||||
EDP - Energias de Portugal SA | 11,700 | 47,306 | ||||||
Galp Energia SGPS SA | 2,303 | 37,487 | ||||||
Jeronimo Martins SGPS SA | 1,165 | 18,604 | ||||||
Mota-Engil SGPS SA | 467 | 981 | ||||||
Navigator Co. SA | 1,124 | 4,322 | ||||||
NOS SGPS SA | 1,266 | 6,868 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 3,077 | 9,390 | ||||||
Semapa-Sociedade de Investimento e Gestao | 107 | 1,613 | ||||||
Sonae SGPS SA | 3,626 | 3,637 | ||||||
|
| |||||||
145,479 | ||||||||
|
| |||||||
Spain — 8.6% | ||||||||
Acciona SA | 98 | 10,149 | ||||||
Acerinox SA* | 872 | 9,138 | ||||||
ACS Actividades de Construccion y Servicios SA | 1,200 | 46,708 | ||||||
Aedas Homes SAU, 144A* | 107 | 2,440 | ||||||
Aena SME SA, 144A | 309 | 56,749 | ||||||
Almirall SA | 255 | 4,332 | ||||||
Amadeus IT Group SA | 1,997 | 159,067 | ||||||
Applus Services SA | 574 | 6,924 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 384 | 1,658 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 30,492 | 160,625 | ||||||
Banco de Sabadell SA | 26,110 | 28,967 | ||||||
Banco Santander SA | 77,257 | 301,049 | ||||||
Bankia SA | 5,465 | 10,588 | ||||||
Bankinter SA | 2,994 | 20,939 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 381 | 14,909 | ||||||
CaixaBank SA | 15,998 | 47,217 | ||||||
Cellnex Telecom SA, 144A* | 1,145 | 49,196 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 219 | 4,941 | ||||||
CIE Automotive SA | 359 | 8,654 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 86 | 3,757 | ||||||
Corp. Financiera Alba SA | 90 | 4,839 | ||||||
Distribuidora Internacional de Alimentacion SA* | 18,590 | 2,382 | ||||||
Distribuidora Internacional de Alimentacion SA*(a) | 1,859 | 238 | ||||||
Ebro Foods SA | 376 | 8,223 | ||||||
eDreams ODIGEO SA* | 343 | 1,542 | ||||||
Enagas SA | 1,087 | 27,077 | ||||||
Ence Energia y Celulosa SA | 486 | 1,864 | ||||||
Endesa SA | 1,507 | 40,975 | ||||||
Euskaltel SA, 144A | 368 | 3,726 | ||||||
Faes Farma SA | 1,188 | 6,989 | ||||||
Ferrovial SA | 2,216 | 65,795 | ||||||
Ferrovial SA* | 34 | 1,009 | ||||||
Fluidra SA* | 213 | 2,642 |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Fomento de Construcciones y Contratas SA | 373 | $ | 4,504 | |||||
Gestamp Automocion SA, 144A | 691 | 3,188 | ||||||
Global Dominion Access SA, 144A* | 459 | 1,891 | ||||||
Grifols SA (a) | 1,359 | 46,429 | ||||||
Grupo Catalana Occidente SA | 207 | 7,457 | ||||||
Grupo Empresarial San Jose SA* | 174 | 1,265 | ||||||
Iberdrola SA | 28,192 | 277,296 | ||||||
Indra Sistemas SA* | 725 | 7,776 | ||||||
Industria de Diseno Textil SA | 5,121 | 159,438 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 1,105 | 13,939 | ||||||
Lar Espana Real Estate Socimi SA REIT | 407 | 3,533 | ||||||
Liberbank SA | 10,395 | 3,493 | ||||||
Mapfre SA | 5,144 | 14,502 | ||||||
Masmovil Ibercom SA* | 318 | 7,168 | ||||||
Mediaset Espana Comunicacion SA | 1,473 | 9,617 | ||||||
Melia Hotels International SA | 488 | 4,048 | ||||||
Merlin Properties Socimi SA REIT | 1,626 | 23,234 | ||||||
Metrovacesa SA, 144A* | 172 | 1,582 | ||||||
Miquel y Costas & Miquel SA | 111 | 1,959 | ||||||
Naturgy Energy Group SA | 1,382 | 35,932 | ||||||
Neinor Homes SA, 144A* | 382 | 4,827 | ||||||
Obrascon Huarte Lain SA*(a) | 1,240 | 1,398 | ||||||
Pharma Mar SA* | 881 | 2,155 | ||||||
Promotora de Informaciones SA, Class A* | 1,286 | 1,981 | ||||||
Prosegur Cash SA, 144A | 2,298 | 3,686 | ||||||
Prosegur Cia de Seguridad SA | 1,177 | 4,850 | ||||||
Red Electrica Corp. SA | 1,936 | 37,859 | ||||||
Repsol SA | 6,608 | 104,032 | ||||||
Sacyr SA | 1,664 | 4,524 | ||||||
Siemens Gamesa Renewable Energy SA | 1,117 | 17,825 | ||||||
Solaria Energia y Medio Ambiente SA* | 234 | 1,765 | ||||||
Talgo SA, 144A* | 459 | 3,029 | ||||||
Tecnicas Reunidas SA*(a) | 144 | 3,509 | ||||||
Telefonica SA | 21,505 | 164,707 | ||||||
Tubacex SA | 485 | 1,517 | ||||||
Unicaja Banco SA, 144A | 3,980 | 4,010 | ||||||
Viscofan SA | 171 | 9,107 | ||||||
Zardoya Otis SA | 808 | 6,187 | ||||||
|
| |||||||
2,120,527 | ||||||||
|
| |||||||
Switzerland (d) — 0.3% | ||||||||
STMicroelectronics NV | 3,137 | 77,070 | ||||||
|
| |||||||
United Kingdom (d) — 2.4% | ||||||||
CNH Industrial NV | 4,689 | 50,254 | ||||||
Coca-Cola European Partners PLC | 1,053 | 53,134 | ||||||
Dialog Semiconductor PLC* | 354 | 18,010 | ||||||
Fiat Chrysler Automobiles NV | 5,012 | 74,102 | ||||||
Unilever NV | 6,827 | 404,646 | ||||||
|
| |||||||
600,146 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 23,700,340 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.5% | ||||||||
Germany — 1.5% | ||||||||
Bayerische Motoren Werke AG | 254 | 15,671 | ||||||
Draegerwerk AG & Co. KGaA | 36 | 2,205 |
Number | Value | |||||||
Germany (Continued) | ||||||||
FUCHS PETROLUB SE | 334 | $ | 14,424 | |||||
Henkel AG & Co. KGaA | 831 | 87,779 | ||||||
Jungheinrich AG | 203 | 5,247 | ||||||
Porsche Automobil Holding SE | 703 | 52,031 | ||||||
Sartorius AG | 163 | 34,353 | ||||||
Sixt SE | 76 | 5,200 | ||||||
STO SE & Co. KGaA | 9 | 1,059 | ||||||
Volkswagen AG | 868 | 167,807 | ||||||
|
| |||||||
385,776 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 385,776 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Spain — 0.0% | ||||||||
Abengoa SA*, expires 3/31/25 | 7,125 | 79 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.6% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f) | 652,598 | 652,598 | ||||||
|
| |||||||
CASH EQUIVALENTS — 4.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (e) | 980,788 | 980,788 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 104.0% (Cost $24,772,589) | $ | 25,719,581 | ||||||
Other assets and liabilities, net — (4.0%) | (991,375 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 24,728,206 | ||||||
|
|
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
COMMON STOCKS —0.3% |
| |||||||||||||||||||||||||||||||||||
Germany —0.3% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG (b) |
| |||||||||||||||||||||||||||||||||||
86,260 | — | (27,547 | ) | (33,816 | ) | 40,414 | — | — | 9,059 | 65,311 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —2.6% |
| |||||||||||||||||||||||||||||||||||
0DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f) |
| |||||||||||||||||||||||||||||||||||
1,747,284 | — | (1,094,686 | )(g) | — | — | 6,114 | — | 652,598 | 652,598 | |||||||||||||||||||||||||||
CASH EQUIVALENTS —4.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (e) |
| |||||||||||||||||||||||||||||||||||
720,256 | 5,560,726 | (5,300,194 | ) | — | — | 6,642 | — | 980,788 | 980,788 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
2,553,800 | 5,560,726 | (6,422,427 | ) | (33,816 | ) | 40,414 | 12,756 | — | 1,642,445 | 1,698,697 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2019 amounted to $629,020, which is 2.5% 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) | Securities listed in country of domicile and traded on an exchange within Eurozone. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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 heldnon-cash U.S. Treasury securities collateral having a value of $27,559. |
(g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
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. |
At November 30, 2019, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
EURO STOXX Futures | EUR | 15 | $ | 581,333 | $611,774 | 12/20/2019 | $ | 28,776 |
As of November 30, 2019, 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 | 12/4/2019 | EUR | 180,000 | USD | 201,200 | $ | 2,828 | $ | — | |||||||||||||
Citigroup Global Markets | 12/4/2019 | EUR | 300,000 | USD | 335,337 | 4,716 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | EUR | 14,859,330 | USD | 16,609,046 | 233,032 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | EUR | 5,653,000 | USD | 6,318,754 | 88,755 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 529,283 | EUR | 480,000 | — | (289 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 16,384,908 | EUR | 14,859,330 | — | (8,894 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 6,233,371 | EUR | 5,653,000 | — | (3,373 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | EUR | 480,000 | USD | 530,664 | 280 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | EUR | 419,000 | USD | 463,218 | 237 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | EUR | 14,859,330 | USD | 16,427,569 | 8,487 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | EUR | 5,653,000 | USD | 6,249,601 | 3,218 | — | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 341,553 | $ | (12,556 | ) | |||||||||||||||||
|
|
|
|
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.
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
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, 2019 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) | $ | 23,699,958 | $ | — | $ | 382 | $ | 23,700,340 | ||||||||
Preferred Stocks | 385,776 | — | — | 385,776 | ||||||||||||
Warrants | 79 | — | — | 79 | ||||||||||||
Short-Term Investments (h) | 1,633,386 | — | — | 1,633,386 | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 341,553 | — | 341,553 | ||||||||||||
Futures Contracts | 28,776 | — | — | 28,776 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 25,747,975 | $ | 341,553 | $ | 382 | $ | 26,089,910 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (12,556 | ) | $ | — | $ | (12,556 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (12,556 | ) | $ | — | $ | (12,556 | ) | ||||||
|
|
|
|
|
|
|
|
(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. | 73 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 91.5% | ||||||||
Communication Services — 5.1% | ||||||||
Axel Springer SE | 694 | $ | 47,786 | |||||
Deutsche Telekom AG | 47,934 | 804,597 | ||||||
Telefonica Deutschland Holding AG | 12,862 | 39,265 | ||||||
United Internet AG | 1,802 | 61,047 | ||||||
|
| |||||||
952,695 | ||||||||
|
| |||||||
Consumer Discretionary — 13.4% | ||||||||
adidas AG | 2,597 | 808,981 | ||||||
Bayerische Motoren Werke AG | 4,764 | 384,715 | ||||||
Continental AG | 1,592 | 208,014 | ||||||
Daimler AG | 13,081 | 737,861 | ||||||
Delivery Hero SE, 144A* | 1,646 | 87,043 | ||||||
Puma SE | 1,189 | 89,337 | ||||||
Volkswagen AG | 464 | 88,512 | ||||||
Zalando SE, 144A* | 2,011 | 86,627 | ||||||
|
| |||||||
2,491,090 | ||||||||
|
| |||||||
Consumer Staples — 1.9% | ||||||||
Beiersdorf AG | 1,436 | 167,459 | ||||||
Henkel AG & Co. KGaA | 1,496 | 144,707 | ||||||
METRO AG | 2,594 | 41,796 | ||||||
|
| |||||||
353,962 | ||||||||
|
| |||||||
Financials — 15.7% | ||||||||
Allianz SE | 6,114 | 1,464,026 | ||||||
Commerzbank AG | 14,561 | 84,396 | ||||||
Deutsche Bank AG (a) | 28,251 | 203,677 | ||||||
Deutsche Boerse AG | 2,734 | 419,428 | ||||||
Hannover Rueck SE | 873 | 162,061 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2,079 | 596,887 | ||||||
|
| |||||||
2,930,475 | ||||||||
|
| |||||||
Health Care — 11.3% | ||||||||
Bayer AG | 13,419 | 1,015,642 | ||||||
Carl Zeiss Meditec AG | 575 | 70,316 | ||||||
Fresenius Medical Care AG & Co. KGaA | 3,050 | 223,654 | ||||||
Fresenius SE & Co. KGaA | 6,008 | 328,568 | ||||||
Merck KGaA | 1,867 | 218,029 | ||||||
QIAGEN NV* | 3,271 | 140,038 | ||||||
Siemens Healthineers AG, 144A | 2,136 | 103,589 | ||||||
|
| |||||||
2,099,836 | ||||||||
|
| |||||||
Industrials — 14.1% | ||||||||
Brenntag AG | 2,200 | 117,333 | ||||||
Deutsche Lufthansa AG | 3,411 | 64,711 | ||||||
Deutsche Post AG | 14,236 | 530,740 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 591 | 50,344 | ||||||
GEA Group AG | 2,207 | 70,926 | ||||||
HOCHTIEF AG | 366 | 44,959 | ||||||
KION Group AG | 925 | 61,369 | ||||||
Knorr-Bremse AG | 689 | 67,011 | ||||||
MTU Aero Engines AG | 760 | 205,890 | ||||||
Siemens AG | 11,008 | 1,420,375 | ||||||
|
| |||||||
2,633,658 | ||||||||
|
|
Number | Value | |||||||
Information Technology — 13.6% | ||||||||
Infineon Technologies AG | 17,986 | $ | 384,177 | |||||
SAP SE | 14,146 | 1,924,394 | ||||||
Wirecard AG | 1,692 | 223,316 | ||||||
|
| |||||||
2,531,887 | ||||||||
|
| |||||||
Materials — 9.0% | ||||||||
BASF SE | 13,206 | 992,537 | ||||||
Covestro AG, 144A | 2,504 | 117,243 | ||||||
Evonik Industries AG | 2,672 | 77,538 | ||||||
HeidelbergCement AG | 2,127 | 157,237 | ||||||
LANXESS AG | 1,180 | 78,651 | ||||||
Symrise AG | 1,861 | 180,505 | ||||||
thyssenkrupp AG | 5,900 | 73,970 | ||||||
|
| |||||||
1,677,681 | ||||||||
|
| |||||||
Real Estate — 3.8% | ||||||||
Aroundtown SA | 13,259 | 115,136 | ||||||
Deutsche Wohnen SE | 5,197 | 202,970 | ||||||
Vonovia SE | 7,413 | 386,213 | ||||||
|
| |||||||
704,319 | ||||||||
|
| |||||||
Utilities — 3.6% | ||||||||
E.ON SE | 32,256 | 337,525 | ||||||
RWE AG | 8,401 | 249,062 | ||||||
Uniper SE | 2,918 | 94,193 | ||||||
|
| |||||||
680,780 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 17,056,383 | |||||||
|
| |||||||
PREFERRED STOCKS — 6.2% | ||||||||
Consumer Discretionary — 3.9% | ||||||||
Bayerische Motoren Werke AG | 808 | 49,850 | ||||||
Porsche Automobil Holding SE | 2,209 | 163,493 | ||||||
Volkswagen AG | 2,672 | 516,568 | ||||||
|
| |||||||
729,911 | ||||||||
|
| |||||||
Consumer Staples — 1.5% | ||||||||
Henkel AG & Co. KGaA | 2,567 | 271,155 | ||||||
|
| |||||||
Health Care — 0.6% | ||||||||
Sartorius AG | 505 | 106,432 | ||||||
|
| |||||||
Materials — 0.2% | ||||||||
FUCHS PETROLUB SE | 1,030 | 44,482 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,151,980 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.2% | ||||||||
iShares MSCI Germany ETF (b) | 1,300 | 37,622 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d) | 4,016 | 4,016 | ||||||
|
|
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
CASH EQUIVALENTS — 1.5% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) | 286,200 | $ | 286,200 | |||||
|
| |||||||
TOTAL INVESTMENTS — 99.4% (Cost $19,857,052) | $ | 18,536,201 | ||||||
Other assets and liabilities, net — 0.6% | 109,057 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 18,645,258 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||||
COMMON STOCKS —1.1% | ||||||||||||||||||||||||||||||||||||||
Financials —1.1% | ||||||||||||||||||||||||||||||||||||||
Deutsche Bank AG (a) | ||||||||||||||||||||||||||||||||||||||
264,960 | 18,167 | (101,637 | ) | (232,364 | ) | 254,551 | — | — | 28,251 | 203,677 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —0.0% | ||||||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d) | ||||||||||||||||||||||||||||||||||||||
— | 4,016 | (e) | — | — | — | 57 | — | 4,016 | 4,016 | |||||||||||||||||||||||||||||
CASH EQUIVALENTS —1.5% | ||||||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) | ||||||||||||||||||||||||||||||||||||||
266,383 | 2,929,365 | (2,909,548 | ) | — | — | 3,495 | — | 286,200 | 286,200 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
531,343 | 2,951,548 | (3,011,185 | ) | (232,364 | ) | 254,551 | 3,552 | — | 318,467 | 493,893 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(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, 2019 amounted to $3,907, which is 0.0% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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, 2019. |
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, 2019, 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 | 5 | $ | 341,694 | $ | 364,842 | 12/20/2019 | $ | 24,830 |
As of November 30, 2019, 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 | 12/4/2019 | EUR | 5,752,367 | USD | 6,429,881 | $ | 90,373 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | EUR | 511,000 | USD | 571,171 | 8,014 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | EUR | 490,000 | USD | 547,698 | 7,684 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | EUR | 9,204,019 | USD | 10,288,133 | 144,665 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 6,342,974 | EUR | 5,752,367 | — | (3,466 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 1,103,771 | EUR | 1,001,000 | — | (599 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 10,148,959 | EUR | 9,204,019 | — | (5,491 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | EUR | 5,752,367 | USD | 6,359,529 | 3,349 | — |
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | EUR | 1,001,000 | USD | 1,106,645 | $ | 572 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | EUR | 384,000 | USD | 424,518 | 210 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | EUR | 9,204,019 | USD | 10,175,384 | 5,238 | — | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 260,105 | $ | (9,556 | ) | |||||||||||||||||
|
|
|
|
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, 2019 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) | $ | 17,056,383 | $ | — | $ | — | $ | 17,056,383 | ||||||||
Preferred Stocks (f) | 1,151,980 | — | — | 1,151,980 | ||||||||||||
Exchange-Traded Funds | 37,622 | — | — | 37,622 | ||||||||||||
Short-Term Investments (f) | 290,216 | — | — | 290,216 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 260,105 | — | 260,105 | ||||||||||||
Futures Contracts | 24,830 | — | — | 24,830 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 18,561,031 | $ | 260,105 | $ | — | $ | 18,821,136 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (9,556 | ) | $ | — | $ | (9,556 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (9,556 | ) | $ | — | $ | (9,556 | ) | ||||||
|
|
|
|
|
|
|
|
(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. | 76 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.9% | ||||||||
Communication Services — 8.0% | ||||||||
CyberAgent, Inc. | 8,300 | $ | 286,638 | |||||
Dentsu, Inc. | 18,336 | 665,058 | ||||||
Hakuhodo DY Holdings, Inc. | 19,380 | 313,218 | ||||||
Kakaku.com, Inc. | 9,536 | 230,091 | ||||||
KDDI Corp. | 145,915 | 4,184,616 | ||||||
Konami Holdings Corp. | 7,664 | 337,495 | ||||||
LINE Corp.*(a) | 6,747 | 317,455 | ||||||
Nexon Co. Ltd.* | 38,064 | 519,205 | ||||||
Nintendo Co. Ltd. | 9,221 | 3,567,762 | ||||||
Nippon Telegraph & Telephone Corp. | 53,176 | 2,685,156 | ||||||
NTT DOCOMO, Inc. | 110,105 | 3,020,833 | ||||||
Softbank Corp. | 136,900 | 1,858,603 | ||||||
SoftBank Group Corp. | 129,386 | 5,027,442 | ||||||
Square Enix Holdings Co. Ltd. | 7,600 | 375,643 | ||||||
Toho Co. Ltd. | 8,498 | 345,106 | ||||||
Z Holdings Corp. | 219,228 | 755,095 | ||||||
|
| |||||||
24,489,416 | ||||||||
|
| |||||||
Consumer Discretionary — 18.0% | ||||||||
ABC-Mart, Inc. | 3,611 | 240,502 | ||||||
Aisin Seiki Co. Ltd. | 13,123 | 496,361 | ||||||
Bandai Namco Holdings, Inc. | 16,807 | 1,019,123 | ||||||
Benesse Holdings, Inc. | 6,588 | 173,826 | ||||||
Bridgestone Corp. | 48,507 | 1,938,862 | ||||||
Casio Computer Co. Ltd. | 15,492 | 295,389 | ||||||
Denso Corp. | 35,810 | 1,599,189 | ||||||
Fast Retailing Co. Ltd. | 4,789 | 2,917,897 | ||||||
Hikari Tsushin, Inc. | 1,752 | 408,488 | ||||||
Honda Motor Co. Ltd. | 136,245 | 3,817,673 | ||||||
Iida Group Holdings Co. Ltd. | 10,966 | 194,864 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 27,475 | 244,741 | ||||||
Isuzu Motors Ltd. | 45,995 | 538,090 | ||||||
J. Front Retailing Co. Ltd. | 20,700 | 271,953 | ||||||
Koito Manufacturing Co. Ltd. | 8,672 | 446,851 | ||||||
Marui Group Co. Ltd. | 16,502 | 397,115 | ||||||
Mazda Motor Corp. | 46,404 | 411,236 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 6,819 | 337,041 | ||||||
Mercari, Inc.* | 5,900 | 130,123 | ||||||
Mitsubishi Motors Corp. | 53,438 | 239,227 | ||||||
NGK Spark Plug Co. Ltd. | 12,390 | 248,015 | ||||||
Nikon Corp. | 26,459 | 362,843 | ||||||
Nissan Motor Co. Ltd. | 187,947 | 1,165,579 | ||||||
Nitori Holdings Co. Ltd. | 6,647 | 1,041,488 | ||||||
Oriental Land Co. Ltd. | 16,525 | 2,286,521 | ||||||
Pan Pacific International Holdings Corp. | 36,200 | 586,714 | ||||||
Panasonic Corp. | 178,544 | 1,683,408 | ||||||
Rakuten, Inc. | 71,438 | 619,384 | ||||||
Rinnai Corp. | 2,755 | 211,429 | ||||||
Ryohin Keikaku Co. Ltd. | 20,800 | 473,751 | ||||||
Sankyo Co. Ltd. | 4,853 | 164,050 | ||||||
Sega Sammy Holdings, Inc. | 12,688 | 183,037 | ||||||
Sekisui Chemical Co. Ltd. | 29,252 | 509,114 | ||||||
Sekisui House Ltd. | 50,052 | 1,081,476 | ||||||
Sharp Corp. | 18,855 | 284,922 | ||||||
Shimamura Co. Ltd. | 2,370 | 190,111 | ||||||
Shimano, Inc. | 6,084 | 983,845 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Sony Corp. | 105,393 | $ | 6,647,785 | |||||
Stanley Electric Co. Ltd. | 10,246 | 283,636 | ||||||
Subaru Corp. | 50,817 | 1,330,839 | ||||||
Sumitomo Electric Industries Ltd. | 61,413 | 916,805 | ||||||
Sumitomo Rubber Industries Ltd. | 14,330 | 182,112 | ||||||
Suzuki Motor Corp. | 29,789 | 1,321,597 | ||||||
Toyoda Gosei Co. Ltd. | 5,763 | 134,631 | ||||||
Toyota Industries Corp. | 11,699 | 687,265 | ||||||
Toyota Motor Corp. | 188,373 | 13,145,064 | ||||||
USS Co. Ltd. | 18,718 | 362,885 | ||||||
Yamada Denki Co. Ltd. | 50,647 | 252,645 | ||||||
Yamaha Corp. | 11,107 | 611,897 | ||||||
Yamaha Motor Co. Ltd. | 22,124 | 462,268 | ||||||
Yokohama Rubber Co. Ltd. | 9,846 | 202,848 | ||||||
ZOZO, Inc. (a) | 8,834 | 175,865 | ||||||
|
| |||||||
54,912,380 | ||||||||
|
| |||||||
Consumer Staples — 7.7% | ||||||||
Aeon Co. Ltd. | 53,202 | 1,085,378 | ||||||
Ajinomoto Co., Inc. | 35,501 | 591,602 | ||||||
Asahi Group Holdings Ltd. | 29,997 | 1,443,188 | ||||||
Calbee, Inc. | 6,708 | 216,031 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 10,200 | 244,994 | ||||||
FamilyMart Co. Ltd. | 20,036 | 473,007 | ||||||
Japan Tobacco, Inc. | 98,189 | 2,237,746 | ||||||
Kao Corp. | 39,384 | 3,098,762 | ||||||
Kikkoman Corp. | 11,548 | 580,275 | ||||||
Kirin Holdings Co. Ltd. | 67,589 | 1,496,214 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 4,100 | 336,376 | ||||||
Kose Corp. | 2,788 | 443,971 | ||||||
Lawson, Inc. | 5,569 | 303,241 | ||||||
Lion Corp. | 19,988 | 402,664 | ||||||
MEIJI Holdings Co. Ltd. | 9,493 | 645,269 | ||||||
NH Foods Ltd. | 6,811 | 285,620 | ||||||
Nisshin Seifun Group, Inc. | 16,875 | 316,980 | ||||||
Nissin Foods Holdings Co. Ltd. | 5,270 | 394,811 | ||||||
Pigeon Corp. | 9,000 | 418,528 | ||||||
Pola Orbis Holdings, Inc. | 7,779 | 191,748 | ||||||
Seven & i Holdings Co. Ltd. | 63,302 | 2,358,463 | ||||||
Shiseido Co. Ltd. | 33,207 | 2,398,258 | ||||||
Sundrug Co. Ltd. | 5,857 | 205,481 | ||||||
Suntory Beverage & Food Ltd. | 10,936 | 474,588 | ||||||
Toyo Suisan Kaisha Ltd. | 7,312 | 315,313 | ||||||
Tsuruha Holdings, Inc. | 3,097 | 368,680 | ||||||
Unicharm Corp. | 34,074 | 1,116,032 | ||||||
Welcia Holdings Co. Ltd. | 3,900 | 239,085 | ||||||
Yakult Honsha Co. Ltd. | 9,838 | 577,040 | ||||||
Yamazaki Baking Co. Ltd. | 10,006 | 183,473 | ||||||
|
| |||||||
23,442,818 | ||||||||
|
| |||||||
Energy — 0.8% | ||||||||
Idemitsu Kosan Co. Ltd. | 16,860 | 460,259 | ||||||
Inpex Corp. | 80,344 | 784,686 | ||||||
JXTG Holdings, Inc. | 259,937 | 1,155,592 | ||||||
|
| |||||||
2,400,537 | ||||||||
|
| |||||||
Financials — 10.3% | ||||||||
Acom Co. Ltd. | 35,974 | 149,214 |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
AEON Financial Service Co. Ltd. | 7,272 | $ | 109,955 | |||||
Aozora Bank Ltd. | 9,792 | 249,418 | ||||||
Bank of Kyoto Ltd. | 5,804 | 239,414 | ||||||
Chiba Bank Ltd. | 43,960 | 250,615 | ||||||
Concordia Financial Group Ltd. | 84,238 | 341,708 | ||||||
Credit Saison Co. Ltd. | 11,592 | 191,691 | ||||||
Dai-ichi Life Holdings, Inc. | 91,519 | 1,474,103 | ||||||
Daiwa Securities Group, Inc. | 122,044 | 618,833 | ||||||
Fukuoka Financial Group, Inc. | 12,448 | 237,121 | ||||||
Japan Exchange Group, Inc. | 39,932 | 678,941 | ||||||
Japan Post Bank Co. Ltd. (a) | 33,025 | 319,826 | ||||||
Japan Post Holdings Co. Ltd. | 129,470 | 1,217,163 | ||||||
Japan Post Insurance Co. Ltd. | 18,600 | 319,984 | ||||||
Mebuki Financial Group, Inc. | 73,862 | 190,973 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,014,342 | 5,357,372 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 34,416 | 221,045 | ||||||
Mizuho Financial Group, Inc. | 1,990,372 | 3,076,798 | ||||||
MS&AD Insurance Group Holdings, Inc. | 38,289 | 1,238,695 | ||||||
Nomura Holdings, Inc. | 272,777 | 1,397,342 | ||||||
ORIX Corp. | 107,927 | 1,767,477 | ||||||
Resona Holdings, Inc. | 165,576 | 702,059 | ||||||
SBI Holdings, Inc. | 20,499 | 425,693 | ||||||
Seven Bank Ltd. | 47,804 | 148,057 | ||||||
Shinsei Bank Ltd. | 16,347 | 257,328 | ||||||
Shizuoka Bank Ltd. | 36,482 | 277,644 | ||||||
Sompo Holdings, Inc. | 27,975 | 1,103,103 | ||||||
Sony Financial Holdings, Inc. | 11,582 | 268,771 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 108,972 | 3,971,397 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 28,062 | 1,073,460 | ||||||
T&D Holdings, Inc. | 43,449 | 511,281 | ||||||
Tokio Marine Holdings, Inc. | 52,771 | 2,869,608 | ||||||
Tokyo Century Corp. | 4,600 | 245,434 | ||||||
|
| |||||||
31,501,523 | ||||||||
|
| |||||||
Health Care — 9.7% | ||||||||
Alfresa Holdings Corp. | 15,990 | 330,304 | ||||||
Asahi Intecc Co. Ltd. | 16,300 | 475,054 | ||||||
Astellas Pharma, Inc. | 155,335 | 2,650,296 | ||||||
Chugai Pharmaceutical Co. Ltd. | 19,245 | 1,680,542 | ||||||
Daiichi Sankyo Co. Ltd. | 47,861 | 3,000,522 | ||||||
Eisai Co. Ltd. | 20,812 | 1,542,052 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 5,706 | 279,943 | ||||||
Hoya Corp. | 32,286 | 2,946,756 | ||||||
Kyowa Kirin Co. Ltd. | 21,260 | 451,208 | ||||||
M3, Inc. | 35,184 | 967,556 | ||||||
Medipal Holdings Corp. | 14,682 | 314,954 | ||||||
Mitsubishi Tanabe Pharma Corp. | 20,561 | 376,261 | ||||||
Nippon Shinyaku Co. Ltd. | 3,800 | 343,008 | ||||||
Olympus Corp. | 95,076 | 1,410,657 | ||||||
Ono Pharmaceutical Co. Ltd. | 31,183 | 699,413 | ||||||
Otsuka Holdings Co. Ltd. | 32,200 | 1,404,438 | ||||||
PeptiDream, Inc.* | 7,800 | 358,449 | ||||||
Santen Pharmaceutical Co. Ltd. | 28,774 | 538,913 | ||||||
Shionogi & Co. Ltd. | 22,208 | 1,306,245 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 11,748 | 221,855 | ||||||
Suzuken Co. Ltd. | 5,932 | 259,327 | ||||||
Sysmex Corp. | 13,344 | 924,955 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 2,846 | $ | 210,093 | |||||
Takeda Pharmaceutical Co. Ltd. | 122,923 | 5,003,170 | ||||||
Terumo Corp. | 52,302 | 1,835,384 | ||||||
|
| |||||||
29,531,355 | ||||||||
|
| |||||||
Industrials — 20.4% | ||||||||
AGC, Inc. | 15,162 | 553,398 | ||||||
Amada Holdings Co. Ltd. | 25,734 | 286,835 | ||||||
ANA Holdings, Inc. | 9,418 | 320,688 | ||||||
Central Japan Railway Co. | 11,826 | 2,387,241 | ||||||
Dai Nippon Printing Co. Ltd. | 21,343 | 570,746 | ||||||
Daifuku Co. Ltd. | 8,400 | 488,858 | ||||||
Daikin Industries Ltd. | 20,548 | 2,955,811 | ||||||
East Japan Railway Co. | 25,185 | 2,317,052 | ||||||
FANUC Corp. | 16,189 | 3,091,965 | ||||||
Fuji Electric Co. Ltd. | 10,506 | 323,468 | ||||||
Hankyu Hanshin Holdings, Inc. | 18,940 | 813,284 | ||||||
Hino Motors Ltd. | 21,060 | 206,069 | ||||||
Hitachi Construction Machinery Co. Ltd. | 8,020 | 211,463 | ||||||
Hoshizaki Corp. | 4,454 | 389,427 | ||||||
IHI Corp. | 11,668 | 272,152 | ||||||
ITOCHU Corp. | 110,188 | 2,403,992 | ||||||
Japan Airlines Co. Ltd. | 8,654 | 268,977 | ||||||
Japan Airport Terminal Co. Ltd. (a) | 5,535 | 287,736 | ||||||
JGC Holdings Corp. | 18,683 | 271,570 | ||||||
JTEKT Corp. | 17,384 | 216,000 | ||||||
Kajima Corp. | 35,976 | 474,290 | ||||||
Kamigumi Co. Ltd. | 7,942 | 176,029 | ||||||
Kawasaki Heavy Industries Ltd. | 10,893 | 244,621 | ||||||
Keihan Holdings Co. Ltd. | 7,904 | 386,336 | ||||||
Keikyu Corp. | 19,681 | 404,750 | ||||||
Keio Corp. | 8,536 | 547,464 | ||||||
Keisei Electric Railway Co. Ltd. | 10,684 | 440,225 | ||||||
Kintetsu Group Holdings Co. Ltd. | 13,510 | 764,030 | ||||||
Komatsu Ltd. | 78,637 | 1,844,239 | ||||||
Kubota Corp. | 86,063 | 1,327,645 | ||||||
Kurita Water Industries Ltd. | 7,142 | 199,667 | ||||||
Kyushu Railway Co. | 12,900 | 439,016 | ||||||
LIXIL Group Corp. | 20,216 | 341,689 | ||||||
Makita Corp. | 19,844 | 656,300 | ||||||
Marubeni Corp. | 126,187 | 931,747 | ||||||
MINEBEA MITSUMI, Inc. | 29,024 | 563,218 | ||||||
MISUMI Group, Inc. | 22,420 | 555,098 | ||||||
Mitsubishi Corp. | 111,891 | 2,929,785 | ||||||
Mitsubishi Electric Corp. | 149,926 | 2,070,377 | ||||||
Mitsubishi Heavy Industries Ltd. | 26,502 | 1,014,027 | ||||||
Mitsui & Co. Ltd. | 136,271 | 2,414,669 | ||||||
Mitsui OSK Lines Ltd. | 8,608 | 225,709 | ||||||
MonotaRO Co. Ltd. | 9,700 | 272,952 | ||||||
Nabtesco Corp. | 8,872 | 272,349 | ||||||
Nagoya Railroad Co. Ltd. | 15,801 | 503,097 | ||||||
NGK Insulators Ltd. | 21,264 | 350,660 | ||||||
Nidec Corp. | 18,445 | 2,728,286 | ||||||
Nippon Express Co. Ltd. | 5,839 | 370,222 | ||||||
Nippon Yusen KK | 11,412 | 195,908 | ||||||
NSK Ltd. | 28,698 | 277,397 | ||||||
Obayashi Corp. | 50,008 | 529,983 |
See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Odakyu Electric Railway Co. Ltd. | 23,477 | $ | 577,193 | |||||
Park24 Co. Ltd. | 9,568 | 231,212 | ||||||
Persol Holdings Co. Ltd. | 14,000 | 257,476 | ||||||
Recruit Holdings Co. Ltd. | 111,991 | 4,053,797 | ||||||
Secom Co. Ltd. | 17,672 | 1,502,657 | ||||||
Seibu Holdings, Inc. | 16,530 | �� | 291,319 | |||||
SG Holdings Co. Ltd. | 11,500 | 275,903 | ||||||
Shimizu Corp. | 50,368 | 482,259 | ||||||
SMC Corp. | 4,758 | 2,156,543 | ||||||
Sohgo Security Services Co. Ltd. | 7,722 | 401,427 | ||||||
Sumitomo Corp. | 97,073 | 1,462,458 | ||||||
Sumitomo Heavy Industries Ltd. | 8,258 | 236,148 | ||||||
Taisei Corp. | 16,952 | 665,194 | ||||||
THK Co. Ltd. | 9,176 | 257,788 | ||||||
Tobu Railway Co. Ltd. | 17,090 | 625,330 | ||||||
Tokyu Corp. | 40,722 | 803,242 | ||||||
Toppan Printing Co. Ltd. | 23,139 | 460,222 | ||||||
Toshiba Corp. | 41,423 | 1,487,300 | ||||||
TOTO Ltd. | 11,638 | 509,305 | ||||||
Toyota Tsusho Corp. | 17,931 | 626,614 | ||||||
West Japan Railway Co. | 13,279 | 1,169,154 | ||||||
Yamato Holdings Co. Ltd. | 24,817 | 424,443 | ||||||
|
| |||||||
62,045,501 | ||||||||
|
| |||||||
Information Technology — 11.4% | ||||||||
Advantest Corp. | 17,100 | 835,823 | ||||||
Alps Alpine Co. Ltd. | 17,842 | 402,792 | ||||||
Brother Industries Ltd. | 19,522 | 387,033 | ||||||
Canon, Inc. | 81,497 | 2,256,050 | ||||||
Disco Corp. | 2,200 | 474,752 | ||||||
FUJIFILM Holdings Corp. | 30,557 | 1,443,888 | ||||||
Fujitsu Ltd. | 16,240 | 1,476,445 | ||||||
GMO Payment Gateway, Inc. | 4,500 | 319,035 | ||||||
Hamamatsu Photonics KK | 11,088 | 449,274 | ||||||
Hirose Electric Co. Ltd. | 2,666 | 327,846 | ||||||
Hitachi High-Technologies Corp. | 5,670 | 369,867 | ||||||
Hitachi Ltd. | 79,834 | 3,136,323 | ||||||
Itochu Techno-Solutions Corp. | 7,900 | 210,970 | ||||||
Keyence Corp. | 15,086 | 5,160,293 | ||||||
Konica Minolta, Inc. | 36,280 | 237,657 | ||||||
Kyocera Corp. | 26,108 | 1,776,313 | ||||||
Murata Manufacturing Co. Ltd. | 48,745 | 2,825,255 | ||||||
NEC Corp. | 21,793 | 871,083 | ||||||
Nomura Research Institute Ltd. | 26,722 | 563,712 | ||||||
NTT Data Corp. | 49,040 | 668,473 | ||||||
Obic Co. Ltd. | 5,362 | 711,798 | ||||||
Omron Corp. | 15,817 | 929,179 | ||||||
Oracle Corp. | 3,172 | 291,828 | ||||||
Otsuka Corp. | 7,660 | 306,876 | ||||||
Renesas Electronics Corp.* | 63,600 | 414,296 | ||||||
Ricoh Co. Ltd. | 54,034 | 556,359 | ||||||
Rohm Co. Ltd. | 7,712 | 648,215 | ||||||
Seiko Epson Corp. | 23,124 | 351,967 | ||||||
Shimadzu Corp. | 19,036 | 573,054 | ||||||
SUMCO Corp. | 20,700 | 319,800 | ||||||
TDK Corp. | 10,728 | 1,128,128 | ||||||
Tokyo Electron Ltd. | 12,914 | 2,666,451 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Trend Micro, Inc. | 9,772 | $ | 527,637 | |||||
Yaskawa Electric Corp. | 20,982 | 770,615 | ||||||
Yokogawa Electric Corp. | 20,908 | 382,611 | ||||||
|
| |||||||
34,771,698 | ||||||||
|
| |||||||
Materials — 5.0% | ||||||||
Air Water, Inc. | 11,704 | 187,983 | ||||||
Asahi Kasei Corp. | 104,384 | 1,172,538 | ||||||
Daicel Corp. | 21,046 | 206,893 | ||||||
Hitachi Chemical Co. Ltd. | 8,594 | 309,354 | ||||||
Hitachi Metals Ltd. | 18,146 | 253,983 | ||||||
JFE Holdings, Inc. | 39,919 | 508,766 | ||||||
JSR Corp. | 16,451 | 291,130 | ||||||
Kansai Paint Co. Ltd. | 13,406 | 337,799 | ||||||
Kuraray Co. Ltd. | 26,021 | 314,520 | ||||||
Maruichi Steel Tube Ltd. | 6,132 | 176,472 | ||||||
Mitsubishi Chemical Holdings Corp. | 105,596 | 783,082 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 14,376 | 224,857 | ||||||
Mitsubishi Materials Corp. | 9,272 | 247,694 | ||||||
Mitsui Chemicals, Inc. | 15,481 | 370,990 | ||||||
Nippon Paint Holdings Co. Ltd. | 11,663 | 622,282 | ||||||
Nippon Steel Corp. | 67,737 | 993,575 | ||||||
Nissan Chemical Corp. | 10,302 | 408,014 | ||||||
Nitto Denko Corp. | 12,818 | 719,040 | ||||||
Oji Holdings Corp. | 68,684 | 392,193 | ||||||
Shin-Etsu Chemical Co. Ltd. | 30,331 | 3,244,950 | ||||||
Showa Denko KK (a) | 10,600 | 283,073 | ||||||
Sumitomo Chemical Co. Ltd. | 120,756 | 545,004 | ||||||
Sumitomo Metal Mining Co. Ltd. | 20,805 | 630,299 | ||||||
Taiheiyo Cement Corp. | 9,278 | 268,283 | ||||||
Taiyo Nippon Sanso Corp. | 10,080 | 224,430 | ||||||
Teijin Ltd. | 16,459 | 309,616 | ||||||
Toray Industries, Inc. | 110,442 | 730,529 | ||||||
Tosoh Corp. | 20,100 | 299,328 | ||||||
Toyo Seikan Group Holdings Ltd. | 10,426 | 181,649 | ||||||
|
| |||||||
15,238,326 | ||||||||
|
| |||||||
Real Estate — 4.1% | ||||||||
Aeon Mall Co. Ltd. | 8,422 | 135,346 | ||||||
Daito Trust Construction Co. Ltd. | 5,951 | 727,734 | ||||||
Daiwa House Industry Co. Ltd. | 48,417 | 1,481,417 | ||||||
Daiwa House REIT Investment Corp. REIT | 156 | 426,718 | ||||||
Hulic Co. Ltd. | 24,310 | 273,406 | ||||||
Japan Prime Realty Investment Corp. REIT | 69 | 314,253 | ||||||
Japan Real Estate Investment Corp. REIT | 103 | 701,064 | ||||||
Japan Retail Fund Investment Corp. REIT | 212 | 482,862 | ||||||
Mitsubishi Estate Co. Ltd. | 96,524 | 1,769,452 | ||||||
Mitsui Fudosan Co. Ltd. | 73,682 | 1,833,046 | ||||||
Nippon Building Fund, Inc. REIT | 111 | 833,603 | ||||||
Nippon Prologis REIT, Inc. REIT (a) | 167 | 448,110 | ||||||
Nomura Real Estate Holdings, Inc. | 8,828 | 213,330 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 331 | 604,210 | ||||||
Orix JREIT, Inc. REIT | 216 | 475,001 | ||||||
Sumitomo Realty & Development Co. Ltd. | 27,750 | 966,959 |
See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Tokyu Fudosan Holdings Corp. | 48,827 | $ | 335,015 | |||||
United Urban Investment Corp. REIT | 245 | 476,771 | ||||||
|
| |||||||
12,498,297 | ||||||||
|
| |||||||
Utilities — 1.5% | ||||||||
Chubu Electric Power Co., Inc. | 52,234 | 728,236 | ||||||
Chugoku Electric Power Co., Inc. | 21,468 | 283,808 | ||||||
Electric Power Development Co. Ltd. | 12,366 | 296,567 | ||||||
Kansai Electric Power Co., Inc. | 57,407 | 654,552 | ||||||
Kyushu Electric Power Co., Inc. | 32,490 | 286,148 | ||||||
Osaka Gas Co. Ltd. | 31,089 | 582,839 | ||||||
Toho Gas Co. Ltd. | 5,928 | 223,949 | ||||||
Tohoku Electric Power Co., Inc. | 34,621 | 343,189 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 122,884 | 538,891 | ||||||
Tokyo Gas Co. Ltd. | 32,465 | 784,374 | ||||||
|
| |||||||
4,722,553 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 295,554,404 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.3% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (b)(c) | 910,610 | $ | 910,610 | |||||
|
| |||||||
CASH EQUIVALENTS — 2.0% | ||||||||
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (b) | 116,757 | 116,781 | ||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (b) | 5,900,388 | 5,900,388 | ||||||
|
| |||||||
TOTAL CASH EQUIVALENTS | 6,017,169 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.2% (Cost $304,999,543) | $ | 302,482,183 | ||||||
Other assets and liabilities, net — 0.8% | 2,353,267 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 304,835,450 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —0.3% | ||||||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (b)(c) | ||||||||||||||||||||||||||||||||||||||
10,080 | 900,530 | (d) | — | — | — | 18,674 | — | 910,610 | 910,610 | |||||||||||||||||||||||||||||
CASH EQUIVALENTS —2.0% | ||||||||||||||||||||||||||||||||||||||
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (b) | ||||||||||||||||||||||||||||||||||||||
115,456 | 1,299 | — | — | 26 | 1,334 | — | 116,757 | 116,781 | ||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (b) | ||||||||||||||||||||||||||||||||||||||
1,732,723 | 77,407,600 | (73,239,935 | ) | — | — | 62,819 | — | 5,900,388 | 5,900,388 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
1,858,259 | 78,309,429 | (73,239,935 | ) | — | 26 | 82,827 | — | 6,927,755 | 6,927,779 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2019 amounted to $1,463,519, which is 0.5% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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 heldnon-cash U.S. Treasury securities collateral having a value of $772,783. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
REIT: | Real Estate Investment Trust |
At November 30, 2019, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
Nikkei 225 Futures | JPY | 15 | $ | 3,066,330 | $ | 3,191,723 | 12/12/2019 | $ | 156,594 | |||||||||
TOPIX Index Futures | JPY | 32 | 4,795,546 | 4,961,308 | 12/12/2019 | 209,611 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | $ | 366,205 | ||||||||||||||||
|
|
See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
As of November 30, 2019, 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 | 12/4/2019 | JPY | 1,843,000,000 | USD | 17,076,088 | $ | 231,732 | $ | — | |||||||||||||
Citigroup Global Markets | 12/4/2019 | JPY | 263,056,000 | USD | 2,437,351 | 33,114 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | JPY | 15,793,672,800 | USD | 146,329,845 | 1,981,361 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | JPY | 7,242,956,700 | USD | 67,107,910 | 909,893 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | JPY | 11,886,646,000 | USD | 110,134,960 | 1,495,295 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 66,143,911 | JPY | 7,242,956,700 | 54,106 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 19,232,861 | JPY | 2,106,056,000 | 15,732 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 44,969,154 | JPY | 4,907,501,800 | — | (116,356 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 99,413,092 | JPY | 10,886,171,000 | 82,592 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 108,549,384 | JPY | 11,886,646,000 | 90,281 | — | |||||||||||||||
Citigroup Global Markets | 1/7/2020 | JPY | 7,242,956,700 | USD | 66,330,479 | — | (58,657 | ) | ||||||||||||||
Citigroup Global Markets | 1/7/2020 | JPY | 2,106,056,000 | USD | 19,287,110 | — | (17,056 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/7/2020 | JPY | 662,222,000 | USD | 6,064,482 | — | (5,463 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/7/2020 | JPY | 10,886,171,000 | USD | 99,694,319 | — | (88,618 | ) | ||||||||||||||
RBC Capital Markets | 1/7/2020 | JPY | 11,886,646,000 | USD | 108,859,048 | — | (94,270 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 4,894,106 | $ | (380,420 | ) | |||||||||||||||||
|
|
|
|
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, 2019 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) | $ | 295,554,404 | $ | — | $ | — | $ | 295,554,404 | ||||||||
Short-Term Investments (e) | 6,927,779 | — | — | 6,927,779 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 4,894,106 | — | 4,894,106 | ||||||||||||
Futures Contracts | 366,205 | — | — | 366,205 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 302,848,388 | $ | 4,894,106 | $ | — | $ | 307,742,494 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (380,420 | ) | $ | — | $ | (380,420 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (380,420 | ) | $ | — | $ | (380,420 | ) | ||||||
|
|
|
|
|
|
|
|
(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. | 81 |
DBX ETF Trust
November 30, 2019 (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 innon-affiliated securities at value | $ | 102,786,852 | $ | 107,448,661 | $ | 914,067,357 | $ | 24,020,884 | ||||||||
Investment in affiliated securities at value | 68,166 | — | 1,444,624 | 65,311 | ||||||||||||
Investment in DWS ESG Liquidity Fund* | — | — | 635,034 | — | ||||||||||||
Investment in DWS Government Money Market Series* | 2,409,800 | 1,828,982 | 13,488,409 | 980,788 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio** | 1,323,973 | 993,248 | 12,681,557 | 652,598 | ||||||||||||
Cash | 65,641 | 149,939 | 944,276 | — | ||||||||||||
Foreign currency at value | 318,500 | 565,315 | 4,137,751 | 6,758 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 1,180,481 | 1,145,224 | 9,519,994 | 341,553 | ||||||||||||
Deposit with broker for futures contracts | 142,618 | 161,200 | 1,187,042 | 42,705 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 12,011 | 110,516 | — | 363,561 | ||||||||||||
Variation margin on futures contracts | — | — | — | 487 | ||||||||||||
Dividends | 224,392 | 45,378 | 1,281,012 | 4,148 | ||||||||||||
Interest | 3,481 | 2,041 | 21,186 | 1,146 | ||||||||||||
Securities lending income | 1,873 | 2,027 | 15,141 | 894 | ||||||||||||
Foreign tax reclaim | 99,960 | 1,176 | 2,289,865 | 67,593 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 108,637,748 | $ | 112,453,707 | $ | 961,713,248 | $ | 26,548,426 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 1,323,973 | $ | 993,248 | $ | 12,681,557 | $ | 652,598 | ||||||||
Payable upon return of deposit for forward foreign currency contracts | 1,010,000 | 300,000 | 10,093,012 | 480,000 | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 125,296 | 318,195 | 518,565 | 12,556 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 29,694 | 23,298 | — | 666,088 | ||||||||||||
Investment advisory fees | 34,374 | 59,058 | 342,106 | 8,978 | ||||||||||||
Variation margin on futures contracts | 66,356 | 58,022 | 481,244 | — | ||||||||||||
Deferred foreign tax payable | 4,622 | 3,460 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 2,594,315 | 1,755,281 | 24,116,484 | 1,820,220 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 106,043,433 | $ | 110,698,426 | $ | 937,596,764 | $ | 24,728,206 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 99,106,267 | $ | 116,573,291 | $ | 1,033,027,889 | $ | 24,333,856 | ||||||||
Distributable earnings (loss) | 6,937,166 | (5,874,865 | ) | (95,431,125 | ) | 394,350 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 106,043,433 | $ | 110,698,426 | $ | 937,596,764 | $ | 24,728,206 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 3,700,001 | 4,850,800 | 30,500,001 | 750,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 28.66 | $ | 22.82 | $ | 30.74 | $ | 32.97 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment innon-affiliated securities at cost | $ | 95,954,848 | $ | 91,680,262 | $ | 920,881,296 | $ | 22,884,157 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in affiliated securities at cost | $ | 135,788 | $ | — | $ | 5,348,358 | $ | 255,046 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 1,573,866 | $ | 1,516,104 | $ | 12,075,442 | $ | 629,020 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS ESG Liquidity Fund at cost* | $ | — | $ | — | $ | 634,908 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost* | $ | 2,409,800 | $ | 1,828,982 | $ | 13,488,409 | $ | 980,788 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost** | $ | 1,323,973 | $ | 993,248 | $ | 12,681,557 | $ | 652,598 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | 352,050 | $ | 615,427 | $ | 87 | $ | 27,559 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 285,736 | $ | 565,519 | $ | 4,105,945 | $ | 8,547 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Includes collateral held for forward foreign currency contracts | $ | 1,010,000 | $ | 300,000 | $ | 10,093,012 | $ | 480,000 | ||||||||
|
|
|
|
|
|
|
|
** | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 82 |
DBX ETF Trust
Statements of Assets and Liabilities(Continued)
November 30, 2019 (Unaudited)
Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | |||||||
Assets | ||||||||
Investment innon-affiliated securities at value | $ | 18,042,308 | $ | 295,554,404 | ||||
Investment in affiliated securities at value | 203,677 | — | ||||||
Investment in DWS ESG Liquidity Fund* | — | 116,781 | ||||||
Investment in DWS Government Money Market Series* | 286,200 | 5,900,388 | ||||||
Investment in DWS Government & Agency Securities Portfolio** | 4,016 | 910,610 | ||||||
Cash | — | 778,466 | ||||||
Foreign currency at value | 8,732 | 312,507 | ||||||
Receivable for return of collateral pledged for forward foreign currency contracts | 50,000 | — | ||||||
Unrealized appreciation on forward foreign currency contracts | 260,105 | 4,894,106 | ||||||
Deposit with broker for futures contracts | 25,888 | 239,087 | ||||||
Receivables: | ||||||||
Variation margin on futures contracts | 331 | — | ||||||
Dividends | — | 2,334,058 | ||||||
Interest | 408 | 7,256 | ||||||
Securities lending income | 6 | 1,313 | ||||||
Foreign tax reclaim | — | 342 | ||||||
|
|
|
| |||||
Total assets | $ | 18,881,671 | $ | 311,049,318 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Payable upon return of securities loaned | $ | 4,016 | $ | 910,610 | ||||
Payable upon return of deposit for forward foreign currency contracts | — | 4,758,466 | ||||||
Unrealized depreciation on forward foreign currency contracts | 9,556 | 380,420 | ||||||
Payables: | ||||||||
Investment securities purchased | 216,053 | — | ||||||
Investment advisory fees | 6,788 | 116,747 | ||||||
Variation margin on futures contracts | — | 47,625 | ||||||
|
|
|
| |||||
Total liabilities | 236,413 | 6,213,868 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 18,645,258 | $ | 304,835,450 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 27,120,044 | $ | 473,656,807 | ||||
Distributable earnings (loss) | (8,474,786 | ) | (168,821,357 | ) | ||||
|
|
|
| |||||
Net Assets, at value | $ | 18,645,258 | $ | 304,835,450 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 650,800 | 7,200,800 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 28.65 | $ | 42.33 | ||||
|
|
|
| |||||
Investment innon-affiliated securities at cost | $ | 18,644,625 | $ | 298,071,790 | ||||
|
|
|
| |||||
Investment in affiliated securities at cost | $ | 922,211 | $ | — | ||||
|
|
|
| |||||
Value of securities loaned | $ | 3,907 | $ | 1,463,519 | ||||
|
|
|
| |||||
Investment in DWS ESG Liquidity Fund at cost* | $ | — | $ | 116,755 | ||||
|
|
|
| |||||
Investment in DWS Government Money Market Series at cost* | $ | 286,200 | $ | 5,900,388 | ||||
|
|
|
| |||||
Investment in DWS Government & Agency Securities Portfolio at cost** | $ | 4,016 | $ | 910,610 | ||||
|
|
|
| |||||
Non-cash collateral for securities on loan | $ | — | $ | 772,783 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | 9,925 | $ | 414,781 | ||||
|
|
|
| |||||
* Includes collateral held for forward foreign currency contracts | $ | — | $ | 4,758,466 | ||||
|
|
|
| |||||
** Represents collateral on securities loaned. |
See Notes to Financial Statements. | 83 |
DBX ETF Trust
For the Six Months Ended November 30, 2019 (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 dividend income* | $ | 1,218,122 | $ | 1,795,590 | $ | 8,782,993 | $ | 169,953 | ||||||||
Income distributions from affiliated funds | 21,464 | 14,771 | 144,995 | 6,642 | ||||||||||||
Affiliated securities lending income | 11,877 | 8,180 | 137,919 | 6,114 | ||||||||||||
Unaffiliatednon-cash dividend income | 190,832 | 707,448 | — | 20,081 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 1,645 | 3,368 | — | 3,700 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 1,443,940 | 2,529,357 | 9,065,907 | 206,490 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 203,563 | 357,975 | 1,950,465 | 61,013 | ||||||||||||
Other expenses | 6,231 | 7,102 | 55,075 | 2,430 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 209,794 | 365,077 | 2,005,540 | 63,443 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (833 | ) | (575 | ) | (4,790 | ) | (243 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 208,961 | 364,502 | 2,000,750 | 63,200 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 1,234,979 | 2,164,855 | 7,065,157 | 143,290 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments** | (721,005 | ) | (143,360 | ) | (11,833,239 | ) | (293,859 | ) | ||||||||
Investments in affiliates | — | — | (147,586 | ) | — | |||||||||||
In-kind redemptions | — | 635,913 | 9,195,695 | 1,104,939 | ||||||||||||
In-kind redemptions in affiliates | — | — | 4,124 | (33,816 | ) | |||||||||||
Futures contracts | 64,721 | (93,365 | ) | 1,761,720 | 48,743 | |||||||||||
Foreign currency transactions | 17,310 | (35,584 | ) | (195,250 | ) | (4,106 | ) | |||||||||
Forward foreign currency contracts | 186,615 | (292,655 | ) | 11,330,372 | 527,415 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (452,359 | ) | 70,949 | 10,115,836 | 1,349,316 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments*** | 7,507,382 | 3,331,162 | 69,085,628 | 1,787,820 | ||||||||||||
Investments in affiliates | 3,871 | — | 211,531 | 40,414 | ||||||||||||
Futures contracts | 124,184 | 67,095 | 263,647 | 42,650 | ||||||||||||
Foreign currency translations | 25,655 | (1,557 | ) | 56,734 | (2,945 | ) | ||||||||||
Forward foreign currency contracts | 782,138 | 88,885 | 1,415,644 | 148,056 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 8,443,230 | 3,485,585 | 71,033,184 | 2,015,995 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 7,990,871 | 3,556,534 | 81,149,020 | 3,365,311 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 9,225,850 | $ | 5,721,389 | $ | 88,214,177 | $ | 3,508,601 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 131,769 | $ | 235,305 | $ | 614,384 | $ | 30,561 | ||||||||
** Net of foreign taxes | $ | 368 | $ | — | $ | — | $ | — | ||||||||
*** Net of change in deferred foreign taxes | $ | 4,622 | $ | (93,989 | ) | $ | — | $ | — |
See Notes to Financial Statements. | 84 |
DBX ETF Trust
Statements of Operations(Continued)
For the Six Months Ended November 30, 2019 (Unaudited)
Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 22,694 | $ | 3,911,330 | ||||
Income distributions from affiliated funds | 3,495 | 64,153 | ||||||
Affiliated securities lending income | 57 | 18,674 | ||||||
Unaffiliated securities lending income, net of borrower rebates | — | 5,644 | ||||||
|
|
|
| |||||
Total investment income | 26,246 | 3,999,801 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 45,667 | 840,920 | ||||||
Other expenses | 305 | 18,203 | ||||||
|
|
|
| |||||
Total expenses | 45,972 | 859,123 | ||||||
|
|
|
| |||||
Less fees waived (see note 3): | ||||||||
Waiver | (128 | ) | (2,423 | ) | ||||
|
|
|
| |||||
Net expenses | 45,844 | 856,700 | ||||||
|
|
|
| |||||
Net investment income (loss) | (19,598 | ) | 3,143,101 | |||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (484,520 | ) | (1,713,160 | ) | ||||
Investments in affiliates | (67,137 | ) | — | |||||
In-kind redemptions | 88,413 | (294,264 | ) | |||||
In-kind redemptions in affiliates | (165,227 | ) | — | |||||
Futures contracts | 19,888 | 226,491 | ||||||
Foreign currency transactions | 828 | 348,580 | ||||||
Forward foreign currency contracts | 421,391 | (10,094,589 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) | (186,364 | ) | (11,526,942 | ) | ||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 2,339,928 | 41,146,269 | ||||||
Investments in affiliates | 254,551 | 26 | ||||||
Futures contracts | 34,954 | 887,392 | ||||||
Foreign currency translations | (5,848 | ) | (386,577 | ) | ||||
Forward foreign currency contracts | 118,869 | 16,829,186 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 2,742,454 | 58,476,296 | ||||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 2,556,090 | 46,949,354 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,536,492 | $ | 50,092,455 | ||||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 2,897 | $ | 434,944 |
See Notes to Financial Statements. | 85 |
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, 2019 (Unaudited) | Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,234,979 | $ | 2,954,717 | $ | 2,164,855 | $ | 3,039,387 | ||||||||
Net realized gain (loss) | (452,359 | ) | 9,965,487 | 70,949 | 12,289,264 | |||||||||||
Net change in net unrealized appreciation (depreciation) | 8,443,230 | (15,964,037 | ) | 3,485,585 | (25,515,305 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 9,225,850 | (3,043,833 | ) | 5,721,389 | (10,186,654 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (1,641,098 | ) | (2,871,618 | ) | (931,213 | ) | (3,308,776 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 13,773,648 | 2,347,961 | 2,222,874 | ||||||||||||
Value of shares redeemed | — | (36,854,026 | ) | (8,777,119 | ) | (71,261,537 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | (23,080,378 | ) | (6,429,158 | ) | (69,038,663 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 7,584,752 | (28,995,829 | ) | (1,638,982 | ) | (82,534,093 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of period | 98,458,681 | 127,454,510 | 112,337,408 | 194,871,501 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 106,043,433 | $ | 98,458,681 | $ | 110,698,426 | $ | 112,337,408 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 3,700,001 | 4,600,001 | 5,150,800 | 8,150,800 | ||||||||||||
Shares sold | — | 500,000 | 100,000 | 100,000 | ||||||||||||
Shares redeemed | — | (1,400,000 | ) | (400,000 | ) | (3,100,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 3,700,001 | 3,700,001 | 4,850,800 | 5,150,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 86 |
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, 2019 (Unaudited) | Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 7,065,157 | $ | 28,225,910 | $ | 143,290 | $ | 901,991 | ||||||||
Net realized gain (loss) | 10,115,836 | 118,798,682 | 1,349,316 | 4,606,762 | ||||||||||||
Net change in net unrealized appreciation (depreciation) | 71,033,184 | (138,127,594 | ) | 2,015,995 | (6,378,806 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 88,214,177 | 8,896,998 | 3,508,601 | (870,053 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (18,616,200 | ) | (41,023,718 | ) | (746,738 | ) | (915,112 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 93,073,932 | 113,864,798 | — | — | ||||||||||||
Value of shares redeemed | (74,498,608 | ) | (775,486,486 | ) | (9,320,761 | ) | (8,639,289 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 18,575,324 | (661,621,688 | ) | (9,320,761 | ) | (8,639,289 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 88,173,301 | (693,748,408 | ) | (6,558,898 | ) | (10,424,454 | ) | |||||||||
Net Assets | ||||||||||||||||
Beginning of period | 849,423,463 | 1,543,171,871 | 31,287,104 | 41,711,558 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 937,596,764 | $ | 849,423,463 | $ | 24,728,206 | $ | 31,287,104 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 30,000,001 | 53,750,001 | 1,050,001 | 1,350,001 | ||||||||||||
Shares sold | 3,100,000 | 4,000,000 | — | — | ||||||||||||
Shares redeemed | (2,600,000 | ) | (27,750,000 | ) | (300,000 | ) | (300,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 30,500,001 | 30,000,001 | 750,001 | 1,050,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 87 |
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, 2019 (Unaudited) | Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | (19,598 | ) | $ | 557,637 | $ | 3,143,101 | $ | 12,926,499 | |||||||
Net realized gain (loss) | (186,364 | ) | 2,745,810 | (11,526,942 | ) | 57,226,949 | ||||||||||
Net change in net unrealized appreciation (depreciation) | 2,742,454 | (5,431,377 | ) | 58,476,296 | (142,660,983 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 2,536,492 | (2,127,930 | ) | 50,092,455 | (72,507,535 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (531,778 | ) | (859,921 | ) | (11,391,476 | ) | (35,027,849 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | — | — | 89,826,392 | ||||||||||||
Value of shares redeemed | (6,570,893 | ) | (10,125,607 | ) | (147,504,587 | ) | (721,905,897 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (6,570,893 | ) | (10,125,607 | ) | (147,504,587 | ) | (632,079,505 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (4,566,179 | ) | (13,113,458 | ) | (108,803,608 | ) | (739,614,889 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of period | 23,211,437 | 36,324,895 | 413,639,058 | 1,153,253,947 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 18,645,258 | $ | 23,211,437 | $ | 304,835,450 | $ | 413,639,058 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 900,800 | 1,300,800 | 10,900,800 | 26,850,800 | ||||||||||||
Shares sold | — | — | — | 2,200,000 | ||||||||||||
Shares redeemed | (250,000 | ) | (400,000 | ) | (3,700,000 | ) | (18,150,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 650,800 | 900,800 | 7,200,800 | 10,900,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 88 |
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 26.61 | $ | 27.71 | $ | 26.20 | $ | 22.62 | $ | 26.87 | $ | 25.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.33 | 0.73 | 0.67 | 0.64 | 0.64 | 0.96 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 2.16 | (1.12 | ) | 1.51 | 3.42 | (3.57 | ) | 2.16 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.49 | (0.39 | ) | 2.18 | 4.06 | (2.93 | ) | 3.12 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.44 | ) | (0.71 | ) | (0.67 | ) | (0.48 | ) | (0.86 | ) | (1.82 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.46 | ) | (0.04 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.44 | ) | (0.71 | ) | (0.67 | ) | (0.48 | ) | (1.32 | ) | (1.86 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 28.66 | $ | 26.61 | $ | 27.71 | $ | 26.20 | $ | 22.62 | $ | 26.87 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 9.45 | **(b) | (1.30 | )(b) | 8.43 | 18.30 | (11.17 | ) | 13.01 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 106 | 98 | 127 | 105 | 68 | 47 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.41 | * | 0.41 | 0.40 | 0.40 | 0.40 | 0.40 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.41 | * | 0.41 | 0.40 | 0.40 | 0.40 | 0.40 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 2.43 | * | 2.74 | 2.46 | 2.67 | 2.76 | 3.70 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 5 | ** | 13 | 11 | 15 | 24 | 24 | |||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 21.81 | $ | 23.91 | $ | 21.47 | $ | 18.62 | $ | 22.43 | $ | 21.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.44 | 0.52 | 0.41 | 0.35 | 0.43 | 0.36 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.75 | (2.02 | ) | 2.39 | 2.81 | (3.60 | ) | 0.77 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.19 | (1.50 | ) | 2.80 | 3.16 | (3.17 | ) | 1.13 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.60 | ) | (0.36 | ) | (0.31 | ) | (0.64 | ) | (0.44 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.18 | ) | (0.60 | ) | (0.36 | ) | (0.31 | ) | (0.64 | ) | (0.44 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 22.82 | $ | 21.81 | $ | 23.91 | $ | 21.47 | $ | 18.62 | $ | 22.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 5.47 | **(b) | (6.18 | )(b) | 13.09 | 17.19 | (14.32 | ) | 5.35 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 111 | 112 | 195 | 188 | 130 | 245 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.66 | * | 0.66 | 0.65 | 0.65 | 0.65 | 0.65 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.66 | * | 0.66 | 0.65 | 0.65 | 0.65 | 0.65 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 3.93 | * | 2.29 | 1.74 | 1.74 | 2.20 | 1.64 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 9 | ** | 13 | 15 | 43 | 32 | 58 |
(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. | 89 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 28.31 | $ | 28.71 | $ | 28.29 | $ | 25.65 | $ | 29.47 | $ | 27.75 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.24 | 0.75 | 0.68 | 0.76 | 0.79 | 1.33 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 2.81 | (0.26 | ) | 0.39 | 4.40 | (3.19 | ) | 1.54 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 3.05 | 0.49 | 1.07 | 5.16 | (2.40 | ) | 2.87 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.62 | ) | (0.89 | ) | (0.65 | ) | (0.85 | ) | (1.28 | ) | (1.15 | ) | ||||||||||||
Net realized gains | — | — | — | (1.67 | ) | (0.14 | ) | (0.00 | )(c) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.62 | ) | (0.89 | ) | (0.65 | ) | (2.52 | ) | (1.42 | ) | (1.15 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 30.74 | $ | 28.31 | $ | 28.71 | $ | 28.29 | $ | 25.65 | $ | 29.47 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 10.90 | **(d) | 1.88 | (d) | 3.82 | 21.77 | (8.46 | ) | 10.88 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 938 | 849 | 1,543 | 2,747 | 3,310 | 2,668 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.46 | * | 0.47 | 0.45 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.46 | * | 0.47 | 0.45 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.63 | * | 2.67 | 2.41 | 2.95 | 3.08 | 4.74 | |||||||||||||||||
Portfolio turnover rate (%)(e) | 6 | ** | 7 | 11 | 17 | 18 | 13 | |||||||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2015(a) | |||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
Net Asset Value, beginning of period | $ | 29.80 | $ | 30.90 | $ | 30.29 | $ | 25.64 | $ | 29.30 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.16 | 0.71 | 0.62 | 0.73 | 0.78 | 0.81 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 3.80 | (1.13 | ) | 0.63 | 4.84 | (3.15 | ) | 3.49 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 3.96 | (0.42 | ) | 1.25 | 5.57 | (2.37 | ) | 4.30 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.79 | ) | (0.68 | ) | (0.64 | ) | (0.92 | ) | (1.29 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.79 | ) | (0.68 | ) | (0.64 | ) | (0.92 | ) | (1.29 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 32.97 | $ | 29.80 | $ | 30.90 | $ | 30.29 | $ | 25.64 | $ | 29.30 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 13.48 | **(d) | (1.34 | )(d) | 4.19 | 22.56 | (8.45 | ) | 17.20 | ** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 25 | 31 | 42 | 65 | 83 | 22 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.47 | * | 0.47 | 0.45 | 0.45 | 0.45 | 0.45 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.47 | * | 0.47 | 0.45 | 0.45 | 0.45 | 0.45 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 1.06 | * | 2.42 | 2.05 | 2.76 | 3.11 | 6.04 | * | ||||||||||||||||
Portfolio turnover rate (%)(e) | 7 | ** | 5 | 14 | 16 | 22 | 8 | ** |
(a) | For the period December 10, 2014 (commencement of operations) through May 31, 2015. |
(b) | Based on average shares outstanding during the period. |
(c) | Amount represents less than $0.005. |
(d) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(e) | 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 Germany Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 25.77 | $ | 27.93 | $ | 27.87 | $ | 23.40 | $ | 27.34 | $ | 26.51 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | (0.03 | ) | 0.53 | 0.57 | 0.40 | 0.33 | 1.38 | |||||||||||||||||
Net realized and unrealized gain (loss) | 3.50 | (2.02 | ) | (0.09 | ) | 4.78 | (2.93 | ) | 1.93 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 3.47 | (1.49 | ) | 0.48 | 5.18 | (2.60 | ) | 3.31 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.59 | ) | (0.67 | ) | (0.42 | ) | (0.71 | ) | (1.34 | ) | (2.48 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.59 | ) | (0.67 | ) | (0.42 | ) | (0.71 | ) | (1.34 | ) | (2.48 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 28.65 | $ | 25.77 | $ | 27.93 | $ | 27.87 | $ | 23.40 | $ | 27.34 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 13.65 | **(b) | (5.48 | )(b) | 1.73 | 22.93 | (9.99 | ) | 13.92 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 19 | 23 | 36 | 66 | 110 | 234 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.46 | 0.45 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.46 | 0.45 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of net investment income (loss) (%) | (0.19 | )* | 2.03 | 2.04 | 1.63 | 1.37 | 5.14 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 7 | ** | 11 | 17 | 12 | 16 | 20 | |||||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 37.95 | $ | 42.95 | $ | 38.65 | $ | 34.32 | $ | 44.54 | $ | 35.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.33 | 0.64 | 0.52 | 0.53 | 0.48 | 0.52 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 5.14 | (4.24 | ) | 4.69 | 4.22 | (8.44 | ) | 12.49 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 5.47 | (3.60 | ) | 5.21 | 4.75 | (7.96 | ) | 13.01 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (1.09 | ) | (1.40 | ) | (0.91 | ) | (0.42 | ) | (1.39 | ) | (3.90 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.87 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (1.09 | ) | (1.40 | ) | (0.91 | ) | (0.42 | ) | (2.26 | ) | (3.90 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 42.33 | $ | 37.95 | $ | 42.95 | $ | 38.65 | $ | 34.32 | $ | 44.54 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 14.74 | **(b) | (8.59 | )(b) | 13.74 | 14.08 | (18.65 | ) | 39.00 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 305 | 414 | 1,153 | 1,780 | 1,026 | 1,263 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.46 | * | 0.47 | 0.46 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.46 | * | 0.47 | 0.46 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.68 | * | 1.55 | 1.24 | 1.50 | 1.29 | 1.32 | |||||||||||||||||
Portfolio turnover rate (%)(c) | 6 | ** | 15 | 12 | 22 | 15 | 14 |
(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. | 91 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2019, 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 at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selectednon-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 equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selectednon-U.S. currencies.
The MSCI EMU IMI US Dollar Hedged Index is designed to provide exposure to equity securities from 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.
92
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 new1-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 theone-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.
Each Fund, except Xtrackers MSCI Germany Hedged Equity ETF, is diversified. Xtrackers MSCI Germany Hedged Equity ETF isnon-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) orover-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 inopen-end investment companies are valued at their NAV each business day and are categorized as Level 1.
93
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 theex-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 theex-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.
94
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, 2019, the Funds did not incur any interest or penalties.
At May 31, 2019, 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 | $ | — | $ | 298,214 | $ | 298,214 | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 10,728,895 | 8,821,362 | 19,550,257 | |||||||||
Xtrackers MSCI Europe Hedged Equity ETF | — | 87,994,169 | 87,994,169 | |||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 153,945 | 1,612,237 | 1,766,182 | |||||||||
Xtrackers MSCI Germany Hedged Equity ETF | 1,663,914 | 5,102,843 | 6,766,757 | |||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 73,348,721 | 95,471,260 | 168,819,981 |
As of May 31, 2019, 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 | $ | 100,650,715 | $ | (1,944,029 | ) | $ | 9,934,404 | $ | (11,878,433 | ) | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 104,247,681 | 8,316,152 | 21,784,355 | (13,468,203 | ) | |||||||||||
Xtrackers MSCI Europe Hedged Equity ETF | 978,395,279 | (94,926,057 | ) | 59,849,464 | (154,775,521 | ) | ||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 34,338,303 | (1,316,273 | ) | 3,734,078 | (5,050,351 | ) | ||||||||||
Xtrackers MSCI Germany Hedged Equity ETF | 27,394,787 | (4,255,280 | ) | 2,459,629 | (6,714,909 | ) | ||||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 459,390,758 | (50,261,543 | ) | 22,967,857 | (73,229,400 | ) |
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). Foreign taxes payable as of November 30, 2019, 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.
95
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, 2019, 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 (0.12% annualized effective rate as of November 30, 2019) 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, 2019, 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, 2019 | ||||||||||||||||||||
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 | $ | 1,323,973 | $ | 2,754 | $ | 2,593 | $ | 346,703 | $ | 1,676,023 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities andnon-cash collateral for securities lending transactions |
| $ | 1,676,023 | |||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 993,248 | $ | 8,851 | $ | 2,641 | $ | 603,935 | $ | 1,608,675 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities andnon-cash collateral for securities lending transactions |
| $ | 1,608,675 | |||||||||||||||||
Xtrackers MSCI Europe Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 12,681,557 | $ | — | $ | — | $ | 87 | $ | 12,681,644 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities andnon-cash collateral for securities lending transactions |
| $ | 12,681,644 | |||||||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 652,598 | $ | — | $ | 378 | $ | 27,181 | $ | 680,157 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities andnon-cash collateral for securities lending transactions |
| $ | 680,157 | |||||||||||||||||
Xtrackers MSCI Germany Hedged Equity ETF |
| |||||||||||||||||||
Exchange-Traded Funds | $ | 4,016 | $ | — | $ | — | $ | — | $ | 4,016 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 4,016 | |||||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 910,610 | $ | — | $ | 9,002 | $ | 763,781 | $ | 1,683,393 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities andnon-cash collateral for securities lending transactions |
| $ | 1,683,393 |
96
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
Derivatives
Forward Foreign Currency Contracts Each Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure tonon-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.
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, 2019, 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 specifiednon-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, 2019 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, 2019.
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. ornon-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, 2019, 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, 2019 is included in a table following the Funds’ Schedule of Investments.
97
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, 2019 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* | $ | 60,888 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 1,180,481 | Unrealized depreciation on forward foreign currency contracts | 125,296 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 1,241,369 | Total | $ | 125,296 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 28,970 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 1,145,224 | Unrealized depreciation on forward foreign currency contracts | 318,195 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 1,174,194 | Total | $ | 318,195 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Europe Hedged Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 236,247 | Unrealized depreciation on futures contracts* | $ | 12,393 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 9,519,994 | Unrealized depreciation on forward foreign currency contracts | 518,565 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 9,756,241 | Total | $ | 530,958 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 28,776 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 341,553 | Unrealized depreciation on forward foreign currency contracts | 12,556 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 370,329 | Total | $ | 12,556 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Germany Hedged Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 24,830 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 260,105 | Unrealized depreciation on forward foreign currency contracts | 9,556 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 284,935 | Total | $ | 9,556 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Japan Hedged Equity ETF |
| |||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 366,205 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 4,894,106 | Unrealized depreciation on forward foreign currency contracts | 380,420 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 5,260,311 | $ | 380,420 | ||||||||||
|
|
|
|
* | 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. |
98
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, 2019 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 | $ | 64,722 | $ | 186,615 | $ | 251,337 | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | (93,365 | ) | (292,655 | ) | (386,020 | ) | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | 1,761,720 | 11,330,372 | 13,092,092 | |||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 48,743 | 527,415 | 576,158 | |||||||||
Xtrackers MSCI Germany Hedged Equity ETF | 19,888 | 421,391 | 441,279 | |||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 226,491 | (10,094,589 | ) | (9,868,098 | ) | |||||||
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 | $ | 124,184 | $ | 782,138 | $ | 906,322 | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 67,095 | 88,885 | 155,980 | |||||||||
Xtrackers MSCI Europe Hedged Equity ETF | 263,647 | 1,415,644 | 1,679,291 | |||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 42,650 | 148,056 | 190,706 | |||||||||
Xtrackers MSCI Germany Hedged Equity ETF | 34,954 | 118,869 | 153,823 | |||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 887,392 | 16,829,186 | 17,716,578 |
For the period ended November 30, 2019 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 | $ | 2,809,553 | $ | (98,377,461 | ) | |||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 2,465,306 | (99,574,025 | ) | |||||
Xtrackers MSCI Europe Hedged Equity ETF | 19,795,059 | (848,258,173 | ) | |||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 724,107 | (26,116,161 | ) | |||||
Xtrackers MSCI Germany Hedged Equity ETF | 411,505 | (19,817,834 | ) | |||||
Xtrackers MSCI Japan Hedged Equity ETF | 8,469,209 | (362,543,080 | ) |
As of November 30, 2019, 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
99
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 | Net Amount of Derivatives Liabilities | ||||||||||||||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | 137,874 | $ | (16,980 | ) | $ | — | $ | 120,894 | $ | 16,980 | $ | (16,980 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 524,876 | (46,221 | ) | 478,655 | — | 46,221 | (46,221 | ) | — | — | ||||||||||||||||||||||
Morgan Stanley Capital | 318,768 | (44,712 | ) | 50,000 | 224,056 | 44,712 | (44,712 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 198,963 | (17,383 | ) | 181,580 | — | 17,383 | (17,383 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 1,180,481 | $ | (125,296 | ) | $ | 710,235 | $ | 344,950 | $ | 125,296 | $ | (125,296 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | 266,146 | $ | (43,185 | ) | $ | — | $ | 222,961 | $ | 43,185 | $ | (43,185 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 280,694 | (172,227 | ) | — | 108,467 | 172,227 | (172,227 | ) | — | — | ||||||||||||||||||||||
Morgan Stanley Capital | 521,805 | (24,670 | ) | 300,000 | 197,135 | 24,670 | (24,670 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 76,579 | (76,579 | ) | — | — | 78,113 | (76,579 | ) | — | 1,534 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 1,145,224 | $ | (316,661 | ) | $ | 300,000 | $ | 528,563 | $ | 318,195 | $ | (316,661 | ) | $ | — | $ | 1,534 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Xtrackers MSCI Europe Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | 171,908 | $ | (35,348 | ) | $ | 136,560 | $ | — | $ | 35,348 | $ | (35,348 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 2,713,246 | (154,434 | ) | 2,558,812 | — | 154,434 | (154,434 | ) | — | — | ||||||||||||||||||||||
Morgan Stanley Capital | 1,684,271 | (17,556 | ) | 1,666,715 | — | 17,556 | (17,556 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 4,950,569 | (311,227 | ) | 4,639,342 | — | 311,227 | (311,227 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 9,519,994 | $ | (518,565 | ) | $ | 9,001,429 | $ | — | $ | 518,565 | $ | (518,565 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | 8,061 | $ | (289 | ) | $ | — | $ | 7,772 | $ | 289 | $ | (289 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 241,519 | (8,894 | ) | 232,625 | — | 8,894 | (8,894 | ) | — | — | ||||||||||||||||||||||
Morgan Stanley Capital | 88,755 | — | — | 88,755 | — | — | — | — | ||||||||||||||||||||||||
RBC Capital Markets | 3,218 | (3,218 | ) | — | — | 3,373 | (3,218 | ) | — | 155 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 341,553 | $ | (12,401 | ) | $ | 232,625 | $ | 96,527 | $ | 12,556 | $ | (12,401 | ) | $ | — | $ | 155 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Xtrackers MSCI Germany Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | 93,722 | $ | (3,466 | ) | $ | — | $ | 90,256 | $ | 3,466 | $ | (3,466 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 16,480 | (599 | ) | — | 15,881 | 599 | (599 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 149,903 | (5,491 | ) | — | 144,412 | 5,491 | (5,491 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 260,105 | $ | (9,556 | ) | $ | — | $ | 250,549 | $ | 9,556 | $ | (9,556 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Citigroup Global Markets | $ | 334,684 | $ | (75,713 | ) | $ | 258,971 | $ | — | $ | 75,713 | $ | (75,713 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 2,063,953 | (210,437 | ) | 1,853,516 | — | 210,437 | (210,437 | ) | — | — | ||||||||||||||||||||||
Morgan Stanley Capital | 909,893 | — | 909,893 | — | — | — | — | — | ||||||||||||||||||||||||
RBC Capital Markets | 1,585,576 | (94,270 | ) | 1,491,306 | — | 94,270 | (94,270 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 4,894,106 | $ | (380,420 | ) | $ | 4,513,686 | $ | — | $ | 380,420 | $ | (380,420 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | The actual collateral received may be more than the 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 Rule2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may
100
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
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 management 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 arrangingsub-advisory, transfer agency, custody, fund administration, and all othernon-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 management fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management 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 management fees 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, 2019, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 833 | ||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 575 | |||
Xtrackers MSCI Europe Hedged Equity ETF | 4,790 | |||
Xtrackers MSCI Eurozone Hedged Equity ETF | 243 | |||
Xtrackers MSCI Germany Hedged Equity ETF | 128 | |||
Xtrackers MSCI Japan Hedged Equity ETF | 2,423 |
Out of the unitary management 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).
101
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
4. Investment Portfolio Transactions
For the period ended November 30, 2019, the cost of investments purchased and proceeds from sale of investments (excludingin-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 4,730,588 | $ | 4,827,332 | ||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 9,748,218 | 13,000,318 | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | 54,979,892 | 66,384,300 | ||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 1,887,051 | 1,854,010 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | 1,467,308 | 1,670,602 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 22,091,455 | 29,527,848 |
For the period ended November 30, 2019, the cost ofin-kind purchases and proceeds fromin-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | $ | 634,385 | $ | 4,466,100 | ||||
Xtrackers MSCI Europe Hedged Equity ETF | 91,689,776 | 72,783,081 | ||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | — | 9,123,240 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | — | 6,389,941 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | — | 143,941,149 |
5. Fund Share Transactions
As of November 30, 2019, 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 thein-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. 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.
7. 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 theone-month LIBOR Rate. Each Fund may borrow up to the lesser of apro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2019.
Pro-rata Share | ||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 9,450,000 | ||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 14,700,000 |
102
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 recent12-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 at855-329-3837.
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 FormN-Q or FormN-PORT (available for filings after March 31, 2019). 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 at855-329-3837.
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.
103
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collectsnon-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 anynon-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclosenon-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and tonon-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclosenon-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 disclosenon-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 yournon-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.
104
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 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 currently 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.
In June 2016, the United Kingdom approved a referendum to leave the EU, and in March 2017, the United Kingdom initiated its withdrawal from the EU. Significant uncertainty exists regarding the timing of the United Kingdom’s anticipated withdrawal from the EU and the effects such withdrawal will have on the United Kingdom’s economy and on markets in the United Kingdom and throughout the world.
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 © 2020 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 1002 | 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-049077-4 (1/20) DBX004202 (1/21)
November 30, 2019
Semi-Annual Report
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
Page | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
18 | ||||
19 | ||||
20 | ||||
21 | ||||
22 | ||||
29 | ||||
30 |
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, 2019.
The global economy faced headwinds as the economic volatility has increased with trade tension and political instability across the globe intensifying. However, despite this turbulence, the U.S. economy has shown great resilience. The U.S. unemployment rate fell to the lowest level since decades, although partially offset by a retracement in the consumer confidence index. The Federal Reserve Board has cut the interest rate by 0.75% in three successive meetings to a range of1.5-1.75% to sustain the expansion. The Eurozone slowed down as its economy suffered from persistent external headwinds, a weak manufacturing sector and cooling labor markets. The emerging markets have suffered due to the slump in the global trade and low manufacturing output, and a stronger dollar added to the adversities.
The Eurozone was affected by persistent global risks due to trade tensions and political uncertainties, especially Brexit1. However, market sentiment towards the Eurozone economy started to turn positive by the end of the reporting period with the industrial output posting an unexpected gain and Germany surprisingly avoiding a technical recession. The unemployment rates inched downward and retail sales picked up because of higher wage growth and government spending. The European Central Bank still decided to cut the interest rates, pushing them further into negative territory, and restart the asset purchase programme to counter the effects of protracted weakness in the region and muted inflation. The U.K. economy is facing multi-year low inflation led by a slowdown in the real estate sector, subdued fixed investments and inventory drawdowns following Brexit uncertainty. However, favorable unemployment rates and increased consumption provided the required stability. Spain’s economy remained stagnant with consumption and government spending inching upward towards the end of the period. The recent election produced a fragmented parliament that is making it difficult for the winning party to gain majority and form the government.
The Japanese economy slowed as private consumption, government consumption and fixed investment growth moderated. Trade tensions between South Korea and Japan have also risen, which is of second-order importance relative to the China/U.S. situation. As a consequence of this, the Bank of Japan kept its monetary policy steady but gave an accommodative guidance despite its interest rates being already in negative territory. The pinch of trade war hit the Chinese economy hard, with GDP2 growth sliding to a three-decade low, worsening the business climate. The Australian economy continued to grow supported by government spending; however, the rate of growth remains well below the long run average. The Bank of Australia has left the interest rates unchanged at record low levels and has guided to further ease policy if needed to support growth.
Global economic strength appears to have paved the way for a slow recovery as the leading economic indicators have stabilized. Although future growth might look tepid, a global recession is not expected. With both fiscal and monetary policies directed at tackling the looming risks around the world, a Brexit friendly conservative party likely gaining majority in the upcoming U.K. elections and the likelihood of aUS-China trade deal give hope of better times in the future. However, whether markets remain relatively calm, or we do, in fact, witness some episodic volatility, our view is that retaining a diversified approach is right. It takes advantage of the relatively uncorrelated nature of excess returns and mitigates the need to try and time a particular market cycle.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
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.
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 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, 2019 (12.0% of Net Assets) |
Description | % of Net Assets | |||
Nestle SA (Switzerland) | 2.1% | |||
Royal Dutch Shell PLC (Netherlands) | 1.5% | |||
Roche Holding AG (Switzerland) | 1.5% | |||
Novartis AG (Switzerland) | 1.3% | |||
Toyota Motor Corp. (Japan) | 1.1% | |||
HSBC Holdings PLC (United Kingdom) | 1.0% | |||
SAP SE (Germany) | 0.9% | |||
AstraZeneca PLC (United Kingdom) | 0.9% | |||
BP PLC (United Kingdom) | 0.9% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 0.8% |
Country Diversification* as of November 30, 2019 |
Japan | 24.9% | |||
United Kingdom | 14.5% | |||
France | 11.2% | |||
Switzerland | 9.6% | |||
Germany | 8.6% | |||
Australia | 7.0% | |||
Netherlands | 4.9% | |||
Hong Kong | 3.3% | |||
Spain | 2.8% | |||
Sweden | 2.4% | |||
Italy | 2.1% | |||
Other | 8.7% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2019 |
Financials | 18.3% | |||
Industrials | 15.1% | |||
Health Care | 12.2% | |||
Consumer Discretionary | 11.6% | |||
Consumer Staples | 11.4% | |||
Information Technology | 7.0% | |||
Materials | 7.0% | |||
Communication Services | 5.3% | |||
Energy | 4.8% | |||
Utilities | 3.7% | |||
Real Estate | 3.6% | |||
|
| |||
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 4
2
DBX ETF Trust
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most resentsix-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 thesix-month period and held for the entire period (June 1, 2019 to November 30, 2019).
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, 2019 | Ending Account Value November 30, 2019 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI EAFE Hedged Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,112.50 | 0.36 | % | $ | 1.90 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.20 | 0.36 | % | $ | 1.82 |
(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 recentsix-month period), then divided by 366.
3
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 96.0% | ||||||||
Australia — 6.8% | ||||||||
AGL Energy Ltd. | 223,302 | $ | 3,082,757 | |||||
Alumina Ltd. | 915,196 | 1,429,979 | ||||||
AMP Ltd. | 1,295,731 | 1,713,426 | ||||||
APA Group (a) | 415,237 | 3,089,530 | ||||||
Aristocrat Leisure Ltd. | 207,288 | 4,755,910 | ||||||
ASX Ltd. | 67,138 | 3,710,627 | ||||||
Aurizon Holdings Ltd. | 690,164 | 2,698,260 | ||||||
AusNet Services | 593,726 | 698,778 | ||||||
Australia & New Zealand Banking Group Ltd. | 985,525 | 16,558,572 | ||||||
Bendigo & Adelaide Bank Ltd. | 162,882 | 1,105,039 | ||||||
BHP Group Ltd. | 1,013,808 | 26,215,832 | ||||||
BHP Group PLC | 727,655 | 16,093,034 | ||||||
BlueScope Steel Ltd. | 188,251 | 1,852,695 | ||||||
Boral Ltd. | 409,668 | 1,424,291 | ||||||
Brambles Ltd. | 547,509 | 4,647,706 | ||||||
Caltex Australia Ltd. | 90,416 | 2,113,599 | ||||||
Challenger Ltd. | 190,399 | 1,048,317 | ||||||
CIMIC Group Ltd. | 31,548 | 717,846 | ||||||
Coca-Cola Amatil Ltd. | 187,217 | 1,441,090 | ||||||
Cochlear Ltd. | 19,727 | 3,122,209 | ||||||
Coles Group Ltd. | 389,779 | 4,286,893 | ||||||
Commonwealth Bank of Australia | 609,282 | 33,307,408 | ||||||
Computershare Ltd. | 155,377 | 1,863,370 | ||||||
Crown Resorts Ltd. | 119,772 | 1,045,888 | ||||||
CSL Ltd. | 157,250 | 30,152,041 | ||||||
Dexus REIT | 384,641 | 3,181,894 | ||||||
Flight Centre Travel Group Ltd. | 18,961 | 564,695 | ||||||
Fortescue Metals Group Ltd. | 471,503 | 3,103,137 | ||||||
Goodman Group REIT | 585,232 | 5,866,511 | ||||||
GPT Group REIT | 700,512 | 2,914,032 | ||||||
Harvey Norman Holdings Ltd. (b) | 201,516 | 586,113 | ||||||
Incitec Pivot Ltd. | 564,712 | 1,233,767 | ||||||
Insurance Australia Group Ltd. | 814,130 | 4,344,846 | ||||||
Lendlease Group (a) | 195,149 | 2,548,897 | ||||||
Macquarie Group Ltd. | 111,406 | 10,402,761 | ||||||
Magellan Financial Group Ltd. | 42,756 | 1,518,019 | ||||||
Medibank Pvt Ltd. | 948,546 | 2,091,605 | ||||||
Mirvac Group REIT | 1,400,774 | 3,193,020 | ||||||
National Australia Bank Ltd. | 988,169 | 17,304,813 | ||||||
Newcrest Mining Ltd. | 267,022 | 5,555,677 | ||||||
Oil Search Ltd. | 474,833 | 2,389,557 | ||||||
Orica Ltd. | 131,109 | 2,108,861 | ||||||
Origin Energy Ltd. | 602,741 | 3,546,938 | ||||||
Qantas Airways Ltd. | 210,288 | 1,038,343 | ||||||
QBE Insurance Group Ltd. | 459,038 | 3,937,056 | ||||||
Ramsay Health Care Ltd. | 54,445 | 2,687,605 | ||||||
REA Group Ltd. | 19,704 | 1,390,888 | ||||||
Santos Ltd. | 631,770 | 3,482,734 | ||||||
Scentre Group REIT | 1,843,255 | 4,912,305 | ||||||
SEEK Ltd. | 116,937 | 1,834,241 | ||||||
Sonic Healthcare Ltd. | 148,421 | 3,023,806 | ||||||
South32 Ltd. | 1,769,354 | 3,231,336 | ||||||
Stockland REIT | 808,544 | 2,761,841 | ||||||
Suncorp Group Ltd. | 440,423 | 3,985,931 | ||||||
Sydney Airport (a) | 357,683 | 2,220,980 |
Number | Value | |||||||
Australia (Continued) | ||||||||
Tabcorp Holdings Ltd. | 682,717 | $ | 2,211,973 | |||||
Telstra Corp. Ltd. | 1,444,139 | 3,770,509 | ||||||
TPG Telecom Ltd. | 127,409 | 602,394 | ||||||
Transurban Group (a) | 934,352 | 9,701,135 | ||||||
Treasury Wine Estates Ltd. | 257,142 | 3,252,507 | ||||||
Vicinity Centres REIT | 1,133,674 | 2,055,070 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 36,884 | 556,847 | ||||||
Wesfarmers Ltd. | 391,383 | 11,216,673 | ||||||
Westpac Banking Corp. | 1,197,742 | 19,864,946 | ||||||
WiseTech Global Ltd. | 45,970 | 848,247 | ||||||
Woodside Petroleum Ltd. | 323,212 | 7,544,598 | ||||||
Woolworths Group Ltd. | 435,196 | 11,704,016 | ||||||
Worley Ltd. | 110,022 | 1,116,283 | ||||||
|
| |||||||
349,582,504 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG (b) | 24,292 | 947,393 | ||||||
Erste Group Bank AG* | 103,406 | 3,702,480 | ||||||
OMV AG | 53,809 | 3,067,221 | ||||||
Raiffeisen Bank International AG | 55,046 | 1,292,328 | ||||||
Verbund AG | 23,317 | 1,211,977 | ||||||
voestalpine AG | 42,006 | 1,112,987 | ||||||
|
| |||||||
11,334,386 | ||||||||
|
| |||||||
Belgium — 1.0% | ||||||||
Ageas | 63,884 | 3,834,360 | ||||||
Anheuser-Busch InBev SA/NV (b) | 264,645 | 20,954,388 | ||||||
Colruyt SA | 18,843 | 975,689 | ||||||
Galapagos NV* | 14,914 | 2,938,642 | ||||||
Groupe Bruxelles Lambert SA | 27,766 | 2,817,323 | ||||||
KBC Group NV (b) | 85,261 | 6,212,669 | ||||||
Proximus SADP (b) | 55,357 | 1,669,820 | ||||||
Solvay SA | 25,536 | 2,925,835 | ||||||
Telenet Group Holding NV* | 17,021 | 768,084 | ||||||
UCB SA | 43,489 | 3,524,397 | ||||||
Umicore SA | 69,696 | 2,993,046 | ||||||
|
| |||||||
49,614,253 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | 135,221 | 1,518,029 | ||||||
|
| |||||||
China — 0.1% | ||||||||
BeiGene Ltd., ADR*(b) | 12,610 | 2,563,487 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 873,200 | 657,597 | ||||||
|
| |||||||
3,221,084 | ||||||||
|
| |||||||
Denmark — 1.8% | ||||||||
A.P. Moller — Maersk A/S, Class A | 1,178 | 1,529,362 | ||||||
A.P. Moller — Maersk A/S, Class B | 2,383 | 3,330,248 | ||||||
Carlsberg A/S, Class B | 37,287 | 5,363,707 | ||||||
Chr Hansen Holding A/S | 36,641 | 2,782,341 | ||||||
Coloplast A/S, Class B | 41,625 | 4,917,349 | ||||||
Danske Bank A/S | 218,296 | 2,947,049 | ||||||
Demant A/S* | 39,719 | 1,215,212 | ||||||
DSV PANALPINA A/S | 75,828 | 8,255,761 | ||||||
Genmab A/S* | 22,182 | 5,167,656 |
See Notes to Financial Statements. | 4 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Denmark (Continued) | ||||||||
H Lundbeck A/S | 22,521 | $ | 862,706 | |||||
ISS A/S | 61,011 | 1,400,210 | ||||||
Novo Nordisk A/S, Class B | 612,555 | 34,429,744 | ||||||
Novozymes A/S, Class B | 74,835 | 3,575,078 | ||||||
Orsted A/S, 144A | 66,278 | 6,107,806 | ||||||
Pandora A/S | 36,477 | 1,468,309 | ||||||
Tryg A/S | 42,196 | 1,213,226 | ||||||
Vestas Wind Systems A/S | 65,249 | 6,209,243 | ||||||
|
| |||||||
90,775,007 | ||||||||
|
| |||||||
Finland — 1.0% | ||||||||
Elisa OYJ | 48,183 | 2,575,068 | ||||||
Fortum OYJ | 151,993 | 3,581,773 | ||||||
Kone OYJ, Class B | 117,587 | 7,360,786 | ||||||
Metso OYJ | 36,910 | 1,415,099 | ||||||
Neste OYJ | 146,763 | 4,960,616 | ||||||
Nokia OYJ | 1,944,947 | 6,881,440 | ||||||
Nokian Renkaat OYJ | 43,283 | 1,171,142 | ||||||
Nordea Bank Abp | 1,106,218 | 7,833,952 | ||||||
Nordea Bank Abp | 15,341 | 108,708 | ||||||
Orion OYJ, Class B | 34,753 | 1,512,353 | ||||||
Sampo OYJ, Class A | 153,414 | 6,202,899 | ||||||
Stora Enso OYJ, Class R | 199,935 | 2,687,276 | ||||||
UPM-Kymmene OYJ | 181,130 | 6,050,388 | ||||||
Wartsila OYJ Abp | 148,783 | 1,497,521 | ||||||
|
| |||||||
53,839,021 | ||||||||
|
| |||||||
France — 10.8% | ||||||||
Accor SA | 64,857 | 2,774,520 | ||||||
Aeroports de Paris | 9,975 | 1,950,630 | ||||||
Air Liquide SA | 164,792 | 22,339,908 | ||||||
Airbus SE | 200,673 | 29,492,285 | ||||||
Alstom SA | 66,140 | 2,884,056 | ||||||
Amundi SA, 144A | 20,008 | 1,514,342 | ||||||
Arkema SA | 23,440 | 2,428,993 | ||||||
Atos SE | 32,534 | 2,762,758 | ||||||
AXA SA | 663,631 | 18,055,077 | ||||||
BioMerieux | 13,706 | 1,238,948 | ||||||
BNP Paribas SA | 386,170 | 21,684,869 | ||||||
Bollore SA | 299,431 | 1,279,947 | ||||||
Bouygues SA | 76,403 | 3,121,144 | ||||||
Bureau Veritas SA | 98,372 | 2,575,026 | ||||||
Capgemini SE | 54,685 | 6,467,462 | ||||||
Carrefour SA | 200,308 | 3,305,779 | ||||||
Casino Guichard Perrachon SA (b) | 20,756 | 913,304 | ||||||
Cie de Saint-Gobain | 168,150 | 6,807,974 | ||||||
Cie Generale des Etablissements Michelin SCA | 58,194 | 6,981,837 | ||||||
CNP Assurances | 54,713 | 1,080,170 | ||||||
Covivio REIT | 16,822 | 1,860,694 | ||||||
Credit Agricole SA | 392,083 | 5,362,760 | ||||||
Danone SA | 215,419 | 17,733,094 | ||||||
Dassault Aviation SA | 824 | 1,121,135 | ||||||
Dassault Systemes SE | 44,823 | 7,061,559 | ||||||
Edenred | 84,155 | 4,176,749 | ||||||
Eiffage SA | 26,615 | 2,905,787 | ||||||
Electricite de France SA | 216,235 | 2,221,222 |
Number | Value | |||||||
France (Continued) | ||||||||
Engie SA | 624,192 | $ | 9,874,981 | |||||
EssilorLuxottica SA | 99,018 | 15,381,437 | ||||||
Eurazeo SE | 12,090 | 823,815 | ||||||
Eutelsat Communications SA | 59,370 | 973,925 | ||||||
Faurecia SE | 25,073 | 1,329,768 | ||||||
Gecina SA REIT | 16,745 | 2,892,643 | ||||||
Getlink SE | 158,091 | 2,666,527 | ||||||
Hermes International | 10,731 | 8,039,199 | ||||||
ICADE REIT | 10,957 | 1,096,681 | ||||||
Iliad SA (b) | 8,840 | 1,125,345 | ||||||
Ingenico Group SA | 20,697 | 2,208,592 | ||||||
Ipsen SA | 12,391 | 1,399,245 | ||||||
JCDecaux SA | 25,427 | 728,337 | ||||||
Kering SA | 26,023 | 15,673,648 | ||||||
Klepierre SA REIT | 70,558 | 2,531,790 | ||||||
Legrand SA | 89,879 | 7,097,737 | ||||||
L’Oreal SA | 86,688 | 24,706,945 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 96,652 | 43,369,948 | ||||||
Natixis SA | 301,615 | 1,260,374 | ||||||
Orange SA (b) | 687,984 | 11,369,287 | ||||||
Pernod Ricard SA | 74,536 | 13,688,798 | ||||||
Peugeot SA | 207,645 | 5,014,477 | ||||||
Publicis Groupe SA | 74,765 | 3,289,804 | ||||||
Remy Cointreau SA | 7,683 | 989,484 | ||||||
Renault SA | 64,333 | 3,079,904 | ||||||
Safran SA | 114,197 | 18,676,631 | ||||||
Sanofi | 387,680 | 36,094,842 | ||||||
Sartorius Stedim Biotech | 9,454 | 1,500,871 | ||||||
Schneider Electric SE | 191,760 | 18,506,563 | ||||||
SCOR SE | 54,518 | 2,341,838 | ||||||
SEB SA | 8,371 | 1,300,350 | ||||||
Societe Generale SA | 276,502 | 8,700,017 | ||||||
Sodexo SA | 31,016 | 3,615,223 | ||||||
Suez | 125,115 | 1,851,871 | ||||||
Teleperformance | 19,755 | 4,679,281 | ||||||
Thales SA | 36,935 | 3,618,272 | ||||||
TOTAL SA | 825,989 | 43,352,052 | ||||||
Ubisoft Entertainment SA* | 29,956 | 1,818,440 | ||||||
Unibail-Rodamco-Westfield REIT | 33,128 | 5,178,945 | ||||||
Unibail-Rodamco-Westfield CDI | 299,642 | 2,344,983 | ||||||
Valeo SA | 82,034 | 3,231,879 | ||||||
Veolia Environnement SA | 182,290 | 4,667,267 | ||||||
Vinci SA | 176,060 | 19,198,699 | ||||||
Vivendi SA | 304,064 | 8,347,889 | ||||||
Wendel SA | 9,050 | 1,219,379 | ||||||
Worldline SA, 144A* | 34,881 | 2,257,670 | ||||||
|
| |||||||
555,217,682 | ||||||||
|
| |||||||
Germany — 7.8% | ||||||||
adidas AG | 62,126 | 19,352,615 | ||||||
Allianz SE | 146,138 | 34,993,425 | ||||||
Axel Springer SE | 15,617 | 1,075,329 | ||||||
BASF SE | 315,428 | 23,706,946 | ||||||
Bayer AG | 321,504 | 24,333,622 | ||||||
Bayerische Motoren Werke AG | 113,832 | 9,192,465 | ||||||
Beiersdorf AG | 34,274 | 3,996,863 |
See Notes to Financial Statements. | 5 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Brenntag AG | 53,647 | $ | 2,861,173 | |||||
Carl Zeiss Meditec AG | 13,698 | 1,675,112 | ||||||
Commerzbank AG | 346,614 | 2,008,991 | ||||||
Continental AG | 37,489 | 4,898,377 | ||||||
Covestro AG, 144A | 60,905 | 2,851,711 | ||||||
Daimler AG | 310,645 | 17,522,577 | ||||||
Delivery Hero SE, 144A* | 39,109 | 2,068,148 | ||||||
Deutsche Bank AG (c) | 677,242 | 4,882,597 | ||||||
Deutsche Boerse AG | 64,908 | 9,957,655 | ||||||
Deutsche Lufthansa AG | 82,834 | 1,571,468 | ||||||
Deutsche Post AG | 340,418 | 12,691,312 | ||||||
Deutsche Telekom AG | 1,150,962 | 19,319,487 | ||||||
Deutsche Wohnen SE | 124,090 | 4,846,371 | ||||||
E.ON SE | 764,370 | 7,998,332 | ||||||
Evonik Industries AG | 66,723 | 1,936,221 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 14,278 | 1,216,250 | ||||||
Fresenius Medical Care AG & Co. KGaA | 74,334 | 5,450,853 | ||||||
Fresenius SE & Co. KGaA | 142,701 | 7,804,093 | ||||||
GEA Group AG | 57,204 | 1,838,343 | ||||||
Hannover Rueck SE | 21,032 | 3,904,308 | ||||||
HeidelbergCement AG | 51,120 | 3,779,001 | ||||||
Henkel AG & Co. KGaA | 37,125 | 3,591,076 | ||||||
HOCHTIEF AG | 8,596 | 1,055,929 | ||||||
Infineon Technologies AG | 429,795 | 9,180,324 | ||||||
KION Group AG | 24,794 | 1,644,943 | ||||||
Knorr-Bremse AG | 15,806 | 1,537,262 | ||||||
LANXESS AG | 30,699 | 2,046,177 | ||||||
Merck KGaA | 45,209 | 5,279,520 | ||||||
METRO AG | 58,699 | 945,780 | ||||||
MTU Aero Engines AG | 17,675 | 4,788,303 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 49,825 | 14,304,918 | ||||||
Puma SE | 29,252 | 2,197,878 | ||||||
RWE AG | 204,310 | 6,057,131 | ||||||
SAP SE | 339,210 | 46,145,453 | ||||||
Siemens AG | 264,099 | 34,077,009 | ||||||
Siemens Healthineers AG, 144A | 50,896 | 2,468,296 | ||||||
Symrise AG | 44,743 | 4,339,791 | ||||||
Telefonica Deutschland Holding AG | 353,666 | 1,079,676 | ||||||
thyssenkrupp AG (b) | 138,462 | 1,735,947 | ||||||
TUI AG | 150,494 | 2,070,013 | ||||||
Uniper SE | 69,601 | 2,246,709 | ||||||
United Internet AG | 42,122 | 1,426,980 | ||||||
Volkswagen AG | 11,068 | 2,111,326 | ||||||
Vonovia SE | 180,202 | 9,388,421 | ||||||
Wirecard AG (b) | 40,426 | 5,335,575 | ||||||
Zalando SE, 144A* | 46,626 | 2,008,485 | ||||||
|
| |||||||
404,796,567 | ||||||||
|
| |||||||
Hong Kong — 3.2% | ||||||||
AIA Group Ltd. | 4,170,668 | 41,770,348 | ||||||
ASM Pacific Technology Ltd. | 112,451 | 1,468,117 | ||||||
Bank of East Asia Ltd. (b) | 410,940 | 927,076 | ||||||
BOC Hong Kong Holdings Ltd. | 1,289,728 | 4,382,543 | ||||||
Budweiser Brewing Co. APAC Ltd., 144A* | 415,000 | 1,479,104 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
CK Asset Holdings Ltd. | 893,799 | $ | 5,943,018 | |||||
CK Hutchison Holdings Ltd. | 932,591 | 8,470,465 | ||||||
CK Infrastructure Holdings Ltd. | 214,818 | 1,454,430 | ||||||
CLP Holdings Ltd. | 567,288 | 5,848,218 | ||||||
Dairy Farm International Holdings Ltd. | 130,600 | 764,010 | ||||||
Galaxy Entertainment Group Ltd. | 769,232 | 5,031,225 | ||||||
Hang Lung Properties Ltd. | 666,417 | 1,365,516 | ||||||
Hang Seng Bank Ltd. (b) | 264,421 | 5,391,073 | ||||||
Henderson Land Development Co. Ltd. | 513,275 | 2,468,661 | ||||||
HK Electric Investments & HK Electric Investments Ltd. (a) | 1,004,179 | 983,904 | ||||||
HKT Trust & HKT Ltd. (a) | 1,359,003 | 1,993,007 | ||||||
Hong Kong & China Gas Co. Ltd. | 3,532,975 | 6,733,732 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 413,885 | 13,069,969 | ||||||
Hongkong Land Holdings Ltd. | 417,900 | 2,298,450 | ||||||
Jardine Matheson Holdings Ltd. | 75,457 | 4,242,193 | ||||||
Jardine Strategic Holdings Ltd. | 79,487 | 2,523,712 | ||||||
Kerry Properties Ltd. | 221,989 | 716,043 | ||||||
Link REIT | 734,478 | 7,506,115 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 66,994 | 1,425,632 | ||||||
MTR Corp. Ltd. | 513,658 | 2,880,613 | ||||||
New World Development Co. Ltd. | 2,151,198 | 2,808,521 | ||||||
NWS Holdings Ltd. | 514,475 | 690,081 | ||||||
PCCW Ltd. | 1,293,615 | 779,998 | ||||||
Power Assets Holdings Ltd. | 508,877 | 3,539,624 | ||||||
Sino Land Co. Ltd. | 1,027,553 | 1,541,057 | ||||||
SJM Holdings Ltd. (b) | 677,246 | 690,392 | ||||||
Sun Hung Kai Properties Ltd. | 559,903 | 8,146,723 | ||||||
Swire Pacific Ltd., Class A | 176,870 | 1,591,775 | ||||||
Swire Properties Ltd. | 408,304 | 1,270,074 | ||||||
Techtronic Industries Co. Ltd. | 470,904 | 3,540,179 | ||||||
Vitasoy International Holdings Ltd. | 288,632 | 1,109,832 | ||||||
WH Group Ltd., 144A | 3,317,058 | 3,406,870 | ||||||
Wharf Real Estate Investment Co. Ltd. | 408,743 | 2,268,749 | ||||||
Wheelock & Co. Ltd. | 292,516 | 1,817,937 | ||||||
Yue Yuen Industrial Holdings Ltd. | 242,881 | 718,275 | ||||||
|
| |||||||
165,057,261 | ||||||||
|
| |||||||
Ireland — 0.9% | ||||||||
AerCap Holdings NV* | 43,241 | 2,672,726 | ||||||
AIB Group PLC | 282,016 | 922,771 | ||||||
Bank of Ireland Group PLC | 324,353 | 1,629,470 | ||||||
CRH PLC | 280,961 | 10,750,149 | ||||||
DCC PLC | 33,697 | 2,879,901 | ||||||
Experian PLC | 316,707 | 10,498,387 | ||||||
Flutter Entertainment PLC* | 26,493 | 3,035,485 | ||||||
James Hardie Industries PLC CDI | 152,548 | 2,988,194 | ||||||
Kerry Group PLC, Class A | 55,185 | 7,076,812 | ||||||
Kingspan Group PLC | 52,491 | 2,829,013 | ||||||
Smurfit Kappa Group PLC | 74,838 | 2,654,860 | ||||||
|
| |||||||
47,937,768 | ||||||||
|
|
See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Isle of Man — 0.0% | ||||||||
GVC Holdings PLC | 188,314 | $ | 2,074,123 | |||||
|
| |||||||
Israel — 0.6% | ||||||||
Azrieli Group Ltd. | 14,545 | 1,134,507 | ||||||
Bank Hapoalim BM | 399,318 | 3,220,371 | ||||||
Bank LeumiLe-Israel BM | 534,936 | 3,880,062 | ||||||
Check Point Software Technologies Ltd.*(b) | 42,356 | 4,992,925 | ||||||
CyberArk Software Ltd.* | 12,361 | 1,514,841 | ||||||
Elbit Systems Ltd. | 8,559 | 1,417,943 | ||||||
Israel Chemicals Ltd. | 241,624 | 1,133,161 | ||||||
Israel Discount Bank Ltd., Class A | 407,027 | 1,873,731 | ||||||
Mizrahi Tefahot Bank Ltd. | 49,399 | 1,320,092 | ||||||
Nice Ltd.* | 21,413 | 3,246,774 | ||||||
Teva Pharmaceutical Industries Ltd., ADR* | 361,714 | 3,769,060 | ||||||
Wix.com Ltd.* | 16,259 | 1,965,550 | ||||||
|
| |||||||
29,469,017 | ||||||||
|
| |||||||
Italy — 2.0% | ||||||||
Assicurazioni Generali SpA | 380,341 | 7,764,477 | ||||||
Atlantia SpA | 173,747 | 3,851,314 | ||||||
Davide Campari-Milano SpA | 191,930 | 1,751,859 | ||||||
Enel SpA | 2,824,814 | 21,336,556 | ||||||
Eni SpA | 878,148 | 13,267,696 | ||||||
Ferrari NV | 41,783 | 7,061,364 | ||||||
FinecoBank Banca Fineco SpA | 220,425 | 2,734,405 | ||||||
Intesa Sanpaolo SpA | 5,052,738 | 12,805,975 | ||||||
Leonardo SpA | 142,735 | 1,669,222 | ||||||
Mediobanca Banca di Credito Finanziario SpA (b) | 206,831 | 2,312,839 | ||||||
Moncler SpA | 60,690 | 2,659,110 | ||||||
Pirelli & C SpA, 144A | 151,284 | 858,349 | ||||||
Poste Italiane SpA, 144A | 188,472 | 2,198,905 | ||||||
Prysmian SpA | 81,609 | 1,860,211 | ||||||
Recordati SpA | 38,669 | 1,621,845 | ||||||
Snam SpA | 705,789 | 3,508,388 | ||||||
Telecom Italia SpA* | 3,241,791 | 2,029,317 | ||||||
Telecom ItaliaSpA-RSP | 2,271,061 | 1,398,635 | ||||||
Terna Rete Elettrica Nazionale SpA | 491,049 | 3,153,966 | ||||||
UniCredit SpA | 703,282 | 9,733,117 | ||||||
|
| |||||||
103,577,550 | ||||||||
|
| |||||||
Japan — 24.0% | ||||||||
ABC-Mart, Inc. | 11,100 | 739,290 | ||||||
Acom Co. Ltd. | 123,200 | 511,012 | ||||||
Advantest Corp. | 66,200 | 3,235,759 | ||||||
Aeon Co. Ltd. | 227,600 | 4,643,285 | ||||||
AEON Financial Service Co. Ltd. | 33,800 | 511,069 | ||||||
Aeon Mall Co. Ltd. | 33,900 | 544,791 | ||||||
AGC, Inc. | 62,100 | 2,266,589 | ||||||
Air Water, Inc. | 46,000 | 738,824 | ||||||
Aisin Seiki Co. Ltd. | 55,654 | 2,105,044 | ||||||
Ajinomoto Co., Inc. | 157,747 | 2,628,756 | ||||||
Alfresa Holdings Corp. | 69,000 | 1,425,325 | ||||||
Alps Alpine Co. Ltd. | 69,056 | 1,558,973 | ||||||
Amada Holdings Co. Ltd. | 110,300 | 1,229,419 | ||||||
ANA Holdings, Inc. | 34,100 | 1,161,123 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Aozora Bank Ltd. | 42,200 | $ | 1,074,904 | |||||
Asahi Group Holdings Ltd. | 123,265 | 5,930,414 | ||||||
Asahi Intecc Co. Ltd. | 68,200 | 1,987,648 | ||||||
Asahi Kasei Corp. | 428,300 | 4,811,063 | ||||||
Astellas Pharma, Inc. | 656,732 | 11,205,034 | ||||||
Bandai Namco Holdings, Inc. | 69,500 | 4,214,257 | ||||||
Bank of Kyoto Ltd. | 21,400 | 882,746 | ||||||
Benesse Holdings, Inc. | 27,800 | 733,511 | ||||||
Bridgestone Corp. | 194,276 | 7,765,360 | ||||||
Brother Industries Ltd. | 76,600 | 1,518,633 | ||||||
Calbee, Inc. | 29,700 | 956,489 | ||||||
Canon, Inc. | 345,686 | 9,569,491 | ||||||
Casio Computer Co. Ltd. | 64,700 | 1,233,648 | ||||||
Central Japan Railway Co. | 50,754 | 10,245,394 | ||||||
Chiba Bank Ltd. | 177,000 | 1,009,072 | ||||||
Chubu Electric Power Co., Inc. | 225,700 | 3,146,665 | ||||||
Chugai Pharmaceutical Co. Ltd. | 77,400 | 6,758,843 | ||||||
Chugoku Electric Power Co., Inc. | 107,500 | 1,421,155 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 40,054 | 962,057 | ||||||
Concordia Financial Group Ltd. | 368,115 | 1,493,244 | ||||||
Credit Saison Co. Ltd. | 59,000 | 975,652 | ||||||
CyberAgent, Inc. | 35,000 | 1,208,716 | ||||||
Dai Nippon Printing Co. Ltd. | 87,600 | 2,342,563 | ||||||
Daicel Corp. | 74,700 | 734,340 | ||||||
Daifuku Co. Ltd. | 35,021 | 2,038,132 | ||||||
Dai-ichi Life Holdings, Inc. | 366,938 | 5,910,298 | ||||||
Daiichi Sankyo Co. Ltd. | 195,331 | 12,245,775 | ||||||
Daikin Industries Ltd. | 85,788 | 12,340,524 | ||||||
Daito Trust Construction Co. Ltd. | 24,613 | 3,009,867 | ||||||
Daiwa House Industry Co. Ltd. | 194,536 | 5,952,228 | ||||||
Daiwa House REIT Investment Corp. REIT | 590 | 1,613,869 | ||||||
Daiwa Securities Group, Inc. | 565,787 | 2,868,867 | ||||||
Denso Corp. | 151,053 | 6,745,668 | ||||||
Dentsu, Inc. | 73,900 | 2,680,398 | ||||||
Disco Corp. | 9,100 | 1,963,748 | ||||||
East Japan Railway Co. | 104,453 | 9,609,810 | ||||||
Eisai Co. Ltd. | 86,952 | 6,442,654 | ||||||
Electric Power Development Co. Ltd. | 50,032 | 1,199,890 | ||||||
FamilyMart Co. Ltd. | 88,168 | 2,081,459 | ||||||
FANUC Corp. | 67,017 | 12,799,693 | ||||||
Fast Retailing Co. Ltd. | 20,117 | 12,257,117 | ||||||
Fuji Electric Co. Ltd. | 47,500 | 1,462,473 | ||||||
FUJIFILM Holdings Corp. | 122,154 | 5,772,057 | ||||||
Fujitsu Ltd. | 68,202 | 6,200,522 | ||||||
Fukuoka Financial Group, Inc. | 58,400 | 1,112,457 | ||||||
GMO Payment Gateway, Inc. | 14,600 | 1,035,092 | ||||||
Hakuhodo DY Holdings, Inc. | 86,059 | 1,390,876 | ||||||
Hamamatsu Photonics KK | 48,100 | 1,948,961 | ||||||
Hankyu Hanshin Holdings, Inc. | 79,240 | 3,402,567 | ||||||
Hikari Tsushin, Inc. | 7,300 | 1,702,033 | ||||||
Hino Motors Ltd. | 103,200 | 1,009,796 | ||||||
Hirose Electric Co. Ltd. | 11,266 | 1,385,413 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 14,600 | 716,294 | ||||||
Hitachi Chemical Co. Ltd. | 36,100 | 1,299,475 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Hitachi Construction Machinery Co. Ltd. | 34,600 | $ | 912,298 | |||||
Hitachi High-Technologies Corp. | 24,600 | 1,604,714 | ||||||
Hitachi Ltd. | 332,801 | 13,074,271 | ||||||
Hitachi Metals Ltd. | 65,200 | 912,580 | ||||||
Honda Motor Co. Ltd. | 567,399 | 15,898,888 | ||||||
Hoshizaki Corp. | 18,100 | 1,582,541 | ||||||
Hoya Corp. | 133,974 | 12,227,859 | ||||||
Hulic Co. Ltd. | 110,900 | 1,247,251 | ||||||
Idemitsu Kosan Co. Ltd. | 67,484 | 1,842,238 | ||||||
IHI Corp. | 51,800 | 1,208,217 | ||||||
Iida Group Holdings Co. Ltd. | 50,500 | 897,378 | ||||||
Inpex Corp. | 343,217 | 3,352,053 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 109,800 | 978,073 | ||||||
Isuzu Motors Ltd. | 186,400 | 2,180,670 | ||||||
ITOCHU Corp. | 459,254 | 10,019,630 | ||||||
Itochu Techno-Solutions Corp. | 33,400 | 891,948 | ||||||
J. Front Retailing Co. Ltd. | 88,000 | 1,156,128 | ||||||
Japan Airlines Co. Ltd. | 39,573 | 1,229,979 | ||||||
Japan Airport Terminal Co. Ltd. (b) | 21,700 | 1,128,071 | ||||||
Japan Exchange Group, Inc. | 173,878 | 2,956,347 | ||||||
Japan Post Bank Co. Ltd. | 153,658 | 1,488,077 | ||||||
Japan Post Holdings Co. Ltd. | 549,813 | 5,168,860 | ||||||
Japan Post Insurance Co. Ltd. | 77,700 | 1,336,706 | ||||||
Japan Prime Realty Investment Corp. REIT | 263 | 1,197,803 | ||||||
Japan Real Estate Investment Corp. REIT | 446 | 3,035,677 | ||||||
Japan Retail Fund Investment Corp. REIT | 935 | 2,129,601 | ||||||
Japan Tobacco, Inc. | 415,641 | 9,472,536 | ||||||
JFE Holdings, Inc. | 168,885 | 2,152,433 | ||||||
JGC Holdings Corp. | 83,900 | 1,219,541 | ||||||
JSR Corp. | 64,400 | 1,139,672 | ||||||
JTEKT Corp. | 71,500 | 888,402 | ||||||
JXTG Holdings, Inc. | 1,101,928 | 4,898,800 | ||||||
Kajima Corp. | 166,200 | 2,191,098 | ||||||
Kakaku.com, Inc. | 49,300 | 1,189,542 | ||||||
Kamigumi Co. Ltd. | 34,200 | 758,021 | ||||||
Kansai Electric Power Co., Inc. | 229,467 | 2,616,370 | ||||||
Kansai Paint Co. Ltd. | 64,200 | 1,617,684 | ||||||
Kao Corp. | 168,404 | 13,250,151 | ||||||
Kawasaki Heavy Industries Ltd. | 51,400 | 1,154,275 | ||||||
KDDI Corp. | 611,633 | 17,540,688 | ||||||
Keihan Holdings Co. Ltd. | 34,300 | 1,676,534 | ||||||
Keikyu Corp. | 75,850 | 1,559,895 | ||||||
Keio Corp. | 35,060 | 2,248,606 | ||||||
Keisei Electric Railway Co. Ltd. | 46,528 | 1,917,147 | ||||||
Keyence Corp. | 62,870 | 21,505,210 | ||||||
Kikkoman Corp. | 50,382 | 2,531,643 | ||||||
Kintetsu Group Holdings Co. Ltd. | 55,240 | 3,123,983 | ||||||
Kirin Holdings Co. Ltd. | 286,123 | 6,333,891 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 17,400 | 1,427,546 | ||||||
Koito Manufacturing Co. Ltd. | 34,600 | 1,782,870 | ||||||
Komatsu Ltd. | 317,773 | 7,452,590 | ||||||
Konami Holdings Corp. | 30,566 | 1,346,015 | ||||||
Konica Minolta, Inc. | 156,900 | 1,027,795 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Kose Corp. | 11,000 | $ | 1,751,679 | |||||
Kubota Corp. | 362,081 | 5,585,618 | ||||||
Kuraray Co. Ltd. | 110,000 | 1,329,588 | ||||||
Kurita Water Industries Ltd. | 34,600 | 967,302 | ||||||
Kyocera Corp. | 109,600 | 7,456,865 | ||||||
Kyowa Kirin Co. Ltd. | 83,400 | 1,770,026 | ||||||
Kyushu Electric Power Co., Inc. | 135,200 | 1,190,743 | ||||||
Kyushu Railway Co. | 58,676 | 1,996,876 | ||||||
Lawson, Inc. | 17,500 | 952,903 | ||||||
LINE Corp.*(b) | 20,547 | 966,763 | ||||||
Lion Corp. | 80,800 | 1,627,737 | ||||||
LIXIL Group Corp. | 96,000 | 1,622,585 | ||||||
M3, Inc. | 150,742 | 4,145,388 | ||||||
Makita Corp. | 78,700 | 2,602,841 | ||||||
Marubeni Corp. | 539,600 | 3,984,329 | ||||||
Marui Group Co. Ltd. | 70,196 | 1,689,245 | ||||||
Maruichi Steel Tube Ltd. | 16,800 | 483,486 | ||||||
Mazda Motor Corp. | 202,400 | 1,793,687 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 22,822 | 1,128,016 | ||||||
Mebuki Financial Group, Inc. | 324,950 | 840,170 | ||||||
Medipal Holdings Corp. | 57,600 | 1,235,620 | ||||||
MEIJI Holdings Co. Ltd. | 38,590 | 2,623,083 | ||||||
Mercari, Inc.* | 22,800 | 502,848 | ||||||
MINEBEA MITSUMI, Inc. | 128,820 | 2,499,782 | ||||||
MISUMI Group, Inc. | 98,100 | 2,428,861 | ||||||
Mitsubishi Chemical Holdings Corp. | 411,700 | 3,053,098 | ||||||
Mitsubishi Corp. | 467,825 | 12,249,659 | ||||||
Mitsubishi Electric Corp. | 647,479 | 8,941,250 | ||||||
Mitsubishi Estate Co. Ltd. | 407,151 | 7,463,784 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 64,300 | 1,005,725 | ||||||
Mitsubishi Heavy Industries Ltd. | 110,899 | 4,243,251 | ||||||
Mitsubishi Materials Corp. | 40,900 | 1,092,610 | ||||||
Mitsubishi Motors Corp. | 256,600 | 1,148,728 | ||||||
Mitsubishi Tanabe Pharma Corp. | 86,474 | 1,582,453 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 4,254,252 | 22,469,353 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 139,100 | 893,402 | ||||||
Mitsui & Co. Ltd. | 572,060 | 10,136,681 | ||||||
Mitsui Chemicals, Inc. | 67,700 | 1,622,375 | ||||||
Mitsui Fudosan Co. Ltd. | 308,926 | 7,685,400 | ||||||
Mitsui OSK Lines Ltd. | 41,900 | 1,098,652 | ||||||
Mizuho Financial Group, Inc. | 8,371,780 | 12,941,439 | ||||||
MonotaRO Co. Ltd. | 44,600 | 1,255,018 | ||||||
MS&AD Insurance Group Holdings, Inc. | 160,721 | 5,199,516 | ||||||
Murata Manufacturing Co. Ltd. | 198,977 | 11,532,685 | ||||||
Nabtesco Corp. | 43,225 | 1,326,901 | ||||||
Nagoya Railroad Co. Ltd. | 63,440 | 2,019,902 | ||||||
NEC Corp. | 85,059 | 3,399,873 | ||||||
Nexon Co. Ltd.* | 171,145 | 2,334,471 | ||||||
NGK Insulators Ltd. | 100,100 | 1,650,729 | ||||||
NGK Spark Plug Co. Ltd. | 59,300 | 1,187,029 | ||||||
NH Foods Ltd. | 27,896 | 1,169,820 | ||||||
Nidec Corp. | 76,773 | 11,355,853 | ||||||
Nikon Corp. | 110,200 | 1,511,216 | ||||||
Nintendo Co. Ltd. | 38,571 | 14,923,776 | ||||||
Nippon Building Fund, Inc. REIT | 465 | 3,492,120 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Nippon Express Co. Ltd. | 30,800 | $ | 1,952,876 | |||||
Nippon Paint Holdings Co. Ltd. | 50,442 | 2,691,346 | ||||||
Nippon Prologis REIT, Inc. REIT (b) | 686 | 1,840,740 | ||||||
Nippon Shinyaku Co. Ltd. | 15,800 | 1,426,193 | ||||||
Nippon Steel Corp. | 278,609 | 4,086,673 | ||||||
Nippon Telegraph & Telephone Corp. | 223,151 | 11,268,152 | ||||||
Nippon Yusen KK | 50,300 | 863,494 | ||||||
Nissan Chemical Corp. | 39,749 | 1,574,272 | ||||||
Nissan Motor Co. Ltd. | 794,842 | 4,929,320 | ||||||
Nisshin Seifun Group, Inc. | 73,400 | 1,378,744 | ||||||
Nissin Foods Holdings Co. Ltd. | 21,000 | 1,573,249 | ||||||
Nitori Holdings Co. Ltd. | 27,601 | 4,324,674 | ||||||
Nitto Denko Corp. | 55,924 | 3,137,119 | ||||||
Nomura Holdings, Inc. | 1,160,954 | 5,947,165 | ||||||
Nomura Real Estate Holdings, Inc. | 41,136 | 994,059 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 1,311 | 2,393,110 | ||||||
Nomura Research Institute Ltd. | 119,243 | 2,515,482 | ||||||
NSK Ltd. | 129,400 | 1,250,790 | ||||||
NTT Data Corp. | 214,434 | 2,922,987 | ||||||
NTT DOCOMO, Inc. | 462,789 | 12,697,048 | ||||||
Obayashi Corp. | 226,400 | 2,399,379 | ||||||
Obic Co. Ltd. | 21,700 | 2,880,645 | ||||||
Odakyu Electric Railway Co. Ltd. | 100,450 | 2,469,608 | ||||||
Oji Holdings Corp. | 318,568 | 1,819,058 | ||||||
Olympus Corp. | 402,616 | 5,973,673 | ||||||
Omron Corp. | 64,892 | 3,812,120 | ||||||
Ono Pharmaceutical Co. Ltd. | 125,906 | 2,823,985 | ||||||
Oracle Corp. | 12,800 | 1,177,616 | ||||||
Oriental Land Co. Ltd. | 69,100 | 9,561,185 | ||||||
ORIX Corp. | 454,846 | 7,448,828 | ||||||
Orix JREIT, Inc. REIT | 900 | 1,979,170 | ||||||
Osaka Gas Co. Ltd. | 128,800 | 2,414,669 | ||||||
Otsuka Corp. | 35,000 | 1,402,174 | ||||||
Otsuka Holdings Co. Ltd. | 136,067 | 5,934,712 | ||||||
Pan Pacific International Holdings Corp. | 154,272 | 2,500,375 | ||||||
Panasonic Corp. | 747,385 | 7,046,744 | ||||||
Park24 Co. Ltd. | 37,400 | 903,778 | ||||||
PeptiDream, Inc.* | 31,200 | 1,433,795 | ||||||
Persol Holdings Co. Ltd. | 63,400 | 1,165,997 | ||||||
Pigeon Corp. | 38,700 | 1,799,671 | ||||||
Pola Orbis Holdings, Inc. | 28,100 | 692,648 | ||||||
Rakuten, Inc. | 284,286 | 2,464,825 | ||||||
Recruit Holdings Co. Ltd. | 470,553 | 17,032,854 | ||||||
Renesas Electronics Corp.* | 240,100 | 1,564,034 | ||||||
Resona Holdings, Inc. | 730,125 | 3,095,802 | ||||||
Ricoh Co. Ltd. | 237,800 | 2,448,500 | ||||||
Rinnai Corp. | 11,300 | 867,206 | ||||||
Rohm Co. Ltd. | 33,100 | 2,782,148 | ||||||
Ryohin Keikaku Co. Ltd. | 83,200 | 1,895,003 | ||||||
Sankyo Co. Ltd. | 20,900 | 706,500 | ||||||
Santen Pharmaceutical Co. Ltd. | 126,151 | 2,362,702 | ||||||
SBI Holdings, Inc. | 80,025 | 1,661,841 | ||||||
Secom Co. Ltd. | 72,900 | 6,198,715 | ||||||
Sega Sammy Holdings, Inc. | 59,600 | 859,791 | ||||||
Seibu Holdings, Inc. | 70,900 | 1,249,519 |
Number | Value | |||||||
Japan (Continued) | ||||||||
Seiko Epson Corp. | 107,359 | $ | 1,634,097 | |||||
Sekisui Chemical Co. Ltd. | 131,000 | 2,279,978 | ||||||
Sekisui House Ltd. | 217,151 | 4,691,993 | ||||||
Seven & i Holdings Co. Ltd. | 259,176 | 9,656,203 | ||||||
Seven Bank Ltd. | 185,800 | 575,453 | ||||||
SG Holdings Co. Ltd. | 49,300 | 1,182,786 | ||||||
Sharp Corp. | 73,673 | 1,113,290 | ||||||
Shimadzu Corp. | 77,400 | 2,330,026 | ||||||
Shimamura Co. Ltd. | 8,500 | 681,833 | ||||||
Shimano, Inc. | 24,294 | 3,928,590 | ||||||
Shimizu Corp. | 185,700 | 1,778,024 | ||||||
Shin-Etsu Chemical Co. Ltd. | 125,404 | 13,416,297 | ||||||
Shinsei Bank Ltd. | 67,100 | 1,056,263 | ||||||
Shionogi & Co. Ltd. | 91,995 | 5,411,026 | ||||||
Shiseido Co. Ltd. | 137,657 | 9,941,790 | ||||||
Shizuoka Bank Ltd. | 169,500 | 1,289,968 | ||||||
Showa Denko KK (b) | 49,700 | 1,327,240 | ||||||
SMC Corp. | 19,782 | 8,966,105 | ||||||
Softbank Corp. | 578,500 | 7,853,922 | ||||||
SoftBank Group Corp. | 542,728 | 21,088,321 | ||||||
Sohgo Security Services Co. Ltd. | 24,600 | 1,278,827 | ||||||
Sompo Holdings, Inc. | 116,835 | 4,607,006 | ||||||
Sony Corp. | 440,616 | 27,792,361 | ||||||
Sony Financial Holdings, Inc. | 55,000 | 1,276,324 | ||||||
Square Enix Holdings Co. Ltd. | 29,400 | 1,453,145 | ||||||
Stanley Electric Co. Ltd. | 42,900 | 1,187,584 | ||||||
Subaru Corp. | 215,734 | 5,649,824 | ||||||
SUMCO Corp. | 78,400 | 1,211,223 | ||||||
Sumitomo Chemical Co. Ltd. | 507,322 | 2,289,681 | ||||||
Sumitomo Corp. | 410,776 | 6,188,567 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 58,800 | 1,110,407 | ||||||
Sumitomo Electric Industries Ltd. | 251,500 | 3,754,520 | ||||||
Sumitomo Heavy Industries Ltd. | 35,000 | 1,000,868 | ||||||
Sumitomo Metal Mining Co. Ltd. | 81,900 | 2,481,206 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 460,915 | 16,797,679 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 110,281 | 4,218,597 | ||||||
Sumitomo Realty & Development Co. Ltd. | 115,003 | 4,007,322 | ||||||
Sumitomo Rubber Industries Ltd. | 52,500 | 667,192 | ||||||
Sundrug Co. Ltd. | 26,400 | 926,189 | ||||||
Suntory Beverage & Food Ltd. | 46,600 | 2,022,292 | ||||||
Suzuken Co. Ltd. | 25,110 | 1,097,724 | ||||||
Suzuki Motor Corp. | 125,226 | 5,555,685 | ||||||
Sysmex Corp. | 58,807 | 4,076,275 | ||||||
T&D Holdings, Inc. | 196,500 | 2,312,293 | ||||||
Taiheiyo Cement Corp. | 41,100 | 1,188,447 | ||||||
Taisei Corp. | 71,915 | 2,821,935 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 14,734 | 1,087,668 | ||||||
Taiyo Nippon Sanso Corp. | 46,400 | 1,033,089 | ||||||
Takeda Pharmaceutical Co. Ltd. | 520,711 | 21,193,801 | ||||||
TDK Corp. | 44,224 | 4,650,480 | ||||||
Teijin Ltd. | 59,704 | 1,123,115 | ||||||
Terumo Corp. | 228,344 | 8,013,058 | ||||||
THK Co. Ltd. | 41,428 | 1,163,867 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Tobu Railway Co. Ltd. | 65,279 | $ | 2,388,583 | |||||
Toho Co. Ltd. | 38,600 | 1,567,557 | ||||||
Toho Gas Co. Ltd. | 27,128 | 1,024,844 | ||||||
Tohoku Electric Power Co., Inc. | 145,613 | 1,443,425 | ||||||
Tokio Marine Holdings, Inc. | 220,950 | 12,014,932 | ||||||
Tokyo Century Corp. | 16,800 | 896,368 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 530,400 | 2,325,997 | ||||||
Tokyo Electron Ltd. | 54,164 | 11,183,650 | ||||||
Tokyo Gas Co. Ltd. | 133,780 | 3,232,207 | ||||||
Tokyu Corp. | 174,710 | 3,446,155 | ||||||
Tokyu Fudosan Holdings Corp. | 180,700 | 1,239,831 | ||||||
Toppan Printing Co. Ltd. | 84,789 | 1,686,407 | ||||||
Toray Industries, Inc. | 460,943 | 3,048,949 | ||||||
Toshiba Corp. | 178,416 | 6,406,056 | ||||||
Tosoh Corp. | 91,040 | 1,355,764 | ||||||
TOTO Ltd. | 45,115 | 1,974,335 | ||||||
Toyo Seikan Group Holdings Ltd. | 50,600 | 881,588 | ||||||
Toyo Suisan Kaisha Ltd. | 34,300 | 1,479,110 | ||||||
Toyoda Gosei Co. Ltd. | 27,700 | 647,105 | ||||||
Toyota Industries Corp. | 51,600 | 3,031,273 | ||||||
Toyota Motor Corp. | 791,664 | 55,243,978 | ||||||
Toyota Tsusho Corp. | 70,911 | 2,478,046 | ||||||
Trend Micro, Inc. | 41,376 | 2,234,089 | ||||||
Tsuruha Holdings, Inc. | 11,900 | 1,416,628 | ||||||
Unicharm Corp. | 137,900 | 4,516,664 | ||||||
United Urban Investment Corp. REIT (b) | 1,001 | 1,947,951 | ||||||
USS Co. Ltd. | 71,200 | 1,380,352 | ||||||
Welcia Holdings Co. Ltd. | 16,400 | 1,005,381 | ||||||
West Japan Railway Co. | 56,506 | 4,975,089 | ||||||
Yakult Honsha Co. Ltd. | 41,579 | 2,438,785 | ||||||
Yamada Denki Co. Ltd. | 219,500 | 1,094,943 | ||||||
Yamaha Corp. | 47,881 | 2,637,819 | ||||||
Yamaha Motor Co. Ltd. | 98,374 | 2,055,469 | ||||||
Yamato Holdings Co. Ltd. | 109,071 | 1,865,432 | ||||||
Yamazaki Baking Co. Ltd. | 44,400 | 814,132 | ||||||
Yaskawa Electric Corp. | 86,020 | 3,159,293 | ||||||
Yokogawa Electric Corp. | 79,344 | 1,451,976 | ||||||
Yokohama Rubber Co. Ltd. | 34,304 | 706,734 | ||||||
Z Holdings Corp. | 943,200 | 3,248,699 | ||||||
ZOZO, Inc. (b) | 37,497 | 746,480 | ||||||
|
| |||||||
1,237,252,072 | ||||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
ArcelorMittal SA | 232,644 | 3,979,889 | ||||||
Aroundtown SA | 315,975 | 2,743,802 | ||||||
Eurofins Scientific SE (b) | 3,908 | 2,051,976 | ||||||
Millicom International Cellular SA SDR (b) | 27,347 | 1,223,144 | ||||||
SES SA | 125,139 | 1,660,593 | ||||||
Tenaris SA | 161,659 | 1,719,020 | ||||||
|
| |||||||
13,378,424 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
Sands China Ltd. | 822,690 | 3,888,520 | ||||||
Wynn Macau Ltd. | 542,412 | 1,193,188 | ||||||
|
| |||||||
5,081,708 | ||||||||
|
|
Number | Value | |||||||
Netherlands — 4.7% | ||||||||
ABN AMRO Bank NV, 144A | 154,797 | $ | 2,641,664 | |||||
Adyen NV, 144A* | 3,711 | 2,846,352 | ||||||
Aegon NV | 592,010 | 2,668,876 | ||||||
Akzo Nobel NV | 78,186 | 7,487,078 | ||||||
Altice Europe NV* | 228,360 | 1,359,059 | ||||||
ASML Holding NV | 147,614 | 40,168,734 | ||||||
EXOR NV | 37,001 | 2,830,654 | ||||||
Heineken Holding NV | 38,857 | 3,724,364 | ||||||
Heineken NV | 89,035 | 9,224,377 | ||||||
ING Groep NV | 1,335,346 | 15,364,708 | ||||||
Koninklijke Ahold Delhaize NV | 415,856 | 10,713,811 | ||||||
Koninklijke DSM NV | 61,291 | 7,853,081 | ||||||
Koninklijke KPN NV | 1,212,529 | 3,735,020 | ||||||
Koninklijke Philips NV | 313,629 | 14,562,164 | ||||||
Koninklijke Vopak NV | 23,107 | 1,231,864 | ||||||
NN Group NV | 107,252 | 4,116,681 | ||||||
NXP Semiconductors NV | 97,966 | 11,322,910 | ||||||
Prosus NV* | 171,177 | 11,667,805 | ||||||
QIAGEN NV* | 81,627 | 3,494,623 | ||||||
Randstad NV | 42,460 | 2,472,696 | ||||||
Royal Dutch Shell PLC, Class A | 1,480,696 | 42,341,959 | ||||||
Royal Dutch Shell PLC, Class B | 1,290,910 | 36,555,878 | ||||||
Wolters Kluwer NV | 93,998 | 6,747,818 | ||||||
|
| |||||||
245,132,176 | ||||||||
|
| |||||||
New Zealand — 0.3% | ||||||||
a2 Milk Co. Ltd.* | 251,920 | 2,509,309 | ||||||
Auckland International Airport Ltd. | 333,831 | 1,934,703 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 191,395 | 2,720,847 | ||||||
Fletcher Building Ltd. | 302,607 | 1,015,735 | ||||||
Mercury NZ Ltd. | 235,245 | 724,705 | ||||||
Meridian Energy Ltd. | 436,675 | 1,320,016 | ||||||
Ryman Healthcare Ltd. | 120,740 | 1,170,113 | ||||||
Spark New Zealand Ltd. | 628,925 | 1,832,544 | ||||||
|
| |||||||
13,227,972 | ||||||||
|
| |||||||
Norway — 0.6% | ||||||||
Aker BP ASA | 37,909 | 1,087,464 | ||||||
DNB ASA | 333,957 | 5,610,956 | ||||||
Equinor ASA | 342,418 | 6,310,585 | ||||||
Gjensidige Forsikring ASA | 65,445 | 1,232,044 | ||||||
Mowi ASA | 154,062 | 3,822,497 | ||||||
Norsk Hydro ASA | 469,262 | 1,660,383 | ||||||
Orkla ASA | 276,266 | 2,676,453 | ||||||
Schibsted ASA, Class B | 31,649 | 816,172 | ||||||
Telenor ASA | 250,808 | 4,578,706 | ||||||
Yara International ASA | 63,274 | 2,386,467 | ||||||
|
| |||||||
30,181,727 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 906,915 | 3,666,877 | ||||||
Galp Energia SGPS SA | 171,841 | 2,797,164 | ||||||
Jeronimo Martins SGPS SA | 93,480 | 1,492,796 | ||||||
|
| |||||||
7,956,837 | ||||||||
|
| |||||||
Russia — 0.0% | ||||||||
Evraz PLC | 175,924 | 842,776 | ||||||
|
|
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Singapore — 1.2% | ||||||||
Ascendas Real Estate Investment Trust REIT | 930,552 | $ | 2,027,524 | |||||
CapitaLand Commercial Trust REIT | 847,480 | 1,245,474 | ||||||
CapitaLand Ltd. | 916,200 | 2,465,172 | ||||||
CapitaLand Mall Trust REIT | 795,200 | 1,465,163 | ||||||
City Developments Ltd. | 161,600 | 1,221,718 | ||||||
ComfortDelGro Corp. Ltd. | 717,200 | 1,232,302 | ||||||
DBS Group Holdings Ltd. | 625,595 | 11,549,517 | ||||||
Genting Singapore Ltd. | 2,083,778 | 1,409,296 | ||||||
Jardine Cycle & Carriage Ltd. | 33,900 | 759,447 | ||||||
Keppel Corp. Ltd. | 507,000 | 2,491,073 | ||||||
Mapletree Commercial Trust REIT | 696,200 | 1,201,310 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 1,126,182 | 8,876,393 | ||||||
SATS Ltd. | 224,000 | 815,618 | ||||||
Sembcorp Industries Ltd. | 337,300 | 540,094 | ||||||
Singapore Airlines Ltd. | 164,300 | 1,103,983 | ||||||
Singapore Exchange Ltd. | 297,500 | 1,925,038 | ||||||
Singapore Press Holdings Ltd. | 441,211 | 709,706 | ||||||
Singapore Technologies Engineering Ltd. | 514,900 | 1,554,827 | ||||||
Singapore Telecommunications Ltd. | 2,848,689 | 7,039,971 | ||||||
Suntec Real Estate Investment Trust REIT | 793,700 | 1,067,784 | ||||||
United Overseas Bank Ltd. | 435,654 | 8,224,454 | ||||||
UOL Group Ltd. | 175,881 | 997,906 | ||||||
Venture Corp. Ltd. | 102,700 | 1,191,672 | ||||||
Wilmar International Ltd. | 657,366 | 1,965,802 | ||||||
|
| |||||||
63,081,244 | ||||||||
|
| |||||||
Spain — 2.7% | ||||||||
ACS Actividades de Construccion y Servicios SA | 89,327 | 3,476,883 | ||||||
Aena SME SA, 144A | 23,688 | 4,350,384 | ||||||
Amadeus IT Group SA | 150,882 | 12,018,199 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 2,276,022 | 11,989,588 | ||||||
Banco de Sabadell SA | 1,915,400 | 2,124,969 | ||||||
Banco Santander SA | 5,737,967 | 22,359,225 | ||||||
Bankia SA | 386,447 | 748,680 | ||||||
Bankinter SA | 244,942 | 1,713,025 | ||||||
CaixaBank SA | 1,214,679 | 3,585,072 | ||||||
Cellnex Telecom SA, 144A* | 87,601 | 3,763,893 | ||||||
Enagas SA | 79,300 | 1,975,320 | ||||||
Endesa SA | 111,026 | 3,018,794 | ||||||
Ferrovial SA | 165,484 | 4,913,358 | ||||||
Ferrovial SA* | 2,626 | 77,968 | ||||||
Grifols SA | 103,739 | 3,544,112 | ||||||
Iberdrola SA | 2,086,425 | 20,522,044 | ||||||
Industria de Diseno Textil SA | 374,225 | 11,651,145 | ||||||
Mapfre SA | 378,693 | 1,067,631 | ||||||
Naturgy Energy Group SA | 105,570 | 2,744,835 | ||||||
Red Electrica Corp. SA | 148,569 | 2,905,295 | ||||||
Repsol SA | 505,303 | 7,955,139 | ||||||
Siemens Gamesa Renewable Energy SA | 78,108 | 1,246,458 | ||||||
Telefonica SA | 1,610,515 | 12,334,972 | ||||||
|
| |||||||
140,086,989 | ||||||||
|
|
Number | Value | |||||||
Sweden — 2.4% | ||||||||
Alfa Laval AB | 111,272 | $ | 2,737,030 | |||||
Assa Abloy AB, Class B | 348,225 | 8,267,397 | ||||||
Atlas Copco AB, Class A | 230,752 | 8,453,707 | ||||||
Atlas Copco AB, Class B | 141,173 | 4,563,215 | ||||||
Boliden AB | 93,574 | 2,413,073 | ||||||
Electrolux AB, Series B | 76,536 | 1,966,508 | ||||||
Epiroc AB, Class A | 238,784 | 2,787,183 | ||||||
Epiroc AB, Class B | 124,042 | 1,394,123 | ||||||
Essity AB, Class B | 209,107 | 6,571,332 | ||||||
Hennes & Mauritz AB, Class B (b) | 276,864 | 5,342,946 | ||||||
Hexagon AB, Class B | 89,810 | 5,076,464 | ||||||
Husqvarna AB, Class B | 156,558 | 1,222,304 | ||||||
ICA Gruppen AB (b) | 33,593 | 1,466,032 | ||||||
Industrivarden AB, Class C | 53,541 | 1,241,519 | ||||||
Investor AB, Class B | 157,570 | 8,327,489 | ||||||
Kinnevik AB, Class B | 83,469 | 1,911,095 | ||||||
L E Lundbergforetagen AB, Class B | 24,251 | 961,113 | ||||||
Lundin Petroleum AB | 64,855 | 1,998,841 | ||||||
Sandvik AB | 386,103 | 7,020,128 | ||||||
Securitas AB, Class B | 99,603 | 1,651,358 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 573,305 | 4,915,334 | ||||||
Skanska AB, Class B | 114,898 | 2,538,321 | ||||||
SKF AB, Class B | 124,131 | 2,370,349 | ||||||
Svenska Handelsbanken AB, Class A | 533,654 | 5,237,282 | ||||||
Swedbank AB, Class A | 308,051 | 4,010,582 | ||||||
Swedish Match AB | 59,181 | 2,834,193 | ||||||
Tele2 AB, Class B | 171,077 | 2,523,784 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,059,221 | 9,543,677 | ||||||
Telia Co. AB | 945,260 | 4,090,668 | ||||||
Volvo AB, Class B | 508,669 | 7,862,525 | ||||||
|
| |||||||
121,299,572 | ||||||||
|
| |||||||
Switzerland — 9.3% | ||||||||
ABB Ltd. | 630,417 | 13,787,220 | ||||||
Adecco Group AG | 53,270 | 3,293,151 | ||||||
Alcon, Inc.* | 146,700 | 8,099,307 | ||||||
Baloise Holding AG | 17,813 | 3,095,899 | ||||||
Barry Callebaut AG | 1,043 | 2,096,430 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 38 | 3,241,400 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 350 | 2,668,750 | ||||||
Cie Financiere Richemont SA | 179,945 | 13,704,611 | ||||||
Clariant AG* | 70,138 | 1,449,051 | ||||||
Coca-Cola HBC AG* | 70,467 | 2,350,463 | ||||||
Credit Suisse Group AG* | 877,736 | 11,502,730 | ||||||
Dufry AG* | 13,301 | 1,297,912 | ||||||
EMS-Chemie Holding AG | 2,985 | 1,852,193 | ||||||
Geberit AG | 12,946 | 6,949,413 | ||||||
Givaudan SA | 3,184 | 9,357,776 | ||||||
Glencore PLC* | 3,746,881 | 11,819,470 | ||||||
Julius Baer Group Ltd.* | 78,325 | 3,687,541 | ||||||
Kuehne + Nagel International AG | 18,635 | 3,030,051 | ||||||
LafargeHolcim Ltd.* | 167,396 | 8,630,938 | ||||||
Lonza Group AG* | 25,705 | 8,729,418 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Switzerland (Continued) | ||||||||
Nestle SA | 1,030,687 | $ | 107,108,993 | |||||
Novartis AG | 741,141 | 68,229,441 | ||||||
Pargesa Holding SA | 11,188 | 882,733 | ||||||
Partners Group Holding AG | 6,486 | 5,468,995 | ||||||
Roche Holding AG | 242,571 | 74,760,382 | ||||||
Schindler Holding AG | 6,798 | 1,626,082 | ||||||
Schindler Holding AG Participation Certificates | 14,382 | 3,585,433 | ||||||
SGS SA | 1,826 | 4,751,252 | ||||||
Sika AG | 43,920 | 7,644,276 | ||||||
Sonova Holding AG | 18,724 | 4,274,689 | ||||||
STMicroelectronics NV | 232,786 | 5,719,069 | ||||||
Straumann Holding AG | 3,526 | 3,392,012 | ||||||
Swatch Group AG — Bearer | 10,102 | 2,828,560 | ||||||
Swatch Group AG — Registered | 18,432 | 982,426 | ||||||
Swiss Life Holding AG | 11,933 | 5,916,381 | ||||||
Swiss Prime Site AG | 27,151 | 2,867,146 | ||||||
Swiss Re AG | 103,706 | 11,231,360 | ||||||
Swisscom AG | 9,132 | 4,726,723 | ||||||
Temenos AG* | 23,486 | 3,562,826 | ||||||
UBS Group AG* | 1,323,774 | 16,044,141 | ||||||
Vifor Pharma AG | 15,960 | 2,845,668 | ||||||
Zurich Insurance Group AG | 51,987 | 20,394,500 | ||||||
|
| |||||||
479,486,812 | ||||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
NMC Health PLC (b) | 31,597 | 1,025,328 | ||||||
|
| |||||||
United Kingdom — 14.0% | ||||||||
3i Group PLC | 334,041 | 4,627,064 | ||||||
Admiral Group PLC | 60,867 | 1,684,659 | ||||||
Anglo American PLC | 359,921 | 9,433,440 | ||||||
Ashtead Group PLC | 162,877 | 4,950,441 | ||||||
Associated British Foods PLC | 119,971 | 3,986,178 | ||||||
AstraZeneca PLC | 452,506 | 43,647,867 | ||||||
Auto Trader Group PLC, 144A | 317,451 | 2,307,434 | ||||||
AVEVA Group PLC | 21,823 | 1,286,486 | ||||||
Aviva PLC | 1,330,495 | 6,948,577 | ||||||
BAE Systems PLC | 1,100,042 | 8,157,992 | ||||||
Barclays PLC | 5,977,538 | 13,261,848 | ||||||
Barratt Developments PLC | 345,075 | 2,975,948 | ||||||
Berkeley Group Holdings PLC | 42,139 | 2,499,393 | ||||||
BP PLC | 7,023,266 | 43,619,188 | ||||||
British American Tobacco PLC | 793,328 | 31,397,170 | ||||||
British Land Co. PLC REIT | 303,370 | 2,258,446 | ||||||
BT Group PLC | 2,911,977 | 7,214,547 | ||||||
Bunzl PLC | 116,954 | 3,211,304 | ||||||
Burberry Group PLC | 141,479 | 3,849,941 | ||||||
Centrica PLC | 1,903,563 | 1,974,996 | ||||||
CNH Industrial NV | 347,563 | 3,724,953 | ||||||
Coca-Cola European Partners PLC | 81,545 | 4,114,761 | ||||||
Compass Group PLC | 548,615 | 13,442,455 | ||||||
Croda International PLC | 43,902 | 2,827,678 | ||||||
Diageo PLC | 815,168 | 33,368,535 | ||||||
Direct Line Insurance Group PLC | 485,193 | 1,916,460 | ||||||
easyJet PLC | 57,074 | 987,667 | ||||||
Ferguson PLC | 80,697 | 7,015,719 | ||||||
Fiat Chrysler Automobiles NV | 382,312 | 5,652,416 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
G4S PLC | 565,854 | $ | 1,530,293 | |||||
GlaxoSmithKline PLC | 1,729,189 | 39,227,294 | ||||||
Halma PLC | 132,751 | 3,615,867 | ||||||
Hargreaves Lansdown PLC | 97,938 | 2,349,695 | ||||||
HSBC Holdings PLC | 6,971,740 | 51,964,422 | ||||||
Imperial Brands PLC | 328,833 | 7,243,648 | ||||||
Informa PLC | 430,976 | 4,411,288 | ||||||
InterContinental Hotels Group PLC | 59,026 | 3,822,410 | ||||||
Intertek Group PLC | 55,155 | 3,934,825 | ||||||
ITV PLC | 1,271,098 | 2,385,408 | ||||||
J Sainsbury PLC | 603,003 | 1,671,314 | ||||||
JD Sports Fashion PLC | 144,134 | 1,417,879 | ||||||
Johnson Matthey PLC | 67,168 | 2,496,695 | ||||||
Kingfisher PLC | 720,675 | 1,956,448 | ||||||
Land Securities Group PLC REIT | 243,702 | 3,020,802 | ||||||
Legal & General Group PLC | 2,034,480 | 7,391,311 | ||||||
Lloyds Banking Group PLC | 24,335,307 | 19,246,404 | ||||||
London Stock Exchange Group PLC | 108,264 | 9,622,402 | ||||||
M&G PLC* | 890,031 | 2,716,648 | ||||||
Marks & Spencer Group PLC | 717,697 | 1,804,023 | ||||||
Meggitt PLC | 265,994 | 2,212,071 | ||||||
Melrose Industries PLC | 1,694,015 | 5,030,434 | ||||||
Micro Focus International PLC | 122,370 | 1,792,852 | ||||||
Mondi PLC | 174,205 | 3,775,038 | ||||||
National Grid PLC (b) | 1,209,782 | 13,920,890 | ||||||
Next PLC | 46,362 | 4,052,254 | ||||||
Ocado Group PLC* | 155,550 | 2,665,644 | ||||||
Pearson PLC | 266,401 | 2,227,860 | ||||||
Persimmon PLC | 108,621 | 3,593,607 | ||||||
Prudential PLC | 890,031 | 15,845,197 | ||||||
Reckitt Benckiser Group PLC | 246,478 | 19,337,346 | ||||||
RELX PLC | 669,276 | 16,212,849 | ||||||
Rentokil Initial PLC | 661,651 | 3,807,217 | ||||||
Rio Tinto Ltd. | 128,070 | 8,394,113 | ||||||
Rio Tinto PLC | 390,035 | 21,194,552 | ||||||
Rolls-Royce Holdings PLC* | 582,308 | 5,359,262 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 28,213,916 | 36,490 | ||||||
Royal Bank of Scotland Group PLC | 1,680,583 | 4,916,645 | ||||||
RSA Insurance Group PLC | 352,955 | 2,517,111 | ||||||
Sage Group PLC | 368,802 | 3,595,553 | ||||||
Schroders PLC | 40,794 | 1,740,584 | ||||||
Segro PLC REIT | 386,297 | 4,466,580 | ||||||
Severn Trent PLC | 76,194 | 2,210,377 | ||||||
Smith & Nephew PLC | 296,174 | 6,630,714 | ||||||
Smiths Group PLC | 137,517 | 2,954,217 | ||||||
Spirax-Sarco Engineering PLC | 26,136 | 3,016,919 | ||||||
SSE PLC | 353,694 | 5,946,855 | ||||||
St James’s Place PLC | 181,366 | 2,553,293 | ||||||
Standard Chartered PLC | 945,062 | 8,524,296 | ||||||
Standard Life Aberdeen PLC | 847,508 | 3,473,620 | ||||||
Taylor Wimpey PLC | 1,096,698 | 2,471,588 | ||||||
Tesco PLC | 3,431,740 | 10,181,789 | ||||||
Unilever NV | 502,937 | 29,809,831 | ||||||
Unilever PLC | 381,652 | 22,597,460 | ||||||
United Utilities Group PLC | 236,985 | 2,615,711 | ||||||
Vodafone Group PLC | 9,254,094 | 18,355,335 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Weir Group PLC | 82,383 | $ | 1,486,907 | |||||
Whitbread PLC | 48,691 | 2,897,459 | ||||||
Wm Morrison Supermarkets PLC | 804,057 | 2,062,177 | ||||||
WPP PLC | 433,088 | 5,604,147 | ||||||
|
| |||||||
724,259,483 | ||||||||
|
| |||||||
United States (d) — 0.0% | ||||||||
Carnival PLC | 57,302 | 2,410,850 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 4,952,718,222 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.5% | ||||||||
Germany — 0.5% | ||||||||
Bayerische Motoren Werke AG | 17,808 | 1,098,669 | ||||||
FUCHS PETROLUB SE | 27,171 | 1,173,425 | ||||||
Henkel AG & Co. KGaA | 60,068 | 6,345,047 | ||||||
Porsche Automobil Holding SE | 52,303 | 3,871,063 | ||||||
Sartorius AG | 12,232 | 2,577,959 | ||||||
Volkswagen AG | 63,398 | 12,256,510 | ||||||
|
| |||||||
27,322,673 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 27,322,673 | |||||||
|
|
Number | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.7% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f) | 37,428,883 | $ | 37,428,883 | |||||
|
| |||||||
CASH EQUIVALENTS — 2.9% | ||||||||
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (e) | 36,065,551 | 36,072,763 | ||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (e) | 115,970,756 | 115,970,756 | ||||||
|
| |||||||
TOTAL CASH EQUIVALENTS | 152,043,519 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $5,049,503,716) | $ | 5,169,513,297 | ||||||
Other assets and liabilities, net — (0.1%) | (7,711,579 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,161,801,718 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
COMMON STOCKS —0.1% |
| |||||||||||||||||||||||||||||||||||
Germany —0.1% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG (c) |
| |||||||||||||||||||||||||||||||||||
4,581,152 | 26,133 | — | — | 275,312 | — | — | 677,242 | 4,882,597 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —0.7% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f) |
| |||||||||||||||||||||||||||||||||||
98,060,983 | — | (60,632,100 | ) (g) | — | — | 547,082 | — | 37,428,883 | 37,428,883 | |||||||||||||||||||||||||||
CASH EQUIVALENTS —2.9% |
| |||||||||||||||||||||||||||||||||||
DWS ESG Liquidity Fund “Capital Shares”, 1.82% (e) |
| |||||||||||||||||||||||||||||||||||
50,653,027 | 412,523 | (15,003,000 | ) | 3,000 | 7,213 | 426,828 | — | 36,065,551 | 36,072,763 | |||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (e) |
| |||||||||||||||||||||||||||||||||||
36,831,101 | 792,965,339 | (713,825,684 | ) | — | — | 715,273 | — | 115,970,756 | 115,970,756 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
190,126,263 | 793,403,995 | (789,460,784 | ) | 3,000 | 282,525 | 1,689,183 | — | 190,142,432 | 194,354,999 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2019 amounted to $48,474,498, which is 0.9% of net assets. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Securities are listed in country of domicile and trade on exchanges within the MSCI EAFE US Dollar Hedged Index. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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 heldnon-cash U.S. Treasury securities collateral having a value of $14,630,569. |
(g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish 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, 2019, 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 | 72 | $ | 9,466,869 | $ | 9,474,750 | 12/20/2019 | $ | 3,366 | |||||||||
CAC40 10 EURO Futures | EUR | 312 | 20,264,504 | 20,276,670 | 12/20/2019 | 3,378 | ||||||||||||
DAX Index Futures | EUR | 44 | 15,454,514 | 16,053,047 | 12/20/2019 | 645,862 | ||||||||||||
FTSE/MIB Index Futures | EUR | 36 | 4,533,945 | 4,615,179 | 12/20/2019 | 88,520 | ||||||||||||
FTSE 100 Index Futures | GBP | 262 | 24,255,254 | 24,956,883 | 12/20/2019 | 174,324 | ||||||||||||
HANG SENG Index Futures | HKD | 34 | 5,866,176 | 5,718,678 | 12/30/2019 | (148,185 | ) | |||||||||||
IBEX 35 Index Futures | EUR | 44 | 4,534,615 | 4,520,327 | 12/20/2019 | (16,180 | ) | |||||||||||
MSCI EAFE Futures | USD | 140 | 13,283,447 | 13,841,100 | 12/20/2019 | 557,653 | ||||||||||||
MSCI SING IX ETS | SGD | 81 | 2,193,897 | 2,181,202 | 12/30/2019 | (7,946 | ) | |||||||||||
OMXS30 Index Futures | SEK | 233 | 4,228,621 | 4,209,041 | 12/20/2019 | (61,587 | ) | |||||||||||
SPI 200 Futures | AUD | 100 | 11,489,544 | 11,593,497 | 12/19/2019 | 224,440 | ||||||||||||
SWISS MKT IX Futures | CHF | 158 | 16,108,713 | 16,583,680 | 12/20/2019 | 557,686 | ||||||||||||
TOPIX Index Futures | JPY | 284 | 42,244,235 | 44,031,611 | 12/12/2019 | 2,225,496 | ||||||||||||
|
| |||||||||||||||||
Total net unrealized appreciation | $ | 4,246,827 | ||||||||||||||||
|
|
As of November 30, 2019, 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 | 12/4/2019 | AUD | 226,397,342 | USD | 156,103,231 | $ | 2,949,670 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | AUD | 238,734,500 | USD | 164,601,469 | 3,102,052 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | AUD | 24,419,000 | USD | 16,836,290 | 317,294 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | AUD | 19,965,300 | USD | 13,766,394 | 260,242 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | CHF | 126,131,100 | USD | 128,096,745 | 1,915,971 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | CHF | 6,877,000 | USD | 6,975,954 | 96,245 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | CHF | 198,743,900 | USD | 201,852,427 | 3,030,257 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | CHF | 129,496,900 | USD | 131,521,008 | 1,973,109 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | DKK | 204,677,000 | USD | 30,633,849 | 443,648 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | DKK | 193,321,100 | USD | 28,932,168 | 416,981 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | DKK | 48,354,900 | USD | 7,237,157 | 104,728 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | DKK | 134,287,600 | USD | 20,099,143 | 291,497 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | DKK | 21,632,000 | USD | 3,237,610 | 46,854 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | EUR | 27,467,000 | USD | 30,702,338 | 431,797 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | EUR | 322,009,000 | USD | 359,935,220 | 5,058,942 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | EUR | 510,835,900 | USD | 570,987,849 | 8,011,215 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | EUR | 70,900,000 | USD | 79,249,893 | 1,113,170 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | EUR | 488,726,100 | USD | 546,291,681 | 7,681,582 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | GBP | 21,100,000 | USD | 27,327,876 | 32,966 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | GBP | 230,089,500 | USD | 298,005,018 | 361,791 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | GBP | 222,623,300 | USD | 288,330,567 | 345,599 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | GBP | 167,285,400 | USD | 216,663,868 | 263,875 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | HKD | 446,735,900 | USD | 56,985,836 | — | (79,773 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | HKD | 400,000,000 | USD | 51,022,361 | — | (73,249 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | HKD | 429,988,600 | USD | 54,849,333 | — | (76,992 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | HKD | 39,304,000 | USD | 5,013,460 | — | (7,195 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | ILS | 11,898,100 | USD | 3,381,700 | — | (42,257 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | ILS | 24,544,200 | USD | 6,975,925 | — | (87,244 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | ILS | 19,979,700 | USD | 5,678,072 | — | (71,555 | ) |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
RBC Capital Markets | 12/4/2019 | ILS | 4,583,000 | USD | 1,302,420 | $ | — | $ | (16,446 | ) | ||||||||||||
Citigroup Global Markets | 12/4/2019 | JPY | 35,124,696,500 | USD | 325,442,620 | 4,415,539 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | JPY | 38,190,991,500 | USD | 353,843,082 | 4,791,168 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | JPY | 17,141,089,900 | USD | 158,816,732 | 2,153,341 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | JPY | 39,777,108,300 | USD | 368,552,260 | 5,003,810 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | JPY | 4,613,957,000 | USD | 42,750,087 | 580,181 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | NOK | 62,530,500 | USD | 6,811,555 | 24,312 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | NOK | 36,727,200 | USD | 4,000,741 | 14,263 | — | |||||||||||||||
Morgan Stanley Capital | 12/4/2019 | NOK | 66,588,000 | USD | 7,251,873 | 24,217 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | NOK | 123,011,000 | USD | 13,399,935 | 47,962 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | NZD | 715,500 | USD | 459,100 | — | (139 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | NZD | 1,468,000 | USD | 941,941 | — | (286 | ) | ||||||||||||||
Morgan Stanley Capital | 12/4/2019 | NZD | 9,705,900 | USD | 6,227,674 | — | (1,996 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | NZD | 6,064,800 | USD | 3,891,400 | — | (1,253 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | SEK | 586,670,900 | USD | 60,988,939 | — | (280,208 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | SEK | 383,218,000 | USD | 39,840,148 | — | (181,336 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | SEK | 242,084,700 | USD | 25,167,150 | — | (115,037 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | SEK | 61,416,000 | USD | 6,384,752 | — | (29,245 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | SGD | 1,027,000 | USD | 754,806 | 3,883 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | SGD | 7,720,400 | USD | 5,674,357 | 29,346 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | SGD | 38,780,200 | USD | 28,501,231 | 145,877 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | SGD | 39,316,500 | USD | 28,896,910 | 149,423 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 153,139,690 | AUD | 226,397,342 | 13,871 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 158,478,104 | AUD | 234,289,500 | 14,355 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 3,065,010 | AUD | 4,445,000 | — | (58,051 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 13,504,928 | AUD | 19,965,300 | 1,223 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 16,517,500 | AUD | 24,419,000 | 1,496 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 205,769,054 | CHF | 205,620,900 | — | (67,175 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 126,221,854 | CHF | 126,131,100 | — | (41,080 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 129,589,946 | CHF | 129,496,900 | — | (42,046 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 30,206,762 | DKK | 204,677,000 | — | (16,561 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 28,530,437 | DKK | 193,321,100 | — | (15,251 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 23,010,821 | DKK | 155,919,600 | — | (12,419 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 7,136,280 | DKK | 48,354,900 | — | (3,851 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 385,357,400 | EUR | 349,476,000 | — | (210,580 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 563,282,400 | EUR | 510,835,900 | — | (305,766 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 538,901,654 | EUR | 488,726,100 | — | (291,555 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 78,179,019 | EUR | 70,900,000 | — | (42,296 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 27,293,610 | GBP | 21,100,000 | 1,300 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 287,974,370 | GBP | 222,623,300 | 10,598 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 14,048,357 | GBP | 10,846,000 | — | (17,998 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 283,599,141 | GBP | 219,243,500 | 13,726 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 216,389,353 | GBP | 167,285,400 | 10,641 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 57,071,238 | HKD | 446,735,900 | — | (5,630 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 51,099,991 | HKD | 400,000,000 | — | (4,381 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 59,952,119 | HKD | 469,292,600 | — | (5,140 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 7,073,405 | ILS | 24,544,200 | — | (10,236 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 3,428,916 | ILS | 11,898,100 | — | (4,959 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 7,078,798 | ILS | 24,562,700 | — | (10,305 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 320,764,696 | JPY | 35,124,696,500 | 262,385 | — | |||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 348,762,164 | JPY | 38,190,991,500 | 289,750 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 405,381,197 | JPY | 44,391,065,300 | 337,159 | — | |||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 156,533,201 | JPY | 17,141,089,900 | 130,190 | — | |||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 6,789,783 | NOK | 62,530,500 | — | (2,540 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 3,987,942 | NOK | 36,727,200 | — | (1,464 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 7,230,317 | NOK | 66,588,000 | — | (2,661 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 13,356,889 | NOK | 123,011,000 | — | (4,916 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 6,230,343 | NZD | 9,705,900 | — | (673 | ) |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (Unaudited)
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 1,401,617 | NZD | 2,183,500 | $ | — | $ | (151 | ) | ||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 3,893,080 | NZD | 6,064,800 | — | (427 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 61,294,100 | SEK | 586,670,900 | — | (24,953 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 40,036,796 | SEK | 383,218,000 | — | (15,312 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 31,708,328 | SEK | 303,500,700 | — | (12,144 | ) | ||||||||||||||
Citigroup Global Markets | 12/4/2019 | USD | 6,397,127 | SGD | 8,747,400 | — | (1,193 | ) | ||||||||||||||
JP Morgan & Chase Co. | 12/4/2019 | USD | 28,360,476 | SGD | 38,780,200 | — | (5,122 | ) | ||||||||||||||
RBC Capital Markets | 12/4/2019 | USD | 28,751,691 | SGD | 39,316,500 | — | (4,204 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | AUD | 226,397,342 | USD | 153,273,265 | — | (26,452 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | AUD | 13,810,000 | USD | 9,349,922 | — | (1,199 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | AUD | 234,289,500 | USD | 158,620,552 | — | (23,157 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | AUD | 19,965,300 | USD | 13,518,105 | — | (935 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | AUD | 24,419,000 | USD | 16,533,617 | — | (1,144 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | CHF | 205,620,900 | USD | 206,399,024 | 65,583 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | CHF | 5,430,000 | USD | 5,450,467 | 1,650 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | CHF | 126,131,100 | USD | 126,603,966 | 35,782 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | CHF | 129,496,900 | USD | 129,987,603 | 41,955 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | DKK | 204,677,000 | USD | 30,294,109 | 15,454 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | DKK | 193,321,100 | USD | 28,613,597 | 14,863 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | DKK | 155,919,600 | USD | 23,077,661 | 11,875 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | DKK | 48,354,900 | USD | 7,157,009 | 3,683 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | EUR | 349,476,000 | USD | 386,363,192 | 203,454 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | EUR | 23,711,000 | USD | 26,213,293 | 13,401 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | EUR | 510,835,900 | USD | 564,749,010 | 291,773 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | EUR | 488,726,100 | USD | 540,304,786 | 278,167 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | EUR | 70,900,000 | USD | 78,382,573 | 40,354 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | GBP | 21,100,000 | USD | 27,334,396 | 42 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | GBP | 222,623,300 | USD | 288,398,467 | — | (2,675 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | GBP | 219,243,500 | USD | 284,016,361 | — | (6,362 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | GBP | 167,285,400 | USD | 216,707,362 | — | (5,356 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | HKD | 446,735,900 | USD | 57,040,224 | — | (3,920 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | HKD | 400,000,000 | USD | 51,074,153 | — | (2,238 | ) | ||||||||||||||
RBC Capital Markets | 1/6/2020 | HKD | 469,292,600 | USD | 59,921,805 | — | (2,626 | ) | ||||||||||||||
Citigroup Global Markets | 1/6/2020 | ILS | 24,544,200 | USD | 7,084,451 | 9,110 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | ILS | 11,898,100 | USD | 3,434,170 | 4,312 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | ILS | 24,562,700 | USD | 7,089,621 | 8,947 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | NOK | 62,530,500 | USD | 6,792,801 | 2,741 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | NOK | 36,727,200 | USD | 3,989,698 | 1,566 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | NOK | 66,588,000 | USD | 7,233,541 | 2,885 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | NOK | 123,011,000 | USD | 13,362,845 | 5,330 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | NZD | 9,705,900 | USD | 6,233,663 | 600 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | NZD | 2,183,500 | USD | 1,402,331 | 102 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | NZD | 6,064,800 | USD | 3,895,057 | 284 | — | |||||||||||||||
Citigroup Global Markets | 1/6/2020 | SGD | 8,747,400 | USD | 6,398,695 | 776 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/6/2020 | SGD | 38,780,200 | USD | 28,365,724 | 1,573 | — | |||||||||||||||
RBC Capital Markets | 1/6/2020 | SGD | 39,316,500 | USD | 28,759,368 | 2,962 | — | |||||||||||||||
Citigroup Global Markets | 1/7/2020 | JPY | 2,530,245,000 | USD | 23,171,463 | — | (20,831 | ) | ||||||||||||||
Citigroup Global Markets | 1/7/2020 | JPY | 35,124,696,500 | USD | 321,669,458 | — | (284,458 | ) | ||||||||||||||
JP Morgan & Chase Co. | 1/7/2020 | JPY | 38,190,991,500 | USD | 349,748,767 | — | (310,892 | ) | ||||||||||||||
RBC Capital Markets | 1/7/2020 | JPY | 44,391,065,300 | USD | 406,537,647 | — | (352,056 | ) | ||||||||||||||
RBC Capital Markets | 1/7/2020 | JPY | 17,141,089,900 | USD | 156,979,751 | — | (135,942 | ) | ||||||||||||||
Citigroup Global Markets | 1/7/2020 | SEK | 586,670,900 | USD | 61,436,976 | 25,055 | — | |||||||||||||||
JP Morgan & Chase Co. | 1/7/2020 | SEK | 383,218,000 | USD | 40,130,725 | 15,979 | — | |||||||||||||||
RBC Capital Markets | 1/7/2020 | SEK | 303,500,700 | USD | 31,783,340 | 13,294 | — | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 57,833,053 | $ | (3,485,494 | ) | |||||||||||||||||
|
|
|
|
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF(Continued)
November 30, 2019 (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
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, 2019 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) | $ | 4,952,718,222 | $ | — | $ | — | $ | 4,952,718,222 | ||||||||
Preferred Stocks | 27,322,673 | — | — | 27,322,673 | ||||||||||||
Short-Term Investments (h) | 189,472,402 | — | — | 189,472,402 | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 57,833,053 | — | 57,833,053 | ||||||||||||
Futures Contracts | 4,480,725 | — | — | 4,480,725 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 5,173,994,022 | $ | 57,833,053 | $ | — | $ | 5,231,827,075 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (3,485,494 | ) | $ | — | $ | (3,485,494 | ) | ||||||
Futures Contracts | (233,898 | ) | — | — | (233,898 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (233,898 | ) | $ | (3,485,494 | ) | $ | — | $ | (3,719,392 | ) | |||||
|
|
|
|
|
|
|
|
(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. | 17 |
DBX ETF Trust
November 30, 2019 (Unaudited)
Xtrackers MSCI EAFE Hedged Equity ETF | ||||
Assets | ||||
Investment innon-affiliated securities at value | $ | 4,975,158,298 | ||
Investment in affiliated securities at value | 4,882,597 | |||
Investment in DWS ESG Liquidity Fund* | 36,072,763 | |||
Investment in DWS Government Money Market Series* | 115,970,756 | |||
Investment in DWS Government & Agency Securities Portfolio** | 37,428,883 | |||
Cash | 2,117,635 | |||
Foreign currency at value | 1,919,059 | |||
Unrealized appreciation on forward foreign currency contracts | 57,833,053 | |||
Deposit with broker for futures contracts | 8,497,763 | |||
Receivables: | ||||
Investment securities sold | 707,567 | |||
Dividends | 14,686,256 | |||
Interest | 106,157 | |||
Securities lending income | 63,118 | |||
Foreign tax reclaim | 8,790,919 | |||
|
| |||
Total assets | $ | 5,264,234,824 | ||
|
| |||
Liabilities | ||||
Payable upon return of securities loaned | $ | 37,428,883 | ||
Payable upon return of deposit for forward foreign currency contracts | 57,596,213 | |||
Unrealized depreciation on forward foreign currency contracts | 3,485,494 | |||
Payables: | ||||
Investment advisory fees | 1,462,486 | |||
Variation margin on futures contracts | 2,460,030 | |||
|
| |||
Total liabilities | 102,433,106 | |||
|
| |||
Net Assets, at value | $ | 5,161,801,718 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 5,124,653,247 | ||
Distributable earnings (loss) | 37,148,471 | |||
|
| |||
Net Assets, at value | $ | 5,161,801,718 | ||
|
| |||
Number of Common Shares outstanding | 153,550,800 | |||
|
| |||
Net Asset Value | $ | 33.62 | ||
|
| |||
Investment innon-affiliated securities at cost | $ | 4,838,375,804 | ||
|
| |||
Investment in affiliated securities at cost | $ | 21,662,723 | ||
|
| |||
Value of securities loaned | $ | 48,474,498 | ||
|
| |||
Investment in DWS ESG Liquidity Fund at cost* | $ | 36,065,550 | ||
|
| |||
Investment in DWS Government Money Market Series at cost* | $ | 115,970,756 | ||
|
| |||
Investment in DWS Government & Agency Securities Portfolio at cost** | $ | 37,428,883 | ||
|
| |||
Non-cash collateral for securities on loan | $ | 14,630,569 | ||
|
| |||
Foreign currency at cost | $ | 1,932,848 | ||
|
| |||
* Includes collateral held for forward foreign currency contracts | $ | 57,596,213 | ||
|
|
** | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
For the Six Months Ended November 30, 2019 (Unaudited)
Xtrackers MSCI EAFE Hedged Equity ETF | ||||
Investment Income | ||||
Unaffiliated dividend income* | $ | 54,813,656 | ||
Income distributions from affiliated funds | 1,142,101 | |||
Affiliated securities lending income | 547,082 | |||
|
| |||
Total investment income | 56,502,839 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 8,591,680 | |||
Other expenses | 203,148 | |||
|
| |||
Total expenses | 8,794,828 | |||
|
| |||
Less fees waived (see note 3): | ||||
Waiver | (30,443 | ) | ||
|
| |||
Net expenses | 8,764,385 | |||
|
| |||
Net investment income (loss) | 47,738,454 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (44,578,319 | ) | ||
Investments in affiliates | 3,000 | |||
Futures contracts | 7,789,439 | |||
Foreign currency transactions | (278,474 | ) | ||
Forward foreign currency contracts | 29,361,589 | |||
|
| |||
Net realized gain (loss) | (7,702,765 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 430,511,967 | |||
Investments in affiliates | 282,525 | |||
Futures contracts | 5,331,546 | |||
Foreign currency translations | (301,836 | ) | ||
Forward foreign currency contracts | 48,985,778 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | 484,809,980 | |||
|
| |||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 477,107,215 | |||
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 524,845,669 | ||
|
| |||
* Unaffiliated foreign tax withheld | $ | 3,842,633 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF | ||||||||
For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 47,738,454 | $ | 158,783,318 | ||||
Net realized gain (loss) | (7,702,765 | ) | 406,716,574 | |||||
Net change in net unrealized appreciation (depreciation) | 484,809,980 | (611,668,057 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 524,845,669 | (46,168,165 | ) | |||||
|
|
|
| |||||
Distributions to Shareholders | (103,638,363 | ) | (162,803,052 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 25,512,050 | — | ||||||
Value of shares redeemed | — | (1,216,365,527 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | 25,512,050 | (1,216,365,527 | ) | |||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | 446,719,356 | (1,425,336,744 | ) | |||||
Net Assets | ||||||||
Beginning of period | 4,715,082,362 | 6,140,419,106 | ||||||
|
|
|
| |||||
End of period | $ | 5,161,801,718 | $ | 4,715,082,362 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of period | 152,750,800 | 192,750,800 | ||||||
Shares sold | 800,000 | — | ||||||
Shares redeemed | — | (40,000,000 | ) | |||||
|
|
|
| |||||
Shares outstanding, end of period | 153,550,800 | 152,750,800 | ||||||
|
|
|
|
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 30.87 | $ | 31.86 | $ | 30.68 | $ | 26.48 | $ | 30.75 | $ | 27.81 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.31 | 0.91 | 0.80 | 0.74 | 0.76 | 1.41 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 3.12 | (1.00 | ) | 1.33 | 4.18 | (4.03 | ) | 2.90 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 3.43 | (0.09 | ) | 2.13 | 4.92 | (3.27 | ) | 4.31 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.68 | ) | (0.90 | ) | (0.95 | ) | (0.72 | ) | (0.88 | ) | (1.37 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.12 | ) | (0.00 | )(b) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.68 | ) | (0.90 | ) | (0.95 | ) | (0.72 | ) | (1.00 | ) | (1.37 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 33.62 | $ | 30.87 | $ | 31.86 | $ | 30.68 | $ | 26.48 | $ | 30.75 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 11.25 | **(c) | (0.14 | )(c) | 7.05 | 19.17 | (10.90 | ) | 16.22 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 5,162 | 4,715 | 6,140 | 8,638 | 11,984 | 12,268 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.36 | * | 0.36 | 0.35 | 0.35 | 0.35 | 0.35 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.36 | * | 0.36 | 0.35 | 0.35 | 0.35 | 0.35 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.94 | * | 2.93 | 2.57 | 2.72 | 2.82 | 4.81 | |||||||||||||||||
Portfolio turnover rate (%)(d) | 4 | ** | 5 | 10 | 14 | 15 | 12 |
(a) | Based on average shares outstanding during the period. |
(b) | Amount represents less than $0.005. |
(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. | 21 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2019, 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 selectednon-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 new1-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 theone-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.
22
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) orover-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 theex-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 their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to
23
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on theex-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, 2019, the Fund did not incur any interest or penalties.
At May 31, 2019, 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 | ||||||||||
$ | 47,997,241 | $ | 86,149,726 | $ | 134,146,967 |
As of May 31, 2019, 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) | |||||||||||||
$ | 5,148,278,723 | $ | (349,774,152 | ) | $ | 490,330,152 | $ | (840,104,304 | ) |
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. Foreign taxes payable as of November 30, 2019, 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.
24
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, 2019, 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 (0.12% annualized effective rate as of November 30, 2019) 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, 2019, 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, 2019 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Common Stocks | $ | 37,428,883 | $ | 45,692 | $ | 814,024 | $ | 13,770,853 | $ | 52,059,452 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities andnon-cash collateral for securities lending transactions |
| $ | 52,059,452 |
Derivatives
Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure tonon-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, 2019, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specifiednon-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, 2019 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, 2019.
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. ornon-U.S. exchange. The Fund will not use futures for
25
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
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, 2019, 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, 2019 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, 2019 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* | $ | 4,480,725 | Unrealized depreciation on futures contracts* | $ | 233,898 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 57,833,053 | Unrealized depreciation on forward foreign currency contracts | 3,485,494 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 62,313,778 | Total | $ | 3,719,392 | |||||||||
|
|
|
|
* | 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, 2019 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 | ||||||||||
$ | 7,789,439 | $ | 29,361,589 | $ | 37,151,028 | |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
$ | 5,331,546 | $ | 48,985,778 | $ | 54,317,324 |
26
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
For the period ended November 30, 2019 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
$ | 137,646,402 | $ | (4,731,185,430 | ) |
As of November 30, 2019, 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 | $ | 14,016,123 | $ | (949,734 | ) | $ | 13,066,389 | $ | — | $ | 949,734 | $ | (949,734 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 19,443,099 | (1,118,906 | ) | 18,324,193 | — | 1,118,906 | (1,118,906 | ) | — | — | ||||||||||||||||||||||
Morgan Stanley Capital | 7,184,851 | (162,489 | ) | 7,022,362 | — | 162,489 | (162,489 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 17,188,980 | (1,254,365 | ) | 15,934,615 | — | 1,254,365 | (1,254,365 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 57,833,053 | $ | (3,485,494 | ) | $ | 54,347,559 | $ | — | $ | 3,485,494 | $ | (3,485,494 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Rule2a-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. To the extent that the affiliated money market funds pay an investment management fee to DIMA, the Advisor will waive an amount of the unitary management fee payable to the Advisor by the Fund equal to the amount of the unitary management fee payable on the Fund’s 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 arrangingsub-advisory, transfer agency, custody, fund administration, and all othernon-distribution related services for the Fund to operate.
For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary management 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%.
27
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
The Advisor for the Fund 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 cash management vehicles. For the period from June 1, 2018 through November 30, 2019, the Advisor waived $30,443 of expenses to the Fund.
Out of the unitary management 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, 2019, the cost of investments purchased and proceeds from sale of investments (excludingin-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
$ | 201,058,872 | $ | 259,741,693 |
For the period ended November 30, 2019, the cost ofin-kind purchases and proceeds fromin-kind sales were as follows:
Purchases | Sales | |||||||
$23,811,088 | $ — |
5. Fund Share Transactions
As of November 30, 2019, 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 thein-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.
28
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-Q or Form N-PORT (available for filings after March 31, 2019). 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.
29
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.
30
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.
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 © 2020 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-049078-4 (1/20) DBX004203 (1/21)
November 30, 2019
Semi-Annual Report
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)
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
Page | ||||
1 | ||||
2 | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 3 | |||
4 | ||||
5 | ||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 6 | |||
7 | ||||
8 | ||||
9 | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 12 | |||
14 | ||||
23 | ||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 28 | |||
34 | ||||
38 | ||||
40 | ||||
42 | ||||
45 | ||||
48 | ||||
58 | ||||
59 |
To our Shareholders:(Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our 6 ETFs tracking the fixed income market for the period ended November 30, 2019.
The global economy experienced a slower pace of growth during the reporting period, owing togeo-political tensions, impact of prolonged trade war between the U.S.-China and a downturn in the manufacturing sector. A resilient service sector boosted employment growth, supporting domestic demand in several advanced economies. In the U.S, trade related uncertainty had negative impacts on investment, but employment and consumption remained robust, buoyed by policy stimulus. The Eurozone economy declined due to weak growth in foreign demand and a drawdown of inventories, reflecting weak industrial production. Moreover, growth in emerging markets has been affected by the global trade and manufacturing slump amid tailwinds from the decline in core market interest rates. The Chinese economy also experienced slower growth as a result of weak industrial production and subdued external demand.
Monetary policymakers shifted towards accommodation in the face of weak global growth, with major central banks extending a wave of rate cuts. The Federal Reserve Board (FRB) switched gears this year by reducing its policy rates at three consecutive meetings, with rates hovering between 1.5% and 1.75%, to ease the effects of slowing global growth. The FRB justified its policy rate reduction to serve as insurance against a number of risks, uncertainties that weigh on the outlook, and concerns about below-target inflation. The European Central Bank (ECB) unveiled a comprehensive policy package to support the flagging economy, including pushing interest rates into negative territory andre-activating its quantitative easing program by buying bonds as long as necessary. Nevertheless, fears of recession, sparked by the inversion of the yield curve between2-year and10-year U.S. government bonds, subsided in late autumn.
Led by the FRB and ECB, other central banks also provided renewed easing to boost financial conditions and as inflation remained muted. The People’s Bank of China lowered its medium-term lending facility to remain focused on stabilizing credit growth and decreasing financing costs to support growth. The Bank of Japan held its monetary policy steady and unveiled a new forward guidance to signal it is poised to cut rates, underlining its concern that external risks could derail the economy. Elsewhere, the Bank of England resisted by not opting to adjust borrowing costs to help sustain growth and employment in the midst of U.K.’s elections and Brexit1 uncertainty. Separately, equity markets worldwide lost some ground during the reporting period but are still well above the lows during thesell-off at the end of 2018 supported by loose monetary policies and rebound in corporate growth earnings.
Looking ahead, global growth has become less skewed to the downside, with accommodative monetary policy from major central banks and decreasing political uncertainties. However, the recent rise in financial stress in China and announcements of manufacturing job losses in Germany could weigh on sentiment. Improved prospects for a limited phase one deal between the U.S. and China and reduced risk ofno-deal Brexit should help the economy recover, albeit at a slower pace. Given the economic backdrop of an uncertain environment, hedging interest rate exposure would play a significant role in managing investments in fixed income markets.
Our team appreciates your trust and looks forward to continue serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 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.
1
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
The Xtrackers Emerging Markets Bond — Interest Rate Hedged 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 Emerging Markets Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated emerging markets bonds and is comprised of (a) long positions in U.S. dollar-denominated government debt issued by emerging market countries, and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets sovereign debt. It is not possible to invest directly into an index.
Quality* as of November 30, 2019 |
Description | % of Market Value | |||
AA | 5.4% | |||
A | 19.7% | |||
BBB | 45.2% | |||
BB | 5.1% | |||
B | 24.6% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (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, 2019 |
Qatar | 5.4% | |||
Indonesia | 5.4% | |||
Peru | 5.3% | |||
Uruguay | 5.3% | |||
Philippines | 5.3% | |||
Colombia | 5.2% | |||
Mexico | 5.1% | |||
Brazil | 5.1% | |||
South Africa | 5.1% | |||
Ukraine | 5.0% | |||
Turkey | 4.9% | |||
Egypt | 4.7% | |||
Russia | 4.5% | |||
Sri Lanka | 4.5% | |||
Ecuador | 4.0% | |||
Poland | 3.8% | |||
Panama | 3.7% | |||
Hungary | 3.5% | |||
Kazakhstan | 3.2% | |||
Romania | 2.9% | |||
Chile | 2.7% | |||
Other | 5.4% | |||
|
| |||
Total | 100.0% |
Modified duration as of November 30, 2019: 0.0 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 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 High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
The Xtrackers High Yield Corporate Bond — Interest Rate Hedged 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 USD High Yield Corporate Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds and is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the high yield bonds. It is not possible to invest directly into an index.
Quality* as of November 30, 2019 |
Description | % of Market Value | |||
BBB | 3.8% | |||
BB | 54.5% | |||
B | 33.8% | |||
CCC | 7.7% | |||
C | 0.2% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (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, 2019 |
Communications | 25.3% | |||
Consumer,Non-cyclical | 19.4% | |||
Consumer, Cyclical | 15.2% | |||
Energy | 10.0% | |||
Industrial | 9.3% | |||
Financial | 8.8% | |||
Technology | 4.8% | |||
Basic Materials | 4.4% | |||
Utilities | 2.7% | |||
Diversified | 0.1% | |||
|
| |||
Total | 100.0% |
Modified duration as of November 30, 2019: 0.1 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. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12.
3
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)
The Xtrackers Investment Grade Bond — Interest Rate Hedged 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 USD Investment Grade Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated investment grade liquid corporate bonds and is comprised of (a) long positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. It is not possible to invest directly into an index.
Quality* as of November 30, 2019 |
Description | % of Market Value | |||
AAA | 3.5% | |||
AA | 12.7% | |||
A | 41.8% | |||
BBB | 42.0% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (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, 2019 |
United States | 85.6% | |||
United Kingdom | 3.4% | |||
Netherlands | 2.5% | |||
Canada | 2.4% | |||
Japan | 1.5% | |||
Guernsey | 1.0% | |||
Ireland | 1.0% | |||
Australia | 0.9% | |||
France | 0.8% | |||
Luxembourg | 0.7% | |||
Norway | 0.2% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2019 |
Financial | 28.8% | |||
Consumer,Non-cyclical | 20.5% | |||
Communications | 13.2% | |||
Energy | 11.2% | |||
Technology | 10.2% | |||
Industrial | 5.7% | |||
Consumer, Cyclical | 5.7% | |||
Utilities | 2.5% | |||
Basic Materials | 2.2% | |||
|
| |||
Total | 100.0% |
Modified duration as of November 30, 2019: 0.1 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 14.
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, 2019 |
Description | % of Market Value | |||
AAA | 6.2% | |||
AA | 45.6% | |||
A | 46.4% | |||
BBB | 1.8% | |||
|
| |||
Total | 100.0% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (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, 2019 |
Transportation | 32.9% | |||
Airport | 29.5% | |||
Water | 19.4% | |||
Power | 7.8% | |||
General | 5.8% | |||
Development | 3.2% | |||
Utilities | 1.4% | |||
|
| |||
Total | 100.0% |
Modified duration as of November 30, 2019: 6.4 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 percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 23.
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, 2019 (25.4% of Net Assets) |
Description | % of Net Assets | |||
TOTAL SA (France) | 3.5% | |||
Royal Bank of Canada (Canada) | 3.2% | |||
GlaxoSmithKline PLC (United Kingdom) | 3.1% | |||
Sanofi (France) | 2.9% | |||
Allianz SE (Germany) | 2.8% | |||
China Construction Bank Corp. (China) | 2.1% | |||
BHP Group Ltd. (Australia) | 2.1% | |||
Bayer AG (Germany) | 1.9% | |||
BASF SE (Germany) | 1.9% | |||
Bank of Nova Scotia (Canada) | 1.9% |
Country Diversification* as of November 30, 2019 |
United Kingdom | 13.5% | |||
Canada | 11.7% | |||
France | 8.9% | |||
Germany | 8.6% | |||
Japan | 6.8% | |||
China | 6.7% | |||
Hong Kong | 5.5% | |||
Australia | 4.9% | |||
Russia | 3.8% | |||
Taiwan | 3.3% | |||
Spain | 3.2% | |||
Switzerland | 3.2% | |||
South Africa | 2.4% | |||
Saudi Arabia | 2.0% | |||
Other | 15.5% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2019 |
Financials | 31.0% | |||
Materials | 13.2% | |||
Energy | 11.9% | |||
Health Care | 8.4% | |||
Communication Services | 8.2% | |||
Consumer Discretionary | 6.8% | |||
Utilities | 6.7% | |||
Industrials | 5.0% | |||
Real Estate | 3.1% | |||
Information Technology | 3.1% | |||
Consumer Staples | 2.6% | |||
|
| |||
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 28.
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, 2019 (39.3% of Net Assets) |
Description | % of Net Assets | |||
Sanofi (France) | 5.1% | |||
GlaxoSmithKline PLC (United Kingdom) | 5.1% | |||
Allianz SE (Germany) | 5.0% | |||
TOTAL SA (France) | 4.8% | |||
BASF SE (Germany) | 3.9% | |||
Zurich Insurance Group AG (Switzerland) | 3.6% | |||
Rio Tinto PLC (United Kingdom) | 3.4% | |||
Iberdrola SA (Spain) | 3.3% | |||
AXA SA (France) | 2.9% | |||
National Grid PLC (United Kingdom) | 2.2% |
Country Diversification* as of November 30, 2019 |
United Kingdom | 25.7% | |||
France | 14.9% | |||
Germany | 11.8% | |||
Japan | 10.9% | |||
Spain | 6.1% | |||
Hong Kong | 6.0% | |||
Switzerland | 5.3% | |||
Australia | 5.1% | |||
Singapore | 3.5% | |||
Finland | 3.5% | |||
Italy | 2.3% | |||
Other | 4.9% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2019 |
Financials | 23.3% | |||
Materials | 14.7% | |||
Utilities | 11.2% | |||
Health Care | 10.8% | |||
Consumer Discretionary | 10.0% | |||
Communication Services | 9.1% | |||
Industrials | 7.1% | |||
Energy | 5.3% | |||
Real Estate | 4.1% | |||
Consumer Staples | 2.4% | |||
Information Technology | 2.0% | |||
|
| |||
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 34.
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 management fees and other Fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF shareholders indirectly bear the expenses of Xtrackers High Beta High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF (the “Underlying Funds”) in which the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF invests. In the most recentsix-month period the Funds limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2019 to November 30, 2019).
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, 2019 | Ending Account Value November 30, 2019 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,040.00 | 0.45 | % | $ | 2.30 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (2) |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,038.70 | 0.19 | % | $ | 0.97 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.05 | 0.19 | % | $ | 0.96 | ||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,045.50 | 0.25 | % | $ | 1.28 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.75 | 0.25 | % | $ | 1.26 | ||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,028.60 | 0.15 | % | $ | 0.76 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.25 | 0.15 | % | $ | 0.76 | ||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,095.70 | 0.20 | % | $ | 1.05 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.00 | 0.20 | % | $ | 1.01 | ||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,114.90 | 0.20 | % | $ | 1.06 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.00 | 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 recentsix-month period), then divided by 366.
(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.
8
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF
November 30, 2019 (Unaudited)
Principal | Value | |||||||
SOVEREIGN BONDS — 95.7% | ||||||||
Brazil — 4.9% | ||||||||
Brazilian Government International Bond | $ | 50,000 | $ | 63,396 | ||||
4.25%, 1/7/25 | 275,000 | 289,470 | ||||||
8.25%, 1/20/34 | 50,000 | 68,205 | ||||||
7.125%, 1/20/37 | 30,000 | 38,052 | ||||||
5.625%, 1/7/41 | 125,000 | 137,773 | ||||||
5.00%, 1/27/45 | 200,000 | 203,187 | ||||||
|
| |||||||
800,083 | ||||||||
|
| |||||||
Chile — 2.6% | ||||||||
Chile Government International Bond | 200,000 | 211,313 | ||||||
3.86%, 6/21/47 | 200,000 | 224,007 | ||||||
|
| |||||||
435,320 | ||||||||
|
| |||||||
China — 1.3% | ||||||||
Export-Import Bank of China | 200,000 | 211,978 | ||||||
|
| |||||||
Colombia — 5.0% | ||||||||
Colombia Government International Bond | 200,000 | 210,569 | ||||||
4.50%, 3/15/29 | 200,000 | 220,770 | ||||||
6.125%, 1/18/41 | 100,000 | 127,693 | ||||||
5.20%, 5/15/49 | 225,000 | 266,723 | ||||||
|
| |||||||
825,755 | ||||||||
|
| |||||||
Croatia — 1.3% | ||||||||
Croatia Government International Bond | 200,000 | 220,893 | ||||||
|
| |||||||
Ecuador — 3.8% | ||||||||
Ecuador Government International Bond | 200,000 | 176,563 | ||||||
8.875%, 10/23/27, 144A | 275,000 | 219,408 | ||||||
7.875%, 1/23/28, 144A | 300,000 | 234,854 | ||||||
|
| |||||||
630,825 | ||||||||
|
| |||||||
Egypt — 4.5% | ||||||||
Egypt Government International Bond | 250,000 | 259,335 | ||||||
7.600%, 3/1/29, 144A | 200,000 | 212,648 | ||||||
8.700%, 3/1/49, 144A | 250,000 | 269,449 | ||||||
|
| |||||||
741,432 | ||||||||
|
| |||||||
El Salvador — 1.2% | ||||||||
El Salvador Government International Bond | 180,000 | 195,468 | ||||||
|
| |||||||
Hungary — 3.3% | ||||||||
Hungary Government International Bond | 110,000 | 124,125 | ||||||
5.375%, 3/25/24 | 232,000 | 261,551 | ||||||
7.625%, 3/29/41 | 100,000 | 163,382 | ||||||
|
| |||||||
549,058 | ||||||||
|
|
Principal | Value | |||||||
Indonesia — 5.1% | ||||||||
Indonesia Government International Bond | $ | 300,000 | $ | 320,899 | ||||
5.25%, 1/8/47, 144A | 250,000 | 306,755 | ||||||
Perusahaan Penerbit SBSN Indonesia III | 200,000 | 218,307 | ||||||
|
| |||||||
845,961 | ||||||||
|
| |||||||
Kazakhstan — 3.0% | ||||||||
Kazakhstan Government International Bond | 200,000 | 229,164 | ||||||
4.875%, 10/14/44, 144A | 225,000 | 273,149 | ||||||
|
| |||||||
502,313 | ||||||||
|
| |||||||
Lebanon — 0.1% | ||||||||
Lebanon Government International Bond | 25,000 | 11,388 | ||||||
|
| |||||||
Lithuania — 1.3% | ||||||||
Lithuania Government International Bond | 200,000 | 219,595 | ||||||
|
| |||||||
Mexico — 4.9% | ||||||||
Mexico Government International Bond | 110,000 | 116,250 | ||||||
4.50%, 4/22/29 | 225,000 | 246,938 | ||||||
Series A, MTN, 6.75%, 9/27/34 | 10,000 | 13,728 | ||||||
6.05%, 1/11/40 | 26,000 | 33,499 | ||||||
MTN, 4.75%, 3/8/44 | 90,000 | 98,409 | ||||||
5.55%, 1/21/45 | 35,000 | 42,643 | ||||||
4.60%, 1/23/46 | 225,000 | 241,073 | ||||||
GMTN, 5.75%, 10/12/10 | 10,000 | 11,669 | ||||||
|
| |||||||
804,209 | ||||||||
|
| |||||||
Panama — 3.6% | ||||||||
Panama Bonos del Tesoro | 100,000 | 110,198 | ||||||
Panama Government International Bond | 125,000 | 176,212 | ||||||
4.50%, 4/16/50 | 200,000 | 235,687 | ||||||
Panama Notas del Tesoro | 60,000 | 63,442 | ||||||
|
| |||||||
585,539 | ||||||||
|
| |||||||
Peru — 5.1% | ||||||||
Peruvian Government International Bond | 100,000 | 126,492 | ||||||
4.125%, 8/25/27 | 220,000 | 246,476 | ||||||
6.55%, 3/14/37 | 40,000 | 58,497 | ||||||
5.625%, 11/18/50 | 275,000 | 402,170 | ||||||
|
| |||||||
833,635 | ||||||||
|
| |||||||
Philippines — 5.0% | ||||||||
Philippine Government International Bond | 325,000 | 350,742 | ||||||
5.00%, 1/13/37 | 200,000 | 255,426 | ||||||
3.70%, 2/2/42 | 200,000 | 226,162 | ||||||
|
| |||||||
832,330 | ||||||||
|
|
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF(Continued)
November 30, 2019 (Unaudited)
Principal | Value | |||||||
Poland — 3.6% | ||||||||
Republic of Poland Government International Bond | $ | 150,000 | $ | 160,735 | ||||
3.00%, 3/17/23 | 140,000 | 144,437 | ||||||
4.00%, 1/22/24 | 170,000 | 183,403 | ||||||
3.25%, 4/6/26 | 100,000 | 106,408 | ||||||
|
| |||||||
594,983 | ||||||||
|
| |||||||
Qatar — 5.1% | ||||||||
Qatar Government International Bond | 250,000 | 278,950 | ||||||
9.75%, 6/15/30, 144A | 90,000 | 148,396 | ||||||
6.40%, 1/20/40, 144A | 100,000 | 146,333 | ||||||
4.625%, 6/2/46, 144A | 225,000 | 273,650 | ||||||
|
| |||||||
847,329 | ||||||||
|
| |||||||
Romania — 2.8% | ||||||||
Romanian Government International Bond | 100,000 | 109,307 | ||||||
4.375%, 8/22/23, 144A | 10,000 | 10,638 | ||||||
4.875%, 1/22/24, 144A | 176,000 | 192,585 | ||||||
6.125%, 1/22/44, 144A | 70,000 | 90,597 | ||||||
5.125%, 6/15/48, 144A | 50,000 | 57,262 | ||||||
|
| |||||||
460,389 | ||||||||
|
| |||||||
Russia — 4.4% | ||||||||
Russian Foreign Bond — Eurobond | 200,000 | 220,388 | ||||||
5.10%, 3/28/35, 144A | 200,000 | 235,881 | ||||||
5.875%, 9/16/43, 144A | 200,000 | 261,472 | ||||||
|
| |||||||
717,741 | ||||||||
|
| |||||||
South Africa — 4.9% | ||||||||
Republic of South Africa Government International Bond | 350,000 | 340,265 | ||||||
5.875%, 6/22/30 | 250,000 | 266,512 | ||||||
5.65%, 9/27/47 | 200,000 | 192,932 | ||||||
|
| |||||||
799,709 | ||||||||
|
| |||||||
Sri Lanka — 4.3% | ||||||||
Sri Lanka Government International Bond | 200,000 | 200,289 | ||||||
6.85%, 11/3/25, 144A | 200,000 | 194,903 | ||||||
7.85%, 3/14/29, 144A | 325,000 | 315,593 | ||||||
|
| |||||||
710,785 | ||||||||
|
| |||||||
Turkey — 4.7% | ||||||||
Turkey Government International Bond | 55,000 | 59,412 | ||||||
4.875%, 10/9/26 | 200,000 | 188,609 | ||||||
6.125%, 10/24/28 | 200,000 | 199,382 | ||||||
11.875%, 1/15/30 | 40,000 | 56,287 | ||||||
6.875%, 3/17/36 | 200,000 | 200,780 | ||||||
7.25%, 3/5/38 | 60,000 | 62,180 | ||||||
|
| |||||||
766,650 | ||||||||
|
|
Principal | Value | |||||||
Ukraine — 4.8% | ||||||||
Ukraine Government International Bond | $ | 100,000 | $ | 106,427 | ||||
7.75%, 9/1/25, 144A | 100,000 | 105,865 | ||||||
7.75%, 9/1/26, 144A | 100,000 | 105,864 | ||||||
7.75%, 9/1/27, 144A | 260,000 | 275,037 | ||||||
7.375%, 9/25/32, 144A | 200,000 | 204,066 | ||||||
|
| |||||||
797,259 | ||||||||
|
| |||||||
Uruguay — 5.1% | ||||||||
Uruguay Government International Bond | 15,000 | 16,184 | ||||||
4.375%, 10/27/27 | 225,000 | 246,228 | ||||||
7.625%, 3/21/36 | 30,000 | 44,263 | ||||||
5.10%, 6/18/50 | 390,000 | 466,999 | ||||||
4.975%, 4/20/55 | 50,000 | 58,947 | ||||||
|
| |||||||
832,621 | ||||||||
|
| |||||||
TOTAL SOVEREIGN BONDS | 15,773,248 | |||||||
|
| |||||||
Number | ||||||||
CASH EQUIVALENTS — 1.6% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (a) | 271,216 | 271,216 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.3% (Cost $15,749,379) | $ | 16,044,464 | ||||||
Other assets and liabilities, net — 2.7% | 443,677 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 16,488,141 | ||||||
|
|
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF(Continued)
November 30, 2019 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (a)(b) |
| |||||||||||||||||||||||||||||||||||
— | 0 | (c) | — | — | — | 82 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.6% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (a) |
| |||||||||||||||||||||||||||||||||||
— | 2,980,201 | (2,708,985 | ) | — | — | 1,505 | — | 271,216 | 271,216 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
— | 2,980,201 | (2,708,985 | ) | — | — | 1,587 | — | 271,216 | 271,216 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
(b) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(c) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
SBSN: | Surat Berharga Syariah Negara (Islamic Based Government Securities) |
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, 2019, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
2-Year U.S. Treasury Note | USD | 4 | $ | 862,688 | $ | 862,344 | 3/31/2020 | $ | 344 | |||||||||
5-Year U.S. Treasury Note | USD | 28 | 3,335,937 | 3,331,125 | 3/31/2020 | 4,812 | ||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 13 | 1,855,547 | 1,848,844 | 3/20/2020 | 6,703 | ||||||||||||
10-Year U.S. Treasury Note | USD | 28 | 3,632,125 | 3,622,062 | 3/20/2020 | 10,063 | ||||||||||||
Ultra Long U.S. Treasury Bond | USD | 12 | 2,263,500 | 2,252,625 | 3/20/2020 | 10,875 | ||||||||||||
U.S. Treasury Long Bond | USD | 21 | 3,357,211 | 3,338,344 | 3/20/2020 | 18,867 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | $ | 51,664 | ||||||||||||||||
|
|
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, 2019 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 (d) | $ | — | $ | 15,773,248 | $ | — | $ | 15,773,248 | ||||||||
Short-Term Investments (d) | 271,216 | — | — | 271,216 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 51,664 | — | — | 51,664 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 322,880 | $ | 15,773,248 | $ | — | $ | 16,096,128 | ||||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF
November 30, 2019 (Unaudited)
Number of Shares | Value | |||||||
EXCHANGE-TRADED FUNDS — 98.2% | ||||||||
Xtrackers High Beta High Yield Bond ETF (a) | 9,291 | $ | 446,253 | |||||
Xtrackers USD High Yield Corporate Bond ETF (a)(b) | 185,142 | 9,231,180 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 9,677,433 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 47.9% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d) | 4,724,130 | 4,724,130 | ||||||
|
|
Number of Shares | Value | |||||||
CASH EQUIVALENTS — 1.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) | 107,826 | $ | 107,826 | |||||
|
| |||||||
TOTAL INVESTMENTS — 147.2% (Cost $14,489,991) | $ | 14,509,389 | ||||||
Other assets and liabilities, net — (47.2%) | (4,652,169 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 9,857,220 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 98.2% |
| |||||||||||||||||||||||||||||||||||
Xtrackers High Beta High Yield Bond ETF (a) |
| |||||||||||||||||||||||||||||||||||
460,768 | 191,346 | (209,676 | ) | (1,062 | ) | 4,877 | 14,421 | — | 9,291 | 446,253 | ||||||||||||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF (a)(b) |
| |||||||||||||||||||||||||||||||||||
6,043,035 | 3,085,494 | — | — | 102,651 | 220,636 | — | 185,142 | 9,231,180 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 47.9% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d) |
| |||||||||||||||||||||||||||||||||||
582,275 | 4,141,855 | (e) | — | — | — | 10,209 | — | 4,724,130 | 4,724,130 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) |
| |||||||||||||||||||||||||||||||||||
1,893 | 832,397 | (726,464 | ) | — | — | 579 | — | 107,826 | 107,826 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
7,087,971 | 8,251,092 | (936,140 | ) | (1,062 | ) | 107,528 | 245,845 | — | 5,026,389 | 14,509,389 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Affiliated fund advised by DBX Advisors LLC. |
(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, 2019 amounted to $4,618,532, which is 46.9% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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, 2019. |
At November 30, 2019, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
2-Year U.S. Treasury Note | USD | 9 | $ | 1,941,047 | $ | 1,940,273 | 3/31/2020 | $ | 774 | |||||||||
5-Year U.S. Treasury Note | USD | 38 | 4,527,343 | 4,520,812 | 3/31/2020 | 6,531 | ||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 2 | 285,469 | 284,438 | 3/20/2020 | 1,031 | ||||||||||||
10-Year U.S. Treasury Note | USD | 20 | 2,594,188 | 2,587,188 | 3/20/2020 | 7,000 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | $ | 15,336 | ||||||||||||||||
|
|
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. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF(Continued)
November 30, 2019 (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, 2019 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 | ||||||||||||
Exchange-Traded Funds | $ | 9,677,433 | $ | — | $ | — | $ | 9,677,433 | ||||||||
Short-Term Investments (f) | 4,831,956 | — | — | 4,831,956 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contracts | 15,336 | — | — | 15,336 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 14,524,725 | $ | — | $ | — | $ | 14,524,725 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF
November 30, 2019 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS — 97.0% |
| |||||||
Basic Materials — 2.1% |
| |||||||
Chemicals — 1.3% | ||||||||
Dow Chemical Co. | $ | 40,000 | $ | 52,950 | ||||
Dupont de Nemours, Inc. | 15,000 | 16,039 | ||||||
DuPont de Nemours, Inc. | 5,000 | 6,236 | ||||||
LyondellBasell Industries NV | 15,000 | 15,877 | ||||||
|
| |||||||
91,102 | ||||||||
|
| |||||||
Forest Products & Paper — 0.2% | ||||||||
International Paper Co. | 15,000 | 16,442 | ||||||
|
| |||||||
Iron/Steel — 0.1% | ||||||||
Arcelormittal SA | 5,000 | 5,095 | ||||||
|
| |||||||
Mining — 0.5% | ||||||||
BHP Billiton Finance USA Ltd. | 15,000 | 19,539 | ||||||
Newmont Goldcorp Corp. | 5,000 | 5,895 | ||||||
Rio Tinto Finance USA Ltd. | 10,000 | 10,735 | ||||||
|
| |||||||
36,169 | ||||||||
|
| |||||||
Communications — 12.8% |
| |||||||
Internet — 1.2% | ||||||||
Alphabet, Inc. | 10,000 | 10,561 | ||||||
Amazon.com, Inc. | 10,000 | 10,349 | ||||||
4.80%, 12/5/34 | 15,000 | 18,680 | ||||||
4.95%, 12/5/44 | 25,000 | 32,926 | ||||||
eBay, Inc. | 10,000 | 10,140 | ||||||
|
| |||||||
82,656 | ||||||||
|
| |||||||
Media — 3.8% | ||||||||
CBS Corp. | 20,000 | 21,439 | ||||||
Comcast Corp. | 15,000 | 15,525 | ||||||
3.15%, 2/15/28 | 10,000 | 10,509 | ||||||
4.15%, 10/15/28 | 45,000 | 50,772 | ||||||
4.20%, 8/15/34 | 45,000 | 52,099 | ||||||
3.40%, 7/15/46 | 10,000 | 10,266 | ||||||
3.969%, 11/1/47 | 10,000 | 11,138 | ||||||
4.95%, 10/15/58 | 5,000 | 6,540 | ||||||
Discovery Communications LLC | 25,000 | 28,511 | ||||||
NBCUniversal Media LLC | 25,000 | 34,335 | ||||||
TWDC Enterprises 18 Corp. | 20,000 | 21,153 |
Principal | Value | |||||||
Media (Continued) | ||||||||
Walt Disney Co. | $ | 10,000 | $ | 9,654 | ||||
|
| |||||||
271,941 | ||||||||
|
| |||||||
Telecommunications — 7.8% | ||||||||
AT&T, Inc. | 15,000 | 15,210 | ||||||
3.90%, 3/11/24 | 20,000 | 21,191 | ||||||
4.45%, 4/1/24 | 15,000 | 16,217 | ||||||
3.40%, 5/15/25 | 18,000 | 18,808 | ||||||
4.125%, 2/17/26 | 25,000 | 27,008 | ||||||
5.35%, 9/1/40 | 28,000 | 33,561 | ||||||
4.80%, 6/15/44 | 10,000 | 11,313 | ||||||
4.75%, 5/15/46 | 10,000 | 11,198 | ||||||
5.15%, 11/15/46 | 5,000 | 5,880 | ||||||
5.45%, 3/1/47 | 5,000 | 6,120 | ||||||
4.50%, 3/9/48 | 10,000 | 10,908 | ||||||
4.55%, 3/9/49 | 40,000 | 44,027 | ||||||
Cisco Systems, Inc. | 10,000 | 10,107 | ||||||
5.50%, 1/15/40 | 10,000 | 13,700 | ||||||
Corning, Inc. | 5,000 | 5,007 | ||||||
Deutsche Telekom International Finance BV | 10,000 | 14,727 | ||||||
Orange SA | 10,000 | 13,246 | ||||||
Rogers Communications, Inc. | 10,000 | 10,656 | ||||||
4.30%, 2/15/48 | 5,000 | 5,647 | ||||||
Telefonica Europe BV | 35,000 | 50,762 | ||||||
Verizon Communications, Inc. | 10,000 | 11,066 | ||||||
4.40%, 11/1/34 | 35,000 | 40,679 | ||||||
4.272%, 1/15/36 | 20,000 | 22,855 | ||||||
4.812%, 3/15/39 | 20,000 | 24,410 | ||||||
4.862%, 8/21/46 | 15,000 | 18,788 | ||||||
5.012%, 4/15/49 | 5,000 | 6,441 | ||||||
5.012%, 8/21/54 | 25,000 | 32,801 | ||||||
Vodafone Group PLC | 25,000 | 27,802 | ||||||
5.25%, 5/30/48 | 15,000 | 17,952 | ||||||
4.25%, 9/17/50 | 5,000 | 5,212 | ||||||
|
| |||||||
553,299 | ||||||||
|
| |||||||
Consumer, Cyclical — 5.6% |
| |||||||
Apparel — 0.2% | ||||||||
NIKE, Inc. | 10,000 | 10,228 | ||||||
|
| |||||||
Auto Manufacturers — 1.3% | ||||||||
General Motors Co. | 15,000 | 16,183 | ||||||
6.25%, 10/2/43 | 15,000 | 16,647 | ||||||
General Motors Financial Co., Inc. | 15,000 | 15,356 | ||||||
4.35%, 4/9/25 | 15,000 | 15,813 | ||||||
4.35%, 1/17/27 | 15,000 | 15,567 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2019 (Unaudited)
Principal | Value | |||||||
Auto Manufacturers (Continued) | ||||||||
Toyota Motor Credit Corp. | $ | 10,000 | $ | 10,529 | ||||
|
| |||||||
90,095 | ||||||||
|
| |||||||
Lodging — 0.1% | ||||||||
Las Vegas Sands Corp. | 10,000 | 10,191 | ||||||
|
| |||||||
Retail — 4.0% | ||||||||
Costco Wholesale Corp. | 15,000 | 15,896 | ||||||
Dollar Tree, Inc. | 15,000 | 15,840 | ||||||
Home Depot, Inc. | 30,000 | 31,501 | ||||||
3.90%, 6/15/47 | 10,000 | 11,423 | ||||||
4.50%, 12/6/48 | 5,000 | 6,254 | ||||||
3.50%, 9/15/56 | 10,000 | 10,709 | ||||||
Lowe’s Cos., Inc. | 20,000 | 22,220 | ||||||
McDonald’s Corp. | 15,000 | 15,621 | ||||||
MTN, 3.70%, 1/30/26 | 10,000 | 10,761 | ||||||
MTN, 4.45%, 9/1/48 | 5,000 | 5,842 | ||||||
MTN, 3.625%, 9/1/49 | 10,000 | 10,242 | ||||||
Starbucks Corp. | 10,000 | 11,621 | ||||||
Target Corp. | 15,000 | 17,367 | ||||||
TJX Cos., Inc. | 8,000 | 8,019 | ||||||
Walgreens Boots Alliance, Inc. | 10,000 | 10,350 | ||||||
Walmart, Inc. | 30,000 | 30,623 | ||||||
2.85%, 7/8/24 | 10,000 | 10,375 | ||||||
5.25%, 9/1/35 | 10,000 | 13,183 | ||||||
3.625%, 12/15/47 | 20,000 | 22,519 | ||||||
2.95%, 9/24/49 | 5,000 | 5,043 | ||||||
|
| |||||||
285,409 | ||||||||
|
| |||||||
Consumer,Non-cyclical — 19.9% |
| |||||||
Agriculture — 1.8% | ||||||||
Altria Group, Inc. | 25,000 | 26,461 | ||||||
5.95%, 2/14/49 | 20,000 | 24,129 | ||||||
BAT Capital Corp. | 15,000 | 15,292 | ||||||
4.758%, 9/6/49 | 10,000 | 10,154 | ||||||
Philip Morris International, Inc. | 20,000 | 22,403 | ||||||
Reynolds American, Inc. | 10,000 | 10,716 | ||||||
5.70%, 8/15/35 | 15,000 | 17,243 | ||||||
|
| |||||||
126,398 | ||||||||
|
|
Principal | Value | |||||||
Beverages — 2.9% | ||||||||
Anheuser-Busch InBev Finance, Inc. | $ | 25,000 | $ | 25,935 | ||||
4.00%, 1/17/43 | 5,000 | 5,320 | ||||||
4.625%, 2/1/44 | 10,000 | 11,277 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 15,000 | 16,559 | ||||||
4.75%, 1/23/29 | 5,000 | 5,807 | ||||||
4.60%, 4/15/48 | 15,000 | 17,433 | ||||||
5.55%, 1/23/49 | 10,000 | 13,282 | ||||||
4.75%, 4/15/58 | 10,000 | 12,019 | ||||||
5.80%, 1/23/59 | 12,000 | 16,915 | ||||||
Coca-Cola Co. | 15,000 | 14,937 | ||||||
2.875%, 10/27/25 | 5,000 | 5,232 | ||||||
Keurig Dr Pepper, Inc. | 10,000 | 11,351 | ||||||
Molson Coors Brewing Co. | 20,000 | 20,125 | ||||||
PepsiCo, Inc. | 10,000 | 12,499 | ||||||
4.00%, 5/2/47 | 10,000 | 11,748 | ||||||
2.875%, 10/15/49 | 5,000 | 4,897 | ||||||
|
| |||||||
205,336 | ||||||||
|
| |||||||
Biotechnology — 1.6% | ||||||||
Amgen, Inc. | 25,000 | 25,957 | ||||||
4.663%, 6/15/51 | 16,000 | 18,942 | ||||||
Biogen, Inc. | 10,000 | 10,873 | ||||||
Gilead Sciences, Inc. | 15,000 | 15,547 | ||||||
4.00%, 9/1/36 | 25,000 | 28,137 | ||||||
4.75%, 3/1/46 | 10,000 | 12,089 | ||||||
|
| |||||||
111,545 | ||||||||
|
| |||||||
Commercial Services — 0.4% | ||||||||
Global Payments, Inc. | 15,000 | 15,064 | ||||||
Paypal Holdings, Inc. | 5,000 | 4,999 | ||||||
RELX Capital, Inc. | 10,000 | 10,999 | ||||||
|
| |||||||
31,062 | ||||||||
|
| |||||||
Cosmetics/Personal Care — 0.2% | ||||||||
Procter & Gamble Co. | 15,000 | 15,912 | ||||||
|
| |||||||
Food — 1.9% | ||||||||
Campbell Soup Co. | 15,000 | 16,265 | ||||||
Conagra Brands, Inc. | 10,000 | 11,922 | ||||||
General Mills, Inc. | 10,000 | 10,525 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2019 (Unaudited)
Principal | Value | |||||||
Food (Continued) | ||||||||
Kraft Heinz Foods Co. | $ | 14,000 | $ | 14,710 | ||||
6.50%, 2/9/40 | 25,000 | 30,415 | ||||||
Kroger Co. | 5,000 | 5,354 | ||||||
McCormick & Co., Inc. | 10,000 | 10,495 | ||||||
Sysco Corp. | 15,000 | 16,135 | ||||||
Tyson Foods, Inc. | 20,000 | 21,332 | ||||||
|
| |||||||
137,153 | ||||||||
|
| |||||||
Healthcare-Products — 1.7% | ||||||||
Abbott Laboratories | 10,000 | 10,477 | ||||||
4.90%, 11/30/46 | 15,000 | 19,949 | ||||||
Becton Dickinson and Co. | 15,000 | 18,086 | ||||||
Boston Scientific Corp. | 15,000 | 16,715 | ||||||
DH Europe Finance II Sarl | 5,000 | 5,172 | ||||||
Medtronic, Inc. | 5,000 | 5,355 | ||||||
4.625%, 3/15/45 | 12,000 | 15,394 | ||||||
Stryker Corp. | 5,000 | 6,088 | ||||||
Thermo Fisher Scientific, Inc. | 20,000 | 21,481 | ||||||
|
| |||||||
118,717 | ||||||||
|
| |||||||
Healthcare-Services — 2.3% | ||||||||
Aetna, Inc. | 10,000 | 10,101 | ||||||
Anthem, Inc. | 10,000 | 10,349 | ||||||
4.625%, 5/15/42 | 15,000 | 16,824 | ||||||
3.70%, 9/15/49 | 15,000 | 14,916 | ||||||
HCA, Inc. | 20,000 | 21,394 | ||||||
4.125%, 6/15/29 | 10,000 | 10,555 | ||||||
5.50%, 6/15/47 | 10,000 | 11,587 | ||||||
Kaiser Foundation Hospitals | 10,000 | 11,670 | ||||||
Laboratory Corp. of America Holdings | 10,000 | 10,482 | ||||||
UnitedHealth Group, Inc. | 35,000 | 43,457 | ||||||
|
| |||||||
161,335 | ||||||||
|
| |||||||
Pharmaceuticals — 7.1% | ||||||||
AbbVie, Inc. | 15,000 | 15,286 | ||||||
4.70%, 5/14/45 | 40,000 | 44,549 | ||||||
Allergan Funding SCS | 30,000 | 31,506 |
Principal | Value | |||||||
Pharmaceuticals (Continued) | ||||||||
AstraZeneca PLC | $ | 5,000 | $ | 5,603 | ||||
6.45%, 9/15/37 | 20,000 | 28,268 | ||||||
Cigna Corp. | 10,000 | 11,894 | ||||||
CVS Health Corp. | 45,000 | 47,994 | ||||||
4.30%, 3/25/28 | 20,000 | 21,819 | ||||||
4.78%, 3/25/38 | 20,000 | 22,754 | ||||||
5.05%, 3/25/48 | 30,000 | 35,551 | ||||||
Eli Lilly & Co. | 10,000 | 10,794 | ||||||
3.95%, 3/15/49 | 5,000 | 5,895 | ||||||
GlaxoSmithKline Capital PLC | 20,000 | 21,512 | ||||||
GlaxoSmithKline Capital, Inc. | 10,000 | 10,244 | ||||||
Johnson & Johnson | 20,000 | 28,652 | ||||||
3.50%, 1/15/48 | 5,000 | 5,563 | ||||||
Merck & Co., Inc. | 10,000 | 10,324 | ||||||
4.15%, 5/18/43 | 10,000 | 11,996 | ||||||
4.00%, 3/7/49 | 10,000 | 11,928 | ||||||
Mylan NV | 5,000 | 5,512 | ||||||
Novartis Capital Corp. | 20,000 | 21,162 | ||||||
3.10%, 5/17/27 | 15,000 | 15,878 | ||||||
Pfizer, Inc. | 10,000 | 11,973 | ||||||
4.40%, 5/15/44 | 30,000 | 36,599 | ||||||
Sanofi | 10,000 | 11,080 | ||||||
Shire Acquisitions Investments Ireland DAC | 15,000 | 15,525 | ||||||
Zoetis, Inc. | 5,000 | 6,016 | ||||||
|
| |||||||
505,877 | ||||||||
|
| |||||||
Energy — 10.8% |
| |||||||
Oil & Gas — 6.2% | ||||||||
Apache Corp. | 20,000 | 19,545 | ||||||
BP Capital Markets America, Inc. | 40,000 | 40,862 | ||||||
4.234%, 11/6/28 | 5,000 | 5,636 | ||||||
BP Capital Markets PLC | 10,000 | 10,509 | ||||||
Canadian Natural Resources Ltd. | 10,000 | 10,180 | ||||||
3.85%, 6/1/27 | 10,000 | 10,598 | ||||||
Chevron Corp. | 20,000 | 21,047 | ||||||
Concho Resources, Inc. | 5,000 | 5,586 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2019 (Unaudited)
Principal | Value | |||||||
Oil & Gas (Continued) | ||||||||
ConocoPhillips Co. | $ | 15,000 | $ | 17,532 | ||||
Equinor ASA | 15,000 | 16,972 | ||||||
Exxon Mobil Corp. | 15,000 | 15,487 | ||||||
2.44%, 8/16/29 | 15,000 | 15,090 | ||||||
3.567%, 3/6/45 | 5,000 | 5,461 | ||||||
3.095%, 8/16/49 | 10,000 | 10,127 | ||||||
Marathon Oil Corp. | 10,000 | 10,774 | ||||||
Marathon Petroleum Corp. | 7,000 | 8,893 | ||||||
Noble Energy, Inc. | 10,000 | 10,659 | ||||||
Occidental Petroleum Corp. | 20,000 | 20,116 | ||||||
5.55%, 3/15/26 | 20,000 | 22,685 | ||||||
4.10%, 2/15/47 | 15,000 | 14,317 | ||||||
Phillips 66 | 10,000 | 12,148 | ||||||
Shell International Finance BV | 15,000 | 15,854 | ||||||
4.55%, 8/12/43 | 45,000 | 54,934 | ||||||
Suncor Energy, Inc. | 10,000 | 10,757 | ||||||
Total Capital International SA | 20,000 | 21,271 | ||||||
3.455%, 2/19/29 | 10,000 | 10,848 | ||||||
Valero Energy Corp. | 20,000 | 20,770 | ||||||
|
| |||||||
438,658 | ||||||||
|
| |||||||
Oil & Gas Services — 0.8% | ||||||||
Baker Hughes A GE Co. LLC / Baker Hughes Co.-Obligor, Inc. | 10,000 | 10,208 | ||||||
Halliburton Co. | 10,000 | 10,375 | ||||||
3.80%, 11/15/25 | 25,000 | 26,373 | ||||||
National Oilwell Varco, Inc. | 10,000 | 9,098 | ||||||
Schlumberger Investment SA | 5,000 | 5,263 | ||||||
|
| |||||||
61,317 | ||||||||
|
| |||||||
Pipelines — 3.8% | ||||||||
Enbridge, Inc. | 20,000 | 21,160 | ||||||
Enterprise Products Operating LLC | 30,000 | 35,610 | ||||||
Kinder Morgan, Inc. | 25,000 | 26,971 | ||||||
5.20%, 3/1/48 | 10,000 | 11,548 | ||||||
MPLX LP | 5,000 | 5,418 | ||||||
4.70%, 4/15/48 | 25,000 | 24,901 |
Principal | Value | |||||||
Pipelines (Continued) | ||||||||
ONEOK, Inc. | $ | 5,000 | $ | 5,497 | ||||
Sabine Pass Liquefaction LLC | 20,000 | 21,073 | ||||||
Sunoco Logistics Partners Operations LP | 55,000 | 56,117 | ||||||
TransCanada Pipelines Ltd. | 25,000 | 37,160 | ||||||
Williams Cos., Inc. | 20,000 | 20,493 | ||||||
4.85%, 3/1/48 | 5,000 | 5,245 | ||||||
|
| |||||||
271,193 | ||||||||
|
| |||||||
Financial — 28.0% |
| |||||||
Banks — 20.4% | ||||||||
Bank of America Corp. | 25,000 | 25,869 | ||||||
4.10%, 7/24/23 | 15,000 | 16,001 | ||||||
MTN, 4.125%, 1/22/24 | 15,000 | 16,114 | ||||||
MTN, 4.00%, 1/22/25 | 25,000 | 26,620 | ||||||
GMTN, 3.50%, 4/19/26 | 10,000 | 10,623 | ||||||
MTN, 4.25%, 10/22/26 | 10,000 | 10,942 | ||||||
MTN, 3.248%, 10/21/27 | 10,000 | 10,434 | ||||||
MTN, 5.00%, 1/21/44 | 20,000 | 26,132 | ||||||
Bank of New York Mellon Corp. | 25,000 | 25,146 | ||||||
MTN, 3.30%, 8/23/29 | 10,000 | 10,542 | ||||||
Bank of Nova Scotia | 15,000 | 16,364 | ||||||
BB&T Corp. | 25,000 | 26,795 | ||||||
Citigroup, Inc. | 15,000 | 15,628 | ||||||
3.875%, 10/25/23 | 15,000 | 15,940 | ||||||
3.875%, 3/26/25 | 20,000 | 21,136 | ||||||
3.40%, 5/1/26 | 5,000 | 5,255 | ||||||
4.125%, 7/25/28 | 30,000 | 32,634 | ||||||
5.30%, 5/6/44 | 11,000 | 13,962 | ||||||
4.75%, 5/18/46 | 15,000 | 17,952 | ||||||
4.65%, 7/23/48 | 5,000 | 6,217 | ||||||
Cooperatieve Rabobank UA | 10,000 | 13,862 | ||||||
Credit Suisse Group Funding Guernsey Ltd. | 35,000 | 36,411 | ||||||
4.55%, 4/17/26 | 30,000 | 33,356 | ||||||
Deutsche Bank AG | 20,000 | 20,146 | ||||||
Discover Bank | 25,000 | 25,894 | ||||||
Fifth Third Bancorp | 20,000 | 21,524 | ||||||
Goldman Sachs Group, Inc. | 10,000 | 10,292 | ||||||
3.625%, 2/20/24 | 15,000 | 15,733 | ||||||
4.00%, 3/3/24 | 15,000 | 15,961 | ||||||
MTN, 3.85%, 7/8/24 | 10,000 | 10,591 | ||||||
3.50%, 1/23/25 | 35,000 | 36,594 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2019 (Unaudited)
Principal | Value | |||||||
Banks (Continued) | ||||||||
6.25%, 2/1/41 | $ | 25,000 | $ | 35,108 | ||||
MTN, 4.80%, 7/8/44 | 5,000 | 6,126 | ||||||
5.15%, 5/22/45 | 10,000 | 12,318 | ||||||
HSBC Holdings PLC | 50,000 | 50,811 | ||||||
6.10%, 1/14/42 | 20,000 | 28,246 | ||||||
ING Groep NV | 20,000 | 21,458 | ||||||
JPMorgan Chase & Co. | 40,000 | 42,539 | ||||||
3.125%, 1/23/25 | 37,000 | 38,374 | ||||||
6.40%, 5/15/38 | 25,000 | 36,005 | ||||||
5.60%, 7/15/41 | 5,000 | 6,809 | ||||||
4.95%, 6/1/45 | 5,000 | 6,317 | ||||||
KeyCorp | 15,000 | 16,439 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 15,000 | 15,650 | ||||||
3.287%, 7/25/27 | 30,000 | 31,432 | ||||||
Morgan Stanley | 15,000 | 15,948 | ||||||
GMTN, 3.70%, 10/23/24 | 30,000 | 31,793 | ||||||
MTN, 3.125%, 7/27/26 | 15,000 | 15,559 | ||||||
GMTN, 4.35%, 9/8/26 | 20,000 | 21,900 | ||||||
4.30%, 1/27/45 | 10,000 | 11,822 | ||||||
4.375%, 1/22/47 | 20,000 | 24,390 | ||||||
PNC Financial Services Group, Inc. | 20,000 | 21,334 | ||||||
3.45%, 4/23/29 | 15,000 | 16,040 | ||||||
Santander Holdings USA, Inc. | 20,000 | 21,497 | ||||||
Santander UK PLC | 15,000 | 16,023 | ||||||
State Street Corp. | 10,000 | 10,338 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 25,000 | 26,729 | ||||||
2.632%, 7/14/26 | 30,000 | 30,047 | ||||||
SunTrust Bank | 15,000 | 15,622 | ||||||
Toronto-Dominion Bank | 10,000 | 10,527 | ||||||
US Bancorp | 20,000 | 21,303 | ||||||
MTN, 3.90%, 4/26/28 | 10,000 | 11,238 | ||||||
Wells Fargo & Co. | 15,000 | 15,911 | ||||||
3.00%, 4/22/26 | 60,000 | 61,820 | ||||||
3.00%, 10/23/26 | 10,000 | 10,290 | ||||||
5.375%, 2/7/35 | 35,000 | 44,856 | ||||||
5.606%, 1/15/44 | 10,000 | 13,192 | ||||||
MTN, 4.75%, 12/7/46 | 10,000 | 12,236 | ||||||
Westpac Banking Corp. | 30,000 | 31,662 | ||||||
|
| |||||||
1,450,379 | ||||||||
|
|
Principal | Value | |||||||
Diversified Financial Services — 3.4% | ||||||||
American Express Co. | $ | 25,000 | $ | 25,982 | ||||
American Express Credit Corp. | 15,000 | 16,078 | ||||||
Brookfield Finance, Inc. | 5,000 | 5,703 | ||||||
Capital One Financial Corp. | 26,000 | 26,850 | ||||||
3.75%, 3/9/27 | 20,000 | 21,196 | ||||||
Charles Schwab Corp. | 15,000 | 15,301 | ||||||
CME Group, Inc. | 5,000 | 6,808 | ||||||
GE Capital International Funding Co. Unlimited Co. | 50,000 | 53,910 | ||||||
Mastercard, Inc. | 10,000 | 10,505 | ||||||
Synchrony Financial | 15,000 | 15,828 | ||||||
Visa, Inc. | 20,000 | 21,215 | ||||||
4.15%, 12/14/35 | 20,000 | 23,869 | ||||||
|
| |||||||
243,245 | ||||||||
|
| |||||||
Insurance — 2.9% | ||||||||
American International Group, Inc. | 15,000 | 17,155 | ||||||
4.75%, 4/1/48 | 5,000 | 5,986 | ||||||
Aon Corp. | 10,000 | 10,752 | ||||||
Berkshire Hathaway Finance Corp. | 5,000 | 5,906 | ||||||
Berkshire Hathaway, Inc. | 30,000 | 31,631 | ||||||
Brighthouse Financial, Inc. | 20,000 | 19,780 | ||||||
Chubb INA Holdings, Inc. | 10,000 | 12,320 | ||||||
Manulife Financial Corp. | 25,000 | 27,700 | ||||||
Marsh & McLennan Cos., Inc. | 20,000 | 22,670 | ||||||
MetLife, Inc. | 25,000 | 33,855 | ||||||
Progressive Corp. | 5,000 | 5,817 | ||||||
Prudential Financial, Inc. | 10,000 | 11,795 | ||||||
|
| |||||||
205,367 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 1.3% | ||||||||
American Tower Corp. | 5,000 | 5,503 | ||||||
3.80%, 8/15/29 | 10,000 | 10,685 | ||||||
Boston Properties LP | 10,000 | 10,474 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2019 (Unaudited)
Principal | Value | |||||||
Real Estate Investment Trusts (Continued) | ||||||||
Crown Castle International Corp. | $ | 15,000 | $ | 16,014 | ||||
Digital Realty Trust LP | 15,000 | 15,832 | ||||||
Simon Property Group LP | 15,000 | 15,769 | ||||||
Welltower, Inc. | 15,000 | 15,779 | ||||||
|
| |||||||
90,056 | ||||||||
|
| |||||||
Industrial — 5.5% |
| |||||||
Aerospace/Defense — 2.1% | ||||||||
Boeing Co. | 15,000 | 15,476 | ||||||
3.95%, 8/1/59 | 5,000 | 5,502 | ||||||
Lockheed Martin Corp. | 5,000 | 6,328 | ||||||
4.09%, 9/15/52 | 12,000 | 14,140 | ||||||
Northrop Grumman Corp. | 5,000 | 5,204 | ||||||
4.03%, 10/15/47 | 15,000 | 16,856 | ||||||
Rockwell Collins, Inc. | 20,000 | 21,348 | ||||||
United Technologies Corp. | 15,000 | 16,891 | ||||||
5.70%, 4/15/40 | 20,000 | 27,211 | ||||||
4.625%, 11/16/48 | 15,000 | 18,816 | ||||||
|
| |||||||
147,772 | ||||||||
|
| |||||||
Electronics — 0.4% | ||||||||
Fortive Corp. | 10,000 | 10,257 | ||||||
Honeywell International, Inc. | 15,000 | 15,296 | ||||||
|
| |||||||
25,553 | ||||||||
|
| |||||||
Environmental Control — 0.3% | ||||||||
Waste Management, Inc. | 15,000 | 16,121 | ||||||
4.10%, 3/1/45 | 5,000 | 5,775 | ||||||
|
| |||||||
21,896 | ||||||||
|
| |||||||
Machinery-Construction & Mining — 0.1% | ||||||||
Caterpillar, Inc. | 10,000 | 11,330 | ||||||
|
| |||||||
Machinery-Diversified — 0.4% | ||||||||
John Deere Capital Corp. | 10,000 | 10,687 | ||||||
Westinghouse Air Brake Technologies Corp. | 15,000 | 15,921 | ||||||
|
| |||||||
26,608 | ||||||||
|
| |||||||
Miscellaneous Manufacturing — 0.9% | ||||||||
3M Co. | 25,000 | 26,220 | ||||||
General Electric Co. | 15,000 | 18,412 |
Principal | Value | |||||||
Miscellaneous Manufacturing (Continued) | ||||||||
4.125%, 10/9/42 | $ | 2,000 | $ | 2,116 | ||||
4.50%, 3/11/44 | 5,000 | 5,549 | ||||||
Parker-Hannifin Corp. | 10,000 | 10,396 | ||||||
|
| |||||||
62,693 | ||||||||
|
| |||||||
Transportation — 1.3% | ||||||||
Burlington Northern Santa Fe LLC | 25,000 | 27,867 | ||||||
CSX Corp. | 20,000 | 22,603 | ||||||
4.10%, 3/15/44 | 5,000 | 5,553 | ||||||
FedEx Corp. | 20,000 | 22,485 | ||||||
Union Pacific Corp. | 5,000 | 5,448 | ||||||
United Parcel Service, Inc. | 10,000 | 10,863 | ||||||
|
| |||||||
94,819 | ||||||||
|
| |||||||
Technology — 9.9% |
| |||||||
Computers — 3.1% | ||||||||
Apple, Inc. | 25,000 | 25,679 | ||||||
2.40%, 5/3/23 | 45,000 | 45,715 | ||||||
3.20%, 5/13/25 | 17,000 | 17,947 | ||||||
4.45%, 5/6/44 | 15,000 | 18,325 | ||||||
4.375%, 5/13/45 | 8,000 | 9,694 | ||||||
3.75%, 9/12/47 | 15,000 | 16,784 | ||||||
3.75%, 11/13/47 | 15,000 | 16,789 | ||||||
2.95%, 9/11/49 | 10,000 | 9,761 | ||||||
Hewlett Packard Enterprise Co. | 25,000 | 27,741 | ||||||
International Business Machines Corp. | 30,000 | 33,357 | ||||||
|
| |||||||
221,792 | ||||||||
|
| |||||||
Semiconductors — 2.4% | ||||||||
Analog Devices, Inc. | 10,000 | 10,796 | ||||||
Applied Materials, Inc. | 5,000 | 6,094 | ||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 35,000 | 34,706 | ||||||
Intel Corp. | 30,000 | 32,459 | ||||||
4.10%, 5/11/47 | 15,000 | 17,395 | ||||||
KLA Corp. | 10,000 | 10,975 | ||||||
Lam Research Corp. | 5,000 | 6,230 | ||||||
QUALCOMM, Inc. | 15,000 | 15,901 | ||||||
3.25%, 5/20/27 | 20,000 | 20,978 | ||||||
4.30%, 5/20/47 | 5,000 | 5,658 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2019 (Unaudited)
Principal | Value | |||||||
Semiconductors (Continued) | ||||||||
Texas Instruments, Inc. | $ | 5,000 | $ | 6,067 | ||||
|
| |||||||
167,259 | ||||||||
|
| |||||||
Software — 4.4% | ||||||||
Fidelity National Information Services, Inc. | 10,000 | 10,893 | ||||||
Fiserv, Inc. | 10,000 | 11,056 | ||||||
3.50%, 7/1/29 | 10,000 | 10,526 | ||||||
4.40%, 7/1/49 | 5,000 | 5,594 | ||||||
Microsoft Corp. | 50,000 | 50,926 | ||||||
3.30%, 2/6/27 | 25,000 | 26,943 | ||||||
3.50%, 2/12/35 | 20,000 | 22,198 | ||||||
3.75%, 2/12/45 | 10,000 | 11,477 | ||||||
3.70%, 8/8/46 | 20,000 | 22,898 | ||||||
4.25%, 2/6/47 | 20,000 | 24,831 | ||||||
Oracle Corp. | 25,000 | 26,425 | ||||||
2.95%, 5/15/25 | 10,000 | 10,387 | ||||||
4.30%, 7/8/34 | 30,000 | 35,069 | ||||||
4.00%, 7/15/46 | 20,000 | 22,414 | ||||||
4.00%, 11/15/47 | 10,000 | 11,216 | ||||||
salesforce.com, Inc. | 10,000 | 10,970 | ||||||
|
| |||||||
313,823 | ||||||||
|
| |||||||
Utilities — 2.4% |
| |||||||
Electric — 2.2% | ||||||||
Berkshire Hathaway Energy Co. | 10,000 | 12,082 | ||||||
Consolidated Edison Co. of New York, Inc. | 10,000 | 12,096 | ||||||
Duke Energy Corp. | 10,000 | 10,602 | ||||||
3.75%, 9/1/46 | 10,000 | 10,448 | ||||||
Emera US Finance LP | 15,000 | 15,655 | ||||||
Entergy Corp. | 10,000 | 10,184 | ||||||
Exelon Corp. | 5,000 | 5,376 | ||||||
4.45%, 4/15/46 | 5,000 | 5,651 | ||||||
FirstEnergy Corp. | 10,000 | 11,886 | ||||||
Florida Power & Light Co. | 5,000 | 5,825 | ||||||
MidAmerican Energy Co. | 10,000 | 10,985 | ||||||
Sempra Energy | 10,000 | 10,264 | ||||||
4.00%, 2/1/48 | 10,000 | 10,437 | ||||||
Southern California Edison Co. | 10,000 | 10,697 |
Principal | Value | |||||||
Electric (Continued) | ||||||||
Southern Co. | $ | 15,000 | $ | 16,869 | ||||
|
| |||||||
159,057 | ||||||||
|
| |||||||
Gas — 0.2% | ||||||||
NiSource, Inc. | 15,000 | 15,739 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 6,894,518 | |||||||
|
| |||||||
Number | ||||||||
SECURITIES LENDING COLLATERAL — 0.4% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d) | 29,700 | 29,700 | ||||||
|
| |||||||
CASH EQUIVALENTS — 1.8% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) | 124,719 | 124,719 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.2% (Cost $6,587,649) | $ | 7,048,937 | ||||||
Other assets and liabilities, net — 0.8% | 56,216 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 7,105,153 | ||||||
|
|
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2019 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
CORPORATE BONDS — 0.3% |
| |||||||||||||||||||||||||||||||||||
Financial — 0.3% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG, 3.70%, 5/30/24 (b) |
| |||||||||||||||||||||||||||||||||||
19,488 | — | — | — | 658 | 364 | — | 20,000 | 20,146 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d) |
| |||||||||||||||||||||||||||||||||||
34,230 | — | (4,530 | )(e) | — | — | 242 | — | 29,700 | 29,700 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 1.8% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) |
| |||||||||||||||||||||||||||||||||||
— | 1,509,699 | (1,384,980 | ) | — | — | 893 | — | 124,719 | 124,719 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
53,718 | 1,509,699 | (1,389,510 | ) | — | 658 | 1,499 | — | 174,419 | 174,565 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2019 amounted to $28,787, which is 0.4% 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 annualizedseven-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, 2019. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
At November 30, 2019, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
2-Year U.S. Treasury Note | USD | 1 | $ | 215,672 | $ | 215,586 | 3/31/2020 | $ | 86 | |||||||||
5-Year U.S. Treasury Note | USD | 15 | 1,786,547 | 1,784,531 | 3/31/2020 | 2,016 | ||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 3 | 428,203 | 426,656 | 3/20/2020 | 1,547 | ||||||||||||
10-Year U.S. Treasury Note | USD | 11 | 1,426,906 | 1,422,953 | 3/20/2020 | 3,953 | ||||||||||||
Ultra Long U.S. Treasury Bond | USD | 7 | 1,320,375 | 1,314,031 | 3/20/2020 | 6,344 | ||||||||||||
U.S. Treasury Long Bond | USD | 10 | 1,597,500 | 1,589,688 | 3/20/2020 | 7,812 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | $ | 21,758 | ||||||||||||||||
|
|
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. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF(Continued)
November 30, 2019 (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, 2019 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) | $ | — | $ | 6,894,518 | $ | — | $ | 6,894,518 | ||||||||
Short-Term Investments (f) | 154,419 | — | — | 154,419 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contracts | 21,758 | — | — | 21,758 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 176,177 | $ | 6,894,518 | $ | — | $ | 7,070,695 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF
November 30, 2019 (Unaudited)
Principal | Value | |||||||
MUNICIPAL BONDS — 98.6% |
| |||||||
Alabama — 0.6% | ||||||||
Alabama Federal Aid Highway Finance Authority, Government FD/ Grant Revenue, | $ | 200,000 | $ | 243,798 | ||||
Lower Alabama Gas District, Natural Gas Revenue, | 160,000 | 202,766 | ||||||
|
| |||||||
446,564 | ||||||||
|
| |||||||
Arizona — 1.5% | ||||||||
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, | 450,000 | 543,303 | ||||||
Series A, 5.00%, 1/1/39 | 500,000 | 614,630 | ||||||
|
| |||||||
1,157,933 | ||||||||
|
| |||||||
California — 18.5% | ||||||||
Alameda Corridor Transportation Authority, Transit Revenue, | 165,000 | 194,454 | ||||||
Bay Area Toll Authority, Highway Revenue Tolls, | 260,000 | 273,330 | ||||||
4.00%, 4/1/38 | 25,000 | 28,087 | ||||||
Sub-SeriesS-8, 3.00%, 4/1/54 | 300,000 | 301,959 | ||||||
5.00%, 10/1/54 | 350,000 | 416,181 | ||||||
Sub-SeriesS-8, 5.00%, 4/1/56 | 400,000 | 497,580 | ||||||
City of Long Beach CA Harbor Revenue, Private Airport & Marina Revenue, | 125,000 | 154,934 | ||||||
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, | 200,000 | 237,996 | ||||||
Series B, AMT, 5.00%, 5/15/46 | 975,000 | 1,127,324 | ||||||
Series D, 5.00%, 5/15/49 | 100,000 | 119,832 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, | 150,000 | 189,831 | ||||||
East Bay Municipal Utility District Water System Revenue, Water Revenue, | 100,000 | 120,989 | ||||||
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, | 175,000 | 215,313 | ||||||
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, | 100,000 | 109,973 | ||||||
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, | 500,000 | 599,225 | ||||||
Series A, 5.00%, 7/1/46 | 750,000 | 882,090 | ||||||
Los Angeles Department of Water, Water Revenue, | 500,000 | 592,885 | ||||||
Series A, 5.00%, Issued 5/11/17, 7/1/41 | 200,000 | 240,684 |
Principal | Value | |||||||
California (Continued) | ||||||||
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, | $ | 500,000 | $ | 589,885 | ||||
San Francisco City & County AirportCommission-San Francisco International Airport, Private Airport & Marina Revenue, | 1,000,000 | 1,234,340 | ||||||
Series A, AMT, 5.00%, 5/1/44 | 150,000 | 182,060 | ||||||
Series E, AMT, 5.00%, 5/1/45 | 1,000,000 | 1,212,040 | ||||||
Series B, AMT, 5.00%, 5/1/46 | 500,000 | 576,740 | ||||||
Series C, 5.00%, 5/1/46 | 600,000 | 704,154 | ||||||
Series A, AMT, 5.00%, 5/1/47 | 200,000 | 234,558 | ||||||
Series B, 5.00%, 5/1/47 | 25,000 | 29,862 | ||||||
Series D, AMT, 5.25%, 5/1/48 | 870,000 | 1,054,397 | ||||||
Series A, 4.00%, 5/1/49 | 300,000 | 331,656 | ||||||
Series A, AMT, 5.00%, 5/1/49 | 200,000 | 241,486 | ||||||
San Joaquin Hills Transportation Corridor Agency, Highway Revenue Tolls, | 1,000,000 | 1,132,770 | ||||||
Southern California Public Power Authority, Natural Gas Revenue, | 150,000 | 196,394 | ||||||
|
| |||||||
14,023,009 | ||||||||
|
| |||||||
Colorado — 3.3% | ||||||||
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, | 150,000 | 199,596 | ||||||
Series A, AMT, 5.00%, 12/1/38 | 320,000 | 384,387 | ||||||
Series A, AMT, 4.00%, 12/1/43 | 400,000 | 435,060 | ||||||
Series A, AMT, 5.00%, 12/1/43 | 325,000 | 386,152 | ||||||
Series A, AMT, 5.00%, 12/1/48 | 700,000 | 826,868 | ||||||
Colorado Bridge Enterprise, Miscellaneous Revenue, | 250,000 | 263,308 | ||||||
|
| |||||||
2,495,371 | ||||||||
|
| |||||||
District of Columbia — 1.5% | ||||||||
District of Columbia Water & Sewer Authority, Water Revenue, | 250,000 | 302,210 | ||||||
Metropolitan Washington Airports Authority, Private Airport & Marina Revenue, | 455,000 | 537,491 | ||||||
Washington Metropolitan Area Transit Authority, Transit Revenue, | 250,000 | 299,170 | ||||||
|
| |||||||
1,138,871 | ||||||||
|
| |||||||
Florida — 8.3% | ||||||||
Central Florida Expressway Authority, Highway Revenue Tolls, | 105,000 | 126,342 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF(Continued)
November 30, 2019 (Unaudited)
Principal | Value | |||||||
Florida (Continued) | ||||||||
City of Cape Coral FL Water & Sewer Revenue, Water Revenue, | $ | 150,000 | $ | 180,451 | ||||
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, | 100,000 | 123,338 | ||||||
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, | 100,000 | 110,689 | ||||||
Series A, AMT, 4.00%, 10/1/49 | 150,000 | 165,270 | ||||||
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, | 315,000 | 357,251 | ||||||
Series A, AMT, 5.00%, 10/1/38 | 500,000 | 573,400 | ||||||
Series B, AMT, 5.00%, 10/1/40 | 250,000 | 294,988 | ||||||
5.00%, 10/1/41 | 55,000 | 64,745 | ||||||
Series A, AMT, 4.00%, 10/1/44 | 100,000 | 109,965 | ||||||
Series A, AMT, 5.00%, 10/1/44 | 100,000 | 120,587 | ||||||
Series A, AMT, 5.00%, 10/1/49 | 350,000 | 419,499 | ||||||
County of Miami-Dade FL Transit System, Sales Tax Revenue, | 90,000 | 98,967 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, | 165,000 | 182,977 | ||||||
Series B, 4.00%, 10/1/44 | 150,000 | 167,954 | ||||||
Series B, 3.00%, 10/1/49 | 150,000 | 148,619 | ||||||
Series B, 4.00%, 10/1/49 | 575,000 | 640,332 | ||||||
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, | 100,000 | 117,057 | ||||||
Series A, AMT, 4.00%, 10/1/49 | 500,000 | 552,715 | ||||||
Sub-Series A, 5.00%, 10/1/52 | 500,000 | 583,025 | ||||||
Series A, AMT, 3.25%, 10/1/54 | 250,000 | 252,562 | ||||||
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, | 50,000 | 60,671 | ||||||
Putnam County Development Authority, Electric, Power & Light Revenue, | 250,000 | 296,435 | ||||||
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, | 500,000 | 553,870 | ||||||
|
| |||||||
6,301,709 | ||||||||
|
| |||||||
Georgia — 2.4% | ||||||||
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, | 200,000 | 220,858 | ||||||
City of Atlanta GA Water & Wastewater, Water Revenue, | 700,000 | 811,034 | ||||||
Series B, 5.00%, 11/1/47 | 250,000 | 302,192 | ||||||
Development Authority of Burke County, Electric, Power & Light Revenue, | 290,000 | 309,091 |
Principal | Value | |||||||
Georgia (Continued) | ||||||||
Main Street Natural Gas, Inc., Natural Gas Revenue, | $ | 30,000 | $ | 35,494 | ||||
Municipal Electric Authority of Georgia, Electric, Power & Light Revenue, | 100,000 | 109,205 | ||||||
|
| |||||||
1,787,874 | ||||||||
|
| |||||||
Guam — 0.2% | ||||||||
Guam Government Waterworks Authority, Water Revenue, | 125,000 | 140,894 | ||||||
|
| |||||||
Hawaii — 1.4% | ||||||||
City & County Honolulu HI Wastewater System, Sewer Revenue, | 500,000 | 580,500 | ||||||
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, | 400,000 | 477,588 | ||||||
|
| |||||||
1,058,088 | ||||||||
|
| |||||||
Illinois — 7.7% | ||||||||
Chicago Midway International Airport, Private Airport & Marina Revenue, | 500,000 | 577,185 | ||||||
Chicago O’Hare International Airport, Private Airport & Marina Revenue, | 800,000 | 926,808 | ||||||
Series A, AMT, 4.00%, 1/1/43 | 40,000 | 43,813 | ||||||
Series B, 4.00%, 1/1/44 | 75,000 | 83,646 | ||||||
Series D, 5.00%, 1/1/47 | 500,000 | 584,305 | ||||||
Series B, 5.00%, 1/1/48 | 800,000 | 965,032 | ||||||
Series D, 5.00%, 1/1/52 | 140,000 | 163,064 | ||||||
Series D, AMT, 5.00%, 1/1/52 | 375,000 | 429,694 | ||||||
Series A, AMT, 4.375%, 1/1/53 | 25,000 | 27,818 | ||||||
City of Chicago IL Waterworks, Water Revenue, | 275,000 | 305,390 | ||||||
Illinois Municipal Electric Agency, Electric, Power & Light Revenue, | 45,000 | 49,029 | ||||||
Illinois State Toll Highway Authority, Highway Revenue Tolls, | 10,000 | 11,736 | ||||||
Series C, 5.00%, 1/1/36 | 50,000 | 57,152 | ||||||
Series A, 5.00%, 1/1/40 | 1,090,000 | 1,250,960 | ||||||
Series A, 5.00%, 1/1/44 | 300,000 | 363,012 | ||||||
|
| |||||||
5,838,644 | ||||||||
|
| |||||||
Indiana — 0.5% | ||||||||
Indiana Finance Authority, Sewer Revenue, | 100,000 | 117,996 | ||||||
Indiana Municipal Power Agency, Electric, Power & Light Revenue, | 200,000 | 233,068 | ||||||
|
| |||||||
351,064 | ||||||||
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF(Continued)
November 30, 2019 (Unaudited)
Principal | Value | |||||||
Kentucky — 0.4% | ||||||||
Kentucky Economic Development Finance Authority, Lease Revenue, | $ | 255,000 | $ | 277,988 | ||||
Kentucky Municipal Power Agency, Electric, Power & Light Revenue, | 45,000 | 48,183 | ||||||
Louisville & Jefferson County Metropolitan Sewer District, Sewer Revenue, | 10,000 | 9,832 | ||||||
|
| |||||||
336,003 | ||||||||
|
| |||||||
Louisiana — 2.0% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Industrial Revenue, | 450,000 | 474,273 | ||||||
New Orleans Aviation Board, Private Airport & Marina Revenue, | 700,000 | 779,576 | ||||||
Series B, AMT, 5.00%, 1/1/48 | 250,000 | 286,272 | ||||||
|
| |||||||
1,540,121 | ||||||||
|
| |||||||
Maryland — 0.3% | ||||||||
State of Maryland Department of Transportation, Fuel Sales Tax Revenue, | 190,000 | 206,663 | ||||||
|
| |||||||
Massachusetts — 0.6% | ||||||||
Massachusetts Port Authority, Private Airport & Marina Revenue, | 400,000 | 486,348 | ||||||
|
| |||||||
Michigan — 0.9% | ||||||||
Great Lakes Water Authority Sewage Disposal System Revenue, Water Revenue, | 430,000 | 503,951 | ||||||
Great Lakes Water Authority Water Supply System Revenue, Water Revenue, | 125,000 | 146,023 | ||||||
Lansing Board of Water & Light, Electric, Power & Light Revenue, | 50,000 | 61,069 | ||||||
|
| |||||||
711,043 | ||||||||
|
| |||||||
Minnesota — 0.1% | ||||||||
Minneapolis-St Paul Metropolitan Airports Commission, Private Airport & Marina Revenue, | 50,000 | 60,835 | ||||||
|
| |||||||
Missouri — 0.4% | ||||||||
Metropolitan St Louis Sewer District, Sewer Revenue, | 245,000 | 292,094 | ||||||
|
| |||||||
Nevada — 1.1% | ||||||||
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, | 500,000 | 597,410 |
Principal | Value | |||||||
Nevada (Continued) | ||||||||
Series B, 4.00%, 7/1/49 | $ | 250,000 | $ | 272,262 | ||||
|
| |||||||
869,672 | ||||||||
|
| |||||||
New Jersey — 3.9% | ||||||||
New Jersey Turnpike Authority, Highway Revenue Tolls, | 10,000 | 12,130 | ||||||
Series B, 5.00%, 1/1/31 | 20,000 | 24,718 | ||||||
Series A, 5.00%, 1/1/33 | 10,000 | 12,057 | ||||||
Series B, 5.00%, 1/1/34 | 130,000 | 159,272 | ||||||
Series G, 3.25%, 1/1/38 | 395,000 | 414,485 | ||||||
Series E, 5.00%, 1/1/45 | 1,350,000 | 1,543,522 | ||||||
Series A, 5.00%, 1/1/48 | 650,000 | 787,033 | ||||||
|
| |||||||
2,953,217 | ||||||||
|
| |||||||
New York — 20.1% | ||||||||
Long Island Power Authority, Electric, Power & Light Revenue, | 700,000 | 793,240 | ||||||
Metropolitan Transportation Authority, Fuel Sales Tax Revenue, | 600,000 | 743,562 | ||||||
Metropolitan Transportation Authority, Transit Revenue, | 100,000 | 121,853 | ||||||
SeriesC-1, 4.00%, 11/15/37 | 155,000 | 173,301 | ||||||
Series B, 5.00%, 11/15/37 | 1,000,000 | 1,177,780 | ||||||
Sub-SeriesD-1, 5.00%, 11/15/39 | 20,000 | 22,794 | ||||||
Series D, 4.00%, 11/15/42 | 300,000 | 330,957 | ||||||
Series A,Sub-SeriesA-2, 5.00%, 11/15/44 | 100,000 | 119,731 | ||||||
Sub-SeriesD-1, 5.25%, 11/15/44 | 50,000 | 57,613 | ||||||
Sub-SeriesA-1, 5.00%, 11/15/45 | 200,000 | 227,156 | ||||||
Series D, 4.00%, 11/15/46 | 500,000 | 547,060 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Income Tax Revenue, | 200,000 | 241,110 | ||||||
Sub-SeriesB-1, 5.00%, 8/1/39 | 200,000 | 229,154 | ||||||
Sub-SeriesA-1, 5.00%, 5/1/40 | 500,000 | 590,655 | ||||||
Sub-SeriesA-1, 4.00%, 5/1/42 | 15,000 | 16,524 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Sales Tax Revenue, | 250,000 | 288,330 | ||||||
New York City Water & Sewer System, Water Revenue, | 95,000 | 106,722 | ||||||
Series GG, 5.00%, 6/15/39 | 650,000 | 762,190 | ||||||
Series HH, 5.00%, 6/15/39 | 150,000 | 175,890 | ||||||
Series AA, 4.00%, 6/15/40 | 500,000 | 570,525 | ||||||
Sub-SeriesEE-2, 5.00%, 6/15/40 | 35,000 | 43,629 | ||||||
Sub-SeriesCC-1, 4.00%, 6/15/46 | 50,000 | 54,510 | ||||||
Series CC, 5.00%, 6/15/46 | 500,000 | 581,755 | ||||||
Sub-SeriesCC-1, 5.00%, 6/15/46 | 300,000 | 352,749 | ||||||
Series DD, 5.00%, 6/15/47 | 1,200,000 | 1,424,904 | ||||||
Series CC, 5.00%, 6/15/48 | 965,000 | 1,148,070 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF(Continued)
November 30, 2019 (Unaudited)
Principal | Value | |||||||
New York (Continued) | ||||||||
SeriesDD-1, 5.00%, 6/15/48 | $ | 300,000 | $ | 360,360 | ||||
SeriesBB-1, 4.00%, 6/15/49 | 200,000 | 226,040 | ||||||
SeriesDD-1, 5.00%, 6/15/49 | 400,000 | 484,520 | ||||||
New York Convention Center Development Corp., Hotel Occupancy Tax, | 25,000 | 29,640 | ||||||
New York Liberty Development Corp., Industrial Revenue, | 500,000 | 503,895 | ||||||
New York State Environmental Facilities Corp., Water Revenue, | 100,000 | 120,341 | ||||||
New York Transportation Development Corp., Industrial Revenue, | 485,000 | 584,008 | ||||||
AMT, 5.00%, 1/1/34 | 500,000 | 593,690 | ||||||
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, | 65,000 | 77,032 | ||||||
5.00%, 10/15/41 | 1,150,000 | 1,350,307 | ||||||
|
| |||||||
15,231,597 | ||||||||
|
| |||||||
Ohio — 0.4% | ||||||||
Northeast Ohio Regional Sewer District, Sewer Revenue, | 100,000 | 102,933 | ||||||
4.00%, 11/15/49 | 200,000 | 215,054 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, | 10,000 | 12,417 | ||||||
Series A, 5.00%, 6/1/30 | 10,000 | 12,389 | ||||||
|
| |||||||
342,793 | ||||||||
|
| |||||||
Oklahoma — 0.9% | ||||||||
Oklahoma Turnpike Authority, Highway Revenue Tolls, | 350,000 | 389,893 | ||||||
Series A, 5.00%, 1/1/43 | 280,000 | 331,663 | ||||||
|
| |||||||
721,556 | ||||||||
|
| |||||||
Pennsylvania — 5.7% | ||||||||
City of Philadelphia PA Airport Revenue, Private Airport & Marina Revenue, | 300,000 | 349,497 | ||||||
City of Philadelphia PA Water & Wastewater, Water Revenue, | 35,000 | 42,284 | ||||||
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, | 40,000 | 48,084 | ||||||
Pennsylvania Economic Development Financing Authority, Appropriations, | 390,000 | 450,212 |
Principal | Value | |||||||
Pennsylvania (Continued) | ||||||||
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, | $ | 300,000 | $ | 368,694 | ||||
Series A, 5.00%, 12/1/48 | 250,000 | 300,390 | ||||||
Pennsylvania Turnpike Commission, Highway Revenue Tolls, | 100,000 | 117,745 | ||||||
SeriesA-2, 5.00%, 12/1/43 | 250,000 | 303,735 | ||||||
Sub-Series A, 5.00%, 12/1/44 | 500,000 | 600,930 | ||||||
SeriesA-1, 5.00%, 12/1/46 | 900,000 | 1,041,984 | ||||||
SeriesA-1, 5.00%, 12/1/47 | 500,000 | 594,055 | ||||||
Sub-Series A, 4.00%, 12/1/49 | 100,000 | 110,772 | ||||||
|
| |||||||
4,328,382 | ||||||||
|
| |||||||
Puerto Rico — 1.0% | ||||||||
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, | 400,000 | 450,240 | ||||||
Series N, 5.25%, 7/1/36 | 175,000 | 196,991 | ||||||
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, | 50,000 | 53,462 | ||||||
Series L, 5.25%, 7/1/41 | 25,000 | 28,009 | ||||||
|
| |||||||
728,702 | ||||||||
|
| |||||||
South Carolina — 1.8% | ||||||||
South Carolina Ports Authority, Private Airport & Marina Revenue, | 100,000 | 99,540 | ||||||
South Carolina Public Service Authority, Miscellaneous Revenue, | 730,000 | 820,834 | ||||||
South Carolina Public Service Authority, Nuclear Revenue, | 365,000 | 411,388 | ||||||
Series E, 5.25%, 12/1/55 | 50,000 | 57,582 | ||||||
|
| |||||||
1,389,344 | ||||||||
|
| |||||||
Texas — 7.1% | ||||||||
Central Texas Regional Mobility Authority, Highway Revenue Tolls, | 100,000 | 113,857 | ||||||
City of Houston TX Combined Utility System, Water Revenue, | 500,000 | 599,305 | ||||||
Series D, 5.00%, 11/15/39 | 85,000 | 97,305 | ||||||
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, | 150,000 | 178,689 | ||||||
County of Harris TX, Highway Revenue Tolls, | 200,000 | 232,962 | ||||||
Dallas Area Rapid Transit, Sales Tax Revenue, | 300,000 | 349,401 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF(Continued)
November 30, 2019 (Unaudited)
Principal | Value | |||||||
Texas (Continued) | ||||||||
North Texas Tollway Authority, Highway Revenue Tolls, | $ | 500,000 | $ | 571,565 | ||||
Series A, 5.00%, 1/1/43 | 125,000 | 149,209 | ||||||
Series A, 5.00%, 1/1/48 | 1,500,000 | 1,778,610 | ||||||
Series B, 5.00%, 1/1/48 | 390,000 | 456,709 | ||||||
San Antonio Water System, Water Revenue, | 155,000 | 179,208 | ||||||
Texas Water Development Board, Water Revenue, | 600,000 | 697,692 | ||||||
|
| |||||||
5,404,512 | ||||||||
|
| |||||||
Utah — 1.7% | ||||||||
Salt Lake City Corp Airport, Private Airport & Marina Revenue, | 400,000 | 476,224 | ||||||
Series A, AMT, 5.00%, 7/1/47 | 450,000 | 524,920 | ||||||
Series A, AMT, 5.25%, 7/1/48 | 225,000 | 271,555 | ||||||
|
| |||||||
1,272,699 | ||||||||
|
| |||||||
Virginia — 2.2% | ||||||||
Chesapeake Bay Bridge & Tunnel District, Highway Revenue Tolls, | 190,000 | 224,413 | ||||||
Virginia Small Business Financing Authority, Highway Revenue Tolls, | 550,000 | 628,430 | ||||||
AMT, 5.00%, 12/31/56 | 750,000 | 854,220 | ||||||
|
| |||||||
1,707,063 | ||||||||
|
|
Principal | Value | |||||||
Washington — 1.6% | ||||||||
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, | $ | 120,000 | $ | 142,362 | ||||
SeriesS-1, 5.00%, 11/1/45 | 400,000 | 466,060 | ||||||
Energy Northwest, Nuclear Revenue, | 300,000 | 376,131 | ||||||
Port of Seattle WA, Private Airport & Marina Revenue, | 190,000 | 226,605 | ||||||
|
| |||||||
1,211,158 | ||||||||
|
| |||||||
Wisconsin — 0.5% | ||||||||
Wisconsin Department of Transportation, Miscellaneous Revenue, | 45,000 | 55,766 | ||||||
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, | 245,000 | 294,267 | ||||||
|
| |||||||
350,033 | ||||||||
|
| |||||||
TOTAL MUNICIPAL BONDS | 74,883,856 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.6% (Cost $71,626,910) | $ | 74,883,856 | ||||||
Other assets and liabilities, net — 1.4% | 1,066,983 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 75,950,839 | ||||||
|
|
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, 2019 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) | $ | — | $ | 74,883,856 | $ | — | $ | 74,883,856 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | 74,883,856 | $ | — | $ | 74,883,856 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.6% | ||||||||
Australia — 4.8% | ||||||||
AGL Energy Ltd. | 5,498 | $ | 75,902 | |||||
Alumina Ltd. | 20,515 | 32,054 | ||||||
Aurizon Holdings Ltd. | 15,201 | 59,430 | ||||||
Bendigo & Adelaide Bank Ltd. | 4,086 | 27,721 | ||||||
BHP Group Ltd. | 23,459 | 606,621 | ||||||
Boral Ltd. | 9,825 | 34,159 | ||||||
CIMIC Group Ltd. | 740 | 16,838 | ||||||
Coca-Cola Amatil Ltd. | 4,246 | 32,683 | ||||||
Crown Resorts Ltd. | 2,821 | 24,634 | ||||||
Fortescue Metals Group Ltd. | 11,611 | 76,416 | ||||||
Harvey Norman Holdings Ltd. (a) | 4,447 | 12,934 | ||||||
Insurance Australia Group Ltd. | 18,281 | 97,562 | ||||||
Medibank Pvt Ltd. | 23,086 | 50,906 | ||||||
Wesfarmers Ltd. | 9,013 | 258,304 | ||||||
|
| |||||||
1,406,164 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 565 | 22,053 | ||||||
voestalpine AG | 932 | 24,715 | ||||||
|
| |||||||
46,768 | ||||||||
|
| |||||||
Belgium — 0.1% | ||||||||
Proximus SADP | 1,272 | 38,401 | ||||||
|
| |||||||
Brazil — 0.4% | ||||||||
BB Seguridade Participacoes SA | 5,808 | 47,320 | ||||||
Hypera SA | 3,198 | 25,186 | ||||||
Petrobras Distribuidora SA | 5,817 | 39,126 | ||||||
Porto Seguro SA | 872 | 12,374 | ||||||
|
| |||||||
124,006 | ||||||||
|
| |||||||
Canada — 11.6% | ||||||||
Bank of Nova Scotia | 9,781 | 551,845 | ||||||
BCE, Inc. | 1,259 | 60,606 | ||||||
Canadian Imperial Bank of Commerce | 3,568 | 310,154 | ||||||
CI Financial Corp. | 1,943 | 30,602 | ||||||
First Capital Realty, Inc. | 1,466 | 23,818 | ||||||
Great-West Lifeco, Inc. | 2,332 | 58,728 | ||||||
IGM Financial, Inc. | 747 | 21,484 | ||||||
Inter Pipeline Ltd. (a) | 3,397 | 56,265 | ||||||
Keyera Corp. | 1,767 | 43,116 | ||||||
Manulife Financial Corp. | 15,659 | 308,052 | ||||||
Pembina Pipeline Corp. | 4,130 | 144,212 | ||||||
Power Corp. of Canada | 2,524 | 61,264 | ||||||
Power Financial Corp. | 2,163 | 52,892 | ||||||
Royal Bank of Canada | 11,479 | 939,666 | ||||||
Shaw Communications, Inc., Class B | 3,651 | 75,453 | ||||||
Sun Life Financial, Inc. (a) | 4,694 | 214,194 | ||||||
TC Energy Corp. | 7,403 | 374,539 | ||||||
TELUS Corp. | 1,584 | 59,806 | ||||||
|
| |||||||
3,386,696 | ||||||||
|
| |||||||
Chile — 0.2% | ||||||||
Aguas Andinas SA, Class A | 22,258 | 9,075 | ||||||
Banco Santander Chile | 564,914 | 30,083 | ||||||
Cia Cervecerias Unidas SA | 1,078 | 9,899 |
Number | Value | |||||||
Chile (Continued) | ||||||||
Enel Chile SA | 275,132 | $ | 20,591 | |||||
|
| |||||||
69,648 | ||||||||
|
| |||||||
China — 6.7% | ||||||||
Beijing Capital International Airport Co. Ltd., Class H | 15,690 | 14,833 | ||||||
China Construction Bank Corp., Class H | 772,631 | 614,927 | ||||||
China Fortune Land Development Co. Ltd., Class A | 2,000 | 7,946 | ||||||
China Petroleum & Chemical Corp., Class A | 10,400 | 7,382 | ||||||
China Petroleum & Chemical Corp., Class H | 205,794 | 115,415 | ||||||
China Shenhua Energy Co. Ltd., Class A | 3,000 | 7,344 | ||||||
China Shenhua Energy Co. Ltd., Class H | 28,177 | 54,570 | ||||||
China Telecom Corp. Ltd., Class H | 109,896 | 41,556 | ||||||
China Vanke Co. Ltd., Class H | 12,107 | 45,318 | ||||||
China Yangtze Power Co. Ltd., Class A | 11,300 | 29,142 | ||||||
CIFI Holdings Group Co. Ltd. | 25,195 | 18,347 | ||||||
CNOOC Ltd. | 143,475 | 208,218 | ||||||
Country Garden Holdings Co. Ltd. (a) | 61,763 | 86,004 | ||||||
Daqin Railway Co. Ltd., Class A | 10,000 | 11,280 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 23,437 | 22,516 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 3,300 | 10,435 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 2,014 | 5,943 | ||||||
Gemdale Corp., Class A | 1,900 | 3,216 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 23,774 | 25,391 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 700 | 3,086 | ||||||
Hengan International Group Co. Ltd. | 5,980 | 39,496 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 900 | 3,318 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 523,298 | 373,032 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 11,495 | 15,331 | ||||||
Logan Property Holdings Co. Ltd. | 11,248 | 16,467 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 63,284 | 41,070 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 2,000 | 2,455 | ||||||
SAIC Motor Corp. Ltd., Class A | 3,300 | 10,914 | ||||||
Seazen Holdings Co. Ltd., Class A | 1,200 | 5,573 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 10,240 | 9,370 | ||||||
Shenergy Co. Ltd., Class A | 3,400 | 2,868 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 3,000 | 2,940 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 28,989 | 8,036 | ||||||
Sinotruk Hong Kong Ltd. | 5,406 | 9,130 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 1,800 | 12,395 | ||||||
Weichai Power Co. Ltd., Class A | 2,100 | 3,940 | ||||||
Weichai Power Co. Ltd., Class H | 16,734 | 28,604 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
China (Continued) | ||||||||
Yuzhou Properties Co. Ltd. | 12,929 | $ | 5,946 | |||||
Zhejiang Expressway Co. Ltd., Class H | 12,169 | 10,649 | ||||||
|
| |||||||
1,934,403 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Ecopetrol SA | 41,352 | 38,602 | ||||||
|
| |||||||
Cyprus — 0.1% | ||||||||
Polymetal International PLC | 1,807 | 27,154 | ||||||
|
| |||||||
Czech Republic — 0.1% | ||||||||
Komercni banka AS | 645 | 22,100 | ||||||
|
| |||||||
Egypt — 0.0% | ||||||||
Eastern Co. SAE | 8,172 | 7,589 | ||||||
|
| |||||||
Finland — 1.9% | ||||||||
Elisa OYJ | 1,189 | 63,596 | ||||||
Fortum OYJ | 3,441 | 81,155 | ||||||
Nokian Renkaat OYJ | 1,036 | 28,055 | ||||||
Orion OYJ, Class B | 840 | 36,584 | ||||||
Sampo OYJ, Class A | 3,501 | 141,669 | ||||||
Stora Enso OYJ, Class R | 4,735 | 63,694 | ||||||
UPM-Kymmene OYJ | 4,268 | 142,683 | ||||||
|
| |||||||
557,436 | ||||||||
|
| |||||||
France — 8.8% | ||||||||
Amundi SA, 144A | 490 | 37,117 | ||||||
AXA SA | 15,476 | 421,392 | ||||||
Bouygues SA | 1,866 | 76,290 | ||||||
CNP Assurances | 1,436 | 28,373 | ||||||
Eutelsat Communications SA (a) | 1,466 | 24,068 | ||||||
Publicis Groupe SA | 1,731 | 76,230 | ||||||
Sanofi | 9,044 | 842,727 | ||||||
SCOR SE | 1,263 | 54,297 | ||||||
TOTAL SA | 19,226 | 1,009,902 | ||||||
|
| |||||||
2,570,396 | ||||||||
|
| |||||||
Germany — 8.4% | ||||||||
Allianz SE | 3,396 | 813,852 | ||||||
Axel Springer SE | 404 | 27,841 | ||||||
BASF SE | 7,354 | 553,164 | ||||||
Bayer AG | 7,485 | 566,979 | ||||||
Bayerische Motoren Werke AG | 2,638 | 213,205 | ||||||
Covestro AG, 144A | 1,458 | 68,323 | ||||||
Evonik Industries AG | 1,605 | 46,613 | ||||||
Hannover Rueck SE | 471 | 87,506 | ||||||
HOCHTIEF AG | 187 | 22,990 | ||||||
TUI AG | 3,492 | 48,037 | ||||||
|
| |||||||
2,448,510 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
Motor Oil Hellas Corinth Refineries SA | 513 | 12,014 | ||||||
OPAP SA | 1,759 | 21,645 | ||||||
|
| |||||||
33,659 | ||||||||
|
| |||||||
Hong Kong — 5.4% | ||||||||
BOC Hong Kong Holdings Ltd. | 29,795 | 101,248 | ||||||
China Everbright International Ltd. | 28,432 | 21,503 | ||||||
China Everbright Ltd. | 6,954 | 11,194 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
China Merchants Port Holdings Co. Ltd. | 10,961 | $ | 17,055 | |||||
China Mobile Ltd. | 49,345 | 371,927 | ||||||
China Resources Cement Holdings Ltd. | 21,852 | 26,157 | ||||||
China State Construction International Holdings Ltd. | 15,759 | 12,422 | ||||||
CK Infrastructure Holdings Ltd. | 5,005 | 33,888 | ||||||
CLP Holdings Ltd. | 13,011 | 134,137 | ||||||
Guangdong Investment Ltd. | 25,057 | 51,793 | ||||||
Hang Lung Properties Ltd. | 16,463 | 33,735 | ||||||
Hang Seng Bank Ltd. | 6,144 | 125,270 | ||||||
Henderson Land Development Co. Ltd. | 11,689 | 56,222 | ||||||
HKT Trust & HKT Ltd. (b) | 31,005 | 45,471 | ||||||
Kerry Properties Ltd. | 4,968 | 16,025 | ||||||
Kingboard Holdings Ltd. | 5,636 | 15,516 | ||||||
Kingboard Laminates Holdings Ltd. | 6,610 | 7,456 | ||||||
Lee & Man Paper Manufacturing Ltd. | 8,489 | 5,748 | ||||||
New World Development Co. Ltd. | 49,064 | 64,059 | ||||||
NWS Holdings Ltd. | 14,217 | 19,070 | ||||||
Power Assets Holdings Ltd. | 11,301 | 78,610 | ||||||
Shimao Property Holdings Ltd. | 9,220 | 33,392 | ||||||
Sino Land Co. Ltd. | 26,050 | 39,070 | ||||||
Sun Hung Kai Properties Ltd. | 12,686 | 184,591 | ||||||
Wharf Real Estate Investment Co. Ltd. | 9,398 | 52,166 | ||||||
Yue Yuen Industrial Holdings Ltd. | 6,724 | 19,886 | ||||||
|
| |||||||
1,577,611 | ||||||||
|
| |||||||
India — 0.5% | ||||||||
Bharat Petroleum Corp. Ltd. | 5,454 | 38,892 | ||||||
Bharti Infratel Ltd. | 3,120 | 12,017 | ||||||
Hindustan Petroleum Corp. Ltd. | 4,562 | 17,971 | ||||||
Indian Oil Corp. Ltd. | 15,303 | 28,030 | ||||||
Oil & Natural Gas Corp. Ltd. | 21,205 | 38,944 | ||||||
|
| |||||||
135,854 | ||||||||
|
| |||||||
Indonesia — 0.5% | ||||||||
PT Adaro Energy Tbk | 136,084 | 11,867 | ||||||
PT Gudang Garam Tbk | 3,617 | 12,918 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 393,955 | 109,766 | ||||||
PT United Tractors Tbk | 14,029 | 20,812 | ||||||
|
| |||||||
155,363 | ||||||||
|
| |||||||
Italy — 1.1% | ||||||||
Assicurazioni Generali SpA | 8,776 | 179,304 | ||||||
Snam SpA | 16,770 | 83,430 | ||||||
Terna Rete Elettrica Nazionale SpA | 10,607 | 68,183 | ||||||
|
| |||||||
330,917 | ||||||||
|
| |||||||
Japan — 6.8% | ||||||||
Canon, Inc. | 7,970 | 220,520 | ||||||
Daito Trust Construction Co. Ltd. | 600 | 73,336 | ||||||
Japan Tobacco, Inc. | 9,509 | 216,603 | ||||||
Komatsu Ltd. | 7,400 | 173,462 | ||||||
Konica Minolta, Inc. | 3,600 | 23,570 | ||||||
Marubeni Corp. | 12,600 | 92,990 | ||||||
Mitsubishi Chemical Holdings Corp. | 10,100 | 74,862 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 1,400 | 21,887 | ||||||
Mitsubishi Tanabe Pharma Corp. | 2,000 | 36,581 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,878 | 125,395 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Nikon Corp. | 2,600 | $ | 35,637 | |||||
Nippon Steel Corp. | 6,600 | 96,761 | ||||||
Nissan Motor Co. Ltd. | 18,581 | 115,175 | ||||||
NSK Ltd. | 2,900 | 28,017 | ||||||
NTT DOCOMO, Inc. | 10,600 | 290,675 | ||||||
Sekisui House Ltd. | 4,875 | 105,281 | ||||||
Subaru Corp. | 4,948 | 129,517 | ||||||
Sumitomo Chemical Co. Ltd. | 12,500 | 56,388 | ||||||
Yamaha Motor Co. Ltd. | 2,300 | 48,033 | ||||||
|
| |||||||
1,964,690 | ||||||||
|
| |||||||
Macau — 0.3% | ||||||||
Sands China Ltd. | 19,250 | 90,990 | ||||||
|
| |||||||
Malaysia — 0.3% | ||||||||
AirAsia Group Bhd | 10,400 | 4,208 | ||||||
HAP Seng Consolidated Bhd | 6,082 | 14,417 | ||||||
Maxis Bhd | 19,000 | 23,565 | ||||||
MISC Bhd | 8,300 | 16,197 | ||||||
Petronas Gas Bhd | 5,400 | 20,041 | ||||||
|
| |||||||
78,428 | ||||||||
|
| |||||||
Mexico — 0.4% | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,997 | 30,544 | ||||||
Grupo Mexico SAB de CV, Series B | 27,459 | 71,908 | ||||||
|
| |||||||
102,452 | ||||||||
|
| |||||||
Netherlands — 0.2% | ||||||||
Randstad NV | 996 | 58,050 | ||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
Spark New Zealand Ltd. | 15,387 | 44,841 | ||||||
|
| |||||||
Norway — 1.3% | ||||||||
Equinor ASA | 8,152 | 150,301 | ||||||
Gjensidige Forsikring ASA | 1,755 | 33,053 | ||||||
Mowi ASA | 3,575 | 88,738 | ||||||
Telenor ASA | 5,695 | 104,011 | ||||||
|
| |||||||
376,103 | ||||||||
|
| |||||||
Peru — 0.1% | ||||||||
Southern Copper Corp. | 714 | 27,153 | ||||||
|
| |||||||
Philippines — 0.1% | ||||||||
Aboitiz Power Corp. | 11,400 | 7,729 | ||||||
Globe Telecom, Inc. | 282 | 10,766 | ||||||
Manila Electric Co. | 1,910 | 11,990 | ||||||
|
| |||||||
30,485 | ||||||||
|
| |||||||
Poland — 0.2% | ||||||||
Powszechny Zaklad Ubezpieczen SA | 5,074 | 50,207 | ||||||
Santander Bank Polska SA | 241 | 16,946 | ||||||
|
| |||||||
67,153 | ||||||||
|
| |||||||
Portugal — 0.5% | ||||||||
EDP — Energias de Portugal SA | 19,836 | 80,267 | ||||||
Galp Energia SGPS SA | 3,945 | 64,268 | ||||||
|
| |||||||
144,535 | ||||||||
|
|
Number | Value | |||||||
Qatar — 0.2% | ||||||||
Barwa Real Estate Co. | 12,722 | $ | 11,915 | |||||
Masraf Al Rayan QSC | 29,947 | 31,666 | ||||||
Qatar Electricity & Water Co. QSC | 4,094 | 18,137 | ||||||
|
| |||||||
61,718 | ||||||||
|
| |||||||
Russia — 3.7% | ||||||||
Alrosa PJSC | 22,373 | 27,118 | ||||||
Gazprom PJSC | 85,334 | 341,947 | ||||||
Inter RAO UES PJSC | 283,091 | 19,643 | ||||||
LUKOIL PJSC | 3,130 | 298,901 | ||||||
MMC Norilsk Nickel PJSC | 512 | 135,795 | ||||||
Mobile TeleSystems PJSC, ADR | 4,186 | 39,516 | ||||||
Novolipetsk Steel PJSC | 10,046 | 20,229 | ||||||
PhosAgro PJSC, GDR | 711 | 8,759 | ||||||
Severstal PJSC | 1,742 | 24,611 | ||||||
Tatneft PJSC | 12,108 | 139,486 | ||||||
X5 Retail Group NV, GDR | 1,022 | 34,093 | ||||||
|
| |||||||
1,090,098 | ||||||||
|
| |||||||
Saudi Arabia — 2.0% | ||||||||
Advanced Petrochemical Co. | 899 | 11,244 | ||||||
Al Rajhi Bank | 9,765 | 161,969 | ||||||
Arab National Bank | 4,533 | 30,824 | ||||||
Banque Saudi Fransi | 4,498 | 40,182 | ||||||
Jarir Marketing Co. | 503 | 21,220 | ||||||
National Commercial Bank | 9,507 | 116,619 | ||||||
Riyad Bank | 9,477 | 55,598 | ||||||
Samba Financial Group | 8,141 | 63,283 | ||||||
Saudi British Bank | 5,682 | 51,668 | ||||||
Yanbu National Petrochemical Co. | 1,877 | 25,077 | ||||||
|
| |||||||
577,684 | ||||||||
|
| |||||||
Singapore — 1.7% | ||||||||
ComfortDelGro Corp. Ltd. | 17,487 | 30,052 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 25,600 | 201,812 | ||||||
Singapore Exchange Ltd. | 6,841 | 44,274 | ||||||
Singapore Technologies Engineering Ltd. | 12,856 | 38,828 | ||||||
Singapore Telecommunications Ltd. | 64,346 | 159,048 | ||||||
Venture Corp. Ltd. | 2,200 | 25,532 | ||||||
|
| |||||||
499,546 | ||||||||
|
| |||||||
South Africa — 2.4% | ||||||||
Absa Group Ltd. | 5,305 | 53,314 | ||||||
Exxaro Resources Ltd. | 2,006 | 18,253 | ||||||
FirstRand Ltd. | 27,360 | 116,924 | ||||||
Foschini Group Ltd. | 1,972 | 20,884 | ||||||
Investec Ltd. (a) | 2,611 | 15,005 | ||||||
Kumba Iron Ore Ltd. (a) | 541 | 13,878 | ||||||
Liberty Holdings Ltd. | 1,162 | 8,840 | ||||||
Mr Price Group Ltd. (a) | 1,763 | 21,055 | ||||||
Nedbank Group Ltd. | 3,099 | 46,317 | ||||||
Old Mutual Ltd. | 41,421 | 52,409 | ||||||
RMB Holdings Ltd. | 6,142 | 33,806 | ||||||
Sanlam Ltd. | 14,868 | 77,531 | ||||||
SPAR Group Ltd. (a) | 1,691 | 23,764 | ||||||
Standard Bank Group Ltd. | 10,473 | 118,460 | ||||||
Telkom SA SOC Ltd. (a) | 2,477 | 7,926 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
South Africa (Continued) | ||||||||
Tiger Brands Ltd. | 1,355 | $ | 18,892 | |||||
Vodacom Group Ltd. (a) | 5,384 | 44,504 | ||||||
|
| |||||||
691,762 | ||||||||
|
| |||||||
South Korea — 0.7% | ||||||||
KT&G Corp. | 973 | 80,565 | ||||||
Orange Life Insurance Ltd., 144A | 307 | 7,421 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 255 | 50,195 | ||||||
SK Telecom Co. Ltd. | 158 | 32,907 | ||||||
Woongjin Coway Co. Ltd. | 415 | 31,481 | ||||||
|
| |||||||
202,569 | ||||||||
|
| |||||||
Spain — 3.2% | ||||||||
ACS Actividades de Construccion y Servicios SA | 2,055 | 80,052 | ||||||
Aena SME SA, 144A | 545 | 100,173 | ||||||
Enagas SA | 1,950 | 48,613 | ||||||
Endesa SA | 2,660 | 72,384 | ||||||
Iberdrola SA | 48,099 | 473,488 | ||||||
Mapfre SA | 9,032 | 25,484 | ||||||
Naturgy Energy Group SA | 2,276 | 59,225 | ||||||
Red Electrica Corp. SA | 3,626 | 70,965 | ||||||
|
| |||||||
930,384 | ||||||||
|
| |||||||
Sweden — 0.6% | ||||||||
Electrolux AB, Series B | 1,888 | 48,541 | ||||||
Hennes & Mauritz AB, Class B (a) | 6,435 | 124,261 | ||||||
|
| |||||||
172,802 | ||||||||
|
| |||||||
Switzerland — 3.2% | ||||||||
Adecco Group AG | 1,233 | 76,274 | ||||||
Kuehne + Nagel International AG | 450 | 73,217 | ||||||
Swiss Life Holding AG | 267 | 132,465 | ||||||
Swiss Prime Site AG | 585 | 61,816 | ||||||
Swisscom AG | 208 | 107,731 | ||||||
Zurich Insurance Group AG | 1,198 | 470,281 | ||||||
|
| |||||||
921,784 | ||||||||
|
| |||||||
Taiwan — 3.3% | ||||||||
Catcher Technology Co. Ltd. | 5,417 | 44,298 | ||||||
Cathay Financial Holding Co. Ltd. | 2,039 | 2,787 | ||||||
Compal Electronics, Inc. | 35,472 | 21,857 | ||||||
CTBC Financial Holding Co. Ltd. | 146,411 | 104,852 | ||||||
Far EasTone Telecommunications Co. Ltd. | 12,801 | 30,670 | ||||||
First Financial Holding Co. Ltd. | 83,653 | 62,924 | ||||||
Formosa Chemicals & Fibre Corp. | 29,323 | 83,902 | ||||||
Formosa Petrochemical Corp. | 10,049 | 31,619 | ||||||
Formosa Plastics Corp. | 35,130 | 111,917 | ||||||
Formosa Taffeta Co. Ltd. | 6,959 | 7,755 | ||||||
Foxconn Technology Co. Ltd. | 6,825 | 14,898 | ||||||
Globalwafers Co. Ltd. | 1,711 | 18,562 | ||||||
Lite-On Technology Corp. | 17,925 | 28,435 | ||||||
Micro-Star International Co. Ltd. | 6,207 | 17,068 | ||||||
Nan Ya Plastics Corp. | 40,081 | 93,928 | ||||||
Nanya Technology Corp. | 10,019 | 23,380 | ||||||
Nien Made Enterprise Co. Ltd. | 1,434 | 13,160 | ||||||
Novatek Microelectronics Corp. | 4,889 | 35,814 | ||||||
Phison Electronics Corp. | 1,118 | 10,425 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Pou Chen Corp. | 17,477 | $ | 22,769 | |||||
Powertech Technology, Inc. | 6,553 | 20,211 | ||||||
Ruentex Industries Ltd. | 2,288 | 5,677 | ||||||
Standard Foods Corp. | 3,500 | 7,605 | ||||||
Taiwan Cement Corp. | 37,054 | 50,279 | ||||||
Vanguard International Semiconductor Corp. | 6,235 | 14,632 | ||||||
Walsin Technology Corp. | 2,480 | 13,818 | ||||||
Winbond Electronics Corp. | 22,176 | 12,683 | ||||||
Yageo Corp. | 2,033 | 21,989 | ||||||
Zhen Ding Technology Holding Ltd. | 4,381 | 19,313 | ||||||
|
| |||||||
947,227 | ||||||||
|
| |||||||
Thailand — 1.0% | ||||||||
Land & Houses PCL, NVDR | 65,600 | 21,275 | ||||||
PTT Global Chemical PCL, NVDR | 18,345 | 32,631 | ||||||
PTT PCL, NVDR | 90,500 | 129,532 | ||||||
Siam Cement PCL | 2,700 | 34,043 | ||||||
Siam Cement PCL, NVDR | 3,800 | 47,913 | ||||||
Siam Commercial Bank PCL, NVDR | 6,800 | 27,229 | ||||||
TMB Bank PCL, NVDR | 123,000 | 6,513 | ||||||
|
| |||||||
299,136 | ||||||||
|
| |||||||
Turkey — 0.2% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 9,996 | 13,958 | ||||||
Ford Otomotiv Sanayi AS | 620 | 6,887 | ||||||
TAV Havalimanlari Holding AS | 1,855 | 8,688 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 989 | 21,335 | ||||||
|
| |||||||
50,868 | ||||||||
|
| |||||||
United Arab Emirates — 0.4% | ||||||||
Aldar Properties PJSC | 32,040 | 18,928 | ||||||
Dubai Islamic Bank PJSC | 15,846 | 22,864 | ||||||
Emaar Malls PJSC | 22,814 | 11,863 | ||||||
Emirates Telecommunications Group Co. PJSC | 13,801 | 61,244 | ||||||
|
| |||||||
114,899 | ||||||||
|
| |||||||
United Kingdom — 13.4% | ||||||||
Admiral Group PLC | 1,584 | 43,847 | ||||||
Anglo American PLC | 8,203 | 215,024 | ||||||
Aviva PLC | 30,672 | 160,205 | ||||||
BAE Systems PLC | 25,564 | 189,607 | ||||||
Barratt Developments PLC | 8,502 | 73,330 | ||||||
BT Group PLC | 67,692 | 167,729 | ||||||
Direct Line Insurance Group PLC | 11,361 | 44,880 | ||||||
easyJet PLC | 1,333 | 23,070 | ||||||
G4S PLC | 13,004 | 35,172 | ||||||
GlaxoSmithKline PLC | 39,943 | 906,227 | ||||||
Imperial Brands PLC | 7,627 | 168,030 | ||||||
ITV PLC | 29,652 | 55,653 | ||||||
Kingfisher PLC | 17,687 | 48,021 | ||||||
Legal & General Group PLC | 47,385 | 172,171 | ||||||
Micro Focus International PLC | 2,883 | 42,244 | ||||||
Mondi PLC | 3,823 | 82,854 | ||||||
National Grid PLC (a) | 28,026 | 322,531 | ||||||
Persimmon PLC | 2,520 | 83,381 | ||||||
Rio Tinto Ltd. | 2,992 | 196,105 |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Rio Tinto PLC | 9,020 | $ | 490,205 | |||||
Schroders PLC | 1,041 | 44,422 | ||||||
Severn Trent PLC | 1,986 | 57,620 | ||||||
Standard Life Aberdeen PLC | 19,966 | 81,843 | ||||||
Taylor Wimpey PLC | 27,479 | 61,936 | ||||||
WPP PLC | 10,094 | 130,631 | ||||||
|
| |||||||
3,896,738 | ||||||||
|
| |||||||
United States (c) — 0.2% | ||||||||
Carnival PLC | 1,259 | 52,976 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 28,406,348 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.6% | ||||||||
Brazil — 0.5% | ||||||||
Itausa — Investimentos Itau SA | 33,485 | 105,089 | ||||||
Telefonica Brasil SA | 3,616 | 48,104 | ||||||
|
| |||||||
153,193 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B | 867 | 2,203 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 874 | 20,688 | ||||||
|
| |||||||
22,891 | ||||||||
|
| |||||||
Germany — 0.1% | ||||||||
Bayerische Motoren Werke AG | 467 | 28,835 | ||||||
|
| |||||||
South Korea — 0.9% | ||||||||
Hyundai Motor Co. | 199 | 12,148 |
Number | Value | |||||||
South Korea (Continued) | ||||||||
Hyundai Motor Co. — 2nd Preferred | 312 | $ | 21,475 | |||||
Samsung Electronics Co. Ltd. | 6,503 | 224,906 | ||||||
|
| |||||||
258,529 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 463,448 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (a)(d) | 650 | 15,505 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.8% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f) | 811,039 | 811,039 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.2% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (e) | 53,477 | 53,477 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 102.2% (Cost $30,220,483) | $ | 29,749,817 | ||||||
Other assets and liabilities, net — (2.2%) | (654,602 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 29,095,215 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 0.0% |
| |||||||||||||||||||||||||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (a)(d) |
| |||||||||||||||||||||||||||||||||||
— | 34,373 | (20,170 | ) | 692 | 610 | — | — | 650 | 15,505 | |||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 2.8% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (e)(f) |
| |||||||||||||||||||||||||||||||||||
372,442 | 438,597 | (g) | — | — | — | 2,183 | — | 811,039 | 811,039 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (e) |
| |||||||||||||||||||||||||||||||||||
7,618 | 2,510,456 | (2,464,597 | ) | — | — | 718 | — | 53,477 | 53,477 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
380,060 | 2,983,426 | (2,484,767 | ) | 692 | 610 | 2,901 | — | 865,166 | 880,021 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2019 amounted to $784,975, which is 2.7% 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) | Securities are listed in country of domicile and trade on exchanges within the MSCI ACWI ex USA High Dividend Yield Index. |
(d) | Affiliated fund advised by DBX Advisors LLC. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-day yield at period end. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF(Continued)
November 30, 2019 (Unaudited)
(f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund heldnon-cash U.S. Treasury securities collateral having a value of $12,916. |
(g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
ADR: | American Depositary Receipt |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
PJSC: | Public Joint Stock Company |
QSC: | Qatari Shareholders Company |
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. |
At November 30, 2019, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||
EURO STOXX Futures | EUR | 1 | $ | 38,656 | $ | 40,818 | 12/20/2019 | $ | 1,885 | |||||||||||
MSCI EAFE Futures | USD | 1 | 98,895 | 98,865 | 12/20/2019 | (30 | ) | |||||||||||||
MSCI Emerging Markets Index Futures | USD | 1 | 50,925 | 51,900 | 12/20/2019 | 975 | ||||||||||||||
|
| |||||||||||||||||||
Total net unrealized appreciation | $ | 2,830 | ||||||||||||||||||
|
|
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 |
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, 2019 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) | $ | 28,406,348 | $ | — | $ | — | $ | 28,406,348 | ||||||||
Preferred Stocks (h) | 463,448 | — | — | 463,448 | ||||||||||||
Exchange-Traded Funds | 15,505 | — | — | 15,505 | ||||||||||||
Short-Term Investments (h) | 864,516 | — | — | 864,516 | ||||||||||||
Derivatives (i) | ||||||||||||||||
Futures Contracts | 2,860 | — | — | 2,860 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 29,752,677 | $ | — | $ | — | $ | 29,752,677 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Futures Contracts | $ | (30 | ) | $ | — | $ | — | $ | (30 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (30 | ) | $ | — | $ | — | $ | (30 | ) | ||||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Australia — 5.0% | ||||||||
Alumina Ltd. | 564,836 | $ | 882,547 | |||||
Aurizon Holdings Ltd. | 431,494 | 1,686,966 | ||||||
Bendigo & Adelaide Bank Ltd. | 112,228 | 761,388 | ||||||
Boral Ltd. | 264,232 | 918,654 | ||||||
CIMIC Group Ltd. | 21,122 | 480,612 | ||||||
Coca-Cola Amatil Ltd. | 115,436 | 888,561 | ||||||
Crown Resorts Ltd. | 81,103 | 708,218 | ||||||
Fortescue Metals Group Ltd. (a) | 302,614 | 1,991,615 | ||||||
Harvey Norman Holdings Ltd. (a) | 118,036 | 343,310 | ||||||
Insurance Australia Group Ltd. | 502,217 | 2,680,230 | ||||||
Medibank Pvt Ltd. | 605,064 | 1,334,205 | ||||||
Wesfarmers Ltd. | 247,581 | 7,095,441 | ||||||
|
| |||||||
19,771,747 | ||||||||
|
| |||||||
Austria — 0.3% | ||||||||
ANDRITZ AG | 16,460 | 642,468 | ||||||
voestalpine AG | 26,425 | 700,726 | ||||||
|
| |||||||
1,343,194 | ||||||||
|
| |||||||
Belgium — 0.3% | ||||||||
Proximus SADP | 34,832 | 1,051,551 | ||||||
|
| |||||||
Finland — 3.5% | ||||||||
Elisa OYJ | 30,875 | 1,651,416 | ||||||
Fortum OYJ | 96,439 | 2,274,478 | ||||||
Nokian Renkaat OYJ | 28,065 | 759,997 | ||||||
Orion OYJ, Class B | 23,646 | 1,029,848 | ||||||
Sampo OYJ, Class A | 96,538 | 3,906,454 | ||||||
UPM-Kymmene OYJ | 116,813 | 3,905,159 | ||||||
|
| |||||||
13,527,352 | ||||||||
|
| |||||||
France — 14.9% | ||||||||
Amundi SA, 144A | 14,247 | 1,079,191 | ||||||
AXA SA | 423,539 | 11,532,428 | ||||||
Bouygues SA | 49,180 | 2,010,697 | ||||||
CNP Assurances | 41,747 | 824,863 | ||||||
Eutelsat Communications SA (a) | 36,948 | 606,602 | ||||||
Publicis Groupe SA | 48,000 | 2,113,818 | ||||||
Sanofi | 215,669 | 20,096,210 | ||||||
SCOR SE | 34,452 | 1,481,106 | ||||||
TOTAL SA | 357,810 | 18,795,010 | ||||||
|
| |||||||
58,539,925 | ||||||||
|
| |||||||
Germany — 11.6% | ||||||||
Allianz SE | 81,003 | 19,412,393 | ||||||
BASF SE | 200,767 | 15,101,580 | ||||||
Bayerische Motoren Werke AG | 71,892 | 5,810,358 | ||||||
Covestro AG, 144A | 39,330 | 1,843,025 | ||||||
Evonik Industries AG | 43,506 | 1,263,523 | ||||||
HOCHTIEF AG | 5,369 | 660,065 | ||||||
TUI AG | 95,732 | 1,316,926 | ||||||
|
| |||||||
45,407,870 | ||||||||
|
| |||||||
Hong Kong — 6.0% | ||||||||
BOC Hong Kong Holdings Ltd. | 803,330 | 2,729,849 | ||||||
CK Infrastructure Holdings Ltd. | 144,000 | 974,993 | ||||||
Hang Lung Properties Ltd. | 480,650 | 984,910 |
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Hang Seng Bank Ltd. | 165,230 | $ | 3,368,875 | |||||
Henderson Land Development Co. Ltd. | 315,000 | 1,515,090 | ||||||
HKT Trust & HKT Ltd. (b) | 833,190 | 1,221,937 | ||||||
Kerry Properties Ltd. | 142,500 | 459,663 | ||||||
New World Development Co. Ltd. | 1,350,116 | 1,762,727 | ||||||
NWS Holdings Ltd. | 310,289 | 416,216 | ||||||
Power Assets Holdings Ltd. | 311,735 | 2,168,435 | ||||||
Sino Land Co. Ltd. | 736,503 | 1,104,602 | ||||||
Sun Hung Kai Properties Ltd. | 346,000 | 5,034,576 | ||||||
Wharf Real Estate Investment Co. Ltd. | 264,000 | 1,465,402 | ||||||
Yue Yuen Industrial Holdings Ltd. | 146,797 | 434,141 | ||||||
|
| |||||||
23,641,416 | ||||||||
|
| |||||||
Italy — 2.3% | ||||||||
Assicurazioni Generali SpA | 240,862 | 4,921,098 | ||||||
Snam SpA | 444,672 | 2,212,214 | ||||||
Terna Rete Elettrica Nazionale SpA | 307,901 | 1,979,238 | ||||||
|
| |||||||
9,112,550 | ||||||||
|
| |||||||
Japan — 10.9% | ||||||||
Canon, Inc. | 219,134 | 6,063,154 | ||||||
Daito Trust Construction Co. Ltd. | 15,600 | 1,906,730 | ||||||
Japan Tobacco, Inc. | 262,900 | 5,988,531 | ||||||
Komatsu Ltd. | 202,700 | 4,751,447 | ||||||
Mitsubishi Chemical Holdings Corp. | 290,600 | 2,153,959 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 34,700 | 542,475 | ||||||
Mitsubishi Tanabe Pharma Corp. | 55,200 | 1,009,639 | ||||||
Nissan Motor Co. Ltd. | 510,800 | 3,166,204 | ||||||
NTT DOCOMO, Inc. | 289,700 | 7,944,198 | ||||||
Sekisui House Ltd. | 136,124 | 2,939,761 | ||||||
Subaru Corp. | 134,700 | 3,525,866 | ||||||
Sumitomo Chemical Co. Ltd. | 323,500 | 1,459,310 | ||||||
Yamaha Motor Co. Ltd. | 61,800 | 1,290,627 | ||||||
|
| |||||||
42,741,901 | ||||||||
| �� | |||||||
Macau — 0.7% | ||||||||
Sands China Ltd. | 536,371 | 2,535,304 | ||||||
|
| |||||||
Netherlands — 0.4% | ||||||||
Randstad NV | 27,001 | 1,573,712 | ||||||
|
| |||||||
New Zealand — 0.3% | ||||||||
Spark New Zealand Ltd. | 414,587 | 1,208,201 | ||||||
|
| |||||||
Norway — 1.6% | ||||||||
Gjensidige Forsikring ASA | 44,716 | 842,164 | ||||||
Mowi ASA | 95,749 | 2,376,674 | ||||||
Telenor ASA | 157,316 | 2,873,149 | ||||||
|
| |||||||
6,091,987 | ||||||||
|
| |||||||
Portugal — 1.0% | ||||||||
EDP — Energias de Portugal SA | 561,378 | 2,271,641 | ||||||
Galp Energia SGPS SA | 108,840 | 1,773,105 | ||||||
|
| |||||||
4,044,746 | ||||||||
|
| |||||||
Singapore — 3.5% | ||||||||
ComfortDelGro Corp. Ltd. | 490,200 | 842,422 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 703,900 | 5,549,045 | ||||||
Singapore Exchange Ltd. | 176,250 | 1,140,673 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Singapore (Continued) | ||||||||
Singapore Technologies Engineering Ltd. | 353,890 | $ | 1,068,826 | |||||
Singapore Telecommunications Ltd. | 1,784,698 | 4,411,334 | ||||||
Venture Corp. Ltd. | 59,600 | 691,690 | ||||||
|
| |||||||
13,703,990 | ||||||||
|
| |||||||
Spain — 6.1% | ||||||||
ACS Actividades de Construccion y Servicios SA | 56,884 | 2,215,910 | ||||||
Aena SME SA, 144A | 14,668 | 2,696,031 | ||||||
Enagas SA | 51,284 | 1,278,500 | ||||||
Endesa SA | 69,019 | 1,878,158 | ||||||
Iberdrola SA | 1,324,871 | 13,042,057 | ||||||
Mapfre SA | 250,137 | 705,776 | ||||||
Red Electrica Corp. SA | 97,895 | 1,915,919 | ||||||
|
| |||||||
23,732,351 | ||||||||
|
| |||||||
Switzerland — 5.3% | ||||||||
Kuehne + Nagel International AG | 11,725 | 1,907,725 | ||||||
Swiss Prime Site AG | 16,490 | 1,742,477 | ||||||
Swisscom AG | 5,624 | 2,912,876 | ||||||
Zurich Insurance Group AG | 35,745 | 14,031,884 | ||||||
|
| |||||||
20,594,962 | ||||||||
|
| |||||||
United Kingdom — 25.7% | ||||||||
Admiral Group PLC | 42,414 | 1,174,059 | ||||||
Anglo American PLC | 229,000 | 6,002,732 | ||||||
Aviva PLC | 865,000 | 4,518,032 | ||||||
BAE Systems PLC | 699,055 | 5,184,846 | ||||||
Barratt Developments PLC | 227,745 | 1,964,316 | ||||||
BT Group PLC | 1,835,857 | 4,548,943 | ||||||
Direct Line Insurance Group PLC | 307,133 | 1,213,284 | ||||||
easyJet PLC | 35,656 | 617,100 | ||||||
G4S PLC | 347,639 | 940,263 | ||||||
GlaxoSmithKline PLC | 885,171 | 20,082,770 | ||||||
ITV PLC | 814,956 | 1,529,567 | ||||||
Kingfisher PLC | 459,625 | 1,247,909 | ||||||
Legal & General Group PLC | 1,301,365 | 4,728,438 | ||||||
Micro Focus International PLC | 74,081 | 1,085,493 |
Number | Value | |||||||
United Kingdom (Continued) | ||||||||
Mondi PLC | 105,429 | $ | 2,284,922 | |||||
National Grid PLC (a) | 760,227 | 8,748,905 | ||||||
Persimmon PLC | 69,163 | 2,288,449 | ||||||
Rio Tinto Ltd. | 80,710 | 5,289,989 | ||||||
Rio Tinto PLC | 246,886 | 13,417,379 | ||||||
Schroders PLC | 27,677 | 1,181,050 | ||||||
Severn Trent PLC | 53,000 | 1,537,701 | ||||||
SSE PLC | 223,028 | 3,750,331 | ||||||
Standard Life Aberdeen PLC | 524,475 | 2,149,878 | ||||||
Taylor Wimpey PLC | 738,692 | 1,664,957 | ||||||
WPP PLC | 275,603 | 3,566,711 | ||||||
|
| |||||||
100,718,024 | ||||||||
|
| |||||||
United States (c) — 0.4% | ||||||||
Carnival PLC | 34,754 | 1,462,365 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 390,803,148 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.2% | ||||||||
Germany — 0.2% | ||||||||
Bayerische Motoren Werke AG | 13,329 | 823,008 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) | 8,340,042 | 8,340,042 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) | 528,597 | 528,597 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 102.2% (Cost $393,413,508) | $ | 400,494,795 | ||||||
Other assets and liabilities, net — (2.2%) | (8,756,770 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 391,738,025 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 2.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) |
| |||||||||||||||||||||||||||||||||||
9,051,557 | — | (711,515 | )(f) | — | — | 16,583 | — | 8,340,042 | 8,340,042 | |||||||||||||||||||||||||||
CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) |
| |||||||||||||||||||||||||||||||||||
— | 14,064,484 | (13,535,887 | ) | — | — | 4,400 | — | 528,597 | 528,597 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
9,051,557 | 14,064,484 | (14,247,402 | ) | — | — | 20,983 | — | 8,868,639 | 8,868,639 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2019 amounted to $9,628,017, which is 2.5% of net assets. |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF(Continued)
November 30, 2019 (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) | Securities are listed in country of domicile and trade on exchanges within the MSCI EAFE High Dividend Yield Index. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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 heldnon-cash U.S. Treasury securities collateral having a value of $2,449,863. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
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, 2019, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||
EURO STOXX Futures | EUR | 9 | $ | 362,839 | $ | 367,365 | 12/20/2019 | $ | 4,653 | |||||||||||
MSCI EAFE Futures | USD | 9 | 860,444 | 889,785 | 12/20/2019 | 29,341 | ||||||||||||||
|
| |||||||||||||||||||
Total unrealized appreciation | $ | 33,994 | ||||||||||||||||||
|
|
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 |
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, 2019 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) | $ | 390,803,148 | $ | — | $ | — | $ | 390,803,148 | ||||||||
Preferred Stocks | 823,008 | — | — | 823,008 | ||||||||||||
Short-Term Investments (g) | 8,868,639 | — | — | 8,868,639 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Futures Contracts | 33,994 | — | — | 33,994 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 400,528,789 | $ | — | $ | — | $ | 400,528,789 | ||||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 36 |
This Page is Intentionally Left Blank
37
DBX ETF Trust
November 30, 2019 (Unaudited)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | Xtrackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||
Assets | ||||||||||||||||
Investment innon-affiliated securities at value | $ | 15,773,248 | $ | — | $ | 6,874,372 | $ | 74,883,856 | ||||||||
Investment in affiliated securities at value | — | 9,677,433 | 20,146 | — | ||||||||||||
Investment in DWS Government Money Market Series | 271,216 | 107,826 | 124,719 | — | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | — | 4,724,130 | 29,700 | — | ||||||||||||
Cash | 79,678 | 13,583 | 13,437 | 123,686 | ||||||||||||
Deposit with broker for futures contracts | 183,830 | 58,030 | 85,770 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 139,067 | — | ||||||||||||
Variation margin on futures contracts | — | 1,664 | 8,000 | — | ||||||||||||
Interest | 213,916 | 154 | 63,828 | 952,444 | ||||||||||||
Securities lending income | 9 | 136 | 28 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 16,521,897 | $ | 14,582,956 | $ | 7,359,067 | $ | 75,959,986 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | — | $ | 4,724,130 | $ | 29,700 | $ | — | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | 222,782 | — | ||||||||||||
Investment advisory fees | 6,073 | 1,606 | 1,432 | 9,147 | ||||||||||||
Variation margin on futures contracts | 27,683 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 33,756 | 4,725,736 | 253,914 | 9,147 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 16,488,141 | $ | 9,857,220 | $ | 7,105,153 | $ | 75,950,839 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 17,080,916 | $ | 10,719,729 | $ | 7,557,643 | $ | 72,662,876 | ||||||||
Distributable earnings (loss) | (592,775 | ) | (862,509 | ) | (452,490 | ) | 3,287,963 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 16,488,141 | $ | 9,857,220 | $ | 7,105,153 | $ | 75,950,839 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 700,001 | 450,001 | 300,001 | 2,700,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 23.55 | $ | 21.90 | $ | 23.68 | $ | 28.13 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment innon-affiliated securities at cost | $ | 15,478,163 | $ | — | $ | 6,413,576 | $ | 71,626,910 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in affiliated securities at cost | $ | — | $ | 9,658,035 | $ | 19,654 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | — | $ | 4,618,532 | $ | 28,787 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 271,216 | $ | 107,826 | $ | 124,719 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | — | $ | 4,724,130 | $ | 29,700 | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Statements of Assets and Liabilities(Continued)
November 30, 2019 (Unaudited)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | |||||||
Assets | ||||||||
Investment innon-affiliated securities at value | $ | 28,869,796 | $ | 391,626,156 | ||||
Investment in affiliated securities at value | 15,505 | — | ||||||
Investment in DWS Government Money Market Series | 53,477 | 528,597 | ||||||
Investment in DWS Government & Agency Securities Portfolio* | 811,039 | 8,340,042 | ||||||
Cash | — | 1,937 | ||||||
Foreign currency at value | 55,425 | 90,622 | ||||||
Deposit with broker for futures contracts | 9,954 | 66,192 | ||||||
Deferred foreign tax receivable | 129 | — | ||||||
Receivables: | ||||||||
Investment securities sold | 24,886 | 1,032 | ||||||
Capital shares | 273 | — | ||||||
Dividends | 57,179 | 1,024,600 | ||||||
Interest | 44 | 434 | ||||||
Securities lending income | 506 | 3,367 | ||||||
Foreign tax reclaim | 15,345 | 90,940 | ||||||
|
|
|
| |||||
Total assets | $ | 29,913,558 | $ | 401,773,919 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Payable upon return of securities loaned | $ | 811,039 | $ | 8,340,042 | ||||
Payables: | ||||||||
Investment securities purchased | — | 1,626,845 | ||||||
Investment advisory fees | 4,829 | 63,125 | ||||||
Variation margin on futures contracts | 2,475 | 5,882 | ||||||
|
|
|
| |||||
Total liabilities | 818,343 | 10,035,894 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 29,095,215 | $ | 391,738,025 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 30,225,037 | $ | 385,325,786 | ||||
Distributable earnings (loss) | (1,129,822 | ) | 6,412,239 | |||||
|
|
|
| |||||
Net Assets, at value | $ | 29,095,215 | $ | 391,738,025 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 1,150,001 | 16,450,001 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 25.30 | $ | 23.81 | ||||
|
|
|
| |||||
Investment innon-affiliated securities at cost | $ | 29,341,072 | $ | 384,544,869 | ||||
|
|
|
| |||||
Investment in affiliated securities at cost | $ | 14,895 | $ | — | ||||
|
|
|
| |||||
Value of securities loaned | $ | 784,975 | $ | 9,628,017 | ||||
|
|
|
| |||||
Investment in DWS Government Money Market Series at cost | $ | 53,477 | $ | 528,597 | ||||
|
|
|
| |||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 811,039 | $ | 8,340,042 | ||||
|
|
|
| |||||
Non-cash collateral for securities on loan | $ | 12,916 | $ | 2,449,863 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | 55,349 | $ | 89,542 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
For the Six Months Ended November 30, 2019 (Unaudited)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | Xtrackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income* | $ | 270,009 | $ | — | $ | 123,815 | $ | 1,036,069 | ||||||||
Affiliated interest income | — | — | 364 | — | ||||||||||||
Income distributions from affiliated funds | 1,505 | 235,636 | 893 | — | ||||||||||||
Affiliated securities lending income | 82 | 10,209 | 242 | — | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | — | 567 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 271,596 | 246,412 | 125,314 | 1,036,069 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 28,626 | 14,717 | 8,761 | 53,177 | ||||||||||||
Other expenses | 25 | 32 | 25 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 28,651 | 14,749 | 8,786 | 53,234 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | (69 | ) | (6,951 | ) | (38 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 28,582 | 7,798 | 8,748 | 53,234 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 243,014 | 238,614 | 116,566 | 982,835 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | 13,356 | — | 54,016 | 118,574 | ||||||||||||
Investments in affiliates | — | (1,062 | ) | — | — | |||||||||||
In-kind redemptions | 10,028 | — | — | — | ||||||||||||
Futures contracts | (343,452 | ) | (111,781 | ) | (285,564 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (320,068 | ) | (112,843 | ) | (231,548 | ) | 118,574 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 282,570 | — | 355,285 | 833,735 | ||||||||||||
Investments in affiliates | — | 107,528 | 658 | — | ||||||||||||
Futures contracts | 97,606 | 41,361 | 72,884 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 380,176 | 148,889 | 428,827 | 833,735 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments and futures | 60,108 | 36,046 | 197,279 | 952,309 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 303,122 | $ | 274,660 | $ | 313,845 | $ | 1,935,144 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 73 | $ | — | $ | 18 | $ | — |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Statements of Operations(Continued)
For the Six Months Ended November 30, 2019 (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* | $ | 619,433 | $ | 5,104,071 | ||||
Income distributions from affiliated funds | 718 | 4,400 | ||||||
Affiliated securities lending income | 2,183 | 16,583 | ||||||
|
|
|
| |||||
Total investment income | 622,334 | 5,125,054 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 30,251 | 311,017 | ||||||
Other expenses | 57 | 171 | ||||||
|
|
|
| |||||
Total expenses | 30,308 | 311,188 | ||||||
|
|
|
| |||||
Less fees waived (see note 3): | ||||||||
Waiver | (26 | ) | (188 | ) | ||||
|
|
|
| |||||
Net expenses | 30,282 | 311,000 | ||||||
|
|
|
| |||||
Net investment income (loss) | 592,052 | 4,814,054 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments** | (260,393 | ) | (5,357,124 | ) | ||||
Investments in affiliates | 692 | — | ||||||
In-kind redemptions | 828,839 | 7,466,526 | ||||||
Futures contracts | 6,884 | 123,660 | ||||||
Foreign currency transactions | (5,561 | ) | (5,014 | ) | ||||
|
|
|
| |||||
Net realized gain (loss) | 570,461 | 2,228,048 | ||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments*** | 1,408,258 | 27,452,143 | ||||||
Investments in affiliates | 610 | — | ||||||
Futures contracts | 2,460 | 50,190 | ||||||
Foreign currency translations | 43 | 9,712 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 1,411,371 | 27,512,045 | ||||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 1,981,832 | 29,740,093 | ||||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,573,884 | $ | 34,554,147 | ||||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 68,942 | $ | 230,344 | ||||
** Net of foreign taxes | $ | 282 | $ | — | ||||
*** Net of change in deferred foreign taxes | $ | (643 | ) | $ | — |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | |||||||||||||||
For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 243,014 | $ | 344,329 | $ | 238,614 | $ | 358,227 | ||||||||
Net realized gain (loss) | (320,068 | ) | (417,236 | ) | (112,843 | ) | (231,945 | ) | ||||||||
Net change in net unrealized appreciation (depreciation) | 380,176 | 303,992 | 148,889 | (64,162 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 303,122 | 231,085 | 274,660 | 62,120 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (221,607 | ) | (692,585 | ) | (242,131 | ) | (371,816 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 10,624,734 | — | 3,309,572 | 4,533,388 | ||||||||||||
Value of shares redeemed | (1,148,964 | ) | (1,134,129 | ) | — | (1,110,970 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 9,475,770 | (1,134,129 | ) | 3,309,572 | 3,422,418 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 9,557,285 | (1,595,629 | ) | 3,342,101 | 3,112,722 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 6,930,856 | 8,526,485 | 6,515,119 | 3,402,397 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 16,488,141 | $ | 6,930,856 | $ | 9,857,220 | $ | 6,515,119 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 300,001 | 350,001 | 300,001 | 150,001 | ||||||||||||
Shares sold | 450,000 | — | 150,000 | 200,000 | ||||||||||||
Shares redeemed | (50,000 | ) | (50,000 | ) | — | (50,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 700,001 | 300,001 | 450,001 | 300,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Statements of Changes in Net Assets(Continued)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | Xtrackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||||
For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 116,566 | $ | 318,263 | $ | 982,835 | $ | 1,678,179 | ||||||||
Net realized gain (loss) | (231,548 | ) | (495,969 | ) | 118,574 | (150,370 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | 428,827 | 387,134 | 833,735 | 2,904,660 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 313,845 | 209,428 | 1,935,144 | 4,432,469 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (119,761 | ) | (517,208 | ) | (904,993 | ) | (1,651,620 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | — | 7,048,953 | 8,070,798 | ||||||||||||
Value of shares redeemed | — | (2,319,160 | ) | — | (1,322,758 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | (2,319,160 | ) | 7,048,953 | 6,748,040 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 194,084 | (2,626,940 | ) | 8,079,104 | 9,528,889 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 6,911,069 | 9,538,009 | 67,871,735 | 58,342,846 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 7,105,153 | $ | 6,911,069 | $ | 75,950,839 | $ | 67,871,735 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 300,001 | 400,001 | 2,450,001 | 2,200,001 | ||||||||||||
Shares sold | — | — | 250,000 | 300,000 | ||||||||||||
Shares redeemed | — | (100,000 | ) | — | (50,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 300,001 | 300,001 | 2,700,001 | 2,450,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 43 |
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, 2019 (Unaudited) | Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 592,052 | $ | 1,343,868 | $ | 4,814,054 | $ | 12,328,103 | ||||||||
Net realized gain (loss) | 570,461 | (395,647 | ) | 2,228,048 | (4,217,333 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | 1,411,371 | (1,493,585 | ) | 27,512,045 | (20,084,730 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 2,573,884 | (545,364 | ) | 34,554,147 | (11,973,960 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (828,153 | ) | (1,185,503 | ) | (8,549,066 | ) | (7,131,535 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 9,840,288 | 16,381,277 | 157,303,232 | 280,085,371 | ||||||||||||
Value of shares redeemed | (6,182,548 | ) | (17,651,055 | ) | (35,802,195 | ) | (40,438,708 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 3,657,740 | (1,269,778 | ) | 121,501,037 | 239,646,663 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 5,403,471 | (3,000,645 | ) | 147,506,118 | 220,541,168 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 23,691,744 | 26,692,389 | 244,231,907 | 23,690,739 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 29,095,215 | $ | 23,691,744 | $ | 391,738,025 | $ | 244,231,907 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 1,000,001 | 1,050,001 | 11,100,001 | 1,000,001 | ||||||||||||
Shares sold | 400,000 | 650,000 | 6,850,000 | 11,850,000 | ||||||||||||
Shares redeemed | (250,000 | ) | (700,000 | ) | (1,500,000 | ) | (1,750,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,150,001 | 1,000,001 | 16,450,001 | 11,100,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2015(a) | |||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
Net Asset Value, beginning of period | $ | 23.10 | $ | 24.36 | $ | 24.91 | $ | 23.96 | $ | 25.03 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.45 | 1.05 | 0.99 | 1.07 | 1.07 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.47 | (0.29 | ) | (0.48 | ) | 1.18 | (0.80 | ) | (0.04 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.92 | 0.76 | 0.51 | 2.25 | 0.27 | 0.23 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.47 | ) | (1.04 | ) | (1.02 | ) | (1.30 | ) | (1.26 | ) | (0.20 | ) | ||||||||||||
Net realized gains | — | (0.98 | ) | (0.04 | ) | — | (0.08 | ) | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.47 | ) | (2.02 | ) | (1.06 | ) | (1.30 | ) | (1.34 | ) | (0.20 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 23.55 | $ | 23.10 | $ | 24.36 | $ | 24.91 | $ | 23.96 | $ | 25.03 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 4.00 | **(c) | 3.31 | (c) | 2.03 | 9.61 | 1.22 | 0.90 | ** | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 16 | 7 | 9 | 6 | 6 | 6 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.45 | 0.45 | 0.47 | 0.50 | 0.50 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.45 | 0.45 | 0.47 | 0.50 | 0.50 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 3.82 | * | 4.37 | 3.94 | 4.35 | 4.45 | 4.35 | * | ||||||||||||||||
Portfolio turnover rate (%)(d) | 10 | ** | 31 | 48 | 35 | 15 | 1 | ** | ||||||||||||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2015(a) | |||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
Net Asset Value, beginning of period | $ | 21.72 | $ | 22.68 | $ | 23.42 | $ | 22.23 | $ | 24.57 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.62 | 1.32 | 1.27 | 1.17 | 1.08 | 0.29 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.21 | (0.82 | ) | (0.53 | ) | 1.30 | (2.10 | ) | (0.51 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.83 | 0.50 | 0.74 | 2.47 | (1.02 | ) | (0.22 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.65 | ) | (1.46 | ) | (1.48 | ) | (1.28 | ) | (1.32 | ) | (0.21 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.65 | ) | (1.46 | ) | (1.48 | ) | (1.28 | ) | (1.32 | ) | (0.21 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 21.90 | $ | 21.72 | $ | 22.68 | $ | 23.42 | $ | 22.23 | $ | 24.57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 3.87 | **(c) | 2.18 | (c) | 3.24 | (c) | 11.40 | (4.06 | ) | (0.87 | )** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 10 | 7 | 3 | 11 | 9 | 11 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.35 | *(e) | 0.35 | (e) | 0.35 | (e) | 0.39 | 0.45 | 0.45 | * | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.19 | *(e) | 0.14 | (e) | 0.33 | (e) | 0.39 | 0.45 | 0.45 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 5.67 | * | 5.91 | 5.47 | 5.08 | 4.81 | 4.75 | * | ||||||||||||||||
Portfolio turnover rate (%)(d) | 0 | ** | 19 | 50 | 33 | 35 | 13 | ** |
(a) | For the period March 3, 2015 (commencement of operations) through May 31, 2015. |
(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 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. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2015(a) | |||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
Net Asset Value, beginning of period | $ | 23.04 | $ | 23.84 | $ | 24.09 | $ | 23.79 | $ | 24.63 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.39 | 0.83 | 0.78 | 0.73 | 0.71 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.65 | (0.32 | ) | (0.28 | ) | 0.39 | (0.73 | ) | (0.43 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.04 | 0.51 | 0.50 | 1.12 | (0.02 | ) | (0.26 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.40 | ) | (0.83 | ) | (0.75 | ) | (0.82 | ) | (0.82 | ) | (0.11 | ) | ||||||||||||
Net realized gains | — | (0.48 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.40 | ) | (1.31 | ) | (0.75 | ) | (0.82 | ) | (0.82 | ) | (0.11 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 23.68 | $ | 23.04 | $ | 23.84 | $ | 24.09 | $ | 23.79 | $ | 24.63 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 4.55 | **(c) | 2.28 | (c) | 2.05 | 4.79 | (0.04 | ) | (1.03 | )** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 7 | 7 | 10 | 6 | 5 | 6 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.25 | * | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | * | ||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.25 | * | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | * | ||||||||||||||||
Ratio of net investment income (loss) (%) | 3.33 | * | 3.53 | 3.22 | 3.04 | 3.00 | 2.72 | * | ||||||||||||||||
Portfolio turnover rate (%)(d) | 17 | ** | 25 | 33 | 26 | 14 | 7 | ** | ||||||||||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 27.70 | $ | 26.52 | $ | 26.71 | $ | 27.17 | $ | 25.49 | $ | 25.07 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.39 | 0.75 | 0.70 | 0.66 | 0.80 | 0.81 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 0.40 | 1.18 | (0.20 | ) | (0.46 | ) | 1.67 | 0.40 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.79 | 1.93 | 0.50 | 0.20 | 2.47 | 1.21 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.75 | ) | (0.69 | ) | (0.66 | ) | (0.79 | ) | (0.79 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.36 | ) | (0.75 | ) | (0.69 | ) | (0.66 | ) | (0.79 | ) | (0.79 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 28.13 | $ | 27.70 | $ | 26.52 | $ | 26.71 | $ | 27.17 | $ | 25.49 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 2.86 | ** | 7.45 | (c) | 1.87 | 0.77 | 9.89 | 4.88 | ||||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 76 | 68 | 58 | 60 | 37 | 22 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.15 | * | 0.25 | 0.30 | 0.30 | 0.30 | 0.30 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.15 | * | 0.22 | 0.30 | 0.30 | 0.30 | 0.30 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 2.77 | * | 2.85 | 2.61 | 2.50 | 3.07 | 3.16 | |||||||||||||||||
Portfolio turnover rate (%)(d) | 7 | ** | 25 | 28 | 0 | 13 | 4 |
(a) | For the period March 3, 2015 (commencement of operations) through May 31, 2015. |
(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. | 46 |
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 11/30/2019 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2016(a) | |||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 23.69 | $ | 25.42 | $ | 26.14 | $ | 22.96 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.48 | 1.21 | 1.35 | 1.02 | 0.70 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.77 | (1.92 | ) | (1.20 | ) | 3.07 | (2.38 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.25 | (0.71 | ) | 0.15 | 4.09 | (1.68 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.64 | ) | (1.02 | ) | (0.87 | ) | (0.60 | ) | (0.36 | ) | ||||||||||
Net realized gains | — | — | — | (0.31 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.64 | ) | (1.02 | ) | (0.87 | ) | (0.91 | ) | (0.36 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 25.30 | $ | 23.69 | $ | 25.42 | $ | 26.14 | $ | 22.96 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 9.57 | **(c) | (2.82 | )(c) | 0.54 | 18.17 | (6.67 | )** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 29 | 24 | 27 | 4 | 3 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | * | 0.20 | 0.32 | 0.45 | 0.45 | * | |||||||||||||
Ratio of expenses after fee waiver (%) | 0.20 | * | 0.20 | 0.32 | 0.45 | 0.45 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 3.91 | * | 4.96 | 5.29 | 4.17 | 3.83 | * | |||||||||||||
Portfolio turnover rate (%)(d) | 14 | ** | 30 | 76 | 36 | 33 | ** |
Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2016(a) | |||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 22.00 | $ | 23.69 | $ | 24.99 | $ | 23.16 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.35 | 1.36 | 1.50 | 1.06 | 0.88 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.15 | (2.25 | ) | (1.99 | ) | 3.03 | (2.17 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.50 | (0.89 | ) | (0.49 | ) | 4.09 | (1.29 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.69 | ) | (0.80 | ) | (0.81 | ) | (0.95 | ) | (0.38 | ) | ||||||||||
Net realized gains | — | — | — | (1.31 | ) | (0.17 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.69 | ) | (0.80 | ) | (0.81 | ) | (2.26 | ) | (0.55 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 23.81 | $ | 22.00 | $ | 23.69 | $ | 24.99 | $ | 23.16 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 11.49 | **(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) | 392 | 244 | 24 | 5 | 5 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.20 | * | 0.20 | 0.33 | 0.45 | 0.45 | * | |||||||||||||
Ratio of expenses after fee waiver (%) | 0.20 | * | 0.20 | 0.33 | 0.45 | 0.45 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 3.10 | * | 6.06 | 6.28 | 4.48 | 4.86 | * | |||||||||||||
Portfolio turnover rate (%)(d) | 16 | ** | 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. | 47 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2019, 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 Emerging Markets Bond — Interest Rate Hedged ETF |
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF |
Xtrackers Investment Grade Bond — Interest Rate Hedged 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 |
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF invests in affiliated exchange-traded funds managed by DBX Advisors LLC (“DBX” or the “Advisor”). The accounting policies and investments holdings are outlined in the affiliated Fund’s financial statements and are available upon request.
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 Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and Xtrackers Investment Grade Bond — Interest Rate Hedged 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 Emerging Markets Bond — Interest Rate Hedged ETF | Solactive Emerging Markets Bond — Interest Rate Hedged Index | |
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | Solactive USD High Yield Corporate Bond — Interest Rate Hedged Index | |
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | Solactive USD Investment Grade Bond — Interest Rate Hedged 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 Solactive Emerging Markets Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated emerging markets bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated government debt issued by emerging market countries and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets bonds. The Solactive High Yield Corporate Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the high yield bonds. The Solactive Investment Grade Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long
48
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the returns of the segment of the U.S. long termtax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised oftax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and othertax-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). The Solactive Indices are 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. 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 Investment Grade Bond — Interest Rate Hedged 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 Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF arenon-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 Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged 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.
49
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) orover-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 inopen-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.
50
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
Investment Transactionsand InvestmentIncome 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 theex-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 Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond —Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged 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 theex-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, 2019, the Funds did not incur any interest or penalties.
At May 31, 2019, 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 High Yield Corporate Bond — Interest Rate Hedged ETF | $ | 228,658 | $ | 568,814 | $ | 797,472 | ||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 121,119 | 202,444 | 323,563 | |||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 708,083 | 339,329 | 1,047,412 | |||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 1,885,955 | 514,913 | 2,400,868 |
Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2019, the following Funds incurred and will elect to defer net capital losses as follows:
Post-October Losses on Capital | ||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 669,592 | ||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 767,441 |
51
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
As of May 31, 2019, 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 Emerging Markets Bond — Interest Rate Hedged ETF | $ | 6,804,007 | $ | (30,897 | ) | $ | 128,289 | $ | (159,186 | ) | ||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 7,187,964 | (99,993 | ) | — | (99,993 | ) | ||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 6,685,526 | 97,956 | 153,432 | (55,476 | ) | |||||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 64,408,570 | 2,423,211 | 2,426,843 | (3,632 | ) | |||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 26,111,121 | (2,227,001 | ) | 775,639 | (3,002,640 | ) | ||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 274,580,910 | (22,753,749 | ) | 4,094,850 | (26,848,599 | ) |
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). Foreign taxes payable as of November 30, 2019, 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, 2019, 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 (0.12% annualized effective rate as of November 30, 2019) 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
52
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
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, 2019, 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, 2019 | ||||||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF |
| |||||||||||||||||||||||
Exchange-Traded Funds | $ | 4,724,130 | $ | — | $ | — | $ | — | $ | 4,724,130 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 4,724,130 | |||||||||||||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF |
| |||||||||||||||||||||||
Corporate Bonds | $ | 29,700 | $ | — | $ | — | $ | — | $ | 29,700 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 29,700 | |||||||||||||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
| |||||||||||||||||||||||
Common Stocks | $ | 803,689 | $ | — | $ | — | $ | 12,916 | $ | 816,605 | ||||||||||||||
Exchange-Traded Funds | 7,350 | — | — | — | 7,350 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Borrowings | $ | 811,039 | $ | — | $ | — | $ | 12,916 | $ | 823,955 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 823,955 | |||||||||||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
| |||||||||||||||||||||||
Common Stocks | $ | 8,340,042 | $ | 769 | $ | 4,110 | $ | 2,444,984 | $ | 10,789,905 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
| $ | 10,789,905 |
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. ornon-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, 2019, Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and Xtrackers Investment Grade Bond — Interest Rate Hedged ETF entered into short U.S. Treasury futures contracts to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of each Fund’s long bond investments and 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).
53
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, 2019 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, 2019 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF |
| |||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts* | $ | 51,664 | Unrealized depreciation on future contracts* | $ | — | ||||||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF |
| |||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts* | $ | 15,336 | Unrealized depreciation on future contracts* | $ | — | ||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts* | $ | 21,758 | Unrealized depreciation on future contracts* | $ | — | ||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | ||||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 2,860 | Unrealized depreciation on futures contracts* | $ | 30 | ||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | ||||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 33,994 | 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, 2019 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 — Interest Rate Contracts | Futures Contracts — Equity Contracts | Total | ||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | (343,452 | ) | $ | — | $ | (343,452 | ) | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | (111,781 | ) | — | (111,781 | ) | |||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | (285,564 | ) | — | (285,564 | ) | |||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | — | 6,884 | 6,884 | |||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | — | 123,660 | 123,660 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Interest Rate Contracts | Futures Contracts — Equity Contracts | Total | ||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 97,606 | $ | — | $ | 97,606 | ||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 41,361 | — | 41,361 | |||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 72,884 | — | 72,884 | |||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | — | 2,460 | 2,460 | |||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | — | 50,190 | 50,190 |
54
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
For the period ended November 30, 2019 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | (11,447,807 | ) | |
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | (8,062,015 | ) | ||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | (6,732,563 | ) | ||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 208,427 | |||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 1,468,784 |
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 Rule2a-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 management 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 arrangingsub-advisory, transfer agency, custody, fund administration, and all othernon-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 management fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | 0.45 | % | ||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 0.35 | % | ||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 0.25 | % | ||
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 the Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF has contractually agreed, until September 30, 2020, 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 the Underlying Funds. For the period ended November 30, 2019, the Advisor waived $6,928 of expenses to the Fund.
The Advisor for the Funds below 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 Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2019, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 69 | ||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 23 | |||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 38 | |||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 26 | |||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 188 |
55
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
Out of the unitary management 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).
4. Investment Portfolio Transactions
For the period ended November 30, 2019, the cost of investments purchased and proceeds from sale of investments (excludingin-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 11,009,995 | $ | 1,112,398 | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 31,629 | 209,677 | ||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 1,140,193 | 1,400,047 | ||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 5,773,334 | 5,206,010 | ||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 5,443,877 | 4,138,507 | ||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 52,583,708 | 49,765,319 |
For the period ended November 30, 2019, the cost ofin-kind purchases and proceeds fromin-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | — | $ | 1,163,070 | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 3,245,211 | — | ||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 6,954,375 | — | ||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 7,827,181 | 5,740,226 | ||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 152,467,379 | 36,194,696 |
5. Fund Share Transactions
As of November 30, 2019, 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 thein-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. 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, 2019, 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 MSCI All World ex US High Dividend Yield Equity ETF | 13 | % |
56
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
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.
8. 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.
9. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged 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 theone-month LIBOR Rate. Each Fund may borrow up to the lesser of apro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2019.
Pro-rata Share | ||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 525,000 | ||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 525,000 | |||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 525,000 | |||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 525,000 |
57
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 recent12-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 at855-329-3837.
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-Q or Form N-PORT (available for filings after March 31, 2019). 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.
58
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collectsnon-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 anynon-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclosenon-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and tonon-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclosenon-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 disclosenon-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 yournon-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.
59
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”) andnon-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. EMIH, HYIH and IGIH seek to mitigate the potential negative impact of rising Treasury interest rates by taking short positions in U.S. Treasury notes or bonds, or futures relating to those instruments. These short positions are not intended to mitigate credit risk or other factors that may have a greater impact on performance than rising or falling interest rates. The short positions may limit the potential positive impact of falling interest rates and there is no guarantee that the short positions will completely eliminate the interest rate risk of the long positions. 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. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The prices of futures can be highly volatile, using futures can lower total return and the potential loss from futures can exceed a Fund’s initial investment in such contracts. Each Fund, except IGIH, RVNU and HDAW, is 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.
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.
EMIH, HYIH, IGIH and RVNU are 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 © 2020 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-049075-4 (1/20) DBX004204 (1/21)
November 30, 2019
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 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
Schedule of Investments | ||||
7 | ||||
12 | ||||
20 | ||||
25 | ||||
33 | ||||
34 | ||||
35 | ||||
37 | ||||
39 | ||||
48 | ||||
49 |
To our Shareholders:(Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our 4 flagship ETFs tracking China’s equity market for the period ended November 30, 2019.
The global economy experienced a synchronized slowdown owing to uncertainty surrounding trade and geopolitics, weak manufacturing activity and low productivity growth in advanced economies. The Chinese economy expanded at the slowest pace since 1992, as the world’s second-largest economy faces uncertainty over trade tensions with the U.S. and sluggish demand at home and abroad. The trade war has also affected China’s jobs and wages as companies refrained from making capital investments. Nevertheless, growth was within the government’s target as fiscal measures helped counter the negative impact of trade barriers.
China’s economic growth decelerated during the reporting period primarily due to the country’s trade dispute with the U.S. Moreover, industrial production continued to remain weak as investments eased off owing to weak global demand. Retail sales softened due to an uptrend in inflation following the outbreak of African swine flu. Tax cuts implemented by the central government have put pressure on state finances, leading to a decrease in public spending. Exports from the country have also suffered due to a slowdown in external demand. However, the services sector grew at a strong pace, surpassing the growth rate of agriculture and manufacturing sectors. Consumption continued to be the major contributor to domestic demand and employment remained stable. The real estate sector held up well, as property investments grew and sales accelerated at a robust pace. Moreover, the U.S. government’s decision to suspend the recent round of tariff increase gave some hope to investors.
To strengthen the economy, the People’s Bank of China shifted to a more accommodative stance by lowering its medium-term lending facility to reduce finance costs. The easing measures are aimed at supporting the property sector, the second-largest pillar of the economy and a major growth driver. In addition to the monetary easing from the central bank, the government also provided fiscal support by cutting taxes and taking measures to boost liquidity in the financial system. However, the government has been more restrained in providing credit as it wants to control the rapid credit growth and continuous rise in debt in recent years. Despite the slowing economy and weaker currency, Chinese stock markets held up well, buoyed by continuing international flows and a comeback of retail investors who began to view shares as undervalued. Fixed Income investments also registered growth during the reporting period owing to low global yields.
It appears that the Chinese economy could face some further slowdown as it faces challenges on multiple fronts. In addition to the trade war, one major concern is the demographics, as more Chinese will reach their retirement age relative to people that will enter the workforce, leading to labor shortages in many sectors. Another concern is the rise in household debt at a rate even faster than GDP1growth. However, slightly more supportive fiscal and monetary policies should cushion the economy from a further slowdown. These could be in the form of tax cuts and a further uptick in infrastructure spending. Also, we remain somewhat hopeful that a truce in the trade war between China and the U.S. can be reached in the near future.
Our team appreciates your trust and looks forward to continue serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 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.
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
Portfolio Summary(Unaudited)
Xtrackers Harvest CSI 300 ChinaA-Shares ETF (ASHR)
The Xtrackers Harvest CSI 300 ChinaA-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 ChinaA-Share market and is composed of the 300 largest and most liquid stocks in the ChinaA-Share market. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2019 (27.8% of Net Assets) |
Description | % of Net Assets | |||
Ping An Insurance Group Co. of China Ltd. | 7.3% | |||
Kweichow Moutai Co. Ltd. | 4.6% | |||
China Merchants Bank Co. Ltd. | 3.0% | |||
Industrial Bank Co. Ltd. | 2.2% | |||
Midea Group Co. Ltd. | 2.1% | |||
Jiangsu Hengrui Medicine Co. Ltd. | 2.0% | |||
Wuliangye Yibin Co. Ltd. | 2.0% | |||
Gree Electric Appliances, Inc. of Zhuhai | 1.9% | |||
CITIC Securities Co. Ltd. | 1.4% | |||
Inner Mongolia Yili Industrial Group Co. Ltd. | 1.3% |
Sector Diversification* as of November 30, 2019 |
Financials | 34.5% | |||
Consumer Staples | 12.9% | |||
Industrials | 11.3% | |||
Consumer Discretionary | 9.3% | |||
Information Technology | 8.8% | |||
Health Care | 7.0% | |||
Materials | 5.8% | |||
Real Estate | 4.4% | |||
Utilities | 2.2% | |||
Energy | 2.0% | |||
Communication Services | 1.8% | |||
|
| |||
Total | 100.0% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.
2
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF (ASHS)
The Xtrackers Harvest CSI 500 ChinaA-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 ofsmall-cap companies in the ChinaA-Share market and is composed of the 500 smallest and most liquid stocks in the ChinaA-Share market. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2019 (7.0% of Net Assets) |
Description | % of Net Assets | |||
Wingtech Technology Co. Ltd. | 1.1% | |||
WUS Printed Circuit Kunshan Co. Ltd. | 0.7% | |||
Beijing Shunxin Agriculture Co. Ltd. | 0.7% | |||
Shengyi Technology Co. Ltd. | 0.7% | |||
China Greatwall Technology Group Co. Ltd. | 0.7% | |||
NavInfo Co. Ltd. | 0.7% | |||
JonjeeHi-Tech Industrial And Commercial Holding Co. Ltd. | 0.7% | |||
JinyuBio-Technology Co. Ltd. | 0.6% | |||
Will Semiconductor Ltd. | 0.6% | |||
China National Software & Service Co. Ltd. | 0.5% |
Sector Diversification* as of November 30, 2019 |
Information Technology | 21.0% | |||
Industrials | 16.8% | |||
Materials | 15.9% | |||
Health Care | 10.0% | |||
Consumer Discretionary | 9.1% | |||
Consumer Staples | 7.5% | |||
Communication Services | 5.1% | |||
Real Estate | 4.6% | |||
Financials | 4.0% | |||
Energy | 3.0% | |||
Utilities | 3.0% | |||
|
| |||
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 12.
3
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- andmid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includesA-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 gain exposure to the ChinaA-share components of the Index by investing in Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC., and Xtrackers Harvest CSI 300 ChinaA-shares ETF and Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF, affiliated funds subadvised 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, 2019 (69.0% of Net Assets) |
Description | % of Net Assets | |||
Xtrackers MSCI China A Inclusion Equity ETF | 34.7% | |||
Alibaba Group Holding Ltd. | 11.2% | |||
Tencent Holdings Ltd. | 8.1% | |||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | 5.2% | |||
China Construction Bank Corp. | 2.5% | |||
Ping An Insurance Group Co. of China Ltd. | 2.1% | |||
Industrial & Commercial Bank of China Ltd. | 1.5% | |||
China Mobile Ltd. | 1.5% | |||
Baidu, Inc. | 1.1% | |||
Bank of China Ltd. | 1.1% |
Sector Diversification* as of November 30, 2019 |
Financials | 21.9% | |||
Consumer Discretionary | 20.4% | |||
Communication Services | 14.4% | |||
Industrials | 8.1% | |||
Consumer Staples | 7.0% | |||
Information Technology | 6.9% | |||
Health Care | 5.8% | |||
Real Estate | 5.1% | |||
Materials | 4.5% | |||
Energy | 3.1% | |||
Utilities | 2.8% | |||
|
| |||
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 ChinaA-Shares Small Cap ETF.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.
4
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 ChinaA-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or theShenzhen-Hong Kong Stock Connect program. ChinaA-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, 2019 (20.8% of Net Assets) |
Description | % of Net Assets | |||
Kweichow Moutai Co. Ltd. | 5.2% | |||
Ping An Insurance Group Co. of China Ltd. | 3.3% | |||
China Merchants Bank Co. Ltd. | 2.7% | |||
Wuliangye Yibin Co. Ltd. | 1.8% | |||
China Yangtze Power Co. Ltd. | 1.5% | |||
Industrial Bank Co. Ltd. | 1.4% | |||
Jiangsu Hengrui Medicine Co. Ltd. | 1.4% | |||
Shanghai Pudong Development Bank Co. Ltd. | 1.3% | |||
Industrial & Commercial Bank of China Ltd. | 1.1% | |||
Hangzhou Hikvision Digital Technology Co. Ltd. | 1.1% |
Sector Diversification* as of November 30, 2019 |
Financials | 26.4% | |||
Consumer Staples | 14.7% | |||
Industrials | 12.6% | |||
Information Technology | 11.2% | |||
Health Care | 8.8% | |||
Materials | 7.6% | |||
Consumer Discretionary | 6.7% | |||
Real Estate | 4.4% | |||
Utilities | 2.9% | |||
Communication Services | 2.4% | |||
Energy | 2.3% | |||
|
| |||
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 25.
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 management fees and other fund expenses. 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 ChinaA-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. The Xtrackers MSCI China A Inclusion Equity ETF shareholders indirectly bear the expenses of Xtrackers Harvest CSI 300 ChinaA-Shares ETF (the “Underlying Fund”) in which the Xtrackers MSCI China A Inclusion Equity ETF invests. These expenses are not included in Xtrackers MSCI All China Equity ETF’s and Xtrackers MSCI China A Inclusion Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recentsix-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. 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 thesix-month period and held for the entire period (June 1, 2019 to November 30, 2019).
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, 2019 | Ending Account Value November 30, 2019 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,052.10 | 0.65 | % | $ | 3.33 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.75 | 0.65 | % | $ | 3.29 | ||||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 983.80 | 0.65 | % | $ | 3.22 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.75 | 0.65 | % | $ | 3.29 | ||||||||
Xtrackers MSCI All China Equity ETF(2) |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,070.40 | 0.26 | % | $ | 1.35 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.70 | 0.26 | % | $ | 1.32 | ||||||||
Xtrackers MSCI China A Inclusion Equity ETF(2) |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,056.50 | 0.60 | % | $ | 3.08 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.00 | 0.60 | % | $ | 3.03 |
(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 recentsix-month period), then divided by 366.
(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.
6
DBX ETF Trust
Xtrackers Harvest CSI 300 ChinaA-Shares ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Communication Services — 1.8% | ||||||||
Beijing Enlight Media Co. Ltd., Class A | 809,512 | $ | 1,145,614 | |||||
China Film Co. Ltd., Class A | 687,587 | 1,379,898 | ||||||
China United Network Communications Ltd., Class A | 8,552,563 | 6,945,837 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 9,429,806 | 7,510,744 | ||||||
Giant Network Group Co. Ltd., Class A | 560,568 | 1,411,217 | ||||||
Mango Excellent Media Co. Ltd., Class A* | 335,962 | 1,455,500 | ||||||
Oriental Pearl Group Co. Ltd., Class A | 1,889,953 | 2,370,892 | ||||||
Perfect World Co. Ltd., Class A | 481,602 | 2,363,195 | ||||||
Wanda Film Holding Co. Ltd., Class A* | 757,373 | 1,536,107 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 971,859 | 2,998,161 | ||||||
|
| |||||||
29,117,165 | ||||||||
|
| |||||||
Consumer Discretionary — 9.3% | ||||||||
BAIC BluePark New Energy Technology Co. Ltd., Class A* | 381,625 | 282,792 | ||||||
BYD Co. Ltd., Class A | 831,356 | 5,130,609 | ||||||
China Grand Automotive Services Group Co. Ltd., Class A | 3,010,393 | 1,430,085 | ||||||
China International Travel Service Corp. Ltd., Class A | 900,866 | 10,737,332 | ||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A* | 625,945 | 1,955,953 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 1,787,847 | 2,166,517 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 1,287,891 | 4,072,027 | ||||||
Great Wall Motor Co. Ltd., Class A | 1,101,811 | 1,460,546 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 4,425,884 | 36,328,149 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 848,939 | 1,425,997 | ||||||
Haier Smart Home Co. Ltd., Class A | 3,363,992 | 8,162,555 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 439,178 | 1,855,194 | ||||||
HLA Corp. Ltd., Class A | 1,649,486 | 1,801,781 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 1,443,671 | 5,322,251 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A* | 391,239 | 539,211 | ||||||
Midea Group Co. Ltd., Class A | 4,467,291 | 34,501,362 | ||||||
Oppein Home Group, Inc., Class A | 115,968 | 1,632,923 | ||||||
SAIC Motor Corp. Ltd., Class A | 3,213,426 | 10,626,333 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 3,765,523 | 3,690,087 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 670,700 | 2,608,068 | ||||||
Suning.com Co. Ltd., Class A | 3,417,907 | 4,788,380 | ||||||
TCL Corp., Class A | 9,955,723 | 5,437,462 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A | 1,563,195 | 1,129,455 | ||||||
Xiamen Intretech, Inc., Class A | 125,366 | 764,587 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Zhejiang Century Huatong Group Co. Ltd., Class A | 1,641,189 | $ | 2,275,911 | |||||
Zhejiang Supor Co. Ltd., Class A | 147,429 | 1,505,565 | ||||||
|
| |||||||
151,631,132 | ||||||||
|
| |||||||
Consumer Staples — 12.9% | ||||||||
Anhui Gujing Distillery Co. Ltd., Class A | 106,973 | 1,645,633 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 739,900 | 11,258,170 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 723,932 | 3,161,028 | ||||||
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | 383,796 | 1,598,866 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 909,494 | 4,008,793 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 5,607,799 | 23,202,155 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 556,957 | 7,778,236 | ||||||
Kweichow Moutai Co. Ltd., Class A | 462,003 | 74,187,528 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 675,802 | 7,857,771 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 759,652 | 9,378,353 | ||||||
New Hope Liuhe Co. Ltd., Class A | 1,929,900 | 5,646,265 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 239,639 | 3,045,058 | ||||||
Tongwei Co. Ltd., Class A | 1,780,283 | 3,317,054 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 3,414,096 | 17,384,048 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 1,784,964 | 32,381,883 | ||||||
Yonghui Superstores Co. Ltd., Class A | 3,515,765 | 3,715,359 | ||||||
|
| |||||||
209,566,200 | ||||||||
|
| |||||||
Energy — 2.0% | ||||||||
China Coal Energy Co. Ltd., Class A | 1,676,910 | 1,163,916 | ||||||
China Oilfield Services Ltd., Class A | 548,039 | 1,300,169 | ||||||
China Petroleum & Chemical Corp., Class A | 12,292,491 | 8,724,341 | ||||||
China Petroleum Engineering Corp. | 1,536,700 | 703,780 | ||||||
China Shenhua Energy Co. Ltd., Class A | 3,030,928 | 7,419,056 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 2,026,389 | 2,011,734 | ||||||
PetroChina Co. Ltd., Class A | 7,430,041 | 5,907,383 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 3,669,633 | 4,425,992 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 816,016 | 1,089,824 | ||||||
|
| |||||||
32,746,195 | ||||||||
|
| |||||||
Financials — 34.5% | ||||||||
Agricultural Bank of China Ltd., Class A | 35,184,500 | 18,115,575 | ||||||
Anxin Trust Co. Ltd., Class A* | 2,007,453 | 1,136,372 | ||||||
Avic Capital Co. Ltd., Class A | 4,943,754 | 3,192,309 | ||||||
Bank of Beijing Co. Ltd., Class A | 13,592,443 | 10,748,912 | ||||||
Bank of Changsha Co. Ltd., Class A | 346,300 | 421,618 | ||||||
Bank of Chengdu Co. Ltd., Class A | 1,656,900 | 2,012,549 | ||||||
Bank of China Ltd., Class A | 19,354,400 | 9,992,600 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 ChinaA-Shares ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Bank of Communications Co. Ltd., Class A | 25,229,531 | $ | 19,772,107 | |||||
Bank of Guiyang Co. Ltd., Class A | 1,771,643 | 2,320,748 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 1,883,633 | 2,333,494 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 6,358,027 | 6,239,698 | ||||||
Bank of Nanjing Co. Ltd., Class A | 5,445,694 | 6,405,469 | ||||||
Bank of Ningbo Co. Ltd., Class A | 2,573,090 | 9,727,519 | ||||||
Bank of Shanghai Co. Ltd., Class A | 6,531,937 | 8,537,872 | ||||||
Bohai Leasing Co. Ltd., Class A* | 1,715,294 | 834,366 | ||||||
Caitong Securities Co. Ltd., Class A | 2,310,976 | 3,135,711 | ||||||
Changjiang Securities Co. Ltd., Class A | 3,550,914 | 3,151,497 | ||||||
China CITIC Bank Corp. Ltd., Class A | 2,814,429 | 2,401,783 | ||||||
China Construction Bank Corp., Class A | 6,176,228 | 6,236,973 | ||||||
China Everbright Bank Co. Ltd., Class A | 14,631,404 | 8,594,651 | ||||||
China Galaxy Securities Co. Ltd., Class A | 1,182,828 | 1,729,445 | ||||||
China Great Wall Securities Co. Ltd., Class A | 317,400 | 526,378 | ||||||
China Life Insurance Co. Ltd., Class A | 1,529,227 | 7,136,255 | ||||||
China Merchants Bank Co. Ltd., Class A | 9,487,593 | 48,619,722 | ||||||
China Merchants Securities Co. Ltd., Class A | 2,621,288 | 6,144,182 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 22,791,228 | 20,000,693 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 2,891,269 | 14,084,494 | ||||||
Chinalin Securities Co. Ltd., Class A | 246,600 | 441,231 | ||||||
CITIC Securities Co. Ltd., Class A | 7,236,549 | 22,036,384 | ||||||
CSC Financial Co. Ltd., Class A | 404,494 | 1,288,126 | ||||||
Dongxing Securities Co. Ltd., Class A | 1,268,755 | 1,954,333 | ||||||
East Money Information Co. Ltd., Class A | 4,932,929 | 9,717,327 | ||||||
Everbright Securities Co. Ltd., Class A | 1,790,265 | 2,854,401 | ||||||
Founder Securities Co. Ltd., Class A | 3,777,058 | 3,593,949 | ||||||
GF Securities Co. Ltd., Class A* | 2,715,827 | 5,152,881 | ||||||
Guosen Securities Co. Ltd., Class A | 2,255,885 | 3,644,915 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 4,137,552 | 9,833,590 | ||||||
Guoyuan Securities Co. Ltd., Class A | 1,856,612 | 2,207,596 | ||||||
Haitong Securities Co. Ltd., Class A | 7,426,924 | 14,514,025 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 201,166 | 2,610,550 | ||||||
Huatai Securities Co. Ltd., Class A | 3,336,839 | 8,053,956 | ||||||
Huaxia Bank Co. Ltd., Class A | 5,649,864 | 5,970,614 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 1,896,229 | 1,806,998 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 19,812,684 | 16,316,013 | ||||||
Industrial Bank Co. Ltd., Class A | 13,377,038 | 35,940,497 | ||||||
Industrial Securities Co. Ltd., Class A | 4,308,219 | 3,792,980 | ||||||
Minmetals Capital Co. Ltd., Class A | 575,860 | 602,819 | ||||||
New China Life Insurance Co. Ltd., Class A | 758,163 | 4,800,759 | ||||||
Orient Securities Co. Ltd., Class A | 3,287,128 | 4,544,384 |
Number | Value | |||||||
Financials (Continued) | ||||||||
People’s Insurance Co. Group of China Ltd., Class A | 973,900 | $ | 912,835 | |||||
Ping An Bank Co. Ltd., Class A | 8,693,301 | 18,905,334 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 9,964,574 | 118,511,657 | ||||||
SDIC Capital Co. Ltd., Class A | 1,549,861 | 2,634,225 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 10,782,558 | 18,265,254 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 8,287,356 | 5,610,675 | ||||||
Sinolink Securities Co. Ltd., Class A | 2,222,490 | 2,598,387 | ||||||
SooChow Securities Co. Ltd., Class A | 2,206,448 | 2,676,917 | ||||||
Southwest Securities Co. Ltd., Class A | 2,590,732 | 1,595,521 | ||||||
Tianfeng Securities Co. Ltd., Class A | 475,000 | 362,119 | ||||||
Western Securities Co. Ltd., Class A | 1,611,397 | 2,021,452 | ||||||
Zheshang Securities Co. Ltd., Class A | 1,219,179 | 1,451,393 | ||||||
|
| |||||||
560,777,089 | ||||||||
|
| |||||||
Health Care — 7.0% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 1,141,751 | 6,482,673 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 500,298 | 1,892,791 | ||||||
Changchun High & New Technology Industry Group, Inc., Class A | 124,179 | 7,753,626 | ||||||
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A | 240,680 | 1,361,749 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 443,631 | 2,795,231 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 425,401 | 2,037,201 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 511,604 | 2,418,729 | ||||||
Huadong Medicine Co. Ltd., Class A | 805,405 | 2,818,004 | ||||||
Hualan Biological Engineering, Inc., Class A | 778,235 | 3,703,640 | ||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 304,637 | 975,760 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 2,840,348 | 34,702,190 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 512,361 | 984,518 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 977,347 | 4,485,800 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 2,067,251 | 4,348,641 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 523,811 | 1,534,737 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 924,893 | 3,308,428 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1,059,150 | 2,679,943 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A* | 1,374,202 | 1,401,399 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 380,953 | 1,005,638 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 796,152 | 2,629,362 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 832,346 | 1,806,553 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 ChinaA-Shares ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Health Care (Continued) | ||||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 1,125,944 | $ | 2,125,103 | |||||
Walvax Biotechnology Co. Ltd., Class A | 1,133,860 | 4,870,332 | ||||||
WuXi AppTec Co. Ltd., Class A | 133,107 | 1,665,813 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 469,307 | 5,867,297 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 272,672 | 3,869,690 | ||||||
Zhejiang NHU Co. Ltd., Class A | 1,182,881 | 3,583,544 | ||||||
|
| |||||||
113,108,392 | ||||||||
|
| |||||||
Industrials — 11.3% | ||||||||
AECC Aviation Power Co. Ltd., Class A | 825,839 | 2,382,075 | ||||||
Air China Ltd., Class A | 2,739,730 | 3,292,733 | ||||||
AVIC Aircraft Co. Ltd., Class A | 1,273,162 | 2,879,207 | ||||||
AVIC Shenyang Aircraft Co. Ltd., Class A* | 382,334 | 1,528,607 | ||||||
AVICOPTER PLC, Class A | 267,007 | 1,727,930 | ||||||
Beijing New Building Materials PLC, Class A | 780,349 | 2,477,281 | ||||||
Beijing Orient Landscape & Environment Co. Ltd., Class A | 1,484,250 | 968,974 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 1,738,357 | 1,856,825 | ||||||
China Avionics Systems Co. Ltd., Class A | 483,092 | 939,957 | ||||||
China Communications Construction Co. Ltd., Class A | 2,152,851 | 2,755,806 | ||||||
China Eastern Airlines Corp. Ltd., Class A* | 4,124,565 | 3,003,588 | ||||||
China Gezhouba Group Co. Ltd., Class A | 2,541,512 | 2,223,102 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 1,806,604 | 1,600,822 | ||||||
China Railway Construction Corp. Ltd., Class A | 4,225,080 | 5,811,037 | ||||||
China Railway Group Ltd., Class A | 7,492,057 | 6,020,627 | ||||||
China Shipbuilding Industry Co. Ltd., Class A | 8,412,594 | 6,317,657 | ||||||
China Southern Airlines Co. Ltd., Class A | 3,159,965 | 2,970,817 | ||||||
China Spacesat Co. Ltd., Class A | 547,351 | 1,577,239 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 19,271,614 | 14,006,550 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 3,551,587 | 2,389,328 | ||||||
CRRC Corp. Ltd., Class A | 8,933,855 | 8,856,535 | ||||||
Daqin Railway Co. Ltd., Class A | 5,470,429 | 6,170,022 | ||||||
Fangda Carbon New Material Co. Ltd., Class A* | 1,487,829 | 2,281,203 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 948,963 | 2,254,021 | ||||||
Guangzhou Port Co. Ltd., Class A | 1,715,900 | 912,758 | ||||||
Hainan Airlines Holding Co. Ltd., Class A* | 10,574,300 | 2,481,577 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 787,631 | 3,919,755 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 2,250,043 | $ | 2,592,197 | |||||
Metallurgical Corp. of China Ltd., Class A | 6,558,700 | 2,500,028 | ||||||
NARI Technology Co. Ltd., Class A | 1,692,188 | 5,526,022 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 3,629,681 | 1,868,828 | ||||||
Power Construction Corp. of China Ltd., Class A | 7,025,906 | 4,077,131 | ||||||
Qingdao Port International Co. Ltd., Class A | 448,000 | 414,812 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 5,384,857 | 11,090,086 | ||||||
SF Holding Co. Ltd., Class A | 569,371 | 3,073,260 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 4,090,111 | 2,024,447 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 3,242,406 | 2,158,268 | ||||||
Shanghai International Airport Co. Ltd., Class A | 888,712 | 9,496,566 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 2,974,488 | 2,356,458 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 918,047 | 3,430,182 | ||||||
Siasun Robot & Automation Co. Ltd., Class A* | 1,008,411 | 1,931,957 | ||||||
Spring Airlines Co. Ltd., Class A | 338,357 | 1,938,941 | ||||||
STO Express Co. Ltd., Class A | 276,400 | 715,487 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 1,479,740 | 1,694,234 | ||||||
TBEA Co. Ltd., Class A | 3,410,149 | 3,147,822 | ||||||
Weichai Power Co. Ltd., Class A | 4,393,950 | 8,243,128 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 4,318,537 | 2,813,159 | ||||||
Xiamen C & D, Inc., Class A | 1,300,566 | 1,479,839 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 2,540,317 | 4,187,584 | ||||||
YTO Express Group Co. Ltd., Class A | 339,134 | 598,598 | ||||||
Yunda Holding Co. Ltd., Class A | 262,648 | 1,085,954 | ||||||
Zangge Holding Co. Ltd., Class A* | 553,009 | 681,936 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 793,329 | 2,694,510 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 1,271,952 | 2,672,043 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 1,215,144 | 2,424,809 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 4,714,173 | 3,989,465 | ||||||
|
| |||||||
184,513,784 | ||||||||
|
| |||||||
Information Technology — 8.8% | ||||||||
360 Security Technology, Inc., Class A | 370,582 | 1,093,164 | ||||||
Aisino Corp., Class A | 1,029,212 | 3,022,854 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A | 233,600 | 1,641,315 | ||||||
AVIC Jonhon Optronic Technology Co. Ltd., Class A | 471,963 | 2,585,749 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 288,109 | 1,478,891 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 ChinaA-Shares ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
BOE Technology Group Co. Ltd., Class A | 21,776,291 | $ | 12,079,270 | |||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 958,221 | 2,551,313 | ||||||
Dawning Information Industry Co. Ltd., Class A | 579,457 | 2,799,683 | ||||||
DHC Software Co. Ltd., Class A | 1,720,869 | 2,244,446 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 638,095 | 2,258,021 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 1,089,644 | 2,581,973 | ||||||
Gigadevice Semiconductor Beijing, Inc., Class A | 138,870 | 3,266,902 | ||||||
Glodon Co. Ltd., Class A | 617,229 | 2,898,782 | ||||||
GoerTek, Inc., Class A | 1,785,159 | 4,923,194 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 3,430,745 | 15,326,696 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 1,218,524 | 2,682,855 | ||||||
Hundsun Technologies, Inc., Class A | 589,759 | 6,107,419 | ||||||
Iflytek Co. Ltd., Class A | 1,413,866 | 6,628,078 | ||||||
Lens Technology Co. Ltd., Class A | 719,518 | 1,312,987 | ||||||
Leyard Optoelectronic Co. Ltd., Class A | 1,635,300 | 1,456,009 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 2,331,403 | 7,908,569 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 2,946,017 | 14,259,010 | ||||||
OFILM Group Co. Ltd., Class A* | 1,745,491 | 3,135,545 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 2,245,248 | 5,310,663 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 82,633 | 2,281,242 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A* | 715,419 | 4,013,188 | ||||||
Tsinghua Tongfang Co. Ltd., Class A* | 2,182,551 | 2,477,191 | ||||||
Tunghsu Optoelectronic Technology Co. Ltd., Class A (a) | 4,168,373 | 2,845,771 | ||||||
Unisplendour Corp. Ltd., Class A | 259,754 | 999,359 | ||||||
Wangsu Science & Technology Co. Ltd., Class A | 1,784,375 | 2,243,523 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 1,144,867 | 4,520,294 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 1,650,718 | 3,977,209 | ||||||
ZTE Corp., Class A* | 2,189,248 | 9,562,401 | ||||||
|
| |||||||
142,473,566 | ||||||||
|
| |||||||
Materials — 5.8% | ||||||||
ADAMA Ltd., Class A | 423,826 | 593,164 | ||||||
Aluminum Corp. of China Ltd., Class A* | 6,002,717 | 2,800,360 | ||||||
Angang Steel Co. Ltd., Class A | 2,204,898 | 987,851 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 1,840,662 | 11,990,345 | ||||||
Baiyin Nonferrous Group Co. Ltd., Class A* | 797,400 | 379,938 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 8,185,247 | 6,368,121 |
Number | Value | |||||||
Materials (Continued) | ||||||||
BBMG Corp., Class A | 3,061,700 | $ | 1,423,975 | |||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 822,097 | 2,806,251 | ||||||
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A | 1,076,812 | 906,679 | ||||||
Bluestar Adisseo Co., Class A | 267,200 | 402,842 | ||||||
China Jushi Co. Ltd., Class A | 1,924,293 | 2,471,446 | ||||||
China Molybdenum Co. Ltd., Class A | 6,485,090 | 3,283,660 | ||||||
China Northern Rare Earth GroupHigh-Tech Co. Ltd., Class A | 2,001,055 | 2,829,031 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 715,459 | 2,823,839 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 966,449 | 1,928,541 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 1,045,053 | 2,070,530 | ||||||
Hesteel Co. Ltd., Class A | 3,897,410 | 1,396,911 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A | 127,979 | 498,202 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 16,751,507 | 3,049,692 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A* | 3,094,373 | 1,329,143 | ||||||
Jiangxi Copper Co. Ltd., Class A | 951,369 | 1,906,567 | ||||||
Lomon Billions Group Co. Ltd., Class A | 562,498 | 1,040,055 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A* | 3,948,400 | 1,566,814 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 1,157,232 | 1,999,811 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 950,393 | 4,067,407 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 6,582,840 | 2,022,364 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 2,016,450 | 1,121,389 | ||||||
Tianqi Lithium Corp., Class A | 624,885 | 2,654,774 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 5,803,620 | 1,758,210 | ||||||
Transfar Zhilian Co. Ltd., Class A | 1,194,300 | 1,170,374 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 1,438,244 | 9,902,841 | ||||||
YanAn Bicon Pharmaceutical Listed Co., Class A* | 426,887 | 997,569 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 593,594 | 2,574,181 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 2,385,540 | 4,468,530 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 1,578,539 | 1,760,206 | ||||||
Zijin Mining Group Co. Ltd., Class A | 11,245,891 | 5,694,244 | ||||||
|
| |||||||
95,045,857 | ||||||||
|
| |||||||
Real Estate — 4.3% | ||||||||
China Fortune Land Development Co. Ltd., Class A | 1,653,213 | 6,567,377 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 2,186,988 | 5,633,224 | ||||||
China Vanke Co. Ltd., Class A | 4,464,128 | 17,587,681 | ||||||
Financial Street Holdings Co. Ltd., Class A | 1,093,620 | 1,202,370 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 ChinaA-Shares ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Gemdale Corp., Class A | 2,076,879 | $ | 3,515,202 | |||||
Greenland Holdings Corp. Ltd., Class A | 3,361,535 | 3,131,635 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 1,703,933 | 1,967,889 | ||||||
Jinke Properties Group Co. Ltd., Class A | 1,964,700 | 1,835,920 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 6,555,360 | 13,454,112 | ||||||
Red Star Macalline Group Corp. Ltd., Class A | 367,960 | 559,462 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 1,601,678 | 1,965,976 | ||||||
Seazen Holdings Co. Ltd., Class A | 828,167 | 3,845,858 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 809,548 | 1,525,635 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 3,952,366 | 2,091,184 | ||||||
Yango Group Co. Ltd., Class A | 1,491,417 | 1,467,903 | ||||||
Youngor Group Co. Ltd., Class A | 3,217,404 | 3,066,003 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 2,495,704 | 1,352,416 | ||||||
|
| |||||||
70,769,847 | ||||||||
|
| |||||||
Utilities — 2.2% | ||||||||
China National Nuclear Power Co. Ltd., Class A | 4,297,700 | 2,970,739 | ||||||
China Yangtze Power Co. Ltd., Class A | 6,064,814 | 15,638,945 | ||||||
GD Power Development Co. Ltd., Class A | 10,823,300 | 3,479,047 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Huadian Power International Corp. Ltd., Class A | 2,988,000 | $ | 1,576,692 | |||||
Huaneng Lancang River Hydropower, Inc., Class A | 1,651,800 | 982,033 | ||||||
Huaneng Power International, Inc., Class A | 4,034,442 | 3,437,181 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 3,125,357 | 3,720,637 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 1,619,616 | 2,199,923 | ||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 3,747,488 | 2,052,075 | ||||||
|
| |||||||
36,057,272 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,625,806,499 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $1,412,032,070) | $ | 1,625,806,499 | ||||||
Other assets and liabilities, net — 0.1% | 888,881 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,626,695,380 | ||||||
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
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, 2019 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) | $ | 1,622,960,728 | $ | — | $ | 2,845,771 | $ | 1,625,806,499 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,622,960,728 | $ | — | $ | 2,845,771 | $ | 1,625,806,499 | ||||||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations. |
During the period ended November 30, 2019, the amount of transfers from Level 1 to Level 3 was $2,418,640. 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. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Communication Services — 5.1% | ||||||||
Beijing Gehua CATV Network Co. Ltd., Class A | 69,500 | $ | 84,715 | |||||
Beijing Kunlun Tech Co. Ltd., Class A* | 40,500 | 82,891 | ||||||
Bluefocus Intelligent Communications Group Co. Ltd., Class A | 122,100 | 90,653 | ||||||
Changjiang Publishing & Media Co. Ltd., Class A | 43,412 | 36,923 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 51,200 | 84,327 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 49,089 | 83,365 | ||||||
Dr Peng Telecom & Media Group Co. Ltd., Class A* | 101,900 | 86,670 | ||||||
G-bits Network Technology Xiamen Co. Ltd., Class A | 3,073 | 128,181 | ||||||
Guizhou Broadcasting & TV Information Network Co. Ltd., Class A | 22,800 | 25,067 | ||||||
Hangzhou Shunwang Technology Co. Ltd., Class A* | 29,600 | 90,599 | ||||||
Huayi Brothers Media Corp., Class A* | 139,174 | 86,702 | ||||||
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A | 175,400 | 96,546 | ||||||
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 54,600 | 55,525 | ||||||
Kingnet Network Co. Ltd., Class A* | 74,800 | 28,512 | ||||||
Leo Group Co. Ltd., Class A* | 330,895 | 103,068 | ||||||
NanJiE-Commerce Co. Ltd., Class A* | 104,750 | 165,226 | ||||||
Ourpalm Co. Ltd., Class A* | 196,100 | 151,450 | ||||||
People.cn Co. Ltd., Class A | 39,500 | 104,384 | ||||||
Shandong Publishing & Media Co. Ltd., Class A | 44,509 | 42,351 | ||||||
Wasu Media Holding Co. Ltd., Class A | 40,200 | 47,971 | ||||||
Xinhuanet Co. Ltd., Class A | 14,450 | 41,680 | ||||||
Youzu Interactive Co. Ltd., Class A* | 37,400 | 83,143 | ||||||
Zhejiang Daily Digital Culture Group Co. Ltd., Class A | 54,900 | 64,653 | ||||||
Zhejiang Huace Film & TV Co. Ltd., Class A | 76,100 | 67,107 | ||||||
|
| |||||||
1,931,709 | ||||||||
|
| |||||||
Consumer Discretionary — 9.1% | ||||||||
Anhui Jianghuai Automobile Group Corp., Ltd., Class A* | 94,700 | 64,787 | ||||||
Anhui Xinhua Media Co. Ltd., Class A | 42,300 | 30,804 | ||||||
Anhui Zhongding Sealing Parts Co. Ltd., Class A | 52,200 | 59,989 | ||||||
Beiqi Foton Motor Co. Ltd., Class A* | 331,900 | 92,053 | ||||||
Besttone Holdings Co. Ltd., Class A | 22,000 | 57,763 | ||||||
BTG Hotels Group Co. Ltd., Class A | 34,245 | 86,600 | ||||||
CCOOP Group Co. Ltd., Class A* | 126,300 | 40,239 | ||||||
Chengdu Fusen Noble-House Industrial Co. Ltd., Class A | 16,670 | 28,167 | ||||||
China CYTS Tours Holding Co. Ltd., Class A | 40,800 | 67,895 | ||||||
Chongqing Department Store Co. Ltd., Class A | 16,995 | 66,957 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Chongqing Sokon Industry Group Co. Ltd., Class A | 19,800 | $ | 35,512 | |||||
Dashang Co. Ltd., Class A* | 9,900 | 36,399 | ||||||
DongFeng Automobile Co. Ltd., Class A | 56,200 | 35,091 | ||||||
Eastern Pioneer Driving School Co. Ltd., Class A | 16,100 | 42,340 | ||||||
Ecovacs Robotics Co. Ltd., Class A | 4,733 | 12,824 | ||||||
Global TopE-Commerce Co. Ltd., Class A | 55,050 | 53,947 | ||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A* | 37,853 | 53,030 | ||||||
Hangzhou Lianluo Interactive Information Technology Co. Ltd., Class A* | 107,500 | 61,464 | ||||||
Hisense Electric Co. Ltd., Class A | 55,300 | 75,035 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A | 11,600 | 41,824 | ||||||
Jason Furniture Hangzhou Co. Ltd., Class A | 13,214 | 72,678 | ||||||
Jinzhou Cihang Group Co. Ltd., Class A* | 75,000 | 18,881 | ||||||
Joyoung Co. Ltd., Class A | 22,100 | 71,007 | ||||||
KingClean Electric Co. Ltd., Class A | 5,500 | 16,623 | ||||||
Liaoning Cheng Da Co. Ltd., Class A* | 87,058 | 179,296 | ||||||
Lifan Industry Group Co. Ltd., Class A* | 45,500 | 18,508 | ||||||
Loncin Motor Co. Ltd., Class A* | 72,850 | 36,991 | ||||||
Meisheng Cultural & Creative Corp. Ltd., Class A* | 24,860 | 19,801 | ||||||
Nanjing Central Emporium, Class A* | 39,700 | 15,472 | ||||||
NavInfo Co. Ltd., Class A | 111,800 | 256,488 | ||||||
Ningbo Huaxiang Electronic Co. Ltd., Class A | 31,600 | 64,181 | ||||||
Ningbo Joyson Electronic Corp., Class A* | 55,720 | 121,254 | ||||||
Ningbo Peacebird Fashion Co. Ltd., Class A | 4,800 | 9,640 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A | 29,607 | 58,996 | ||||||
Offcn Education Technology Co. Ltd., Class A | 48,400 | 125,839 | ||||||
Rainbow Department Store Co. Ltd., Class A | 34,500 | 47,597 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 34,500 | 100,691 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 16,700 | 57,196 | ||||||
Shenzhen Fenda Technology Co. Ltd., Class A* | 57,259 | 40,150 | ||||||
Shenzhen Tellus Holding Co. Ltd., Class A* | 7,930 | 22,445 | ||||||
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A* | 69,850 | 57,423 | ||||||
Sichuan Changhong Electric Co. Ltd., Class A | 262,800 | 100,173 | ||||||
Sinomach Automobile Co. Ltd., Class A | 31,450 | 24,468 | ||||||
Sou Yu Te Group Co. Ltd., Class A* | 108,124 | 33,064 | ||||||
Suofeiya Home Collection Co. Ltd., Class A | 46,218 | 115,169 | ||||||
UTour Group Co. Ltd., Class A | 43,000 | 31,375 | ||||||
Visual China Group Co. Ltd., Class A | 29,900 | 84,586 | ||||||
Wangfujing Group Co. Ltd., Class A | 27,730 | 51,115 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 97,400 | 70,374 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 41,500 | 109,788 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Wuhan Department Store Group Co. Ltd., Class A | 27,309 | $ | 42,104 | |||||
Xinhua Winshare Publishing and Media Co. Ltd., Class A | 10,700 | 18,491 | ||||||
Yantai Tayho Advanced Materials Co. Ltd., Class A (a) | 36,300 | 53,540 | ||||||
Yihua Lifestyle Technology Co. Ltd., Class A | 83,700 | 35,238 | ||||||
Yotrio Group Co. Ltd., Class A | 76,140 | 45,917 | ||||||
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A | 56,267 | 64,183 | ||||||
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 93,600 | 90,526 | ||||||
Zhejiang Yasha Decoration Co. Ltd., Class A | 46,900 | 37,288 | ||||||
Zotye Automobile Co. Ltd., Class A* | 85,300 | 32,636 | ||||||
|
| |||||||
3,493,912 | ||||||||
|
| |||||||
Consumer Staples — 7.5% | ||||||||
Angel Yeast Co. Ltd., Class A | 34,975 | 150,578 | ||||||
Anhui Yingjia Distillery Co. Ltd., Class A | 16,600 | 48,165 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 181,062 | 111,766 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 37,170 | 264,600 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A | 100,200 | 87,219 | ||||||
Better Life Commercial Chain Share Co. Ltd., Class A | 30,830 | 39,465 | ||||||
Bright Dairy & Food Co. Ltd., Class A | 42,800 | 67,875 | ||||||
Chongqing Fuling Zhacai Group Co. Ltd., Class A | 39,438 | 136,978 | ||||||
COFCO Tunhe Sugar Co. Ltd., Class A* | 76,700 | 88,472 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A | 7,890 | 57,310 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 35,100 | 118,617 | ||||||
Hebei Chengde Lolo Co., Class A | 41,741 | 44,823 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 50,400 | 66,523 | ||||||
Hunan Dakang International Food & Agriculture Co. Ltd., Class A* | 193,020 | 46,396 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 35,600 | 152,814 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 84,400 | 175,502 | ||||||
JonjeeHi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 39,800 | 255,527 | ||||||
Juewei Food Co. Ltd., Class A | 15,500 | 96,450 | ||||||
Laobaixing Pharmacy Chain JSC, Class A | 7,910 | 76,953 | ||||||
New Hope Dairy Co. Ltd., Class A | 7,000 | 12,156 | ||||||
Opple Lighting Co. Ltd., Class A | 10,290 | 38,316 | ||||||
Shanghai Bailian Group Co. Ltd., Class A | 57,100 | 71,468 | ||||||
Shanghai Flyco Electrical Appliance Co. Ltd., Class A | 3,600 | 18,586 | ||||||
Shanghai Jahwa United Co. Ltd., Class A | 23,864 | 101,826 | ||||||
Shanghai Maling Aquarius Co. Ltd., Class A | 46,100 | 50,816 | ||||||
Shenzhen Agricultural Products Group Co. Ltd., Class A | 47,900 | 36,449 |
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Sichuan Swellfun Co. Ltd., Class A | 17,099 | $ | 137,091 | |||||
Toly Bread Co. Ltd., Class A | 9,535 | 58,830 | ||||||
Yantai Changyu Pioneer Wine Co. Ltd., Class A | 10,000 | 38,900 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 10,300 | 111,982 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A | 65,354 | 118,516 | ||||||
|
| |||||||
2,880,969 | ||||||||
|
| |||||||
Energy — 3.0% | ||||||||
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A | 42,620 | 34,613 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 172,000 | 145,314 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 97,700 | 79,902 | ||||||
Datong Coal Industry Co. Ltd., Class A* | 58,600 | 34,923 | ||||||
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A | 80,700 | 28,925 | ||||||
Geo-Jade Petroleum Corp., Class A* | 112,540 | 43,218 | ||||||
Guizhou Gas Group Corp. Ltd., Class A | 16,800 | 36,487 | ||||||
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A | 40,800 | 47,468 | ||||||
Jizhong Energy Resources Co. Ltd., Class A | 74,800 | 37,342 | ||||||
Oriental Energy Co. Ltd., Class A | 82,800 | 93,507 | ||||||
Shandong Xinchao Energy Corp. Ltd., Class A* | 241,400 | 69,699 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 85,700 | 84,349 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A* | 87,500 | 103,543 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 112,700 | 92,649 | ||||||
Yang Quan Coal Industry Group Co. Ltd., Class A | 84,800 | 62,718 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 34,341 | 154,882 | ||||||
|
| |||||||
1,149,539 | ||||||||
|
| |||||||
Financials — 4.0% | ||||||||
Bank of Qingdao Co. Ltd., Class A | 38,700 | 31,209 | ||||||
Bank of Zhengzhou Co. Ltd., Class A | 42,700 | 27,148 | ||||||
First Capital Securities Co. Ltd., Class A | 149,300 | 152,680 | ||||||
Guangdong Golden Dragon Development, Inc., Class A* | 31,274 | 59,071 | ||||||
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A | 19,085 | 22,991 | ||||||
Huaan Securities Co. Ltd., Class A | 128,743 | 109,501 | ||||||
Huaxi Securities Co. Ltd., Class A | 93,600 | 125,805 | ||||||
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 117,055 | 134,522 | ||||||
Jiangsu Financial Leasing Co. Ltd., Class A | 63,500 | 54,190 | ||||||
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A | 77,180 | 47,642 | ||||||
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A | 63,700 | 50,464 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Kunwu Jiuding Investment Holdings Co. Ltd., Class A | 9,300 | $ | 26,296 | |||||
Northeast Securities Co. Ltd., Class A | 100,349 | 111,755 | ||||||
Polaris Bay Group Co. Ltd., Class A* | 37,400 | 65,535 | ||||||
Sealand Securities Co. Ltd., Class A | 210,000 | 138,291 | ||||||
Shaanxi International Trust Co. Ltd., Class A | 141,090 | 79,868 | ||||||
Shanghai AJ Group Co. Ltd., Class A | 69,405 | 85,290 | ||||||
Shanxi Securities Co. Ltd., Class A | 121,200 | 128,253 | ||||||
Wuxi Rural Commercial Bank Co. Ltd., Class A | 64,900 | 48,277 | ||||||
Xishui Strong Year Co. Ltd. Inner Mongolia, Class A | 38,400 | 44,894 | ||||||
|
| |||||||
1,543,682 | ||||||||
|
| |||||||
Health Care — 9.9% | ||||||||
Anhui Anke Biotechnology Group Co. Ltd., Class A | 44,800 | 95,260 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 10,104 | 176,763 | ||||||
Beijing SL Pharmaceutical Co. Ltd., Class A | 43,300 | 76,982 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 37,530 | 141,028 | ||||||
Blue Sail Medical Co. Ltd., Class A | 20,100 | 34,707 | ||||||
China Animal Husbandry Industry Co. Ltd., Class A | 29,668 | 51,480 | ||||||
China National Accord Medicines Corp. Ltd., Class A | 10,173 | 63,100 | ||||||
China National Medicines Corp. Ltd., Class A | 22,033 | 76,557 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 37,349 | 65,765 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 28,118 | 117,537 | ||||||
Da An Gene Co. Ltd. of SunYat-Sen University, Class A | 39,738 | 59,232 | ||||||
Dezhan Healthcare Co. Ltd., Class A* | 63,600 | 54,908 | ||||||
Dian Diagnostics Group Co. Ltd., Class A | 26,240 | 81,285 | ||||||
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A | 46,700 | 65,426 | ||||||
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A | 40,400 | 47,635 | ||||||
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A* | 70,750 | 54,641 | ||||||
Harbin Gloria Pharmaceuticals Co. Ltd., Class A | 61,550 | 27,313 | ||||||
Harbin Pharmaceutical Group Co. Ltd., Class A* | 107,820 | 57,354 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A* | 67,800 | 123,818 | ||||||
Hybio Pharmaceutical Co. Ltd., Class A* | 32,600 | 26,244 | ||||||
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A | 29,248 | 59,155 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 43,185 | 119,957 | ||||||
Jiangzhong Pharmaceutical Co. Ltd., Class A | 22,385 | 38,811 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 66,300 | $ | 145,691 | |||||
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A* | 36,300 | 28,603 | ||||||
JinyuBio-Technology Co. Ltd., Class A | 82,704 | 221,027 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 68,956 | 96,311 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 25,862 | 114,802 | ||||||
Mayinglong Pharmaceutical Group Co. Ltd., Class A | 21,500 | 52,383 | ||||||
Realcan Pharmaceutical Group Co. Ltd., Class A | 85,030 | 87,075 | ||||||
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A | 26,400 | 64,809 | ||||||
Shenzhen Neptunus Bioengineering Co. Ltd., Class A | 117,150 | 53,986 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 43,000 | 69,049 | ||||||
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 128,700 | 63,701 | ||||||
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A | 19,962 | 37,989 | ||||||
Tonghua Golden-Horse Pharmaceutical Industry Co. Ltd., Class A* | 34,200 | 31,424 | ||||||
Topchoice Medical Corp., Class A* | 13,300 | 195,901 | ||||||
Vcanbio Cell & Gene Engineering Corp. Ltd., Class A* | 23,100 | 53,817 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 92,019 | 199,328 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A | 51,800 | 102,482 | ||||||
Zhejiang Conba Pharmaceutical Co. Ltd., Class A | 133,240 | 118,064 | ||||||
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A* | 41,000 | 61,638 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A* | 46,700 | 124,740 | ||||||
Zhejiang Medicine Co. Ltd., Class A | 48,100 | 85,105 | ||||||
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A | 52,250 | 79,666 | ||||||
|
| |||||||
3,802,549 | ||||||||
|
| |||||||
Industrials — 16.8% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A | 40,100 | 73,061 | ||||||
Antong Holdings Co. Ltd., Class A* | 54,360 | 42,524 | ||||||
Avic Aviation High-Technology Co. Ltd., Class A | 39,600 | 54,183 | ||||||
Avic Heavy Machinery Co. Ltd., Class A | 38,200 | 48,844 | ||||||
Beijing Changjiu Logistics Corp., Class A | 5,260 | 7,758 | ||||||
Beijing Shouhang Resources Saving Co. Ltd., Class A* | 126,855 | 63,510 | ||||||
Beijing SPC Environment Protection Tech Co. Ltd., Class A | 46,400 | 40,653 | ||||||
Beijing Watertek Information Technology Co. Ltd., Class A* | 72,877 | 52,863 | ||||||
Camel Group Co. Ltd., Class A | 30,800 | 39,470 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Changyuan Group Ltd., Class A* | 75,640 | $ | 63,259 | |||||
China Aerospace Times Electronics Co. Ltd., Class A* | 154,200 | 128,521 | ||||||
China Aluminum International Engineering Corp Ltd., Class A | 22,100 | 16,408 | ||||||
China Baoan Group Co. Ltd., Class A | 183,780 | 116,842 | ||||||
China CAMC Engineering Co. Ltd., Class A | 34,782 | 44,721 | ||||||
China First Heavy Industries, Class A* | 195,300 | 77,777 | ||||||
China High-Speed Railway Technology Co. Ltd., Class A | 138,996 | 69,391 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 76,220 | 104,506 | ||||||
China Meheco Co. Ltd., Class A | 37,487 | 66,808 | ||||||
China Nuclear Engineering Corp. Ltd., Class A | 55,600 | 55,198 | ||||||
China RailwayHi-tech Industry Co. Ltd., Class A | 79,600 | 114,008 | ||||||
China Railway Tielong Container Logistics Co. Ltd., Class A | 64,500 | 51,373 | ||||||
China XD Electric Co. Ltd., Class A | 145,300 | 73,365 | ||||||
Chongqing Construction Engineering Group Corp. Ltd., Class A | 38,100 | 24,494 | ||||||
CITIC Heavy Industries Co. Ltd., Class A | 123,800 | 62,685 | ||||||
CMST Development Co. Ltd., Class A | 62,600 | 43,806 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A | 282,300 | 100,379 | ||||||
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A* | 61,100 | 30,590 | ||||||
Dalian Port PDA Co. Ltd., Class A | 220,820 | 62,815 | ||||||
Dazhong Transportation Group Co. Ltd., Class A | 76,900 | 43,313 | ||||||
Deppon Logistics Co. Ltd., Class A | 20,300 | 31,298 | ||||||
Dongfang Electric Corp. Ltd., Class A | 78,400 | 99,131 | ||||||
Dongjiang Environmental Co. Ltd., Class A | 29,100 | 38,078 | ||||||
Eternal Asia Supply Chain Management Ltd., Class A | 105,000 | 60,932 | ||||||
Far East Smarter Energy Co. Ltd., Class A* | 62,600 | 45,319 | ||||||
Foshan Electrical and Lighting Co. Ltd., Class A | 46,051 | 32,094 | ||||||
Fujian Longking Co. Ltd., Class A | 52,900 | 73,434 | ||||||
Guangshen Railway Co. Ltd., Class A | 241,300 | 101,587 | ||||||
Guangxi Liugong Machinery Co. Ltd., Class A | 73,830 | 66,681 | ||||||
Guosheng Financial Holding, Inc., Class A* | 55,587 | 87,758 | ||||||
Guoxuan High-Tech Co. Ltd., Class A | 56,455 | 96,676 | ||||||
Hefei Meiya Optoelectronic Technology, Inc., Class A | 19,600 | 104,010 | ||||||
Henan Pinggao Electric Co. Ltd., Class A | 57,900 | 53,034 | ||||||
Henan Senyuan Electric Co. Ltd., Class A | 39,700 | 37,211 | ||||||
Hongfa Technology Co. Ltd., Class A | 31,380 | 129,566 | ||||||
Huaihe Energy Group Co. Ltd., Class A* | 136,900 | 50,625 | ||||||
Hunan Corun New Energy Co. Ltd., Class A* | 82,747 | 45,193 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Inner Mongolia First Machinery Group Co. Ltd., Class A | 60,200 | $ | 84,852 | |||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 19,100 | 118,498 | ||||||
Jiangsu Zongyi Co. Ltd., Class A* | 55,400 | 39,634 | ||||||
Jiangxi Hongdu Aviation Industry Co. Ltd., Class A | 30,700 | 55,760 | ||||||
Jiangxi Special Electric Motor Co. Ltd., Class A* | 84,600 | 38,625 | ||||||
Jihua Group Corp. Ltd., Class A | 156,400 | 70,516 | ||||||
Juneyao Airlines Co. Ltd., Class A* | 41,940 | 83,393 | ||||||
Keda Clean Energy Co. Ltd., Class A* | 89,900 | 51,401 | ||||||
Ming Yang Smart Energy Group Ltd., Class A | 19,000 | 30,726 | ||||||
Minmetals Development Co. Ltd., Class A* | 30,500 | 31,754 | ||||||
Nanyang Topsec Technologies Group, Inc., Class A* | 32,980 | 74,818 | ||||||
North Industries Group Red Arrow Co. Ltd., Class A | 48,847 | 50,439 | ||||||
North Navigation Control Technology Co. Ltd., Class A* | 73,800 | 82,503 | ||||||
Orient Group, Inc., Class A* | 211,490 | 98,663 | ||||||
PalmEco-Town Development Co. Ltd., Class A* | 84,050 | 36,342 | ||||||
Qingdao TGOOD Electric Co. Ltd., Class A | 35,281 | 80,489 | ||||||
Qinhuangdao Port Co. Ltd., Class A | 100,100 | 44,136 | ||||||
Rizhao Port Co. Ltd., Class A | 131,300 | 52,663 | ||||||
Saurer Intelligent Technology Co. Ltd., Class A | 40,000 | 33,850 | ||||||
ShandongHi-speed Co. Ltd., Class A | 47,300 | 32,023 | ||||||
Shanghai Environment Group Co. Ltd., Class A | 32,340 | 49,953 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 22,449 | 48,469 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 133,900 | 111,982 | ||||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A | 26,400 | 62,143 | ||||||
Shenzhen Airport Co. Ltd., Class A | 73,400 | 98,551 | ||||||
Shenzhen Grandland Group Co. Ltd., Class A | 42,500 | 24,783 | ||||||
Shenzhen Tagen Group Co. Ltd., Class A | 93,109 | 66,745 | ||||||
Shenzhen Techand Ecology & Environment Co. Ltd., Class A | 115,350 | 52,008 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 154,600 | 71,244 | ||||||
Sieyuan Electric Co. Ltd., Class A | 37,280 | 74,816 | ||||||
Sinochem International Corp., Class A | 96,560 | 69,081 | ||||||
Sinoma International Engineering Co., Class A | 73,950 | 65,421 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 72,900 | 105,967 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 55,600 | 138,943 | ||||||
Suzhou Anjie Technology Co. Ltd., Class A | 24,650 | 52,239 | ||||||
Taihai Manoir Nuclear Equipment Co. Ltd., Class A | 37,200 | 36,931 | ||||||
Taiyuan Heavy Industry Co. Ltd., Class A* | 125,400 | 40,844 | ||||||
TangShan Port Group Co. Ltd., Class A | 211,274 | 76,025 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Tian Di Science & Technology Co. Ltd., Class A | 116,900 | $ | 50,046 | |||||
TianGuang ZhongMao Co. Ltd., Class A* | 122,200 | 25,202 | ||||||
Tianjin Capital Environmental Protection Group Co. Ltd., Class A | 31,200 | 30,886 | ||||||
Tianjin Port Co. Ltd., Class A | 71,220 | 63,006 | ||||||
Tus Environmental Science And Technology Development Co. Ltd., Class A | 50,800 | 61,849 | ||||||
Wolong Electric Group Co. Ltd., Class A | 55,339 | 80,912 | ||||||
Xiamen ITG Group Corp. Ltd., Class A | 90,748 | 90,091 | ||||||
Xiangtan Electric Manufacturing Co. Ltd., Class A* | 46,900 | 40,224 | ||||||
Xingyuan Environment Technology Co. Ltd., Class A* | 66,550 | 32,940 | ||||||
Xinjiang Communications Construction Group Co. Ltd., Class A | 4,600 | 11,934 | ||||||
Xinjiang Machinery Research Institute Co. Ltd., Class A | 63,300 | 35,112 | ||||||
Xuji Electric Co. Ltd., Class A | 43,200 | 59,539 | ||||||
Yingkou Port Liability Co. Ltd., Class A | 136,700 | 48,607 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 112,000 | 65,472 | ||||||
Zhejiang Kaishan Compressor Co. Ltd., Class A | 24,400 | 33,802 | ||||||
Zhejiang Wanliyang Co. Ltd., Class A | 37,200 | 45,873 | ||||||
Zhejiang Weiming Environment Protection Co. Ltd., Class A | 13,797 | 42,564 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 44,680 | 77,657 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 73,800 | 64,869 | ||||||
Zhongji Innolight Co. Ltd., Class A | 10,492 | 65,660 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd., Class A* | 83,600 | 42,211 | ||||||
|
| |||||||
6,431,438 | ||||||||
|
| |||||||
Information Technology — 21.0% | ||||||||
Accelink Technologies Co. Ltd., Class A | 28,400 | 112,697 | ||||||
Addsino Co. Ltd., Class A* | 79,500 | 106,854 | ||||||
Beijing Dahao Technology Corp. Ltd., Class A | 7,046 | 8,768 | ||||||
Beijing Jetsen Technology Co. Ltd., Class A* | 127,900 | 62,577 | ||||||
Beijing Lanxum Technology Co. Ltd., Class A* | 49,720 | 73,758 | ||||||
Beijing Orient National Communication Science & Technology Co. Ltd., Class A | 51,919 | 87,137 | ||||||
Beijing Philisense Technology Co. Ltd., Class A* | 81,200 | 43,656 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 65,748 | 179,078 | ||||||
Beijing Teamsun Technology Co. Ltd., Class A* | 78,660 | 111,990 | ||||||
Beijing Ultrapower Software Co. Ltd., Class A* | 110,800 | 49,798 | ||||||
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A | 61,000 | 77,738 | ||||||
Bluedon Information Security Technology Co. Ltd., Class A | 52,400 | 39,053 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
China Greatwall Technology Group Co. Ltd., Class A | 125,019 | $ | 264,055 | |||||
China National Software & Service Co. Ltd., Class A | 21,200 | 204,376 | ||||||
China TransInfo Technology Co. Ltd., Class A | 52,300 | 124,821 | ||||||
CPT Technology Group Co. Ltd., Class A* | 96,900 | 36,660 | ||||||
East Group Co. Ltd., Class A | 65,700 | 40,088 | ||||||
GCI Science & Technology Co. Ltd., Class A | 24,300 | 41,889 | ||||||
GCL System Integration Technology Co. Ltd., Class A* | 180,307 | 157,461 | ||||||
GRG Banking Equipment Co. Ltd., Class A | 85,100 | 94,894 | ||||||
Guangdong Ellington Electronics Technology Co. Ltd., Class A | 21,200 | 29,550 | ||||||
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A | 50,900 | 95,996 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 115,400 | 168,566 | ||||||
Guomai Technologies, Inc., Class A | 35,900 | 39,929 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 7,490 | 43,593 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 55,480 | 115,445 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 58,600 | 56,509 | ||||||
Hexing Electrical Co. Ltd., Class A | 13,770 | 29,770 | ||||||
HNA Technology Co. Ltd., Class A* | 128,100 | 52,655 | ||||||
Holitech Technology Co. Ltd., Class A | 133,600 | 92,730 | ||||||
Huagong Tech Co. Ltd., Class A | 57,359 | 148,071 | ||||||
Hubei Kaile Science & Technology Co. Ltd., Class A | 49,400 | 85,578 | ||||||
Hytera Communications Corp. Ltd., Class A | 65,000 | 82,096 | ||||||
IRICO Display Devices Co. Ltd., Class A* | 50,500 | 27,079 | ||||||
JCET Group Co. Ltd., Class A* | 68,200 | 200,987 | ||||||
MLS Co. Ltd., Class A | 27,100 | 47,641 | ||||||
Nanjing Huadong Electronics Information & Technology Co. Ltd., Class A* | 193,400 | 57,216 | ||||||
NAURA Technology Group Co. Ltd., Class A | 13,300 | 147,929 | ||||||
Neusoft Corp., Class A* | 61,300 | 92,854 | ||||||
Newland Digital Technology Co. Ltd., Class A | 52,540 | 111,718 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 328,548 | 141,123 | ||||||
Shanghai Aerospace Automobile Electromechanical Co. Ltd., Class A* | 71,400 | 47,019 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 23,950 | 117,658 | ||||||
Shanghai Belling Co. Ltd., Class A | 39,900 | 80,074 | ||||||
Shengyi Technology Co. Ltd., Class A | 81,120 | 264,330 | ||||||
Shennan Circuits Co. Ltd., Class A | 7,620 | 158,331 | ||||||
Shenzhen Aisidi Co. Ltd., Class A | 25,800 | 22,127 | ||||||
Shenzhen Everwin Precision Technology Co. Ltd., Class A | 38,880 | 86,764 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 52,600 | 71,596 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Shenzhen Kinwong Electronic Co. Ltd., Class A | 13,100 | $ | 79,186 | |||||
Shenzhen Suntak Circuit Technology Co. Ltd., Class A | 17,500 | 38,132 | ||||||
Shenzhen Tat Fook Technology Co. Ltd., Class A* | 27,140 | 51,842 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 68,350 | 185,680 | ||||||
Suzhou Victory Precision Manufacture Co. Ltd., Class A* | 171,900 | 55,989 | ||||||
Taiji Computer Corp. Ltd., Class A | 17,500 | 85,050 | ||||||
Tatwah Smartech Co. Ltd., Class A* | 54,300 | 37,844 | ||||||
Telling Telecommunication Holding Co. Ltd., Class A* | 43,300 | 36,027 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | 16,000 | 46,789 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 118,400 | 170,253 | ||||||
Tongding Interconnection Information Co. Ltd., Class A | 53,200 | 50,091 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 30,300 | 193,069 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 46,800 | 107,434 | ||||||
Venustech Group, Inc., Class A | 44,648 | 195,589 | ||||||
Visionox Technology, Inc., Class A* | 58,400 | 135,641 | ||||||
Westone Information Industry, Inc., Class A | 41,604 | 140,655 | ||||||
Will Semiconductor Ltd., Class A | 12,400 | 220,809 | ||||||
Wingtech Technology Co. Ltd., Class A* | 29,500 | 406,572 | ||||||
Wonders Information Co. Ltd., Class A | 62,394 | 144,829 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 26,450 | 74,186 | ||||||
Wuhu Token Science Co. Ltd., Class A | 130,300 | 147,149 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 85,740 | 274,261 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 37,200 | 199,998 | ||||||
Xiamen Faratronic Co. Ltd., Class A | 9,900 | 58,999 | ||||||
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A | 5,600 | 25,074 | ||||||
Zhejiang Crystal-Optech Co. Ltd., Class A | 79,262 | 149,599 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 46,100 | 88,779 | ||||||
|
| |||||||
8,031,808 | ||||||||
|
| |||||||
Materials — 15.9% | ||||||||
Befar Group Co. Ltd., Class A | 76,433 | 51,638 | ||||||
Beijing Shougang Co. Ltd., Class A* | 112,700 | 55,301 | ||||||
Bengang Steel Plates Co. Ltd., Class A | 27,000 | 13,940 | ||||||
Chengzhi Co. Ltd., Class A* | 17,509 | 35,487 | ||||||
China Hainan Rubber Industry Group Co. Ltd., Class A | 121,200 | 79,124 | ||||||
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A | 97,600 | 56,220 | ||||||
China West Construction Group Co. Ltd., Class A | 36,000 | 56,784 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Chongqing Iron & Steel Co. Ltd., Class A* | 417,000 | $ | 109,724 | |||||
COFCO Biotechnology Co. Ltd., Class A | 79,385 | 71,698 | ||||||
CSG Holding Co. Ltd., Class A | 86,161 | 53,553 | ||||||
Do-Fluoride Chemicals Co. Ltd., Class A | 38,900 | 66,394 | ||||||
Elion Clean Energy Co. Ltd., Class A | 97,700 | 52,527 | ||||||
Fangda Special Steel Technology Co. Ltd., Class A | 51,400 | 65,430 | ||||||
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A* | 223,400 | 64,819 | ||||||
GEM Co. Ltd., Class A | 235,952 | 135,916 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A | 106,805 | 134,288 | ||||||
Guangdong Tapai Group Co. Ltd., Class A | 50,900 | 77,680 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 19,020 | 46,719 | ||||||
Hainan Mining Co. Ltd., Class A* | 28,000 | 21,744 | ||||||
Hangzhou Iron & Steel Co., Class A | 35,710 | 24,684 | ||||||
Hongda Xingye Co. Ltd., Class A | 110,278 | 62,269 | ||||||
Huaibei Mining Holdings Co. Ltd., Class A | 13,100 | 16,862 | ||||||
Huapont Life Sciences Co. Ltd., Class A | 112,050 | 74,107 | ||||||
Huaxin Cement Co. Ltd., Class A | 48,672 | 152,575 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A | 39,020 | 53,722 | ||||||
Hunan Gold Corp. Ltd., Class A | 59,800 | 60,984 | ||||||
Hunan Valin Steel Co. Ltd., Class A* | 120,220 | 77,116 | ||||||
Inner Mongolia Xingye Mining Co. Ltd., Class A* | 52,100 | 30,752 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 85,500 | 60,925 | ||||||
Jiangsu Shagang Co. Ltd., Class A | 125,400 | 108,798 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A | 13,600 | 108,710 | ||||||
Jilin Yatai Group Co. Ltd., Class A* | 231,300 | 98,693 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A | 69,000 | 70,464 | ||||||
Kingenta Ecological Engineering Group Co. Ltd., Class A* | 115,800 | 41,011 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 137,100 | 124,214 | ||||||
Lianhe Chemical Technology Co. Ltd., Class A | 52,259 | 104,060 | ||||||
Liuzhou Iron & Steel Co. Ltd., Class A | 36,400 | 26,041 | ||||||
Luxi Chemical Group Co. Ltd., Class A | 73,400 | 95,837 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A | 212,000 | 82,920 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A | 188,900 | 88,662 | ||||||
Ningbo Shanshan Co. Ltd., Class A | 40,080 | 65,499 | ||||||
ORG Technology Co. Ltd., Class A | 100,450 | 60,720 | ||||||
Red Avenue New Materials Group Co. Ltd., Class A | 3,900 | 9,125 | ||||||
Rising Nonferrous Metals Share Co. Ltd., Class A* | 10,300 | 44,462 | ||||||
Sansteel Minguang Co. Ltd. Fujian, Class A | 70,150 | 84,209 | ||||||
SGIS Songshan Co. Ltd., Class A* | 85,900 | 54,857 | ||||||
Shandong Chenming Paper Holdings Ltd., Class A | 94,550 | 63,609 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 81,061 | 192,540 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Materials (Continued) | ||||||||
Shandong Iron and Steel Co. Ltd., Class A* | 466,830 | $ | 91,628 | |||||
Shandong Sun Paper Industry JSC Ltd., Class A | 110,500 | 141,919 | ||||||
Shanghai Huayi Group Co. Ltd., Class A | 39,800 | 37,758 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 9,400 | 93,721 | ||||||
Shanying International Holding Co. Ltd., Class A* | 228,500 | 105,624 | ||||||
Shenghe Resources Holding Co. Ltd., Class A | 74,890 | 86,705 | ||||||
Shenzhen Jinjia Group Co. Ltd., Class A | 62,300 | 98,711 | ||||||
Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 18,940 | 64,706 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 178,200 | 100,875 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A* | 376,580 | 77,663 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A | 67,681 | 143,142 | ||||||
Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 87,800 | 69,931 | ||||||
Tibet Summit Resources Co. Ltd., Class A | 18,820 | 27,437 | ||||||
Western Mining Co. Ltd., Class A* | 136,000 | 105,035 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 60,420 | 104,068 | ||||||
Xinfengming Group Co. Ltd., Class A | 11,616 | 19,396 | ||||||
Xinjiang Tianshan Cement Co. Ltd., Class A | 44,700 | 66,819 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 106,400 | 98,366 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 199,150 | 112,734 | ||||||
Xinyu Iron & Steel Co. Ltd., Class A | 113,200 | 77,282 | ||||||
Yintai Gold Co. Ltd., Class A | 85,120 | 146,127 | ||||||
Yunnan Aluminium Co. Ltd., Class A* | 111,600 | 70,635 | ||||||
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A | 181,300 | 105,724 | ||||||
Yunnan Copper Co. Ltd., Class A* | 60,700 | 96,867 | ||||||
Yunnan Energy New Material Co. Ltd. | 16,840 | 98,920 | ||||||
Yunnan Tin Co. Ltd., Class A* | 70,830 | 97,216 | ||||||
Zhejiang Huafeng Spandex Co. Ltd., Class A | 83,500 | 67,695 | ||||||
Zhejiang Jinke Culture Industry Co. Ltd., Class A | 75,291 | 31,483 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 96,990 | 90,770 | ||||||
Zhejiang Runtu Co. Ltd., Class A | 49,300 | 76,431 | ||||||
Zhuzhou Times New Material Technology Co. Ltd., Class A | 34,700 | 32,968 | ||||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A | 63,215 | 65,185 | ||||||
|
| |||||||
6,090,954 | ||||||||
|
| |||||||
Real Estate — 4.6% | ||||||||
Beijing Capital Development Co. Ltd., Class A | 91,200 | 99,491 | ||||||
Beijing Urban Construction Investment & Development Co. Ltd., Class A | 79,900 | 89,891 |
Number | Value | |||||||
Real Estate (Continued) | ||||||||
China Sports Industry Group Co. Ltd., Class A | 48,101 | $ | 63,283 | |||||
Chongqing Dima Industry Co. Ltd., Class A | 104,000 | 46,742 | ||||||
Cinda Real Estate Co. Ltd., Class A | 60,700 | 31,944 | ||||||
Grandjoy Holdings Group Co. Ltd., Class A | 83,700 | 82,023 | ||||||
Greattown Holdings Ltd., Class A | 113,064 | 100,829 | ||||||
Guangzhou Yuetai Group Co. Ltd., Class A* | 71,500 | 29,288 | ||||||
Haining China Leather Market Co. Ltd., Class A | 45,500 | 26,533 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 110,600 | 67,485 | ||||||
HNA Infrastructure Investment Group Co. Ltd., Class A* | 111,300 | 60,788 | ||||||
Huafa Industrial Co. Ltd. Zhuhai, Class A | 120,840 | 119,794 | ||||||
Hubei Fuxing Science And Technology Co. Ltd., Class A | 54,700 | 49,403 | ||||||
Nanjing Gaoke Co. Ltd., Class A | 60,820 | 79,325 | ||||||
Shanghai Industrial Development Co. Ltd., Class A | 65,490 | 54,211 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A | 18,000 | 33,359 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A | 25,100 | 83,002 | ||||||
Shanghai Shimao Co. Ltd., Class A | 106,200 | 58,758 | ||||||
Shanghai SMI Holding Co. Ltd., Class A | 90,000 | 70,532 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 55,600 | 112,452 | ||||||
Shenzhen Huaqiang Industry Co. Ltd., Class A | 22,840 | 43,108 | ||||||
Shenzhen World Union Group, Inc., Class A | 86,410 | 39,206 | ||||||
Shenzhen Zhenye Group Co. Ltd., Class A | 66,800 | 48,645 | ||||||
Sichuan Languang Development Co. Ltd., Class A | 106,365 | 100,149 | ||||||
Suning Universal Co. Ltd., Class A | 108,200 | 56,017 | ||||||
Tahoe Group Co. Ltd., Class A | 70,300 | 56,593 | ||||||
Tianjin Guangyu Development Co. Ltd., Class A | 39,800 | 38,606 | ||||||
|
| |||||||
1,741,457 | ||||||||
|
| |||||||
Utilities — 3.0% | ||||||||
An Hui Wenergy Co. Ltd., Class A | 80,700 | 53,717 | ||||||
Beijing Capital Co. Ltd., Class A | 162,100 | 75,623 | ||||||
Beijing Water Business Doctor Co. Ltd., Class A | 49,500 | 48,227 | ||||||
CECEP Wind-Power Corp., Class A | 117,000 | 38,108 | ||||||
Chengdu Xingrong Environment Co. Ltd., Class A | 127,800 | 81,978 | ||||||
Chongqing Gas Group Corp. Ltd., Class A | 13,900 | 14,214 | ||||||
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 124,300 | 101,303 | ||||||
Guangzhou Development Group, Inc., Class A | 38,200 | 35,207 | ||||||
Hubei Energy Group Co. Ltd., Class A | 139,400 | 81,885 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Utilities (Continued) | ||||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 206,500 | $ | 76,070 | |||||
Jointo Energy Investment Co. Ltd. Hebei, Class A | 50,400 | 34,623 | ||||||
Luenmei Quantum Co. Ltd., Class A | 49,250 | 83,778 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 74,200 | 77,779 | ||||||
Shenergy Co. Ltd., Class A | 175,149 | 147,725 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 85,050 | 72,822 | ||||||
Shenzhen Gas Corp. Ltd., Class A | 39,800 | 39,625 | ||||||
Zhongshan Public Utilities Group Co. Ltd., Class A | 62,960 | 70,206 | ||||||
|
| |||||||
1,132,890 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 38,230,907 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.9% (Cost $41,171,386) | $ | 38,230,907 | ||||||
Other assets and liabilities, net — 0.1% | 30,857 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 38,261,764 | ||||||
|
|
* | 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, 2019 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) | $ | 38,177,367 | $ | — | $ | 53,540 | $ | 38,230,907 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 38,177,367 | $ | — | $ | 53,540 | $ | 38,230,907 | ||||||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations. |
During the period ended November 30, 2019, the amount of transfers from Level 1 to Level 3 was $96,678 and between Level 3 and Level 1 was $539,000. 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. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 59.1% | ||||||||
Communication Services — 13.1% | ||||||||
58.com, Inc., ADR* | 1,207 | $ | 74,255 | |||||
Alibaba Pictures Group Ltd.* | 185,955 | 30,883 | ||||||
Autohome, Inc., ADR*(a) | 736 | 50,085 | ||||||
Baidu, Inc., ADR* | 3,347 | 396,720 | ||||||
China Literature Ltd., 144A* | 2,970 | 11,401 | ||||||
China Mobile Ltd. | 74,734 | 563,292 | ||||||
China Telecom Corp. Ltd., Class H | 176,443 | 66,720 | ||||||
China Tower Corp. Ltd., Class H, 144A | 513,114 | 104,881 | ||||||
China Unicom Hong Kong Ltd. | 77,690 | 66,497 | ||||||
iQIYI, Inc., ADR*(a) | 1,636 | 31,329 | ||||||
Momo, Inc., ADR | 1,835 | 68,684 | ||||||
NetEase, Inc., ADR | 884 | 278,743 | ||||||
SINA Corp.* | 836 | 29,168 | ||||||
Tencent Holdings Ltd. | 69,673 | 2,953,275 | ||||||
Tencent Music Entertainment Group, ADR*(a) | 1,217 | 15,127 | ||||||
Weibo Corp., ADR* | 676 | 28,940 | ||||||
YY, Inc., ADR* | 647 | 41,272 | ||||||
|
| |||||||
4,811,272 | ||||||||
|
| |||||||
Consumer Discretionary — 17.5% | ||||||||
Alibaba Group Holding Ltd., ADR* | 20,568 | 4,113,600 | ||||||
ANTA Sports Products Ltd. | 13,321 | 125,250 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A | 22,132 | 12,412 | ||||||
Baozun, Inc., ADR*(a) | 488 | 18,529 | ||||||
Bosideng International Holdings Ltd. | 45,739 | 21,854 | ||||||
Brilliance China Automotive Holdings Ltd. | 34,004 | 35,100 | ||||||
BYD Co. Ltd., Class H | 8,079 | 38,342 | ||||||
China Education Group Holdings Ltd. (a) | 5,005 | 6,778 | ||||||
China First Capital Group Ltd.* | 25,952 | 1,359 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 29,293 | 28,141 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A | 7,155 | 21,115 | ||||||
Geely Automobile Holdings Ltd. | 57,851 | 108,197 | ||||||
GOME Retail Holdings Ltd.*(a) | 166,826 | 14,705 | ||||||
Great Wall Motor Co. Ltd., Class H | 39,304 | 30,378 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 32,645 | 34,865 | ||||||
Haidilao International Holding Ltd., 144A (a) | 4,000 | 16,812 | ||||||
Haier Electronics Group Co. Ltd. | 11,254 | 31,270 | ||||||
Huazhu Group Ltd., ADR (a) | 1,658 | 56,720 | ||||||
JD.com, Inc., ADR* | 9,030 | 294,830 | ||||||
Li Ning Co. Ltd. | 23,609 | 75,703 | ||||||
Meituan Dianping, Class B* | 12,396 | 163,427 | ||||||
New Oriental Education & Technology Group, Inc., ADR* | 1,775 | 214,917 | ||||||
Nexteer Automotive Group Ltd. | 13,464 | 11,284 | ||||||
NIO, Inc., ADR*(a) | 8,145 | 18,489 | ||||||
Pinduoduo, Inc., ADR*(a) | 2,355 | 84,662 | ||||||
Shenzhou International Group Holdings Ltd. | 9,183 | 121,068 | ||||||
TAL Education Group, ADR* | 4,717 | 208,774 | ||||||
Trip.com Group Ltd., ADR* | 5,894 | 195,917 | ||||||
Vipshop Holdings Ltd., ADR* | 5,362 | 68,526 | ||||||
Yum China Holdings, Inc. | 4,373 | 194,686 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Zhongsheng Group Holdings Ltd. | 7,779 | $ | 27,577 | |||||
|
| |||||||
6,395,287 | ||||||||
|
| |||||||
Consumer Staples — 1.5% | ||||||||
China Agri-Industries Holdings Ltd. | 32,535 | 17,083 | ||||||
China Mengniu Dairy Co. Ltd.* | 34,764 | 133,012 | ||||||
China Resources Beer Holdings Co. Ltd. | 17,575 | 92,054 | ||||||
Dali Foods Group Co. Ltd., 144A | 28,436 | 19,326 | ||||||
Hengan International Group Co. Ltd. | 9,364 | 61,846 | ||||||
Sun Art Retail Group Ltd. | 29,083 | 32,918 | ||||||
Tingyi Cayman Islands Holding Corp. | 23,984 | 39,035 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 5,109 | 31,590 | ||||||
Uni-President China Holdings Ltd. | 17,178 | 17,446 | ||||||
Want Want China Holdings Ltd. | 60,759 | 52,316 | ||||||
Yihai International Holding Ltd.* | 6,384 | 40,615 | ||||||
|
| |||||||
537,241 | ||||||||
|
| |||||||
Energy — 2.1% | ||||||||
China Coal Energy Co. Ltd., Class H | 39,701 | 15,723 | ||||||
China Oilfield Services Ltd., Class H | 22,339 | 30,079 | ||||||
China Petroleum & Chemical Corp., Class H | 311,716 | 174,818 | ||||||
China Shenhua Energy Co. Ltd., Class H | 42,222 | 81,771 | ||||||
CNOOC Ltd. | 218,529 | 317,140 | ||||||
COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 16,308 | 6,729 | ||||||
PetroChina Co. Ltd., Class H | 266,584 | 122,943 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 26,568 | 23,487 | ||||||
|
| |||||||
772,690 | ||||||||
|
| |||||||
Financials — 12.2% | ||||||||
Agricultural Bank of China Ltd., Class H | 356,097 | 144,208 | ||||||
Bank of China Ltd., Class H | 970,655 | 389,366 | ||||||
Bank of Communications Co. Ltd., Class H | 106,789 | 70,122 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 115,056 | 23,958 | ||||||
China CITIC Bank Corp. Ltd., Class H | 115,909 | 63,376 | ||||||
China Construction Bank Corp., Class H | 1,171,873 | 932,678 | ||||||
China Ding Yi Feng Holdings Ltd. (b) | 107,872 | 318,059 | ||||||
China Everbright Bank Co. Ltd., Class H | 39,641 | 17,117 | ||||||
China Everbright Ltd. | 13,643 | 21,961 | ||||||
China Galaxy Securities Co. Ltd., Class H | 42,799 | 21,761 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 139,204 | 20,273 | ||||||
China International Capital Corp. Ltd., Class H, 144A (a) | 14,556 | 25,067 | ||||||
China Life Insurance Co. Ltd., Class H | 86,455 | 218,464 | ||||||
China Merchants Bank Co. Ltd., Class H | 47,761 | 225,755 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 85,675 | 59,650 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 32,213 | 113,992 | ||||||
China Reinsurance Group Corp., Class H | 92,284 | 14,619 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 17,378 | 40,183 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 18,022 | 8,956 | ||||||
CITIC Securities Co. Ltd., Class H | 25,844 | 48,005 | ||||||
Far East Horizon Ltd. | 25,991 | 23,608 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
GF Securities Co. Ltd., Class H | 21,291 | $ | 22,793 | |||||
Guotai Junan Securities Co. Ltd., Class H, 144A | 9,138 | 13,892 | ||||||
Haitong Securities Co. Ltd., Class H | 29,631 | 29,602 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 20,389 | 30,579 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 794,037 | 566,028 | ||||||
New China Life Insurance Co. Ltd., Class H | 9,183 | 35,370 | ||||||
Noah Holdings Ltd., ADR* | 414 | 12,064 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 101,577 | 40,746 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 84,132 | 97,376 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 67,483 | 764,682 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 95,211 | 61,789 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*(a) | 2,299 | 7,945 | ||||||
|
| |||||||
4,484,044 | ||||||||
|
| |||||||
Health Care — 2.1% | ||||||||
3SBio, Inc., 144A* | 14,745 | 21,286 | ||||||
Alibaba Health Information Technology Ltd.* | 44,202 | 50,031 | ||||||
China Medical System Holdings Ltd. | 19,548 | 27,820 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 23,621 | 20,640 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 38,574 | 17,198 | ||||||
CSPC Pharmaceutical Group Ltd. | 59,134 | 134,619 | ||||||
Genscript Biotech Corp.* | 13,216 | 31,910 | ||||||
Hansoh Pharmaceutical Group Co. Ltd., 144A* | 7,646 | 22,564 | ||||||
Hutchison China MediTech Ltd., ADR* | 803 | 19,360 | ||||||
Innovent Biologics, Inc., 144A* | 11,469 | 40,146 | ||||||
Luye Pharma Group Ltd., 144A (a) | 17,905 | 13,152 | ||||||
Ping An Healthcare and Technology Co. Ltd., 144A* | 3,910 | 26,024 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 29,697 | 35,851 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 6,419 | 18,041 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 12,217 | 21,913 | ||||||
Sino Biopharmaceutical Ltd. | 87,195 | 112,506 | ||||||
Sinopharm Group Co. Ltd., Class H | 14,518 | 47,944 | ||||||
SSY Group Ltd. | 21,387 | 16,830 | ||||||
WuXi AppTec Co. Ltd., Class H, 144A | 1,985 | 23,038 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 6,981 | 78,882 | ||||||
|
| |||||||
779,755 | ||||||||
|
| |||||||
Industrials — 2.8% | ||||||||
51job, Inc., ADR*(a) | 357 | 28,067 | ||||||
Air China Ltd., Class H | 25,538 | 23,229 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 34,179 | 15,588 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Beijing Capital International Airport Co. Ltd., Class H | 24,735 | $ | 23,383 | |||||
BOC Aviation Ltd., 144A | 2,889 | 27,293 | ||||||
China Communications Construction Co. Ltd., Class H | 59,046 | 45,938 | ||||||
China Communications Services Corp. Ltd., Class H | 32,837 | 22,107 | ||||||
China Conch Venture Holdings Ltd. | 20,939 | 81,453 | ||||||
China Eastern Airlines Corp. Ltd., Class H* | 23,224 | 11,779 | ||||||
China Everbright International Ltd. | 45,911 | 34,722 | ||||||
China Merchants Port Holdings Co. Ltd. | 18,053 | 28,091 | ||||||
China Railway Construction Corp. Ltd., Class H | 28,256 | 29,167 | ||||||
China Railway Group Ltd., Class H | 53,138 | 31,091 | ||||||
China Southern Airlines Co. Ltd., Class H | 28,055 | 17,526 | ||||||
China State Construction International Holdings Ltd. | 27,822 | 21,930 | ||||||
CITIC Ltd. | 70,753 | 88,580 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H* | 45,166 | 16,675 | ||||||
COSCO SHIPPING Ports Ltd. | 22,002 | 17,905 | ||||||
Country Garden Services Holdings Co. Ltd. | 15,738 | 50,867 | ||||||
CRRC Corp. Ltd., Class H | 58,651 | 38,587 | ||||||
Fosun International Ltd. | 31,791 | 42,806 | ||||||
Greentown Service Group Co. Ltd. | 16,097 | 17,623 | ||||||
Haitian International Holdings Ltd. | 8,764 | 19,593 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 16,455 | 21,946 | ||||||
Metallurgical Corp. of China Ltd., Class H | 41,445 | 8,630 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 41,337 | 12,727 | ||||||
Shanghai Industrial Holdings Ltd. | 6,875 | 12,384 | ||||||
Shenzhen International Holdings Ltd. | 11,551 | 24,407 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 21,557 | 12,640 | ||||||
Sinotrans Ltd., Class H | 39,389 | 12,278 | ||||||
Sinotruk Hong Kong Ltd. | 10,354 | 17,486 | ||||||
Weichai Power Co. Ltd., Class H | 23,706 | 40,521 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 6,291 | 7,000 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 20,857 | 18,252 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 6,950 | 23,750 | ||||||
ZTO Express Cayman, Inc., ADR (a) | 3,920 | 83,418 | ||||||
|
| |||||||
1,029,439 | ||||||||
|
| |||||||
Information Technology — 1.9% | ||||||||
AAC Technologies Holdings, Inc. (a) | 9,360 | 65,647 | ||||||
BYD Electronic International Co. Ltd. (a) | 10,413 | 18,624 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 22,952 | 12,315 | ||||||
GDS Holdings Ltd., ADR*(a) | 830 | 38,861 | ||||||
Hua Hong Semiconductor Ltd., 144A (a) | 4,888 | 8,667 | ||||||
Kingboard Holdings Ltd. | 8,791 | 24,202 | ||||||
Kingboard Laminates Holdings Ltd. | 16,495 | 18,607 | ||||||
Kingdee International Software Group Co. Ltd. | 26,770 | 26,538 |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Kingsoft Corp. Ltd.* | 11,700 | $ | 25,888 | |||||
Legend Holdings Corp., Class H, 144A | 5,299 | 10,899 | ||||||
Lenovo Group Ltd. | 92,613 | 61,168 | ||||||
Semiconductor Manufacturing International Corp.* | 38,888 | 49,580 | ||||||
Sunny Optical Technology Group Co. Ltd. | 8,726 | 143,023 | ||||||
TravelSky Technology Ltd., Class H | 13,226 | 32,204 | ||||||
Xiaomi Corp., Class B, 144A* | 96,215 | 110,009 | ||||||
Xinyi Solar Holdings Ltd. | 45,668 | 28,062 | ||||||
ZTE Corp., Class H* | 8,264 | 22,012 | ||||||
|
| |||||||
696,306 | ||||||||
|
| |||||||
Materials — 1.0% | ||||||||
Aluminum Corp. of China Ltd., Class H* | 55,144 | 16,907 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 15,578 | 99,604 | ||||||
BBMG Corp., Class H | 34,886 | 9,627 | ||||||
China Hongqiao Group Ltd. | 22,203 | 11,658 | ||||||
China Molybdenum Co. Ltd., Class H | 53,746 | 18,401 | ||||||
China National Building Material Co. Ltd., Class H | 50,441 | 48,716 | ||||||
China Resources Cement Holdings Ltd. | 30,907 | 36,996 | ||||||
China Zhongwang Holdings Ltd. (a) | 20,404 | 8,159 | ||||||
Jiangxi Copper Co. Ltd., Class H | 17,408 | 20,082 | ||||||
Lee & Man Paper Manufacturing Ltd. | 15,331 | 10,380 | ||||||
Nine Dragons Paper Holdings Ltd. | 19,102 | 19,449 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 57,697 | 15,995 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 15,207 | 15,736 | ||||||
Zijin Mining Group Co. Ltd., Class H | 71,548 | 26,781 | ||||||
|
| |||||||
358,491 | ||||||||
|
| |||||||
Real Estate — 3.2% | ||||||||
Agile Group Holdings Ltd. | 16,136 | 22,593 | ||||||
China Aoyuan Group Ltd. | 18,295 | 26,177 | ||||||
China Evergrande Group*(a) | 23,147 | 55,238 | ||||||
China Jinmao Holdings Group Ltd. | 58,968 | 39,173 | ||||||
China Overseas Land & Investment Ltd. | 46,761 | 156,811 | ||||||
China Resources Land Ltd. | 33,824 | 146,267 | ||||||
China Vanke Co. Ltd., Class H | 18,288 | 68,454 | ||||||
CIFI Holdings Group Co. Ltd. | 36,911 | 26,878 | ||||||
Country Garden Holdings Co. Ltd. | 94,910 | 132,160 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 11,093 | 18,650 | ||||||
Kaisa Group Holdings Ltd.* | 33,096 | 13,022 | ||||||
KWG Group Holdings Ltd.* | 15,885 | 17,452 | ||||||
Logan Property Holdings Co. Ltd. | 16,703 | 24,454 | ||||||
Longfor Group Holdings Ltd., 144A | 22,782 | 93,279 | ||||||
Seazen Group Ltd.* | 24,543 | 26,149 | ||||||
Shenzhen Investment Ltd. | 41,005 | 16,134 | ||||||
Shimao Property Holdings Ltd. | 13,616 | 49,313 | ||||||
Shui On Land Ltd. | 54,733 | 11,467 | ||||||
Sino-Ocean Group Holding Ltd. | 46,795 | 17,336 | ||||||
SOHO China Ltd. | 29,474 | 10,166 | ||||||
Sunac China Holdings Ltd. | 29,895 | 145,699 | ||||||
Wharf Holdings Ltd. | 13,380 | 32,374 | ||||||
Yuexiu Property Co. Ltd. | 91,480 | 19,517 | ||||||
Yuzhou Properties Co. Ltd. | 27,556 | 12,673 | ||||||
|
| |||||||
1,181,436 | ||||||||
|
|
Number | Value | |||||||
Utilities — 1.7% | ||||||||
Beijing Enterprises Holdings Ltd. | 6,625 | $ | 29,284 | |||||
Beijing Enterprises Water Group Ltd.* | 67,157 | 32,945 | ||||||
CGN Power Co. Ltd., Class H, 144A | 132,972 | 33,295 | ||||||
China Gas Holdings Ltd. | 23,352 | 86,812 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 42,781 | 23,173 | ||||||
China Power International Development Ltd. | 60,006 | 12,419 | ||||||
China Resources Gas Group Ltd. | 10,463 | 58,278 | ||||||
China Resources Power Holdings Co. Ltd. | 23,723 | 30,852 | ||||||
Datang International Power Generation Co. Ltd., Class H | 59,783 | 11,074 | ||||||
ENN Energy Holdings Ltd. | 9,666 | 104,961 | ||||||
Guangdong Investment Ltd. | 37,458 | 77,426 | ||||||
Huadian Power International Corp. Ltd., Class H | 23,991 | 8,735 | ||||||
Huaneng Power International, Inc., Class H | 47,781 | 23,684 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 63,778 | 24,361 | ||||||
Kunlun Energy Co. Ltd. | 42,543 | 36,033 | ||||||
Towngas China Co. Ltd.* | 15,393 | 10,874 | ||||||
|
| |||||||
604,206 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 21,650,167 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Financials — 0.0% | ||||||||
Zhengqi Financial Holding Corp.*, | 2,516 | 0 | ||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 39.9% | ||||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF*(a)(c) | 75,659 | 1,923,191 | ||||||
Xtrackers MSCI China A Inclusion Equity ETF (a)(c) | 643,260 | 12,717,250 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 14,640,441 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 6.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) | 2,248,403 | 2,248,403 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.4% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) | 135,670 | 135,670 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 105.5% (Cost $40,517,492) | $ | 38,674,681 | ||||||
Other assets and liabilities, net — (5.5%) | (2,021,748 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 36,652,933 | ||||||
|
|
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF(Continued)
November 30, 2019 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS —39.9% |
| |||||||||||||||||||||||||||||||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF*(a)(c) | ||||||||||||||||||||||||||||||||||||
12,298,745 | 619,797 | (10,848,653 | ) | (1,639,398 | ) | 1,492,700 | — | — | 75,659 | 1,923,191 | ||||||||||||||||||||||||||
Xtrackers MSCI China A Inclusion Equity ETF (a)(c) | ||||||||||||||||||||||||||||||||||||
78,137,782 | 3,656,304 | (70,558,743 | ) | (5,894,975 | ) | 7,376,882 | — | — | 643,260 | 12,717,250 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —6.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) |
| |||||||||||||||||||||||||||||||||||
2,132,624 | 115,779 | (f) | — | — | — | 16,078 | — | 2,248,403 | 2,248,403 | |||||||||||||||||||||||||||
CASH EQUIVALENTS —0.4% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) |
| |||||||||||||||||||||||||||||||||||
— | 4,622,180 | (4,486,510 | ) | — | — | 3,856 | — | 135,670 | 135,670 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
92,569,151 | 9,014,060 | (85,893,906 | ) | (7,534,373 | ) | 8,869,582 | 19,934 | — | 3,102,992 | 17,024,514 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2019 amounted to $2,563,415, which is 7.0% 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 annualizedseven-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 heldnon-cash U.S. Treasury securities collateral having a value of $415,507. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
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, 2019, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
MSCI China Free Index Futures | USD | 8 | $ | 333,360 | $ | 338,920 | 12/20/2019 | $ | 5,560 |
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. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF(Continued)
November 30, 2019 (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, 2019 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) | $ | 21,332,108 | $ | — | $ | 318,059 | $ | 21,650,167 | ||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Exchange-Traded Funds | 14,640,441 | — | — | 14,640,441 | ||||||||||||
Short-Term Investments (g) | 2,384,073 | — | — | 2,384,073 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Futures Contracts | 5,560 | — | — | 5,560 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 38,362,182 | $ | — | $ | 318,059 | $ | 38,680,241 | ||||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
(h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Communication Services — 2.4% | ||||||||
Beijing Enlight Media Co. Ltd., Class A | 11,000 | $ | 15,569 | |||||
China Film Co. Ltd., Class A | 7,800 | 15,655 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 8,700 | 14,331 | ||||||
China United Network Communications Ltd., Class A | 119,300 | 96,900 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 6,700 | 11,380 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A* | 10,300 | 4,879 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 56,823 | 45,265 | ||||||
G-bits Network Technology Xiamen Co. Ltd., Class A | 300 | 12,515 | ||||||
Giant Network Group Co. Ltd., Class A | 6,800 | 17,121 | ||||||
Mango Excellent Media Co. Ltd., Class A* | 6,000 | 25,997 | ||||||
NanJiE-Commerce Co. Ltd., Class A* | 9,000 | 14,198 | ||||||
Oriental Pearl Group Co. Ltd., Class A | 12,397 | 15,554 | ||||||
Perfect World Co. Ltd., Class A | 5,200 | 25,519 | ||||||
Wanda Film Holding Co. Ltd., Class A* | 7,400 | 15,011 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 8,200 | 25,300 | ||||||
Youzu Interactive Co. Ltd., Class A* | 3,200 | 7,115 | ||||||
|
| |||||||
362,309 | ||||||||
|
| |||||||
Consumer Discretionary — 6.7% | ||||||||
BAIC BluePark New Energy Technology Co. Ltd., Class A* | 12,000 | 8,893 | ||||||
BTG Hotels Group Co. Ltd., Class A | 3,500 | 8,852 | ||||||
BYD Co. Ltd., Class A | 6,898 | 42,576 | ||||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 1,000 | 11,949 | ||||||
China Grand Automotive Services Group Co. Ltd., Class A | 39,391 | 18,715 | ||||||
China International Travel Service Corp. Ltd., Class A | 7,543 | 89,916 | ||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A* | 6,439 | 20,123 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 14,900 | 18,058 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 7,509 | 23,745 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 11,600 | 95,226 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 11,460 | 19,252 | ||||||
Haier Smart Home Co. Ltd., Class A | 23,500 | 57,029 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 3,500 | 14,787 | ||||||
HLA Corp. Ltd., Class A | 14,500 | 15,841 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 12,200 | 44,983 | ||||||
Liaoning Cheng Da Co. Ltd., Class A* | 7,000 | 14,418 | ||||||
Midea Group Co. Ltd., Class A | 13,362 | 103,209 | ||||||
NavInfo Co. Ltd., Class A | 7,400 | 16,979 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Ningbo Joyson Electronic Corp., Class A* | 4,200 | $ | 9,141 | |||||
Oppein Home Group, Inc., Class A | 1,300 | 18,307 | ||||||
SAIC Motor Corp. Ltd., Class A | 29,727 | 98,316 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 5,800 | 16,930 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 2,100 | 7,193 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 11,100 | 11,763 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 31,300 | 30,677 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 5,591 | 21,744 | ||||||
Suning.com Co. Ltd., Class A | 35,564 | 49,831 | ||||||
Suofeiya Home Collection Co. Ltd., Class A | 2,900 | 7,227 | ||||||
TCL Corp., Class A | 52,500 | 28,677 | ||||||
Visual China Group Co. Ltd., Class A | 2,500 | 7,073 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 12,700 | 9,177 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 3,900 | 10,319 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A | 14,700 | 10,623 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 5,400 | 7,205 | ||||||
Zhejiang Supor Co. Ltd., Class A | 2,000 | 20,427 | ||||||
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 7,000 | 6,771 | ||||||
|
| |||||||
995,952 | ||||||||
|
| |||||||
Consumer Staples — 14.6% | ||||||||
Angel Yeast Co. Ltd., Class A | 3,100 | 13,348 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 1,500 | 23,079 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 2,300 | 17,618 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 20,800 | 12,841 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 2,800 | 19,935 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A | 10,400 | 9,054 | ||||||
By-health Co. Ltd., Class A | 5,700 | 11,854 | ||||||
Chongqing Brewery Co. Ltd., Class A | 1,800 | 12,464 | ||||||
Chongqing Fuling Zhacai Group Co. Ltd., Class A | 2,900 | 10,074 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 8,726 | 132,790 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 3,900 | 13,181 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 6,000 | 26,202 | ||||||
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | 3,900 | 16,249 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 6,100 | 8,052 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 10,600 | 46,728 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 23,513 | 97,297 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 4,800 | 20,607 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 5,824 | 81,346 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A | 9,300 | 19,341 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
JonjeeHi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 3,000 | $ | 19,263 | |||||
Juewei Food Co. Ltd., Class A | 2,100 | 13,069 | ||||||
Kweichow Moutai Co. Ltd., Class A | 4,800 | 770,873 | ||||||
Laobaixing Pharmacy Chain JSC, Class A | 1,000 | 9,730 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 5,706 | 66,354 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 6,710 | 82,850 | ||||||
New Hope Liuhe Co. Ltd., Class A | 16,372 | 47,905 | ||||||
Shanghai Jahwa United Co. Ltd., Class A | 2,400 | 10,242 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 3,410 | 43,336 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 1,800 | 14,433 | ||||||
Tech-Bank Food Co. Ltd., Class A* | 4,400 | 8,024 | ||||||
Toly Bread Co. Ltd., Class A | 2,000 | 12,342 | ||||||
Tongwei Co. Ltd., Class A | 15,000 | 27,952 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 2,700 | 19,469 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 20,487 | 104,330 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 14,954 | 271,322 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 1,400 | 15,223 | ||||||
Yonghui Superstores Co. Ltd., Class A | 36,766 | 38,858 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A | 4,600 | 8,343 | ||||||
|
| |||||||
2,175,978 | ||||||||
|
| |||||||
Energy — 2.3% | ||||||||
China Merchants Energy Shipping Co. Ltd., Class A | 23,100 | 19,518 | ||||||
China Petroleum & Chemical Corp., Class A | 96,650 | 68,604 | ||||||
China Shenhua Energy Co. Ltd., Class A | 16,800 | 41,128 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 9,700 | 7,934 | ||||||
Guanghui Energy Co. Ltd., Class A | 32,800 | 15,164 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 17,100 | 16,978 | ||||||
PetroChina Co. Ltd., Class A | 60,935 | 48,454 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 31,799 | 38,358 | ||||||
Shandong Xinchao Energy Corp. Ltd., Class A* | 21,200 | 6,122 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 14,400 | 14,175 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A* | 15,600 | 18,463 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 11,000 | 9,044 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 3,600 | 16,238 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 12,000 | 16,029 | ||||||
|
| |||||||
336,209 | ||||||||
|
| |||||||
Financials — 26.4% | ||||||||
Agricultural Bank of China Ltd., Class A | 286,317 | 147,436 | ||||||
Anxin Trust Co. Ltd., Class A* | 18,600 | 10,530 | ||||||
Avic Capital Co. Ltd., Class A | 33,310 | 21,512 | ||||||
Bank of Beijing Co. Ltd., Class A | 80,614 | 63,758 | ||||||
Bank of Chengdu Co. Ltd., Class A | 13,650 | 16,582 | ||||||
Bank of China Ltd., Class A | 134,512 | 69,457 | ||||||
Bank of Communications Co. Ltd., Class A | 150,538 | 117,990 | ||||||
Bank of Guiyang Co. Ltd., Class A | 15,280 | 20,018 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 19,740 | 24,458 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Bank of Jiangsu Co. Ltd., Class A | 44,261 | $ | 43,443 | |||||
Bank of Nanjing Co. Ltd., Class A | 32,500 | 38,233 | ||||||
Bank of Ningbo Co. Ltd., Class A | 21,850 | 82,614 | ||||||
Bank of Shanghai Co. Ltd., Class A | 54,535 | 71,292 | ||||||
Bohai Leasing Co. Ltd., Class A* | 20,700 | 10,070 | ||||||
Caitong Securities Co. Ltd., Class A | 13,600 | 18,456 | ||||||
Changjiang Securities Co. Ltd., Class A | 21,000 | 18,640 | ||||||
China CITIC Bank Corp. Ltd., Class A | 21,300 | 18,179 | ||||||
China Construction Bank Corp., Class A | 36,700 | 37,066 | ||||||
China Everbright Bank Co. Ltd., Class A | 152,931 | 89,845 | ||||||
China Life Insurance Co. Ltd., Class A | 10,814 | 50,471 | ||||||
China Merchants Bank Co. Ltd., Class A | 79,443 | 407,162 | ||||||
China Merchants Securities Co. Ltd., Class A | 21,832 | 51,180 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 135,871 | 119,250 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 24,177 | 117,791 | ||||||
CITIC Securities Co. Ltd., Class A | 37,755 | 114,984 | ||||||
CSC Financial Co. Ltd., Class A | 10,600 | 33,760 | ||||||
Dongxing Securities Co. Ltd., Class A | 12,800 | 19,719 | ||||||
East Money Information Co. Ltd., Class A | 25,800 | 50,830 | ||||||
Everbright Securities Co. Ltd., Class A | 14,837 | 23,659 | ||||||
First Capital Securities Co. Ltd., Class A | 14,300 | 14,626 | ||||||
Founder Securities Co. Ltd., Class A | 31,600 | 30,072 | ||||||
GF Securities Co. Ltd., Class A* | 22,500 | 42,696 | ||||||
Guosen Securities Co. Ltd., Class A | 15,700 | 25,370 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 28,651 | 68,103 | ||||||
Guoyuan Securities Co. Ltd., Class A | 12,700 | 15,103 | ||||||
Haitong Securities Co. Ltd., Class A | 31,114 | 60,812 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 2,100 | 27,255 | ||||||
Huaan Securities Co. Ltd., Class A | 17,500 | 14,886 | ||||||
Huatai Securities Co. Ltd., Class A | 28,180 | 68,025 | ||||||
Huaxi Securities Co. Ltd., Class A | 12,600 | 16,938 | ||||||
Huaxia Bank Co. Ltd., Class A | 48,798 | 51,575 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 22,100 | 21,063 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 207,333 | 170,763 | ||||||
Industrial Bank Co. Ltd., Class A | 79,985 | 214,926 | ||||||
Industrial Securities Co. Ltd., Class A | 25,500 | 22,453 | ||||||
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 9,900 | 11,379 | ||||||
Nanjing Securities Co. Ltd., Class A | 12,300 | 13,420 | ||||||
New China Life Insurance Co. Ltd., Class A | 7,964 | 50,435 | ||||||
Northeast Securities Co. Ltd., Class A | 7,100 | 7,908 | ||||||
Orient Securities Co. Ltd., Class A | 22,751 | 31,457 | ||||||
Pacific Securities Co. Ltd., Class A* | 24,900 | 11,547 | ||||||
Ping An Bank Co. Ltd., Class A | 66,066 | 143,692 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 41,709 | 496,121 | ||||||
SDIC Capital Co. Ltd., Class A | 13,500 | 22,948 | ||||||
Sealand Securities Co. Ltd., Class A | 15,200 | 10,011 | ||||||
Shanghai AJ Group Co. Ltd., Class A | 5,200 | 6,391 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 112,827 | 191,149 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Financials (Continued) | ||||||||
Shanxi Securities Co. Ltd., Class A | 14,500 | $ | 15,346 | |||||
Shenwan Hongyuan Group Co. Ltd., Class A | 86,195 | 58,363 | ||||||
Sinolink Securities Co. Ltd., Class A | 13,400 | 15,668 | ||||||
SooChow Securities Co. Ltd., Class A | 10,700 | 12,983 | ||||||
Southwest Securities Co. Ltd., Class A | 24,300 | 14,967 | ||||||
Western Securities Co. Ltd., Class A | 15,300 | 19,196 | ||||||
Zheshang Securities Co. Ltd., Class A | 9,100 | 10,835 | ||||||
|
| |||||||
3,916,867 | ||||||||
|
| |||||||
Health Care — 8.8% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 12,104 | 68,733 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 900 | 15,747 | ||||||
Autobio Diagnostics Co. Ltd., Class A | 1,100 | 16,035 | ||||||
Beijing SL Pharmaceutical Co. Ltd., Class A | 3,100 | 5,512 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 4,000 | 15,033 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 5,400 | 20,433 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 1,500 | 14,260 | ||||||
BGI Genomics Co. Ltd., Class A | 1,500 | 12,651 | ||||||
Changchun High & New Technology Industry Group, Inc., Class A | 600 | 37,468 | ||||||
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A | 2,700 | 15,278 | ||||||
China National Accord Medicines Corp. Ltd., Class A | 1,200 | 7,444 | ||||||
China National Medicines Corp. Ltd., Class A | 2,600 | 9,035 | ||||||
China Reform Health Management and Services Group Co. Ltd., Class A* | 3,300 | 7,910 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 3,200 | 5,635 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 4,175 | 17,454 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 5,200 | 32,768 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 2,500 | 11,974 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 5,500 | 26,006 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 1,800 | 12,444 | ||||||
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A | 4,900 | 5,778 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 2,950 | 26,353 | ||||||
Huadong Medicine Co. Ltd., Class A | 6,760 | 23,655 | ||||||
Hualan Biological Engineering, Inc., Class A | 5,300 | 25,226 | ||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 2,800 | 8,970 | ||||||
Jafron Biomedical Co. Ltd., Class A | 1,600 | 15,950 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 17,112 | 209,094 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 3,300 | 9,168 |
Number | Value | |||||||
Health Care (Continued) | ||||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 3,200 | $ | 7,033 | |||||
JinyuBio-Technology Co. Ltd., Class A | 4,200 | 11,226 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 7,200 | 10,058 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 7,200 | 13,837 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 6,900 | 31,673 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 2,300 | 10,211 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 14,432 | 30,363 | ||||||
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 2,300 | 12,318 | ||||||
Ovctek China, Inc., Class A | 1,500 | 10,370 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 5,938 | 17,400 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 7,800 | 27,905 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 7,500 | 18,980 | ||||||
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A | 3,800 | 9,330 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 2,500 | 27,180 | ||||||
Shenzhen MindrayBio-Medical Electronics Co. Ltd., Class A | 1,600 | 40,899 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 4,400 | 11,617 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 3,700 | 5,942 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 5,500 | 18,167 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 7,720 | 16,758 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 7,800 | 14,724 | ||||||
Topchoice Medical Corp., Class A* | 1,200 | 17,678 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 6,000 | 25,775 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 6,100 | 13,215 | ||||||
WuXi AppTec Co. Ltd., Class A | 5,700 | 71,344 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A | 4,500 | 8,904 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 4,870 | 60,893 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 2,296 | 32,588 | ||||||
Zhejiang Conba Pharmaceutical Co. Ltd., Class A | 9,800 | 8,685 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A* | 5,000 | 13,357 | ||||||
Zhejiang NHU Co. Ltd., Class A | 8,100 | 24,542 | ||||||
Zhejiang WolwoBio-Pharmaceutical Co. Ltd., Class A | 2,000 | 13,064 | ||||||
|
| |||||||
1,312,050 | ||||||||
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Industrials — 12.6% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A | 3,700 | $ | 6,742 | |||||
AECC Aviation Power Co. Ltd., Class A | 9,900 | 28,560 | ||||||
Air China Ltd., Class A | 15,300 | 18,391 | ||||||
AVIC Aircraft Co. Ltd., Class A | 10,700 | 24,201 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 12,400 | 11,271 | ||||||
AVIC Shenyang Aircraft Co. Ltd., Class A* | 4,700 | 18,793 | ||||||
AVICOPTER PLC, Class A | 2,100 | 13,592 | ||||||
Beijing New Building Materials PLC, Class A | 6,300 | 20,002 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 11,000 | 11,751 | ||||||
Centre Testing International Group Co. Ltd., Class A | 6,300 | 12,170 | ||||||
China Aerospace Times Electronics Co. Ltd., Class A* | 6,100 | 5,085 | ||||||
China Avionics Systems Co. Ltd., Class A | 6,900 | 13,427 | ||||||
China Communications Construction Co. Ltd., Class A | 9,900 | 12,674 | ||||||
China Eastern Airlines Corp. Ltd., Class A* | 35,600 | 25,928 | ||||||
China Gezhouba Group Co. Ltd., Class A | 21,700 | 18,984 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 5,232 | 7,175 | ||||||
China Meheco Co. Ltd., Class A | 2,600 | 4,634 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 18,500 | 16,395 | ||||||
China Railway Construction Corp. Ltd., Class A | 43,894 | 60,378 | ||||||
China Railway Group Ltd., Class A | 70,600 | 56,742 | ||||||
China RailwayHi-tech Industry Co. Ltd., Class A | 7,100 | 10,170 | ||||||
China Shipbuilding Industry Co. Ltd., Class A | 88,200 | 66,245 | ||||||
China Southern Airlines Co. Ltd., Class A | 32,700 | 30,747 | ||||||
China Spacesat Co. Ltd., Class A | 5,600 | 16,139 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 161,011 | 117,037 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 8,400 | 104,445 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A | 36,400 | 12,945 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 30,500 | 20,521 | ||||||
CRRC Corp. Ltd., Class A | 92,844 | 92,052 | ||||||
Dalian Port PDA Co. Ltd., Class A | 15,600 | 4,438 | ||||||
Daqin Railway Co. Ltd., Class A | 57,213 | 64,538 | ||||||
Dongfang Electric Corp. Ltd., Class A | 13,800 | 17,451 | ||||||
Eve Energy Co. Ltd., Class A* | 3,700 | 23,569 | ||||||
Fangda Carbon New Material Co. Ltd., Class A* | 10,181 | 15,612 | ||||||
Guangshen Railway Co. Ltd., Class A | 29,000 | 12,211 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 7,800 | 18,529 | ||||||
Guoxuan High-Tech Co. Ltd., Class A | 3,600 | 6,166 | ||||||
Hefei Meiya Optoelectronic Technology, Inc., Class A | 2,500 | 13,268 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Hongfa Technology Co. Ltd., Class A | 2,700 | $ | 11,150 | |||||
Inner Mongolia First Machinery Group Co. Ltd., Class A | 5,400 | 7,612 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 3,300 | 20,476 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 10,000 | 11,522 | ||||||
Juneyao Airlines Co. Ltd., Class A* | 5,900 | 11,733 | ||||||
Metallurgical Corp. of China Ltd., Class A | 66,214 | 25,242 | ||||||
NARI Technology Co. Ltd., Class A | 17,800 | 58,135 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 36,800 | 18,950 | ||||||
Power Construction Corp. of China Ltd., Class A | 47,500 | 27,568 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 32,450 | 66,839 | ||||||
SF Holding Co. Ltd., Class A | 5,600 | 30,231 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 37,000 | 18,316 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 30,300 | 20,171 | ||||||
Shanghai International Airport Co. Ltd., Class A | 3,695 | 39,489 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 32,600 | 25,830 | ||||||
Shanghai M&G Stationery, Inc., Class A | 3,500 | 22,867 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 2,800 | 6,046 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 16,200 | 13,550 | ||||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A | 2,800 | 6,592 | ||||||
Shenzhen Airport Co. Ltd., Class A | 7,300 | 9,803 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 6,500 | 24,290 | ||||||
Siasun Robot & Automation Co. Ltd., Class A* | 4,900 | 9,389 | ||||||
Sinochem International Corp., Class A | 6,500 | 4,651 | ||||||
Sinotrans Ltd., Class A | 15,100 | 8,828 | ||||||
Spring Airlines Co. Ltd., Class A | 3,598 | 20,621 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 5,700 | 14,246 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 12,800 | 14,657 | ||||||
TangShan Port Group Co. Ltd., Class A | 12,400 | 4,463 | ||||||
TBEA Co. Ltd., Class A | 18,081 | 16,692 | ||||||
Tian Di Science & Technology Co. Ltd., Class A | 10,200 | 4,367 | ||||||
Tus Environmental Science And Technology Development Co. Ltd., Class A | 7,300 | 8,889 | ||||||
Weichai Power Co. Ltd., Class A | 23,300 | 43,717 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 30,349 | 19,772 | ||||||
Xiamen C & D, Inc., Class A | 13,300 | 15,135 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 13,243 | 21,833 | ||||||
Yunda Holding Co. Ltd., Class A | 6,800 | 28,119 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 8,217 | 27,912 | ||||||
Zhejiang Dingli Machinery Co. Ltd., Class A | 1,300 | 11,998 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 10,300 | 21,640 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 5,700 | $ | 9,908 | |||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 9,600 | 19,159 | ||||||
Zhongji Innolight Co. Ltd., Class A | 2,200 | 13,770 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 25,150 | 21,286 | ||||||
|
| |||||||
1,870,442 | ||||||||
|
| |||||||
Information Technology — 11.2% | ||||||||
360 Security Technology, Inc., Class A | 6,600 | 19,472 | ||||||
Accelink Technologies Co. Ltd., Class A | 2,300 | 9,128 | ||||||
Aisino Corp., Class A | 7,096 | 20,844 | ||||||
AVIC Jonhon Optronic Technology Co. Ltd., Class A | 4,000 | 21,918 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 3,400 | 17,455 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 5,600 | 15,255 | ||||||
BOE Technology Group Co. Ltd., Class A | 130,402 | 72,343 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 8,358 | 22,256 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 11,300 | 23,870 | ||||||
China National Software & Service Co. Ltd., Class A | 1,800 | 17,355 | ||||||
China TransInfo Technology Co. Ltd., Class A | 5,300 | 12,651 | ||||||
Dawning Information Industry Co. Ltd., Class A | 3,300 | 15,946 | ||||||
DHC Software Co. Ltd., Class A | 12,000 | 15,653 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 4,100 | 14,510 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 15,200 | 36,022 | ||||||
GCL System Integration Technology Co. Ltd., Class A* | 19,100 | 16,682 | ||||||
Gigadevice Semiconductor Beijing, Inc., Class A | 1,300 | 30,586 | ||||||
Glodon Co. Ltd., Class A | 4,200 | 19,728 | ||||||
GoerTek, Inc., Class A | 12,577 | 34,690 | ||||||
GRG Banking Equipment Co. Ltd., Class A | 8,700 | 9,702 | ||||||
Guangdong LY Intelligent Manufacturing Co. Ltd., Class A* | 21,900 | 32,617 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 11,100 | 16,216 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 36,000 | 160,849 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 5,100 | 10,614 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 7,300 | 16,075 | ||||||
Holitech Technology Co. Ltd., Class A | 10,900 | 7,566 | ||||||
Hubei Kaile Science & Technology Co. Ltd., Class A | 3,200 | 5,544 | ||||||
Hundsun Technologies, Inc., Class A | 3,080 | 31,900 | ||||||
Hytera Communications Corp. Ltd., Class A | 6,200 | 7,832 | ||||||
Iflytek Co. Ltd., Class A | 8,434 | 39,543 |
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 4,900 | $ | 20,869 | |||||
JCET Group Co. Ltd., Class A* | 6,100 | 17,979 | ||||||
Lens Technology Co. Ltd., Class A | 12,600 | 22,996 | ||||||
Leyard Optoelectronic Co. Ltd., Class A | 8,200 | 7,302 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 14,010 | 47,531 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 20,711 | 100,256 | ||||||
NAURA Technology Group Co. Ltd., Class A | 1,700 | 18,910 | ||||||
Newland Digital Technology Co. Ltd., Class A | 2,900 | 6,167 | ||||||
Ninestar Corp., Class A | 4,100 | 16,505 | ||||||
OFILM Group Co. Ltd., Class A* | 10,500 | 18,864 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 15,679 | 37,090 | ||||||
Sangfor Technologies, Inc., Class A | 1,300 | 21,007 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 28,846 | 12,392 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 3,100 | 15,231 | ||||||
Shengyi Technology Co. Ltd., Class A | 8,700 | 28,353 | ||||||
Shennan Circuits Co. Ltd., Class A | 1,300 | 27,015 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A | 1,500 | 41,416 | ||||||
Shenzhen KingdomSci-Tech Co. Ltd., Class A* | 3,300 | 8,670 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A* | 3,700 | 20,758 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 6,200 | 16,845 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 10,500 | 15,100 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 7,600 | 16,573 | ||||||
Tunghsu Optoelectronic Technology Co. Ltd., Class A (a) | 27,000 | 18,435 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 2,200 | 14,020 | ||||||
Unisplendour Corp. Ltd., Class A | 6,320 | 24,318 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 5,300 | 12,168 | ||||||
Venustech Group, Inc., Class A | 3,300 | 14,458 | ||||||
Visionox Technology, Inc., Class A* | 5,100 | 11,847 | ||||||
Wangsu Science & Technology Co. Ltd., Class A | 12,000 | 15,090 | ||||||
Westone Information Industry, Inc., Class A | 3,100 | 10,482 | ||||||
Will Semiconductor Ltd., Class A | 2,200 | 39,181 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 3,500 | 9,818 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 6,600 | 21,114 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 4,200 | 22,583 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 1,900 | 18,684 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 9,620 | 37,988 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 11,600 | $ | 27,952 | |||||
ZTE Corp., Class A* | 13,200 | 57,664 | ||||||
|
| |||||||
1,668,453 | ||||||||
|
| |||||||
Materials — 7.6% | ||||||||
Aluminum Corp. of China Ltd., Class A* | 49,808 | 23,239 | ||||||
Angang Steel Co. Ltd., Class A | 27,490 | 12,318 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 15,564 | 101,399 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 70,857 | 55,134 | ||||||
BBMG Corp., Class A | 31,700 | 14,745 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 5,600 | 19,118 | ||||||
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A | 7,800 | 6,569 | ||||||
China Jushi Co. Ltd., Class A | 12,800 | 16,442 | ||||||
China Molybdenum Co. Ltd., Class A | 67,500 | 34,182 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 13,993 | 19,785 | ||||||
Ganfeng Lithium Co. Ltd., Class A | 5,300 | 20,921 | ||||||
GEM Co. Ltd., Class A | 11,800 | 6,798 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A | 11,300 | 14,210 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 22,520 | 44,944 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 10,900 | 21,599 | ||||||
Hesteel Co. Ltd., Class A | 52,000 | 18,640 | ||||||
Huaxin Cement Co. Ltd., Class A | 5,100 | 15,989 | ||||||
Hunan Valin Steel Co. Ltd., Class A* | 15,000 | 9,623 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 174,900 | 31,845 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A* | 40,995 | 17,611 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A | 1,100 | 8,794 | ||||||
Jiangxi Copper Co. Ltd., Class A | 10,044 | 20,131 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A | 12,900 | 13,175 | ||||||
Lomon Billions Group Co. Ltd., Class A | 7,000 | 12,945 | ||||||
Luxi Chemical Group Co. Ltd., Class A | 5,000 | 6,529 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A | 29,100 | 11,383 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A | 13,100 | 6,149 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A* | 30,200 | 11,986 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 18,352 | 31,718 | ||||||
Sansteel Minguang Co. Ltd. Fujian, Class A | 8,700 | 10,445 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 9,967 | 42,661 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 5,900 | 14,016 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 31,600 | 9,709 | ||||||
Shandong Sinocera Functional Material Co. Ltd., Class A | 3,700 | 11,463 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 9,600 | 12,331 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 19,100 | $ | 10,678 | |||||
Shanying International Holding Co. Ltd., Class A* | 13,500 | 6,241 | ||||||
Shenghe Resources Holding Co. Ltd., Class A | 6,300 | 7,295 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 17,200 | 9,738 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A* | 25,800 | 5,322 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 30,270 | 16,836 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A | 4,900 | 10,365 | ||||||
Tianqi Lithium Corp., Class A | 4,300 | 18,271 | ||||||
Tongkun Group Co. Ltd., Class A | 6,400 | 11,653 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 51,200 | 15,513 | ||||||
Transfar Zhilian Co. Ltd., Class A | 16,490 | 16,162 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 12,100 | 83,324 | ||||||
Weihai Guangwei Composites Co. Ltd., Class A | 1,900 | 10,151 | ||||||
Western Mining Co. Ltd., Class A* | 5,800 | 4,480 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 4,800 | 8,269 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 5,700 | 5,270 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 9,800 | 5,548 | ||||||
Xinyu Iron & Steel Co. Ltd., Class A | 10,800 | 7,374 | ||||||
Yintai Gold Co. Ltd., Class A | 7,600 | 13,049 | ||||||
Yunnan Energy New Material Co. Ltd. | 2,600 | 15,275 | ||||||
Yunnan Tin Co. Ltd., Class A* | 5,100 | 7,001 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 4,032 | 17,487 | ||||||
Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Class A | 5,000 | 6,494 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 9,600 | 8,986 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 12,500 | 23,418 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 15,200 | 16,951 | ||||||
Zijin Mining Group Co. Ltd., Class A | 74,897 | 37,928 | ||||||
|
| |||||||
1,127,625 | ||||||||
|
| |||||||
Real Estate — 4.4% | ||||||||
Beijing Capital Development Co. Ltd., Class A | 8,800 | 9,601 | ||||||
China Enterprise Co. Ltd., Class A | 14,100 | 8,705 | ||||||
China Fortune Land Development Co. Ltd., Class A | 11,540 | 45,848 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 30,415 | 78,353 | ||||||
China Vanke Co. Ltd., Class A | 37,396 | 147,351 | ||||||
Financial Street Holdings Co. Ltd., Class A | 14,300 | 15,724 | ||||||
Gemdale Corp., Class A | 17,422 | 29,491 | ||||||
Grandjoy Holdings Group Co. Ltd., Class A | 11,900 | 11,663 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Real Estate (Continued) | ||||||||
Greenland Holdings Corp. Ltd., Class A | 30,973 | $ | 28,858 | |||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 13,600 | 15,709 | ||||||
Jinke Properties Group Co. Ltd., Class A | 20,700 | 19,346 | ||||||
Oceanwide Holdings Co. Ltd., Class A | 18,000 | 10,831 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 45,773 | 93,956 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 16,700 | 20,501 | ||||||
Seazen Holdings Co. Ltd., Class A | 8,713 | 40,467 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A | 3,300 | 10,914 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 4,300 | 8,698 | ||||||
Sichuan Languang Development Co. Ltd., Class A | 10,500 | 9,888 | ||||||
Tahoe Group Co. Ltd., Class A | 8,600 | 6,924 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 33,200 | 17,568 | ||||||
Yango Group Co. Ltd., Class A | 14,900 | 14,667 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 24,100 | 13,061 | ||||||
|
| |||||||
658,124 | ||||||||
|
| |||||||
Utilities — 2.9% | ||||||||
Chengdu Xingrong Environment Co. Ltd., Class A | 7,200 | 4,619 | ||||||
China National Nuclear Power Co. Ltd., Class A | 49,184 | 34,002 | ||||||
China Yangtze Power Co. Ltd., Class A | 84,800 | 218,696 | ||||||
GD Power Development Co. Ltd., Class A | 74,800 | 24,047 | ||||||
Huadian Power International Corp. Ltd., Class A | 24,000 | 12,666 |
Number | Value | |||||||
Utilities (Continued) | ||||||||
Huaneng Power International, Inc., Class A | 17,800 | $ | 15,167 | |||||
Hubei Energy Group Co. Ltd., Class A | 21,300 | 12,513 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 19,300 | 7,111 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 26,195 | 31,188 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 8,700 | 9,121 | ||||||
Shenergy Co. Ltd., Class A | 22,100 | 18,642 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 15,800 | 13,530 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 17,100 | 23,230 | ||||||
|
| |||||||
424,532 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 14,848,541 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.0% | ||||||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF*(b) | 100 | 2,758 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) | 13,058 | 13,058 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% (Cost $13,545,038) | $ | 14,864,357 | ||||||
Other assets and liabilities, net — 0.0% | (7,356 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 14,857,001 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS —0.0% |
| |||||||||||||||||||||||||||||||||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF*(b) |
| |||||||||||||||||||||||||||||||||||
6,530 | — | (4,250 | ) | 949 | (471 | ) | — | — | 100 | 2,758 | ||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d) |
| |||||||||||||||||||||||||||||||||||
6,352 | — | (6,352 | )(e) | — | — | 45 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS —0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) |
| |||||||||||||||||||||||||||||||||||
501,496 | 68,905,287 | (69,393,725 | ) | — | — | 18,527 | — | 13,058 | 13,058 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
514,378 | 68,905,287 | (69,404,327 | ) | 949 | (471 | ) | 18,572 | — | 13,158 | 15,816 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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, 2019. |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF(Continued)
November 30, 2019 (Unaudited)
JSC | Joint Stock Company |
At November 30, 2019, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||
SGX FTSE China A50 Index Futures | USD | 1 | $ | 13,841 | $ | 13,580 | 12/30/2019 | $ | (261 | ) |
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, 2019 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) | $ | 14,830,106 | $ | — | $ | 18,435 | $ | 14,848,541 | ||||||||
Exchange-Traded Funds | 2,758 | — | — | 2,758 | ||||||||||||
Short-Term Investments (f) | 13,058 | — | — | 13,058 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 14,845,922 | $ | — | $ | 18,435 | $ | 14,864,357 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contracts | $ | (261 | ) | $ | — | $ | — | $ | (261 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (261 | ) | $ | — | $ | — | $ | (261 | ) | ||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the period ended November 30, 2019, the amount of transfers from Level 1 to Level 3 was $112,503. 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. | 32 |
DBX ETF Trust
November 30, 2019 (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 innon-affiliated securities at value | $ | 1,625,806,499 | $ | 38,230,907 | $ | 21,650,167 | $ | 14,848,541 | ||||||||
Investment in affiliated securities at value | — | — | 14,640,441 | 2,758 | ||||||||||||
Investment in DWS Government Money Market Series | — | — | 135,670 | 13,058 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | — | — | 2,248,403 | — | ||||||||||||
Cash | — | — | 7,186 | — | ||||||||||||
Foreign currency at value | 64,149,328 | † | 7,865,452 | † | 207,449 | — | ||||||||||
Deposit with broker for futures contracts | — | — | 29,708 | 880 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 1,665,486 | — | ||||||||||||
Capital shares | 394,141 | 10,119 | — | — | ||||||||||||
Dividends | — | — | 7,122 | — | ||||||||||||
Interest | — | — | 199 | 25 | ||||||||||||
Securities lending income | — | — | 4,055 | 1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 1,690,349,968 | $ | 46,106,478 | $ | 40,595,886 | $ | 14,865,263 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Due to custodian | $ | 2,268,386 | $ | 167,400 | $ | — | $ | — | ||||||||
Due to foreign custodian | — | — | — | 658 | ||||||||||||
Payable upon return of securities loaned | — | — | 2,248,403 | — | ||||||||||||
Payables: | ||||||||||||||||
Capital shares | 60,466,585 | 7,652,063 | 1,680,755 | — | ||||||||||||
Investment advisory fees | 919,617 | 25,251 | 8,158 | 7,462 | ||||||||||||
Variation margin on futures contracts | — | — | 5,637 | 142 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 63,654,588 | 7,844,714 | 3,942,953 | 8,262 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 1,626,695,380 | $ | 38,261,764 | $ | 36,652,933 | $ | 14,857,001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 1,591,653,711 | $ | 62,765,490 | $ | 60,047,972 | $ | 17,701,175 | ||||||||
Distributable earnings (loss) | 35,041,669 | (24,503,726 | ) | (23,395,039 | ) | (2,844,174 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 1,626,695,380 | $ | 38,261,764 | $ | 36,652,933 | $ | 14,857,001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 58,850,001 | 1,500,001 | 1,100,001 | 750,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 27.64 | $ | 25.51 | $ | 33.32 | $ | 19.81 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment innon-affiliated securities at cost | $ | 1,412,032,070 | $ | 41,171,386 | $ | 22,274,161 | $ | 13,529,780 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in affiliated securities at cost | $ | — | $ | — | $ | 15,859,258 | $ | 2,200 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | — | $ | — | $ | 2,563,415 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | — | $ | — | $ | 135,670 | $ | 13,058 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | — | $ | — | $ | 2,248,403 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | — | $ | — | $ | 415,507 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 64,198,570 | $ | 7,879,723 | $ | 206,952 | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
† | Included in foreign currency at value is $40,158 and $6,995 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
For the Six Months Ended November 30, 2019 (Unaudited)
Xtrackers Harvest CSI 300 China A-Shares ETF | Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | Xtrackers MSCI All China Equity ETF | Xtrackers MSCI China A Inclusion Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | 3,553 | $ | 439 | $ | — | $ | �� | ||||||||
Unaffiliated dividend income* | 24,797,537 | 505,940 | 730,079 | 430,235 | ||||||||||||
Income distributions from affiliated funds | — | — | 3,856 | 18,527 | ||||||||||||
Affiliated securities lending income | — | — | 16,078 | 45 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | — | — | 9,016 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 24,801,090 | 506,379 | 759,029 | 448,807 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 5,148,931 | 175,231 | 133,630 | 66,015 | ||||||||||||
Other expenses | 114 | 114 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 5,149,045 | 175,345 | 133,687 | 66,072 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | — | — | (64,070 | ) | (434 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 5,149,045 | 175,345 | 69,617 | 65,638 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 19,652,045 | 331,034 | 689,412 | 383,169 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (35,709,239 | ) | (8,362,359 | ) | (5,335,830 | ) | (2,009,400 | ) | ||||||||
Investments in affiliates | — | — | (3,666 | ) | 949 | |||||||||||
In-kind redemptions | — | — | (4,081,414 | ) | — | |||||||||||
In-kind redemptions in affiliates | — | — | (7,530,707 | ) | — | |||||||||||
Futures contracts | — | — | 14,815 | 51,907 | ||||||||||||
Foreign currency transactions | (1,184,224 | ) | (149,108 | ) | 5,124 | (49,829 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (36,893,463 | ) | (8,511,467 | ) | (16,931,678 | ) | (2,006,373 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 69,953,350 | 6,932,104 | 13,226,747 | 3,353,651 | ||||||||||||
Investments in affiliates | — | — | 8,869,582 | (471 | ) | |||||||||||
Futures contracts | — | — | 6,010 | 414 | ||||||||||||
Foreign currency translations | (123,973 | ) | (4,142 | ) | (457 | ) | 4 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 69,829,377 | 6,927,962 | 22,101,882 | 3,353,598 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 32,935,914 | (1,583,505 | ) | 5,170,204 | 1,347,225 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 52,587,959 | $ | (1,252,471 | ) | $ | 5,859,616 | $ | 1,730,394 | |||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 2,758,603 | $ | 57,774 | $ | 51,140 | $ | 47,808 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Xtrackers Harvest CSI 300 ChinaA-Shares ETF | Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | |||||||||||||||
For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 19,652,045 | $ | 10,665,149 | $ | 331,034 | $ | 251,842 | ||||||||
Net realized gain (loss) | (36,893,463 | ) | (135,091,369 | ) | (8,511,467 | ) | (1,349,407 | ) | ||||||||
Net change in net unrealized appreciation (depreciation) | 69,829,377 | 60,377,165 | 6,927,962 | (9,572,739 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 52,587,959 | (64,049,055 | ) | (1,252,471 | ) | (10,670,304 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | — | (14,203,859 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 553,332,609 | 1,692,910,139 | — | 60,173,256 | ||||||||||||
Value of shares redeemed | (427,882,239 | ) | (851,830,790 | ) | (34,383,071 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 125,450,370 | 841,079,349 | (34,383,071 | ) | 60,173,256 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 178,038,329 | 762,826,435 | (35,635,542 | ) | 49,502,952 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 1,448,657,051 | 685,830,616 | 73,897,306 | 24,394,354 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,626,695,380 | $ | 1,448,657,051 | $ | 38,261,764 | $ | 73,897,306 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 55,150,001 | 23,200,001 | 2,850,001 | 750,001 | ||||||||||||
Shares sold | 19,550,000 | 64,000,000 | — | 2,100,000 | ||||||||||||
Shares redeemed | (15,850,000 | ) | (32,050,000 | ) | (1,350,000 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 58,850,001 | 55,150,001 | 1,500,001 | 2,850,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 35 |
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, 2019 (Unaudited) | Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 689,412 | $ | 1,069,662 | $ | 383,169 | $ | 252,019 | ||||||||
Net realized gain (loss) | (16,931,678 | ) | (948,491 | ) | (2,006,373 | ) | (1,747,339 | ) | ||||||||
Net change in net unrealized appreciation (depreciation) | 22,101,882 | (23,805,345 | ) | 3,353,598 | (2,385,759 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 5,859,616 | (23,684,174 | ) | 1,730,394 | (3,881,079 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | — | (682,986 | ) | — | (119,154 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 8,833,422 | 387,568,698 | — | 137,463,454 | ||||||||||||
Value of shares redeemed | (205,266,100 | ) | (171,870,648 | ) | (69,393,534 | ) | (53,023,564 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (196,432,678 | ) | 215,698,050 | (69,393,534 | ) | 84,439,890 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (190,573,062 | ) | 191,330,890 | (67,663,140 | ) | 80,439,657 | ||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 227,225,995 | 35,895,105 | 82,520,141 | 2,080,484 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 36,652,933 | $ | 227,225,995 | $ | 14,857,001 | $ | 82,520,141 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 7,300,001 | 950,001 | 4,400,001 | 100,001 | ||||||||||||
Shares sold | 250,000 | 11,250,000 | — | 6,900,000 | ||||||||||||
Shares redeemed | (6,450,000 | ) | (4,900,000 | ) | (3,650,000 | ) | (2,600,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,100,001 | 7,300,001 | 750,001 | 4,400,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Xtrackers Harvest CSI 300 ChinaA-Shares ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 26.27 | $ | 29.56 | $ | 25.84 | $ | 23.74 | $ | 49.93 | $ | 21.98 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.34 | 0.22 | 0.25 | 0.30 | 0.43 | 0.09 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.03 | (3.22 | ) | 3.73 | 1.97 | (18.19 | ) | 27.96 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.37 | (3.00 | ) | 3.98 | 2.27 | (17.76 | ) | 28.05 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | — | — | (0.26 | ) | (0.17 | ) | (0.33 | ) | (0.10 | ) | ||||||||||||||
Net realized gains | — | (0.29 | ) | — | — | (8.10 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (0.29 | ) | (0.26 | ) | (0.17 | ) | (8.43 | ) | (0.10 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 27.64 | $ | 26.27 | $ | 29.56 | $ | 25.84 | $ | 23.74 | $ | 49.93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 5.21 | ** | (10.02 | ) | 15.38 | 9.62 | (38.10 | ) | 127.82 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 1,627 | 1,449 | 686 | 367 | 326 | 1,410 | ||||||||||||||||||
Ratio of expenses (%) | 0.65 | * | 0.65 | 0.66 | 0.67 | 0.80 | 0.80 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 2.48 | * | 0.87 | 0.82 | 1.24 | 1.27 | 0.26 | |||||||||||||||||
Portfolio turnover rate (%)(b) | 32 | ** | 81 | 65 | 68 | 159 | 58 | |||||||||||||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 25.93 | $ | 32.53 | $ | 31.36 | $ | 33.00 | $ | 65.42 | $ | 25.70 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.16 | 0.20 | 0.04 | (0.03 | ) | (0.05 | ) | (0.12 | ) | |||||||||||||||
Net realized and unrealized gain (loss) | (0.58 | ) | (6.80 | ) | 1.13 | (1.61 | ) | (28.91 | ) | 40.05 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (0.42 | ) | (6.60 | ) | 1.17 | (1.64 | ) | (28.96 | ) | 39.93 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | — | — | — | — | (0.17 | ) | (0.04 | ) | ||||||||||||||||
Net realized gains | — | — | — | — | (3.29 | ) | (0.17 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | — | — | — | (3.46 | ) | (0.21 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 25.51 | $ | 25.93 | $ | 32.53 | $ | 31.36 | $ | 33.00 | $ | 65.42 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | (1.62 | )** | (20.29 | ) | 3.73 | (4.97 | ) | (45.37 | ) | 155.99 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 38 | 74 | 24 | 20 | 21 | 82 | ||||||||||||||||||
Ratio of expenses (%) | 0.65 | * | 0.65 | 0.65 | 0.67 | 0.80 | 0.80 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 1.23 | * | 0.74 | 0.10 | (0.09 | ) | (0.11 | ) | (0.30 | ) | ||||||||||||||
Portfolio turnover rate (%)(b) | 19 | ** | 16 | 29 | 51 | 215 | 131 |
(a) | Based on average shares outstanding during the period. |
(b) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers MSCI All China Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 31.13 | $ | 37.78 | $ | 30.54 | $ | 28.36 | $ | 46.01 | $ | 25.51 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(a) | 0.43 | 0.36 | 0.79 | 0.91 | 2.15 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.76 | (6.42 | ) | 6.75 | 4.26 | (15.46 | ) | 20.58 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.19 | (6.06 | ) | 7.54 | 5.17 | (13.31 | ) | 20.90 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | — | (0.59 | ) | (0.30 | ) | (2.99 | ) | (4.34 | ) | (0.35 | ) | |||||||||||||
Net realized gains | — | — | — | — | — | (0.05 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (0.59 | ) | (0.30 | ) | (2.99 | ) | (4.34 | ) | (0.40 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 33.32 | $ | 31.13 | $ | 37.78 | $ | 30.54 | $ | 28.36 | $ | 46.01 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%)(b) | 7.04 | ** | (15.89 | ) | 24.71 | 20.03 | (29.80 | ) | 82.48 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 37 | 227 | 36 | 5 | 7 | 18 | ||||||||||||||||||
Ratio of expenses before fee waiver (%)(c) | 0.50 | * | 0.50 | 0.60 | 0.60 | 0.60 | 0.60 | |||||||||||||||||
Ratio of expenses after fee waiver (%)(c) | 0.26 | * | 0.28 | 0.36 | 0.35 | 0.26 | 0.26 | |||||||||||||||||
Ratio of net investment income (loss)(%) | 2.58 | * | 1.07 | 2.10 | 3.10 | 6.46 | 0.94 | |||||||||||||||||
Portfolio turnover rate (%)(d) | 9 | ** | 102 | 3 | 7 | 36 | 20 |
Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2016(e) | |||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 18.75 | $ | 20.80 | $ | 19.53 | $ | 21.86 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.35 | 0.15 | 0.52 | 0.29 | 0.40 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.71 | (2.03 | ) | 1.30 | 1.05 | (2.80 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.06 | (1.88 | ) | 1.82 | 1.34 | (2.40 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | — | (0.17 | ) | (0.55 | ) | (2.82 | ) | (0.74 | ) | |||||||||||
Net realized gains | — | — | — | (0.85 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | — | (0.17 | ) | (0.55 | ) | (3.67 | ) | (0.74 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 19.81 | $ | 18.75 | $ | 20.80 | $ | 19.53 | $ | 21.86 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%)(b) | 5.65 | ** | (8.91 | ) | 9.12 | 6.42 | (f) | (10.01 | )** | |||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 15 | 83 | 2 | 3 | 2 | |||||||||||||||
Ratio of expenses before fee waiver (%)(c) | 0.60 | * | 0.60 | 0.70 | 0.72 | 1.25 | *** | |||||||||||||
Ratio of expenses after fee waiver (%)(c) | 0.60 | * | 0.60 | 0.05 | 0.05 | 0.45 | *** | |||||||||||||
Ratio of net investment income (loss) (%) | 3.48 | * | 0.75 | 2.38 | 1.41 | 2.92 | * | |||||||||||||
Portfolio turnover rate (%)(d) | 18 | ** | 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. | 38 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2019, 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 ChinaA-Shares ETF |
Xtrackers Harvest CSI 500 ChinaA-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 ChinaA-Shares ETF | CSI 300 Index | |
Xtrackers Harvest CSI 500 ChinaA-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 largest and most liquid stocks in the ChinaA-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed everysix-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 ChinaA-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed everysix-months.
MSCI is the creator of the MSCI China All Shares Index and the MSCI China A Inclusion Equity Index. 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 ofA-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 ChinaA-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or theShenzhen-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 eligibleA-Shares are traded on the Shanghai or Shenzhen Stock Exchanges. The Underlying Index is designed to track the inclusion ofA-Shares in the MSCI Emerging Markets Index over time and is constructed by MSCI, Inc. by applying eligibility criteria for the MSCI Global Investable Market Indexes, and then excludingmid- and small-capitalizationA-Shares (as determined by
39
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
MSCI),A-Shares suspended for trading for more than 50 days in the past 12 months andA-Shares that are not accessible through Stock Connect. The Underlying Index is weighted by each issuer’s free float-adjusted market capitalization (i.e., includes only shares that are readily available for trading in the market) available to foreign investors and includes only large-capitalization companies, as determined by MSCI. The Underlying Index is rebalanced on a quarterly basis.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF, is diversified. Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF arenon-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) orover-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 inopen-end investment companies are valued at their NAV each business day and are categorized as a Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as
40
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
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 theex-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 theex-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 theex-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, 2019, the Funds did not incur any interest or penalties.
41
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
At May 31, 2019, 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 ChinaA-Shares ETF | $ | 45,266,247 | $ | 50,651,731 | $ | 95,917,978 | ||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | 10,027,894 | 2,341,586 | 12,369,480 | |||||||||
Xtrackers MSCI All China Equity ETF | 2,320,956 | 3,208,967 | 5,529,923 | |||||||||
Xtrackers MSCI China A Inclusion Equity ETF | 1,711,206 | 446,119 | 2,157,325 |
Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2019, the Fund listed below incurred and will elect to defer late year ordinary losses as follows. The funds had no post-October capital losses.
Late Year Ordinary Losses | ||||
Xtrackers MSCI China A Inclusion Equity ETF | $ | 35,262 |
As of May 31, 2019, 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 ChinaA-Shares ETF | $ | 1,363,034,929 | $ | 72,499,639 | $ | 149,471,475 | $ | (76,971,836 | ) | |||||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | 84,405,465 | (11,138,602 | ) | 2,590,298 | (13,728,900 | ) | ||||||||||
Xtrackers MSCI All China Equity ETF | 253,004,543 | (24,357,024 | ) | 1,741,088 | (26,098,112 | ) | ||||||||||
Xtrackers MSCI China A Inclusion Equity ETF | 84,856,178 | (2,381,977 | ) | 2,969,398 | (5,351,375 | ) |
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). Foreign taxes payable as of November 30, 2019, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
The Funds’ direct investments in ChinaA-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 inA-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 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
42
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
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-richA-Share companies and exempt from WHT with respect to gross realized gains derived from non land-richA-Share companies prior to November 17, 2014. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Xtrackers Harvest CSI 300 ChinaA-Shares ETF and Xtrackers Harvest CSI 500 ChinaA-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 thePRC-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, 2019, 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 (0.12% annualized effective rate as of November 30, 2019) 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, 2019, the Xtrackers MSCI All China Equity ETF had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
43
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
Remaining Contractual Maturity of the Agreements, as of November 30, 2019 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Common Stocks | $ | 221,713 | $ | 2,513 | $ | 683 | $ | 412,311 | $ | 637,220 | ||||||||||
Exchange-Traded Funds | 2,026,690 | — | — | — | 2,026,690 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 2,248,403 | $ | 2,513 | $ | 683 | $ | 412,311 | $ | 2,663,910 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities andnon-cash collateral for securities lending transactions |
| $ | 2,663,910 |
As of November 30, 2019, the Xtrackers MSCI China A Inclusion Equity ETF had no securities on loan.
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. ornon-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, 2019, Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion 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, 2019 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, 2019 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* | $ | 5,560 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Xtrackers MSCI China A Inclusion Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 261 |
* | 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. |
44
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, 2019 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 | $ | 14,815 | ||
Xtrackers MSCI China A Inclusion Equity ETF | 51,907 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers MSCI All China Equity ETF | $ | 6,010 | ||
Xtrackers MSCI China A Inclusion Equity ETF | 414 |
For the period ended November 30, 2019 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers MSCI All China Equity ETF | $ | 785,980 | ||
Xtrackers MSCI China A Inclusion Equity ETF | 104,361 |
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 Rule2a-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 management 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 arrangingsub-advisory, transfer agency, custody, fund administration, and all othernon-distribution related services for the Funds to operate.
Harvest Global Investments Limited serves as investmentsub-Advisor (the“Sub-Advisor”) to the Xtrackers Harvest CSI 300 ChinaA-Shares ETF and the Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF. TheSub-Advisor is responsible forday-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 management fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF | 0.65 | % | ||
Xtrackers Harvest CSI 500 ChinaA-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 management fees in an amount equal to the acquired fund’s fees and expenses attributable to the
45
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
Fund’s investments in affiliated funds. In addition, the Advisor has contractually agreed, until September 30, 2020, 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, 2019, the Advisor waived $63,949 of the expenses of the Fund.
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, 2019, the Advisor waived $19 of the expenses of the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2019, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers MSCI All China Equity ETF | $ | 121 | ||
Xtrackers MSCI China A Inclusion Equity ETF | 415 |
Out of the unitary management 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, 2019, the cost of investments purchased and proceeds from sale of investments (excludingin-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF | $ | 656,689,400 | $ | 500,661,651 | ||||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | 9,934,299 | 43,540,120 | ||||||
Xtrackers MSCI All China Equity ETF | 5,636,813 | 71,784,836 | ||||||
Xtrackers MSCI China A Inclusion Equity ETF | 4,475,417 | 72,936,654 |
For the period ended November 30, 2019, the cost ofin-kind purchases and proceeds fromin-kind sale were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI All China Equity ETF | $ | 4,650,053 | $ | 133,871,315 |
5. Fund Share Transactions
As of November 30, 2019 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 thein-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective
46
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
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 ChinaA-Shares ETF, Xtrackers Harvest CSI 500 ChinaA-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 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.
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 ChinaA-Shares ETF, Xtrackers Harvest CSI 500 ChinaA-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 theone-month LIBOR Rate. Each Fund may borrow up to the lesser of apro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2019.
Pro-rata Share | ||||
Xtrackers Harvest CSI 300 ChinaA-Shares ETF | $ | 62,475,000 | ||
Xtrackers Harvest CSI 500 ChinaA-Shares Small Cap ETF | 4,200,000 | |||
Xtrackers MSCI China A Inclusion Equity ETF | 5,250,000 |
47
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 recent12-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 FormN-Q or Form N-PORT (available for filings after March 31, 2019). 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.
48
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collectsnon-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 anynon-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclosenon-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and tonon-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclosenon-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 disclosenon-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 yournon-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.
49
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 inA-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access toA-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.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
The CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.
The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.
Copyright © 2020 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 | 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-049076-4 (1/20) DBX004201 (1/21)
November 30, 2019
Semi-Annual Report
DBX ETF Trust
Xtrackers Eurozone Equity ETF (EURZ)
Xtrackers International Real Estate ETF (HAUZ)
Xtrackers JapanJPX-Nikkei 400 Equity ETF (JPN)
Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)
DBX ETF Trust
Page | ||||
1 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
13 | ||||
22 | ||||
27 | ||||
30 | ||||
31 | ||||
32 | ||||
34 | ||||
36 | ||||
44 | ||||
45 |
To our Shareholders:(Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for 4 of our sector ETFs for the period ended November 30, 2019.
The global economy experienced broad-based slowdown due to rising trade tensions, subsequent tariff hikes, and a fall in consumer and business sentiments. Recessionary fears have subsided as major European economies managed to swerve into positive territory with inflation bottoming out both in the U.S. and Europe. In Asia, emerging markets in the south-east Asian region have stood out among the slowing world with stellar performances, while Japan introduced measures to kick-start its stagnant growth pace.
Growth in the Eurozone economy, though positive, is still frail due to weak external demand and a drawdown of inventories, affected by industrial production. The long-standingzero-rate European Central Bank (ECB) policy seems to have had little impact as Germany and Italy reported decelerating figures, with industrials and manufacturing remaining soft spots. With the change of guard, the ECB has stuck to its dovish stance of quantitative easing and pushed its rates towards negative territory. Nevertheless, surprise spurts were seen in countries, such as Spain and Netherlands, with robust private and retail spending despite feeble numbers in external trade. The U.K. economy narrowly missed recession due to a third-quarter uptick on the back of manufacturing and services PMIs1.
Economic activity in Japan was seen settling to the lowest level of 2019, which is an alarming step-down from the previous quarters. The slump is attributed to decreased consumer and sovereign spending with both business and consumer confidence seen falling to their lowest levels since 2011. The hike in sales tax has come in times of devastation by typhoon Hagibis and sliding industrial and manufacturing PMIs, with the former being predominantly negative in 2019.
Trade activity in most Latin American nations fell, with only Brazil and Colombia being the bright spots. The slowdown was caused by external headwinds of the U.S.-China trade war and the slowing world business activity, while Brazil battled record Amazon wildfires this year. Unlike the rest of the world, troubles in business have been inflicted largely by political and social upheavals rather than by economic factors. The Colombian government was successful in getting its long overdue budget passed against a strengthening opposition, while the U.S. imposed more sanctions on Venezuela, further hampering the economy.
Although political discord in major democracies is having an impact on the real estate sector, the segment benefitted from loose monetary policies across the developed world. With a recessionary outlook diminishing in the U.S., U.K., and Asian markets, net income is expected to be the major driver for the sector with an already healthy rise in rental incomes. In the absence of any supply constraints, an intensifying trade war is the only potential disruptor to this momentum.
Global growth is expected to continue in the near term, albeit at a slower pace, with a balanced Brexit2 plan and improved international trade relations. Further economic reforms, like the ECB’s loose monetary policy, Latin America’s austerity measures, and Japan’s reforms should prove to be a tailwind for the growth momentum. Corporate earnings should rise gradually, with continued fiscal support and sustained inflation helping avoid a recession and increasing employment opportunities.
1
Our team appreciates your trust and looks forward to continue serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.
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
DBX ETF Trust
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- andmid-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, 2019 (22.0% of Net Assets) |
Description | % of Net Assets | |||
SAP SE (Germany) | 3.0% | |||
TOTAL SA (France) | 2.7% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 2.6% | |||
Sanofi (France) | 2.1% | |||
ASML Holding NV (Netherlands) | 2.1% | |||
Siemens AG (Germany) | 2.1% | |||
Allianz SE (Germany) | 2.1% | |||
Airbus SE (France) | 1.9% | |||
Unilever NV (United Kingdom) | 1.9% | |||
Anheuser-Busch InBev SA/NV (Belgium) | 1.5% |
Country Diversification* as of November 30, 2019 |
France | 34.8% | |||
Germany | 27.4% | |||
Netherlands | 9.4% | |||
Spain | 8.9% | |||
Italy | 6.9% | |||
Belgium | 3.6% | |||
Finland | 3.1% | |||
Other | 5.9% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2019 |
Financials | 17.4% | |||
Industrials | 15.7% | |||
Consumer Discretionary | 13.3% | |||
Consumer Staples | 10.2% | |||
Information Technology | 9.4% | |||
Health Care | 7.7% | |||
Materials | 7.1% | |||
Utilities | 6.5% | |||
Communication Services | 5.3% | |||
Energy | 5.0% | |||
Real Estate | 2.4% | |||
|
| |||
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 8.
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, 2019 (18.9% of Net Assets) |
Description | % of Net Assets | |||
Vonovia SE (Germany) | 2.4% | |||
Mitsubishi Estate Co. Ltd. (Japan) | 2.3% | |||
Mitsui Fudosan Co. Ltd. (Japan) | 2.2% | |||
Sun Hung Kai Properties Ltd. (Hong Kong) | 2.1% | |||
Unibail-Rodamco-Westfield (France) | 2.0% | |||
Link (Hong Kong) | 2.0% | |||
CK Asset Holdings Ltd. (Hong Kong) | 1.6% | |||
Goodman Group (Australia) | 1.5% | |||
Sumitomo Realty & Development Co. Ltd. (Japan) | 1.5% | |||
Scentre Group (Australia) | 1.3% |
Sector Diversification* as of November 30, 2019 |
Real Estate Operations/Development | 33.5% | |||
Diversified | 20.8% | |||
Real Estate Management/Services | 13.8% | |||
Shopping Centers | 9.9% | |||
Office Property | 7.6% | |||
Warehouse/Industry | 4.8% | |||
Apartments | 3.8% | |||
Other | 5.8% | |||
|
| |||
Total | 100.0% |
Country Diversification* as of November 30, 2019 |
Japan | 22.6% | |||
Hong Kong | 14.4% | |||
Australia | 8.5% | |||
United Kingdom | 6.6% | |||
Singapore | 6.4% | |||
Canada | 5.7% | |||
Germany | 5.6% | |||
France | 5.1% | |||
Sweden | 3.9% | |||
Philippines | 2.6% | |||
Other | 18.6% | |||
|
| |||
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 8.
4
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers JapanJPX-Nikkei 400 Equity ETF (JPN)
The Xtrackers JapanJPX-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 theJPX-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 (formiddle-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, 2019 (14.7% of Net Assets) |
Description | % of Net Assets | |||
Sony Corp. | 1.6% | |||
Toyota Motor Corp. | 1.6% | |||
Mitsubishi UFJ Financial Group, Inc. | 1.5% | |||
Keyence Corp. | 1.5% | |||
Takeda Pharmaceutical Co. Ltd. | 1.5% | |||
Nippon Telegraph & Telephone Corp. | 1.5% | |||
Recruit Holdings Co. Ltd. | 1.4% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.4% | |||
Nintendo Co. Ltd. | 1.4% | |||
Honda Motor Co. Ltd. | 1.3% |
Sector Diversification* as of November 30, 2019 |
Industrials | 23.4% | |||
Consumer Discretionary | 15.5% | |||
Information Technology | 11.5% | |||
Financials | 10.5% | |||
Health Care | 10.2% | |||
Consumer Staples | 9.2% | |||
Communication Services | 8.2% | |||
Materials | 5.8% | |||
Real Estate | 3.4% | |||
Utilities | 1.3% | |||
Energy | 1.0% | |||
|
| |||
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 22.
5
DBX ETF Trust
Portfolio Summary(Unaudited)
Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)
The Xtrackers MSCI Latin America Pacific Alliance 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 Latin America Pacific Alliance Capped Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. It is not possible to invest directly into an index.
Ten Largest Equity Holdings as of November 30, 2019 (44.9% of Net Assets) |
Description | % of Net Assets | |||
America Movil SAB de CV (Mexico) | 8.4% | |||
Credicorp Ltd. (Peru) | 8.2% | |||
Fomento Economico Mexicano SAB de CV (Mexico) | 5.7% | |||
Wal-Mart de Mexico SAB de CV (Mexico) | 4.7% | |||
Grupo Financiero Banorte SAB de CV (Mexico) | 4.4% | |||
Bancolombia SA (Colombia) | 3.8% | |||
Grupo Mexico SAB de CV (Mexico) | 2.9% | |||
Enel Americas SA (Chile) | 2.8% | |||
Ecopetrol SA (Colombia) | 2.1% | |||
Cia de Minas Buenaventura SAA (Peru) | 1.9% |
Country Diversification* as of November 30, 2019 |
Mexico | 50.1% | |||
Chile | 18.0% | |||
Peru | 17.1% | |||
Colombia | 14.0% | |||
Canada | 0.7% | |||
Panama | 0.1% | |||
|
| |||
Total | 100.0% |
Sector Diversification* as of November 30, 2019 |
Financials | 28.0% | |||
Consumer Staples | 19.4% | |||
Materials | 15.5% | |||
Communication Services | 11.1% | |||
Utilities | 8.3% | |||
Industrials | 7.4% | |||
Real Estate | 3.9% | |||
Energy | 3.7% | |||
Consumer Discretionary | 2.4% | |||
Health Care | 0.2% | |||
Information Technology | 0.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.
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 management fees and other Fund expenses. In the most recentsix-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 thesix-month period and held for the entire period (June 1, 2019 to November 30, 2019).
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, 2019 | Ending Account Value November 30, 2019 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Eurozone Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,108.80 | 0.09 | % | $ | 0.47 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.55 | 0.09 | % | $ | 0.46 | ||||||||
Xtrackers International Real Estate ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,069.50 | 0.10 | % | $ | 0.52 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.50 | 0.10 | % | $ | 0.51 | ||||||||
Xtrackers JapanJPX-Nikkei 400 Equity ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 1,130.00 | 0.09 | % | $ | 0.48 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.55 | 0.09 | % | $ | 0.46 | ||||||||
Xtrackers MSCI Latin America Pacific Alliance ETF |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 978.60 | 0.45 | % | $ | 2.23 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.75 | 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 recentsix-month period), then divided by 366.
7
DBX ETF Trust
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 97.5% | ||||||||
Austria — 0.6% | ||||||||
ANDRITZ AG | 80 | $ | 3,123 | |||||
Erste Group Bank AG | 369 | 13,223 | ||||||
OMV AG | 182 | 10,383 | ||||||
Raiffeisen Bank International AG | 170 | 3,994 | ||||||
Telekom Austria AG | 172 | 1,383 | ||||||
voestalpine AG | 155 | 4,110 | ||||||
|
| |||||||
36,216 | ||||||||
|
| |||||||
Belgium — 3.6% | ||||||||
Ackermans & van Haaren NV | 30 | 4,515 | ||||||
Ageas | 199 | 11,954 | ||||||
Anheuser-Busch InBev SA/NV | 1,108 | 87,802 | ||||||
Colruyt SA | 69 | 3,576 | ||||||
Elia System Operator SA/NV | 81 | 6,698 | ||||||
Galapagos NV* | 55 | 10,846 | ||||||
Groupe Bruxelles Lambert SA | 89 | 9,038 | ||||||
KBC Group NV | 344 | 25,086 | ||||||
Proximus SADP | 170 | 5,132 | ||||||
Sofina SA | 20 | 4,340 | ||||||
Solvay SA | 90 | 10,320 | ||||||
Telenet Group Holding NV | 60 | 2,710 | ||||||
UCB SA | 145 | 11,761 | ||||||
Umicore SA | 227 | 9,756 | ||||||
Warehouses De Pauw CVA REIT | 20 | 3,542 | ||||||
|
| |||||||
207,076 | ||||||||
|
| |||||||
Finland — 3.1% | ||||||||
Elisa OYJ | 184 | 9,842 | ||||||
Fortum OYJ | 536 | 12,641 | ||||||
Huhtamaki OYJ | 120 | 5,273 | ||||||
Kesko OYJ, Class B | 80 | 5,402 | ||||||
Kone OYJ, Class B | 505 | 31,638 | ||||||
Metso OYJ | 145 | 5,564 | ||||||
Neste OYJ | 528 | 17,861 | ||||||
Nokia OYJ | 6,911 | 24,472 | ||||||
Nokian Renkaat OYJ | 155 | 4,197 | ||||||
Sampo OYJ, Class A | 617 | 24,967 | ||||||
Stora Enso OYJ, Class R | 710 | 9,551 | ||||||
UPM-Kymmene OYJ | 647 | 21,630 | ||||||
Wartsila OYJ Abp | 526 | 5,298 | ||||||
|
| |||||||
178,336 | ||||||||
|
| |||||||
France — 34.7% | ||||||||
Accor SA | 237 | 10,147 | ||||||
Aeroports de Paris | 35 | 6,850 | ||||||
AirFrance-KLM | 314 | 3,698 | ||||||
Air Liquide SA | 551 | 74,757 | ||||||
Airbus SE | 750 | 110,315 | ||||||
Alstom SA | 204 | 8,903 | ||||||
Alten SA | 35 | 4,044 | ||||||
Amundi SA, 144A | 75 | 5,681 | ||||||
Arkema SA | 85 | 8,815 | ||||||
Atos SE | 115 | 9,774 | ||||||
AXA SA | 2,382 | 64,859 | ||||||
BioMerieux | 55 | 4,976 | ||||||
BNP Paribas SA | 1,432 | 80,478 |
Number | Value | |||||||
France (Continued) | ||||||||
Bollore SA | 1,133 | $ | 4,847 | |||||
Bollore SA | 6 | 25 | ||||||
Bouygues SA | 269 | 10,998 | ||||||
Bureau Veritas SA | 344 | 9,012 | ||||||
Capgemini SE | 186 | 22,016 | ||||||
Carrefour SA | 790 | 13,048 | ||||||
Casino Guichard Perrachon SA (a) | 60 | 2,642 | ||||||
Cie de Saint-Gobain | 637 | 25,812 | ||||||
Cie Generale des Etablissements Michelin SCA | 214 | 25,696 | ||||||
Cie Plastic Omnium SA | 80 | 2,175 | ||||||
CNP Assurances | 204 | 4,031 | ||||||
Covivio REIT | 53 | 5,867 | ||||||
Credit Agricole SA | 1,552 | 21,245 | ||||||
Danone SA | 795 | 65,497 | ||||||
Dassault Systemes SE | 170 | 26,804 | ||||||
Edenred | 249 | 12,368 | ||||||
Eiffage SA | 104 | 11,364 | ||||||
Elis SA | 209 | 4,173 | ||||||
Engie SA | 2,281 | 36,116 | ||||||
EssilorLuxottica SA | 364 | 56,590 | ||||||
Eurazeo SE | 64 | 4,365 | ||||||
Eutelsat Communications SA (a) | 170 | 2,791 | ||||||
Faurecia SE | 95 | 5,042 | ||||||
Gecina SA REIT | 55 | 9,509 | ||||||
Getlink SE | 518 | 8,744 | ||||||
Hermes International | 43 | 32,240 | ||||||
ICADE REIT | 40 | 4,007 | ||||||
Iliad SA (a) | 35 | 4,459 | ||||||
Ingenico Group SA | 65 | 6,942 | ||||||
Ipsen SA | 45 | 5,086 | ||||||
JCDecaux SA | 90 | 2,580 | ||||||
Kering SA | 92 | 55,457 | ||||||
Klepierre SA REIT | 264 | 9,481 | ||||||
Legrand SA | 329 | 26,002 | ||||||
L’Oreal SA | 304 | 86,714 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 331 | 148,649 | ||||||
Natixis SA | 1,153 | 4,822 | ||||||
Orange SA (a) | 2,352 | 38,900 | ||||||
Orpea | 62 | 7,677 | ||||||
Pernod Ricard SA | 217 | 39,885 | ||||||
Peugeot SA | 690 | 16,677 | ||||||
Publicis Groupe SA | 269 | 11,846 | ||||||
Remy Cointreau SA (a) | 25 | 3,222 | ||||||
Renault SA | 259 | 12,410 | ||||||
Rubis SCA | 119 | 6,783 | ||||||
Safran SA | 399 | 65,309 | ||||||
Sanofi | 1,312 | 122,253 | ||||||
Sartorius Stedim Biotech | 30 | 4,767 | ||||||
Schneider Electric SE | 675 | 65,197 | ||||||
SCOR SE | 192 | 8,254 | ||||||
SEB SA | 35 | 5,441 | ||||||
Societe Generale SA | 931 | 29,317 | ||||||
Sodexo SA | 105 | 12,249 | ||||||
Suez | 481 | 7,125 | ||||||
Teleperformance | 69 | 16,357 | ||||||
Thales SA | 130 | 12,746 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
France (Continued) | ||||||||
TOTAL SA | 2,964 | $ | 155,693 | |||||
Ubisoft Entertainment SA* | 104 | 6,318 | ||||||
Unibail-Rodamco-Westfield REIT | 170 | 26,598 | ||||||
Valeo SA | 261 | 10,291 | ||||||
Veolia Environnement SA | 650 | 16,656 | ||||||
Vinci SA | 675 | 73,666 | ||||||
Vivendi SA | 1,088 | 29,895 | ||||||
Wendel SA | 35 | 4,720 | ||||||
|
| |||||||
1,980,765 | ||||||||
|
| |||||||
Germany — 25.4% | ||||||||
1&1 Drillisch AG | 60 | 1,589 | ||||||
adidas AG | 202 | 62,976 | ||||||
Allianz SE | 492 | 117,908 | ||||||
Axel Springer SE | 75 | 5,263 | ||||||
BASF SE | 1,053 | 79,206 | ||||||
Bayer AG | 1,081 | 81,884 | ||||||
Bayerische Motoren Werke AG | 389 | 31,439 | ||||||
Bechtle AG | 32 | 4,213 | ||||||
Beiersdorf AG | 150 | 17,506 | ||||||
Brenntag AG | 180 | 9,608 | ||||||
Carl Zeiss Meditec AG | 45 | 5,507 | ||||||
Commerzbank AG | 1,297 | 7,524 | ||||||
CompuGroup Medical SE | 35 | 2,395 | ||||||
Continental AG | 130 | 17,000 | ||||||
Covestro AG, 144A | 194 | 9,091 | ||||||
CTS Eventim AG & Co. KGaA | 65 | 3,970 | ||||||
Daimler AG | 962 | 54,308 | ||||||
Delivery Hero SE, 144A* | 164 | 8,680 | ||||||
Deutsche Bank AG (b) | 2,372 | 17,115 | ||||||
Deutsche Boerse AG | 209 | 32,089 | ||||||
Deutsche Lufthansa AG | 552 | 10,481 | ||||||
Deutsche Post AG | 1,140 | 42,536 | ||||||
Deutsche Telekom AG | 3,996 | 67,130 | ||||||
Deutsche Wohnen SE | 364 | 14,228 | ||||||
DMG Mori AG | 25 | 1,169 | ||||||
E.ON SE | 2,472 | 25,888 | ||||||
Evonik Industries AG | 189 | 5,489 | ||||||
Evotec SE* | 149 | 3,304 | ||||||
Fielmann AG | 30 | 2,344 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 45 | 3,836 | ||||||
Fresenius Medical Care AG & Co. KGaA | 264 | 19,375 | ||||||
Fresenius SE & Co. KGaA | 443 | 24,247 | ||||||
FUCHS PETROLUB SE | 35 | 1,410 | ||||||
GEA Group AG | 194 | 6,240 | ||||||
GRENKE AG | 35 | 3,269 | ||||||
Hannover Rueck SE | 75 | 13,934 | ||||||
HeidelbergCement AG | 180 | 13,317 | ||||||
Hella GmbH & Co. KGaA | 55 | 2,970 | ||||||
Henkel AG & Co. KGaA | 125 | 12,101 | ||||||
HOCHTIEF AG | 24 | 2,951 | ||||||
HUGO BOSS AG | 70 | 3,299 | ||||||
Infineon Technologies AG | 1,468 | 31,382 | ||||||
KION Group AG | 85 | 5,644 | ||||||
LANXESS AG | 85 | 5,670 | ||||||
LEG Immobilien AG | 80 | 9,037 |
Number | Value | |||||||
Germany (Continued) | ||||||||
Merck KGaA | 150 | $ | 17,531 | |||||
MorphoSys AG* | 35 | 4,330 | ||||||
MTU Aero Engines AG | 50 | 13,556 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 165 | 47,411 | ||||||
Nemetschek SE | 60 | 3,549 | ||||||
Puma SE | 100 | 7,520 | ||||||
Rational AG | 5 | 3,831 | ||||||
Rheinmetall AG | 45 | 4,795 | ||||||
Rocket Internet SE, 144A* | 75 | 1,887 | ||||||
RWE AG | 677 | 20,087 | ||||||
SAP SE | 1,258 | 171,276 | ||||||
Scout24 AG, 144A | 118 | 7,312 | ||||||
Siemens AG | 924 | 119,322 | ||||||
Sixt SE | 20 | 1,894 | ||||||
Stroeer SE & Co. KGaA | 26 | 2,034 | ||||||
Symrise AG | 147 | 14,270 | ||||||
Talanx AG | 65 | 3,100 | ||||||
Telefonica Deutschland Holding AG | 1,133 | 3,462 | ||||||
thyssenkrupp AG | 607 | 7,616 | ||||||
Uniper SE | 219 | 7,075 | ||||||
United Internet AG | 140 | 4,747 | ||||||
Volkswagen AG | 155 | 29,592 | ||||||
Vonovia SE | 558 | 29,095 | ||||||
Wacker Chemie AG | 25 | 1,726 | ||||||
Wirecard AG | 125 | 16,511 | ||||||
Zalando SE, 144A* | 150 | 6,467 | ||||||
|
| |||||||
1,450,518 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
Hellenic Telecommunications Organization SA | 309 | 4,647 | ||||||
OPAP SA | 285 | 3,507 | ||||||
|
| |||||||
8,154 | ||||||||
|
| |||||||
Ireland — 1.7% | ||||||||
Bank of Ireland Group PLC | 1,138 | 5,722 | ||||||
CRH PLC | 994 | 38,063 | ||||||
Glanbia PLC | 194 | 2,259 | ||||||
Kerry Group PLC, Class A | 175 | 22,460 | ||||||
Kingspan Group PLC | 195 | 10,518 | ||||||
Ryanair Holdings PLC, ADR | 140 | 11,665 | ||||||
Smurfit Kappa Group PLC | 254 | 9,018 | ||||||
|
| |||||||
99,705 | ||||||||
|
| |||||||
Italy — 6.8% | ||||||||
A2A SpA | 1,972 | 3,713 | ||||||
ACEA SpA | 60 | 1,249 | ||||||
Amplifon SpA | 150 | 4,393 | ||||||
Assicurazioni Generali SpA | 1,590 | 32,486 | ||||||
Atlantia SpA | 582 | 12,911 | ||||||
Banca Mediolanum SpA | 324 | 3,292 | ||||||
Buzzi Unicem SpA | 90 | 2,231 | ||||||
Buzzi UnicemSpA-RSP | 45 | 689 | ||||||
Davide Campari-Milano SpA | 721 | 6,586 | ||||||
DiaSorin SpA | 35 | 4,681 | ||||||
Enel SpA | 9,514 | 71,920 | ||||||
Eni SpA | 3,037 | 45,923 |
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Italy (Continued) | ||||||||
FinecoBank Banca Fineco SpA | 736 | $ | 9,138 | |||||
Hera SpA | 1,144 | 5,051 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 294 | 2,979 | ||||||
Intesa Sanpaolo SpA | 20,075 | 50,921 | ||||||
Italgas SpA | 597 | 3,755 | ||||||
Leonardo SpA | 496 | 5,805 | ||||||
Mediobanca Banca di Credito Finanziario SpA (a) | 937 | 10,486 | ||||||
Moncler SpA | 239 | 10,480 | ||||||
Nexi SpA, 144A* | 325 | 3,834 | ||||||
Pirelli & C SpA, 144A | 461 | 2,618 | ||||||
Poste Italiane SpA, 144A | 582 | 6,796 | ||||||
Prysmian SpA | 324 | 7,391 | ||||||
Saipem SpA | 650 | 2,974 | ||||||
Snam SpA | 2,741 | 13,636 | ||||||
Telecom Italia SpA | 11,450 | 7,173 | ||||||
Telecom ItaliaSpA-RSP | 7,597 | 4,682 | ||||||
Terna Rete Elettrica Nazionale SpA | 1,776 | 11,416 | ||||||
UniCredit SpA | 2,618 | 36,262 | ||||||
Unipol Gruppo SpA | 575 | 3,373 | ||||||
UnipolSai Assicurazioni SpA | 795 | 2,317 | ||||||
|
| |||||||
391,161 | ||||||||
|
| |||||||
Luxembourg — 0.7% | ||||||||
ArcelorMittal SA | 795 | 13,611 | ||||||
Aroundtown SA | 1,154 | 10,029 | ||||||
Eurofins Scientific SE | 13 | 6,832 | ||||||
Grand City Properties SA | 135 | 3,135 | ||||||
Tenaris SA | 597 | 6,353 | ||||||
|
| |||||||
39,960 | ||||||||
|
| |||||||
Netherlands — 9.3% | ||||||||
Aalberts NV | 90 | 3,816 | ||||||
ABN AMRO Bank NV, 144A | 533 | 9,103 | ||||||
Adyen NV, 144A* | 29 | 22,261 | ||||||
Aegon NV | 2,417 | 10,905 | ||||||
Akzo Nobel NV | 267 | 25,589 | ||||||
Altice Europe NV* | 975 | 5,807 | ||||||
Argenx SE* | 44 | 6,549 | ||||||
ASM International NV | 60 | 6,679 | ||||||
ASML Holding NV | 447 | 121,737 | ||||||
ASR Nederland NV | 155 | 5,765 | ||||||
Euronext NV, 144A | 64 | 4,837 | ||||||
EXOR NV | 140 | 10,719 | ||||||
Heineken Holding NV | 110 | 10,552 | ||||||
Heineken NV | 294 | 30,484 | ||||||
IMCD NV | 65 | 5,411 | ||||||
ING Groep NV | 4,809 | 55,378 | ||||||
Koninklijke Ahold Delhaize NV | 1,398 | 36,047 | ||||||
Koninklijke DSM NV | 214 | 27,442 | ||||||
Koninklijke KPN NV | 4,349 | 13,407 | ||||||
Koninklijke Philips NV | 1,049 | 48,746 | ||||||
Koninklijke Vopak NV | 85 | 4,535 | ||||||
NN Group NV | 359 | 13,791 | ||||||
OCI NV* | 90 | 1,707 | ||||||
QIAGEN NV* | 269 | 11,526 | ||||||
Randstad NV | 161 | 9,384 |
Number | Value | |||||||
Netherlands (Continued) | ||||||||
SBM Offshore NV | 202 | $ | 3,407 | |||||
Takeaway.com NV, 144A* | 35 | 3,149 | ||||||
Wolters Kluwer NV | 329 | 23,637 | ||||||
|
| |||||||
532,370 | ||||||||
|
| |||||||
Portugal — 0.5% | ||||||||
Banco Comercial Portugues SA, Class R | 9,799 | 2,118 | ||||||
EDP — Energias de Portugal SA | 2,731 | 11,051 | ||||||
Galp Energia SGPS SA | 572 | 9,318 | ||||||
Jeronimo Martins SGPS SA | 304 | 4,859 | ||||||
|
| |||||||
27,346 | ||||||||
|
| |||||||
Spain — 8.8% | ||||||||
Acciona SA | 30 | 3,109 | ||||||
ACS Actividades de Construccion y Servicios SA | 358 | 13,946 | ||||||
Aena SME SA, 144A | 90 | 16,542 | ||||||
Amadeus IT Group SA | 500 | 39,859 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 7,745 | 40,832 | ||||||
Banco de Sabadell SA | 6,526 | 7,246 | ||||||
Banco Santander SA | 18,917 | 73,774 | ||||||
Bankia SA | 1,377 | 2,670 | ||||||
Bankinter SA | 785 | 5,495 | ||||||
CaixaBank SA | 4,384 | 12,950 | ||||||
Cellnex Telecom SA, 144A | 303 | 13,029 | ||||||
Enagas SA | 284 | 7,080 | ||||||
Endesa SA | 396 | 10,776 | ||||||
Ferrovial SA | 663 | 19,701 | ||||||
Ferrovial SA* | 10 | 297 | ||||||
Grifols SA | 363 | 12,412 | ||||||
Grupo Catalana Occidente SA | 55 | 1,983 | ||||||
Iberdrola SA | 6,747 | 66,418 | ||||||
Industria de Diseno Textil SA | 1,382 | 43,062 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 349 | 4,406 | ||||||
Mapfre SA | 1,196 | 3,375 | ||||||
Merlin Properties Socimi SA REIT | 451 | 6,450 | ||||||
Naturgy Energy Group SA | 406 | 10,565 | ||||||
Red Electrica Corp. SA | 541 | 10,588 | ||||||
Repsol SA | 1,781 | 28,062 | ||||||
Siemens Gamesa Renewable Energy SA | 284 | 4,536 | ||||||
Telefonica SA | 5,448 | 41,760 | ||||||
|
| |||||||
500,923 | ||||||||
|
| |||||||
Switzerland — 0.3% | ||||||||
STMicroelectronics NV | 795 | 19,547 | ||||||
|
| |||||||
United Kingdom (c) — 1.9% | ||||||||
Unilever NV | 1,792 | 106,301 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 5,578,378 | |||||||
|
| |||||||
PREFERRED STOCKS — 2.0% | ||||||||
Germany — 1.9% | ||||||||
Bayerische Motoren Werke AG | 65 | 4,013 | ||||||
FUCHS PETROLUB SE | 85 | 3,674 | ||||||
Henkel AG & Co. KGaA | 219 | 23,152 | ||||||
Porsche Automobil Holding SE | 194 | 14,370 | ||||||
Sartorius AG | 45 | 9,492 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Germany (Continued) | ||||||||
Sixt SE | 20 | $ | 1,369 | |||||
Volkswagen AG | 257 | 49,726 | ||||||
|
| |||||||
105,796 | ||||||||
|
| |||||||
Spain — 0.1% | ||||||||
Grifols SA, Class B | 324 | 7,413 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 113,209 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 0.4% | ||||||||
iShares MSCI Eurozone ETF | 530 | 21,618 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) | 56,596 | 56,596 | ||||||
|
|
Number | Value | |||||||
CASH EQUIVALENTS — 0.0% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) | 363 | $ | 363 | |||||
|
| |||||||
TOTAL INVESTMENTS — 100.9% (Cost $5,495,599) | $ | 5,770,164 | ||||||
Other assets and liabilities, net — (0.9%) | (52,883 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 5,717,281 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
COMMON STOCKS —0.3% |
| |||||||||||||||||||||||||||||||||||
Germany —0.3% |
| |||||||||||||||||||||||||||||||||||
Deutsche Bank AG (b) |
| |||||||||||||||||||||||||||||||||||
5,922 | 10,934 | — | — | 259 | — | — | 2,372 | 17,115 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —1.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) |
| |||||||||||||||||||||||||||||||||||
113,653 | — | (57,057 | )(f) | — | — | 589 | — | 56,596 | 56,596 | |||||||||||||||||||||||||||
CASH EQUIVALENTS —0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) |
| |||||||||||||||||||||||||||||||||||
56 | 52,367 | (52,060 | ) | — | — | 21 | — | 363 | 363 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
119,631 | 63,301 | (109,117 | ) | — | 259 | 610 | — | 59,331 | 74,074 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2019 amounted to $56,382, which is 1.0% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Securities listed in country of domicile and traded on an exchange within Eurozone. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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 heldnon-cash U.S. Treasury securities collateral having a value of $2,567. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
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. |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF(Continued)
November 30, 2019 (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, 2019 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) | $ | 5,578,378 | $ | — | $ | — | $ | 5,578,378 | ||||||||
Preferred Stocks (g) | 113,209 | — | — | 113,209 | ||||||||||||
Exchange-Traded Funds | 21,618 | — | — | 21,618 | ||||||||||||
Short-Term Investments (g) | 56,959 | — | — | 56,959 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 5,770,164 | $ | — | $ | — | $ | 5,770,164 | ||||||||
|
|
|
|
|
|
|
|
(g) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
Australia — 8.5% | ||||||||
Abacus Property Group REIT | 46,099 | $ | 120,672 | |||||
ALE Property Group REIT | 15,737 | 58,651 | ||||||
Arena REIT | 43,743 | 87,580 | ||||||
Aventus Group REIT | 54,614 | 104,543 | ||||||
Aveo Group (a) | 55,778 | 80,738 | ||||||
BWP Trust REIT | 64,344 | 185,405 | ||||||
Centuria Industrial REIT | 33,121 | 80,651 | ||||||
Centuria Metropolitan REIT (b) | 37,692 | 80,564 | ||||||
Charter Hall Group REIT | 64,403 | 470,907 | ||||||
Charter Hall Retail REIT | 48,769 | 151,742 | ||||||
Charter Hall Social Infrastructure REIT | 33,519 | 78,446 | ||||||
Cromwell Property Group REIT | 292,985 | 242,764 | ||||||
Dexus REIT | 148,491 | 1,228,373 | ||||||
GDI Property Group REIT | 71,736 | 74,967 | ||||||
Goodman Group REIT | 222,785 | 2,233,252 | ||||||
GPT Group REIT | 232,996 | 969,231 | ||||||
Growthpoint Properties Australia Ltd. REIT | 40,166 | 119,540 | ||||||
Ingenia Communities Group REIT | 36,395 | 115,703 | ||||||
Mirvac Group REIT | 535,670 | 1,221,043 | ||||||
National Storage REIT | 105,313 | 137,481 | ||||||
REA Group Ltd. | 6,849 | 483,465 | ||||||
Scentre Group REIT | 719,508 | 1,917,500 | ||||||
Shopping Centres Australasia Property Group REIT | 123,757 | 227,689 | ||||||
Stockland REIT | 321,779 | 1,099,139 | ||||||
US Masters Residential Property Fund REIT | 51,929 | 28,100 | ||||||
Vicinity Centres REIT | 420,194 | 761,708 | ||||||
Viva Energy REIT | 67,733 | 127,823 | ||||||
|
| |||||||
12,487,677 | ||||||||
|
| |||||||
Austria — 0.5% | ||||||||
CA Immobilien Anlagen AG | 7,591 | 311,777 | ||||||
IMMOFINANZ AG* | 12,632 | 341,934 | ||||||
S IMMO AG | 5,789 | 145,531 | ||||||
|
| |||||||
799,242 | ||||||||
|
| |||||||
Belgium — 1.6% | ||||||||
Aedifica SA REIT | 3,402 | 416,366 | ||||||
Ascencio REIT | 800 | 52,043 | ||||||
Befimmo SA REIT | 2,665 | 171,898 | ||||||
Care Property Invest NV REIT | 2,660 | 87,108 | ||||||
Cofinimmo SA REIT | 3,459 | 511,825 | ||||||
Intervest Offices & Warehouses NV REIT | 3,099 | 93,112 | ||||||
Montea C.V.A REIT | 1,687 | 147,133 | ||||||
Retail Estates NV REIT | 1,416 | 139,110 | ||||||
Shurgard Self Storage SA | 3,505 | 130,044 | ||||||
VGP NV | 1,099 | 111,240 | ||||||
Warehouses De Pauw CVA REIT | 2,399 | 424,809 | ||||||
Xior Student Housing NV REIT | 1,982 | 111,016 | ||||||
|
| |||||||
2,395,704 | ||||||||
|
| |||||||
Brazil — 0.9% | ||||||||
BR Malls Participacoes SA | 117,327 | 432,037 |
Number | Value | |||||||
Brazil (Continued) | ||||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 40,516 | $ | 257,183 | |||||
Ez Tec Empreendimentos e Participacoes SA | 16,957 | 173,809 | ||||||
Iguatemi Empresa de Shopping Centers SA | 12,343 | 138,542 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 41,275 | 282,306 | ||||||
|
| |||||||
1,283,877 | ||||||||
|
| |||||||
Canada — 5.7% | ||||||||
Allied Properties Real Estate Investment Trust REIT | 15,573 | 626,086 | ||||||
Altus Group Ltd. | 5,542 | 153,795 | ||||||
American Hotel Income Properties REIT LP (b) | 10,410 | 54,391 | ||||||
Artis Real Estate Investment Trust REIT | 18,087 | 160,819 | ||||||
Boardwalk Real Estate Investment Trust REIT | 4,614 | 168,581 | ||||||
Canadian Apartment Properties REIT | 21,309 | 889,419 | ||||||
Chartwell Retirement Residences | 28,813 | 315,842 | ||||||
Choice Properties Real Estate Investment Trust REIT | 32,056 | 331,360 | ||||||
Colliers International Group, Inc. | 5,160 | 373,486 | ||||||
Cominar Real Estate Investment Trust REIT | 22,486 | 240,731 | ||||||
Crombie Real Estate Investment Trust REIT | 12,155 | 145,778 | ||||||
Dream Global Real Estate Investment Trust REIT | 23,827 | 301,010 | ||||||
Dream Industrial Real Estate Investment Trust REIT | 15,061 | 158,859 | ||||||
Dream Office Real Estate Investment Trust REIT | 6,050 | 138,331 | ||||||
DREAM Unlimited Corp., Class A | 10,113 | 88,168 | ||||||
First Capital Realty, Inc. | 27,619 | 448,724 | ||||||
FirstService Corp. | 4,251 | 406,713 | ||||||
Granite Real Estate Investment Trust REIT | 6,585 | 342,157 | ||||||
H&R Real Estate Investment Trust REIT | 38,746 | 629,504 | ||||||
InterRent Real Estate Investment Trust REIT | 16,254 | 201,668 | ||||||
Killam Apartment Real Estate Investment Trust REIT | 12,031 | 180,340 | ||||||
Morguard Corp. | 699 | 105,778 | ||||||
Northview Apartment Real Estate Investment Trust REIT | 6,789 | 155,126 | ||||||
NorthWest Healthcare Properties Real Estate Investment Trust REIT | 13,019 | 121,736 | ||||||
RioCan Real Estate Investment Trust REIT | 41,754 | 853,155 | ||||||
SmartCentres Real Estate Investment Trust REIT | 16,690 | 402,470 | ||||||
Summit Industrial Income REIT (b) | 15,176 | 146,704 | ||||||
Tricon Capital Group, Inc. (b) | 26,812 | 227,092 | ||||||
|
| |||||||
8,367,823 | ||||||||
|
|
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Chile — 0.2% | ||||||||
Parque Arauco SA | 91,679 | $ | 195,987 | |||||
Plaza SA | 37,012 | 69,055 | ||||||
|
| |||||||
265,042 | ||||||||
|
| |||||||
China — 1.0% | ||||||||
China Vanke Co. Ltd., Class H | 195,683 | 732,460 | ||||||
Colour Life Services Group Co. Ltd.* | 41,619 | 23,128 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 136,294 | 229,137 | ||||||
Midea Real Estate Holding Ltd., 144A | 12,257 | 30,377 | ||||||
Powerlong Real Estate Holdings Ltd. | 152,400 | 88,780 | ||||||
Redco Properties Group Ltd., 144A | 132,212 | 76,850 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B | 30,232 | 26,302 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class B | 12,255 | 17,353 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 150,822 | 138,002 | ||||||
Shanghai ShibeiHi-Tech Co. Ltd., Class B | 46,665 | 16,100 | ||||||
Suncity Group Holdings Ltd.*(b) | 135,369 | 30,264 | ||||||
Zhenro Properties Group Ltd. | 187,662 | 121,068 | ||||||
|
| |||||||
1,529,821 | ||||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Arab Co. for Asset Management & Development | 41,469 | 6,380 | ||||||
Cairo Investment & Real Estate Development Co. SAE | 31,627 | 23,543 | ||||||
Emaar Misr for Development SAE* | 53,962 | 9,775 | ||||||
Heliopolis Housing | 12,243 | 18,380 | ||||||
Medinet Nasr Housing* | 84,801 | 25,409 | ||||||
Palm Hills Developments SAE* | 158,308 | 19,739 | ||||||
Six of October Development & Investment | 23,580 | 21,898 | ||||||
Talaat Moustafa Group | 113,833 | 62,354 | ||||||
|
| |||||||
187,478 | ||||||||
|
| |||||||
Finland — 0.4% | ||||||||
Citycon OYJ (b) | 13,227 | 138,695 | ||||||
Hoivatilat OYJ | 2,998 | 49,088 | ||||||
Kojamo OYJ | 22,128 | 365,487 | ||||||
|
| |||||||
553,270 | ||||||||
|
| |||||||
France — 5.1% | ||||||||
Altarea SCA REIT | 483 | 104,275 | ||||||
Carmila SA REIT | 8,563 | 172,403 | ||||||
Covivio REIT | 7,334 | 811,882 | ||||||
Covivio Hotels SACA REIT | 9,748 | 295,574 | ||||||
Gecina SA REIT | 6,467 | 1,118,066 | ||||||
ICADE REIT | 3,801 | 380,751 | ||||||
Klepierre SA REIT | 32,629 | 1,171,763 | ||||||
Mercialys SA REIT | 8,748 | 115,747 | ||||||
Nexity SA | 5,609 | 282,878 | ||||||
Societe Fonciere Lyonnaise SA REIT | 1,199 | 94,392 | ||||||
Unibail-Rodamco-Westfield REIT | 18,712 | 2,927,662 | ||||||
|
| |||||||
7,475,393 | ||||||||
|
|
Number | Value | |||||||
Germany — 5.6% | ||||||||
ADLER Real Estate AG* | 5,093 | $ | 66,376 | |||||
ADO Properties SA, 144A | 3,805 | 148,349 | ||||||
alstria officeREIT-AG REIT | 21,937 | 401,033 | ||||||
Deutsche EuroShop AG | 6,589 | 190,635 | ||||||
Deutsche Wohnen SE | 45,251 | 1,768,735 | ||||||
Hamborner REIT AG REIT | 9,989 | 105,182 | ||||||
Instone Real Estate Group AG, 144A* | 5,053 | 114,215 | ||||||
LEG Immobilien AG | 8,528 | 963,335 | ||||||
PATRIZIA AG | 6,151 | 124,519 | ||||||
TAG Immobilien AG* | 20,180 | 485,951 | ||||||
TLG Immobilien AG | 8,256 | 256,707 | ||||||
Vonovia SE | 68,795 | 3,587,108 | ||||||
|
| |||||||
8,212,145 | ||||||||
|
| |||||||
Greece — 0.0% | ||||||||
LAMDA Development SA* | 5,354 | 42,504 | ||||||
|
| |||||||
Guernsey — 0.1% | ||||||||
UK Commercial Property REIT Ltd. REIT | 119,385 | 135,430 | ||||||
|
| |||||||
Hong Kong — 14.2% | ||||||||
Asia Standard International Group Ltd. | 32,975 | 5,266 | ||||||
C C Land Holdings Ltd. | 152,380 | 33,677 | ||||||
Champion REIT | 327,977 | 211,172 | ||||||
China Jinmao Holdings Group Ltd. | 810,803 | 538,619 | ||||||
China Motor Bus Co. Ltd. | 1,816 | 27,839 | ||||||
China Oceanwide Holdings Ltd.* | 309,820 | 11,082 | ||||||
China Overseas Grand Oceans Group Ltd. | 241,306 | 135,331 | ||||||
China Overseas Land & Investment Ltd. | 506,770 | 1,699,430 | ||||||
China Overseas Property Holdings Ltd. | 176,955 | 108,962 | ||||||
China Resources Land Ltd. | 363,751 | 1,572,990 | ||||||
China ShandongHi-Speed Financial Group Ltd.*(b) | 3,343,643 | 98,245 | ||||||
China Touyun Tech Group Ltd.* | 124,600 | 3,741 | ||||||
Chinese Estates Holdings Ltd. | 56,317 | 43,887 | ||||||
Chuang’s Consortium International Ltd. | 68,888 | 13,025 | ||||||
CK Asset Holdings Ltd. | 355,188 | 2,361,794 | ||||||
CSI Properties Ltd. | 546,688 | 19,555 | ||||||
Emperor International Holdings Ltd. | 68,889 | 16,633 | ||||||
Far East Consortium International Ltd. | 128,272 | 59,484 | ||||||
Fortune Real Estate Investment Trust REIT (c) | 157,800 | 173,368 | ||||||
Fullshare Holdings Ltd.*(b) | 837,756 | 18,836 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 568,589 | 66,100 | ||||||
Hang Lung Group Ltd. | 117,707 | 284,804 | ||||||
Hang Lung Properties Ltd. | 257,764 | 528,189 | ||||||
Henderson Land Development Co. Ltd. | 179,271 | 862,260 | ||||||
HKR International Ltd. | 69,589 | 29,159 | ||||||
Hong Kong Ferry Holdings Co. Ltd. | 26,328 | 23,544 | ||||||
Hongkong Land Holdings Ltd. | 158,087 | 869,479 | ||||||
Hysan Development Co. Ltd. | 85,408 | 321,872 | ||||||
Joy City Property Ltd. | 623,206 | 66,080 | ||||||
K Wah International Holdings Ltd. | 146,610 | 80,350 | ||||||
Kerry Properties Ltd. | 81,806 | 263,882 | ||||||
Kowloon Development Co. Ltd. | 41,219 | 49,182 | ||||||
Lai Sun Development Co. Ltd. | 17,790 | 24,591 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Hong Kong (Continued) | ||||||||
Lai Sun Garment International Ltd. | 8,612 | $ | 11,002 | |||||
Landing International Development Ltd.* | 150,499 | 14,804 | ||||||
Langham Hospitality Investments and Langham Hospitality Investments Ltd (a) | 90,652 | 25,825 | ||||||
Link REIT | 285,903 | 2,921,943 | ||||||
New World Development Co. Ltd. | 770,046 | 1,005,381 | ||||||
Poly Property Group Co. Ltd. | 258,340 | 92,409 | ||||||
Prosperity REIT | 155,503 | 59,001 | ||||||
Regal Real Estate Investment Trust REIT | 82,015 | 19,698 | ||||||
Safety Godown Co. Ltd. | 7,356 | 11,653 | ||||||
SEA Holdings Ltd. | 17,550 | 16,658 | ||||||
Shenzhen Investment Ltd. | 376,935 | 148,313 | ||||||
Sino Land Co. Ltd. | 432,662 | 648,903 | ||||||
Sun Hung Kai Properties Ltd. | 211,180 | 3,072,837 | ||||||
Sunlight Real Estate Investment Trust REIT | 133,388 | 85,202 | ||||||
Swire Properties Ltd. | 144,857 | 450,611 | ||||||
TAI Cheung Holdings Ltd. | 32,700 | 26,109 | ||||||
Wang On Properties Ltd. (b) | 436,934 | 48,004 | ||||||
Wharf Real Estate Investment Co. Ltd. | 154,916 | 859,902 | ||||||
Wheelock & Co. Ltd. | 104,451 | 649,170 | ||||||
YT Realty Group Ltd. | 74,218 | 20,954 | ||||||
Yuexiu Property Co. Ltd. | 882,011 | 188,171 | ||||||
|
| |||||||
20,998,978 | ||||||||
|
| |||||||
India — 0.8% | ||||||||
Brigade Enterprises Ltd. | 25,405 | 72,598 | ||||||
DLF Ltd. | 134,308 | 411,326 | ||||||
Godrej Properties Ltd.* | 15,257 | 193,282 | ||||||
Housing Development & Infrastructure Ltd.* | 35,478 | 1,830 | ||||||
Indiabulls Real Estate Ltd.* | 37,986 | 36,033 | ||||||
Oberoi Realty Ltd. | 19,179 | 138,193 | ||||||
Omaxe Ltd. | 23,465 | 59,352 | ||||||
Prestige Estates Projects Ltd. | 22,727 | 96,246 | ||||||
Sobha Ltd. | 8,275 | 47,848 | ||||||
Sunteck Realty Ltd. | 9,822 | 53,452 | ||||||
Unitech Ltd.* | 547,747 | 9,544 | ||||||
|
| |||||||
1,119,704 | ||||||||
|
| |||||||
Indonesia — 0.4% | ||||||||
Ayana Land International PT* | 623,131 | 28,937 | ||||||
PT Alam Sutera Realty Tbk* | 1,479,950 | 25,182 | ||||||
PT Bumi Serpong Damai Tbk* | 1,311,376 | 116,215 | ||||||
PT Ciputra Development Tbk | 1,378,320 | 98,207 | ||||||
PT City Retail Developments Tbk* | 2,725,854 | 26,476 | ||||||
PT Jaya Real Property Tbk | 443,678 | 17,300 | ||||||
PT Jaya Sukses Makmur Sentosa Tbk* | 210,038 | 9,456 | ||||||
PT Lippo Cikarang Tbk* | 166,653 | 11,874 | ||||||
PT Lippo Karawaci Tbk* | 6,790,385 | 117,466 | ||||||
PT PP Properti Tbk | 3,230,250 | 14,199 | ||||||
PT Puradelta Lestari Tbk | 1,202,301 | 27,618 | ||||||
PT Sanurhasta Mitra Tbk* | 223,806 | 13,963 | ||||||
PT Sitara Propertindo Tbk* | 1,107,019 | 55,724 | ||||||
PT Summarecon Agung Tbk | 1,215,817 | 87,921 | ||||||
|
| |||||||
650,538 | ||||||||
|
|
Number | Value | |||||||
Ireland — 0.1% | ||||||||
Hibernia REIT PLC REIT | 98,218 | $ | 157,894 | |||||
|
| |||||||
Israel — 1.5% | ||||||||
ADO Group Ltd.* | 1,002 | 28,335 | ||||||
AFI Properties Ltd.* | 2,119 | 75,659 | ||||||
Airport City Ltd.* | 10,216 | 194,216 | ||||||
Alony Hetz Properties & Investments Ltd. | 17,739 | 265,617 | ||||||
Alrov Properties and Lodgings Ltd. | 756 | 33,660 | ||||||
Amot Investments Ltd. | 22,052 | 163,066 | ||||||
Arad Investment & Industrial Development Ltd. | 214 | 18,976 | ||||||
Ashtrom Properties Ltd. | 5,651 | 35,729 | ||||||
Azrieli Group Ltd. | 4,948 | 386,560 | ||||||
Bayside Land Corp. | 135 | 93,875 | ||||||
Big Shopping Centers Ltd. | 700 | 69,474 | ||||||
Blue Square Real Estate Ltd. | 700 | 37,621 | ||||||
Gazit-Globe Ltd. | 11,442 | 123,847 | ||||||
Industrial Buildings Corp. Ltd.* | 49,286 | 131,662 | ||||||
Israel Canada T.R Ltd. | 11,631 | 21,039 | ||||||
Isras Investment Co. Ltd. | 201 | 46,200 | ||||||
Melisron Ltd. | 2,499 | 161,602 | ||||||
Norstar Holdings, Inc. | 1,598 | 32,816 | ||||||
Property & Building Corp. Ltd. | 300 | 32,472 | ||||||
Reit 1 Ltd. REIT | 24,828 | 158,837 | ||||||
Sella Capital Real Estate Ltd. REIT | 25,973 | 77,842 | ||||||
Summit Real Estate Holdings Ltd. | 5,056 | 66,207 | ||||||
Villar International Ltd. | 600 | 22,512 | ||||||
|
| |||||||
2,277,824 | ||||||||
|
| |||||||
Italy — 0.0% | ||||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT | 7,193 | 51,076 | ||||||
|
| |||||||
Japan — 22.4% | ||||||||
Activia Properties, Inc. REIT (b) | 96 | 495,297 | ||||||
Advance Residence Investment Corp. REIT | 188 | 606,867 | ||||||
Aeon Mall Co. Ltd. | 12,700 | 203,993 | ||||||
AEON REIT Investment Corp. REIT | 200 | 278,331 | ||||||
Comforia Residential REIT, Inc. REIT | 84 | 268,469 | ||||||
Daibiru Corp. | 8,500 | 90,426 | ||||||
Daito Trust Construction Co. Ltd. | 9,800 | 1,197,818 | ||||||
Daiwa House REIT Investment Corp. REIT | 263 | 719,041 | ||||||
Daiwa Office Investment Corp. REIT | 34 | 255,210 | ||||||
Frontier Real Estate Investment Corp. REIT | 72 | 312,958 | ||||||
Fukuoka REIT Corp. REIT | 97 | 165,018 | ||||||
Global One Real Estate Investment Corp. REIT | 123 | 163,648 | ||||||
GLP J REIT | 513 | 682,064 | ||||||
Goldcrest Co. Ltd. | 2,000 | 39,558 | ||||||
Hankyu Hanshin REIT, Inc. REIT | 100 | 157,611 | ||||||
Heiwa Real Estate Co. Ltd. | 6,000 | 144,151 | ||||||
Heiwa Real Estate REIT, Inc. REIT | 114 | 145,636 | ||||||
Hoshino Resorts REIT, Inc. REIT | 23 | 121,185 | ||||||
Hulic Co. Ltd. | 71,500 | 803,730 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Japan (Continued) | ||||||||
Hulic Reit, Inc. REIT | 163 | $ | 300,667 | |||||
Ichigo Office REIT Investment REIT | 200 | 211,488 | ||||||
Industrial & Infrastructure Fund Investment Corp. REIT | 220 | 343,932 | ||||||
Invesco OfficeJ-Reit, Inc. REIT | 1,177 | 228,607 | ||||||
Invincible Investment Corp. REIT | 821 | 488,057 | ||||||
Japan Excellent, Inc. REIT | 174 | 293,946 | ||||||
Japan Hotel REIT Investment Corp. REIT | 602 | 493,100 | ||||||
Japan Logistics Fund, Inc. REIT | 115 | 294,247 | ||||||
Japan Prime Realty Investment Corp. REIT | 118 | 537,147 | ||||||
Japan Real Estate Investment Corp. REIT | 190 | 1,292,576 | ||||||
Japan Rental Housing Investments, Inc. REIT | 216 | 214,402 | ||||||
Japan Retail Fund Investment Corp. REIT | 366 | 833,201 | ||||||
Kenedix Office Investment Corp. REIT | 67 | 507,196 | ||||||
Kenedix Residential Next Investment Corp. REIT | 116 | 225,305 | ||||||
Kenedix Retail REIT Corp. REIT | 76 | 195,153 | ||||||
LaSalle Logiport REIT | 171 | 261,083 | ||||||
Leopalace21 Corp.*(b) | 30,100 | 78,610 | ||||||
LIFULL Co. Ltd. (b) | 10,000 | 54,424 | ||||||
MCUBS MidCity Investment Corp. REIT | 210 | 226,856 | ||||||
Mirai Corp. REIT | 207 | 116,061 | ||||||
Mitsubishi Estate Co. Ltd. | 188,600 | 3,455,629 | ||||||
Mitsui Fudosan Co. Ltd. | 133,100 | 3,309,573 | ||||||
Mitsui Fudosan Logistics Park, Inc. REIT | 37 | 164,035 | ||||||
Mori Hills REIT Investment Corp. REIT | 206 | 333,708 | ||||||
Mori Trust Sogo Reit, Inc. REIT | 120 | 215,542 | ||||||
Nippon Accommodations Fund, Inc. REIT | 74 | 464,907 | ||||||
Nippon Building Fund, Inc. REIT | 193 | 1,448,690 | ||||||
Nippon Prologis REIT, Inc. REIT | 281 | 753,627 | ||||||
NIPPON REIT Investment Corp. REIT | 70 | 309,698 | ||||||
Nomura Real Estate Holdings, Inc. | 17,900 | 432,339 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 613 | 1,118,413 | ||||||
Open House Co. Ltd. | 8,800 | 235,368 | ||||||
Orix JREIT, Inc. REIT | 378 | 830,834 | ||||||
Premier Investment Corp. REIT | 186 | 277,531 | ||||||
Relo Group, Inc. | 16,900 | 447,076 | ||||||
Sekisui House Reit, Inc. REIT | 588 | 519,755 | ||||||
Starts Corp., Inc. | 4,100 | 99,290 | ||||||
Sumitomo Realty & Development Co. Ltd. | 64,100 | 2,232,466 | ||||||
Takara Leben Co. Ltd. | 11,300 | 50,149 | ||||||
TOC Co. Ltd. | 7,000 | 56,059 | ||||||
Tokyo Tatemono Co. Ltd. | 29,300 | 445,747 | ||||||
Tokyu Fudosan Holdings Corp. | 83,900 | 575,371 | ||||||
Tokyu REIT, Inc. REIT | 120 | 229,239 | ||||||
United Urban Investment Corp. REIT | 410 | 797,461 | ||||||
Unizo Holdings Co. Ltd. | 3,600 | 161,246 | ||||||
|
| |||||||
33,010,822 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Atrium European Real Estate Ltd.* | 18,700 | 73,402 | ||||||
|
|
Number | Value | |||||||
Luxembourg — 0.9% | ||||||||
Aroundtown SA | 120,617 | $ | 1,048,246 | |||||
Grand City Properties SA | 14,075 | 326,833 | ||||||
|
| |||||||
1,375,079 | ||||||||
|
| |||||||
Malaysia — 0.5% | ||||||||
Axis Real Estate Investment Trust REIT | 84,489 | 36,009 | ||||||
Capitaland Malaysia Mall Trust REIT | 63,600 | 15,837 | ||||||
Eastern & Oriental Bhd | 98,800 | 13,247 | ||||||
Eco World Development Group Bhd* | 73,300 | 11,320 | ||||||
Eco World International Bhd* | 47,900 | 10,551 | ||||||
IGB Bhd | 18,633 | 14,366 | ||||||
IGB Real Estate Investment Trust REIT | 204,000 | 93,782 | ||||||
IOI Properties Group Bhd | 209,625 | 57,720 | ||||||
KLCCP Stapled Group (a) | 30,100 | 57,656 | ||||||
KSL Holdings Bhd* | 28,800 | 5,275 | ||||||
Land & General Bhd | 129,400 | 4,493 | ||||||
LBS Bina Group Bhd | 62,300 | 7,384 | ||||||
Mah Sing Group Bhd | 78,300 | 13,030 | ||||||
Matrix Concepts Holdings Bhd | 58,196 | 26,336 | ||||||
MKH Bhd | 19,200 | 6,896 | ||||||
MRCB-QUILL REIT | 64,100 | 15,348 | ||||||
Paramount Corp. Bhd | 27,440 | 8,147 | ||||||
Pavilion Real Estate Investment Trust REIT | 54,400 | 23,445 | ||||||
Sime Darby Property Bhd | 343,146 | 64,496 | ||||||
SP Setia Bhd Group | 134,505 | 41,867 | ||||||
Sunway Bhd | 248,061 | 104,534 | ||||||
Sunway Real Estate Investment Trust REIT | 126,600 | 56,381 | ||||||
Tropicana Corp. Bhd | 29,561 | 6,582 | ||||||
UEM Sunrise Bhd* | 83,100 | 14,127 | ||||||
UOA Development Bhd | 41,200 | 19,828 | ||||||
YNH Property Bhd* | 50,100 | 30,709 | ||||||
YTL Hospitality REIT | 93,800 | 30,320 | ||||||
|
| |||||||
789,686 | ||||||||
|
| |||||||
Mexico — 1.1% | ||||||||
CFE Capital S de RL de CV REIT | 121,258 | 176,925 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 77,057 | 130,249 | ||||||
Fibra Uno Administracion SA de CV REIT | 536,424 | 821,460 | ||||||
Macquarie Mexico Real Estate Management SA de CV REIT, 144A | 108,516 | 151,267 | ||||||
PLA Administradora Industrial S de RL de CV REIT | 105,221 | 171,920 | ||||||
Prologis Property Mexico SA de CV REIT | 48,412 | 102,952 | ||||||
|
| |||||||
1,554,773 | ||||||||
|
| |||||||
Netherlands — 0.1% | ||||||||
Wereldhave NV REIT (b) | 5,456 | 130,543 | ||||||
|
| |||||||
New Zealand — 0.6% | ||||||||
Argosy Property Ltd. | 116,512 | 105,453 | ||||||
Goodman Property Trust REIT | 143,394 | 196,515 | ||||||
Kiwi Property Group Ltd. | 198,477 | 201,296 | ||||||
Precinct Properties New Zealand Ltd. | 138,571 | 161,442 | ||||||
Property for Industry Ltd. | 70,267 | 105,770 | ||||||
Vital Healthcare Property Trust REIT | 50,822 | 87,265 | ||||||
|
| |||||||
857,741 | ||||||||
|
|
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Norway — 0.3% | ||||||||
Entra ASA, 144A | 19,145 | $ | 291,033 | |||||
Norwegian Property ASA | 31,272 | 47,199 | ||||||
Olav Thon Eiendomsselskap ASA | 4,205 | 71,867 | ||||||
Selvaag Bolig ASA | 6,045 | 41,680 | ||||||
|
| |||||||
451,779 | ||||||||
|
| |||||||
Philippines — 2.6% | ||||||||
8990 Holdings, Inc.* | 96,600 | 28,249 | ||||||
Altus San Nicolas Corp.*(c) | 2,036 | 208 | ||||||
Ayala Corp. | 40,255 | 638,503 | ||||||
Ayala Land, Inc. | 1,061,396 | 950,379 | ||||||
Belle Corp. | 508,000 | 20,394 | ||||||
DoubleDragon Properties Corp.* | 80,770 | 31,154 | ||||||
Filinvest Development Corp. | 106,640 | 28,079 | ||||||
Filinvest Land, Inc. | 1,119,000 | 33,913 | ||||||
GT Capital Holdings, Inc. | 12,941 | 227,801 | ||||||
Megaworld Corp. | 1,764,600 | 153,836 | ||||||
Robinsons Land Corp. | 158,961 | 81,960 | ||||||
SM Prime Holdings, Inc. | 1,989,357 | 1,526,811 | ||||||
Vista Land & Lifescapes, Inc. | 541,700 | 81,018 | ||||||
|
| |||||||
3,802,305 | ||||||||
|
| |||||||
Poland — 0.1% | ||||||||
Atal SA | 771 | 7,274 | ||||||
Develia SA | 63,044 | 40,299 | ||||||
Dom Development SA | 1,100 | 26,775 | ||||||
Echo Investment SA | 25,535 | 30,817 | ||||||
Globe Trade Centre SA | 25,244 | 60,414 | ||||||
MLP Group SA* | 1,310 | 16,614 | ||||||
|
| |||||||
182,193 | ||||||||
|
| |||||||
Romania — 0.3% | ||||||||
NEPI Rockcastle PLC | 46,218 | 391,180 | ||||||
|
| |||||||
Russia — 0.1% | ||||||||
PIK Group PJSC | 36,260 | 217,605 | ||||||
|
| |||||||
Singapore — 6.3% | ||||||||
AIMS APAC REIT | 69,900 | 73,097 | ||||||
Ascendas Hospitality Trust | 100,000 | 82,636 | ||||||
Ascendas India Trust | 100,900 | 114,370 | ||||||
Ascendas Real Estate Investment Trust REIT (a) | 388,874 | 847,449 | ||||||
Ascott Residence Trust REIT | 159,200 | 157,168 | ||||||
Bukit Sembawang Estates Ltd. | 21,100 | 74,528 | ||||||
Cache Logistics Trust REIT | 139,800 | 73,097 | ||||||
CapitaLand Commercial Trust REIT | 357,720 | 525,809 | ||||||
CapitaLand Ltd. | 456,651 | 1,228,912 | ||||||
CapitaLand Mall Trust REIT | 355,101 | 654,397 | ||||||
CapitaLand Retail China Trust REIT | 98,041 | 113,997 | ||||||
CDL Hospitality Trusts (a) | 100,100 | 118,587 | ||||||
City Developments Ltd. | 62,498 | 472,580 | ||||||
Cromwell European Real Estate Investment Trust REIT | 154,400 | 87,674 | ||||||
ESR REIT | 261,785 | 102,421 | ||||||
Far East Hospitality Trust (a) | 119,800 | 64,830 | ||||||
First Real Estate Investment Trust REIT | 70,500 | 53,102 | ||||||
Frasers Centrepoint Trust REIT | 93,100 | 187,909 | ||||||
Frasers Commercial Trust REIT (c) | 109,900 | 134,216 |
Number | Value | |||||||
Singapore (Continued) | ||||||||
Frasers Hospitality Trust (a) | 100,000 | $ | 51,921 | |||||
Frasers Logistics & Industrial Trust REIT | 219,147 | 198,722 | ||||||
Frasers Property Ltd. | 50,000 | 62,891 | ||||||
GuocoLand Ltd. | 40,000 | 59,381 | ||||||
Ho Bee Land Ltd. | 29,900 | 51,821 | ||||||
Keppel REIT | 249,900 | 224,781 | ||||||
Keppel DC REIT | 162,955 | 238,334 | ||||||
Keppel Pacific Oak US REIT | 70,097 | 53,975 | ||||||
Lippo Malls Indonesia Retail Trust REIT | 229,900 | 40,350 | ||||||
Manulife US Real Estate Investment Trust REIT | 187,326 | 180,770 | ||||||
Mapletree Commercial Trust REIT | 268,870 | 464,027 | ||||||
Mapletree Industrial Trust REIT | 186,588 | 342,488 | ||||||
Mapletree Logistics Trust REIT | 338,200 | 417,974 | ||||||
Mapletree North Asia Commercial Trust REIT | 290,000 | 250,247 | ||||||
OUE Commercial Real Estate Investment Trust REIT | 387,439 | 158,665 | ||||||
Parkway Life Real Estate Investment Trust REIT | 50,100 | 119,072 | ||||||
Prime US REIT* | 102,900 | 101,356 | ||||||
Soilbuild Business Space REIT | 128,536 | 49,348 | ||||||
SPH REIT | 119,900 | 92,942 | ||||||
Starhill Global REIT | 190,000 | 100,040 | ||||||
Suntec Real Estate Investment Trust REIT | 262,200 | 352,808 | ||||||
United Industrial Corp. Ltd. | 28,000 | 59,790 | ||||||
UOL Group Ltd. | 64,717 | 367,256 | ||||||
Wing Tai Holdings Ltd. | 66,300 | 95,029 | ||||||
Yanlord Land Group Ltd. | 77,700 | 66,481 | ||||||
|
| |||||||
9,367,248 | ||||||||
|
| |||||||
South Africa — 1.1% | ||||||||
Attacq Ltd. REIT | 89,072 | 78,112 | ||||||
Equites Property Fund Ltd. REIT | 60,620 | 83,237 | ||||||
Fortress REIT Ltd., Class B REIT | 135,857 | 74,915 | ||||||
Growthpoint Properties Ltd. REIT | 342,974 | 533,900 | ||||||
Hyprop Investments Ltd. REIT | 32,072 | 129,006 | ||||||
Redefine Properties Ltd. REIT (b) | 695,144 | 390,434 | ||||||
Resilient REIT Ltd. REIT | 39,188 | 178,383 | ||||||
SA Corporate Real Estate Ltd. REIT | 269,420 | 59,389 | ||||||
Vukile Property Fund Ltd. REIT | 110,530 | 148,600 | ||||||
|
| |||||||
1,675,976 | ||||||||
|
| |||||||
South Korea — 0.1% | ||||||||
Korea Asset In Trust Co. Ltd. | 7,179 | 21,546 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. | 19,281 | 35,178 | ||||||
Shinhan Alpha REIT Co. Ltd. REIT | 4,676 | 32,819 | ||||||
SK D&D Co. Ltd. | 990 | 24,768 | ||||||
|
| |||||||
114,311 | ||||||||
|
| |||||||
Spain — 1.0% | ||||||||
Aedas Homes SAU, 144A* | 3,198 | 72,991 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 36,202 | 457,042 | ||||||
Lar Espana Real Estate Socimi SA REIT | 11,734 | 101,951 | ||||||
Merlin Properties Socimi SA REIT | 49,768 | 711,719 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Spain (Continued) | ||||||||
Neinor Homes SA, 144A*(b) | 7,605 | $ | 96,179 | |||||
|
| |||||||
1,439,882 | ||||||||
|
| |||||||
Sweden — 3.8% | ||||||||
Atrium Ljungberg AB, Class B | 6,492 | 140,391 | ||||||
Castellum AB | 34,926 | 747,986 | ||||||
Catena AB | 3,198 | 132,301 | ||||||
Corem Property Group AB, Class B | 20,264 | 50,807 | ||||||
Dios Fastigheter AB | 12,134 | 104,580 | ||||||
Fabege AB | 37,735 | 590,142 | ||||||
Fastighets AB Balder, Class B* | 13,226 | 551,305 | ||||||
FastPartner AB* | 7,051 | 69,242 | ||||||
Heba Fastighets AB, Class B | 5,043 | 42,990 | ||||||
Hembla AB* | 5,035 | 112,828 | ||||||
Hemfosa Fastigheter AB (b) | 22,816 | 278,402 | ||||||
Hufvudstaden AB, Class A | 16,339 | 297,689 | ||||||
JM AB | 7,515 | 205,694 | ||||||
Klovern AB, Class B | 63,845 | 124,460 | ||||||
Kungsleden AB | 24,677 | 236,274 | ||||||
L E Lundbergforetagen AB, Class B | 10,153 | 402,635 | ||||||
Nyfosa AB* | 23,627 | 178,459 | ||||||
Pandox AB | 11,097 | 241,714 | ||||||
Platzer Fastigheter Holding AB, Class B | 8,507 | 96,871 | ||||||
Sagax AB, Class B | 19,646 | 260,656 | ||||||
Sagax AB, Class D | 13,334 | 48,894 | ||||||
Wallenstam AB, Class B | 27,782 | 314,908 | ||||||
Wihlborgs Fastigheter AB | 18,588 | 311,478 | ||||||
|
| |||||||
5,540,706 | ||||||||
|
| |||||||
Switzerland — 1.6% | ||||||||
Allreal Holding AG* | 1,945 | 372,515 | ||||||
Mobimo Holding AG* | 900 | 258,468 | ||||||
PSP Swiss Property AG | 4,905 | 638,556 | ||||||
Swiss Prime Site AG | 10,277 | 1,085,957 | ||||||
|
| |||||||
2,355,496 | ||||||||
|
| |||||||
Taiwan — 0.9% | ||||||||
Cathay No. 1 REIT | 201,502 | 115,972 | ||||||
Cathay No. 2 REIT | 106,706 | 60,504 | ||||||
Cathay Real Estate Development Co. Ltd. | 73,712 | 50,252 | ||||||
Chong Hong Construction Co. Ltd. | 28,721 | 77,096 | ||||||
Farglory Land Development Co. Ltd. | 26,524 | 33,252 | ||||||
Fubon No. 1 REIT | 53,595 | 28,563 | ||||||
Fubon No. 2 REIT | 76,146 | 34,541 | ||||||
Highwealth Construction Corp. | 134,038 | 204,502 | ||||||
Hong Pu Real Estate Development Co. Ltd. | 16,526 | 11,835 | ||||||
Huaku Development Co. Ltd. | 34,625 | 106,676 | ||||||
Huang Hsiang Construction Corp. | 10,500 | 13,009 | ||||||
Hung Sheng Construction Ltd.* | 80,098 | 58,937 | ||||||
KEE TAI Properties Co. Ltd. | 33,046 | 13,647 | ||||||
Kindom Development Co. Ltd. | 32,703 | 33,174 | ||||||
Kuoyang Construction Co. Ltd. | 58,046 | 28,252 | ||||||
O-Bank No1 Real Estate Investment Trust REIT | 22,357 | 6,969 | ||||||
Prince Housing & Development Corp. | 190,050 | 69,765 | ||||||
Radium Life Tech Co. Ltd. | 70,559 | 27,173 | ||||||
Ruentex Development Co. Ltd.* | 99,263 | 148,355 |
Number | Value | |||||||
Taiwan (Continued) | ||||||||
Shin Kong No.1 REIT | 143,639 | $ | 83,800 | |||||
Shining Building Business Co. Ltd.* | 33,376 | 11,596 | ||||||
Sinyi Realty, Inc. | 37,310 | 38,398 | ||||||
Taiwan Land Development Corp.* | 79,569 | 22,637 | ||||||
|
| |||||||
1,278,905 | ||||||||
|
| |||||||
Thailand — 1.9% | ||||||||
Amata Corp. PCL, NVDR | 129,800 | 91,065 | ||||||
Ananda Development PCL, NVDR | 210,000 | 20,293 | ||||||
AP Thailand PCL, NVDR | 320,500 | 72,654 | ||||||
Bangkok Land PCL, NVDR | 1,843,600 | 78,704 | ||||||
Central Pattana PCL, NVDR | 448,700 | 924,351 | ||||||
Frasers Property Thailand PCL, NVDR | 39,900 | 19,939 | ||||||
Golden Land Property Development PCL, NVDR | 174,300 | 48,741 | ||||||
Golden Ventures Leasehold Real Estate Investment Trust REIT* | 12,700 | 6,725 | ||||||
Grand Canal Land PCL, NVDR* | 228,900 | 18,029 | ||||||
IMPACT Growth Real Estate Investment Trust REIT | 157,300 | 134,044 | ||||||
Land & Houses PCL, NVDR | 1,130,200 | 366,541 | ||||||
LH Hotel Leasehold Real Estate Investment Trust, Class F REIT | 10,900 | 7,106 | ||||||
LPN Development PCL, NVDR | 189,900 | 28,908 | ||||||
MBK PCL, NVDR | 149,100 | 110,033 | ||||||
Noble Development PCL, NVDR | 28,400 | 16,447 | ||||||
Origin Property PCL, NVDR | 140,000 | 31,968 | ||||||
Platinum Group PCL, NVDR | 240,000 | 34,152 | ||||||
Principal Capital PCL, NVDR* | 229,800 | 34,374 | ||||||
Property Perfect PCL, NVDR | 1,113,300 | 30,580 | ||||||
Pruksa Holding PCL, NVDR | 110,000 | 56,424 | ||||||
Quality Houses PCL, NVDR | 1,114,000 | 98,801 | ||||||
Sansiri PCL, NVDR | 2,187,900 | 80,370 | ||||||
SC Asset Corp. PCL, NVDR | 229,800 | 17,643 | ||||||
Siam Future Development PCL, NVDR | 169,640 | 30,035 | ||||||
Singha Estate PCL, NVDR | 459,600 | 44,717 | ||||||
Supalai PCL, NVDR | 190,000 | 109,407 | ||||||
U City PCL, NVDR* | 380,600 | 24,183 | ||||||
Univentures PCL, NVDR | 80,000 | 16,679 | ||||||
WHA Corp. PCL, NVDR | 1,126,400 | 157,307 | ||||||
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust, Class F REIT | 199,900 | 113,123 | ||||||
|
| |||||||
2,823,343 | ||||||||
|
| |||||||
Turkey — 0.1% | ||||||||
AKIS Gayrimenkul Yatirimi AS REIT | 21,984 | 14,660 | ||||||
Alarko Gayrimenkul Yatirim Ortakligi AS REIT | 1,408 | 19,391 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 290,232 | 73,777 | ||||||
Is Gayrimenkul Yatirim Ortakligi AS REIT* | 65,352 | 12,858 | ||||||
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT* | 25,989 | 10,633 | ||||||
Yeni Gimat Gayrimenkul Ortakligi AS | 18,157 | 39,169 | ||||||
|
| |||||||
170,488 | ||||||||
|
|
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
United Kingdom — 6.5% | ||||||||
Assura PLC REIT | 336,859 | $ | 330,282 | |||||
Big Yellow Group PLC REIT | 22,777 | 325,556 | ||||||
British Land Co. PLC REIT | 120,782 | 899,270 | ||||||
Capital & Counties Properties PLC | 86,756 | 272,019 | ||||||
Derwent London PLC REIT | 14,373 | 687,513 | ||||||
Empiric Student Property PLC REIT | 82,786 | 103,871 | ||||||
Grainger PLC | 82,857 | 303,950 | ||||||
Great Portland Estates PLC REIT | 31,862 | 342,402 | ||||||
Hammerson PLC REIT | 104,606 | 402,135 | ||||||
Hansteen Holdings PLC REIT | 58,207 | 78,001 | ||||||
Intu Properties PLC REIT*(b) | 111,030 | 50,266 | ||||||
Land Securities Group PLC REIT | 94,163 | 1,167,331 | ||||||
LondonMetric Property PLC REIT | 115,663 | 347,993 | ||||||
Primary Health Properties PLC REIT | 154,906 | 294,946 | ||||||
Safestore Holdings PLC REIT | 29,098 | 284,546 | ||||||
Savills PLC | 19,175 | 245,549 | ||||||
Segro PLC REIT | 149,030 | 1,723,368 | ||||||
Shaftesbury PLC REIT | 20,202 | 237,011 | ||||||
St. Modwen Properties PLC | 26,642 | 157,489 | ||||||
Tritax Big Box REIT PLC REIT | 233,640 | 447,881 | ||||||
UNITE Group PLC REIT | 39,288 | 635,747 | ||||||
Workspace Group PLC REIT | 17,040 | 244,878 | ||||||
|
| |||||||
9,582,004 | ||||||||
|
| |||||||
United States — 0.0% | ||||||||
Eagle Hospitality Trust REIT* | 98,500 | 51,712 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 146,228,599 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.1% | ||||||||
Sweden — 0.1% | ||||||||
Hemfosa Fastigheter AB | 1,500 | 29,226 | ||||||
Klovern AB | 2,299 | 87,664 | ||||||
|
| |||||||
116,890 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 116,890 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Greece — 0.0% | ||||||||
LAMDA Development SA*, expires 12/16/19 | 5,354 | 3,592 | ||||||
|
| |||||||
Thailand — 0.0% | ||||||||
Property Perfect PCL, NVDR*, expires 12/31/19 (c) | 118,087 | 0 | ||||||
|
| |||||||
TOTAL RIGHTS | 3,592 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Malaysia — 0.0% | ||||||||
Paramount Corp. Bhd*, expires 7/28/24 | 7,840 | 319 | ||||||
|
|
Number | Value | |||||||
EXCHANGE-TRADED FUNDS — 0.3% | ||||||||
iShares Global REIT ETF (b) | 1,500 | $ | 42,540 | |||||
Vanguard Globalex-U.S. Real Estate ETF | 8,138 | 492,023 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 534,563 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.0% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) | 1,429,000 | 1,429,000 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) | 147,430 | 147,430 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.6% (Cost $144,559,480) | $ | 148,460,393 | ||||||
Other assets and liabilities, net — (0.6%) | (880,325 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 147,580,068 | ||||||
|
|
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF(Continued)
November 30, 2019 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —1.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (d)(e) |
| |||||||||||||||||||||||||||||||||||
412,237 | 1,016,763 | (f) | — | — | — | 7,583 | — | 1,429,000 | 1,429,000 | |||||||||||||||||||||||||||
CASH EQUIVALENTS —0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (d) |
| |||||||||||||||||||||||||||||||||||
76,925 | 14,506,331 | (14,435,826 | ) | — | — | 2,731 | — | 147,430 | 147,430 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
489,162 | 15,523,094 | (14,435,826 | ) | — | — | 10,314 | — | 1,576,430 | 1,576,430 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2019 amounted to $1,840,158, which is 1.2% of net assets. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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 heldnon-cash U.S. Treasury securities collateral having a value of $631,803. |
(f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
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. |
At November 30, 2019, 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 | 5 | $ | 479,735 | $494,325 | 12/20/2019 | $ | 14,590 |
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
USD | U.S. Dollar |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF(Continued)
November 30, 2019 (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, 2019 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) | $ | 145,920,807 | $ | — | $ | 307,792 | $ | 146,228,599 | ||||||||
Preferred Stocks | 116,890 | — | — | 116,890 | ||||||||||||
Rights (h) | 3,592 | — | 0 | 3,592 | ||||||||||||
Warrants | 319 | — | — | 319 | ||||||||||||
Exchange-Traded Funds | 534,563 | — | — | 534,563 | ||||||||||||
Short-Term Investments (h) | 1,576,430 | — | — | 1,576,430 | ||||||||||||
Derivatives (i) | ||||||||||||||||
Futures Contracts | 14,590 | — | — | 14,590 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 148,167,191 | $ | — | $ | 307,792 | $ | 148,474,983 | ||||||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the period ended November 30, 2019, the amount of transfers from Level 1 to Level 3 was $168,093 and between Level 3 and Level 1 was $6,381. 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. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers JapanJPX-Nikkei 400 Equity ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 99.0% | ||||||||
Communication Services — 8.1% | ||||||||
Akatsuki, Inc. | 100 | $ | 5,853 | |||||
Capcom Co. Ltd. | 700 | 16,792 | ||||||
COLOPL, Inc. | 500 | 5,666 | ||||||
CyberAgent, Inc. | 900 | 31,066 | ||||||
Daiichikosho Co. Ltd. | 300 | 14,848 | ||||||
DeNA Co. Ltd. | 900 | 14,481 | ||||||
Dentsu, Inc. | 1,600 | 58,004 | ||||||
Dip Corp. | 300 | 8,588 | ||||||
GungHo Online Entertainment, Inc. | 440 | 9,466 | ||||||
Hakuhodo DY Holdings, Inc. | 2,300 | 37,154 | ||||||
Kakaku.com, Inc. | 1,200 | 28,940 | ||||||
KDDI Corp. | 12,400 | 355,434 | ||||||
Konami Holdings Corp. | 600 | 26,409 | ||||||
Mixi, Inc. | 500 | 9,552 | ||||||
Nexon Co. Ltd.* | 4,600 | 62,714 | ||||||
Nintendo Co. Ltd. | 1,050 | 406,059 | ||||||
Nippon Telegraph & Telephone Corp. | 8,400 | 423,950 | ||||||
Nippon Television Holdings, Inc. | 1,500 | 19,697 | ||||||
NTT DOCOMO, Inc. | 12,200 | 334,550 | ||||||
SoftBank Group Corp. | 7,900 | 306,809 | ||||||
Square Enix Holdings Co. Ltd. | 700 | 34,581 | ||||||
Toho Co. Ltd. | 1,000 | 40,590 | ||||||
Z Holdings Corp. | 22,600 | 77,803 | ||||||
|
| |||||||
2,329,006 | ||||||||
|
| |||||||
Consumer Discretionary — 15.3% | ||||||||
ABC-Mart, Inc. | 300 | 19,971 | ||||||
Aisin Seiki Co. Ltd. | 1,300 | 49,146 | ||||||
Bandai Namco Holdings, Inc. | 1,700 | 103,031 | ||||||
Bic Camera, Inc. | 800 | 8,730 | ||||||
Bridgestone Corp. | 5,100 | 203,748 | ||||||
Casio Computer Co. Ltd. | 1,400 | 26,681 | ||||||
Daikyonishikawa Corp. | 600 | 4,613 | ||||||
Denso Corp. | 3,700 | 165,150 | ||||||
Fast Retailing Co. Ltd. | 220 | 133,977 | ||||||
Fujitsu General Ltd. | 500 | 9,492 | ||||||
Goldwin, Inc. | 300 | 21,669 | ||||||
Haseko Corp. | 2,100 | 27,000 | ||||||
Hikari Tsushin, Inc. | 200 | 46,608 | ||||||
Honda Motor Co. Ltd. | 13,300 | 372,487 | ||||||
Iida Group Holdings Co. Ltd. | 1,300 | 23,089 | ||||||
Isuzu Motors Ltd. | 5,100 | 59,634 | ||||||
Izumi Co. Ltd. | 400 | 15,414 | ||||||
J. Front Retailing Co. Ltd. | 2,100 | 27,576 | ||||||
Koito Manufacturing Co. Ltd. | 1,000 | 51,502 | ||||||
KOMEDA Holdings Co. Ltd. | 300 | 5,830 | ||||||
K’s Holdings Corp. | 1,500 | 18,437 | ||||||
Marui Group Co. Ltd. | 1,400 | 33,674 | ||||||
Mazda Motor Corp. | 5,200 | 46,060 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 700 | 34,581 | ||||||
NGK Spark Plug Co. Ltd. | 1,400 | 28,010 | ||||||
Nifco, Inc. | 700 | 19,240 | ||||||
Nikon Corp. | 2,900 | 39,749 | ||||||
Nitori Holdings Co. Ltd. | 700 | 109,625 | ||||||
Nojima Corp. | 300 | 6,210 | ||||||
Oriental Land Co. Ltd. | 1,700 | 235,106 |
Number | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
PALTAC CORPORATION | 300 | $ | 14,848 | |||||
Pan Pacific International Holdings Corp. | 4,000 | 64,798 | ||||||
Panasonic Corp. | 18,800 | 177,167 | ||||||
Pressance Corp. | 400 | 6,414 | ||||||
Rakuten, Inc. | 7,400 | 64,127 | ||||||
Resorttrust, Inc. | 700 | 11,742 | ||||||
Rinnai Corp. | 300 | 23,012 | ||||||
Ryohin Keikaku Co. Ltd. | 2,300 | 52,360 | ||||||
Sekisui Chemical Co. Ltd. | 3,500 | 60,885 | ||||||
Sekisui House Ltd. | 5,700 | 123,098 | ||||||
Seria Co. Ltd. | 400 | 10,523 | ||||||
Shimamura Co. Ltd. | 200 | 16,035 | ||||||
Shimano, Inc. | 600 | 96,977 | ||||||
Skylark Holdings Co. Ltd. | 1,700 | 33,966 | ||||||
Sony Corp. | 7,200 | 453,920 | ||||||
Stanley Electric Co. Ltd. | 1,100 | 30,436 | ||||||
Starts Corp., Inc. | 200 | 4,843 | ||||||
Subaru Corp. | 5,200 | 136,114 | ||||||
Sumitomo Electric Industries Ltd. | 6,100 | 91,018 | ||||||
Sumitomo Forestry Co. Ltd. | 1,400 | 20,225 | ||||||
Sumitomo Rubber Industries Ltd. | 1,500 | 19,053 | ||||||
Suzuki Motor Corp. | 3,300 | 146,332 | ||||||
T-Gaia Corp. | 100 | 2,390 | ||||||
Tomy Co. Ltd. | 600 | 7,298 | ||||||
Topre Corp. | 500 | 7,853 | ||||||
Toyoda Gosei Co. Ltd. | 600 | 14,010 | ||||||
Toyota Boshoku Corp. | 600 | 9,440 | ||||||
Toyota Industries Corp. | 1,400 | 82,203 | ||||||
Toyota Motor Corp. | 6,446 | 449,590 | ||||||
TPR Co. Ltd. | 400 | 7,594 | ||||||
TS Tech Co. Ltd. | 400 | 12,419 | ||||||
United Arrows Ltd. | 200 | 6,009 | ||||||
USS Co. Ltd. | 1,900 | 36,817 | ||||||
Workman Co. Ltd. | 200 | 16,546 | ||||||
Yamaha Corp. | 1,000 | 55,063 | ||||||
Yamaha Motor Co. Ltd. | 2,200 | 45,945 | ||||||
Yokohama Rubber Co. Ltd. | 900 | 18,533 | ||||||
Zensho Holdings Co. Ltd. | 700 | 15,967 | ||||||
ZOZO, Inc. | 1,600 | 31,836 | ||||||
|
| |||||||
4,423,446 | ||||||||
|
| |||||||
Consumer Staples — 9.1% | ||||||||
Aeon Co. Ltd. | 6,400 | 130,501 | ||||||
Ain Holdings, Inc. | 200 | 12,419 | ||||||
Ajinomoto Co., Inc. | 3,600 | 59,962 | ||||||
Ariake Japan Co. Ltd. | 200 | 14,263 | ||||||
Asahi Group Holdings Ltd. | 3,600 | 173,113 | ||||||
Calbee, Inc. | 800 | 25,751 | ||||||
Cosmos Pharmaceutical Corp. | 100 | 20,162 | ||||||
Create SD Holdings Co. Ltd. (a) | 300 | 7,243 | ||||||
Ezaki Glico Co. Ltd. | 500 | 22,920 | ||||||
FamilyMart Co. Ltd. | 1,300 | 30,675 | ||||||
Japan Tobacco, Inc. | 9,700 | 220,954 | ||||||
Kao Corp. | 4,000 | 314,565 | ||||||
Kewpie Corp. | 800 | 17,774 | ||||||
Kikkoman Corp. | 1,200 | 60,268 | ||||||
Kirin Holdings Co. Ltd. | 7,100 | 157,093 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers JapanJPX-Nikkei 400 Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Consumer Staples (Continued) | ||||||||
Kobayashi Pharmaceutical Co. Ltd. | 500 | $ | 41,001 | |||||
Kobe Bussan Co. Ltd. | 600 | 18,601 | ||||||
Kose Corp. | 300 | 47,749 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 200 | 15,213 | ||||||
Lawson, Inc. | 400 | 21,770 | ||||||
Lion Corp. | 2,200 | 44,297 | ||||||
Maruha Nichiro Corp. | 300 | 7,912 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 700 | 26,719 | ||||||
MEIJI Holdings Co. Ltd. | 1,100 | 74,733 | ||||||
Morinaga & Co. Ltd. | 400 | 20,382 | ||||||
NH Foods Ltd. | 700 | 29,340 | ||||||
Nichirei Corp. | 900 | 20,899 | ||||||
Nippon Suisan Kaisha Ltd. | 2,400 | 14,399 | ||||||
Nissin Foods Holdings Co. Ltd. | 700 | 52,415 | ||||||
Pigeon Corp. | 1,000 | 46,480 | ||||||
Pola Orbis Holdings, Inc. | 800 | 19,710 | ||||||
Seven & i Holdings Co. Ltd. | 6,500 | 242,051 | ||||||
Shiseido Co. Ltd. | 3,300 | 238,211 | ||||||
Sugi Holdings Co. Ltd. | 300 | 16,848 | ||||||
Sundrug Co. Ltd. | 600 | 21,039 | ||||||
Suntory Beverage & Food Ltd. | 1,100 | 47,713 | ||||||
Toyo Suisan Kaisha Ltd. | 800 | 34,481 | ||||||
Tsuruha Holdings, Inc. | 400 | 47,594 | ||||||
Unicharm Corp. | 3,200 | 104,758 | ||||||
Welcia Holdings Co. Ltd. | 500 | 30,636 | ||||||
Yakult Honsha Co. Ltd. | 1,200 | 70,350 | ||||||
Yaoko Co. Ltd. | 200 | 9,314 | ||||||
|
| |||||||
2,632,278 | ||||||||
|
| |||||||
Energy — 1.0% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 600 | 12,941 | ||||||
Idemitsu Kosan Co. Ltd. | 1,900 | 51,842 | ||||||
Inpex Corp. | 8,800 | 85,903 | ||||||
Iwatani Corp. | 400 | 13,351 | ||||||
JXTG Holdings, Inc. | 26,000 | 115,529 | ||||||
Modec, Inc. | 200 | 4,518 | ||||||
|
| |||||||
284,084 | ||||||||
|
| |||||||
Financials — 10.4% | ||||||||
AEON Financial Service Co. Ltd. | 900 | 13,601 | ||||||
Aozora Bank Ltd. | 900 | 22,913 | ||||||
Chiba Bank Ltd. | 5,500 | 31,340 | ||||||
Concordia Financial Group Ltd. | 10,500 | 42,571 | ||||||
Dai-ichi Life Holdings, Inc. | 9,400 | 151,330 | ||||||
Daiwa Securities Group, Inc. | 12,800 | 64,871 | ||||||
Financial Products Group Co. Ltd. | 300 | 2,986 | ||||||
Fuyo General Lease Co. Ltd. | 200 | 13,204 | ||||||
Japan Exchange Group, Inc. | 4,800 | 81,571 | ||||||
Matsui Securities Co. Ltd. | 900 | 7,347 | ||||||
Mebuki Financial Group, Inc. | 8,500 | 21,966 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 84,200 | 444,489 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 4,100 | 26,320 | ||||||
Mizuho Financial Group, Inc. | 226,000 | 349,185 | ||||||
MS&AD Insurance Group Holdings, Inc. | 4,400 | 142,274 | ||||||
Nomura Holdings, Inc. | 29,200 | 149,506 | ||||||
Orient Corp. | 4,400 | 6,388 | ||||||
ORIX Corp. | 10,400 | 170,231 |
Number | Value | |||||||
Financials (Continued) | ||||||||
Resona Holdings, Inc. | 17,800 | $ | 75,436 | |||||
SBI Holdings, Inc. | 1,900 | 39,437 | ||||||
Seven Bank Ltd. | 5,100 | 15,788 | ||||||
Shinsei Bank Ltd. | 1,100 | 17,307 | ||||||
Sompo Holdings, Inc. | 3,100 | 122,177 | ||||||
Sony Financial Holdings, Inc. | 1,300 | 30,153 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 11,200 | 407,970 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 3,200 | 122,349 | ||||||
T&D Holdings, Inc. | 5,100 | 59,984 | ||||||
Tokio Marine Holdings, Inc. | 5,900 | 320,672 | ||||||
Tokyo Century Corp. | 400 | 21,331 | ||||||
Zenkoku Hosho Co. Ltd. | 500 | 20,044 | ||||||
|
| |||||||
2,994,741 | ||||||||
|
| |||||||
Health Care — 10.1% | ||||||||
Alfresa Holdings Corp. | 1,700 | 35,099 | ||||||
Asahi Intecc Co. Ltd. | 1,900 | 55,347 | ||||||
Astellas Pharma, Inc. | 14,800 | 252,388 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,800 | 157,103 | ||||||
Daiichi Sankyo Co. Ltd. | 4,800 | 300,773 | ||||||
Eisai Co. Ltd. | 2,000 | 148,114 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 500 | 24,518 | ||||||
Hoya Corp. | 3,400 | 310,163 | ||||||
Japan Lifeline Co. Ltd. | 400 | 5,563 | ||||||
Kaken Pharmaceutical Co. Ltd. | 300 | 16,136 | ||||||
Kyowa Kirin Co. Ltd. | 1,700 | 36,062 | ||||||
M3, Inc. | 3,500 | 96,201 | ||||||
Medipal Holdings Corp. | 1,800 | 38,594 | ||||||
Mitsubishi Tanabe Pharma Corp. | 2,000 | 36,581 | ||||||
Nihon Kohden Corp. | 800 | 21,675 | ||||||
Nippon Shinyaku Co. Ltd. | 400 | 36,088 | ||||||
Olympus Corp. | 9,300 | 137,916 | ||||||
Ono Pharmaceutical Co. Ltd. | 3,800 | 85,189 | ||||||
Otsuka Holdings Co. Ltd. | 3,200 | 139,501 | ||||||
PeptiDream, Inc.* | 800 | 36,745 | ||||||
Santen Pharmaceutical Co. Ltd. | 3,100 | 58,031 | ||||||
Sawai Pharmaceutical Co. Ltd. | 400 | 23,596 | ||||||
Shionogi & Co. Ltd. | 2,200 | 129,336 | ||||||
Ship Healthcare Holdings, Inc. | 300 | 12,451 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 1,200 | 22,650 | ||||||
Sysmex Corp. | 1,200 | 83,138 | ||||||
Takeda Pharmaceutical Co. Ltd. | 10,800 | 439,357 | ||||||
Terumo Corp. | 4,700 | 164,850 | ||||||
|
| |||||||
2,903,165 | ||||||||
|
| |||||||
Industrials — 23.2% | ||||||||
AGC, Inc. | 1,600 | 58,369 | ||||||
Aica Kogyo Co. Ltd. | 500 | 15,912 | ||||||
Amada Holdings Co. Ltd. | 2,500 | 27,851 | ||||||
ANA Holdings, Inc. | 2,900 | 98,697 | ||||||
Benefit One, Inc. | 600 | 13,078 | ||||||
Central Japan Railway Co. | 1,400 | 282,467 | ||||||
COMSYS Holdings Corp. | 900 | 26,011 | ||||||
Daifuku Co. Ltd. | 900 | 52,351 | ||||||
Daikin Industries Ltd. | 2,200 | 316,309 | ||||||
DMG Mori Co. Ltd. | 900 | 14,234 | ||||||
East Japan Railway Co. | 3,000 | 275,865 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers JapanJPX-Nikkei 400 Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Industrials (Continued) | ||||||||
en-japan, Inc. | 300 | $ | 13,999 | |||||
FANUC Corp. | 1,600 | 305,433 | ||||||
Fuji Electric Co. Ltd. | 1,100 | 33,851 | ||||||
Furukawa Electric Co. Ltd. | 500 | 13,743 | ||||||
Hankyu Hanshin Holdings, Inc. | 2,100 | 90,129 | ||||||
Harmonic Drive Systems, Inc. | 300 | 13,026 | ||||||
Hazama Ando Corp. | 1,000 | 8,072 | ||||||
Hino Motors Ltd. | 2,100 | 20,538 | ||||||
Hitachi Construction Machinery Co. Ltd. | 800 | 21,083 | ||||||
Hitachi Transport System Ltd. | 400 | 11,378 | ||||||
IHI Corp. | 1,200 | 27,976 | ||||||
ITOCHU Corp. | 11,500 | 250,772 | ||||||
Japan Airlines Co. Ltd. | 2,900 | 90,090 | ||||||
Japan Airport Terminal Co. Ltd. | 500 | 25,979 | ||||||
JTEKT Corp. | 1,600 | 19,870 | ||||||
Kajima Corp. | 4,200 | 55,343 | ||||||
Kanamoto Co. Ltd. | 300 | 8,547 | ||||||
Kanematsu Corp. | 800 | 10,213 | ||||||
Kawasaki Heavy Industries Ltd. | 1,300 | 29,179 | ||||||
Keihan Holdings Co. Ltd. | 900 | 43,969 | ||||||
Keio Corp. | 900 | 57,693 | ||||||
Keisei Electric Railway Co. Ltd. | 1,200 | 49,420 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,600 | 90,439 | ||||||
Komatsu Ltd. | 7,700 | 180,494 | ||||||
Kubota Corp. | 8,800 | 135,684 | ||||||
Kumagai Gumi Co. Ltd. | 300 | 8,849 | ||||||
Kyowa Exeo Corp. | 800 | 20,820 | ||||||
Kyudenko Corp. | 400 | 12,857 | ||||||
Maeda Corp. | 1,300 | 11,657 | ||||||
Makita Corp. | 2,200 | 72,724 | ||||||
Marubeni Corp. | 17,200 | 126,939 | ||||||
Meitec Corp. | 200 | 10,574 | ||||||
MINEBEA MITSUMI, Inc. | 3,100 | 60,126 | ||||||
MISUMI Group, Inc. | 2,000 | 49,493 | ||||||
Mitsubishi Corp. | 11,700 | 306,202 | ||||||
Mitsubishi Electric Corp. | 16,700 | 230,500 | ||||||
Mitsubishi Heavy Industries Ltd. | 2,800 | 107,081 | ||||||
Mitsui & Co. Ltd. | 14,600 | 258,576 | ||||||
MonotaRO Co. Ltd. | 1,200 | 33,750 | ||||||
Nabtesco Corp. | 900 | 27,614 | ||||||
Nagoya Railroad Co. Ltd. | 1,700 | 54,100 | ||||||
NGK Insulators Ltd. | 2,000 | 32,965 | ||||||
Nichias Corp. | 500 | 11,953 | ||||||
Nidec Corp. | 2,000 | 295,681 | ||||||
Nihon M&A Center, Inc. | 1,200 | 39,942 | ||||||
Nippo Corp. | 500 | 10,232 | ||||||
Nippon Express Co. Ltd. | 600 | 38,024 | ||||||
Nippon Steel Trading Corp. | 200 | 9,186 | ||||||
Nishimatsu Construction Co. Ltd. | 400 | 8,723 | ||||||
Nissin Electric Co. Ltd. | 300 | 3,145 | ||||||
NSK Ltd. | 3,400 | 32,848 | ||||||
Obara Group, Inc. | 100 | 3,534 | ||||||
Obayashi Corp. | 5,200 | 55,082 | ||||||
Odakyu Electric Railway Co. Ltd. | 2,500 | 61,433 | ||||||
OSG Corp. | 900 | 18,352 | ||||||
Outsourcing, Inc. | 900 | 9,846 | ||||||
Park24 Co. Ltd. | 900 | 21,738 |
Number | Value | |||||||
Industrials (Continued) | ||||||||
Penta-Ocean Construction Co. Ltd. | 2,300 | $ | 13,253 | |||||
Persol Holdings Co. Ltd. | 1,600 | 29,411 | ||||||
Pilot Corp. | 300 | 11,533 | ||||||
Recruit Holdings Co. Ltd. | 11,500 | 416,063 | ||||||
Sankyu, Inc. | 500 | 25,751 | ||||||
Sanwa Holdings Corp. | 1,700 | 18,644 | ||||||
Secom Co. Ltd. | 1,700 | 144,479 | ||||||
Seibu Holdings, Inc. | 2,100 | 36,991 | ||||||
Shimizu Corp. | 5,400 | 51,678 | ||||||
SMC Corp. | 500 | 226,509 | ||||||
SMS Co. Ltd. | 600 | 16,240 | ||||||
Sohgo Security Services Co. Ltd. | 600 | 31,175 | ||||||
Sojitz Corp. | 8,400 | 26,387 | ||||||
Sotetsu Holdings, Inc. | 700 | 19,336 | ||||||
Sumitomo Corp. | 10,500 | 158,109 | ||||||
Sumitomo Heavy Industries Ltd. | 1,000 | 28,582 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 900 | 4,931 | ||||||
Taisei Corp. | 1,800 | 70,596 | ||||||
Takeuchi Manufacturing Co. Ltd. | 300 | 4,627 | ||||||
TechnoPro Holdings, Inc. | 300 | 19,943 | ||||||
THK Co. Ltd. | 1,000 | 28,080 | ||||||
Tobu Railway Co. Ltd. | 1,700 | 62,172 | ||||||
Toda Corp. | 2,200 | 13,460 | ||||||
TOKAI Holdings Corp. | 800 | 7,882 | ||||||
Tokyu Construction Co. Ltd. | 500 | 3,557 | ||||||
Tokyu Corp. | 4,300 | 84,775 | ||||||
TOTO Ltd. | 1,200 | 52,488 | ||||||
Toyota Tsusho Corp. | 1,800 | 62,871 | ||||||
UT Group Co. Ltd. | 200 | 5,662 | ||||||
West Japan Railway Co. | 1,500 | 132,002 | ||||||
Yamato Holdings Co. Ltd. | 2,800 | 47,864 | ||||||
|
| |||||||
6,687,661 | ||||||||
|
| |||||||
Information Technology — 11.4% | ||||||||
Advantest Corp. | 1,300 | 63,510 | ||||||
Alps Alpine Co. Ltd. | 1,500 | 33,846 | ||||||
Azbil Corp. | 1,000 | 28,308 | ||||||
Brother Industries Ltd. | 2,200 | 43,594 | ||||||
Canon, Inc. | 9,000 | 249,018 | ||||||
Daiwabo Holdings Co. Ltd. | 100 | 4,940 | ||||||
Digital Garage, Inc. | 300 | 11,396 | ||||||
Disco Corp. | 200 | 43,138 | ||||||
Elecom Co. Ltd. | 200 | 7,543 | ||||||
Fujitsu Ltd. | 1,600 | 145,389 | ||||||
GMO Payment Gateway, Inc. | 300 | 21,258 | ||||||
Hamamatsu Photonics KK | 1,100 | 44,548 | ||||||
Hirose Electric Co. Ltd. | 305 | 37,488 | ||||||
Hitachi High-Technologies Corp. | 600 | 39,120 | ||||||
Hitachi Ltd. | 8,100 | 318,053 | ||||||
Horiba Ltd. | 300 | 19,697 | ||||||
Itochu Techno-Solutions Corp. | 800 | 21,353 | ||||||
Keyence Corp. | 1,300 | 444,453 | ||||||
Konica Minolta, Inc. | 3,300 | 21,606 | ||||||
Kyocera Corp. | 2,400 | 163,207 | ||||||
Lasertec Corp. | 300 | 25,888 | ||||||
Murata Manufacturing Co. Ltd. | 4,900 | 283,861 | ||||||
NEC Corp. | 2,000 | 79,901 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers JapanJPX-Nikkei 400 Equity ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Information Technology (Continued) | ||||||||
Nihon Unisys Ltd. | 500 | $ | 16,072 | |||||
Nomura Research Institute Ltd. | 2,700 | 56,929 | ||||||
NS Solutions Corp. | 300 | 10,383 | ||||||
NTT Data Corp. | 4,500 | 61,310 | ||||||
Obic Co. Ltd. | 600 | 79,609 | ||||||
Omron Corp. | 1,500 | 88,074 | ||||||
Oracle Corp. | 300 | 27,587 | ||||||
Otsuka Corp. | 900 | 36,038 | ||||||
Renesas Electronics Corp.* | 7,900 | 51,436 | ||||||
SCREEN Holdings Co. Ltd. | 300 | 20,902 | ||||||
SCSK Corp. | 400 | 20,930 | ||||||
Seiko Epson Corp. | 2,100 | 31,948 | ||||||
Shimadzu Corp. | 2,000 | 60,177 | ||||||
SUMCO Corp. | 2,000 | 30,883 | ||||||
Taiyo Yuden Co. Ltd. | 700 | 18,320 | ||||||
TDK Corp. | 800 | 84,084 | ||||||
TIS, Inc. | 600 | 35,613 | ||||||
Tokyo Electron Ltd. | 1,100 | 227,011 | ||||||
Tokyo Seimitsu Co. Ltd. | 300 | 10,766 | ||||||
Toshiba TEC Corp. | 200 | 8,109 | ||||||
Trend Micro, Inc. | 700 | 37,777 | ||||||
Ulvac, Inc. (a) | 300 | 11,793 | ||||||
V Technology Co. Ltd. | 100 | 5,415 | ||||||
Yaskawa Electric Corp. | 1,900 | 69,747 | ||||||
Yokogawa Electric Corp. | 1,600 | 29,265 | ||||||
|
| |||||||
3,281,293 | ||||||||
|
| |||||||
Materials — 5.7% | ||||||||
Air Water, Inc. | 1,200 | 19,264 | ||||||
Asahi Kasei Corp. | 11,000 | 123,500 | ||||||
Daicel Corp. | 2,400 | 23,581 | ||||||
Denka Co. Ltd. | 700 | 20,838 | ||||||
DIC Corp. | 700 | 18,985 | ||||||
Dowa Holdings Co. Ltd. | 400 | 14,300 | ||||||
Hitachi Chemical Co. Ltd. | 800 | 28,783 | ||||||
Hitachi Metals Ltd. | 1,600 | 22,383 | ||||||
JFE Holdings, Inc. | 4,600 | 58,597 | ||||||
JSR Corp. | 1,600 | 28,301 | ||||||
Kansai Paint Co. Ltd. | 1,700 | 42,814 | ||||||
Kuraray Co. Ltd. | 2,800 | 33,827 | ||||||
Mitsubishi Chemical Holdings Corp. | 10,900 | 80,792 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 1,400 | 21,887 | ||||||
Mitsui Chemicals, Inc. | 1,400 | 33,533 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 4,500 | 9,164 | ||||||
Nippon Paint Holdings Co. Ltd. | 1,400 | 74,660 | ||||||
Nippon Steel Corp. | 7,600 | 111,422 | ||||||
Nissan Chemical Corp. | 900 | 35,627 | ||||||
Nitto Denko Corp. | 1,200 | 67,282 | ||||||
NOF Corp. | 700 | 23,363 | ||||||
Oji Holdings Corp. | 6,800 | 38,809 | ||||||
Shin-Etsu Chemical Co. Ltd. | 2,900 | 310,100 | ||||||
Showa Denko KK (a) | 1,200 | 32,030 | ||||||
Sumitomo Chemical Co. Ltd. | 12,800 | 57,741 | ||||||
Sumitomo Metal Mining Co. Ltd. | 2,300 | 69,645 | ||||||
Taiheiyo Cement Corp. | 1,000 | 28,901 | ||||||
Taiyo Nippon Sanso Corp. | 1,400 | 31,155 | ||||||
Teijin Ltd. | 1,200 | 22,562 |
Number | Value | |||||||
Materials (Continued) | ||||||||
Tokai Carbon Co. Ltd. | 1,700 | $ | 16,703 | |||||
Tokuyama Corp. | 500 | 13,487 | ||||||
Toray Industries, Inc. | 12,000 | 79,335 | ||||||
Tosoh Corp. | 2,500 | 37,211 | ||||||
Ube Industries Ltd. | 900 | 19,322 | ||||||
|
| |||||||
1,649,904 | ||||||||
|
| |||||||
Real Estate — 3.4% | ||||||||
Aeon Mall Co. Ltd. | 900 | 14,456 | ||||||
Daito Trust Construction Co. Ltd. | 600 | 73,336 | ||||||
Daiwa House Industry Co. Ltd. | 5,300 | 162,083 | ||||||
Hulic Co. Ltd. | 3,400 | 38,219 | ||||||
Ichigo, Inc. | 2,100 | 8,342 | ||||||
Mitsubishi Estate Co. Ltd. | 11,500 | 210,709 | ||||||
Mitsui Fudosan Co. Ltd. | 8,300 | 206,382 | ||||||
Nomura Real Estate Holdings, Inc. | 1,100 | 26,568 | ||||||
Open House Co. Ltd. | 600 | 16,048 | ||||||
Relo Group, Inc. | 900 | 23,809 | ||||||
Sumitomo Realty & Development Co. Ltd. | 3,700 | 128,863 | ||||||
Tokyo Tatemono Co. Ltd. | 1,800 | 27,384 | ||||||
Tokyu Fudosan Holdings Corp. | 4,600 | 31,546 | ||||||
|
| |||||||
967,745 | ||||||||
|
| |||||||
Utilities — 1.3% | ||||||||
Chubu Electric Power Co., Inc. | 5,100 | 71,067 | ||||||
Electric Power Development Co. Ltd. | 1,200 | 28,764 | ||||||
Kansai Electric Power Co., Inc. | 6,400 | 72,936 | ||||||
Kyushu Electric Power Co., Inc. | 3,300 | 29,049 | ||||||
Osaka Gas Co. Ltd. | 3,200 | 59,962 | ||||||
Tohoku Electric Power Co., Inc. | 4,200 | 41,613 | ||||||
Tokyo Gas Co. Ltd. | 3,300 | 79,690 | ||||||
|
| |||||||
383,081 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 28,536,404 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (b)(c) | 31,943 | 31,943 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.1% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (b) | 29,390 | 29,390 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.2% (Cost $28,331,782) | $ | 28,597,737 | ||||||
Other assets and liabilities, net — 0.8% | 241,651 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 28,839,388 | ||||||
|
|
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers JapanJPX-Nikkei 400 Equity ETF(Continued)
November 30, 2019 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (b)(c) |
| |||||||||||||||||||||||||||||||||||
90,435 | — | (58,492 | )(d) | — | — | 2,472 | — | 31,943 | 31,943 | |||||||||||||||||||||||||||
CASH EQUIVALENTS —0.1% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (b) |
| |||||||||||||||||||||||||||||||||||
2,441 | 484,827 | (457,878 | ) | — | — | 271 | — | 29,390 | 29,390 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
92,876 | 484,827 | (516,370 | ) | — | — | 2,743 | — | 61,333 | 61,333 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2019 amounted to $48,513, which is 0.2% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualizedseven-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 heldnon-cash U.S. Treasury securities collateral having a value of $24,885. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
At November 30, 2019, 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 | 21 | $ | 277,832 | $290,713 | 12/12/2019 | $ | 16,565 |
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, 2019 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) | $ | 28,536,404 | $ | — | $ | — | $ | 28,536,404 | ||||||||
Short-Term Investments (e) | 61,333 | — | — | 61,333 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | 16,565 | — | — | 16,565 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 28,614,302 | $ | — | $ | — | $ | 28,614,302 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Latin America Pacific Alliance ETF
November 30, 2019 (Unaudited)
Number | Value | |||||||
COMMON STOCKS — 93.7% | ||||||||
Canada — 0.6% | ||||||||
Canacol Energy Ltd.* | 1,634 | $ | 5,561 | |||||
Pan American Silver Corp. | 208 | 4,000 | ||||||
PetroTal Corp.* | 4,311 | 1,310 | ||||||
Wheaton Precious Metals Corp. | 155 | 4,259 | ||||||
|
| |||||||
15,130 | ||||||||
|
| |||||||
Chile — 16.6% | ||||||||
AES Gener SA | 23,861 | 4,524 | ||||||
Aguas Andinas SA, Class A | 22,489 | 9,169 | ||||||
Banco de Chile | 389,893 | 39,476 | ||||||
Banco de Credito e Inversiones SA | 422 | 18,817 | ||||||
Banco Santander Chile | 566,311 | 30,157 | ||||||
Besalco SA | 3,366 | 1,627 | ||||||
CAP SA | 552 | 3,578 | ||||||
Cencosud SA | 12,259 | 15,572 | ||||||
Cia Cervecerias Unidas SA | 1,258 | 11,552 | ||||||
Cia Sud Americana de Vapores SA* | 102,780 | 3,336 | ||||||
Colbun SA | 65,848 | 9,352 | ||||||
Empresa Nacional de Telecomunicaciones SA* | 1,283 | 7,761 | ||||||
Empresas CMPC SA | 9,541 | 20,633 | ||||||
Empresas COPEC SA | 3,698 | 29,330 | ||||||
Enel Americas SA | 347,733 | 66,554 | ||||||
Enel Chile SA | 238,961 | 17,884 | ||||||
Engie Energia Chile SA | 4,562 | 5,654 | ||||||
Forus SA | 816 | 1,163 | ||||||
Grupo Security SA | 9,491 | 2,217 | ||||||
Inversiones Aguas Metropolitanas SA | 3,524 | 3,385 | ||||||
Inversiones La Construccion SA | 326 | 3,147 | ||||||
Itau CorpBanca | 1,299,585 | 6,442 | ||||||
Latam Airlines Group SA | 2,584 | 27,056 | ||||||
Parque Arauco SA | 6,531 | 13,962 | ||||||
Ripley Corp. SA | 7,210 | 2,998 | ||||||
SACI Falabella | 7,390 | 29,580 | ||||||
Salfacorp SA | 3,351 | 1,703 | ||||||
SMU SA | 21,177 | 3,805 | ||||||
SONDA SA | 4,143 | 3,513 | ||||||
Vina Concha y Toro SA | 3,262 | 5,821 | ||||||
|
| |||||||
399,768 | ||||||||
|
| |||||||
Colombia — 9.3% | ||||||||
Banco de Bogota SA | 266 | 6,529 | ||||||
Bancolombia SA | 2,526 | 29,873 | ||||||
Bolsa de Valores de Colombia | 457 | 1,600 | ||||||
Celsia SA ESP | 5,522 | 6,918 | ||||||
Cementos Argos SA | 5,210 | 9,165 | ||||||
CEMEX Latam Holdings SA* | 1,998 | 2,534 | ||||||
Constructora Conconcreto SA* | 3,266 | 415 | ||||||
Corp. Financiera Colombiana SA* | 920 | 7,690 | ||||||
Ecopetrol SA | 54,590 | 50,960 | ||||||
Grupo Argos SA | 3,149 | 15,690 | ||||||
Grupo Aval Acciones y Valores SA | 2,411 | 944 | ||||||
Grupo de Inversiones Suramericana SA | 2,483 | 22,827 | ||||||
Grupo Energia Bogota SA ESP | 30,384 | 18,923 | ||||||
Grupo Nutresa SA | 2,365 | 17,380 | ||||||
Interconexion Electrica SA ESP | 4,856 | 26,151 |
Number | Value | |||||||
Colombia (Continued) | ||||||||
Mineros SA | 1,054 | $ | 957 | |||||
Promigas SA ESP | 1,220 | 2,769 | ||||||
Tecnoglass, Inc. | 170 | 1,362 | ||||||
|
| |||||||
222,687 | ||||||||
|
| |||||||
Mexico — 50.1% | ||||||||
Alfa SAB de CV, Class A | 23,194 | 18,265 | ||||||
Alsea SAB de CV* | 4,103 | 11,144 | ||||||
America Movil SAB de CV, Series L | 261,240 | 200,897 | ||||||
Arca Continental SAB de CV | 3,490 | 18,520 | ||||||
Axtel SAB de CV, Series CPO* | 5,401 | 853 | ||||||
Banco del Bajio SA, 144A | 5,350 | 8,314 | ||||||
Bolsa Mexicana de Valores SAB de CV | 3,541 | 7,721 | ||||||
Cemex SAB de CV, Series CPO | 116,634 | 42,754 | ||||||
Coca-Cola Femsa SAB de CV | 3,994 | 22,964 | ||||||
Concentradora Fibra Danhos SA de CV REIT | 2,278 | 3,355 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV REIT, 144A | 6,896 | 3,249 | ||||||
Concentradora Hipotecaria SAPI de CV REIT | 3,639 | 3,733 | ||||||
Consorcio ARA SAB de CV | 5,450 | 1,134 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, Class A* | 5,045 | 5,362 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 4,740 | 8,012 | ||||||
Credito Real SAB de CV SOFOM ER | 2,143 | 2,526 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 1,490 | 7,366 | ||||||
Fibra Uno Administracion SA de CV REIT | 24,523 | 37,554 | ||||||
Fomento Economico Mexicano SAB de CV | 15,138 | 137,740 | ||||||
Genomma Lab Internacional SAB de CV, Class B* | 5,419 | 5,065 | ||||||
Gentera SAB de CV | 8,039 | 7,703 | ||||||
Gruma SAB de CV, Class B | 1,570 | 15,857 | ||||||
Grupo Aeromexico SAB de CV* | 2,940 | 2,323 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 2,485 | 16,544 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,741 | 27,935 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,589 | 27,182 | ||||||
Grupo Bimbo SAB de CV, Series A | 12,355 | 21,409 | ||||||
Grupo Carso SAB de CV, Series A1 | 3,471 | 11,631 | ||||||
Grupo Cementos de Chihuahua SAB de CV | 1,440 | 7,573 | ||||||
Grupo Comercial Chedraui SA de CV | 2,810 | 3,897 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 20,021 | 105,661 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 17,671 | 21,027 | ||||||
Grupo GICSA SAB de CV* | 5,299 | 1,771 | ||||||
Grupo Herdez SAB de CV | 1,766 | 3,459 | ||||||
Grupo Mexico SAB de CV, Series B | 27,021 | 70,761 | ||||||
Grupo Rotoplas SAB de CV* | 1,262 | 1,172 | ||||||
Grupo Televisa SAB, Series CPO | 18,524 | 40,409 | ||||||
Grupo Traxion SAB de CV, 144A* | 1,400 | 990 | ||||||
Hoteles City Express SAB de CV* | 3,136 | 2,571 | ||||||
Industrias Penoles SAB de CV | 1,071 | 11,382 | ||||||
Infraestructura Energetica Nova SAB de CV | 4,062 | 16,700 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Latin America Pacific Alliance ETF(Continued)
November 30, 2019 (Unaudited)
Number | Value | |||||||
Mexico (Continued) | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A* | 11,588 | $ | 22,249 | |||||
La Comer SAB de CV* | 4,326 | 5,746 | ||||||
Macquarie Mexico Real Estate Management SA de CV REIT, 144A | 6,308 | 8,793 | ||||||
Megacable Holdings SAB de CV, Series CPO | 2,485 | 8,821 | ||||||
Nemak SAB de CV, 144A | 4,756 | 2,016 | ||||||
Orbia Advance Corp. SAB de CV | 8,058 | 17,632 | ||||||
PLA Administradora Industrial S de RL de CV REIT | 5,877 | 9,602 | ||||||
Prologis Property Mexico SA de CV REIT | 3,021 | 6,424 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,826 | 17,500 | ||||||
Qualitas Controladora SAB de CV | 1,445 | 6,158 | ||||||
Regional SAB de CV | 1,704 | 9,316 | ||||||
Telesites SAB de CV* | 11,140 | 8,053 | ||||||
Unifin Financiera SAB de CV | 1,041 | 1,595 | ||||||
Wal-Mart de Mexico SAB de CV | 40,642 | 113,516 | ||||||
|
| |||||||
1,201,906 | ||||||||
|
| |||||||
Peru — 17.1% | ||||||||
Alicorp SAA | 9,187 | 23,782 | ||||||
Banco BBVA Peru SA | 6,157 | 6,085 | ||||||
Banco de Credito del Peru, Class C | 2,635 | 4,069 | ||||||
Bolsa de Valores de Lima SAA, Class A | 1,348 | 864 | ||||||
Casa Grande SAA | 388 | 297 | ||||||
Cementos Pacasmayo SAA* | 3,197 | 5,972 | ||||||
Cia de Minas Buenaventura SAA, ADR (a) | 3,002 | 46,141 | ||||||
Corp. Aceros Arequipa SA | 2,347 | 601 | ||||||
Credicorp Ltd. | 932 | 196,829 | ||||||
Enel Distribucion Peru SAA | 1,464 | 2,950 | ||||||
Ferreycorp SAA | 14,022 | 8,827 | ||||||
Grana y Montero SAA* | 9,526 | 4,035 | ||||||
Hochschild Mining PLC | 3,416 | 7,202 | ||||||
InRetail Peru Corp., 144A | 413 | 14,537 | ||||||
Intercorp Financial Services, Inc. | 476 | 19,016 | ||||||
Luz del Sur SAA | 1,294 | 9,132 | ||||||
Minsur SA | 7,089 | 3,086 | ||||||
Refineria La Pampilla SAA Relapasa* | 18,032 | 504 | ||||||
Sociedad Minera Cerro Verde SAA | 287 | 5,169 | ||||||
Southern Copper Corp. | 1,154 | 43,887 | ||||||
Union Andina de Cementos SAA | 8,415 | 4,951 | ||||||
Volcan Cia Minera SAA* | 33,234 | 3,353 | ||||||
|
| |||||||
411,289 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,250,780 | |||||||
|
| |||||||
PREFERRED STOCKS — 6.1% | ||||||||
Chile — 1.3% | ||||||||
Embotelladora Andina SA, Class B | 3,043 | 7,731 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 973 | 23,031 | ||||||
|
| |||||||
30,762 | ||||||||
|
| |||||||
Colombia — 4.7% | ||||||||
Banco Davivienda SA | 1,136 | 14,182 |
Number | Value | |||||||
Colombia (Continued) | ||||||||
Bancolombia SA | 4,976 | $ | 61,191 | |||||
Cementos Argos SA | 2,412 | 3,655 | ||||||
Grupo Argos SA | 2,275 | 8,611 | ||||||
Grupo Aval Acciones y Valores SA | 42,300 | 16,983 | ||||||
Grupo de Inversiones Suramericana SA | 1,288 | 9,919 | ||||||
|
| |||||||
114,541 | ||||||||
|
| |||||||
Panama — 0.1% | ||||||||
Avianca Holdings SA | 3,864 | 1,951 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 147,254 | |||||||
|
| |||||||
RIGHTS — 0.1% | ||||||||
Canada — 0.1% | ||||||||
Pan American Silver Corp. CVR*, (b) | 1,874 | 1,793 | ||||||
|
| |||||||
CASH EQUIVALENTS — 0.2% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58% (c) | 4,217 | 4,217 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $2,487,736) | $ | 2,404,044 | ||||||
Other assets and liabilities, net — (0.1%) | (3,531 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,400,513 | ||||||
|
|
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Latin America Pacific Alliance ETF(Continued)
November 30, 2019 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2019 is as follows:
Value ($) at 5/31/2019 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2019 | Value ($) at 11/30/2019 | ||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL —0.0% |
| |||||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.53% (c)(d) |
| |||||||||||||||||||||||||||||||||||
1,320 | — | (1,320 | )(e) | — | — | 8 | — | — | — | |||||||||||||||||||||||||||
CASH EQUIVALENTS —0.2% |
| |||||||||||||||||||||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 1.58%(c) |
| |||||||||||||||||||||||||||||||||||
4,441 | 60,124 | (60,348 | ) | — | — | 28 | — | 4,217 | 4,217 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
5,761 | 60,124 | (61,668 | ) | — | — | 36 | — | 4,217 | 4,217 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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, 2019 amounted to $33,891, which is 1.4% 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 annualizedseven-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 heldnon-cash U.S. Treasury securities collateral having a value of $33,668. |
(e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2019. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
CVR: | Contingent Value Rights |
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, 2019 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) | $ | 2,250,780 | $ | — | $ | — | $ | 2,250,780 | ||||||||
Preferred Stocks (f) | 147,254 | — | — | 147,254 | ||||||||||||
Rights | — | — | 1,793 | 1,793 | ||||||||||||
Short-Term Investments (f) | 4,217 | — | — | 4,217 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,402,251 | $ | — | $ | 1,793 | $ | 2,404,044 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
November 30, 2019 (Unaudited)
Xtrackers Eurozone Equity ETF | Xtrackers International Real Estate ETF | Xtrackers Japan JPX-Nikkei 400 Equity ETF | Xtrackers MSCI Latin America Pacific Alliance ETF | |||||||||||||
Assets | ||||||||||||||||
Investment innon-affiliated securities at value | $ | 5,696,090 | $ | 146,883,963 | $ | 28,536,404 | $ | 2,399,827 | ||||||||
Investment in affiliated securities at value | 17,115 | — | — | — | ||||||||||||
Investment in DWS Government Money Market Series | 363 | 147,430 | 29,390 | 4,217 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 56,596 | 1,429,000 | 31,943 | — | ||||||||||||
Cash | — | 1,199 | 452 | 3,766 | ||||||||||||
Foreign currency at value | 537 | 174,861 | 84,795 | 23,592 | ||||||||||||
Deposit with broker for futures contracts | — | 22,500 | 8,084 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | — | 1,823 | ||||||||||||
Dividends | 705 | 351,966 | 184,118 | 675 | ||||||||||||
Interest | — | 360 | 36 | 2 | ||||||||||||
Securities lending income | 81 | 2,969 | 190 | 3 | ||||||||||||
Foreign tax reclaim | 2,811 | 17,521 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | $ | 5,774,298 | $ | 149,031,769 | $ | 28,875,412 | $ | 2,433,905 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 56,596 | $ | 1,429,000 | $ | 31,943 | $ | — | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | — | 32,481 | ||||||||||||
Investment advisory fees | 421 | 11,382 | 2,130 | 911 | ||||||||||||
Variation margin on futures contracts | — | 3,425 | 1,951 | — | ||||||||||||
Deferred foreign tax payable | — | 7,894 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 57,017 | 1,451,701 | 36,024 | 33,392 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 5,717,281 | $ | 147,580,068 | $ | 28,839,388 | $ | 2,400,513 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 5,816,257 | $ | 143,380,079 | $ | 30,843,947 | $ | 2,394,088 | ||||||||
Distributable earnings (loss) | (98,976 | ) | 4,199,989 | (2,004,559 | ) | 6,425 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 5,717,281 | $ | 147,580,068 | $ | 28,839,388 | $ | 2,400,513 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 250,001 | 5,000,001 | 1,000,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 22.87 | $ | 29.52 | $ | 28.84 | $ | 24.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment innon-affiliated securities at cost | $ | 5,416,674 | $ | 142,983,050 | $ | 28,270,449 | $ | 2,483,519 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in affiliated securities at cost | $ | 21,966 | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 56,382 | $ | 1,840,158 | $ | 48,513 | $ | 33,891 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government Money Market Series at cost | $ | 363 | $ | 147,430 | $ | 29,390 | $ | 4,217 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 56,596 | $ | 1,429,000 | $ | 31,943 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | 2,567 | $ | 631,803 | $ | 24,885 | $ | 33,668 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 535 | $ | 175,551 | $ | 82,817 | $ | 23,604 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
For the Six Months Ended November 30, 2019 (Unaudited)
Xtrackers Eurozone Equity ETF | Xtrackers International Real Estate ETF | Xtrackers Japan JPX-Nikkei 400 Equity ETF | Xtrackers MSCI Latin America Pacific Alliance ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 24,470 | $ | 1,640,001 | $ | 294,693 | $ | 33,992 | ||||||||
Income distributions from affiliated funds | 21 | 2,731 | 271 | 28 | ||||||||||||
Affiliated securities lending income | 589 | 7,583 | 2,472 | 8 | ||||||||||||
Unaffiliatednon-cash dividend income | 1,828 | — | — | — | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 168 | 5,898 | 48 | 22 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 27,076 | 1,656,213 | 297,484 | 34,050 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 1,971 | 61,888 | 12,976 | 5,613 | ||||||||||||
Other expenses | 57 | 57 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 2,028 | 61,945 | 13,033 | 5,670 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (see note 3): | ||||||||||||||||
Waiver | — | (11,358 | ) | (8 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 2,028 | 50,587 | 13,025 | 5,670 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 25,048 | 1,605,626 | 284,459 | 28,380 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (15,924 | ) | (184,275 | ) | (197,383 | ) | (12,574 | ) | ||||||||
In-kind redemptions | — | — | (282,661 | ) | — | |||||||||||
Futures contracts | — | (2,360 | ) | (13,710 | ) | — | ||||||||||
Foreign currency transactions | (150 | ) | (3,826 | ) | 4,277 | (530 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (16,074 | ) | (190,461 | ) | (489,477 | ) | (13,104 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments** | 447,147 | 4,878,948 | 3,518,943 | (65,493 | ) | |||||||||||
Investments in affiliates | 260 | — | — | — | ||||||||||||
Futures contracts | — | 17,690 | 40,105 | — | ||||||||||||
Foreign currency translations | (24 | ) | (2,072 | ) | (4,228 | ) | 141 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 447,383 | 4,894,566 | 3,554,820 | (65,352 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 431,309 | 4,704,105 | 3,065,343 | (78,456 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 456,357 | $ | 6,309,731 | $ | 3,349,802 | $ | (50,076 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 4,403 | $ | 172,902 | $ | 32,750 | $ | 1,969 | ||||||||
** Net of change in deferred foreign taxes | $ | — | $ | 6,305 | $ | — | $ | — |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Xtrackers Eurozone Equity ETF | Xtrackers International Real Estate ETF | |||||||||||||||
For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 25,048 | $ | 69,345 | $ | 1,605,626 | $ | 345,093 | ||||||||
Net realized gain (loss) | (16,074 | ) | (349,399 | ) | (190,461 | ) | 261,023 | |||||||||
Net change in net unrealized appreciation (depreciation) | 447,383 | (140,920 | ) | 4,894,566 | (1,466,969 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 456,357 | (420,974 | ) | 6,309,731 | (860,853 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (49,890 | ) | (71,498 | ) | (640,926 | ) | (73,382 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 3,201,199 | 3,138,077 | 82,062,748 | 57,853,274 | ||||||||||||
Value of shares redeemed | — | (2,896,381 | ) | — | (1,445,829 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 3,201,199 | 241,696 | 82,062,748 | 56,407,445 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 3,607,666 | (250,776 | ) | 87,731,553 | 55,473,210 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 2,109,615 | 2,360,391 | 59,848,515 | 4,375,305 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 5,717,281 | $ | 2,109,615 | $ | 147,580,068 | $ | 59,848,515 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 100,001 | 2,150,001 | 150,001 | ||||||||||||
Shares sold | 150,000 | 150,000 | 2,850,000 | 2,050,000 | ||||||||||||
Shares redeemed | — | (150,000 | ) | — | (50,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 250,001 | 100,001 | 5,000,001 | 2,150,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Statements of Changes in Net Assets(Continued)
Xtrackers Japan JPX-Nikkei 400 Equity ETF | Xtrackers MSCI Latin America Pacific Alliance ETF | |||||||||||||||
For the Six Months Ended November 30, 2019 (Unaudited) | Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (Unaudited) | For the Period October 30, 2018(1) to May 31, 2019 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 284,459 | $ | 542,482 | $ | 28,380 | $ | 51,303 | ||||||||
Net realized gain (loss) | (489,477 | ) | (15,892,157 | ) | (13,104 | ) | 264,039 | |||||||||
Net change in net unrealized appreciation (depreciation) | 3,554,820 | (3,185,044 | ) | (65,352 | ) | (18,238 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 3,349,802 | (18,534,719 | ) | (50,076 | ) | 297,104 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders | (380,006 | ) | (378,111 | ) | (43,786 | ) | (21,262 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 222,178,697 | — | 4,934,832 | ||||||||||||
Value of shares redeemed | (3,847,135 | ) | (301,398,584 | ) | — | (2,716,299 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (3,847,135 | ) | (79,219,887 | ) | — | 2,218,533 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (877,339 | ) | (98,132,717 | ) | (93,862 | ) | 2,494,375 | |||||||||
Net Assets | ||||||||||||||||
Beginning of period | 29,716,727 | 127,849,444 | 2,494,375 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 28,839,388 | $ | 29,716,727 | $ | 2,400,513 | $ | 2,494,375 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of period | 1,150,001 | 4,350,001 | 100,001 | — | ||||||||||||
Shares sold | — | 7,800,000 | — | 200,001 | ||||||||||||
Shares redeemed | (150,000 | ) | (11,000,000 | ) | — | (100,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 1,000,001 | 1,150,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Xtrackers Eurozone Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2016(a) | |||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 21.10 | $ | 23.60 | $ | 23.94 | $ | 20.25 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.12 | 0.65 | 0.73 | 0.74 | 0.53 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.15 | (2.52 | ) | (0.68 | ) | 3.74 | (4.99 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.27 | (1.87 | ) | 0.05 | 4.48 | (4.46 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.50 | ) | (0.63 | ) | (0.39 | ) | (0.79 | ) | (0.29 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.50 | ) | (0.63 | ) | (0.39 | ) | (0.79 | ) | (0.29 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 22.87 | $ | 21.10 | $ | 23.60 | $ | 23.94 | $ | 20.25 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 10.88 | ** | (8.09 | )(c) | 0.22 | (c) | 23.01 | (17.94 | )** | |||||||||||
Ratios to Average Net Assets and | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 6 | 2 | 2 | 2 | 2 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.09 | * | 0.10 | 0.27 | 0.45 | 0.45 | * | |||||||||||||
Ratio of expenses after fee waiver (%) | 0.09 | * | 0.09 | 0.26 | 0.45 | 0.45 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 1.14 | * | 3.00 | 3.01 | 3.62 | 3.18 | * | |||||||||||||
Portfolio turnover rate (%)(d) | 4 | ** | 14 | 93 | 20 | 20 | ** |
Xtrackers International Real Estate ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
Net Asset Value, beginning of period | $ | 27.84 | $ | 29.17 | $ | 26.22 | $ | 22.27 | $ | 27.90 | $ | 26.47 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(b) | 0.45 | 1.14 | 0.68 | 0.56 | 0.63 | 0.68 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 1.48 | (1.98 | ) | 3.01 | 3.89 | (4.19 | ) | 2.04 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.93 | (0.84 | ) | 3.69 | 4.45 | (3.56 | ) | 2.72 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.49 | ) | (0.74 | ) | (0.50 | ) | (1.09 | ) | (1.29 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.98 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.25 | ) | (0.49 | ) | (0.74 | ) | (0.50 | ) | (2.07 | ) | (1.29 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 29.52 | $ | 27.84 | $ | 29.17 | $ | 26.22 | $ | 22.27 | $ | 27.90 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 6.95 | **(c) | (2.78 | )(c) | 14.20 | 20.34 | (12.98 | ) | 10.78 | |||||||||||||||
Ratios to Average Net Assets and | ||||||||||||||||||||||||
Net Assets, end of period ($ millions) | 148 | 60 | 4 | 4 | 4 | 11 | ||||||||||||||||||
Ratio of expenses before fee waiver (%) | 0.12 | * | 0.30 | 0.60 | 0.60 | 0.60 | 0.60 | |||||||||||||||||
Ratio of expenses after fee waiver (%) | 0.10 | * | 0.28 | 0.60 | 0.60 | 0.60 | 0.60 | |||||||||||||||||
Ratio of net investment income (loss) (%) | 3.11 | * | 4.25 | 2.40 | 2.34 | 2.64 | 2.51 | |||||||||||||||||
Portfolio turnover rate (%)(d) | 5 | ** | 43 | 24 | 14 | 34 | 19 |
(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. | 34 |
DBX ETF Trust
Financial Highlights(Continued)
Xtrackers JapanJPX-Nikkei 400 Equity ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Years Ended May 31, | Period Ended 5/31/2016(a) | |||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
Net Asset Value, beginning of period | $ | 25.84 | $ | 29.39 | $ | 26.24 | $ | 23.19 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.27 | 0.28 | 0.40 | 0.35 | 0.28 | |||||||||||||||
Net realized and unrealized gain (loss) | 3.06 | (3.62 | ) | 3.30 | 3.04 | (1.97 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 3.33 | (3.34 | ) | 3.70 | 3.39 | (1.69 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.33 | ) | (0.21 | ) | (0.55 | ) | (0.34 | ) | (0.12 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.33 | ) | (0.21 | ) | (0.55 | ) | (0.34 | ) | (0.12 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 28.84 | $ | 25.84 | $ | 29.39 | $ | 26.24 | $ | 23.19 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 13.00 | (e)** | (11.35 | )(e)(f) | 14.21 | (e) | 14.75 | (6.78 | )** | |||||||||||
Ratios to Average Net Assets and | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 29 | 30 | 128 | 10 | 19 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.09 | * | 0.10 | 0.21 | 0.40 | 0.40 | * | |||||||||||||
Ratio of expenses after fee waiver (%) | 0.09 | * | 0.09 | 0.18 | 0.40 | 0.40 | * | |||||||||||||
Ratio of net investment income (loss) (%) | 1.97 | * | 1.00 | 1.39 | 1.46 | 1.31 | * | |||||||||||||
Portfolio turnover rate (%)(g) | 8 | ** | 149 | 78 | 22 | 8 | ** |
Xtrackers MSCI Latin America Pacific Alliance ETF Selected Per Share Data | For the Six Months Ended 11/30/2019 (Unaudited) | Period Ended 5/31/2019(b) | ||||||
Net Asset Value, beginning of period | $ | 24.94 | $ | 25.00 | ||||
|
|
|
| |||||
Income (loss) from investment operations: | ||||||||
Net investment income (loss)(c) | 0.28 | 0.38 | ||||||
Net realized and unrealized gain (loss) | (0.78 | ) | (0.33 | )(d) | ||||
|
|
|
| |||||
Total from investment operations | (0.50 | ) | 0.05 | |||||
|
|
|
| |||||
Less distributions from: |
| |||||||
Net investment income | (0.44 | ) | (0.11 | ) | ||||
|
|
|
| |||||
Total distributions | (0.44 | ) | (0.11 | ) | ||||
|
|
|
| |||||
Net Asset Value, end of period | $ | 24.00 | $ | 24.94 | ||||
|
|
|
| |||||
Total Return (%) | (2.14 | )** | 0.20 | (e)** | ||||
Ratios to Average Net Assets and Supplemental Data | ||||||||
Net Assets, end of period ($ millions) | 2 | 2 | ||||||
Ratio of expenses before fee waiver (%) | 0.45 | * | 0.45 | * | ||||
Ratio of expenses after fee waiver (%) | 0.45 | * | 0.45 | * | ||||
Ratio of net investment income (loss) (%) | 2.28 | * | 2.53 | * | ||||
Portfolio turnover rate (%)(g) | 10 | ** | 44 | ** |
(a) | For the period June 24, 2015 (commencement of operations) through May 31, 2016. |
(b) | For the period October 30, 2018 (commencement of operations) through May 31, 2019. |
(c) | Based on average shares outstanding during the period. |
(d) | 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. |
(e) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
(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 0.22%. |
(g) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as anopen-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2019, 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 JapanJPX-Nikkei 400 Equity ETF |
Xtrackers MSCI Latin America Pacific Alliance 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, Xtrackers JapanJPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance 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 JapanJPX-Nikkei 400 Equity ETF | JPX-Nikkei 400 Net Total Return Index | |
Xtrackers MSCI Latin America Pacific Alliance ETF | MSCI Latin America Pacific Alliance Capped Index |
The NASDAQ Eurozone Large Mid Cap Index which is designed to track the performance of equity securities of large- andmid-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 that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. The iSTOXX Developed and Emerging Markets ex USA PK VN is rebalanced quarterly.
TheJPX-Nikkei Index 400 Net Total Return Index is designed to track the performance of equity securities of issuers that 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 (formiddle-sized companies) and the “Mothers” (for high-growth and emerging stocks). TheJPX-Nikkei Index 400 is rebalanced annually.
The MSCI Latin America Pacific Alliance Capped Index is designed to provide exposure to equity securities of issuers from Latin American member states of the Pacific Alliance, as well as securities of countries that are headquartered and carry out the majority of operations in these countries. The MSCI Latin America Pacific Alliance Capped Index is rebalanced quarterly.
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.
36
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
Each Fund, except Xtrackers International Real Estate ETF and Xtrackers JapanJPX-Nikkei 400 Equity ETF, isnon-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, 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.
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) orover-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 inopen-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
37
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
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 theex-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, Xtrackers JapanJPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance 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 theex-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, 2019, the Funds did not incur any interest or penalties.
At May 31, 2019, 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.
38
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
Short-Term | Long-Term | Total Amount | ||||||||||
Xtrackers Eurozone Equity ETF | $ | 104,577 | $ | 259,709 | $ | 364,286 | ||||||
Xtrackers International Real Estate ETF | 634,915 | 122,931 | 757,846 | |||||||||
Xtrackers JapanJPX-Nikkei 400 Equity ETF | 1,458,631 | 247,453 | 1,706,084 |
As of May 31, 2019, 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 | $ | 2,404,589 | $ | (188,285 | ) | $ | 67,715 | $ | (256,000 | ) | ||||||
Xtrackers International Real Estate ETF | 61,326,719 | (1,212,993 | ) | 288,768 | (1,501,761 | ) | ||||||||||
Xtrackers JapanJPX-Nikkei 400 Equity ETF | 33,057,725 | (3,652,176 | ) | 710,938 | (4,363,114 | ) | ||||||||||
Xtrackers MSCI Latin America Pacific Alliance ETF | 2,519,451 | (22,783 | ) | 104,750 | (127,533 | ) |
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). Foreign taxes payable as of November 30, 2019, 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, 2019, 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 (0.12% annualized effective rate as of November 30, 2019) 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
39
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
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, 2019, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end, except for Xtrackers MSCI Latin America Pacific Alliance ETF. Due to the increased market value of the securities on loan on November 30, 2019, for Xtrackers MSCI Latin America Pacific Alliance ETF, the value of the related collateral was less than the value of securities on loan at period end. On the next business day, additional collateral was received, and the value of the collateral exceeded the value of the securities on loan.
Remaining Contractual Maturity of the Agreements, as of November 30, 2019 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers Eurozone Equity ETF | ||||||||||||||||||||
Common Stocks | $ | 56,596 | $ | — | $ | — | $ | 2,567 | $ | 59,163 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 59,163 | |||||||||||||||||
Xtrackers International Real Estate ETF | ||||||||||||||||||||
Common Stocks | $ | 1,408,665 | $ | — | $ | 166,720 | $ | 465,083 | $ | 2,040,468 | ||||||||||
Exchange-Traded Funds | 20,335 | — | — | — | 20,335 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 1,429,000 | $ | — | $ | 166,720 | $ | 465,083 | $ | 2,060,803 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 2,060,803 | |||||||||||||||||
Xtrackers JapanJPX-Nikkei 400 Equity ETF | ||||||||||||||||||||
Common Stocks | $ | 31,943 | $ | — | $ | 2,777 | $ | 22,108 | $ | 56,828 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 56,828 | |||||||||||||||||
Xtrackers MSCI Latin America Pacific Alliance ETF |
| |||||||||||||||||||
Common Stocks | $ | — | $ | — | $ | 12 | $ | 33,656 | $ | 33,668 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 33,668 |
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. ornon-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, 2019, Xtrackers International Real Estate ETF and Xtrackers JapanJPX-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).
40
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, 2019 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, 2019 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* | $ | 14,590 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Xtrackers JapanJPX-Nikkei 400 Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 16,565 | 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, 2019 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 | $ | (2,360 | ) | |
Xtrackers JapanJPX-Nikkei 400 Equity ETF | (13,710 | ) | ||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures Contracts — Equity Contracts | ||||
Xtrackers International Real Estate ETF | $ | 17,690 | ||
Xtrackers JapanJPX-Nikkei 400 Equity ETF | 40,105 |
For the period ended November 30, 2019 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | ||||
Xtrackers International Real Estate ETF | $ | 314,049 | ||
Xtrackers JapanJPX-Nikkei 400 Equity ETF | 228,254 |
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 Rule2a-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 management 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.
41
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 arrangingsub-advisory, transfer agency, custody, fund administration, and all othernon-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 management fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers Eurozone Equity ETF | 0.09 | % | ||
Xtrackers International Real Estate ETF | 0.12 | % | ||
Xtrackers JapanJPX-Nikkei 400 Equity ETF | 0.09 | % | ||
Xtrackers MSCI Latin America Pacific Alliance ETF | 0.45 | % |
The Advisor for Xtrackers International Real Estate ETF has contractually agreed, until September 30, 2020, to waive a portion of its unitary management 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, 2019, the Advisor waived $11,264 of the expenses of the Fund.
The Advisor for the Funds below 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 Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2019, the Advisor waived expenses of the Funds as follows:
Expenses Waived | ||||
Xtrackers International Real Estate ETF | $ | 94 | ||
Xtrackers JapanJPX-Nikkei 400 Equity ETF | 8 |
Out of the unitary management 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, 2019, the cost of investments purchased and proceeds from sale of investments (excludingin-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Xtrackers Eurozone Equity ETF | $ | 186,723 | $ | 209,554 | ||||
Xtrackers International Real Estate ETF | 22,853,165 | 4,774,158 | ||||||
Xtrackers JapanJPX-Nikkei 400 Equity ETF | 2,323,895 | 2,331,776 | ||||||
Xtrackers MSCI Latin America Pacific Alliance ETF | 239,558 | 252,570 |
42
DBX ETF Trust
Notes to Financial Statements(Unaudited) (Continued)
For the period ended November 30, 2019, the cost ofin-kind purchases and proceeds fromin-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers Eurozone Equity ETF | $ | 3,200,126 | $ | — | ||||
Xtrackers International Real Estate ETF | 64,477,828 | — | ||||||
Xtrackers JapanJPX-Nikkei 400 Equity ETF | — | 3,831,392 |
5. Fund Share Transactions
As of November 30, 2019, 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 thein-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. 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, 2019, there was one affiliated shareholder account for the Fund listed below holding a significant percentage of the shares outstanding:
Approximate Percent of Outstanding Shares Held | ||||
Xtrackers MSCI Latin America Pacific Alliance ETF | 95 | % |
7. 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 theone-month LIBOR Rate. The Fund may borrow up to the lesser of apro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Fund had no outstanding loans at November 30, 2019.
Pro-rata Share | ||||
Xtrackers International Real Estate ETF | $ | 525,000 |
43
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 recent12-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 FormN-Q or FormN-PORT (available for filings after March 31, 2019). 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 at855-329-3837.
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.
44
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collectsnon-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 anynon-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclosenon-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and tonon-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclosenon-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 disclosenon-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 yournon-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.
45
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 investments 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. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Each Fund, except HUAZ and JPN, is currentlynon-diversified and can take larger positions in fewer issues, increasing each Fund’s potential risk. 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. There are additional risks associated with investing in aggressive growth stocks,non-diversified/concentrated funds and small- andmid-cap stocks which are more fully explained in the prospectuses, as applicable. 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.
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 © 2020 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-049074-4 (1/20) DBX004205 (1/21)
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
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 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-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 forClosed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Rule30a-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 Rule30a-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, 2020
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, 2020
By (Signature and Title) | /s/ Diane Kenneally | |||
Diane Kenneally | ||||
Treasurer and Chief Financial Officer |
Date February 4, 2020