N-CSRS 1 d679825dncsrs.htm DBX ETF TRUST DBX ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number            811-22487                    

                                                 DBX ETF Trust                                                       

(Exact name of registrant as specified in charter)

345 Park Avenue

            New York, New York 10154            

(Address of principal executive offices) (Zip code)

Freddi Klassen

DBX ETF Trust

345 Park Avenue

                         New York, New York 10154                        

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (212) 250-4352

Date of fiscal year end:    May 31

Date of reporting period:  November 30, 2018

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

 

November 30, 2018

Semi-Annual Report

DBX ETF Trust

 

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)

(On February 19, 2019, DBAP will be renamed Xtrackers International Real Estate ETF)

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)

Xtrackers MSCI South Korea Hedged Equity ETF (DBKO)

Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK)

 

LOGO

DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Portfolio Summary

   

Xtrackers MSCI All World ex US Hedged Equity ETF

      4  

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

      5  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      6  

Xtrackers MSCI Europe Hedged Equity ETF

      7  

Xtrackers MSCI Eurozone Hedged Equity ETF

      8  

Xtrackers MSCI Germany Hedged Equity ETF

      9  

Xtrackers MSCI Japan Hedged Equity ETF

      10  

Xtrackers MSCI South Korea Hedged Equity ETF

      11  

Xtrackers MSCI United Kingdom Hedged Equity ETF

      12  

Fees and Expenses

      13  

Schedule of Investments

   

Xtrackers MSCI All World ex US Hedged Equity ETF

      15  

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

      40  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      51  

Xtrackers MSCI Europe Hedged Equity ETF

      69  

Xtrackers MSCI Eurozone Hedged Equity ETF

      77  

Xtrackers MSCI Germany Hedged Equity ETF

      86  

Xtrackers MSCI Japan Hedged Equity ETF

      89  

Xtrackers MSCI South Korea Hedged Equity ETF

      94  

Xtrackers MSCI United Kingdom Hedged Equity ETF

      97  

Statements of Assets and Liabilities

      100  

Statements of Operations

      103  

Statements of Changes in Net Assets

      106  

Financial Highlights

      111  

Notes to Financial Statements

      116  

Additional Information

      130  

Privacy Policy Notice

      131  

To our Shareholders: (Unaudited)

 

 

Dear Shareholder,

We are pleased to provide this semi-annual report for our currency hedged for the period ended November 30, 2018.

The global economy reached its peak and is slowing down modestly to its long-term trend driven by international trade tensions and tighter monetary conditions. The U.S. economy remained solid on the back of robust corporate earnings, which were assisted by tax cuts, lowest unemployment rates and lagged effects of expansionary fiscal policy. The U.S. Federal Reserve Board (Fed) increased interest rates twice in June and September and recently indicated that rates are closer to the neutral level and further hikes would soon end. Growth in the Eurozone economy, on the other hand, slowed as exports declined and political tensions took center-stage. Emerging markets were affected by rising risk aversion among investors, geopolitical issues, sanction threats and trade tensions between China and the U.S.

The Eurozone economy growth slipped to its slowest in four years by anti-government protest in France, Brexit1 uncertainty and on-going weak demand in automobile sector. Industrial production numbers declined in the region, which could be attributed to the faltering of the export sector. Germany, the dominant export player in the region, saw its automobile industry slowing down as the industry adjusted to the new emission standards. Acknowledging the weakness in the economy, the European Central Bank (ECB) continued to maintain interest rates at the current level. However, it reaffirmed its intention to end its quantitative easing program by the end of 2018. The populist Italian government presented an expansionary budget much to the defiance of the European Commission’s suggestion of reigning in spending. Unrest prevailed in France, as labor unions protested against economic policies of French President Emmanuel Macron’s government. Trade tensions with the U.S. also played on the sentiment in the first half of the year; however, these were assuaged following a meeting between the U.S. and European Union (EU) presidents in July.

The U.K. economy grew stronger, supported by an increase in private consumption and public spending. Overall positive signs in the economy prompted the Bank of England (BOE) to increase rates by 0.25% in August. In November, the U.K. also managed to reach an agreement with the European Union (EU) on Brexit1 withdrawal terms; however, the political turmoil in the U.K. is casting a shadow over the deal getting ratified by its parliament. In Japan, the economy was hit by natural calamities in the form of an earthquake and typhoons, which disrupted its production and personal consumption. Amid the soft global demand and trade tensions, its exports also declined. On a positive note, Shinzo Abe was re-elected this year, and this is expected to keep the overall reform agenda on track.

As the Fed increased rates in the year, risk aversion among investors led to outflows from emerging markets, adding pressure to their currencies and stock markets. China’s economy decelerated amid rising trade tensions, as the U.S. imposed tariffs on about U.S. dollar 250 billion worth of Chinese goods. This prompted its authorities to announce a series of stimulus measures to reignite its economy and enact retaliatory tariffs on U.S. goods.

Despite trade tensions and political stress, the global economy is expected to continue to grow albeit at a slower pace in the near-term. The economic cycle has gained momentum on the back of low unemployment rates and strong corporate income. Monetary policies across the globe remain on track to suit their phase of respective economic cycles. In view of an appreciating U.S. dollar, our currency-hedged strategy plays a significant role in managing investments in international equities.

 

1

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

1 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

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

 

2

This Page is Intentionally Left Blank

 

3

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

 

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

Ten Largest Equity Holdings
as of 11/30/18 (10.2% of Net Assets)

 

Description   % of Net Assets  

Nestle SA (Switzerland)

     1.3%  

Royal Dutch Shell PLC (Netherlands)

     1.3%  

Tencent Holdings Ltd. (China)

     1.2%  

Alibaba Group Holding Ltd. (China)

     1.1%  

Samsung Electronics Co. Ltd. (South Korea)

     1.0%  

Novartis AG (Switzerland)

     1.0%  

Roche Holding AG (Switzerland)

     0.9%  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

     0.9%  

HSBC Holdings PLC (United Kingdom)

     0.8%  

Toyota Motor Corp. (Japan)

     0.7%  
Country Diversification* as of 11/30/18

 

Japan

     17.2%  

United Kingdom

     10.3%  

France

     7.5%  

China

     7.0%  

Canada

     7.0%  

Switzerland

     6.5%  

Germany

     6.1%  

Australia

     4.9%  

South Korea

     3.6%  

Hong Kong

     3.6%  

Netherlands

     3.3%  

Taiwan

     2.9%  

Spain

     2.1%  

Brazil

     2.0%  

Other

     16.0%  
 

 

 

  

Total

     100.0%  

 

 
Sector Diversification* as of 11/30/18

 

Financials

     22.4%  

Industrials

     11.9%  

Consumer Discretionary

     10.4%  

Consumer Staples

     9.7%  

Health Care

     8.9%  

Information Technology

     7.9%  

Communication Services

     7.7%  

Materials

     7.4%  

Energy

     7.3%  

Real Estate

     3.3%  

Utilities

     3.1%  
 

 

 

  

Total

     100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.

 

4

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)

 

The Xtrackers MSCI Asia Pacific ex 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 Asia Pacific ex Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track developed and emerging market performance in the Asia Pacific region (excluding Japan) 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 11/30/18 ( 24.6% of Net Assets)

 

Description   % of Net Assets  

Tencent Holdings Ltd. (China)

     4.4%  

Alibaba Group Holding Ltd. (China)

     3.9%  

Samsung Electronics Co. Ltd. (South Korea)

     3.9%  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

     3.4%  

AIA Group Ltd. (Hong Kong)

     1.9%  

Commonwealth Bank of Australia (Australia)

     1.7%  

China Construction Bank Corp. (China)

     1.6%  

BHP Billiton Ltd. (Australia)

     1.4%  

Westpac Banking Corp. (Australia)

     1.2%  

CSL Ltd. (Australia)

     1.2%  
Country Diversification* as of 11/30/18

 

China

     27.8%  

Australia

     18.5%  

South Korea

     14.4%  

Hong Kong

     14.2%  

Taiwan

     11.6%  

Singapore

     3.6%  

Thailand

     2.5%  

Malaysia

     2.5%  

Indonesia

     2.4%  

Other

     2.5%  
 

 

 

  

Total

     100.0%  
 
Sector Diversification* as of 11/30/18

 

Financials

     26.8%  

Information Technology

     13.4%  

Communication Services

     11.7%  

Consumer Discretionary

     11.5%  

Industrials

     6.9%  

Real Estate

     6.9%  

Materials

     6.7%  

Consumer Staples

     4.6%  

Health Care

     4.2%  

Energy

     4.2%  

Utilities

     3.1%  
 

 

 

  

Total

     100.0%  

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.

 

5

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 11/30/18 (23.8% of Net Assets)

 

Description   % of Net Assets  

Tencent Holdings Ltd. (China)

     4.5%  

Alibaba Group Holding Ltd. (China)

     4.1%  

Samsung Electronics Co. Ltd. (South Korea)

     4.1%  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

     3.6%  

Naspers Ltd. (South Africa)

     1.7%  

China Construction Bank Corp. (China)

     1.6%  

China Mobile Ltd. (Hong Kong)

     1.2%  

Baidu, Inc. (China)

     1.0%  

Ping An Insurance Group Co. of China Ltd. (China)

     1.0%  

Industrial & Commercial Bank of China Ltd. (China)

     1.0%  
Country Diversification* as of 11/30/18

 

China

     26.9%  

South Korea

     13.8%  

Taiwan

     11.2%  

India

     9.1%  

Brazil

     7.5%  

South Africa

     6.0%  

Hong Kong

     4.4%  

Russia

     3.8%  

Mexico

     2.6%  

Thailand

     2.4%  

Malaysia

     2.4%  

Indonesia

     2.2%  

Other

     7.7%  
 

 

 

  

Total

     100.0%  
 
Sector Diversification* as of 11/30/18

 

Financials

     24.6%  

Information Technology

     14.4%  

Communication Services

     13.9%  

Consumer Discretionary

     11.0%  

Energy

     8.1%  

Materials

     7.6%  

Consumer Staples

     6.5%  

Industrials

     5.4%  

Health Care

     3.0%  

Real Estate

     2.9%  

Utilities

     2.6%  
 

 

 

  

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 51.

 

6

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

 

The Xtrackers 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 11/30/18 (19.0% of Net Assets)

 

Description   % of Net Assets  

Nestle SA (Switzerland)

     3.0%  

Royal Dutch Shell PLC (Netherlands)

     2.9%  

Novartis AG (Switzerland)

     2.3%  

Roche Holding AG (Switzerland)

     2.1%  

HSBC Holdings PLC (United Kingdom)

     2.0%  

TOTAL SA (France)

     1.6%  

BP PLC (United Kingdom)

     1.5%  

GlaxoSmithKline PLC (United Kingdom)

     1.2%  

Sanofi (France)

     1.2%  

SAP SE (Germany)

     1.2%  
Country Diversification* as of 11/30/18

 

United Kingdom

     23.4%  

France

     17.2%  

Switzerland

     14.7%  

Germany

     14.1%  

Netherlands

     7.5%  

Spain

     4.8%  

Sweden

     3.9%  

Italy

     3.1%  

Denmark

     2.7%  

Other

     8.6%  
 

 

 

  

Total

     100.0%  
 
Sector Diversification* as of 11/30/18

 

Financials

     19.0%  

Health Care

     14.2%  

Consumer Staples

     14.0%  

Industrials

     12.8%  

Consumer Discretionary

     8.6%  

Energy

     8.2%  

Materials

     7.3%  

Communication Services

     5.3%  

Information Technology

     5.1%  

Utilities

     4.0%  

Real Estate

     1.5%  
 

 

 

  

Total

     100.0%  

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 69.

 

7

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 11/30/18 (18.7% of Net Assets)

 

Description   % of Net Assets  

TOTAL SA (France)

     2.8%  

Sanofi (France)

     2.1%  

SAP SE (Germany)

     2.1%  

Allianz SE (Germany)

     1.9%  

Siemens AG (Germany)

     1.9%  

Unilever NV (United Kingdom)

     1.8%  

LVMH Moet Hennessy Louis Vuitton SE (France)

     1.7%  

Banco Santander SA (Spain)

     1.6%  

ASML Holding NV (Netherlands)

     1.4%  

Bayer AG (Germany)

     1.4%  
Country Diversification* as of 11/30/18

 

France

     31.8%  

Germany

     27.2%  

Spain

     9.7%  

Netherlands

     9.3%  

Italy

     7.0%  

Belgium

     3.7%  

Finland

     3.5%  

United Kingdom

     2.8%  

Other

     5.0%  
 

 

 

  

Total

     100.0%  
 
Sector Diversification* as of 11/30/18

 

Financials

     17.9%  

Industrials

     15.2%  

Consumer Discretionary

     11.5%  

Consumer Staples

     10.0%  

Information Technology

     8.8%  

Health Care

     8.6%  

Materials

     7.4%  

Communication Services

     6.2%  

Utilities

     5.6%  

Energy

     5.6%  

Real Estate

     3.2%  
 

 

 

  

Total

     100.0%  

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 77.

 

8

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

 

The Xtrackers MSCI Germany Hedged Equity ETF 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 provide exposure to Germany’s equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 11/30/18 (52.4% of Net Assets)

 

Description   % of Net Assets  

SAP SE

     8.4%  

Allianz SE

     7.5%  

Siemens AG

     7.3%  

Bayer AG

     5.6%  

BASF SE

     5.5%  

Deutsche Telekom AG

     4.8%  

Daimler AG

     4.2%  

adidas AG

     3.4%  

Volkswagen AG

     3.0%  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

     2.7%  
Sector Diversification* as of 11/30/18

 

Consumer Discretionary

     17.3%  

Financials

     15.6%  

Industrials

     13.9%  

Information Technology

     12.2%  

Health Care

     12.2%  

Materials

     10.1%  

Communication Services

     6.8%  

Real Estate

     4.1%  

Utilities

     3.9%  

Consumer Staples

     3.9%  
 

 

 

  

Total

     100.0%  
 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 86.

 

9

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP)

 

The Xtrackers MSCI Japan Hedged Equity ETF 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 markets while mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 11/30/18 (17.9% of Net Assets)

 

Description   % of Net Assets  

Toyota Motor Corp.

     4.0%  

SoftBank Group Corp.

     2.0%  

Sony Corp.

     2.0%  

Mitsubishi UFJ Financial Group, Inc.

     1.9%  

Keyence Corp.

     1.6%  

Sumitomo Mitsui Financial Group, Inc.

     1.5%  

Honda Motor Co. Ltd.

     1.4%  

KDDI Corp.

     1.2%  

Mizuho Financial Group, Inc.

     1.2%  

Mitsubishi Corp.

     1.1%  
Sector Diversification* as of 11/30/18

 

Industrials

     21.1%  

Consumer Discretionary

     18.8%  

Financials

     12.1%  

Information Technology

     10.2%  

Consumer Staples

     8.8%  

Health Care

     8.3%  

Communication Services

     7.7%  

Materials

     5.8%  

Real Estate

     4.0%  

Utilities

     2.0%  

Energy

     1.2%  
 

 

 

  

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 89.

 

10

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI South Korea Hedged Equity ETF (DBKO)

 

The Xtrackers MSCI South Korea 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 Korea 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the South Korean equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and the South Korean won. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 11/30/18 (46.0% of Net Assets)

 

Description   % of Net Assets  

Samsung Electronics Co. Ltd.

     21.6%  

SK Hynix, Inc.

     5.3%  

Celltrion, Inc.

     2.6%  

POSCO

     2.6%  

KB Financial Group, Inc.

     2.5%  

Hyundai Motor Co.

     2.5%  

LG Chem Ltd.

     2.4%  

NAVER Corp.

     2.4%  

Shinhan Financial Group Co. Ltd.

     2.4%  

LG Household & Health Care Ltd.

     1.7%  
Sector Diversification* as of 11/30/18

 

Information Technology

     31.7%  

Financials

     13.9%  

Consumer Discretionary

     11.3%  

Industrials

     11.0%  

Materials

     7.9%  

Communication Services

     6.9%  

Consumer Staples

     6.7%  

Health Care

     6.4%  

Energy

     2.9%  

Utilities

     1.3%  
 

 

 

  

Total

     100.0%  
 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 94.

 

11

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK)

 

The Xtrackers MSCI United Kingdom 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 United Kingdom US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the United Kingdom equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and British pound sterling. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 11/30/18 (47.9% of Net Assets)

 

Description   % of Net Assets  

Royal Dutch Shell PLC

     11.0%  

HSBC Holdings PLC

     7.3%  

BP PLC

     5.8%  

GlaxoSmithKline PLC

     4.5%  

AstraZeneca PLC

     4.3%  

Diageo PLC

     3.9%  

British American Tobacco PLC

     3.5%  

Unilever PLC

     2.7%  

Vodafone Group PLC

     2.5%  

Reckitt Benckiser Group PLC

     2.4%  
Sector Diversification* as of 11/30/18

 

Financials

     20.0%  

Energy

     17.3%  

Consumer Staples

     16.4%  

Health Care

     12.3%  

Materials

     8.6%  

Industrials

     8.6%  

Consumer Discretionary

     5.9%  

Communication Services

     5.8%  

Utilities

     3.2%  

Real Estate

     1.2%  

Information Technology

     0.7%  
 

 

 

  

Total

     100.0%  
 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 97.

 

12

DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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 recent six-month period the Funds, excluding Xtrackers MSCI United Kingdom Hedged 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 table 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, 2018 to November 30, 2018).

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, 2018		     Ending
Account Value
November 30, 2018		     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     $ 952.90       0.41 %    $ 2.01  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,023.01       0.41 %    $ 2.08  
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF        

Actual

   $ 1,000.00     $ 905.50       0.60 %    $ 2.87  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,022.06       0.60 %    $ 3.04  
Xtrackers MSCI Emerging Markets Hedged Equity ETF

 

      

Actual

   $ 1,000.00     $ 921.40       0.67 %    $ 3.23  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,021.71       0.67 %    $ 3.40  
Xtrackers MSCI Europe Hedged Equity ETF        

Actual

   $ 1,000.00     $ 957.20       0.47 %    $ 2.31  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,022.71       0.47 %    $ 2.38  
Xtrackers MSCI Eurozone Hedged Equity ETF        

Actual

   $ 1,000.00     $ 931.50       0.47 %    $ 2.28  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,022.71       0.47 %    $ 2.38  
Xtrackers MSCI Germany Hedged Equity ETF        

Actual

   $ 1,000.00     $ 909.40       0.47 %    $ 2.25  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,022.71       0.47 %    $ 2.38  
Xtrackers MSCI Japan Hedged Equity ETF        

Actual

   $ 1,000.00     $ 978.90       0.47 %    $ 2.33  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,022.71       0.47 %    $ 2.38  

 

13

DBX ETF Trust

 

Fees and Expenses (Unaudited) (Continued)

 

     Beginning
Account Value
June 1, 2018		     Ending
Account Value
November 30, 2018		     Annualized
Expense Ratio		     Expenses Paid
During the Period
Per $1,000(1)		  
Xtrackers MSCI South Korea Hedged Equity ETF        

Actual

   $ 1,000.00     $ 873.30       0.58 %    $ 2.72  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,022.16       0.58 %    $ 2.94  
Xtrackers MSCI United Kingdom Hedged Equity ETF        

Actual

   $ 1,000.00     $ 936.40       0.46 %    $ 2.23  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,022.76       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 recent six-month period), then divided by 365.

 

14

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 92.7%    
Australia — 4.6%    

AGL Energy Ltd.

     3,059     $ 42,056  

Alumina Ltd.

     13,283       21,650  

Amcor Ltd.

     5,467       53,664  

AMP Ltd.

     13,482       23,945  

APA Group (a)

     5,614       36,109  

Aristocrat Leisure Ltd.

     2,657       45,948  

ASX Ltd.

     985       43,405  

Aurizon Holdings Ltd.

     10,521       32,374  

AusNet Services

     8,438       9,528  

Australia & New Zealand Banking Group Ltd.

     14,296       280,031  

Bank of Queensland Ltd.

     2,269       16,468  

Bendigo & Adelaide Bank Ltd.

     1,999       15,604  

BHP Billiton Ltd.

     15,679       351,700  

BHP Group PLC

     10,507       201,041  

BlueScope Steel Ltd.

     2,816       23,114  

Boral Ltd.

     5,365       19,998  

Brambles Ltd.

     7,920       59,450  

Caltex Australia Ltd.

     1,464       29,458  

Challenger Ltd.

     2,799       19,476  

CIMIC Group Ltd.

     471       13,977  

Coca-Cola Amatil Ltd.

     2,911       18,383  

Cochlear Ltd.

     294       36,376  

Coles Group Ltd.*

     5,803       49,667  

Commonwealth Bank of Australia

     8,755       455,802  

Computershare Ltd.

     2,211       29,331  

Crown Resorts Ltd.

     1,980       16,932  

CSL Ltd.

     2,261       293,164  

Dexus REIT

     4,921       37,622  

Domino’s Pizza Enterprises Ltd.

     360       12,101  

Flight Centre Travel Group Ltd.

     318       11,354  

Fortescue Metals Group Ltd.

     7,996       23,377  

Goodman Group REIT

     9,091       68,107  

GPT Group REIT

     9,126       35,152  

Harvey Norman Holdings Ltd. (b)

     3,006       6,943  

Incitec Pivot Ltd.

     8,732       23,997  

Insurance Australia Group Ltd.

     11,871       63,165  

LendLease Group (a)

     2,817       26,066  

Macquarie Group Ltd.

     1,536       128,455  

Medibank Pvt Ltd.

     12,880       22,782  

Mirvac Group REIT

     18,789       30,075  

National Australia Bank Ltd.

     13,204       237,795  

Newcrest Mining Ltd.

     3,783       57,373  

Oil Search Ltd.

     7,051       37,673  

Orica Ltd.

     1,825       23,343  

Origin Energy Ltd.*

     8,945       42,365  

QBE Insurance Group Ltd.

     6,880       56,923  

Ramsay Health Care Ltd.

     907       35,944  

REA Group Ltd.

     262       14,567  

Santos Ltd.

     8,808       35,536  

Scentre Group REIT

     27,156       77,408  

SEEK Ltd.

     1,607       21,706  

Sonic Healthcare Ltd.

     2,011       33,512  

South32 Ltd.

     24,414       55,317  

Stockland REIT

     11,792       31,372  

Suncorp Group Ltd.

     5,840       56,856  
   

Number
of Shares

    

Value

  
Australia (Continued)    

Sydney Airport (a)

     5,395     $ 26,814  

Tabcorp Holdings Ltd.

     10,168       31,882  

Telstra Corp. Ltd.

     20,137       43,124  

TPG Telecom Ltd.

     1,792       9,417  

Transurban Group (a)

     13,009       108,299  

Treasury Wine Estates Ltd.

     3,727       38,545  

Vicinity Centres REIT

     15,741       30,718  

Washington H Soul Pattinson & Co. Ltd.

     536       10,272  

Wesfarmers Ltd.

     5,803       133,986  

Westpac Banking Corp.

     16,769       318,299  

Woodside Petroleum Ltd.

     4,318       98,026  

Woolworths Group Ltd.

     6,092       128,770  

WorleyParsons Ltd.

     1,597       15,408  
   

 

 

  
      4,539,097  
   

 

 

  
Austria — 0.2%            

ANDRITZ AG

     399       19,207  

Erste Group Bank AG*

     1,470       57,997  

OMV AG

     734       37,077  

Raiffeisen Bank International AG

     737       21,727  

Verbund AG

     339       13,862  

voestalpine AG

     452       15,019  
   

 

 

  
      164,889  
   

 

 

  
Belgium — 0.6%            

Ageas

     797       38,474  

Anheuser-Busch InBev SA/NV (b)

     3,791       290,298  

Colruyt SA

     294       18,785  

Groupe Bruxelles Lambert SA

     403       36,271  

KBC Group NV

     1,283       92,088  

Proximus SADP

     757       20,945  

Solvay SA

     365       39,471  

Telenet Group Holding NV

     303       15,031  

UCB SA

     649       54,547  

Umicore SA

     925       40,129  
   

 

 

  
      646,039  
   

 

 

  
Brazil — 1.1%            

Ambev SA

     25,415       111,203  

Atacadao Distribuicao Comercio e Industria Ltda

     1,778       7,770  

B3 SA — Brasil Bolsa Balcao

     10,323       75,280  

Banco Bradesco SA

     4,920       42,737  

Banco do Brasil SA

     4,276       49,350  

Banco Santander Brasil SA

     2,572       28,414  

BB Seguridade Participacoes SA

     3,779       27,676  

BR Malls Participacoes SA

     4,010       13,491  

BRF SA*

     2,176       12,475  

CCR SA

     6,089       20,454  

Centrais Eletricas Brasileiras SA*

     360       2,274  

Cia de Saneamento Basico do Estado de Sao Paulo

     1,912       13,958  

Cia Siderurgica Nacional SA*

     3,037       6,966  

Cielo SA

     5,692       14,013  

Cosan SA

     623       5,552  

Embraer SA

     2,359       13,299  

Equatorial Energia SA

     1,054       19,799  
 

 

See Notes to Financial Statements.   15  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Brazil (Continued)            

Fibria Celulose SA

     1,175     $ 22,248  

Hypera SA

     1,912       15,871  

IRB Brasil Resseguros S/A

     485       9,388  

JBS SA

     3,509       10,680  

Klabin SA

     2,748       11,903  

Kroton Educacional SA

     6,880       18,681  

Localiza Rent a Car SA

     2,522       17,550  

Lojas Renner SA

     3,653       36,936  

M Dias Branco SA

     548       5,727  

Magazine Luiza SA

     338       14,390  

Multiplan Empreendimentos Imobiliarios SA

     1,356       8,139  

Natura Cosmeticos SA

     1,079       11,415  

Petrobras Distribuidora SA

     1,581       9,996  

Petroleo Brasileiro SA

     14,490       105,406  

Porto Seguro SA

     337       4,519  

Raia Drogasil SA

     1,302       20,919  

Rumo SA*

     7,203       32,485  

Sul America SA

     577       4,014  

Suzano Papel e Celulose SA

     1,869       19,763  

TIM Participacoes SA

     3,443       10,560  

Ultrapar Participacoes SA

     1,770       21,627  

Vale SA

     15,804       215,788  

WEG SA

     3,513       16,189  
   

 

 

  
      1,108,905  
   

 

 

  
Canada — 6.5%            

Agnico Eagle Mines Ltd.

     1,344       47,270  

Alimentation Couche-Tard, Inc., Class B

     2,133       111,944  

AltaGas Ltd.

     1,535       16,694  

ARC Resources Ltd.

     1,905       13,047  

Atco Ltd., Class I

     372       11,376  

Aurora Cannabis, Inc.*

     3,034       17,355  

Australis Capital, Inc.*(c)

     108       0  

Bank of Montreal

     3,236       241,437  

Bank of Nova Scotia

     6,129       333,516  

Barrick Gold Corp.

     6,038       76,938  

BCE, Inc.

     719       30,818  

BlackBerry Ltd.*

     3,296       28,975  

Bombardier, Inc., Class B*

     12,740       21,287  

Brookfield Asset Management, Inc., Class A

     4,193       183,796  

CAE, Inc.

     1,381       28,043  

Cameco Corp.

     1,678       19,916  

Canadian Imperial Bank of Commerce

     2,155       180,847  

Canadian National Railway Co.

     3,730       320,488  

Canadian Natural Resources Ltd.

     5,973       150,106  

Canadian Pacific Railway Ltd.

     738       156,087  

Canadian Tire Corp. Ltd., Class A

     355       39,637  

Canadian Utilities Ltd., Class A

     651       15,346  

Canopy Growth Corp.*

     970       32,962  

CCL Industries, Inc., Class B

     746       30,943  

Cenovus Energy, Inc.

     4,874       36,023  

CGI Group, Inc., Class A*

     1,253       80,160  

CI Financial Corp.

     1,326       20,080  

Constellation Software, Inc.

     97       66,529  

Dollarama, Inc.

     1,545       40,839  
   

Number
of Shares

    

Value

  
Canada (Continued)            

Emera, Inc.

     255     $ 8,560  

Empire Co. Ltd., Class A

     629       11,916  

Enbridge, Inc.

     9,095       298,865  

Encana Corp.

     4,549       30,643  

Fairfax Financial Holdings Ltd.

     155       73,283  

Finning International, Inc.

     1,218       25,311  

First Capital Realty, Inc.

     1,332       19,790  

First Quantum Minerals Ltd.

     3,270       30,026  

Fortis, Inc.

     2,351       81,661  

Franco-Nevada Corp.

     927       64,188  

George Weston Ltd.

     369       26,681  

Gildan Activewear, Inc.

     1,299       42,676  

Goldcorp, Inc.

     4,333       40,178  

Great-West Lifeco, Inc. (b)

     1,480       33,941  

H&R Real Estate Investment Trust REIT

     696       11,022  

Husky Energy, Inc.

     1,696       21,062  

Hydro One Ltd., 144A

     1,363       20,168  

IGM Financial, Inc.

     544       13,954  

Imperial Oil Ltd.

     1,370       40,801  

Industrial Alliance Insurance & Financial Services, Inc.

     526       19,228  

Intact Financial Corp.

     692       55,401  

Inter Pipeline Ltd.

     1,757       28,246  

Keyera Corp.

     673       14,740  

Kinross Gold Corp.*

     6,826       18,495  

Loblaw Cos. Ltd.

     1,121       51,711  

Lundin Mining Corp.

     3,278       14,285  

Magna International, Inc.

     1,729       86,291  

Manulife Financial Corp.

     10,362       171,342  

Methanex Corp.

     473       26,209  

Metro, Inc.

     1,137       39,194  

National Bank of Canada

     1,753       79,955  

Nutrien Ltd.

     3,503       180,443  

Onex Corp.

     384       23,815  

Open Text Corp.

     1,225       41,978  

Pembina Pipeline Corp.

     2,326       78,429  

Power Corp. of Canada

     1,912       38,135  

Power Financial Corp.

     1,159       24,521  

PrairieSky Royalty Ltd.

     893       12,205  

Restaurant Brands International, Inc.

     1,182       68,973  

RioCan Real Estate Investment Trust REIT

     775       14,425  

Rogers Communications, Inc., Class B

     1,897       101,186  

Royal Bank of Canada

     7,369       540,314  

Saputo, Inc.

     1,057       32,848  

Seven Generations Energy Ltd., Class A*

     1,251       9,538  

Shaw Communications, Inc., Class B

     2,392       45,026  

Shopify, Inc., Class A*

     443       67,431  

SmartCentres Real Estate Investment Trust REIT

     321       7,593  

SNC-Lavalin Group, Inc.

     825       30,115  

Stars Group, Inc.*

     880       17,247  

Sun Life Financial, Inc.

     3,028       111,671  

Suncor Energy, Inc.

     8,080       260,525  

Teck Resources Ltd., Class B

     3,277       66,371  

TELUS Corp.

     978       35,104  

Thomson Reuters Corp.

     834       42,138  
 

 

See Notes to Financial Statements.   16  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Canada (Continued)            

Toronto-Dominion Bank

     9,085     $ 502,986  

Tourmaline Oil Corp.

     1,001       13,862  

TransCanada Corp.

     4,650       190,564  

Turquoise Hill Resources Ltd.*

     3,160       5,660  

Vermilion Energy, Inc.

     488       12,143  

West Fraser Timber Co. Ltd.

     230       12,005  

Wheaton Precious Metals Corp.

     2,326       36,519  

WSP Global, Inc.

     473       23,290  
   

 

 

  
      6,499,342  
   

 

 

  
Chile — 0.2%            

Aguas Andinas SA, Class A

     7,075       4,082  

Antofagasta PLC

     2,062       21,030  

Banco de Chile

     123,784       17,907  

Banco de Credito e Inversiones SA

     185       12,085  

Banco Santander Chile

     321,241       24,915  

Cencosud SA

     8,671       16,094  

Cia Cervecerias Unidas SA

     686       8,973  

Colbun SA

     31,460       6,577  

Empresas CMPC SA

     4,573       15,814  

Empresas COPEC SA

     2,212       29,870  

Enel Americas SA

     142,024       24,650  

Enel Chile SA

     127,276       12,358  

Itau CorpBanca

     1,303,206       12,465  

Latam Airlines Group SA

     1,508       15,476  

SACI Falabella

     3,069       22,808  
   

 

 

  
      245,104  
   

 

 

  
China — 6.6%            

3SBio, Inc., 144A

     4,952       7,291  

58.com, Inc., ADR*

     530       31,583  

AAC Technologies Holdings, Inc.

     3,722       26,378  

Agile Group Holdings Ltd.

     8,181       11,105  

Agricultural Bank of China Ltd., Class H

     135,235       61,188  

Air China Ltd., Class H

     11,181       10,818  

Alibaba Group Holding Ltd., ADR*

     6,448       1,037,225  

Aluminum Corp. of China Ltd., Class H*

     21,026       7,525  

Anhui Conch Cement Co. Ltd., Class H

     6,001       31,332  

ANTA Sports Products Ltd.

     5,280       23,991  

Autohome, Inc., ADR

     318       26,184  

AviChina Industry & Technology Co. Ltd., Class H

     13,505       9,476  

Baidu, Inc., ADR*

     1,359       255,872  

Bank of China Ltd., Class H

     385,000       168,290  

Bank of Communications Co. Ltd., Class H

     53,538       40,715  

Baozun, Inc., ADR*(b)

     394       13,896  

BeiGene Ltd., ADR*

     162       24,836  

Beijing Capital International Airport Co. Ltd., Class H

     7,323       8,143  

BYD Co. Ltd., Class H

     3,190       23,913  

BYD Electronic International Co. Ltd.

     3,267       4,585  

CGN Power Co. Ltd., Class H, 144A

     52,946       13,128  

China Cinda Asset Management Co. Ltd., Class H

     61,615       16,538  

China CITIC Bank Corp. Ltd., Class H

     47,897       30,364  

China Communications Construction Co. Ltd., Class H

     25,000       24,284  
   

Number
of Shares

    

Value

  
China (Continued)            

China Communications Services Corp. Ltd., Class H

     16,037     $ 13,385  

China Conch Venture Holdings Ltd.

     7,988       24,758  

China Construction Bank Corp., Class H

     467,494       398,541  

China Everbright Bank Co. Ltd., Class H

     15,203       6,743  

China Evergrande Group (b)

     16,272       51,266  

China Galaxy Securities Co. Ltd., Class H

     11,560       6,206  

China Huarong Asset Management Co. Ltd., Class H, 144A

     49,784       10,244  

China International Capital Corp. Ltd., Class H, 144A

     5,200       9,890  

China Life Insurance Co. Ltd., Class H

     37,023       79,497  

China Literature Ltd., 144A*

     2,304       12,074  

China Longyuan Power Group Corp. Ltd., Class H

     22,661       17,813  

China Medical System Holdings Ltd.

     6,933       7,559  

China Merchants Bank Co. Ltd., Class H

     19,341       79,969  

China Minsheng Banking Corp. Ltd., Class H

     34,294       25,335  

China Molybdenum Co. Ltd., Class H

     17,181       7,005  

China National Building Material Co. Ltd., Class H

     19,817       15,425  

China Oilfield Services Ltd., Class H

     12,391       11,561  

China Pacific Insurance Group Co. Ltd., Class H

     13,006       46,046  

China Petroleum & Chemical Corp., Class H

     126,103       107,181  

China Railway Construction Corp. Ltd., Class H

     11,028       14,123  

China Railway Group Ltd., Class H

     20,826       19,138  

China Resources Pharmaceutical Group Ltd., 144A

     8,994       13,220  

China Shenhua Energy Co. Ltd., Class H

     18,251       40,542  

China Southern Airlines Co. Ltd., Class H

     8,569       5,837  

China Telecom Corp. Ltd., Class H

     73,003       39,282  

China Tower Corp. Ltd., Class H, 144A*

     151,904       22,522  

China Vanke Co. Ltd., Class H

     5,537       19,037  

Chongqing Rural Commercial Bank Co. Ltd., Class H

     17,035       9,950  

CIFI Holdings Group Co. Ltd.

     18,695       9,367  

CITIC Securities Co. Ltd., Class H

     16,549       30,881  

CNOOC Ltd.

     87,255       148,325  

Country Garden Holdings Co. Ltd.

     45,249       55,636  

Country Garden Services Holdings Co. Ltd.*

     4,944       8,189  

CRRC Corp. Ltd., Class H

     24,686       23,033  

CSPC Pharmaceutical Group Ltd.

     24,616       49,836  

Ctrip.com International Ltd., ADR*(b)

     2,063       59,518  

Dali Foods Group Co. Ltd., 144A

     17,745       13,086  

Dongfeng Motor Group Co. Ltd., Class H

     14,273       13,773  

ENN Energy Holdings Ltd.

     4,360       39,147  

Fosun International Ltd.

     15,543       24,713  

Future Land Development Holdings
Ltd. (b)

     9,208       6,214  

Fuyao Glass Industry Group Co. Ltd., Class H, 144A

     2,360       7,284  

GDS Holdings Ltd., ADR*(b)

     339       9,997  
 

 

See Notes to Financial Statements.   17  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
China (Continued)            

Geely Automobile Holdings Ltd.

     23,328     $ 45,976  

GF Securities Co. Ltd., Class H

     4,546       6,740  

GOME Retail Holdings Ltd.*

     112,590       10,073  

Great Wall Motor Co. Ltd., Class H

     14,183       9,064  

Greentown Service Group Co. Ltd.

     4,944       4,253  

Guangzhou Automobile Group Co. Ltd., Class H

     14,522       15,108  

Guotai Junan Securities Co. Ltd., Class H, 144A

     7,432       15,445  

Haitian International Holdings Ltd.

     5,058       10,874  

Haitong Securities Co. Ltd., Class H

     16,006       16,612  

Hangzhou Hikvision Digital Technology Co. Ltd., Class A

     400       1,565  

Hengan International Group Co. Ltd.

     3,568       29,163  

Hua Hong Semiconductor Ltd., 144A

     2,348       4,976  

Huaneng Power International, Inc., Class H

     30,018       18,723  

Huaneng Renewables Corp. Ltd., Class H

     19,223       6,044  

Huatai Securities Co. Ltd., Class H, 144A

     7,255       11,999  

Huazhu Group Ltd., ADR (b)

     652       20,564  

Industrial & Commercial Bank of China Ltd., Class H

     345,834       245,761  

JD.com, Inc., ADR*(b)

     3,564       75,664  

Jiangsu Expressway Co. Ltd., Class H

     10,000       13,446  

Jiangxi Copper Co. Ltd., Class H

     5,786       6,988  

Kingdee International Software Group Co. Ltd.

     11,000       10,966  

Kingsoft Corp. Ltd.

     4,910       8,208  

Kweichow Moutai Co. Ltd., Class A

     100       8,137  

KWG Group Holdings Ltd.*

     14,033       12,483  

Legend Holdings Corp., Class H, 144A

     3,632       10,700  

Lenovo Group Ltd.

     32,479       23,454  

Longfor Group Holdings Ltd.

     6,737       18,943  

Luye Pharma Group Ltd., 144A

     11,972       9,548  

Meitu, Inc., 144A*

     6,134       2,548  

Midea Group Co. Ltd., Class A

     500       2,786  

Minth Group Ltd.

     3,804       12,763  

Momo, Inc., ADR*

     720       22,572  

NetEase, Inc., ADR

     394       89,466  

New China Life Insurance Co. Ltd., Class H

     3,706       16,223  

New Oriental Education & Technology Group, Inc., ADR*

     773       44,185  

Noah Holdings Ltd., ADR*

     131       6,377  

People’s Insurance Co. Group of China Ltd., Class H

     58,178       25,059  

PetroChina Co. Ltd., Class H

     98,177       68,890  

PICC Property & Casualty Co. Ltd., Class H

     38,825       39,847  

Ping An Insurance Group Co. of China Ltd., Class A

     1,800       16,458  

Ping An Insurance Group Co. of China Ltd., Class H

     25,974       251,308  

Semiconductor Manufacturing International Corp.*

     13,079       12,019  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

     9,349       8,783  
   

Number
of Shares

    

Value

  
China (Continued)            

Shanghai Electric Group Co. Ltd., Class H

     14,967     $ 5,088  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

     3,399       11,730  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

     3,476       4,689  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

     5,242       12,931  

Shenzhou International Group Holdings Ltd.

     3,800       46,140  

Sihuan Pharmaceutical Holdings Group Ltd.

     19,021       4,230  

SINA Corp.*

     390       25,260  

Sino-Ocean Group Holding Ltd.

     13,367       5,980  

Sinopec Engineering Group Co. Ltd., Class H

     15,681       14,531  

Sinopec Shanghai Petrochemical Co. Ltd., Class H

     16,674       7,566  

Sinopharm Group Co. Ltd., Class H

     6,216       30,627  

SOHO China Ltd.*

     10,400       3,881  

Sunac China Holdings Ltd. (b)

     12,194       40,522  

Sunny Optical Technology Group Co. Ltd.

     4,101       39,679  

TAL Education Group, ADR*

     1,700       47,719  

Tencent Holdings Ltd.

     28,413       1,133,034  

Tingyi Cayman Islands Holding Corp.

     11,635       15,079  

TravelSky Technology Ltd., Class H

     4,895       13,170  

Tsingtao Brewery Co. Ltd., Class H

     1,058       4,307  

Uni-President China Holdings Ltd.

     11,552       10,527  

Vipshop Holdings Ltd., ADR*

     2,152       12,417  

Want Want China Holdings Ltd.

     30,583       22,554  

Weibo Corp., ADR*

     319       20,314  

Weichai Power Co. Ltd., Class H

     13,453       14,443  

Wuxi Biologics Cayman, Inc., 144A*

     2,892       24,248  

Yangzijiang Shipbuilding Holdings Ltd.

     11,100       10,033  

Yanzhou Coal Mining Co. Ltd., Class H

     11,436       10,261  

Yum China Holdings, Inc.

     1,867       66,895  

YY, Inc., ADR*

     243       16,541  

Zhejiang Expressway Co. Ltd., Class H

     6,550       5,500  

Zhuzhou CRRC Times Electric Co. Ltd., Class H

     3,316       17,801  

Zijin Mining Group Co. Ltd., Class H

     53,226       20,069  

ZTE Corp., Class H*

     3,231       6,351  
   

 

 

  
      6,536,686  
   

 

 

  
Colombia — 0.1%            

Bancolombia SA

     1,072       10,667  

Ecopetrol SA

     24,546       23,567  

Grupo Argos SA

     1,386       6,934  

Grupo de Inversiones Suramericana SA

     1,177       11,756  

Interconexion Electrica SA ESP

     1,800       7,202  
   

 

 

  
      60,126  
   

 

 

  
Czech Republic — 0.0%            

CEZ AS

     1,078       25,690  

Komercni banka AS

     369       14,500  
   

 

 

  
      40,190  
   

 

 

  
 

 

See Notes to Financial Statements.   18  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Denmark — 1.1%            

A.P. Moller — Maersk A/S, Class A

     16     $ 21,163  

A.P. Moller — Maersk A/S, Class B

     33       46,954  

Carlsberg A/S, Class B

     541       59,906  

Chr Hansen Holding A/S

     537       48,483  

Coloplast A/S, Class B

     606       57,783  

Danske Bank A/S

     3,570       71,157  

DSV A/S

     926       70,850  

Genmab A/S*

     277       42,144  

H Lundbeck A/S

     337       13,838  

ISS A/S

     788       25,544  

Novo Nordisk A/S, Class B

     9,039       419,561  

Novozymes A/S, Class B

     1,096       51,056  

Orsted A/S, 144A

     901       58,618  

Pandora A/S

     491       26,522  

Tryg A/S

     542       13,483  

Vestas Wind Systems A/S

     997       74,407  

William Demant Holding A/S*

     549       16,031  
   

 

 

  
      1,117,500  
   

 

 

  
Egypt — 0.0%            

Commercial International Bank Egypt SAE

     5,224       21,762  

Eastern Tobacco

     4,500       4,641  

ElSewedy Electric Co.

     4,257       3,810  
   

 

 

  
      30,213  
   

 

 

  
Finland — 0.8%            

Elisa OYJ

     709       28,430  

Fortum OYJ

     2,238       46,645  

Kone OYJ, Class B

     1,514       75,005  

Metso OYJ

     544       15,501  

Neste OYJ

     598       46,726  

Nokia OYJ

     27,712       152,347  

Nokian Renkaat OYJ

     610       19,523  

Nordea Bank Abp

     15,111       134,102  

Orion OYJ, Class B

     578       19,290  

Sampo OYJ, Class A

     2,146       95,795  

Stora Enso OYJ, Class R

     2,589       32,989  

UPM-Kymmene OYJ

     2,456       65,424  

Wartsila OYJ Abp

     2,206       35,913  
   

 

 

  
      767,690  
   

 

 

  
France — 7.1%            

Accor SA

     927       41,139  

Aeroports de Paris

     135       26,242  

Air Liquide SA

     2,094       253,065  

Airbus SE

     2,896       310,219  

Alstom SA

     772       33,876  

Amundi SA, 144A

     283       16,212  

Arkema SA

     349       33,110  

Atos SE

     456       38,718  

AXA SA

     9,645       234,926  

BioMerieux

     190       13,401  

BNP Paribas SA

     5,760       289,366  

Bollore SA

     3,345       14,655  

Bouygues SA

     1,271       48,865  

Bureau Veritas SA

     1,225       27,071  

Capgemini SE

     785       91,581  
   

Number
of Shares

    

Value

  
France (Continued)            

Carrefour SA

     2,772     $ 49,897  

Casino Guichard Perrachon SA (b)

     242       10,934  

Cie de Saint-Gobain

     2,462       91,240  

Cie Generale des Etablissements Michelin

     868       90,818  

CNP Assurances

     565       12,934  

Covivio REIT

     150       14,613  

Credit Agricole SA

     5,519       68,529  

Danone SA

     3,156       236,027  

Dassault Aviation SA

     13       19,868  

Dassault Systemes SE

     675       81,002  

Edenred

     1,050       40,036  

Eiffage SA

     370       35,194  

Electricite de France SA (b)

     2,759       45,322  

Engie SA

     8,450       118,813  

EssilorLuxottica SA

     1,337       169,753  

Eurazeo SE

     263       19,696  

Eutelsat Communications SA (b)

     910       19,394  

Faurecia SA

     378       14,730  

Gecina SA REIT

     257       35,932  

Getlink SE

     2,516       32,685  

Hermes International

     150       81,121  

ICADE REIT

     164       12,997  

Iliad SA

     123       16,592  

Imerys SA

     221       11,859  

Ingenico Group SA

     299       21,583  

Ipsen SA

     188       24,199  

JCDecaux SA

     455       15,453  

Kering

     375       163,023  

Klepierre SA REIT

     1,021       33,428  

Legrand SA

     1,302       79,743  

L’Oreal SA

     1,254       295,147  

LVMH Moet Hennessy Louis Vuitton
SE (b)

     1,381       394,846  

Natixis SA

     4,642       25,646  

Orange SA (b)

     10,483       179,917  

Pernod Ricard SA (b)

     1,034       165,288  

Peugeot SA

     3,266       71,731  

Publicis Groupe SA

     1,000       59,277  

Remy Cointreau SA

     100       11,581  

Renault SA

     1,052       73,900  

Rexel SA

     1,532       18,376  

Safran SA

     1,660       207,380  

Sanofi

     5,604       506,340  

Sartorius Stedim Biotech

     138       13,967  

Schneider Electric SE

     2,736       199,103  

SCOR SE

     753       36,179  

SEB SA

     145       20,782  

Societe BIC SA

     140       15,017  

Societe Generale SA

     3,818       140,304  

Sodexo SA

     405       41,926  

Suez

     1,756       26,092  

Teleperformance

     268       44,358  

Thales SA

     516       63,265  

TOTAL SA

     11,929       663,968  

Ubisoft Entertainment SA*

     482       39,256  

Unibail-Rodamco-Westfield REIT

     491       84,402  
 

 

See Notes to Financial Statements.   19  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
France (Continued)            

Unibail-Rodamco-Westfield CDI*

     2,852     $ 24,743  

Valeo SA

     1,117       31,867  

Veolia Environnement SA

     2,366       50,290  

Vinci SA

     2,524       220,308  

Vivendi SA

     5,029       125,254  

Wendel SA

     134       16,278  
   

 

 

  
      7,006,649  
   

 

 

  
Germany — 5.4%            

1&1 Drillisch AG (b)

     242       12,164  

adidas AG

     943       207,964  

Allianz SE

     2,139       451,623  

Axel Springer SE

     222       14,150  

BASF SE

     4,569       332,959  

Bayer AG

     4,661       340,772  

Bayerische Motoren Werke AG

     1,560       127,529  

Beiersdorf AG

     481       51,481  

Brenntag AG

     759       35,084  

Commerzbank AG*

     5,335       45,939  

Continental AG

     547       81,897  

Covestro AG, 144A

     866       49,863  

Daimler AG

     4,524       254,520  

Delivery Hero SE, 144A*

     408       14,845  

Deutsche Bank AG (d)

     9,768       89,163  

Deutsche Boerse AG

     898       114,676  

Deutsche Lufthansa AG

     1,073       26,117  

Deutsche Post AG

     5,108       162,612  

Deutsche Telekom AG

     16,860       295,567  

Deutsche Wohnen SE

     1,956       93,758  

E.ON SE

     10,317       105,178  

Evonik Industries AG

     603       16,213  

Fraport AG Frankfurt Airport Services Worldwide

     227       16,689  

Fresenius Medical Care AG & Co. KGaA

     1,072       87,235  

Fresenius SE & Co. KGaA

     2,030       115,184  

GEA Group AG

     859       23,184  

Hannover Rueck SE

     283       39,311  

HeidelbergCement AG

     668       44,392  

Henkel AG & Co. KGaA

     443       45,739  

HOCHTIEF AG

     94       13,366  

HUGO BOSS AG

     316       21,822  

Infineon Technologies AG

     5,545       116,103  

Innogy SE*

     660       27,683  

KION Group AG

     341       19,233  

LANXESS AG

     463       25,380  

Merck KGaA

     637       70,211  

METRO AG

     910       13,965  

MTU Aero Engines AG

     246       51,132  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

     760       165,111  

OSRAM Licht AG

     674       30,880  

ProSiebenSat.1 Media SE

     1,159       23,533  

Puma SE

     30       15,046  

RWE AG

     2,532       54,650  

SAP SE

     4,889       503,230  

Siemens AG

     3,730       432,410  

Siemens Healthineers AG, 144A*

     656       28,396  
   

Number
of Shares

    

Value

  
Germany (Continued)            

Symrise AG

     601     $ 48,512  

Telefonica Deutschland Holding AG

     3,198       12,950  

thyssenkrupp AG

     2,089       39,010  

TUI AG

     2,138       30,431  

Uniper SE

     949       24,356  

United Internet AG

     599       26,956  

Volkswagen AG

     159       26,263  

Vonovia SE

     2,550       123,471  

Wirecard AG

     553       83,547  

Zalando SE, 144A*

     517       16,037  
   

 

 

  
      5,339,492  
   

 

 

  
Greece — 0.1%            

Alpha Bank AE*

     4,637       6,562  

FF Group*(c)

     197       1,070  

Hellenic Telecommunications Organization SA

     1,344       15,885  

JUMBO SA

     660       10,042  

Motor Oil Hellas Corinth Refineries SA

     243       5,571  

OPAP SA

     774       7,273  

Titan Cement Co. SA

     230       5,156  
   

 

 

  
      51,559  
   

 

 

  
Hong Kong — 3.4%            

AIA Group Ltd.

     59,501       485,575  

Alibaba Health Information Technology Ltd.*

     15,358       13,741  

Alibaba Pictures Group Ltd.*(b)

     103,795       16,185  

ASM Pacific Technology Ltd.

     1,203       12,301  

Bank of East Asia Ltd.

     5,935       19,988  

Beijing Enterprises Holdings Ltd.

     3,312       19,430  

Beijing Enterprises Water Group Ltd.*

     33,345       19,306  

BOC Hong Kong Holdings Ltd.

     18,501       72,122  

Brilliance China Automotive Holdings Ltd.

     13,761       12,171  

China Ding Yi Feng Holdings Ltd.*

     8,000       23,313  

China Everbright International Ltd.

     19,188       16,775  

China Gas Holdings Ltd.

     9,356       32,107  

China Jinmao Holdings Group Ltd.

     19,680       9,433  

China Mengniu Dairy Co. Ltd.*

     14,132       43,711  

China Merchants Port Holdings Co. Ltd.

     6,669       12,121  

China Mobile Ltd.

     30,354       301,251  

China Overseas Land & Investment Ltd.

     18,162       63,372  

China Resources Beer Holdings Co. Ltd.

     8,473       28,698  

China Resources Cement Holdings Ltd.

     12,000       11,718  

China Resources Gas Group Ltd.

     5,022       20,251  

China Resources Land Ltd.

     14,248       52,811  

China Resources Power Holdings Co. Ltd.

     8,730       16,536  

China State Construction International Holdings Ltd.

     14,128       12,315  

China Taiping Insurance Holdings Co. Ltd.

     7,951       26,320  

China Unicom Hong Kong Ltd.

     27,802       32,230  

CITIC Ltd.

     35,013       56,207  

CK Asset Holdings Ltd.

     12,107       87,197  

CK Hutchison Holdings Ltd.

     13,415       140,254  
 

 

See Notes to Financial Statements.   20  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Hong Kong (Continued)            

CK Infrastructure Holdings Ltd.

     3,511     $ 26,700  

CLP Holdings Ltd.

     8,039       88,620  

COSCO SHIPPING Ports Ltd.

     8,796       8,926  

Dairy Farm International Holdings Ltd.

     1,900       16,720  

Far East Horizon Ltd.

     19,635       19,550  

Fullshare Holdings Ltd.*(b)

     33,285       12,592  

Galaxy Entertainment Group Ltd.

     11,688       71,780  

Guangdong Investment Ltd.

     13,630       26,305  

Haier Electronics Group Co. Ltd.*

     5,505       12,820  

Hang Lung Group Ltd.

     4,465       12,384  

Hang Lung Properties Ltd.

     9,899       20,041  

Hang Seng Bank Ltd.

     3,493       80,628  

Henderson Land Development Co. Ltd.

     6,646       34,147  

HK Electric Investments & HK Electric Investments Ltd. (a)

     13,000       12,462  

HKT Trust & HKT Ltd. (a)

     19,071       27,593  

Hong Kong & China Gas Co. Ltd.

     44,604       89,961  

Hong Kong Exchanges & Clearing Ltd.

     5,907       172,137  

Hongkong Land Holdings Ltd.

     4,900       31,899  

Hysan Development Co. Ltd.

     2,852       13,633  

Jardine Matheson Holdings Ltd.

     1,221       80,623  

Jardine Strategic Holdings Ltd.

     946       36,421  

Kerry Properties Ltd.

     4,128       14,166  

Kingboard Holdings Ltd.

     5,865       16,754  

Kunlun Energy Co. Ltd.

     16,677       20,185  

Lee & Man Paper Manufacturing Ltd.

     16,531       14,980  

Link REIT

     10,878       103,580  

Melco Resorts & Entertainment Ltd., ADR

     1,202       21,720  

MTR Corp. Ltd.

     7,214       37,435  

New World Development Co. Ltd.

     29,413       39,548  

Nine Dragons Paper Holdings Ltd.

     8,221       8,332  

NWS Holdings Ltd.

     10,914       22,961  

PCCW Ltd.

     34,116       20,014  

Power Assets Holdings Ltd.

     6,737       45,637  

Shanghai Industrial Holdings Ltd.

     2,609       5,689  

Shimao Property Holdings Ltd.

     6,793       16,791  

Sino Biopharmaceutical Ltd.

     35,408       32,313  

Sino Land Co. Ltd.

     15,917       27,383  

SJM Holdings Ltd.

     13,077       11,783  

Sun Art Retail Group Ltd.

     12,166       13,590  

Sun Hung Kai Properties Ltd.

     7,537       107,410  

Swire Pacific Ltd., Class A

     2,860       31,619  

Swire Properties Ltd.

     6,410       22,325  

Techtronic Industries Co. Ltd.

     7,346       39,528  

WH Group Ltd., 144A

     41,477       30,270  

Wharf Holdings Ltd.

     6,472       17,330  

Wharf Real Estate Investment Co. Ltd.

     6,017       36,184  

Wheelock & Co. Ltd.

     3,831       21,985  

Yue Yuen Industrial Holdings Ltd.

     3,454       10,043  
   

 

 

  
      3,342,936  
   

 

 

  
Hungary — 0.1%            

MOL Hungarian Oil & Gas PLC

     1,529       16,921  

OTP Bank Nyrt

     1,204       48,178  

Richter Gedeon Nyrt

     700       13,773  
   

 

 

  
      78,872  
   

 

 

  
   

Number
of Shares

    

Value

  
India — 0.0%            

Dr. Reddy’s Laboratories Ltd., ADR (b)

     556     $ 21,373  

Infosys Ltd., ADR (b)

     1,736       17,117  
   

 

 

  
      38,490  
   

 

 

  
Indonesia — 0.5%            

PT Adaro Energy Tbk

     48,552       4,362  

PT Astra International Tbk

     94,150       56,283  

PT Bank Central Asia Tbk

     47,991       87,409  

PT Bank Danamon Indonesia Tbk

     20,625       10,707  

PT Bank Mandiri Persero Tbk

     92,909       48,070  

PT Bank Negara Indonesia Persero Tbk

     34,206       20,329  

PT Bank Rakyat Indonesia Persero Tbk

     279,250       70,679  

PT Bank Tabungan Negara Persero Tbk

     20,128       3,758  

PT Bumi Serpong Damai Tbk*

     53,911       5,089  

PT Charoen Pokphand Indonesia Tbk

     38,041       15,826  

PT Gudang Garam Tbk

     3,971       22,767  

PT Hanjaya Mandala Sampoerna Tbk

     35,362       9,099  

PT Indah Kiat Pulp & Paper Corp. Tbk

     12,381       9,089  

PT Indocement Tunggal Prakarsa Tbk

     9,508       12,697  

PT Indofood Sukses Makmur Tbk

     16,879       7,789  

PT Jasa Marga Persero Tbk

     21,202       6,122  

PT Kalbe Farma Tbk

     104,914       11,186  

PT Pakuwon Jati Tbk

     106,522       4,394  

PT Perusahaan Gas Negara Persero Tbk

     43,074       5,888  

PT Semen Indonesia Persero Tbk

     19,007       15,980  

PT Surya Citra Media Tbk

     29,093       3,895  

PT Telekomunikasi Indonesia Persero Tbk

     242,597       62,420  

PT Tower Bersama Infrastructure Tbk

     20,919       5,865  

PT Unilever Indonesia Tbk

     6,089       17,987  

PT United Tractors Tbk

     9,255       17,795  
   

 

 

  
      535,485  
   

 

 

  
Ireland — 0.4%            

AerCap Holdings NV*

     641       33,890  

AIB Group PLC

     3,443       15,108  

Bank of Ireland Group PLC

     5,899       37,332  

CRH PLC

     3,877       107,184  

DCC PLC

     421       31,678  

James Hardie Industries PLC CDI

     2,290       26,780  

Kerry Group PLC, Class A

     789       81,507  

Kingspan Group PLC

     762       32,798  

Paddy Power Betfair PLC

     392       35,192  

Ryanair Holdings PLC, ADR*

     170       13,996  

Smurfit Kappa Group PLC

     1,013       27,340  
   

 

 

  
      442,805  
   

 

 

  
Isle of Man — 0.0%            

GVC Holdings PLC

     3,086       29,060  
   

 

 

  
Israel — 0.4%            

Azrieli Group Ltd.

     201       10,092  

Bank Hapoalim BM

     5,308       36,400  

Bank Leumi Le-Israel BM

     7,496       49,227  

Bezeq The Israeli Telecommunication Corp. Ltd.

     6,323       7,278  

Check Point Software Technologies Ltd.*

     577       64,514  

Elbit Systems Ltd.

     113       13,826  
 

 

See Notes to Financial Statements.   21  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Israel (Continued)            

Israel Chemicals Ltd.

     3,156     $ 18,451  

Mizrahi Tefahot Bank Ltd.

     1,002       18,202  

Nice Ltd.*

     345       39,709  

Teva Pharmaceutical Industries Ltd.,
ADR*

     4,410       94,991  

Wix.com Ltd.*

     216       20,343  
   

 

 

  
      373,033  
   

 

 

  
Italy — 1.3%            

Assicurazioni Generali SpA

     5,666       95,512  

Atlantia SpA

     2,366       48,509  

Davide Campari-Milano SpA

     2,754       23,009  

Enel SpA

     40,462       219,417  

Eni SpA

     12,656       204,116  

Ferrari NV

     591       64,592  

Intesa Sanpaolo SpA

     77,572       179,855  

Leonardo SpA

     2,057       20,274  

Mediobanca SpA

     3,417       30,197  

Moncler SpA

     805       26,228  

Pirelli & C SpA, 144A*

     1,810       12,721  

Poste Italiane SpA, 144A

     2,478       18,807  

Prysmian SpA

     1,214       22,224  

Recordati SpA

     512       16,467  

Snam SpA

     10,654       46,690  

Telecom Italia SpA*

     52,482       34,152  

Telecom Italia SpA-RSP

     32,597       18,345  

Terna Rete Elettrica Nazionale SpA (b)

     8,396       46,936  

UniCredit SpA

     9,985       128,708  
   

 

 

  
      1,256,759  
   

 

 

  
Japan — 16.1%            

ABC-Mart, Inc.

     200       11,241  

Acom Co. Ltd.

     1,700       6,245  

Aeon Co. Ltd.

     3,000       71,911  

AEON Financial Service Co. Ltd.

     400       7,752  

Aeon Mall Co. Ltd.

     500       8,990  

AGC, Inc.

     800       27,168  

Air Water, Inc.

     1,000       16,183  

Aisin Seiki Co. Ltd.

     800       31,643  

Ajinomoto Co., Inc.

     2,100       36,306  

Alfresa Holdings Corp.

     1,100       29,265  

Alps Electric Co. Ltd.

     1,200       27,813  

Amada Holdings Co. Ltd.

     1,100       11,938  

ANA Holdings, Inc.

     600       21,412  

Aozora Bank Ltd.

     400       13,144  

Asahi Group Holdings Ltd.

     1,900       79,572  

Asahi Intecc Co. Ltd.

     500       23,433  

Asahi Kasei Corp.

     6,100       66,796  

Asics Corp.

     600       8,647  

Astellas Pharma, Inc.

     9,400       144,459  

Bandai Namco Holdings, Inc.

     1,100       46,223  

Bank of Kyoto Ltd.

     200       9,620  

Benesse Holdings, Inc.

     200       5,938  

Bridgestone Corp.

     3,000       121,570  

Brother Industries Ltd.

     919       15,358  

Calbee, Inc. (b)

     300       9,937  

Canon, Inc.

     4,900       138,995  
   

Number
of Shares

    

Value

  
Japan (Continued)            

Casio Computer Co. Ltd.

     700     $ 9,762  

Central Japan Railway Co.

     700       143,836  

Chiba Bank Ltd.

     4,000       26,252  

Chubu Electric Power Co., Inc.

     2,600       38,983  

Chugai Pharmaceutical Co. Ltd.

     1,000       68,449  

Chugoku Electric Power Co., Inc.

     1,200       15,159  

Coca-Cola Bottlers Japan Holdings, Inc.

     600       17,178  

Concordia Financial Group Ltd.

     6,500       30,520  

Credit Saison Co. Ltd.

     500       6,418  

CyberAgent, Inc.

     600       27,168  

Dai Nippon Printing Co. Ltd.

     1,000       23,133  

Daicel Corp.

     1,000       11,188  

Daifuku Co. Ltd.

     600       30,710  

Dai-ichi Life Holdings, Inc.

     5,200       90,610  

Daiichi Sankyo Co. Ltd.

     2,804       102,931  

Daikin Industries Ltd.

     1,200       133,304  

Daito Trust Construction Co. Ltd.

     400       52,257  

Daiwa House Industry Co. Ltd.

     2,771       87,269  

Daiwa House REIT Investment Corp. REIT

     6       13,600  

Daiwa Securities Group, Inc.

     8,000       44,153  

DeNA Co. Ltd.

     300       5,566  

Denso Corp.

     2,100       97,068  

Dentsu, Inc.

     900       40,118  

Disco Corp.

     100       14,580  

Don Quijote Holdings Co. Ltd.

     500       30,348  

East Japan Railway Co.

     1,500       136,370  

Eisai Co. Ltd.

     1,400       128,450  

Electric Power Development Co. Ltd.

     400       10,296  

FamilyMart UNY Holdings Co. Ltd.

     300       42,576  

FANUC Corp.

     1,100       187,896  

Fast Retailing Co. Ltd.

     300       156,032  

Fuji Electric Co. Ltd.

     400       12,562  

FUJIFILM Holdings Corp.

     1,700       67,542  

Fujitsu Ltd.

     1,000       61,551  

Fukuoka Financial Group, Inc.

     400       9,123  

Hakuhodo DY Holdings, Inc.

     1,200       18,373  

Hamamatsu Photonics KK

     900       31,317  

Hankyu Hanshin Holdings, Inc.

     1,100       37,308  

Hikari Tsushin, Inc.

     100       15,954  

Hino Motors Ltd.

     1,000       10,219  

Hirose Electric Co. Ltd.

     105       11,072  

Hisamitsu Pharmaceutical Co., Inc.

     300       19,160  

Hitachi Chemical Co. Ltd.

     400       6,329  

Hitachi Construction Machinery Co. Ltd.

     500       13,809  

Hitachi High-Technologies Corp.

     200       7,127  

Hitachi Ltd.

     4,641       134,428  

Hitachi Metals Ltd.

     700       7,881  

Honda Motor Co. Ltd.

     8,400       236,945  

Hoshizaki Corp.

     200       15,522  

Hoya Corp.

     2,000       121,570  

Hulic Co. Ltd.

     1,300       11,887  

Idemitsu Kosan Co. Ltd.

     704       25,614  

IHI Corp.

     600       18,262  

Iida Group Holdings Co. Ltd.

     500       8,823  

Inpex Corp.

     5,500       58,384  

Isetan Mitsukoshi Holdings Ltd.

     1,400       16,193  
 

 

See Notes to Financial Statements.   22  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Japan (Continued)            

Isuzu Motors Ltd.

     2,900     $ 41,284  

ITOCHU Corp.

     7,300       129,646  

J. Front Retailing Co. Ltd.

     1,000       13,655  

Japan Airlines Co. Ltd.

     600       21,639  

Japan Airport Terminal Co. Ltd.

     200       7,770  

Japan Exchange Group, Inc.

     2,500       45,038  

Japan Post Bank Co. Ltd.

     2,000       23,363  

Japan Post Holdings Co. Ltd.

     7,299       88,862  

Japan Prime Realty Investment Corp. REIT

     3       11,721  

Japan Real Estate Investment Corp. REIT

     7       38,664  

Japan Retail Fund Investment Corp. REIT

     13       24,932  

Japan Tobacco, Inc.

     5,200       129,341  

JFE Holdings, Inc.

     1,900       33,501  

JGC Corp.

     1,000       14,606  

JSR Corp.

     600       9,604  

JTEKT Corp.

     1,300       16,537  

JXTG Holdings, Inc.

     15,450       93,409  

Kajima Corp.

     1,600       22,143  

Kakaku.com, Inc.

     400       8,048  

Kamigumi Co. Ltd.

     500       11,228  

Kaneka Corp.

     200       7,488  

Kansai Electric Power Co., Inc.

     3,500       52,539  

Kansai Paint Co. Ltd.

     800       14,990  

Kao Corp.

     2,500       184,073  

Kawasaki Heavy Industries Ltd.

     600       13,970  

KDDI Corp.

     9,000       211,214  

Keihan Holdings Co. Ltd.

     600       25,054  

Keikyu Corp.

     500       7,977  

Keio Corp.

     400       22,129  

Keisei Electric Railway Co. Ltd.

     500       16,209  

Keyence Corp.

     500       271,330  

Kikkoman Corp.

     700       40,823  

Kintetsu Group Holdings Co. Ltd.

     1,000       41,668  

Kirin Holdings Co. Ltd.

     3,900       91,561  

Kobayashi Pharmaceutical Co. Ltd.

     300       20,878  

Kobe Steel Ltd.

     2,000       16,456  

Koito Manufacturing Co. Ltd.

     600       32,190  

Komatsu Ltd.

     4,600       122,907  

Konami Holdings Corp.

     400       17,901  

Konica Minolta, Inc.

     2,300       20,707  

Kose Corp.

     200       29,829  

Kubota Corp.

     4,900       83,613  

Kuraray Co. Ltd.

     1,500       23,310  

Kurita Water Industries Ltd.

     400       10,730  

Kyocera Corp.

     1,584       85,469  

Kyowa Hakko Kirin Co. Ltd.

     1,000       20,499  

Kyushu Electric Power Co., Inc.

     1,900       22,312  

Kyushu Railway Co.

     900       29,732  

Lawson, Inc.

     300       19,636  

LINE Corp.*

     200       7,188  

Lion Corp.

     1,032       20,355  

LIXIL Group Corp.

     900       11,663  

M3, Inc.

     1,742       28,145  

Makita Corp.

     1,300       51,020  

Marubeni Corp.

     8,200       61,221  

Marui Group Co. Ltd.

     900       19,401  
   

Number
of Shares

    

Value

  
Japan (Continued)            

Maruichi Steel Tube Ltd.

     200     $ 5,938  

Mazda Motor Corp.

     2,800       29,846  

McDonald’s Holdings Co. Japan Ltd.

     300       13,452  

Mebuki Financial Group, Inc.

     3,844       11,615  

Medipal Holdings Corp.

     865       19,812  

MEIJI Holdings Co. Ltd.

     700       55,068  

MINEBEA MITSUMI, Inc.

     1,800       29,208  

MISUMI Group, Inc.

     1,500       33,987  

Mitsubishi Chemical Holdings Corp.

     7,500       61,353  

Mitsubishi Corp.

     6,700       180,729  

Mitsubishi Electric Corp.

     9,500       125,367  

Mitsubishi Estate Co. Ltd.

     5,300       85,022  

Mitsubishi Gas Chemical Co., Inc.

     600       9,852  

Mitsubishi Heavy Industries Ltd.

     1,500       57,045  

Mitsubishi Materials Corp.

     300       8,417  

Mitsubishi Motors Corp.

     4,300       26,365  

Mitsubishi Tanabe Pharma Corp.

     1,100       16,890  

Mitsubishi UFJ Financial Group, Inc.

     58,500       321,836  

Mitsubishi UFJ Lease & Finance Co. Ltd.

     1,500       8,180  

Mitsui & Co. Ltd.

     8,600       134,438  

Mitsui Chemicals, Inc.

     800       20,304  

Mitsui Fudosan Co. Ltd.

     4,300       102,845  

Mitsui OSK Lines Ltd.

     600       14,107  

Mizuho Financial Group, Inc.

     123,300       204,531  

MonotaRO Co. Ltd.

     600       16,253  

MS&AD Insurance Group Holdings, Inc.

     2,400       72,836  

Murata Manufacturing Co. Ltd.

     900       137,281  

Nabtesco Corp.

     700       19,363  

Nagoya Railroad Co. Ltd.

     800       20,050  

NEC Corp.

     1,600       49,615  

Nexon Co. Ltd.*

     1,560       18,443  

NGK Insulators Ltd.

     1,000       14,826  

NGK Spark Plug Co. Ltd.

     800       16,435  

NH Foods Ltd.

     500       18,544  

Nidec Corp.

     1,100       146,518  

Nikon Corp.

     1,100       17,249  

Nintendo Co. Ltd.

     589       179,582  

Nippon Building Fund, Inc. REIT

     6       37,370  

Nippon Electric Glass Co. Ltd.

     400       10,747  

Nippon Express Co. Ltd.

     300       18,077  

Nippon Paint Holdings Co. Ltd.

     700       24,821  

Nippon Prologis REIT, Inc. REIT

     7       14,498  

Nippon Steel & Sumitomo Metal Corp.

     3,310       60,534  

Nippon Telegraph & Telephone Corp.

     3,200       131,930  

Nippon Yusen KK

     800       13,581  

Nissan Chemical Corp.

     600       32,560  

Nissan Motor Co. Ltd.

     11,500       100,731  

Nisshin Seifun Group, Inc.

     1,350       28,364  

Nissin Foods Holdings Co. Ltd.

     240       15,498  

Nitori Holdings Co. Ltd.

     401       53,713  

Nitto Denko Corp.

     900       49,180  

Nomura Holdings, Inc.

     17,200       77,488  

Nomura Real Estate Holdings, Inc.

     600       11,850  

Nomura Real Estate Master Fund, Inc. REIT

     15       20,033  

Nomura Research Institute Ltd.

     752       33,024  

NSK Ltd.

     1,800       16,919  
 

 

See Notes to Financial Statements.   23  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Japan (Continued)            

NTT Data Corp.

     3,100     $ 36,048  

NTT DOCOMO, Inc.

     6,542       151,483  

Obayashi Corp.

     3,900       38,892  

Obic Co. Ltd.

     300       25,926  

Odakyu Electric Railway Co. Ltd.

     1,100       24,662  

Oji Holdings Corp.

     4,722       27,621  

Olympus Corp.

     1,700       47,848  

Omron Corp.

     900       39,563  

Ono Pharmaceutical Co. Ltd.

     1,800       43,535  

Oracle Corp.

     100       6,493  

Oriental Land Co. Ltd.

     1,000       99,502  

ORIX Corp.

     6,600       106,952  

Osaka Gas Co. Ltd.

     1,600       29,163  

Otsuka Corp.

     308       10,365  

Otsuka Holdings Co. Ltd.

     1,983       96,691  

Panasonic Corp.

     11,000       112,844  

Park24 Co. Ltd.

     400       10,800  

Persol Holdings Co. Ltd.

     1,000       18,729  

Pigeon Corp.

     600       24,710  

Pola Orbis Holdings, Inc.

     400       11,294  

Rakuten, Inc.

     4,200       33,818  

Recruit Holdings Co. Ltd.

     5,500       151,315  

Renesas Electronics Corp.*

     3,000       14,139  

Resona Holdings, Inc.

     10,400       55,145  

Ricoh Co. Ltd.

     4,100       39,803  

Rinnai Corp.

     100       7,171  

Rohm Co. Ltd.

     400       27,838  

Ryohin Keikaku Co. Ltd.

     115       30,950  

Santen Pharmaceutical Co. Ltd.

     1,400       23,963  

SBI Holdings, Inc.

     1,217       27,617  

Secom Co. Ltd.

     1,000       84,623  

Sega Sammy Holdings, Inc.

     700       9,879  

Seibu Holdings, Inc.

     1,300       24,027  

Seiko Epson Corp.

     900       14,303  

Sekisui Chemical Co. Ltd.

     1,400       22,718  

Sekisui House Ltd.

     2,800       42,204  

Seven & i Holdings Co. Ltd.

     3,787       164,905  

Seven Bank Ltd.

     3,500       10,853  

SG Holdings Co. Ltd.

     500       12,241  

Sharp Corp.

     600       8,901  

Shimadzu Corp.

     1,000       23,380  

Shimamura Co. Ltd.

     100       8,492  

Shimano, Inc.

     400       58,424  

Shimizu Corp.

     1,600       13,672  

Shin-Etsu Chemical Co. Ltd.

     1,900       169,638  

Shinsei Bank Ltd.

     500       6,863  

Shionogi & Co. Ltd.

     1,400       92,597  

Shiseido Co. Ltd.

     1,860       118,369  

Shizuoka Bank Ltd.

     1,800       16,158  

Showa Denko KK

     800       32,066  

Showa Shell Sekiyu KK

     800       12,397  

SMC Corp.

     300       101,696  

SoftBank Group Corp.

     4,100       344,066  

Sohgo Security Services Co. Ltd.

     400       18,817  

Sompo Holdings, Inc.

     1,700       65,685  

Sony Corp.

     6,200       324,269  

Sony Financial Holdings, Inc.

     900       18,870  
   

Number
of Shares

    

Value

  
Japan (Continued)            

Stanley Electric Co. Ltd.

     800     $ 23,292  

Subaru Corp.

     3,100       68,901  

SUMCO Corp.

     1,400       21,460  

Sumitomo Chemical Co. Ltd.

     7,400       40,157  

Sumitomo Corp.

     5,600       86,012  

Sumitomo Dainippon Pharma Co. Ltd.

     700       22,816  

Sumitomo Electric Industries Ltd.

     4,400       61,728  

Sumitomo Heavy Industries Ltd.

     400       13,267  

Sumitomo Metal Mining Co. Ltd.

     1,500       43,673  

Sumitomo Mitsui Financial Group, Inc.

     6,500       239,523  

Sumitomo Mitsui Trust Holdings, Inc.

     1,610       64,562  

Sumitomo Realty & Development Co. Ltd.

     1,539       57,051  

Sumitomo Rubber Industries Ltd.

     400       5,346  

Sundrug Co. Ltd.

     400       13,496  

Suntory Beverage & Food Ltd.

     500       20,966  

Suzuken Co. Ltd.

     400       21,530  

Suzuki Motor Corp.

     1,800       89,671  

Sysmex Corp.

     800       42,630  

T&D Holdings, Inc.

     2,800       39,787  

Taiheiyo Cement Corp.

     400       13,531  

Taisei Corp.

     1,200       52,751  

Taisho Pharmaceutical Holdings Co. Ltd.

     200       23,116  

Taiyo Nippon Sanso Corp.

     500       8,422  

Takashimaya Co. Ltd.

     500       7,268  

Takeda Pharmaceutical Co. Ltd.

     3,600       134,943  

TDK Corp.

     600       47,307  

Teijin Ltd.

     600       10,360  

Terumo Corp.

     1,500       88,336  

THK Co. Ltd.

     700       16,039  

Tobu Railway Co. Ltd.

     800       22,904  

Toho Co. Ltd.

     500       17,399  

Toho Gas Co. Ltd.

     200       8,087  

Tohoku Electric Power Co., Inc.

     2,300       30,068  

Tokio Marine Holdings, Inc.

     3,300       162,943  

Tokyo Century Corp.

     200       9,549  

Tokyo Electric Power Co. Holdings, Inc.*

     8,500       51,592  

Tokyo Electron Ltd.

     800       111,879  

Tokyo Gas Co. Ltd.

     1,700       43,797  

Tokyu Corp.

     2,500       43,518  

Tokyu Fudosan Holdings Corp.

     1,700       9,540  

Toppan Printing Co. Ltd.

     1,500       24,155  

Toray Industries, Inc.

     6,300       49,411  

Toshiba Corp.*

     3,210       99,539  

Tosoh Corp.

     1,500       21,143  

TOTO Ltd.

     640       24,779  

Toyo Seikan Group Holdings Ltd.

     900       20,495  

Toyo Suisan Kaisha Ltd.

     400       13,707  

Toyoda Gosei Co. Ltd.

     100       1,925  

Toyota Industries Corp.

     700       35,890  

Toyota Motor Corp.

     11,384       682,248  

Toyota Tsusho Corp.

     1,300       44,893  

Trend Micro, Inc.

     600       34,410  

Tsuruha Holdings, Inc.

     200       19,733  

Unicharm Corp.

     1,800       56,356  

United Urban Investment Corp. REIT

     12       19,102  

USS Co. Ltd.

     1,100       19,516  
 

 

See Notes to Financial Statements.   24  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Japan (Continued)            

Welcia Holdings Co. Ltd.

     200     $ 10,131  

West Japan Railway Co.

     900       62,706  

Yahoo Japan Corp.

     13,000       37,220  

Yakult Honsha Co. Ltd.

     700       52,724  

Yamada Denki Co. Ltd.

     3,176       15,360  

Yamaguchi Financial Group, Inc.

     1,000       10,360  

Yamaha Corp.

     700       30,155  

Yamaha Motor Co. Ltd.

     1,300       26,741  

Yamato Holdings Co. Ltd.

     1,400       36,981  

Yamazaki Baking Co. Ltd.

     1,000       20,993  

Yaskawa Electric Corp.

     1,300       40,541  

Yokogawa Electric Corp.

     961       17,660  

Yokohama Rubber Co. Ltd.

     500       10,466  

ZOZO, Inc.

     1,033       22,978  
   

 

 

  
      16,032,520  
   

 

 

  
Jersey Island — 0.0%            

Randgold Resources Ltd.

     470       37,539  
   

 

 

  
Luxembourg — 0.2%            

ArcelorMittal

     3,304       74,866  

Aroundtown SA

     3,846       32,895  

Eurofins Scientific SE

     54       23,414  

Millicom International Cellular SA SDR

     361       21,255  

Reinet Investments SCA

     662       9,658  

RTL Group SA

     193       11,548  

SES SA

     1,812       39,284  

Tenaris SA

     2,290       27,545  
   

 

 

  
      240,465  
   

 

 

  
Macau — 0.1%            

MGM China Holdings Ltd. (b)

     5,317       9,079  

Sands China Ltd.

     11,640       50,360  

Wynn Macau Ltd.

     8,687       19,741  
   

 

 

  
      79,180  
   

 

 

  
Malaysia — 0.6%            

AirAsia Group Bhd

     6,900       5,079  

Alliance Bank Malaysia Bhd

     9,900       9,700  

AMMB Holdings Bhd

     6,487       6,604  

Astro Malaysia Holdings Bhd

     16,947       4,860  

Axiata Group Bhd

     13,355       11,585  

British American Tobacco Malaysia Bhd

     700       6,307  

CIMB Group Holdings Bhd

     22,789       31,369  

Dialog Group Bhd

     18,200       13,788  

DiGi.Com Bhd

     9,244       9,367  

Fraser & Neave Holdings Bhd

     800       6,370  

Gamuda Bhd

     13,655       7,701  

Genting Bhd

     12,100       18,159  

Genting Malaysia Bhd

     15,018       10,264  

Genting Plantations Bhd

     1,000       2,270  

HAP Seng Consolidated Bhd

     2,269       5,341  

Hartalega Holdings Bhd

     7,600       11,624  

Hong Leong Bank Bhd

     1,582       7,705  

Hong Leong Financial Group Bhd

     1,753       8,077  

IHH Healthcare Bhd

     14,991       19,238  

IJM Corp. Bhd

     14,000       5,454  

IOI Corp. Bhd

     13,600       13,813  
   

Number
of Shares

    

Value

  
Malaysia (Continued)            

IOI Properties Group Bhd

     7,700     $ 2,999  

Kuala Lumpur Kepong Bhd

     1,500       8,782  

Malayan Banking Bhd

     20,948       47,007  

Malaysia Airports Holdings Bhd

     500       917  

Maxis Bhd

     15,700       20,373  

MISC Bhd

     6,900       10,141  

Nestle Malaysia Bhd

     300       10,711  

Petronas Chemicals Group Bhd

     11,257       24,750  

Petronas Dagangan Bhd

     1,500       9,248  

Petronas Gas Bhd

     3,041       13,764  

PPB Group Bhd

     2,640       11,104  

Press Metal Aluminium Holdings Bhd

     5,400       6,143  

Public Bank Bhd

     13,400       79,801  

Sime Darby Bhd

     14,311       7,832  

Sime Darby Plantation Bhd

     15,311       17,197  

Sime Darby Property Bhd

     14,311       3,403  

SP Setia Bhd Group

     3,900       2,004  

Telekom Malaysia Bhd

     4,600       2,561  

Tenaga Nasional Bhd

     16,400       55,810  

Top Glove Corp. Bhd

     5,700       8,132  

Westports Holdings Bhd

     12,400       11,172  

YTL Corp. Bhd

     15,772       4,221  
   

 

 

  
      572,747  
   

 

 

  
Mexico — 0.6%            

Alfa SAB de CV, Class A

     14,929       15,007  

Alsea SAB de CV

     2,273       5,696  

America Movil SAB de CV, Series L

     162,771       109,400  

Arca Continental SAB de CV

     1,912       9,878  

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B

     8,970       11,013  

Cemex SAB de CV, Series CPO*

     70,927       36,485  

Coca-Cola Femsa SAB de CV, Series L

     2,440       14,695  

El Puerto de Liverpool SAB de CV, Class C1

     937       5,584  

Fibra Uno Administracion SA de CV REIT

     13,245       13,405  

Fomento Economico Mexicano SAB de CV

     9,558       82,869  

Fresnillo PLC

     1,248       11,981  

Gruma SAB de CV, Class B

     1,035       11,335  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

     1,859       12,888  

Grupo Aeroportuario del Sureste SAB de CV, Class B

     1,001       13,447  

Grupo Bimbo SAB de CV, Series A

     7,617       14,595  

Grupo Carso SAB de CV, Series A1

     2,207       7,083  

Grupo Financiero Banorte SAB de CV, Class O

     11,667       53,395  

Grupo Financiero Inbursa SAB de CV, Class O

     10,574       14,245  

Grupo Mexico SAB de CV, Series B

     19,006       39,200  

Grupo Televisa SAB, Series CPO

     11,596       31,705  

Industrias Penoles SAB de CV

     676       7,701  

Infraestructura Energetica Nova SAB de CV

     2,641       10,051  

Kimberly-Clark de Mexico SAB de CV, Class A

     6,547       9,679  
 

 

See Notes to Financial Statements.   25  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Mexico (Continued)            

Mexichem SAB de CV

     5,104     $ 11,926  

Promotora y Operadora de Infraestructura SAB de CV

     1,207       10,703  

Wal-Mart de Mexico SAB de CV

     26,060       64,453  
   

 

 

  
      628,419  
   

 

 

  
Netherlands — 3.1%            

ABN AMRO Group NV, 144A

     1,979       50,455  

Aegon NV

     9,104       50,678  

Akzo Nobel NV

     1,217       102,093  

ASML Holding NV

     2,000       337,594  

EXOR NV

     503       29,554  

Heineken Holding NV

     512       45,183  

Heineken NV

     1,225       112,084  

ING Groep NV

     19,360       234,167  

Koninklijke Ahold Delhaize NV

     6,059       155,743  

Koninklijke DSM NV

     924       81,844  

Koninklijke KPN NV

     16,803       49,706  

Koninklijke Philips NV

     4,552       171,323  

Koninklijke Vopak NV

     369       16,125  

NN Group NV (b)

     1,447       61,546  

NXP Semiconductors NV

     1,618       134,893  

QIAGEN NV*

     1,002       35,222  

Randstad NV

     616       29,973  

Royal Dutch Shell PLC, Class A

     22,829       689,425  

Royal Dutch Shell PLC, Class B

     18,633       568,763  

Wolters Kluwer NV

     1,476       89,097  
   

 

 

  
      3,045,468  
   

 

 

  
New Zealand — 0.1%            

a2 Milk Co. Ltd.*

     3,315       23,585  

Auckland International Airport Ltd.

     4,726       23,390  

Fisher & Paykel Healthcare Corp. Ltd.

     2,712       24,794  

Fletcher Building Ltd.*

     4,017       13,144  

Meridian Energy Ltd.

     6,375       14,483  

Ryman Healthcare Ltd.

     2,959       23,574  

Spark New Zealand Ltd.

     8,868       25,786  
   

 

 

  
      148,756  
   

 

 

  
Norway — 0.5%            

Aker BP ASA

     479       13,576  

DNB ASA

     4,706       80,762  

Equinor ASA

     5,885       137,285  

Gjensidige Forsikring ASA

     964       15,041  

Marine Harvest ASA

     2,398       56,108  

Norsk Hydro ASA

     6,802       32,052  

Orkla ASA

     4,148       34,265  

Schibsted ASA, Class B

     358       11,996  

Telenor ASA

     3,633       70,357  

Yara International ASA

     895       35,957  
   

 

 

  
      487,399  
   

 

 

  
Peru — 0.1%            

Cia de Minas Buenaventura SAA, ADR

     987       13,956  

Credicorp Ltd.

     337       73,901  

Southern Copper Corp. (b)

     382       12,789  
   

 

 

  
      100,646  
   

 

 

  
   

Number
of Shares

    

Value

  
Philippines — 0.3%            

Aboitiz Equity Ventures, Inc.

     9,387     $ 9,348  

Aboitiz Power Corp.

     19,300       11,671  

Alliance Global Group, Inc.*

     14,900       3,246  

Ayala Corp.

     1,580       28,664  

Ayala Land, Inc.

     37,900       30,113  

Bank of the Philippine Islands

     2,271       4,072  

BDO Unibank, Inc.

     10,630       26,403  

DMCI Holdings, Inc.

     14,800       3,484  

GT Capital Holdings, Inc.

     292       4,947  

International Container Terminal Services, Inc.

     4,310       7,688  

JG Summit Holdings, Inc.

     10,990       10,105  

Jollibee Foods Corp.

     1,960       10,409  

Manila Electric Co.

     970       7,109  

Megaworld Corp.

     51,400       4,422  

Metro Pacific Investments Corp.

     90,600       8,123  

Metropolitan Bank & Trust Co.

     7,920       11,271  

PLDT, Inc.

     700       15,464  

Robinsons Land Corp.

     9,267       3,615  

Security Bank Corp.

     540       1,659  

SM Investments Corp.

     1,285       22,271  

SM Prime Holdings, Inc.

     53,300       35,283  

Universal Robina Corp.

     5,000       12,209  
   

 

 

  
      271,576  
   

 

 

  
Poland — 0.3%            

Alior Bank SA*

     687       9,877  

Bank Polska Kasa Opieki SA

     1,007       29,166  

Bank Zachodni WBK SA

     179       16,800  

CD Projekt SA*

     322       12,078  

Cyfrowy Polsat SA*

     970       5,747  

Dino Polska SA, 144A*

     497       12,763  

Grupa Lotos SA

     460       9,952  

KGHM Polska Miedz SA*

     632       14,957  

LPP SA

     3       6,188  

mBank SA

     135       14,543  

Orange Polska SA*

     3,264       4,116  

PGE Polska Grupa Energetyczna SA*

     4,244       13,065  

Polski Koncern Naftowy ORLEN SA

     1,458       42,344  

Polskie Gornictwo Naftowe i Gazownictwo SA

     12,946       22,026  

Powszechna Kasa Oszczednosci Bank Polski SA

     4,405       47,536  

Powszechny Zaklad Ubezpieczen SA

     3,007       34,004  
   

 

 

  
      295,162  
   

 

 

  
Portugal — 0.1%            

EDP — Energias de Portugal SA

     11,627       40,634  

Galp Energia SGPS SA

     2,494       40,983  

Jeronimo Martins SGPS SA

     1,134       13,531  
   

 

 

  
      95,148  
   

 

 

  
Qatar — 0.3%            

Barwa Real Estate Co.

     1,435       15,062  

Commercial Bank QSC

     923       10,697  

Ezdan Holding Group QSC*

     4,809       16,813  

Industries Qatar QSC

     1,003       37,324  

Masraf Al Rayan QSC

     1,912       21,051  
 

 

See Notes to Financial Statements.   26  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Qatar (Continued)            

Qatar Electricity & Water Co. QSC

     294     $ 14,533  

Qatar Insurance Co. SAQ

     712       7,006  

Qatar Islamic Bank SAQ

     576       24,029  

Qatar National Bank QPSC

     2,252       123,385  
   

 

 

  
      269,900  
   

 

 

  
Romania — 0.0%            

NEPI Rockcastle PLC (b)

     1,915       15,200  
   

 

 

  
Russia — 0.9%            

Alrosa PJSC

     13,048       19,403  

Gazprom PJSC

     52,734       126,947  

Inter RAO UES PJSC

     73,181       4,473  

LUKOIL PJSC

     2,425       177,206  

Magnit PJSC, GDR

     1,688       21,556  

Magnitogorsk Iron & Steel Works PJSC

     10,625       7,422  

MMC Norilsk Nickel PJSC

     283       53,804  

Mobile TeleSystems PJSC, ADR

     2,460       18,229  

Moscow Exchange MICEX-RTS PJSC

     6,930       9,259  

Novatek PJSC, GDR

     459       78,076  

Novolipetsk Steel PJSC

     5,899       13,943  

PhosAgro PJSC, GDR

     539       7,179  

Polyus PJSC

     221       15,924  

Rosneft Oil Co. PJSC

     5,950       37,574  

Sberbank of Russia PJSC

     52,551       152,163  

Severstal PJSC

     1,063       15,908  

Surgutneftegas PJSC

     36,169       14,764  

Tatneft PJSC

     6,957       74,004  

X5 Retail Group NV, GDR

     546       14,057  
   

 

 

  
      861,891  
   

 

 

  
Singapore — 0.8%            

Ascendas Real Estate Investment Trust REIT

     12,600       23,604  

CapitaLand Commercial Trust REIT

     13,707       17,385  

CapitaLand Ltd.

     11,457       26,056  

CapitaLand Mall Trust REIT

     13,509       22,156  

City Developments Ltd.

     2,000       12,290  

ComfortDelGro Corp. Ltd.

     11,500       17,603  

DBS Group Holdings Ltd.

     8,900       158,162  

Genting Singapore Ltd.

     35,700       25,242  

Golden Agri-Resources Ltd.

     34,093       6,088  

Jardine Cycle & Carriage Ltd.

     400       10,263  

Keppel Corp. Ltd.

     7,200       31,804  

Oversea-Chinese Banking Corp. Ltd.

     15,542       127,562  

SATS Ltd.

     3,400       11,871  

Sembcorp Industries Ltd.

     4,100       7,800  

Singapore Airlines Ltd.

     1,900       13,171  

Singapore Exchange Ltd.

     3,493       18,637  

Singapore Press Holdings Ltd.

     11,900       22,900  

Singapore Technologies Engineering Ltd.

     7,830       20,261  

Singapore Telecommunications Ltd.

     39,800       89,353  

Suntec Real Estate Investment Trust REIT

     8,928       11,454  

United Overseas Bank Ltd.

     6,222       114,063  

UOL Group Ltd.

     2,100       9,353  
   

Number
of Shares

    

Value

  
Singapore (Continued)            

Venture Corp. Ltd.

     1,500     $ 16,302  

Wilmar International Ltd.

     7,800       17,284  
   

 

 

  
      830,664  
   

 

 

  
South Africa — 1.5%            

Absa Group Ltd.

     2,918       32,425  

Anglo American Platinum Ltd.

     439       14,096  

AngloGold Ashanti Ltd.

     2,048       20,560  

Aspen Pharmacare Holdings Ltd.

     1,788       18,976  

Bid Corp. Ltd.

     1,500       27,725  

Bidvest Group Ltd.

     1,633       24,191  

Capitec Bank Holdings Ltd. (b)

     241       19,129  

Clicks Group Ltd.

     1,150       15,583  

Discovery Ltd.

     1,347       14,958  

Exxaro Resources Ltd.

     1,372       12,790  

FirstRand Ltd.

     17,482       84,264  

Fortress REIT Ltd., Class A REIT

     3,341       4,089  

Fortress REIT Ltd., Class B REIT

     4,407       4,516  

Foschini Group Ltd.

     1,124       14,176  

Gold Fields Ltd.

     6,827       19,882  

Growthpoint Properties Ltd. REIT

     13,828       23,568  

Hyprop Investments Ltd. REIT

     1,151       7,408  

Investec Ltd. (b)

     816       4,926  

Investec PLC

     2,829       17,170  

Kumba Iron Ore Ltd. (b)

     129       2,304  

Liberty Holdings Ltd.

     404       3,119  

Life Healthcare Group Holdings Ltd.

     7,466       14,007  

MMI Holdings Ltd.*

     4,638       5,793  

Mr Price Group Ltd.

     1,084       18,851  

MTN Group Ltd.

     8,108       51,121  

Naspers Ltd., Class N

     2,182       435,022  

Nedbank Group Ltd.

     1,991       38,187  

Netcare Ltd.

     5,031       9,293  

Old Mutual Ltd.

     24,586       41,034  

Pick n Pay Stores Ltd.

     738       3,914  

PSG Group Ltd.

     631       10,700  

Rand Merchant Investment Holdings Ltd.

     2,469       6,405  

Redefine Properties Ltd. REIT (b)

     24,794       17,157  

Remgro Ltd.

     2,573       37,436  

Resilient REIT Ltd. REIT

     1,407       6,113  

RMB Holdings Ltd.

     4,676       26,398  

Sanlam Ltd.

     8,883       49,245  

Sappi Ltd.

     3,335       18,224  

Sasol Ltd.

     2,588       75,869  

Shoprite Holdings Ltd.

     2,554       36,334  

SPAR Group Ltd. (b)

     766       10,821  

Standard Bank Group Ltd.

     5,990       75,720  

Telkom SA SOC Ltd. (b)

     823       3,368  

Tiger Brands Ltd. (b)

     922       17,830  

Truworths International Ltd.

     1,949       12,342  

Vodacom Group Ltd.

     2,834       25,664  

Woolworths Holdings Ltd.

     4,734       19,129  
   

 

 

  
      1,451,832  
   

 

 

  
South Korea — 3.2%            

Amorepacific Corp.

     181       27,854  

AMOREPACIFIC Group

     157       9,090  

BGF retail Co. Ltd.

     36       6,246  
 

 

See Notes to Financial Statements.   27  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
South Korea (Continued)            

BNK Financial Group, Inc.

     1,289     $ 8,820  

Celltrion Healthcare Co. Ltd.*

     158       11,093  

Celltrion Pharm, Inc.*

     75       4,429  

Celltrion, Inc.*

     397       84,822  

Cheil Worldwide, Inc.

     330       6,904  

CJ CheilJedang Corp.

     30       8,992  

CJ Corp.

     96       11,176  

CJ ENM Co. Ltd.

     5       1,039  

CJ Logistics Corp.*

     32       4,539  

Coway Co. Ltd.

     164       11,470  

Daelim Industrial Co. Ltd.

     141       11,925  

Daewoo Engineering & Construction Co. Ltd.*

     572       2,536  

DB Insurance Co. Ltd.

     310       18,723  

DGB Financial Group, Inc.

     1,043       8,188  

Doosan Bobcat, Inc.

     351       10,286  

E-MART, Inc.

     91       15,830  

Fila Korea Ltd.

     243       11,012  

GS Engineering & Construction Corp.

     352       13,691  

GS Holdings Corp.

     324       14,886  

GS Retail Co. Ltd.

     182       6,170  

Hana Financial Group, Inc.

     1,431       48,000  

Hankook Tire Co. Ltd.

     380       14,509  

Hanmi Pharm. Co. Ltd.

     20       7,895  

Hanmi Science Co. Ltd.

     63       4,176  

Hanon Systems

     861       8,065  

Hanwha Chemical Corp.

     527       8,886  

Hanwha Corp.

     210       5,620  

Hanwha Life Insurance Co. Ltd.

     1,263       5,003  

HDC Hyundai Development Co-Engineering & Construction,
Class E*

     380       14,238  

HLB, Inc.*

     138       10,403  

Hotel Shilla Co. Ltd.

     156       12,010  

Hyundai Department Store Co. Ltd.

     71       5,948  

Hyundai Engineering & Construction Co. Ltd.

     356       17,467  

Hyundai Glovis Co. Ltd.

     94       10,356  

Hyundai Heavy Industries Co. Ltd.*

     189       22,256  

Hyundai Heavy Industries Holdings Co. Ltd.*

     48       16,914  

Hyundai Marine & Fire Insurance Co. Ltd.

     464       16,578  

Hyundai Mobis Co. Ltd.

     322       51,850  

Hyundai Motor Co.

     662       63,191  

Hyundai Steel Co.

     442       16,995  

Industrial Bank of Korea

     1,155       15,250  

Kakao Corp.

     244       24,488  

Kangwon Land, Inc.

     569       16,370  

KB Financial Group, Inc.

     1,958       82,446  

KCC Corp.

     18       4,480  

Kia Motors Corp.

     1,302       35,426  

Korea Aerospace Industries Ltd.*

     372       10,520  

Korea Electric Power Corp.

     1,118       29,622  

Korea Gas Corp.*

     121       5,505  

Korea Investment Holdings Co. Ltd.

     212       12,804  

Korea Zinc Co. Ltd.

     34       12,906  
   

Number
of Shares

    

Value

  
South Korea (Continued)            

Korean Air Lines Co. Ltd.

     394     $ 11,212  

KT Corp.

     166       4,517  

KT&G Corp.

     581       53,904  

Kumho Petrochemical Co. Ltd.

     149       12,255  

LG Chem Ltd.

     224       69,041  

LG Corp.

     485       31,239  

LG Display Co. Ltd.

     1,096       17,159  

LG Electronics, Inc.

     675       43,657  

LG Household & Health Care Ltd.

     38       39,324  

LG Innotek Co. Ltd.

     92       8,191  

LG Uplus Corp.

     996       15,727  

Lotte Chemical Corp.

     78       18,962  

Lotte Corp.*

     194       9,571  

Lotte Shopping Co. Ltd.

     56       10,766  

Medy-Tox, Inc.

     18       9,047  

Mirae Asset Daewoo Co. Ltd.

     2,440       15,498  

NAVER Corp.

     697       78,657  

NCSoft Corp.

     87       39,738  

Netmarble Corp., 144A

     79       9,197  

NH Investment & Securities Co. Ltd.

     646       7,982  

OCI Co. Ltd.

     89       8,297  

Orange Life Insurance Ltd., 144A

     147       3,947  

Orion Corp.

     124       12,334  

Ottogi Corp.

     8       5,288  

Pan Ocean Co. Ltd.*

     1,001       4,090  

Pearl Abyss Corp.*

     18       3,083  

POSCO

     390       86,110  

Posco Daewoo Corp.

     361       6,216  

S-1 Corp.

     79       6,787  

Samsung Biologics Co. Ltd., 144A*(c)

     85       25,365  

Samsung C&T Corp.

     385       35,205  

Samsung Card Co. Ltd.

     219       6,310  

Samsung Electro-Mechanics Co. Ltd.

     304       32,679  

Samsung Electronics Co. Ltd.

     24,098       899,684  

Samsung Engineering Co. Ltd.*

     700       12,146  

Samsung Fire & Marine Insurance Co. Ltd.

     153       37,194  

Samsung Heavy Industries Co. Ltd.*

     2,194       14,523  

Samsung Life Insurance Co. Ltd.

     345       26,623  

Samsung SDI Co. Ltd.

     286       52,687  

Samsung SDS Co. Ltd.

     170       29,725  

Samsung Securities Co. Ltd.

     395       10,977  

Shinhan Financial Group Co. Ltd.

     2,138       78,581  

Shinsegae Inc.

     11       2,856  

SillaJen, Inc.*

     243       15,326  

SK Holdings Co. Ltd.

     157       39,427  

SK Hynix, Inc.

     2,897       179,875  

SK Innovation Co. Ltd.

     317       55,569  

SK Telecom Co. Ltd.

     79       20,403  

S-Oil Corp.

     237       23,363  

ViroMed Co. Ltd.*

     59       10,385  

Woori Bank

     2,188       30,547  

Yuhan Corp.

     39       7,915  
   

 

 

  
      3,209,059  
   

 

 

  
 

 

See Notes to Financial Statements.   28  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Spain — 2.0%            

ACS Actividades de Construccion y Servicios SA

     1,282     $ 49,172  

Aena SME SA, 144A

     322       51,108  

Amadeus IT Group SA

     2,219       158,918  

Banco Bilbao Vizcaya Argentaria SA

     33,172       188,447  

Banco de Sabadell SA

     29,375       37,479  

Banco Santander SA

     79,719       377,698  

Bankia SA

     4,897       16,172  

Bankinter SA

     3,295       27,529  

CaixaBank SA

     17,370       71,481  

Enagas SA

     1,093       30,031  

Endesa SA

     1,553       34,601  

Ferrovial SA

     2,312       47,558  

Grifols SA

     1,514       42,439  

Iberdrola SA

     30,310       226,130  

Industria de Diseno Textil SA

     5,105       156,564  

Mapfre SA

     3,386       9,679  

Naturgy Energy Group SA (b)

     1,561       38,614  

Red Electrica Corp. SA

     2,025       43,592  

Repsol SA

     6,446       111,288  

Siemens Gamesa Renewable Energy
SA*

     1,174       16,547  

Telefonica SA

     22,875       205,311  
   

 

 

  
      1,940,358  
   

 

 

  
Sweden — 1.6%            

Alfa Laval AB

     1,298       27,917  

Assa Abloy AB, Class B

     4,698       87,317  

Atlas Copco AB, Class A

     2,973       72,875  

Atlas Copco AB, Class B

     1,837       41,518  

Boliden AB

     1,432       32,073  

Electrolux AB, Series B

     1,248       28,350  

Epiroc AB, Class A*

     2,973       24,339  

Epiroc AB, Class B*

     1,837       14,763  

Essity AB, Class B

     3,105       79,538  

Hennes & Mauritz AB, Class B (b)

     4,660       85,812  

Hexagon AB, Class B

     1,229       61,196  

Husqvarna AB, Class B

     2,051       16,149  

ICA Gruppen AB (b)

     369       13,384  

Industrivarden AB, Class C

     829       16,997  

Investor AB, Class B

     2,187       95,781  

Kinnevik AB, Class B

     1,131       28,686  

L E Lundbergforetagen AB, Class B

     384       11,473  

Lundin Petroleum AB

     931       24,493  

Sandvik AB

     5,308       78,713  

Securitas AB, Class B

     1,528       25,731  

Skandinaviska Enskilda Banken AB, Class A

     8,972       93,429  

Skanska AB, Class B

     1,684       26,462  

SKF AB, Class B

     1,872       29,549  

Svenska Handelsbanken AB, Class A

     7,141       78,637  

Swedbank AB, Class A

     4,181       97,135  

Swedish Match AB

     925       36,111  

Tele2 AB, Class B

     2,484       31,065  

Telefonaktiebolaget LM Ericsson, Class B

     14,705       122,633  
   

Number
of Shares

    

Value

  
Sweden (Continued)            

Telia Co. AB

     12,671     $ 58,444  

Volvo AB, Class B

     7,793       108,373  
   

 

 

  
      1,548,943  
   

 

 

  
Switzerland — 6.1%            

ABB Ltd.

     9,168       185,461  

Adecco Group AG

     811       40,102  

Baloise Holding AG

     230       33,796  

Barry Callebaut AG

     11       18,619  

Chocoladefabriken Lindt & Spruengli AG

     1       80,376  

Chocoladefabriken Lindt & Spruengli AG Participation Certificates

     6       40,959  

Cie Financiere Richemont SA

     2,517       163,559  

Clariant AG*

     1,096       21,694  

Coca-Cola HBC AG*

     1,172       34,856  

Credit Suisse Group AG*

     12,716       149,937  

Dufry AG*

     167       17,736  

EMS-Chemie Holding AG

     41       22,017  

Ferguson PLC

     1,085       69,404  

Geberit AG

     174       67,785  

Givaudan SA

     46       113,268  

Glencore PLC*

     57,324       211,939  

Julius Baer Group Ltd.*

     1,118       45,132  

Kuehne + Nagel International AG

     221       31,080  

LafargeHolcim Ltd.*

     2,236       100,246  

Lonza Group AG*

     400       129,283  

Nestle SA

     14,844       1,265,020  

Novartis AG

     10,786       982,027  

Pargesa Holding SA

     225       15,574  

Partners Group Holding AG

     86       56,341  

Roche Holding AG

     3,485       903,822  

Schindler Holding AG

     91       17,252  

Schindler Holding AG Participation Certificates

     209       41,840  

SGS SA

     27       63,943  

Sika AG

     592       73,300  

Sonova Holding AG

     296       47,805  

STMicroelectronics NV

     3,708       54,278  

Straumann Holding AG

     50       30,579  

Swatch Group AG — Bearer

     160       47,613  

Swatch Group AG — Registered

     218       12,754  

Swiss Life Holding AG*

     167       65,510  

Swiss Prime Site AG*

     458       37,775  

Swiss Re AG

     1,529       139,669  

Swisscom AG

     125       59,969  

Temenos AG*

     267       33,059  

UBS Group AG*

     19,176       259,026  

Vifor Pharma AG

     213       26,256  

Zurich Insurance Group AG

     734       230,328  
   

 

 

  
      6,040,989  
   

 

 

  
Taiwan — 2.7%            

Acer, Inc.*

     17,786       11,491  

Advantech Co. Ltd.

     1,569       11,894  

Airtac International Group

     674       7,090  

ASE Technology Holding Co. Ltd.*

     15,965       32,343  

Asia Cement Corp.

     10,870       11,893  
 

 

See Notes to Financial Statements.   29  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Taiwan (Continued)            

Asustek Computer, Inc.

     3,260     $ 23,073  

AU Optronics Corp.

     47,334       19,286  

Catcher Technology Co. Ltd.

     3,195       27,436  

Cathay Financial Holding Co. Ltd.

     36,939       58,224  

Chailease Holding Co. Ltd.

     4,596       14,339  

Chang Hwa Commercial Bank Ltd.

     20,386       11,582  

Cheng Shin Rubber Industry Co. Ltd.

     9,864       13,610  

Chicony Electronics Co. Ltd.

     2,301       4,505  

China Development Financial Holding Corp.

     89,151       28,944  

China Life Insurance Co. Ltd.

     7,632       7,248  

China Steel Corp.

     60,300       46,985  

Chunghwa Telecom Co. Ltd.

     18,508       64,294  

Compal Electronics, Inc.

     22,656       12,946  

CTBC Financial Holding Co. Ltd.

     92,330       61,301  

Delta Electronics, Inc.

     9,816       41,429  

E.Sun Financial Holding Co. Ltd.

     51,742       34,941  

Eclat Textile Co. Ltd.

     1,282       16,107  

Eva Airways Corp.

     9,753       5,098  

Far Eastern New Century Corp.

     15,480       14,298  

Far EasTone Telecommunications Co. Ltd.

     9,510       22,384  

Feng TAY Enterprise Co. Ltd.

     2,000       12,727  

First Financial Holding Co. Ltd.

     52,802       34,200  

Formosa Chemicals & Fibre Corp.

     17,373       60,069  

Formosa Petrochemical Corp.

     7,186       26,013  

Formosa Plastics Corp.

     20,069       65,156  

Foxconn Technology Co. Ltd.

     4,346       8,776  

Fubon Financial Holding Co. Ltd.

     28,415       45,019  

Giant Manufacturing Co. Ltd.

     1,930       8,960  

Globalwafers Co. Ltd.

     905       10,754  

Hiwin Technologies Corp.

     1,299       10,143  

Hon Hai Precision Industry Co. Ltd.

     61,197       142,852  

Hotai Motor Co. Ltd.

     1,948       14,989  

Hua Nan Financial Holdings Co. Ltd.

     45,100       25,697  

Innolux Corp.

     47,530       15,817  

Inventec Corp.

     14,260       10,231  

Largan Precision Co. Ltd.

     474       51,860  

Lite-On Technology Corp.

     9,488       12,599  

MediaTek, Inc.

     6,773       52,224  

Mega Financial Holding Co. Ltd.

     55,352       46,005  

Nan Ya Plastics Corp.

     23,957       57,790  

Nanya Technology Corp.

     5,175       10,249  

Nien Made Enterprise Co. Ltd.

     681       4,986  

Novatek Microelectronics Corp.

     2,659       11,222  

Pegatron Corp.

     10,424       17,700  

Phison Electronics Corp.

     778       6,340  

Pou Chen Corp.

     11,671       12,693  

Powertech Technology, Inc.

     1,651       3,875  

President Chain Store Corp.

     2,636       27,214  

Quanta Computer, Inc.

     12,859       20,853  

Realtek Semiconductor Corp.

     1,659       7,621  

Ruentex Development Co. Ltd.

     2,590       4,116  

Shin Kong Financial Holding Co. Ltd.

     38,426       13,037  

SinoPac Financial Holdings Co. Ltd.

     54,160       18,726  

Standard Foods Corp.

     2,815       4,464  

Synnex Technology International Corp.

     8,003       9,419  
   

Number
of Shares

    

Value

  
Taiwan (Continued)            

TaiMed Biologics, Inc.*

     607     $ 3,173  

Taishin Financial Holding Co. Ltd.

     46,993       20,673  

Taiwan Business Bank

     19,217       6,582  

Taiwan Cement Corp.

     23,400       26,210  

Taiwan Cooperative Financial Holding Co. Ltd.

     52,839       30,707  

Taiwan High Speed Rail Corp.

     17,497       17,553  

Taiwan Mobile Co. Ltd.

     7,836       27,730  

Taiwan Semiconductor Manufacturing Co. Ltd.

     122,748       898,647  

Tatung Co. Ltd.*

     9,000       11,834  

Uni-President Enterprises Corp.

     26,540       62,211  

United Microelectronics Corp.

     71,534       26,824  

Vanguard International Semiconductor Corp.

     4,963       10,441  

Walsin Technology Corp.

     1,605       9,770  

Win Semiconductors Corp.

     1,380       5,668  

Winbond Electronics Corp.

     13,183       6,420  

Wistron Corp.

     9,143       5,803  

WPG Holdings Ltd.

     11,063       13,469  

Yageo Corp.

     1,247       14,979  

Yuanta Financial Holding Co. Ltd.

     61,053       31,120  

Zhen Ding Technology Holding Ltd.

     2,211       5,621  
   

 

 

  
      2,722,572  
   

 

 

  
Thailand — 0.5%            

Advanced Info Service PCL, NVDR

     4,400       23,881  

Airports of Thailand PCL, NVDR

     25,500       49,430  

Bangkok Dusit Medical Services PCL, NVDR

     400       325  

Bangkok Expressway & Metro PCL, NVDR

     16,500       4,440  

Berli Jucker PCL, NVDR

     6,000       9,624  

Central Pattana PCL, NVDR

     4,400       10,135  

Charoen Pokphand Foods PCL, NVDR

     12,300       9,350  

CP ALL PCL, NVDR

     24,100       50,014  

Electricity Generating PCL, NVDR

     200       1,460  

Home Product Center PCL, NVDR

     100       46  

Indorama Ventures PCL, NVDR

     14,700       24,137  

IRPC PCL, NVDR

     170,876       31,694  

Kasikornbank PCL, NVDR

     11,700       68,839  

Krung Thai Bank PCL, NVDR

     21,400       13,144  

Land & Houses PCL, NVDR

     14,600       4,484  

PTT Exploration & Production PCL, NVDR

     7,100       28,497  

PTT Global Chemical PCL, NVDR

     14,800       35,326  

PTT PCL, NVDR

     57,200       85,659  

Robinson PCL, NVDR

     700       1,431  

Siam Cement PCL

     700       9,408  

Siam Cement PCL, NVDR

     1,000       13,440  

Siam Commercial Bank PCL, NVDR

     8,700       36,771  

Thai Oil PCL, NVDR

     8,700       20,105  

True Corp. PCL, NVDR

     21,300       3,789  
   

 

 

  
      535,429  
   

 

 

  
 

 

See Notes to Financial Statements.   30  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Turkey — 0.2%            

Akbank T.A.S

     10,578     $ 15,540  

Anadolu Efes Biracilik Ve Malt Sanayii AS

     679       2,753  

Arcelik AS

     1,409       4,227  

Aselsan Elektronik Sanayi Ve Ticaret AS

     982       5,029  

BIM Birlesik Magazalar AS

     1,018       16,498  

Eregli Demir ve Celik Fabrikalari TAS

     6,965       10,139  

Ford Otomotiv Sanayi AS

     240       2,488  

Haci Omer Sabanci Holding AS

     6,069       9,580  

KOC Holding AS

     4,131       12,185  

Petkim Petrokimya Holding AS

     3,650       3,710  

TAV Havalimanlari Holding AS

     1,528       6,869  

Tupras Turkiye Petrol Rafinerileri AS

     841       20,146  

Turk Hava Yollari AO*

     2,585       8,428  

Turkcell Iletisim Hizmetleri AS

     4,786       11,648  

Turkiye Garanti Bankasi AS

     11,405       18,090  

Turkiye Halk Bankasi AS

     4,711       6,514  

Turkiye Is Bankasi AS, Class C

     8,399       6,862  

Turkiye Sise ve Cam Fabrikalari AS

     8,341       8,047  
   

 

 

  
      168,753  
   

 

 

  
United Arab Emirates — 0.2%            

Abu Dhabi Commercial Bank PJSC

     10,840       23,166  

Aldar Properties PJSC

     32,967       14,360  

DAMAC Properties Dubai Co. PJSC

     8,458       4,306  

DP World Ltd.

     864       14,135  

Dubai Islamic Bank PJSC

     2,217       3,163  

Emaar Development PJSC

     3,883       5,233  

Emaar Malls PJSC

     7,289       3,572  

Emaar Properties PJSC

     14,485       17,746  

Emirates Telecommunications Group Co. PJSC

     8,559       38,727  

First Abu Dhabi Bank PJSC

     13,553       50,181  

NMC Health PLC

     470       19,751  
   

 

 

  
      194,340  
   

 

 

  
United Kingdom — 9.7%            

3i Group PLC

     4,714       50,073  

Admiral Group PLC

     1,347       35,770  

Anglo American PLC

     5,241       104,596  

Ashtead Group PLC

     2,439       54,668  

Associated British Foods PLC

     1,740       53,745  

AstraZeneca PLC

     6,302       491,212  

Auto Trader Group PLC, 144A

     4,534       25,328  

Aviva PLC

     18,328       95,052  

Babcock International Group PLC

     1,263       9,141  

BAE Systems PLC

     15,889       99,471  

Barclays PLC

     85,127       176,680  

Barratt Developments PLC

     5,057       29,783  

Berkeley Group Holdings PLC

     624       25,651  

BP PLC

     99,386       658,538  

British American Tobacco PLC

     11,170       391,415  

British Land Co. PLC REIT

     4,693       33,763  

BT Group PLC

     41,956       140,071  

Bunzl PLC

     1,688       51,966  

Burberry Group PLC

     2,065       46,745  

Centrica PLC

     28,069       49,269  
   

Number
of Shares

    

Value

  
United Kingdom (Continued)            

CNH Industrial NV

     4,714     $ 45,896  

Coca-Cola European Partners PLC

     1,028       49,899  

Compass Group PLC

     7,879       168,517  

ConvaTec Group PLC, 144A

     6,785       13,137  

Croda International PLC

     616       38,273  

Diageo PLC

     12,245       440,554  

Direct Line Insurance Group PLC

     7,327       30,623  

easyJet PLC

     986       13,977  

Experian PLC

     4,631       112,503  

Fiat Chrysler Automobiles NV*

     5,400       89,084  

G4S PLC

     7,593       18,765  

GlaxoSmithKline PLC

     24,675       509,862  

Hammerson PLC REIT

     3,638       17,894  

Hargreaves Lansdown PLC

     1,403       33,994  

HSBC Holdings PLC

     97,983       829,406  

Imperial Brands PLC

     4,693       144,119  

Informa PLC

     5,509       48,521  

InterContinental Hotels Group PLC

     925       49,504  

International Consolidated Airlines Group SA

     3,153       25,201  

Intertek Group PLC

     759       45,427  

ITV PLC

     18,332       33,918  

J Sainsbury PLC

     8,601       33,427  

John Wood Group PLC

     3,164       25,601  

Johnson Matthey PLC

     903       33,645  

Kingfisher PLC

     11,329       36,090  

Land Securities Group PLC REIT

     3,465       35,905  

Legal & General Group PLC

     26,704       83,333  

Lloyds Banking Group PLC

     353,871       249,628  

London Stock Exchange Group PLC

     1,503       77,239  

Marks & Spencer Group PLC

     7,654       28,547  

Meggitt PLC

     4,026       26,584  

Melrose Industries PLC

     21,751       48,947  

Merlin Entertainments PLC, 144A

     2,985       12,784  

Micro Focus International PLC

     2,169       42,535  

Mondi Ltd.

     623       13,711  

Mondi PLC

     1,949       42,455  

National Grid PLC

     16,901       179,373  

Next PLC

     707       44,153  

Pearson PLC

     4,021       49,362  

Persimmon PLC

     1,521       36,824  

Prudential PLC

     13,254       260,172  

Reckitt Benckiser Group PLC

     3,180       263,872  

RELX PLC

     8,573       178,336  

Rio Tinto Ltd.

     1,914       102,514  

Rio Tinto PLC

     5,795       262,805  

Rolls-Royce Holdings PLC — Entitlement*(c)

     430,192       548  

Rolls-Royce Holdings PLC*

     8,164       88,383  

Royal Bank of Scotland Group PLC

     22,169       61,639  

Royal Mail PLC

     3,568       14,540  

RSA Insurance Group PLC

     4,781       33,056  

Sage Group PLC

     5,278       39,102  

Schroders PLC

     583       18,773  

Segro PLC REIT

     6,038       46,409  

Severn Trent PLC

     1,278       29,801  

Smith & Nephew PLC

     4,295       77,988  

Smiths Group PLC

     2,063       36,527  
 

 

See Notes to Financial Statements.   31  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
United Kingdom (Continued)            

SSE PLC

     5,657     $ 78,968  

St James’s Place PLC

     2,708       34,696  

Standard Chartered PLC

     13,972       108,496  

Standard Life Aberdeen PLC

     13,714       46,379  

Taylor Wimpey PLC

     16,081       27,458  

Tesco PLC

     48,704       122,601  

Unilever NV

     7,625       423,026  

Unilever PLC

     5,626       304,212  

United Utilities Group PLC

     3,345       32,411  

Vodafone Group PLC

     132,903       286,101  

Weir Group PLC

     1,226       23,027  

Whitbread PLC

     909       53,258  

Wm Morrison Supermarkets PLC

     10,114       30,621  

WPP PLC

     5,878       64,848  
   

 

 

  
      9,632,721  
   

 

 

  
United States (e) — 0.4%            

Bausch Health Cos., Inc.*

     1,565       38,034  

Carnival PLC

     923       53,549  

Nexteer Automotive Group Ltd.

     4,093       6,162  

Shire PLC

     4,422       256,379  
   

 

 

  
      354,124  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $94,012,606)

       92,062,721  
   

 

 

  
PREFERRED STOCKS — 1.3%    
Brazil — 0.7%    

Banco Bradesco SA

     17,315       172,210  

Braskem SA, Class A

     922       12,918  

Cia Brasileira de Distribuicao

     620       13,373  

Cia Energetica de Minas Gerais

     4,223       13,880  

Gerdau SA

     5,081       20,340  

Itau Unibanco Holding SA

     24,107       224,550  

Itausa — Investimentos Itau SA

     21,428       68,379  

Lojas Americanas SA

     2,903       14,796  

Petroleo Brasileiro SA

     19,614       129,137  

Telefonica Brasil SA

     1,944       23,130  
   

 

 

  
      692,713  
   

 

 

  
Chile — 0.0%            

Sociedad Quimica y Minera de Chile SA, Class B

     471       20,881  
   

 

 

  
Colombia — 0.0%            

Bancolombia SA

     2,709       26,989  

Grupo Aval Acciones y Valores SA

     19,154       6,130  

Grupo de Inversiones Suramericana SA

     15       142  
   

 

 

  
      33,261  
   

 

 

  
Germany — 0.4%            

Bayerische Motoren Werke AG

     183       13,280  

FUCHS PETROLUB SE

     380       15,728  

Henkel AG & Co. KGaA

     833       96,096  

Porsche Automobil Holding SE

     775       49,572  

Sartorius AG

     163       20,686  

Volkswagen AG

     977       164,694  
   

 

 

  
      360,056  
   

 

 

  
   

Number
of Shares

    

Value

  
Russia — 0.0%            

Surgutneftegas PJSC

     35,096     $ 19,774  

Transneft PJSC

     3       7,854  
   

 

 

  
      27,628  
   

 

 

  
South Korea — 0.2%            

Amorepacific Corp.

     60       4,823  

Hyundai Motor Co.

     122       7,161  

Hyundai Motor Co. — 2nd Preferred

     150       9,340  

LG Chem Ltd.

     29       5,058  

Samsung Electronics Co. Ltd.

     4,254       128,081  
   

 

 

  
      154,463  
   

 

 

  

TOTAL PREFERRED STOCKS
(Cost $1,023,722)

       1,289,002  
   

 

 

  
RIGHTS — 0.0%    
China — 0.0%    

Fosun International Ltd.*, expires 12/11/18

     38       0  
   

 

 

  
Taiwan — 0.0%            

Taiwan Cement Corp.*, expires 12/08/18

     732       0  
   

 

 

  

TOTAL RIGHTS
(Cost $0)

       0  
   

 

 

  
SECURITIES LENDING COLLATERAL — 1.4%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (f)(g)
(Cost $1,428,629)

     1,428,629       1,428,629  
   

 

 

  
CASH EQUIVALENTS — 5.3%            

DWS ESG Liquidity Fund “Institutional Shares”, 2.31% (f)

     3,504,188       3,504,188  

DWS Government Money Market Series “Institutional Shares”, 2.15% (f)

     1,809,316       1,809,316  
   

 

 

  

TOTAL CASH EQUIVALENTS
(Cost $5,313,504)

       5,313,504  
   

 

 

  

TOTAL INVESTMENTS — 100.7%

(Cost $101,778,461)

     $ 100,093,856  

Other assets and liabilities, net — (0.7%)

       (731,972 ) 
   

 

 

  

NET ASSETS — 100.0%

     $ 99,361,884  
   

 

 

  
 

 

See Notes to Financial Statements.   32  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

COMMON STOCKS — 0.09%

 

          

Germany — 0.09%

 

            

Deutsche Bank AG (d)

 

123,481     34,336       (50,141)       (39,749)       21,236       —       —       9,768       89,163  
               

SECURITIES LENDING COLLATERAL — 1.4%

 

          

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (f)(g)

 

3,240,329     —       (1,811,700) (h)      —       —       8,829       —       1,428,629       1,428,629  
               

CASH EQUIVALENTS — 5.3%

 

          

DWS ESG Liquidity Fund “Institutional Shares”, 2.31% (f)

 

—     3,504,188       —       —       —       4,188       —       3,504,188       3,504,188  

DWS Government Money Market Series “Institutional Shares”, 2.15% (f)

 

—     12,099,916       (10,290,600)       —       —       14,456       —       1,809,316       1,809,316  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
3,363,810     15,638,440       (12,152,441)       (39,749)       21,236       27,473       —       6,751,901       6,831,296  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2018 amounted to $1,464,569, which is 1.5% of net assets.

(c)

Investment was valued using significant unobservable inputs.

(d)

Affiliated issuer. This security is owned in proportion with its representation in the index.

(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 annualized seven-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 held non-cash U.S. Treasury securities collateral having a value of $256,533.

(h)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended November 30, 2018.

 

ADR:   American Depositary Receipt
CDI:   Chess Depositary Interest
CPO:   Ordinary Participation Certificates
GDR:   Global Depositary Receipt
NVDR:   Non Voting Depositary Receipt
PJSC:   Private Joint Stock Company
QSC:   Qatari Shareholders Company
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, 2018, open futures contracts purchased were as follows:

 

Contract Description

    Currency      Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Appreciation
(Depreciation)		  

MINI S&P/TSX 60 Futures

      CAD        6      $ 217,888      $ 206,081        12/20/2018      $ (7,770 ) 

MSCI EAFE Futures

      USD        35        3,372,280        3,178,525        12/21/2018        (193,755 ) 

MSCI Emerging Markets Index Futures

      USD        12        609,865        599,760        12/21/2018        (10,105 ) 

SGX NIFTY 50 Futures

      USD        104        2,215,658        2,269,280        12/27/2018        53,622  
                 

 

 

  

Total net unrealized depreciation

                   $ (158,008 ) 
                 

 

 

  

 

See Notes to Financial Statements.   33  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

As of November 30, 2018, the Fund had the following forward foreign currency contracts outstanding:

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

The Bank of New York Mellon

    12/3/2018    IDR      924,092      USD      65      $ —      $ —  

Goldman Sachs & Co.

    12/5/2018    AED      562,900      USD      153,233        —        (12 ) 

Goldman Sachs & Co.

    12/5/2018    AUD      507,400      USD      359,752        —        (11,139 ) 

JP Morgan & Chase Co.

    12/5/2018    AUD      5,076,700      USD      3,599,238        —        (111,642 ) 

RBC Capital Markets

    12/5/2018    AUD      1,530,500      USD      1,085,025        —        (33,714 ) 

Goldman Sachs & Co.

    12/5/2018    BRL      6,103,300      USD      1,638,382        60,486        —  

JP Morgan & Chase Co.

    12/5/2018    BRL      1,006,000      USD      270,212        10,129        —  

JP Morgan & Chase Co.

    12/5/2018    BRL      406,900      USD      109,194        3,997        —  

Goldman Sachs & Co.

    12/5/2018    CAD      7,140,000      USD      5,439,959        65,246        —  

JP Morgan & Chase Co.

    12/5/2018    CAD      592,000      USD      451,046        5,411        —  

RBC Capital Markets

    12/5/2018    CAD      1,916,300      USD      1,459,938        17,422        —  

Goldman Sachs & Co.

    12/5/2018    CHF      5,164,600      USD      5,149,666        —        (23,100 ) 

JP Morgan & Chase Co.

    12/5/2018    CHF      387,600      USD      386,432        —        (1,781 ) 

JP Morgan & Chase Co.

    12/5/2018    CHF      162,000      USD      161,507        —        (749 ) 

RBC Capital Markets

    12/5/2018    CHF      578,100      USD      576,204        —        (2,810 ) 

Goldman Sachs & Co.

    12/5/2018    CLP      173,053,400      USD      248,592        —        (9,075 ) 

JP Morgan & Chase Co.

    12/5/2018    CLP      13,480,400      USD      19,364        —        (707 ) 

JP Morgan & Chase Co.

    12/5/2018    CNH      410,400      USD      58,752        —        (287 ) 

Goldman Sachs & Co.

    12/5/2018    COP      350,708,100      USD      108,717        306        —  

JP Morgan & Chase Co.

    12/5/2018    COP      23,380,500      USD      7,243        16        —  

Goldman Sachs & Co.

    12/5/2018    CZK      1,161,500      USD      50,764        127        —  

Goldman Sachs & Co.

    12/5/2018    DKK      8,327,500      USD      1,268,141        4,233        —  

JP Morgan & Chase Co.

    12/5/2018    DKK      521,000      USD      79,334        259        —  

Goldman Sachs & Co.

    12/5/2018    EGP      632,000      USD      34,936        —        (297 ) 

Goldman Sachs & Co.

    12/5/2018    EUR      7,450,300      USD      8,462,706        23,599        —  

JP Morgan & Chase Co.

    12/5/2018    EUR      11,752,000      USD      13,349,132        37,402        —  

RBC Capital Markets

    12/5/2018    EUR      2,106,600      USD      2,392,360        6,171        —  

Goldman Sachs & Co.

    12/5/2018    GBP      2,791,100      USD      3,571,226        13,492        —  

JP Morgan & Chase Co.

    12/5/2018    GBP      6,797,200      USD      8,697,174        32,981        —  

RBC Capital Markets

    12/5/2018    GBP      680,000      USD      869,972        3,195        —  

Goldman Sachs & Co.

    12/5/2018    HKD      29,695,900      USD      3,791,902        —        (4,145 ) 

JP Morgan & Chase Co.

    12/5/2018    HKD      39,400,700      USD      5,031,525        —        (5,093 ) 

Goldman Sachs & Co.

    12/5/2018    HUF      6,983,200      USD      24,387        —        (52 ) 

JP Morgan & Chase Co.

    12/5/2018    HUF      16,042,500      USD      56,043        —        (101 ) 

Goldman Sachs & Co.

    12/5/2018    IDR      2,065,448,400      USD      135,262        —        (9,045 ) 

JP Morgan & Chase Co.

    12/5/2018    IDR      5,661,765,900      USD      370,486        —        (25,085 ) 

Goldman Sachs & Co.

    12/5/2018    ILS      765,700      USD      206,260        271        —  

Goldman Sachs & Co.

    12/5/2018    INR      9,389,700      USD      126,461        —        (8,185 ) 

JP Morgan & Chase Co.

    12/5/2018    INR      471,000      USD      6,341        —        (413 ) 

Goldman Sachs & Co.

    12/5/2018    JPY      586,311,200      USD      5,207,096        39,178        —  

JP Morgan & Chase Co.

    12/5/2018    JPY      228,960,800      USD      2,033,465        15,337        —  

RBC Capital Markets

    12/5/2018    JPY      248,008,500      USD      2,202,191        16,171        —  

The Bank of New York Mellon

    12/5/2018    JPY      1,050,482,300      USD      9,329,742        70,484        —  

Goldman Sachs & Co.

    12/5/2018    KRW      1,392,761,200      USD      1,223,437        —        (19,276 ) 

JP Morgan & Chase Co.

    12/5/2018    KRW      3,095,293,500      USD      2,718,675        —        (43,150 ) 

Goldman Sachs & Co.

    12/5/2018    MXN      5,122,800      USD      251,722        229        —  

JP Morgan & Chase Co.

    12/5/2018    MXN      968,700      USD      47,596        40        —  

The Bank of New York Mellon

    12/5/2018    MXN      9,408,000      USD      462,287        420        —  

Goldman Sachs & Co.

    12/5/2018    MYR      2,850,700      USD      681,415        198        —  

Goldman Sachs & Co.

    12/5/2018    NOK      2,627,600      USD      313,054        7,255        —  

JP Morgan & Chase Co.

    12/5/2018    NOK      276,700      USD      32,965        762        —  

The Bank of New York Mellon

    12/5/2018    NOK      2,007,700      USD      239,188        5,533        —  

Goldman Sachs & Co.

    12/5/2018    NZD      278,000      USD      181,595        —        (9,517 ) 

JP Morgan & Chase Co.

    12/5/2018    NZD      13,300      USD      8,688        —        (456 ) 

Goldman Sachs & Co.

    12/5/2018    PHP      14,028,800      USD      261,648        —        (5,890 ) 

JP Morgan & Chase Co.

    12/5/2018    PHP      935,300      USD      17,450        —        (387 ) 

Goldman Sachs & Co.

    12/5/2018    PLN      102,700      USD      26,826        —        (268 ) 

 

See Notes to Financial Statements.   34  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

JP Morgan & Chase Co.

    12/5/2018    PLN      91,500      USD      23,907      $ —      $ (233 ) 

The Bank of Nova Scotia

    12/5/2018    PLN      1,270,000      USD      331,718        —        (3,332 ) 

Goldman Sachs & Co.

    12/5/2018    QAR      903,900      USD      247,102        —        (1,136 ) 

Goldman Sachs & Co.

    12/5/2018    RUB      55,330,600      USD      838,156        12,895        —  

JP Morgan & Chase Co.

    12/5/2018    RUB      10,926,000      USD      165,506        2,544        —  

Goldman Sachs & Co.

    12/5/2018    SEK      1,371,600      USD      150,474        —        (278 ) 

JP Morgan & Chase Co.

    12/5/2018    SEK      1,093,600      USD      119,968        —        (229 ) 

The Bank of Nova Scotia

    12/5/2018    SEK      16,176,100      USD      1,773,948        —        (3,958 ) 

Goldman Sachs & Co.

    12/5/2018    SGD      311,000      USD      224,719        —        (1,995 ) 

JP Morgan & Chase Co.

    12/5/2018    SGD      1,005,900      USD      726,867        —        (6,417 ) 

JP Morgan & Chase Co.

    12/5/2018    TRY      959,400      USD      167,589        —        (15,878 ) 

Goldman Sachs & Co.

    12/5/2018    TWD      97,010,300      USD      3,143,561        —        (7,337 ) 

JP Morgan & Chase Co.

    12/5/2018    TWD      6,351,400      USD      205,767        —        (527 ) 

Goldman Sachs & Co.

    12/5/2018    USD      145,599      AED      534,800        —        (5 ) 

Goldman Sachs & Co.

    12/5/2018    USD      7,649      AED      28,100        1        —  

Goldman Sachs & Co.

    12/5/2018    USD      201,851      AUD      276,400        187        —  

Goldman Sachs & Co.

    12/5/2018    USD      166,126      AUD      231,000        2,726        —  

JP Morgan & Chase Co.

    12/5/2018    USD      3,707,260      AUD      5,076,700        3,620        —  

RBC Capital Markets

    12/5/2018    USD      252,547      AUD      344,200        —        (950 ) 

RBC Capital Markets

    12/5/2018    USD      866,296      AUD      1,186,300        846        —  

Goldman Sachs & Co.

    12/5/2018    USD      100,414      BRL      375,800        —        (3,258 ) 

Goldman Sachs & Co.

    12/5/2018    USD      1,477,988      BRL      5,727,500        2,752        —  

JP Morgan & Chase Co.

    12/5/2018    USD      364,422      BRL      1,412,900        857        —  

Goldman Sachs & Co.

    12/5/2018    USD      343,109      CAD      451,300        —        (3,388 ) 

Goldman Sachs & Co.

    12/5/2018    USD      327,631      CAD      430,000        —        (3,943 ) 

Goldman Sachs & Co.

    12/5/2018    USD      4,564,710      CAD      6,066,700        2,065        —  

Goldman Sachs & Co.

    12/5/2018    USD      146,551      CAD      192,000        —        (2,021 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      445,432      CAD      592,000        202        —  

RBC Capital Markets

    12/5/2018    USD      1,441,803      CAD      1,916,300        713        —  

Goldman Sachs & Co.

    12/5/2018    USD      135,827      CHF      136,000        388        —  

Goldman Sachs & Co.

    12/5/2018    USD      308,251      CHF      307,800        36        —  

Goldman Sachs & Co.

    12/5/2018    USD      4,724,287      CHF      4,720,800        3,978        —  

JP Morgan & Chase Co.

    12/5/2018    USD      549,957      CHF      549,600        512        —  

RBC Capital Markets

    12/5/2018    USD      578,476      CHF      578,100        538        —  

Goldman Sachs & Co.

    12/5/2018    USD      13,982      CLP      9,326,700        —        (95 ) 

Goldman Sachs & Co.

    12/5/2018    USD      243,346      CLP      163,726,700        434        —  

JP Morgan & Chase Co.

    12/5/2018    USD      20,027      CLP      13,480,400        44        —  

JP Morgan & Chase Co.

    12/5/2018    USD      59,000      CNH      410,400        38        —  

Goldman Sachs & Co.

    12/5/2018    USD      5,913      COP      18,704,400        —        (131 ) 

Goldman Sachs & Co.

    12/5/2018    USD      102,526      COP      332,003,700        102        —  

JP Morgan & Chase Co.

    12/5/2018    USD      7,223      COP      23,380,500        5        —  

Goldman Sachs & Co.

    12/5/2018    USD      50,651      CZK      1,161,500        —        (14 ) 

Goldman Sachs & Co.

    12/5/2018    USD      60,471      DKK      394,800        —        (550 ) 

Goldman Sachs & Co.

    12/5/2018    USD      144,979      DKK      952,000        —        (489 ) 

Goldman Sachs & Co.

    12/5/2018    USD      1,059,172      DKK      6,980,700        326        —  

JP Morgan & Chase Co.

    12/5/2018    USD      79,049      DKK      521,000        26        —  

Goldman Sachs & Co.

    12/5/2018    USD      35,268      EGP      632,000        —        (34 ) 

Goldman Sachs & Co.

    12/5/2018    USD      1,114,811      EUR      975,500        —        (9,842 ) 

Goldman Sachs & Co.

    12/5/2018    USD      5,294,591      EUR      4,675,800        1,784        —  

Goldman Sachs & Co.

    12/5/2018    USD      680,055      EUR      596,000        —        (4,954 ) 

Goldman Sachs & Co.

    12/5/2018    USD      1,366,521      EUR      1,203,000        —        (3,859 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      13,306,202      EUR      11,752,000        5,529        —  

RBC Capital Markets

    12/5/2018    USD      2,385,198      EUR      2,106,600        991        —  

Goldman Sachs & Co.

    12/5/2018    USD      628,029      GBP      489,300        —        (4,332 ) 

Goldman Sachs & Co.

    12/5/2018    USD      2,320,714      GBP      1,818,800        —        (2,343 ) 

Goldman Sachs & Co.

    12/5/2018    USD      237,529      GBP      183,000        —        (4,264 ) 

Goldman Sachs & Co.

    12/5/2018    USD      383,882      GBP      300,000        —        (1,481 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      8,672,547      GBP      6,797,200        —        (8,354 ) 

 

See Notes to Financial Statements.   35  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

RBC Capital Markets

    12/5/2018    USD      867,612      GBP      680,000      $ —      $ (836 ) 

Goldman Sachs & Co.

    12/5/2018    USD      391,931      HKD      3,066,300        36        —  

Goldman Sachs & Co.

    12/5/2018    USD      200,900      HKD      1,570,000        —        (206 ) 

Goldman Sachs & Co.

    12/5/2018    USD      791,838      HKD      6,200,000        712        —  

Goldman Sachs & Co.

    12/5/2018    USD      2,410,022      HKD      18,859,600        814        —  

JP Morgan & Chase Co.

    12/5/2018    USD      5,034,751      HKD      39,400,700        1,867        —  

Goldman Sachs & Co.

    12/5/2018    USD      4,089      HUF      1,151,300        —        (60 ) 

Goldman Sachs & Co.

    12/5/2018    USD      20,385      HUF      5,831,900        25        —  

JP Morgan & Chase Co.

    12/5/2018    USD      56,075      HUF      16,042,500        70        —  

Goldman Sachs & Co.

    12/5/2018    USD      117,099      IDR      1,679,087,700        213        —  

Goldman Sachs & Co.

    12/5/2018    USD      26,585      IDR      386,360,700        409        —  

JP Morgan & Chase Co.

    12/5/2018    USD      396,649      IDR      5,661,765,900        —        (1,078 ) 

Goldman Sachs & Co.

    12/5/2018    USD      195,081      ILS      727,400        605        —  

Goldman Sachs & Co.

    12/5/2018    USD      10,361      ILS      38,300        —        (57 ) 

Goldman Sachs & Co.

    12/5/2018    USD      127,721      INR      8,896,700        —        (144 ) 

Goldman Sachs & Co.

    12/5/2018    USD      6,862      INR      493,000        208        —  

JP Morgan & Chase Co.

    12/5/2018    USD      6,759      INR      471,000        —        (5 ) 

Goldman Sachs & Co.

    12/5/2018    USD      1,092,462      JPY      123,000,000        —        (8,304 ) 

Goldman Sachs & Co.

    12/5/2018    USD      868,046      JPY      97,813,900        —        (5,885 ) 

Goldman Sachs & Co.

    12/5/2018    USD      2,915,332      JPY      331,012,300        2,307        —  

Goldman Sachs & Co.

    12/5/2018    USD      305,369      JPY      34,485,000        —        (1,408 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      2,016,387      JPY      228,960,800        1,740        —  

RBC Capital Markets

    12/5/2018    USD      2,184,135      JPY      248,008,500        1,885        —  

The Bank of New York Mellon

    12/5/2018    USD      9,252,009      JPY      1,050,482,300        7,249        —  

Goldman Sachs & Co.

    12/5/2018    USD      327,478      KRW      373,354,000        5,653        —  

Goldman Sachs & Co.

    12/5/2018    USD      725,327      KRW      813,672,200        685        —  

Goldman Sachs & Co.

    12/5/2018    USD      183,574      KRW      205,735,000        —        (4 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      2,760,894      KRW      3,095,293,500        931        —  

Goldman Sachs & Co.

    12/5/2018    USD      38,394      MXN      775,000        —        (347 ) 

Goldman Sachs & Co.

    12/5/2018    USD      213,660      MXN      4,347,800        —        (213 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      47,604      MXN      968,700        —        (48 ) 

The Bank of New York Mellon

    12/5/2018    USD      462,331      MXN      9,408,000        —        (464 ) 

Goldman Sachs & Co.

    12/5/2018    USD      34,010      MYR      142,500        43        —  

Goldman Sachs & Co.

    12/5/2018    USD      646,873      MYR      2,708,200        291        —  

Goldman Sachs & Co.

    12/5/2018    USD      276,886      NOK      2,382,000        330        —  

Goldman Sachs & Co.

    12/5/2018    USD      29,104      NOK      245,600        —        (522 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      32,163      NOK      276,700        39        —  

The Bank of New York Mellon

    12/5/2018    USD      233,375      NOK      2,007,700        281        —  

Goldman Sachs & Co.

    12/5/2018    USD      10,049      NZD      14,600        —        (12 ) 

Goldman Sachs & Co.

    12/5/2018    USD      180,934      NZD      263,400        142        —  

JP Morgan & Chase Co.

    12/5/2018    USD      9,136      NZD      13,300        7        —  

Goldman Sachs & Co.

    12/5/2018    USD      253,205      PHP      13,280,600        65        —  

Goldman Sachs & Co.

    12/5/2018    USD      14,231      PHP      748,200        38        —  

JP Morgan & Chase Co.

    12/5/2018    USD      17,832      PHP      935,300        5        —  

Goldman Sachs & Co.

    12/5/2018    USD      19,376      PLN      73,200        —        (64 ) 

Goldman Sachs & Co.

    12/5/2018    USD      7,783      PLN      29,500        —        —  

JP Morgan & Chase Co.

    12/5/2018    USD      24,141      PLN      91,500        —        (1 ) 

The Bank of Nova Scotia

    12/5/2018    USD      335,057      PLN      1,270,000        —        (7 ) 

Goldman Sachs & Co.

    12/5/2018    USD      12,412      QAR      45,200        2        —  

Goldman Sachs & Co.

    12/5/2018    USD      235,054      QAR      858,700        770        —  

Goldman Sachs & Co.

    12/5/2018    USD      50,120      RUB      3,312,800        —        (709 ) 

Goldman Sachs & Co.

    12/5/2018    USD      776,936      RUB      52,017,800        —        (1,085 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      163,099      RUB      10,926,000        —        (137 ) 

Goldman Sachs & Co.

    12/5/2018    USD      138,778      SEK      1,265,000        257        —  

Goldman Sachs & Co.

    12/5/2018    USD      11,714      SEK      106,600        2        —  

JP Morgan & Chase Co.

    12/5/2018    USD      120,170      SEK      1,093,600        27        —  

The Bank of Nova Scotia

    12/5/2018    USD      96,584      SEK      868,800        —        (1,095 ) 

The Bank of Nova Scotia

    12/5/2018    USD      1,681,918      SEK      15,307,300        499        —  

 

See Notes to Financial Statements.   36  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

Goldman Sachs & Co.

    12/5/2018    USD      47,970      SGD      65,800      $ —      $ (3 ) 

Goldman Sachs & Co.

    12/5/2018    USD      178,718      SGD      245,200        29        —  

JP Morgan & Chase Co.

    12/5/2018    USD      733,167      SGD      1,005,900        117        —  

JP Morgan & Chase Co.

    12/5/2018    USD      8,917      TRY      48,000        262        —  

JP Morgan & Chase Co.

    12/5/2018    USD      173,412      TRY      911,400        876        —  

Goldman Sachs & Co.

    12/5/2018    USD      2,613,462      TWD      80,622,700        5,166        —  

Goldman Sachs & Co.

    12/5/2018    USD      148,972      TWD      4,577,600        —        (291 ) 

Goldman Sachs & Co.

    12/5/2018    USD      382,671      TWD      11,810,000        918        —  

JP Morgan & Chase Co.

    12/5/2018    USD      206,248      TWD      6,351,400        46        —  

Goldman Sachs & Co.

    12/5/2018    USD      77,710      ZAR      1,088,100        755        —  

Goldman Sachs & Co.

    12/5/2018    USD      1,386,546      ZAR      19,228,400        55        —  

Goldman Sachs & Co.

    12/5/2018    USD      168,153      ZAR      2,493,000        11,622        —  

JP Morgan & Chase Co.

    12/5/2018    USD      104,198      ZAR      1,445,000        4        —  

Goldman Sachs & Co.

    12/5/2018    ZAR      22,809,500      USD      1,538,558        —        (106,285 ) 

JP Morgan & Chase Co.

    12/5/2018    ZAR      1,445,000      USD      97,462        —        (6,740 ) 

Goldman Sachs & Co.

    12/6/2018    THB      19,299,400      USD      582,623        —        (4,355 ) 

Goldman Sachs & Co.

    12/6/2018    USD      556,515      THB      18,334,400        1,113        —  

Goldman Sachs & Co.

    12/6/2018    USD      29,367      THB      965,000        —        (17 ) 

Goldman Sachs & Co.

    1/4/2019    AUD      276,400      USD      201,952        —        (194 ) 

JP Morgan & Chase Co.

    1/4/2019    AUD      5,076,700      USD      3,708,986        —        (3,875 ) 

RBC Capital Markets

    1/4/2019    AUD      1,186,300      USD      866,705        —        (900 ) 

Goldman Sachs & Co.

    1/4/2019    BRL      5,727,500      USD      1,476,084        —        (2,249 ) 

JP Morgan & Chase Co.

    1/4/2019    BRL      1,412,900      USD      363,943        —        (742 ) 

Goldman Sachs & Co.

    1/4/2019    CAD      6,066,700      USD      4,568,852        —        (1,942 ) 

JP Morgan & Chase Co.

    1/4/2019    CAD      592,000      USD      445,838        —        (188 ) 

RBC Capital Markets

    1/4/2019    CAD      150,000      USD      112,963        —        (51 ) 

RBC Capital Markets

    1/4/2019    CAD      1,916,300      USD      1,443,138        —        (647 ) 

Goldman Sachs & Co.

    1/4/2019    CHF      4,720,800      USD      4,741,473        —        (3,930 ) 

JP Morgan & Chase Co.

    1/4/2019    CHF      549,600      USD      551,907        —        (557 ) 

RBC Capital Markets

    1/4/2019    CHF      75,000      USD      75,321        —        (70 ) 

RBC Capital Markets

    1/4/2019    CHF      578,100      USD      580,527        —        (586 ) 

Goldman Sachs & Co.

    1/4/2019    CLP      163,726,700      USD      243,328        —        (497 ) 

JP Morgan & Chase Co.

    1/4/2019    CLP      13,480,400      USD      20,029        —        (46 ) 

JP Morgan & Chase Co.

    1/4/2019    CNH      410,400      USD      58,940        —        (36 ) 

Goldman Sachs & Co.

    1/4/2019    COP      332,003,700      USD      102,372        —        (81 ) 

JP Morgan & Chase Co.

    1/4/2019    COP      23,380,500      USD      7,211        —        (4 ) 

Goldman Sachs & Co.

    1/4/2019    CZK      1,161,500      USD      50,741        —        (73 ) 

Goldman Sachs & Co.

    1/4/2019    DKK      6,980,700      USD      1,062,641        —        (358 ) 

JP Morgan & Chase Co.

    1/4/2019    DKK      521,000      USD      79,306        —        (30 ) 

Goldman Sachs & Co.

    1/4/2019    EUR      4,675,800      USD      5,310,783        —        (2,238 ) 

JP Morgan & Chase Co.

    1/4/2019    EUR      11,752,000      USD      13,346,746        —        (6,825 ) 

RBC Capital Markets

    1/4/2019    EUR      2,106,600      USD      2,392,423        —        (1,265 ) 

RBC Capital Markets

    1/4/2019    EUR      160,000      USD      181,725        —        (79 ) 

Goldman Sachs & Co.

    1/4/2019    GBP      1,818,800      USD      2,325,174        2,337        —  

JP Morgan & Chase Co.

    1/4/2019    GBP      6,797,200      USD      8,688,793        7,912        —  

RBC Capital Markets

    1/4/2019    GBP      680,000      USD      869,275        829        —  

Goldman Sachs & Co.

    1/4/2019    HKD      18,859,600      USD      2,412,716        —        (245 ) 

Goldman Sachs & Co.

    1/4/2019    HKD      5,000,000      USD      639,470        —        (247 ) 

JP Morgan & Chase Co.

    1/4/2019    HKD      39,400,700      USD      5,038,807        —        (2,252 ) 

Goldman Sachs & Co.

    1/4/2019    HUF      5,831,900      USD      20,439        —        (35 ) 

JP Morgan & Chase Co.

    1/4/2019    HUF      16,042,500      USD      56,233        —        (86 ) 

Goldman Sachs & Co.

    1/4/2019    IDR      1,679,087,700      USD      116,757        —        (40 ) 

JP Morgan & Chase Co.

    1/4/2019    IDR      5,661,765,900      USD      394,989        1,156        —  

Goldman Sachs & Co.

    1/4/2019    ILS      727,400      USD      195,425        —        (704 ) 

Goldman Sachs & Co.

    1/4/2019    INR      8,896,700      USD      127,264        133        —  

JP Morgan & Chase Co.

    1/4/2019    INR      471,000      USD      6,737        6        —  

Goldman Sachs & Co.

    1/4/2019    KRW      813,672,200      USD      726,039        —        (811 ) 

JP Morgan & Chase Co.

    1/4/2019    KRW      3,095,293,500      USD      2,763,606        —        (1,408 ) 

 

See Notes to Financial Statements.   37  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		      Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

Goldman Sachs & Co.

      1/4/2019        MXN        4,347,800        USD        212,697      $ 255      $ —  

JP Morgan & Chase Co.

      1/4/2019        MXN        968,700        USD        47,391        58        —  

The Bank of New York Mellon

      1/4/2019        MXN        9,408,000        USD        460,212        517        —  

Goldman Sachs & Co.

      1/4/2019        MYR        2,708,200        USD        646,179        —        (813 ) 

Goldman Sachs & Co.

      1/4/2019        NOK        2,382,000        USD        277,307        —        (338 ) 

JP Morgan & Chase Co.

      1/4/2019        NOK        276,700        USD        32,213        —        (39 ) 

The Bank of New York Mellon

      1/4/2019        NOK        2,007,700        USD        233,730        —        (287 ) 

Goldman Sachs & Co.

      1/4/2019        NZD        263,400        USD        181,024        —        (142 ) 

JP Morgan & Chase Co.

      1/4/2019        NZD        13,300        USD        9,140        —        (8 ) 

Goldman Sachs & Co.

      1/4/2019        PHP        13,280,600        USD        252,867        100        —  

JP Morgan & Chase Co.

      1/4/2019        PHP        935,300        USD        17,802        —        —  

Goldman Sachs & Co.

      1/4/2019        PLN        29,500        USD        7,788        —        (1 ) 

JP Morgan & Chase Co.

      1/4/2019        PLN        91,500        USD        24,158        —        (1 ) 

The Bank of Nova Scotia

      1/4/2019        PLN        1,270,000        USD        335,314        —        (10 ) 

Goldman Sachs & Co.

      1/4/2019        SEK        106,600        USD        11,753        —        (2 ) 

JP Morgan & Chase Co.

      1/4/2019        SEK        1,093,600        USD        120,565        —        (29 ) 

The Bank of Nova Scotia

      1/4/2019        SEK        15,307,300        USD        1,687,108        —        (855 ) 

Goldman Sachs & Co.

      1/4/2019        SGD        245,200        USD        178,795        —        (56 ) 

JP Morgan & Chase Co.

      1/4/2019        SGD        1,005,900        USD        733,517        —        (197 ) 

Goldman Sachs & Co.

      1/4/2019        THB        18,334,400        USD        556,684        —        (1,614 ) 

JP Morgan & Chase Co.

      1/4/2019        TRY        911,400        USD        170,471        —        (775 ) 

Goldman Sachs & Co.

      1/4/2019        TWD        80,622,700        USD        2,619,406        —        (6,245 ) 

JP Morgan & Chase Co.

      1/4/2019        TWD        6,351,400        USD        206,738        —        (109 ) 

RBC Capital Markets

      1/4/2019        USD        79,266        GBP        62,000        —        (84 ) 

Goldman Sachs & Co.

      1/4/2019        USD        83,220        MXN        1,700,000        —        (154 ) 

Goldman Sachs & Co.

      1/4/2019        ZAR        19,228,400        USD        1,381,445        —        (26 ) 

JP Morgan & Chase Co.

      1/4/2019        ZAR        1,445,000        USD        103,824        7        —  

Goldman Sachs & Co.

      1/7/2019        AED        534,800        USD        145,575        —        (5 ) 

Goldman Sachs & Co.

      1/7/2019        JPY        331,012,300        USD        2,925,434        —        (2,202 ) 

JP Morgan & Chase Co.

      1/7/2019        JPY        228,960,800        USD        2,023,408        —        (1,634 ) 

RBC Capital Markets

      1/7/2019        JPY        248,008,500        USD        2,191,662        —        (1,847 ) 

RBC Capital Markets

      1/7/2019        JPY        40,000,000        USD        353,511        —        (269 ) 

The Bank of New York Mellon

      1/7/2019        JPY        1,050,482,300        USD        9,284,103        —        (6,882 ) 

Goldman Sachs & Co.

      1/7/2019        QAR        858,700        USD        234,990        —        (814 ) 

Goldman Sachs & Co.

      1/8/2019        EGP        632,000        USD        34,956        88        —  

Goldman Sachs & Co.

      1/10/2019        RUB        52,017,800        USD        773,654        1,326        —  

JP Morgan & Chase Co.

      1/10/2019        RUB        10,926,000        USD        162,450        227        —  
                 

 

 

     

 

 

  

Total unrealized appreciation (depreciation)

                   $ 548,610      $ (621,114 ) 
                 

 

 

     

 

 

  

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
 

 

See Notes to Financial Statements.   38  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2018 (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.

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, 2018 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)

      $ 92,035,738      $ —      $ 26,983        $ 92,062,721  

Preferred Stocks (i)

        1,289,002        —        —          1,289,002  

Rights (i)

        0        —        —          0  

Short-Term Investments (i)

        6,742,133        —        —          6,742,133  

Derivatives (j)

                

Forward Foreign Currency Contracts

        —        548,610        —          548,610  

Futures Contracts

        53,622        —        —          53,622  
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ 100,120,495      $ 548,610      $ 26,983        $ 100,696,088  
    

 

 

     

 

 

     

 

 

       

 

 

  
               

Liabilities

      Level 1      Level 2      Level 3        Total  

Derivatives (j)

                

Forward Foreign Currency Contracts

      $ —      $ (621,114 )     $ —        $ (621,114 ) 

Futures Contracts

        (211,630 )       —        —          (211,630 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ (211,630 )     $ (621,114 )     $ —        $ (832,744 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

 

(i)

See Schedule of Investments for additional detailed categorizations.

(j)

Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the period ended November 30, 2018, the amount of transfers between Level 1 and Level 3 was $39,144 and between Level 3 and Level 1 was $2,974. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.

 

See Notes to Financial Statements.   39  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 90.1%    
Australia — 16.8%    

AGL Energy Ltd.

     494     $ 6,792  

Alumina Ltd.

     1,993       3,248  

Amcor Ltd.

     864       8,481  

AMP Ltd.

     2,271       4,034  

APA Group (a)

     902       5,802  

Aristocrat Leisure Ltd.

     445       7,695  

ASX Ltd.

     148       6,522  

Aurizon Holdings Ltd.

     1,492       4,591  

AusNet Services

     1,362       1,538  

Australia & New Zealand Banking Group Ltd.

     2,113       41,390  

Bank of Queensland Ltd.

     298       2,163  

Bendigo & Adelaide Bank Ltd.

     349       2,724  

BHP Billiton Ltd.

     2,475       55,517  

BlueScope Steel Ltd.

     406       3,332  

Boral Ltd.

     888       3,310  

Brambles Ltd.

     1,135       8,520  

Caltex Australia Ltd.

     217       4,366  

Challenger Ltd.

     407       2,832  

CIMIC Group Ltd.

     73       2,166  

Coca-Cola Amatil Ltd.

     430       2,715  

Cochlear Ltd.

     44       5,444  

Coles Group Ltd.*

     882       7,549  

Commonwealth Bank of Australia

     1,310       68,201  

Computershare Ltd.

     341       4,524  

Crown Resorts Ltd.

     278       2,377  

CSL Ltd.

     348       45,122  

Dexus REIT

     746       5,703  

Domino’s Pizza Enterprises Ltd.

     46       1,546  

Flight Centre Travel Group Ltd.

     42       1,500  

Fortescue Metals Group Ltd.

     1,237       3,617  

Goodman Group REIT

     1,196       8,960  

GPT Group REIT

     1,484       5,716  

Harvey Norman Holdings Ltd. (b)

     450       1,039  

Incitec Pivot Ltd.

     1,280       3,518  

Insurance Australia Group Ltd.

     1,683       8,955  

LendLease Group (a)

     472       4,368  

Macquarie Group Ltd.

     245       20,489  

Medibank Pvt Ltd.

     2,104       3,722  

Mirvac Group REIT

     2,673       4,279  

National Australia Bank Ltd.

     2,039       36,721  

Newcrest Mining Ltd.

     628       9,524  

Oil Search Ltd.

     1,047       5,594  

Orica Ltd.

     285       3,645  

Origin Energy Ltd.*

     1,350       6,394  

QBE Insurance Group Ltd.

     998       8,257  

Ramsay Health Care Ltd.

     108       4,280  

REA Group Ltd.

     41       2,280  

Santos Ltd.

     1,397       5,636  

Scentre Group REIT

     3,964       11,299  

SEEK Ltd.

     255       3,444  

Sonic Healthcare Ltd.

     305       5,083  

South32 Ltd.

     3,945       8,939  

Stockland REIT

     1,832       4,874  

Suncorp Group Ltd.

     983       9,570  

Sydney Airport (a)

     766       3,807  
   

Number
of Shares

    

Value

  
Australia (Continued)            

Tabcorp Holdings Ltd.

     1,404     $ 4,402  

Telstra Corp. Ltd.

     3,210       6,874  

TPG Telecom Ltd.

     257       1,351  

Transurban Group (a)

     1,981       16,492  

Treasury Wine Estates Ltd.

     539       5,574  

Vicinity Centres REIT

     2,377       4,639  

Washington H Soul Pattinson & Co. Ltd.

     74       1,418  

Wesfarmers Ltd.

     882       20,365  

Westpac Banking Corp.

     2,538       48,175  

Woodside Petroleum Ltd.

     716       16,254  

Woolworths Group Ltd.

     1,009       21,328  

WorleyParsons Ltd.

     221       2,132  
   

 

 

  
      662,718  
   

 

 

  
China — 25.2%            

3SBio, Inc., 144A (b)

     974       1,434  

51job, Inc., ADR*

     18       1,225  

58.com, Inc., ADR*

     40       2,384  

AAC Technologies Holdings, Inc.

     550       3,898  

Agile Group Holdings Ltd.

     1,929       2,618  

Agricultural Bank of China Ltd., Class H

     22,638       10,243  

Air China Ltd., Class H

     1,413       1,367  

Alibaba Group Holding Ltd., ADR*

     966       155,391  

Aluminum Corp. of China Ltd., Class H*

     3,344       1,197  

Anhui Conch Cement Co. Ltd., Class H

     937       4,892  

ANTA Sports Products Ltd.

     809       3,676  

Autohome, Inc., ADR

     46       3,788  

AviChina Industry & Technology Co. Ltd., Class H

     1,649       1,157  

BAIC Motor Corp. Ltd., Class H, 144A

     1,294       794  

Baidu, Inc., ADR*

     215       40,480  

Bank of China Ltd., Class A

     2,000       1,040  

Bank of China Ltd., Class H

     60,125       26,282  

Bank of Communications Co. Ltd., Class H

     6,673       5,075  

BBMG Corp., Class H (b)

     2,000       644  

BeiGene Ltd., ADR*

     22       3,373  

Beijing Capital International Airport Co. Ltd., Class H

     1,140       1,268  

BOE Technology Group Co. Ltd., Class A

     200       80  

BYD Co. Ltd., Class H

     536       4,018  

BYD Electronic International Co. Ltd.

     483       678  

CGN Power Co. Ltd., Class H, 144A

     8,157       2,023  

China Cinda Asset Management Co. Ltd., Class H

     6,245       1,676  

China CITIC Bank Corp. Ltd., Class H

     7,054       4,472  

China Coal Energy Co. Ltd., Class H

     1,000       400  

China Communications Construction Co. Ltd., Class H

     3,356       3,260  

China Communications Services Corp. Ltd., Class H

     2,329       1,944  

China Conch Venture Holdings Ltd.

     1,372       4,252  

China Construction Bank Corp., Class H

     73,708       62,836  

China Eastern Airlines Corp. Ltd., Class H

     2,000       1,242  

China Everbright Bank Co. Ltd., Class H

     2,178       966  

China Evergrande Group (b)

     1,887       5,945  

China Galaxy Securities Co. Ltd., Class H

     3,526       1,893  

China Hongqiao Group Ltd.

     1,500       930  
 

 

See Notes to Financial Statements.   40  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
China (Continued)            

China Huarong Asset Management Co. Ltd., Class H, 144A

     9,778     $ 2,012  

China International Capital Corp. Ltd., Class H, 144A (b)

     800       1,521  

China Life Insurance Co. Ltd., Class H

     5,641       12,113  

China Literature Ltd., 144A*

     115       603  

China Longyuan Power Group Corp. Ltd., Class H

     2,288       1,798  

China Medical System Holdings Ltd.

     953       1,039  

China Merchants Bank Co. Ltd., Class A

     100       411  

China Merchants Bank Co. Ltd., Class H

     2,809       11,614  

China Minsheng Banking Corp. Ltd., Class A

     1,200       1,054  

China Minsheng Banking Corp. Ltd., Class H

     5,001       3,695  

China Molybdenum Co. Ltd., Class H

     489       199  

China National Building Material Co. Ltd., Class H

     2,861       2,227  

China Oriental Group Co. Ltd.

     800       513  

China Pacific Insurance Group Co. Ltd., Class H

     1,999       7,077  

China Petroleum & Chemical Corp., Class H

     19,423       16,509  

China Railway Construction Corp. Ltd., Class H

     1,465       1,876  

China Railway Group Ltd., Class H

     3,279       3,013  

China Railway Signal & Communication Corp. Ltd., Class H, 144A

     1,000       707  

China Resources Pharmaceutical Group Ltd., 144A

     1,448       2,128  

China Shenhua Energy Co. Ltd., Class H

     2,605       5,787  

China Southern Airlines Co. Ltd., Class H

     1,486       1,012  

China State Construction Engineering Corp. Ltd., Class A

     600       499  

China Telecom Corp. Ltd., Class H

     10,002       5,382  

China Tower Corp. Ltd., Class H, 144A*

     28,000       4,151  

China United Network Communications Ltd., Class A

     400       304  

China Vanke Co. Ltd., Class H

     961       3,304  

China Zhongwang Holdings Ltd.

     1,200       554  

Chongqing Changan Automobile Co. Ltd., Class A

     800       710  

Chongqing Rural Commercial Bank Co. Ltd., Class H

     1,802       1,053  

CIFI Holdings Group Co. Ltd.

     2,130       1,067  

CITIC Securities Co. Ltd., Class H

     1,866       3,482  

CNOOC Ltd.

     14,022       23,836  

COSCO SHIPPING Energy Transportation Co., Ltd., Class H

     2,000       1,081  

COSCO SHIPPING Holdings Co. Ltd.,
Class A*

     1,400       827  

COSCO SHIPPING Holdings Co. Ltd.,
Class H*

     1,541       626  

Country Garden Holdings Co. Ltd.

     6,048       7,436  

Country Garden Services Holdings Co.
Ltd.*

     1,000       1,656  

CRRC Corp. Ltd., Class H

     3,349       3,125  
   

Number
of Shares

    

Value

  
China (Continued)            

CSPC Pharmaceutical Group Ltd.

     3,588     $ 7,264  

Ctrip.com International Ltd., ADR*(b)

     319       9,203  

Dali Foods Group Co. Ltd., 144A

     1,500       1,106  

Datang International Power Generation Co. Ltd., Class H

     2,000       491  

Dongfeng Motor Group Co. Ltd., Class H

     1,670       1,612  

ENN Energy Holdings Ltd.

     574       5,154  

Fosun International Ltd.

     2,068       3,288  

Future Land Development Holdings Ltd. (b)

     2,000       1,350  

Fuyao Glass Industry Group Co. Ltd., Class H, 144A

     386       1,191  

GDS Holdings Ltd., ADR*(b)

     42       1,239  

Geely Automobile Holdings Ltd.

     3,707       7,306  

Genscript Biotech Corp.*

     523       909  

GF Securities Co. Ltd., Class H

     1,317       1,953  

GOME Retail Holdings Ltd.*(b)

     7,803       698  

Great Wall Motor Co. Ltd., Class H

     2,394       1,530  

Greentown China Holdings Ltd.

     500       408  

Guangzhou Automobile Group Co. Ltd., Class H

     2,231       2,321  

Guangzhou R&F Properties Co. Ltd., Class H

     817       1,266  

Guotai Junan Securities Co. Ltd., Class H, 144A

     462       960  

Haitong Securities Co. Ltd., Class A

     800       1,088  

Haitong Securities Co. Ltd., Class H

     2,192       2,275  

Hengan International Group Co. Ltd.

     548       4,479  

HengTen Networks Group Ltd.*

     13,230       457  

Huaneng Power International, Inc., Class H

     4,436       2,767  

Huaneng Renewables Corp. Ltd., Class H

     4,616       1,451  

Huatai Securities Co. Ltd., Class H, 144A

     1,665       2,754  

Huaxia Bank Co. Ltd., Class A

     1,000       1,122  

Huazhu Group Ltd., ADR (b)

     96       3,028  

Hubei Energy Group Co. Ltd., Class A

     1,700       884  

Industrial & Commercial Bank of China Ltd., Class A

     200       154  

Industrial & Commercial Bank of China Ltd., Class H

     52,351       37,202  

Industrial Bank Co. Ltd., Class A

     100       230  

Inner Mongolia Yitai Coal Co. Ltd., Class B

     800       975  

JD.com, Inc., ADR*(b)

     495       10,509  

Jiangsu Expressway Co. Ltd., Class H

     926       1,245  

Jiangxi Copper Co. Ltd., Class H

     693       837  

Kaisa Group Holdings Ltd.*

     1,216       390  

Kingsoft Corp. Ltd.

     633       1,058  

KWG Group Holdings Ltd.*

     1,000       890  

Legend Holdings Corp., Class H, 144A

     300       884  

Lenovo Group Ltd.

     5,474       3,953  

Logan Property Holdings Co. Ltd.

     2,000       2,339  

Longfor Group Holdings Ltd.

     1,248       3,509  

Luye Pharma Group Ltd., 144A

     1,000       798  

Maanshan Iron & Steel Co. Ltd., Class H

     2,000       920  

Meitu, Inc., 144A*

     1,012       420  

Metallurgical Corp. of China Ltd., Class H

     2,000       509  

Midea Group Co. Ltd., Class A

     100       557  

Minth Group Ltd.

     516       1,731  

Momo, Inc., ADR*

     63       1,975  
 

 

See Notes to Financial Statements.   41  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
China (Continued)            

NetEase, Inc., ADR

     62     $ 14,078  

New China Life Insurance Co. Ltd., Class H

     621       2,718  

New Oriental Education & Technology Group, Inc., ADR*

     106       6,059  

Noah Holdings Ltd., ADR*

     21       1,022  

People’s Insurance Co. Group of China Ltd., Class H

     5,790       2,494  

PetroChina Co. Ltd., Class A

     1,000       1,096  

PetroChina Co. Ltd., Class H

     15,997       11,225  

PICC Property & Casualty Co. Ltd., Class H

     5,230       5,368  

Ping An Bank Co. Ltd., Class A

     100       149  

Ping An Insurance Group Co. of China Ltd., Class H

     3,803       36,795  

Postal Savings Bank of China Co. Ltd., Class H, 144A

     1,631       986  

SAIC Motor Corp. Ltd., Class A

     100       358  

Semiconductor Manufacturing International Corp.*

     2,292       2,106  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

     1,428       1,341  

Shanghai Electric Group Co. Ltd., Class H

     3,304       1,123  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

     418       1,442  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

     618       834  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

     654       1,613  

Shanghai Pudong Development Bank Co. Ltd., Class A

     100       154  

Shenwan Hongyuan Group Co. Ltd., Class A

     1,700       1,087  

Shenzhou International Group Holdings Ltd.

     567       6,885  

Shui On Land Ltd.

     2,278       539  

Sihuan Pharmaceutical Holdings Group Ltd.

     2,895       644  

SINA Corp.*

     48       3,109  

Sino-Ocean Group Holding Ltd.

     2,412       1,079  

Sinopec Engineering Group Co. Ltd., Class H

     1,000       927  

Sinopec Shanghai Petrochemical Co. Ltd., Class H

     2,817       1,278  

Sinopharm Group Co. Ltd., Class H

     1,132       5,578  

Sinotrans Ltd., Class H

     1,518       607  

SOHO China Ltd.*

     943       352  

Sunac China Holdings Ltd. (b)

     1,780       5,915  

Sunny Optical Technology Group Co. Ltd.

     440       4,257  

TAL Education Group, ADR*

     281       7,888  

Tencent Holdings Ltd.

     4,333       172,788  

Tingyi Cayman Islands Holding Corp.

     1,488       1,928  

Tong Ren Tang Technologies Co. Ltd., Class H

     1,000       1,431  

TravelSky Technology Ltd., Class H

     707       1,902  

Tsingtao Brewery Co. Ltd., Class H

     272       1,107  

Uni-President China Holdings Ltd.

     1,000       911  

Vipshop Holdings Ltd., ADR*

     310       1,789  

Want Want China Holdings Ltd.

     4,080       3,009  
   

Number
of Shares

    

Value

  
China (Continued)            

Weibo Corp., ADR*

     22     $ 1,401  

Weichai Power Co. Ltd., Class H

     2,603       2,795  

Wuliangye Yibin Co. Ltd., Class A

     100       754  

Wuxi Biologics Cayman, Inc., 144A*

     461       3,865  

Xinjiang Goldwind Science & Technology Co. Ltd., Class H

     439       434  

Xinyi Solar Holdings Ltd.

     2,582       967  

Yangzijiang Shipbuilding Holdings Ltd.

     2,202       1,990  

Yihai International Holding Ltd.

     325       872  

Yum China Holdings, Inc.

     278       9,961  

Yuzhou Properties Co. Ltd.

     1,000       438  

YY, Inc., ADR*

     19       1,293  

Zhejiang Expressway Co. Ltd., Class H

     1,087       913  

ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*

     100       410  

Zhongsheng Group Holdings Ltd.

     356       723  

Zhuzhou CRRC Times Electric Co. Ltd., Class H

     390       2,094  

Zijin Mining Group Co. Ltd., Class H

     4,272       1,611  

ZTE Corp., Class H*

     613       1,205  
   

 

 

  
      993,178  
   

 

 

  
Hong Kong — 12.8%            

AIA Group Ltd.

     9,322       76,075  

Alibaba Health Information Technology
Ltd.*

     3,023       2,705  

Alibaba Pictures Group Ltd.*(b)

     9,422       1,469  

ASM Pacific Technology Ltd.

     247       2,526  

Bank of East Asia Ltd.

     887       2,987  

Beijing Enterprises Holdings Ltd.

     224       1,314  

Beijing Enterprises Water Group Ltd.*

     3,233       1,872  

BOC Hong Kong Holdings Ltd.

     2,805       10,935  

Brilliance China Automotive Holdings Ltd.

     2,292       2,027  

China Ding Yi Feng Holdings Ltd.*

     700       2,040  

China Everbright International Ltd.

     3,196       2,794  

China Everbright Ltd.

     840       1,565  

China First Capital Group Ltd.*

     2,000       971  

China Gas Holdings Ltd.

     1,324       4,544  

China Jinmao Holdings Group Ltd.

     4,022       1,928  

China Mengniu Dairy Co. Ltd.*

     2,084       6,446  

China Merchants Port Holdings Co. Ltd.

     1,160       2,108  

China Mobile Ltd.

     4,449       44,154  

China Overseas Land & Investment Ltd.

     2,907       10,143  

China Power International Development Ltd.

     2,000       468  

China Resources Beer Holdings Co. Ltd.

     1,281       4,339  

China Resources Cement Holdings Ltd.

     1,382       1,349  

China Resources Gas Group Ltd.

     674       2,718  

China Resources Land Ltd.

     2,102       7,791  

China Resources Power Holdings Co. Ltd.

     1,459       2,764  

China State Construction International Holdings Ltd.

     1,530       1,334  

China Taiping Insurance Holdings Co. Ltd.

     621       2,056  

China Traditional Chinese Medicine Holdings Co. Ltd.

     1,434       953  

China Travel International Investment Hong Kong Ltd.

     2,112       586  
 

 

See Notes to Financial Statements.   42  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Hong Kong (Continued)            

China Unicom Hong Kong Ltd.

     4,539     $ 5,262  

CITIC Ltd.

     3,936       6,319  

CK Asset Holdings Ltd.

     2,035       14,656  

CK Hutchison Holdings Ltd.

     2,036       21,286  

CK Infrastructure Holdings Ltd.

     502       3,818  

CLP Holdings Ltd.

     1,245       13,725  

COSCO SHIPPING Ports Ltd.

     1,210       1,228  

Dairy Farm International Holdings Ltd.

     200       1,760  

Far East Horizon Ltd.

     1,638       1,631  

Fullshare Holdings Ltd.*(b)

     5,451       2,062  

Galaxy Entertainment Group Ltd.

     1,731       10,631  

Guangdong Investment Ltd.

     1,990       3,841  

Haier Electronics Group Co. Ltd.*

     1,070       2,492  

Hang Lung Group Ltd.

     727       2,016  

Hang Lung Properties Ltd.

     1,535       3,108  

Hang Seng Bank Ltd.

     571       13,180  

Henderson Land Development Co. Ltd.

     999       5,133  

HK Electric Investments & HK Electric Investments Ltd. (a)

     2,180       2,090  

HKT Trust & HKT Ltd. (a)

     2,871       4,154  

Hong Kong & China Gas Co. Ltd.

     6,999       14,116  

Hong Kong Exchanges & Clearing Ltd.

     858       25,003  

Hongkong Land Holdings Ltd.

     900       5,859  

Hutchison China MediTech Ltd., ADR*

     37       1,275  

Hysan Development Co. Ltd.

     475       2,271  

Jardine Matheson Holdings Ltd.

     142       9,376  

Jardine Strategic Holdings Ltd.

     200       7,700  

Jiayuan International Group Ltd.

     616       1,104  

Kerry Properties Ltd.

     492       1,688  

Kingboard Holdings Ltd.

     635       1,814  

Kingboard Laminates Holdings Ltd.

     885       843  

Kunlun Energy Co. Ltd.

     1,966       2,380  

Lee & Man Paper Manufacturing Ltd.

     1,418       1,285  

Link REIT

     1,679       15,987  

Melco Resorts & Entertainment Ltd., ADR

     187       3,379  

MTR Corp. Ltd.

     1,154       5,988  

New World Development Co. Ltd.

     4,623       6,216  

Nine Dragons Paper Holdings Ltd.

     451       457  

NWS Holdings Ltd.

     1,415       2,977  

PCCW Ltd.

     3,633       2,131  

Power Assets Holdings Ltd.

     897       6,076  

Shanghai Industrial Holdings Ltd.

     244       532  

Shangri-La Asia Ltd.

     950       1,348  

Shenzhen International Holdings Ltd.

     521       1,045  

Shimao Property Holdings Ltd.

     1,023       2,529  

Sino Biopharmaceutical Ltd.

     5,190       4,736  

Sino Land Co. Ltd.

     2,442       4,201  

SJM Holdings Ltd.

     1,243       1,120  

SSY Group Ltd.

     950       975  

Sun Art Retail Group Ltd.

     1,738       1,941  

Sun Hung Kai Properties Ltd.

     1,159       16,517  

Swire Pacific Ltd., Class A

     378       4,179  

Swire Properties Ltd.

     899       3,131  

Techtronic Industries Co. Ltd.

     1,043       5,612  

Towngas China Co. Ltd.*

     827       645  

WH Group Ltd., 144A

     6,568       4,793  

Wharf Holdings Ltd.

     926       2,480  
   

Number
of Shares

    

Value

  
Hong Kong (Continued)            

Wharf Real Estate Investment Co. Ltd.

     926     $ 5,569  

Wheelock & Co. Ltd.

     616       3,535  

Yue Yuen Industrial Holdings Ltd.

     563       1,637  

Yuexiu Property Co. Ltd.

     4,000       741  
   

 

 

  
      506,544  
   

 

 

  
Indonesia — 2.2%            

PT Adaro Energy Tbk

     11,783       1,059  

PT Astra International Tbk

     15,449       9,235  

PT Bank Central Asia Tbk

     7,478       13,620  

PT Bank Danamon Indonesia Tbk

     2,232       1,159  

PT Bank Mandiri Persero Tbk

     14,304       7,401  

PT Bank Negara Indonesia Persero Tbk

     5,746       3,415  

PT Bank Rakyat Indonesia Persero Tbk

     42,278       10,701  

PT Bank Tabungan Negara Persero Tbk

     2,895       540  

PT Bukit Asam Tbk

     2,000       562  

PT Bumi Serpong Damai Tbk*

     5,822       549  

PT Charoen Pokphand Indonesia Tbk

     5,409       2,250  

PT Gudang Garam Tbk

     360       2,064  

PT Hanjaya Mandala Sampoerna Tbk

     8,048       2,071  

PT Indah Kiat Pulp & Paper Corp. Tbk

     2,000       1,468  

PT Indocement Tunggal Prakarsa Tbk

     1,395       1,863  

PT Indofood CBP Sukses Makmur Tbk

     1,765       1,216  

PT Indofood Sukses Makmur Tbk

     3,544       1,635  

PT Jasa Marga Persero Tbk

     2,336       675  

PT Kalbe Farma Tbk

     20,806       2,218  

PT Pabrik Kertas Tjiwi Kimia Tbk

     1,000       792  

PT Pakuwon Jati Tbk

     18,432       760  

PT Perusahaan Gas Negara Persero Tbk

     8,644       1,182  

PT Semen Indonesia Persero Tbk

     2,268       1,907  

PT Surya Citra Media Tbk

     5,129       687  

PT Telekomunikasi Indonesia Persero Tbk

     38,998       10,034  

PT Tower Bersama Infrastructure Tbk

     1,545       433  

PT Unilever Indonesia Tbk

     1,113       3,288  

PT United Tractors Tbk

     1,353       2,601  
   

 

 

  
      85,385  
   

 

 

  
Ireland — 0.1%            

James Hardie Industries PLC CDI (c)

     332       3,882  
   

 

 

  
Macau — 0.3%            

MGM China Holdings Ltd. (b)

     759       1,296  

Sands China Ltd.

     1,901       8,225  

Wynn Macau Ltd.

     1,231       2,797  
   

 

 

  
      12,318  
   

 

 

  
Malaysia — 2.2%            

AirAsia Group Bhd

     1,200       883  

Alliance Bank Malaysia Bhd

     676       662  

AMMB Holdings Bhd

     1,200       1,222  

Astro Malaysia Holdings Bhd

     1,200       344  

Axiata Group Bhd

     2,036       1,766  

British American Tobacco Malaysia Bhd

     150       1,351  

CIMB Group Holdings Bhd

     3,600       4,955  

Dialog Group Bhd

     2,800       2,121  

DiGi.Com Bhd

     2,302       2,333  

FGV Holdings Bhd

     1,500       317  

Fraser & Neave Holdings Bhd

     100       796  
 

 

See Notes to Financial Statements.   43  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Malaysia (Continued)            

Gamuda Bhd

     1,200     $ 677  

Genting Bhd

     1,700       2,551  

Genting Malaysia Bhd

     2,353       1,608  

Genting Plantations Bhd

     200       454  

HAP Seng Consolidated Bhd

     500       1,177  

Hartalega Holdings Bhd

     900       1,377  

Hong Leong Bank Bhd

     551       2,684  

Hong Leong Financial Group Bhd

     225       1,037  

IHH Healthcare Bhd

     1,476       1,894  

IJM Corp. Bhd

     2,300       896  

IOI Corp. Bhd

     1,500       1,523  

IOI Properties Group Bhd

     1,225       477  

Kuala Lumpur Kepong Bhd

     500       2,927  

Malayan Banking Bhd

     3,302       7,410  

Malaysia Airports Holdings Bhd

     625       1,146  

Maxis Bhd

     1,501       1,948  

MISC Bhd

     925       1,359  

Nestle Malaysia Bhd

     33       1,178  

Petronas Chemicals Group Bhd

     1,800       3,957  

Petronas Dagangan Bhd

     100       617  

Petronas Gas Bhd

     575       2,603  

PPB Group Bhd

     360       1,514  

Press Metal Aluminium Holdings Bhd

     900       1,024  

Public Bank Bhd

     2,226       13,257  

QL Resources Bhd

     400       675  

RHB Bank Bhd

     600       753  

Sime Darby Bhd

     1,746       956  

Sime Darby Plantation Bhd

     1,746       1,961  

Sime Darby Property Bhd

     1,746       415  

SP Setia Bhd Group

     600       308  

Telekom Malaysia Bhd

     851       474  

Tenaga Nasional Bhd

     2,200       7,487  

Top Glove Corp. Bhd

     1,100       1,569  

Westports Holdings Bhd

     800       721  

YTL Corp. Bhd

     3,470       929  
   

 

 

  
      88,293  
   

 

 

  
New Zealand — 0.6%            

a2 Milk Co. Ltd.*

     551       3,920  

Auckland International Airport Ltd.

     764       3,781  

Fisher & Paykel Healthcare Corp. Ltd.

     382       3,493  

Fletcher Building Ltd.*

     783       2,562  

Meridian Energy Ltd.

     979       2,224  

Ryman Healthcare Ltd.

     296       2,358  

Spark New Zealand Ltd.

     1,272       3,699  
   

 

 

  
      22,037  
   

 

 

  
Philippines — 1.0%            

Aboitiz Equity Ventures, Inc.

     1,497       1,491  

Aboitiz Power Corp.

     1,150       695  

Alliance Global Group, Inc.*

     3,000       654  

Ayala Corp.

     215       3,901  

Ayala Land, Inc.

     6,126       4,867  

Bank of the Philippine Islands

     845       1,515  

BDO Unibank, Inc.

     1,429       3,549  

DMCI Holdings, Inc.

     3,000       706  

Globe Telecom, Inc.

     25       940  
   

Number
of Shares

    

Value

  
Philippines (Continued)            

GT Capital Holdings, Inc.

     62     $ 1,050  

International Container Terminal Services, Inc.

     383       683  

JG Summit Holdings, Inc.

     2,540       2,336  

Jollibee Foods Corp.

     348       1,848  

Manila Electric Co.

     270       1,979  

Megaworld Corp.

     8,700       748  

Metro Pacific Investments Corp.

     11,900       1,067  

Metropolitan Bank & Trust Co.

     229       326  

PLDT, Inc.

     75       1,657  

Robinsons Land Corp.

     1,161       453  

Security Bank Corp.

     120       369  

SM Investments Corp.

     177       3,068  

SM Prime Holdings, Inc.

     7,357       4,870  

Universal Robina Corp.

     700       1,709  
   

 

 

  
      40,481  
   

 

 

  
Singapore — 3.3%            

Ascendas Real Estate Investment Trust REIT

     1,750       3,278  

BOC Aviation Ltd., 144A (b)

     171       1,318  

CapitaLand Commercial Trust REIT

     1,823       2,312  

CapitaLand Ltd.

     2,051       4,664  

CapitaLand Mall Trust REIT

     1,801       2,954  

City Developments Ltd.

     250       1,536  

ComfortDelGro Corp. Ltd.

     1,700       2,602  

DBS Group Holdings Ltd.

     1,300       23,102  

Genting Singapore Ltd.

     4,603       3,254  

Golden Agri-Resources Ltd.

     5,503       983  

Jardine Cycle & Carriage Ltd.

     100       2,566  

Keppel Corp. Ltd.

     1,100       4,859  

Oversea-Chinese Banking Corp. Ltd.

     2,394       19,649  

SATS Ltd.

     400       1,397  

Sembcorp Industries Ltd.

     650       1,237  

Singapore Airlines Ltd.

     400       2,773  

Singapore Exchange Ltd.

     650       3,468  

Singapore Press Holdings Ltd.

     1,150       2,213  

Singapore Technologies Engineering Ltd.

     1,150       2,976  

Singapore Telecommunications Ltd.

     6,503       14,600  

Suntec Real Estate Investment Trust REIT

     1,800       2,309  

United Overseas Bank Ltd.

     1,017       18,644  

UOL Group Ltd.

     358       1,594  

Venture Corp. Ltd.

     200       2,174  

Wilmar International Ltd.

     1,450       3,213  
   

 

 

  
      129,675  
   

 

 

  
South Korea — 12.4%            

Amorepacific Corp.

     24       3,693  

AMOREPACIFIC Group

     20       1,158  

BGF retail Co. Ltd.

     6       1,041  

BNK Financial Group, Inc.

     196       1,341  

Celltrion Healthcare Co. Ltd.*

     28       1,966  

Celltrion Pharm, Inc.*

     11       650  

Celltrion, Inc.*

     59       12,606  

Cheil Worldwide, Inc.

     53       1,109  

CJ CheilJedang Corp.

     6       1,798  

CJ Corp.

     9       1,048  
 

 

See Notes to Financial Statements.   44  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
South Korea (Continued)            

CJ ENM Co. Ltd.

     9     $ 1,871  

CJ Logistics Corp.*

     5       709  

Coway Co. Ltd.

     43       3,007  

Daelim Industrial Co. Ltd.

     21       1,776  

Daewoo Engineering & Construction Co. Ltd.*

     94       417  

Daewoo Shipbuilding & Marine Engineering Co. Ltd.*

     26       762  

DB Insurance Co. Ltd.

     32       1,933  

DGB Financial Group, Inc.

     126       989  

Doosan Bobcat, Inc.

     27       791  

E-MART, Inc.

     15       2,609  

Fila Korea Ltd.

     34       1,541  

GS Engineering & Construction Corp.

     44       1,711  

GS Holdings Corp.

     40       1,838  

GS Retail Co. Ltd.

     20       678  

Hana Financial Group, Inc.

     231       7,748  

Hankook Tire Co. Ltd.

     59       2,253  

Hanmi Pharm. Co. Ltd.

     5       1,974  

Hanmi Science Co. Ltd.

     11       729  

Hanon Systems

     165       1,546  

Hanwha Chemical Corp.

     82       1,383  

Hanwha Corp.

     30       803  

Hanwha Life Insurance Co. Ltd.

     222       879  

HDC Hyundai Development Co-Engineering & Construction, Class E*

     16       600  

HLB, Inc.*

     23       1,734  

Hotel Shilla Co. Ltd.

     23       1,771  

Hyundai Department Store Co. Ltd.

     12       1,005  

Hyundai Engineering & Construction Co. Ltd.

     55       2,699  

Hyundai Glovis Co. Ltd.

     13       1,432  

Hyundai Heavy Industries Co. Ltd.*

     29       3,415  

Hyundai Heavy Industries Holdings Co. Ltd.*

     6       2,114  

Hyundai Marine & Fire Insurance Co. Ltd.

     49       1,751  

Hyundai Mobis Co. Ltd.

     52       8,373  

Hyundai Motor Co.

     105       10,023  

Hyundai Steel Co.

     58       2,230  

Industrial Bank of Korea

     191       2,522  

Kakao Corp.

     36       3,613  

Kangwon Land, Inc.

     88       2,532  

KB Financial Group, Inc.

     287       12,085  

KCC Corp.

     5       1,244  

Kia Motors Corp.

     193       5,251  

Korea Aerospace Industries Ltd.*

     55       1,555  

Korea Electric Power Corp.

     207       5,485  

Korea Gas Corp.*

     21       955  

Korea Investment Holdings Co. Ltd.

     31       1,872  

Korea Zinc Co. Ltd.

     7       2,657  

Korean Air Lines Co. Ltd.

     33       939  

KT Corp.

     25       680  

KT&G Corp.

     88       8,165  

Kumho Petrochemical Co. Ltd.

     14       1,152  

LG Chem Ltd.

     33       10,171  

LG Corp.

     73       4,702  

LG Display Co. Ltd.

     199       3,116  
   

Number
of Shares

    

Value

  
South Korea (Continued)            

LG Electronics, Inc.

     78     $ 5,045  

LG Household & Health Care Ltd.

     7       7,244  

LG Innotek Co. Ltd.

     11       979  

LG Uplus Corp.

     82       1,295  

Lotte Chemical Corp.

     14       3,403  

Lotte Corp.*

     22       1,085  

Lotte Shopping Co. Ltd.

     8       1,538  

Medy-Tox, Inc.

     3       1,508  

Mirae Asset Daewoo Co. Ltd.

     279       1,772  

NAVER Corp.

     108       12,188  

NCSoft Corp.

     14       6,395  

Netmarble Corp., 144A

     20       2,328  

NH Investment & Securities Co. Ltd.

     108       1,334  

OCI Co. Ltd.

     12       1,119  

Orange Life Insurance Ltd., 144A

     23       618  

Orion Corp.

     15       1,492  

Ottogi Corp.

     1       661  

Pan Ocean Co. Ltd.*

     162       662  

Pearl Abyss Corp.*

     4       685  

POSCO

     59       13,027  

POSCO Chemtech Co. Ltd.

     16       966  

Posco Daewoo Corp.

     54       930  

S-1 Corp.

     15       1,289  

Samsung Biologics Co. Ltd., 144A*(d)

     13       3,879  

Samsung C&T Corp.

     59       5,395  

Samsung Card Co. Ltd.

     26       749  

Samsung Electro-Mechanics Co. Ltd.

     46       4,945  

Samsung Electronics Co. Ltd.

     3,622       135,225  

Samsung Engineering Co. Ltd.*

     115       1,995  

Samsung Fire & Marine Insurance Co. Ltd.

     21       5,105  

Samsung Heavy Industries Co. Ltd.*

     355       2,350  

Samsung Life Insurance Co. Ltd.

     53       4,090  

Samsung SDI Co. Ltd.

     42       7,737  

Samsung SDS Co. Ltd.

     26       4,546  

Samsung Securities Co. Ltd.

     49       1,362  

Shinhan Financial Group Co. Ltd.

     325       11,945  

Shinsegae Inc.

     6       1,558  

SillaJen, Inc.*

     44       2,775  

SK Holdings Co. Ltd.

     24       6,027  

SK Hynix, Inc.

     435       27,009  

SK Innovation Co. Ltd.

     50       8,765  

SK Telecom Co. Ltd.

     17       4,390  

S-Oil Corp.

     33       3,253  

ViroMed Co. Ltd.*

     10       1,760  

Woori Bank

     357       4,984  

Yuhan Corp.

     6       1,218  
   

 

 

  
      488,825  
   

 

 

  
Taiwan — 10.5%            

Acer, Inc.*

     2,218       1,433  

Advantech Co. Ltd.

     264       2,001  

Airtac International Group

     62       652  

ASE Technology Holding Co. Ltd.*

     2,759       5,589  

Asia Cement Corp.

     1,876       2,053  

Asustek Computer, Inc.

     536       3,794  

AU Optronics Corp.

     6,200       2,526  

Catcher Technology Co. Ltd.

     509       4,371  
 

 

See Notes to Financial Statements.   45  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Taiwan (Continued)            

Cathay Financial Holding Co. Ltd.

     6,143     $ 9,683  

Chailease Holding Co. Ltd.

     792       2,471  

Chang Hwa Commercial Bank Ltd.

     3,739       2,124  

Cheng Shin Rubber Industry Co. Ltd.

     1,477       2,038  

Chicony Electronics Co. Ltd.

     495       969  

China Airlines Ltd.

     1,778       635  

China Development Financial Holding Corp.

     10,901       3,539  

China Life Insurance Co. Ltd.

     1,873       1,779  

China Steel Corp.

     9,466       7,376  

Chunghwa Telecom Co. Ltd.

     2,881       10,008  

Compal Electronics, Inc.

     2,946       1,683  

CTBC Financial Holding Co. Ltd.

     13,630       9,049  

Delta Electronics, Inc.

     1,480       6,246  

E.Sun Financial Holding Co. Ltd.

     7,225       4,879  

Eclat Textile Co. Ltd.

     134       1,684  

Eva Airways Corp.

     1,409       737  

Evergreen Marine Corp. Taiwan Ltd.

     1,645       622  

Far Eastern New Century Corp.

     2,643       2,441  

Far EasTone Telecommunications Co. Ltd.

     1,211       2,850  

Feng TAY Enterprise Co. Ltd.

     254       1,616  

First Financial Holding Co. Ltd.

     7,017       4,545  

Formosa Chemicals & Fibre Corp.

     2,500       8,644  

Formosa Petrochemical Corp.

     1,060       3,837  

Formosa Plastics Corp.

     3,138       10,188  

Formosa Taffeta Co. Ltd.

     861       939  

Foxconn Technology Co. Ltd.

     698       1,410  

Fubon Financial Holding Co. Ltd.

     5,043       7,990  

Giant Manufacturing Co. Ltd.

     213       989  

Globalwafers Co. Ltd.

     171       2,032  

Highwealth Construction Corp.

     619       943  

Hiwin Technologies Corp.

     168       1,312  

Hon Hai Precision Industry Co. Ltd.

     9,856       23,007  

Hotai Motor Co. Ltd.

     232       1,785  

Hua Nan Financial Holdings Co. Ltd.

     6,232       3,551  

Innolux Corp.

     6,600       2,196  

Inventec Corp.

     1,799       1,291  

Largan Precision Co. Ltd.

     76       8,315  

Lite-On Technology Corp.

     1,604       2,130  

MediaTek, Inc.

     1,140       8,790  

Mega Financial Holding Co. Ltd.

     8,354       6,943  

Micro-Star International Co. Ltd.

     513       1,208  

Nan Ya Plastics Corp.

     3,613       8,715  

Nanya Technology Corp.

     779       1,543  

Nien Made Enterprise Co. Ltd.

     111       813  

Novatek Microelectronics Corp.

     468       1,975  

Pegatron Corp.

     1,463       2,484  

Phison Electronics Corp.

     123       1,002  

Pou Chen Corp.

     1,360       1,479  

Powertech Technology, Inc.

     502       1,178  

President Chain Store Corp.

     434       4,481  

Quanta Computer, Inc.

     2,049       3,323  

Realtek Semiconductor Corp.

     340       1,562  

Ruentex Development Co. Ltd.

     418       664  

Ruentex Industries Ltd.

     234       691  

Shin Kong Financial Holding Co. Ltd.

     8,873       3,010  

SinoPac Financial Holdings Co. Ltd.

     8,624       2,982  
   

Number
of Shares

    

Value

  
Taiwan (Continued)            

Standard Foods Corp.

     449     $ 712  

Synnex Technology International Corp.

     666       784  

TaiMed Biologics, Inc.*

     164       857  

Taishin Financial Holding Co. Ltd.

     7,176       3,157  

Taiwan Business Bank

     2,664       912  

Taiwan Cement Corp.

     3,872       4,337  

Taiwan Cooperative Financial Holding Co. Ltd.

     5,913       3,436  

Taiwan High Speed Rail Corp.

     1,281       1,285  

Taiwan Mobile Co. Ltd.

     1,219       4,314  

Taiwan Semiconductor Manufacturing Co. Ltd.

     18,363       134,437  

Tatung Co. Ltd.*

     1,000       1,315  

Uni-President Enterprises Corp.

     3,521       8,253  

United Microelectronics Corp.

     9,255       3,470  

Vanguard International Semiconductor Corp.

     777       1,635  

Walsin Technology Corp.

     229       1,394  

Win Semiconductors Corp.

     240       986  

Winbond Electronics Corp.

     2,367       1,153  

Wistron Corp.

     2,021       1,283  

WPG Holdings Ltd.

     1,791       2,181  

Yageo Corp.

     179       2,150  

Yuanta Financial Holding Co. Ltd.

     7,994       4,075  

Zhen Ding Technology Holding Ltd.

     361       918  
   

 

 

  
      415,839  
   

 

 

  
Thailand — 2.3%            

Advanced Info Service PCL, NVDR

     798       4,331  

Airports of Thailand PCL, NVDR

     2,900       5,622  

Bangkok Bank PCL, NVDR

     300       1,897  

Bangkok Dusit Medical Services PCL, NVDR

     3,000       2,440  

Bangkok Expressway & Metro PCL, NVDR

     6,500       1,749  

Banpu PCL, NVDR

     2,100       1,079  

Berli Jucker PCL, NVDR

     1,200       1,925  

BTS Group Holdings PCL, NVDR

     4,400       1,264  

Bumrungrad Hospital PCL

     346       1,999  

Central Pattana PCL, NVDR

     1,100       2,534  

Charoen Pokphand Foods PCL, NVDR

     2,000       1,520  

CP ALL PCL, NVDR

     3,611       7,494  

Delta Electronics Thailand PCL, NVDR

     500       1,061  

Electricity Generating PCL, NVDR

     100       730  

Energy Absolute PCL, NVDR

     800       1,168  

Glow Energy PCL, NVDR

     278       735  

Home Product Center PCL, NVDR

     4,600       2,126  

Indorama Ventures PCL, NVDR

     826       1,356  

IRPC PCL, NVDR

     8,563       1,588  

Kasikornbank PCL, NVDR

     1,400       8,237  

Krung Thai Bank PCL, NVDR

     3,004       1,845  

Land & Houses PCL, NVDR

     1,300       399  

Minor International PCL, NVDR

     1,700       1,874  

PTT Exploration & Production PCL, NVDR

     1,100       4,415  

PTT Global Chemical PCL

     1,500       3,580  

PTT PCL, NVDR

     7,300       10,932  

Robinson PCL, NVDR

     500       1,023  

Siam Cement PCL

     100       1,344  

Siam Cement PCL, NVDR

     200       2,688  
 

 

See Notes to Financial Statements.   46  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Thailand (Continued)            

Siam Commercial Bank PCL, NVDR

     1,400     $ 5,917  

Thai Oil PCL, NVDR

     551       1,273  

Thai Union Group PCL, NVDR

     1,500       803  

TMB Bank PCL, NVDR

     10,000       706  

True Corp. PCL, NVDR

     7,600       1,352  
   

 

 

  
      89,006  
   

 

 

  
United Kingdom — 0.4%            

Rio Tinto Ltd.

     259       13,872  
   

 

 

  
United States — 0.0%            

Nexteer Automotive Group Ltd.

     641       965  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $3,602,998)

       3,553,018  
   

 

 

  
EXCHANGE-TRADED FUNDS — 1.0%    

Global X MSCI Pakistan ETF

     270       2,606  

iShares MSCI Hong Kong ETF (b)

     140       3,231  

iShares MSCI Taiwan ETF

     350       11,655  

Xtrackers MSCI All China Equity ETF (e)

     100       3,094  

Xtrackers MSCI China A Inclusion Equity ETF (e)

     782       13,015  
   

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(Cost $34,847)

       33,601  
   

 

 

  
PREFERRED STOCKS — 0.6%    
South Korea — 0.6%    

Amorepacific Corp.

     6       482  

Hyundai Motor Co.

     17       998  

Hyundai Motor Co. — 2nd Preferred

     27       1,681  

LG Chem Ltd.

     6       1,047  

LG Household & Health Care Ltd.

     2       1,195  

Samsung Electronics Co. Ltd.

     646       19,450  
   

 

 

  
      24,853  
   

 

 

  

TOTAL PREFERRED STOCKS
(Cost $22,467)

       24,853  
   

 

 

  
   

Number
of Shares

    

Value

  
RIGHTS — 0.0%    
China — 0.0%    

Fosun International Ltd.*, expires 12/11/18

     5     $ 0  
   

 

 

  
Taiwan — 0.0%            

Taiwan Cement Corp.*, expires 12/08/18

     121       0  
   

 

 

  

TOTAL RIGHTS
(Cost $0)

       0  
   

 

 

  
WARRANT — 0.0%    
Thailand — 0.0%    

BTS Group Holdings PCL*, expires 12/29/19 (d)
(Cost $0)

     488       2  
   

 

 

  
SECURITIES LENDING COLLATERAL — 0.7%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (f)(g)
(Cost $27,135)

     27,135       27,135  
   

 

 

  
CASH EQUIVALENTS — 7.9%    

DWS Government Money Market Series “Institutional Shares”, 2.15% (f)
(Cost $312,951)

     312,951       312,951  
   

 

 

  

TOTAL INVESTMENTS — 100.3%

(Cost $4,000,398)

     $ 3,951,560  

Other assets and liabilities, net — (0.3%)

       (9,913 ) 
   

 

 

  

NET ASSETS — 100.0%

     $ 3,941,647  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

EXCHANGE-TRADED FUNDS — 0.5%

 

Xtrackers MSCI All China Equity ETF (e)

   
—     2,924       —       —       170       —       —       100       3,094  

Xtrackers MSCI China A Inclusion Equity ETF (e)

 

    
—     21,604       (7,222)       (1,010)       (357)       —       —       782       13,015  
               

SECURITIES LENDING COLLATERAL — 0.7%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (f)(g)

 

5,713     21,422 (h)      —       —       —       112       —       27,135       27,135  
               

CASH EQUIVALENTS — 7.9%

 

DWS Government Money Market Series “Institutional Shares”, 2.15%  (f)

 

    
—     398,418       (85,467)       —       —       864       —       312,951       312,951  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
5,713     444,368       (92,689)       (1,010)       (187)       976       —       340,968       356,195  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

See Notes to Financial Statements.   47  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

 

*

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, 2018 amounted to $52,728, which is 1.3% of net assets.

(c)

Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States.

(d)

Investment was valued using significant unobservable inputs.

(e)

Affiliated fund advised by DBX Advisors LLC.

(f)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-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 held non-cash U.S. Treasury securities collateral having a value of $27,515.

(h)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018.

 

ADR:   American Depositary Receipt
CDI:   Chess Depositary Interest
NVDR:   Non Voting Depositary Receipt
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.

At November 30, 2018, open futures contract purchased was as follows:

 

Contract Description

    Currency      Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Appreciation		  

SGX NIFTY 50 Futures

      USD        15      $ 319,979      $ 327,300        12/27/2018      $ 7,321  

As of November 30, 2018, the Fund had the following forward foreign currency contracts outstanding:

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

The Bank of New York Mellon

    12/3/2018    IDR      184,288      USD      13      $ —      $ —  

The Bank of New York Mellon

    12/5/2018    AUD      1,029,500      USD      729,890        —        (22,637 ) 

Goldman Sachs & Co.

    12/5/2018    CNH      65,000      USD      9,307        —        (43 ) 

JP Morgan & Chase Co.

    12/5/2018    CNH      25,000      USD      3,579        —        (18 ) 

JP Morgan & Chase Co.

    12/5/2018    CNH      56,000      USD      8,110        54        —  

The Bank of Nova Scotia

    12/5/2018    CNH      57,000      USD      8,161        —        (39 ) 

Goldman Sachs & Co.

    12/5/2018    HKD      9,894,900      USD      1,263,491        —        (1,381 ) 

RBC Capital Markets

    12/5/2018    IDR      1,151,802,300      USD      75,454        —        (5,019 ) 

RBC Capital Markets

    12/5/2018    KRW      16,000,000      USD      14,052        —        (225 ) 

The Bank of New York Mellon

    12/5/2018    KRW      637,489,000      USD      560,085        —        (8,725 ) 

Goldman Sachs & Co.

    12/5/2018    MYR      397,500      USD      95,016        28        —  

Goldman Sachs & Co.

    12/5/2018    NZD      36,800      USD      24,039        —        (1,260 ) 

Goldman Sachs & Co.

    12/5/2018    PHP      2,356,600      USD      43,952        —        (989 ) 

Goldman Sachs & Co.

    12/5/2018    SGD      191,200      USD      138,155        —        (1,226 ) 

Goldman Sachs & Co.

    12/5/2018    TWD      14,643,500      USD      474,514        —        (1,108 ) 

The Bank of New York Mellon

    12/5/2018    USD      41,123      AUD      58,000        1,273        —  

The Bank of New York Mellon

    12/5/2018    USD      709,453      AUD      971,500        677        —  

Goldman Sachs & Co.

    12/5/2018    USD      9,345      CNH      65,000        6        —  

JP Morgan & Chase Co.

    12/5/2018    USD      11,645      CNH      81,000        8        —  

The Bank of Nova Scotia

    12/5/2018    USD      8,195      CNH      57,000        5        —  

Goldman Sachs & Co.

    12/5/2018    USD      1,109,055      HKD      8,678,900        374        —  

Goldman Sachs & Co.

    12/5/2018    USD      155,276      HKD      1,216,000        166        —  

RBC Capital Markets

    12/5/2018    USD      80,557      IDR      1,151,802,300        —        (84 ) 

RBC Capital Markets

    12/5/2018    USD      14,276      KRW      16,000,000        1        —  

The Bank of New York Mellon

    12/5/2018    USD      500,154      KRW      561,173,000        561        —  

The Bank of New York Mellon

    12/5/2018    USD      66,944      KRW      76,316,000        1,150        —  

Goldman Sachs & Co.

    12/5/2018    USD      5,018      MYR      21,000        —        —  

Goldman Sachs & Co.

    12/5/2018    USD      89,930      MYR      376,500        41        —  

Goldman Sachs & Co.

    12/5/2018    USD      25,279      NZD      36,800        20        —  

Goldman Sachs & Co.

    12/5/2018    USD      40,069      PHP      2,101,600        10        —  

Goldman Sachs & Co.

    12/5/2018    USD      4,777      PHP      255,000        86        —  

 

See Notes to Financial Statements.   48  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		      Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

Goldman Sachs & Co.

      12/5/2018        USD        10,838        SGD        15,000      $ 96      $ —  

Goldman Sachs & Co.

      12/5/2018        USD        128,426        SGD        176,200        21        —  

Goldman Sachs & Co.

      12/5/2018        USD        416,496        TWD        12,848,500        823        —  

Goldman Sachs & Co.

      12/5/2018        USD        58,156        TWD        1,795,000        145        —  

Goldman Sachs & Co.

      12/6/2018        THB        3,066,600        USD        92,577        —        (692 ) 

Goldman Sachs & Co.

      12/6/2018        USD        5,434        THB        180,000        41        —  

Goldman Sachs & Co.

      12/6/2018        USD        87,619        THB        2,886,600        175        —  

The Bank of New York Mellon

      1/4/2019        AUD        971,500        USD        709,807        —        (703 ) 

Goldman Sachs & Co.

      1/4/2019        CNH        65,000        USD        9,332        —        (9 ) 

JP Morgan & Chase Co.

      1/4/2019        CNH        81,000        USD        11,633        —        (7 ) 

The Bank of Nova Scotia

      1/4/2019        CNH        57,000        USD        8,185        —        (6 ) 

Goldman Sachs & Co.

      1/4/2019        HKD        8,678,900        USD        1,110,295        —        (113 ) 

Goldman Sachs & Co.

      1/4/2019        HKD        750,000        USD        95,921        —        (37 ) 

RBC Capital Markets

      1/4/2019        IDR        1,151,802,300        USD        80,355        235        —  

RBC Capital Markets

      1/4/2019        IDR        96,427,000        USD        6,716        9        —  

RBC Capital Markets

      1/4/2019        KRW        16,000,000        USD        14,290        —        (3 ) 

The Bank of New York Mellon

      1/4/2019        KRW        561,173,000        USD        500,667        —        (626 ) 

The Bank of New York Mellon

      1/4/2019        KRW        8,000,000        USD        7,142        —        (4 ) 

Goldman Sachs & Co.

      1/4/2019        MYR        376,500        USD        89,833        —        (113 ) 

Goldman Sachs & Co.

      1/4/2019        NZD        36,800        USD        25,291        —        (20 ) 

Goldman Sachs & Co.

      1/4/2019        PHP        2,101,600        USD        40,015        16        —  

Goldman Sachs & Co.

      1/4/2019        SGD        4,000        USD        2,917        —        (1 ) 

Goldman Sachs & Co.

      1/4/2019        SGD        176,200        USD        128,482        —        (40 ) 

Goldman Sachs & Co.

      1/4/2019        THB        2,886,600        USD        87,645        —        (254 ) 

Goldman Sachs & Co.

      1/4/2019        TWD        72,000        USD        2,341        —        (4 ) 

Goldman Sachs & Co.

      1/4/2019        TWD        12,848,500        USD        417,444        —        (995 ) 

The Bank of New York Mellon

      1/4/2019        USD        3,653        AUD        5,000        4        —  

Goldman Sachs & Co.

      1/4/2019        USD        3,435        NZD        5,000        4        —  
                 

 

 

     

 

 

  

Total unrealized appreciation (depreciation)

                   $ 6,029      $ (46,381 ) 
                 

 

 

     

 

 

  

Currency Abbreviations

AUD   Australian Dollar
CNH   Chinese Yuan
HKD   Hong Kong Dollar
IDR   Indonesian Rupiah
KRW   South Korean Won
MYR   Malaysian Ringgit
NZD   New Zealand Dollar
PHP   Philippine Peso
SGD   Singapore Dollar
THB   Thai Baht
TWD   New Taiwan Dollar
USD   U.S. Dollar

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

 

See Notes to Financial Statements.   49  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2018 (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, 2018 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)

      $ 3,549,139        $ —      $ 3,879        $ 3,553,018  

Exchange-Traded Fund

        33,601          —        —          33,601  

Preferred Stock

        24,853          —        —          24,853  

Rights (i)

        0          —        —          0  

Warrant

        —          —        2          2  

Short-Term Investments (i)

        340,086          —        —          340,086  

Derivatives (j)

                  

Forward Foreign Currency Contracts

        —          6,029        —          6,029  

Futures Contracts

        7,321          —        —          7,321  
    

 

 

       

 

 

     

 

 

       

 

 

  

TOTAL

      $ 3,955,000        $ 6,029      $ 3,881        $ 3,964,910  
    

 

 

       

 

 

     

 

 

       

 

 

  
                 

Liabilities

      Level 1        Level 2      Level 3        Total  

Derivatives (j)

                  

Forward Foreign Currency Contracts

      $ —        $ (46,381 )     $ —        $ (46,381 ) 
    

 

 

       

 

 

     

 

 

       

 

 

  

TOTAL

      $ —        $ (46,381 )     $ —        $ (46,381 ) 
    

 

 

       

 

 

     

 

 

       

 

 

  

 

(i)

See Schedule of Investments for additional detailed categorizations.

(j)

Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the period ended November 30, 2018, the amount of transfers between Level 1 and Level 3 was $4,843 and between Level 3 and Level 1 was $1,337. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.

 

See Notes to Financial Statements.   50  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 93.6%    
Australia — 0.0%    

MMG Ltd.*

     54,181     $ 26,869  
   

 

 

  
Brazil — 4.4%            

Ambev SA

     115,753       506,476  

Atacadao Distribuicao Comercio e Industria Ltda

     7,955       34,766  

B2W Cia Digital*

     4,308       42,634  

B3 SA — Brasil Bolsa Balcao

     49,460       360,686  

Banco Bradesco SA

     23,483       203,981  

Banco do Brasil SA

     20,501       236,607  

Banco Santander Brasil SA

     10,381       114,682  

BB Seguridade Participacoes SA

     15,101       110,592  

BR Malls Participacoes SA

     20,143       67,768  

BRF SA*

     11,885       68,138  

CCR SA

     29,666       99,654  

Centrais Eletricas Brasileiras SA*

     5,401       34,121  

Cia de Saneamento Basico do Estado de Sao Paulo

     8,525       62,234  

Cia Siderurgica Nacional SA*

     14,875       34,120  

Cielo SA

     33,306       81,995  

Cosan SA

     4,064       36,216  

Embraer SA

     15,467       87,194  

Engie Brasil Energia SA

     4,065       45,212  

Equatorial Energia SA

     3,787       71,137  

Fibria Celulose SA

     5,623       106,469  

Hypera SA

     7,800       64,748  

IRB Brasil Resseguros S/A

     2,251       43,571  

JBS SA

     20,407       62,113  

Klabin SA

     20,647       89,433  

Kroton Educacional SA

     31,507       85,550  

Localiza Rent a Car SA

     10,731       74,676  

Lojas Renner SA

     17,264       174,560  

M Dias Branco SA

     2,549       26,637  

Magazine Luiza SA

     1,764       75,099  

Multiplan Empreendimentos Imobiliarios SA

     6,301       37,819  

Natura Cosmeticos SA

     4,302       45,512  

Petrobras Distribuidora SA

     7,824       49,469  

Petroleo Brasileiro SA

     69,752       507,402  

Porto Seguro SA

     2,810       37,685  

Raia Drogasil SA

     5,416       87,017  

Rumo SA*

     24,886       112,235  

Sul America SA

     4,760       33,112  

Suzano Papel e Celulose SA

     10,063       106,407  

TIM Participacoes SA

     21,142       64,842  

Ultrapar Participacoes SA

     8,274       101,098  

Vale SA

     76,284       1,041,581  

WEG SA

     24,221       111,616  
   

 

 

  
      5,436,864  
   

 

 

  
Chile — 0.9%            

Aguas Andinas SA, Class A

     65,217       37,627  

Banco de Chile

     638,918       92,428  

Banco de Credito e Inversiones SA

     1,060       69,242  

Banco Santander Chile

     1,533,746       118,954  

Cencosud SA

     35,707       66,275  

Cia Cervecerias Unidas SA

     3,662       47,900  
   

Number
of Shares

    

Value

  
Chile (Continued)            

Colbun SA

     196,832     $ 41,146  

Empresa Nacional de Telecomunicaciones SA

     3,758       30,664  

Empresas CMPC SA

     28,866       99,823  

Empresas COPEC SA

     8,979       121,250  

Enel Americas SA

     677,190       117,535  

Enel Chile SA

     660,276       64,108  

Itau CorpBanca

     3,834,353       36,675  

Latam Airlines Group SA

     6,169       63,311  

SACI Falabella

     20,677       153,667  
   

 

 

  
      1,160,605  
   

 

 

  
China — 26.2%            

3SBio, Inc., 144A (a)

     38,883       57,251  

51job, Inc., ADR*

     585       39,827  

58.com, Inc., ADR*

     2,114       125,973  

AAC Technologies Holdings, Inc.

     17,371       123,111  

AECC Aviation Power Co. Ltd., Class A

     600       2,029  

Agile Group Holdings Ltd.

     35,976       48,832  

Agricultural Bank of China Ltd., Class A

     49,400       25,398  

Agricultural Bank of China Ltd., Class H

     692,208       313,192  

Air China Ltd., Class A

     1,000       1,178  

Air China Ltd., Class H

     45,541       44,063  

Aisino Corp., Class A

     500       1,775  

Alibaba Group Holding Ltd., ADR*

     31,119       5,005,802  

Aluminum Corp. of China Ltd., Class H*

     98,386       35,210  

Angang Steel Co. Ltd., Class A

     1,000       795  

Angang Steel Co. Ltd., Class H (a)

     23,028       18,807  

Anhui Conch Cement Co. Ltd., Class A

     1,000       4,581  

Anhui Conch Cement Co. Ltd., Class H

     33,498       174,897  

ANTA Sports Products Ltd.

     24,555       111,571  

Anxin Trust Co. Ltd., Class A

     1,400       990  

Autohome, Inc., ADR (a)

     1,365       112,394  

AVIC Aircraft Co. Ltd., Class A

     700       1,511  

Avic Capital Co. Ltd., Class A

     2,300       1,520  

AviChina Industry & Technology Co. Ltd., Class H

     48,361       33,934  

BAIC Motor Corp. Ltd., Class H, 144A

     39,291       24,105  

Baidu, Inc., ADR*

     6,733       1,267,689  

Bank of Beijing Co. Ltd., Class A

     3,900       3,331  

Bank of China Ltd., Class A

     41,100       21,367  

Bank of China Ltd., Class H

     1,907,203       833,670  

Bank of Communications Co. Ltd., Class A

     28,500       24,011  

Bank of Communications Co. Ltd., Class H

     207,261       157,618  

Bank of Guiyang Co. Ltd., Class A

     600       959  

Bank of Hangzhou Co. Ltd., Class A

     1,260       1,401  

Bank of Jiangsu Co. Ltd., Class A

     2,879       2,645  

Bank of Nanjing Co. Ltd., Class A

     2,100       2,111  

Bank of Ningbo Co. Ltd., Class A

     1,300       3,166  

Bank of Shanghai Co. Ltd., Class A

     2,800       4,625  

Baoshan Iron & Steel Co. Ltd., Class A

     3,600       3,484  

Baozun, Inc., ADR*(a)

     1,085       38,268  

BBMG Corp., Class A

     2,100       1,043  

BBMG Corp., Class H (a)

     50,793       16,360  

Beijing Capital Co. Ltd., Class A

     1,102       548  
 

 

See Notes to Financial Statements.   51  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
China (Continued)            

Beijing Capital International Airport Co. Ltd., Class H

     37,485     $ 41,682  

Beijing Dabeinong Technology Group Co. Ltd., Class A (b)

     1,100       535  

Beijing Shiji Information Technology Co. Ltd., Class A

     200       827  

Beijing Tongrentang Co. Ltd., Class A

     300       1,257  

BOE Technology Group Co. Ltd., Class A

     35,400       14,173  

BYD Co. Ltd., Class A

     500       4,104  

BYD Co. Ltd., Class H

     14,781       110,801  

BYD Electronic International Co. Ltd.

     15,152       21,264  

CAR, Inc.*

     16,940       14,896  

CGN Power Co. Ltd., Class H, 144A

     264,543       65,595  

Changjiang Securities Co. Ltd., Class A

     1,400       1,139  

China Cinda Asset Management Co. Ltd., Class H

     219,959       59,038  

China CITIC Bank Corp. Ltd., Class A

     1,400       1,143  

China CITIC Bank Corp. Ltd., Class H

     212,477       134,699  

China Coal Energy Co. Ltd., Class H

     43,338       17,337  

China Communications Construction Co. Ltd., Class A

     700       1,193  

China Communications Construction Co. Ltd., Class H

     105,867       102,836  

China Communications Services Corp. Ltd., Class H

     61,662       51,464  

China Conch Venture Holdings Ltd.

     38,172       118,312  

China Construction Bank Corp., Class A

     2,400       2,298  

China Construction Bank Corp., Class H

     2,296,862       1,958,087  

China Eastern Airlines Corp. Ltd., Class A

     2,000       1,512  

China Eastern Airlines Corp. Ltd., Class H

     29,804       18,513  

China Everbright Bank Co. Ltd., Class A

     36,300       20,127  

China Everbright Bank Co. Ltd., Class H

     68,522       30,390  

China Evergrande Group (a)

     61,387       193,404  

China Film Co. Ltd., Class A

     500       994  

China Fortune Land Development Co. Ltd., Class A

     700       2,571  

China Galaxy Securities Co. Ltd., Class H

     83,555       44,853  

China Gezhouba Group Co. Ltd., Class A

     1,200       1,108  

China Grand Automotive Services Co. Ltd., Class A

     1,400       857  

China Hongqiao Group Ltd.

     48,500       30,065  

China Huarong Asset Management Co. Ltd., Class H, 144A

     227,705       46,856  

China International Capital Corp. Ltd., Class H, 144A (a)

     23,568       44,823  

China International Marine Containers Group Co. Ltd., Class A

     300       477  

China International Travel Service Corp. Ltd., Class A

     500       3,975  

China Life Insurance Co. Ltd., Class A

     700       2,175  

China Life Insurance Co. Ltd., Class H

     178,056       382,329  

China Literature Ltd., 144A*

     3,928       20,584  

China Longyuan Power Group Corp. Ltd., Class H

     79,130       62,200  

China Medical System Holdings Ltd.

     31,018       33,817  
   

Number
of Shares

    

Value

  
China (Continued)            

China Merchants Bank Co. Ltd., Class A

     10,263     $ 42,197  

China Merchants Bank Co. Ltd., Class H

     92,433       382,184  

China Merchants Securities Co. Ltd., Class A

     1,400       2,770  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

     1,700       4,612  

China Minsheng Banking Corp. Ltd., Class A

     26,100       22,928  

China Minsheng Banking Corp. Ltd., Class H

     157,039       116,013  

China Molybdenum Co. Ltd., Class A

     1,800       1,029  

China Molybdenum Co. Ltd., Class H

     85,351       34,799  

China National Building Material Co. Ltd., Class H

     91,196       70,985  

China National Chemical Engineering Co. Ltd., Class A

     1,200       978  

China National Nuclear Power Co. Ltd., Class A

     3,300       2,528  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

     900       1,261  

China Oilfield Services Ltd., Class H (a)

     35,271       32,909  

China Oriental Group Co. Ltd.

     26,000       16,682  

China Pacific Insurance Group Co. Ltd., Class A

     1,600       7,233  

China Pacific Insurance Group Co. Ltd., Class H

     61,681       218,375  

China Petroleum & Chemical Corp., Class A

     4,100       3,484  

China Petroleum & Chemical Corp., Class H

     623,304       529,777  

China Railway Construction Corp. Ltd., Class A

     2,900       4,590  

China Railway Construction Corp. Ltd., Class H

     49,185       62,990  

China Railway Group Ltd., Class H

     99,716       91,636  

China Railway Signal & Communication Corp. Ltd., Class H, 144A

     33,851       23,926  

China Reinsurance Group Corp., Class H

     138,860       28,929  

China Resources Pharmaceutical Group Ltd., 144A

     39,215       57,640  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

     200       707  

China Shenhua Energy Co. Ltd., Class H

     80,814       179,518  

China Shipbuilding Industry Group Power Co. Ltd., Class A

     400       1,316  

China South Publishing & Media Group Co. Ltd., Class A

     500       827  

China Southern Airlines Co. Ltd., Class A

     1,800       1,840  

China Southern Airlines Co. Ltd., Class H

     45,312       30,868  

China Spacesat Co. Ltd., Class A

     300       746  

China State Construction Engineering Corp. Ltd., Class A

     29,940       24,879  

China Telecom Corp. Ltd., Class H

     334,747       180,123  

China Tower Corp. Ltd., Class H, 144A*

     928,910       137,722  

China United Network Communications Ltd., Class A

     25,796       19,615  

China Vanke Co. Ltd., Class A

     6,500       23,814  
 

 

See Notes to Financial Statements.   52  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
China (Continued)            

China Vanke Co. Ltd., Class H

     27,312     $ 93,902  

China Yangtze Power Co. Ltd., Class A

     10,400       21,493  

China Zhongwang Holdings Ltd.

     34,675       15,999  

Chinese Universe Publishing and Media Group Co. Ltd., Class A

     300       515  

Chongqing Changan Automobile Co. Ltd., Class A

     1,000       887  

Chongqing Rural Commercial Bank Co. Ltd., Class H

     63,831       37,284  

CIFI Holdings Group Co. Ltd.

     77,209       38,683  

CITIC Guoan Information Industry Co. Ltd., Class A

     1,000       550  

CITIC Securities Co. Ltd., Class A

     2,500       6,074  

CITIC Securities Co. Ltd., Class H

     50,865       94,917  

CNOOC Ltd.

     445,445       757,211  

COSCO SHIPPING Development Co. Ltd., Class A*

     2,000       674  

COSCO SHIPPING Energy Transportation Co., Ltd., Class H

     24,366       13,173  

COSCO SHIPPING Holdings Co. Ltd., Class A*

     1,900       1,122  

COSCO SHIPPING Holdings Co. Ltd., Class H*

     57,569       23,398  

Country Garden Holdings Co. Ltd.

     177,562       218,321  

Country Garden Services Holdings Co. Ltd.*

     31,024       51,389  

CRRC Corp. Ltd., Class A

     3,700       4,652  

CRRC Corp. Ltd., Class H

     103,549       96,614  

CSPC Pharmaceutical Group Ltd.

     121,454       245,888  

Ctrip.com International Ltd., ADR*

     10,035       289,510  

Dali Foods Group Co. Ltd., 144A

     45,035       33,212  

Daqin Railway Co. Ltd., Class A

     3,700       4,108  

Datang International Power Generation Co. Ltd., Class H

     60,957       14,959  

DHC Software Co. Ltd., Class A

     800       819  

Dong-E-E-Jiao Co. Ltd., Class A

     200       1,307  

Dongfeng Motor Group Co. Ltd., Class H

     67,657       65,288  

Dongxing Securities Co. Ltd., Class A

     600       906  

Dongxu Optoelectronic Technology Co. Ltd., Class A

     1,400       948  

ENN Energy Holdings Ltd.

     17,213       154,552  

Everbright Securities Co. Ltd., Class A

     1,000       1,437  

Fangda Carbon New Material Co. Ltd., Class A

     400       1,052  

Financial Street Holdings Co. Ltd., Class A

     800       781  

First Capital Securities Co. Ltd., Class A

     900       706  

Focus Media Information Technology Co. Ltd., Class A

     3,120       2,584  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

     600       5,476  

Fosun International Ltd.

     58,931       93,699  

Founder Securities Co. Ltd., Class A

     2,100       1,654  

Future Land Development Holdings
Ltd. (a)

     43,338       29,246  

Fuyao Glass Industry Group Co. Ltd., Class A

     500       1,571  
   

Number
of Shares

    

Value

  
China (Continued)            

Fuyao Glass Industry Group Co. Ltd., Class H, 144A

     12,602     $ 38,898  

GDS Holdings Ltd., ADR*(a)

     1,357       40,018  

Geely Automobile Holdings Ltd.

     116,567       229,737  

Gemdale Corp., Class A

     1,100       1,507  

Genscript Biotech Corp.*

     17,599       30,591  

GF Securities Co. Ltd., Class A

     1,500       2,912  

GF Securities Co. Ltd., Class H

     34,297       50,849  

Giant Network Group Co. Ltd., Class A

     300       829  

GoerTek, Inc., Class A

     800       828  

GOME Retail Holdings Ltd.*(a)

     484,837       43,378  

Great Wall Motor Co. Ltd., Class H

     77,295       49,396  

Gree Electric Appliances, Inc. of Zhuhai, Class A*

     800       4,246  

Greenland Holdings Corp. Ltd., Class A

     1,973       1,747  

Greentown China Holdings Ltd.

     19,640       16,015  

Greentown Service Group Co. Ltd.

     39,002       33,548  

Guangshen Railway Co. Ltd., Class A

     1,400       651  

Guangzhou Automobile Group Co. Ltd., Class A

     560       843  

Guangzhou Automobile Group Co. Ltd., Class H

     64,712       67,326  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

     400       2,182  

Guangzhou Haige Communications Group, Inc. Co., Class A

     600       655  

Guangzhou R&F Properties Co. Ltd., Class H

     19,920       30,858  

Guosen Securities Co. Ltd., Class A

     1,000       1,292  

Guotai Junan Securities Co. Ltd., Class A

     1,900       4,389  

Guotai Junan Securities Co. Ltd., Class H, 144A

     13,122       27,270  

Guoyuan Securities Co. Ltd., Class A

     800       916  

Haitian International Holdings Ltd.

     15,910       34,203  

Haitong Securities Co. Ltd., Class A

     2,000       2,719  

Haitong Securities Co. Ltd., Class H

     80,783       83,839  

Hangzhou Hikvision Digital Technology Co. Ltd., Class A

     5,300       20,738  

Hangzhou Robam Appliances Co. Ltd., Class A

     200       601  

Han’s Laser Technology Industry Group Co. Ltd., Class A

     300       1,453  

Henan Shuanghui Investment & Development Co. Ltd., Class A

     608       2,005  

Hengan International Group Co. Ltd.

     17,118       139,915  

HengTen Networks Group Ltd.*

     514,799       17,765  

Hengtong Optic-electric Co. Ltd., Class A

     420       1,058  

Hesteel Co. Ltd., Class A

     2,700       1,143  

HLA Corp. Ltd., Class A

     600       679  

Hua Hong Semiconductor Ltd., 144A

     14,180       30,049  

Huaan Securities Co. Ltd., Class A

     900       648  

Huadian Power International Corp. Ltd., Class A

     2,000       1,313  

Huadian Power International Corp. Ltd., Class H

     31,142       13,334  

Huadong Medicine Co. Ltd., Class A

     300       1,475  
 

 

See Notes to Financial Statements.   53  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
China (Continued)            

Huaneng Power International, Inc., Class A

     1,200     $ 1,192  

Huaneng Power International, Inc., Class H

     105,519       65,814  

Huaneng Renewables Corp. Ltd., Class H

     118,837       37,364  

Huatai Securities Co. Ltd., Class A

     1,400       3,387  

Huatai Securities Co. Ltd., Class H, 144A

     40,735       67,371  

Huaxia Bank Co. Ltd., Class A

     3,200       3,590  

Huayu Automotive Systems Co. Ltd., Class A

     800       1,953  

Huazhu Group Ltd., ADR

     3,046       96,071  

Hubei Biocause Pharmaceutical Co. Ltd., Class A

     1,000       855  

Hubei Energy Group Co. Ltd., Class A

     1,100       572  

Hundsun Technologies, Inc., Class A

     200       1,561  

Iflytek Co. Ltd., Class A

     450       1,596  

Industrial & Commercial Bank of China Ltd., Class A

     34,800       26,712  

Industrial & Commercial Bank of China Ltd., Class H

     1,666,303       1,184,131  

Industrial Bank Co. Ltd., Class A

     13,100       30,072  

Industrial Securities Co. Ltd., Class A

     1,700       1,239  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A

     4,300       947  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

     1,500       5,148  

Inner Mongolia Yitai Coal Co. Ltd., Class B

     23,400       28,525  

JD.com, Inc., ADR*

     17,724       376,281  

Jiangsu Expressway Co. Ltd., Class H

     30,457       40,952  

Jiangsu Hengrui Medicine Co. Ltd., Class A

     2,800       26,392  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

     400       5,771  

Jiangxi Copper Co. Ltd., Class A

     500       956  

Jiangxi Copper Co. Ltd., Class H

     31,130       37,599  

Jiangxi Ganfeng Lithium Co. Ltd., Class A

     200       729  

Jihua Group Corp. Ltd., Class A

     900       454  

Jinduicheng Molybdenum Co. Ltd., Class A

     700       602  

Jinke Properties Group Co. Ltd., Class A

     1,300       1,120  

Jointown Pharmaceutical Group Co. Ltd., Class A

     500       1,040  

Kaisa Group Holdings Ltd.*

     48,767       15,645  

Kangmei Pharmaceutical Co. Ltd., Class A

     1,200       1,820  

Kingdee International Software Group Co. Ltd.

     46,067       45,926  

Kingsoft Corp. Ltd.

     19,565       32,708  

Kweichow Moutai Co. Ltd., Class A

     600       48,821  

KWG Group Holdings Ltd.*

     28,783       25,605  

Legend Holdings Corp., Class H, 144A

     7,464       21,989  

Lenovo Group Ltd.

     180,112       130,066  

Liaoning Cheng Da Co. Ltd., Class A

     400       665  

Logan Property Holdings Co. Ltd.

     31,142       36,420  

Longfor Group Holdings Ltd.

     32,868       92,420  
   

Number
of Shares

    

Value

  
China (Continued)            

LONGi Green Energy Technology Co. Ltd., Class A

     500     $ 1,339  

Luxshare Precision Industry Co. Ltd., Class A

     1,012       2,199  

Luye Pharma Group Ltd., 144A

     25,739       20,528  

Luzhou Laojiao Co. Ltd., Class A

     400       2,362  

Maanshan Iron & Steel Co. Ltd., Class A

     1,500       801  

Maanshan Iron & Steel Co. Ltd., Class H

     40,000       18,405  

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A

     840       1,957  

Meitu, Inc., 144A*

     66,017       27,423  

Metallurgical Corp. of China Ltd., Class A

     3,400       1,518  

Metallurgical Corp. of China Ltd., Class H

     47,414       12,060  

Midea Group Co. Ltd., Class A

     4,550       25,352  

Momo, Inc., ADR*

     3,693       115,776  

Muyuan Foodstuff Co. Ltd., Class A

     360       1,400  

NetEase, Inc., ADR

     1,874       425,529  

New China Life Insurance Co. Ltd., Class A

     500       3,195  

New China Life Insurance Co. Ltd., Class H

     17,982       78,717  

New Hope Liuhe Co. Ltd., Class A

     1,100       1,118  

New Oriental Education & Technology Group, Inc., ADR*

     3,548       202,804  

Ninestar Corp., Class A

     200       726  

Ningbo Zhoushan Port Co. Ltd., Class A

     1,500       791  

Noah Holdings Ltd., ADR*

     669       32,567  

Offshore Oil Engineering Co. Ltd., Class A

     1,100       835  

O-film Tech Co. Ltd., Class A

     700       1,157  

Orient Securities Co. Ltd., Class A

     1,500       1,994  

People’s Insurance Co. Group of China Ltd., Class H

     174,116       74,996  

Perfect World Co. Ltd., Class A

     200       695  

PetroChina Co. Ltd., Class A

     4,032       4,419  

PetroChina Co. Ltd., Class H

     507,401       356,037  

PICC Property & Casualty Co. Ltd., Class H

     160,617       164,846  

Ping An Bank Co. Ltd., Class A

     4,300       6,416  

Ping An Insurance Group Co. of China Ltd., Class A

     4,500       41,145  

Ping An Insurance Group Co. of China Ltd., Class H

     125,395       1,213,241  

Poly Developments and Holdings Group Co. Ltd., Class A

     3,000       5,660  

Postal Savings Bank of China Co. Ltd., Class H, 144A

     62,319       37,675  

Power Construction Corp. of China Ltd., Class A

     2,501       1,696  

Qingdao Haier Co. Ltd., Class A

     1,500       2,970  

Qinghai Salt Lake Industry Co. Ltd., Class A*

     700       839  

RiseSun Real Estate Development Co. Ltd., Class A

     1,100       1,328  

Rongsheng Petro Chemical Co. Ltd., Class A

     650       940  

SAIC Motor Corp. Ltd., Class A

     5,000       17,894  
 

 

See Notes to Financial Statements.   54  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
China (Continued)            

Sanan Optoelectronics Co. Ltd., Class A

     1,000     $ 2,055  

Sany Heavy Industry Co. Ltd., Class A

     1,900       2,197  

SDIC Power Holdings Co. Ltd., Class A

     1,700       1,787  

Semiconductor Manufacturing International Corp.*

     68,964       63,376  

Shaanxi Coal Industry Co. Ltd., Class A

     1,700       1,890  

Shandong Buchang Pharmaceuticals Co. Ltd., Class A

     260       999  

Shandong Gold Mining Co. Ltd., Class A

     500       1,948  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

     46,970       44,124  

Shanghai 2345 Network Holding Group Co. Ltd., Class A

     1,170       650  

Shanghai Electric Group Co. Ltd., Class A

     2,000       1,463  

Shanghai Electric Group Co. Ltd., Class H

     70,447       23,951  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

     500       2,005  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

     10,508       36,262  

Shanghai International Airport Co. Ltd., Class A

     200       1,443  

Shanghai International Port Group Co. Ltd., Class A

     1,700       1,364  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

     23,216       31,318  

Shanghai Oriental Pearl Group Co. Ltd., Class A

     910       1,328  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

     500       1,457  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

     17,180       42,379  

Shanghai Pudong Development Bank Co. Ltd., Class A

     18,300       28,226  

Shanghai Tunnel Engineering Co. Ltd., Class A

     800       668  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

     400       854  

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A

     700       748  

Shanxi Securities Co. Ltd., Class A

     700       651  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

     200       1,033  

Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A

     800       700  

Shenergy Co. Ltd., Class A

     1,100       781  

Shenwan Hongyuan Group Co. Ltd., Class A

     4,400       2,813  

Shenzhen Energy Group Co. Ltd., Class A

     800       611  

Shenzhen Overseas Chinese Town Co. Ltd., Class A

     2,100       1,818  

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A

     200       730  

Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A

     900       540  
   

Number
of Shares

    

Value

  
China (Continued)            

Shenzhou International Group Holdings Ltd.

     20,061     $ 243,583  

Shui On Land Ltd.

     76,874       18,177  

Sichuan Chuantou Energy Co. Ltd., Class A

     1,100       1,269  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

     400       1,392  

Sihuan Pharmaceutical Holdings Group Ltd.

     94,577       21,033  

SINA Corp.*

     1,482       95,989  

Sinolink Securities Co. Ltd., Class A

     800       897  

Sino-Ocean Group Holding Ltd.

     74,979       33,541  

Sinopec Engineering Group Co. Ltd., Class H

     28,439       26,353  

Sinopec Shanghai Petrochemical Co. Ltd., Class A

     1,200       868  

Sinopec Shanghai Petrochemical Co. Ltd., Class H

     87,176       39,555  

Sinopharm Group Co. Ltd., Class H

     29,734       146,504  

Sinotrans Ltd., Class H

     43,338       17,337  

Sinotruk Hong Kong Ltd. (a)

     15,575       25,560  

SOHO China Ltd.*

     51,873       19,360  

SooChow Securities Co. Ltd., Class A

     800       825  

Spring Airlines Co. Ltd., Class A

     200       995  

Sunac China Holdings Ltd. (a)

     57,008       189,444  

Suning.com Co. Ltd., Class A

     2,300       3,541  

Sunny Optical Technology Group Co. Ltd.

     17,179       166,213  

Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A

     700       872  

TAL Education Group, ADR*

     8,836       248,027  

Tasly Pharmaceutical Group Co. Ltd., Class A

     420       1,274  

TBEA Co. Ltd., Class A

     900       888  

Tencent Holdings Ltd.

     137,626       5,488,153  

Tianma Microelectronics Co. Ltd., Class A

     500       763  

Tingyi Cayman Islands Holding Corp.

     48,926       63,409  

Tong Ren Tang Technologies Co. Ltd., Class H

     11,502       16,465  

Tonghua Dongbao Pharmaceutical Co. Ltd., Class A

     400       855  

Tongling Nonferrous Metals Group Co. Ltd., Class A

     2,600       768  

Tongwei Co. Ltd., Class A

     1,000       1,221  

TravelSky Technology Ltd., Class H

     23,258       62,574  

Tsingtao Brewery Co. Ltd., Class A

     200       888  

Tsingtao Brewery Co. Ltd., Class H

     8,976       36,540  

Tus-Sound Environmental Resources Co. Ltd., Class A

     300       469  

Uni-President China Holdings Ltd.

     29,127       26,543  

Unisplendour Corp. Ltd., Class A

     140       705  

Vipshop Holdings Ltd., ADR*

     12,042       69,482  

Want Want China Holdings Ltd.

     124,852       92,075  

Wanxiang Qianchao Co. Ltd., Class A

     700       553  

Weibo Corp., ADR*

     1,461       93,036  

Weichai Power Co. Ltd., Class A

     1,500       1,624  
 

 

See Notes to Financial Statements.   55  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
China (Continued)            

Weichai Power Co. Ltd., Class H

     38,183     $ 40,994  

Weifu High-Technology Group Co. Ltd., Class A

     200       518  

Western Securities Co. Ltd., Class A

     900       1,100  

Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd., Class A

     400       689  

Wuliangye Yibin Co. Ltd., Class A

     3,000       22,635  

Wuxi Biologics Cayman, Inc., 144A*

     11,502       96,438  

XCMG Construction Machinery Co. Ltd., Class A

     1,800       866  

Xiamen C & D, Inc., Class A

     700       760  

Xinhu Zhongbao Co. Ltd., Class A

     2,200       976  

Xinjiang Goldwind Science & Technology Co. Ltd., Class A

     700       1,111  

Xinjiang Goldwind Science & Technology Co. Ltd., Class H

     13,404       13,260  

Xinyi Solar Holdings Ltd.

     70,451       26,383  

Yanzhou Coal Mining Co. Ltd., Class H

     46,248       41,496  

Yihai International Holding Ltd.

     13,000       34,893  

Yonghui Superstores Co. Ltd., Class A

     2,400       2,495  

Youngor Group Co. Ltd., Class A

     900       992  

Yum China Holdings, Inc.

     8,871       317,848  

Yunnan Baiyao Group Co. Ltd., Class A

     300       3,219  

Yuzhou Properties Co. Ltd.

     37,918       16,623  

YY, Inc., ADR*

     1,024       69,704  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

     200       2,342  

Zhaojin Mining Industry Co. Ltd., Class H

     19,296       18,374  

Zhejiang China Commodities City Group Co. Ltd., Class A

     1,400       730  

Zhejiang Chint Electrics Co. Ltd., Class A

     500       1,627  

Zhejiang Dahua Technology Co. Ltd., Class A

     700       1,345  

Zhejiang Expressway Co. Ltd., Class H

     35,564       29,864  

Zhejiang Huayou Cobalt Co. Ltd., Class A

     140       686  

Zhejiang Longsheng Group Co. Ltd., Class A

     800       1,045  

Zhejiang Zheneng Electric Power Co. Ltd., Class A

     2,300       1,487  

Zhengzhou Yutong Bus Co. Ltd., Class A

     503       816  

ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*

     3,780       15,484  

Zhongjin Gold Corp. Ltd., Class A

     900       1,014  

Zhongsheng Group Holdings Ltd.

     13,208       26,841  

Zhuzhou CRRC Times Electric Co. Ltd., Class H

     13,656       73,307  

Zijin Mining Group Co. Ltd., Class A

     4,300       2,099  

Zijin Mining Group Co. Ltd., Class H

     143,089       53,951  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

     1,576       806  

ZTE Corp., Class H*(a)

     14,753       29,001  
   

 

 

  
      32,107,200  
   

 

 

  
Colombia — 0.3%            

Bancolombia SA

     5,076       50,509  

Cementos Argos SA

     11,499       24,890  
   

Number
of Shares

    

Value

  
Colombia (Continued)            

Ecopetrol SA

     119,602     $ 114,831  

Grupo Argos SA

     5,624       28,137  

Grupo de Inversiones Suramericana SA

     5,830       58,228  

Interconexion Electrica SA ESP

     9,672       38,700  
   

 

 

  
      315,295  
   

 

 

  
Czech Republic — 0.2%            

CEZ AS

     4,011       95,586  

Komercni banka AS

     1,679       65,980  

Moneta Money Bank AS, 144A

     10,294       35,429  
   

 

 

  
      196,995  
   

 

 

  
Egypt — 0.1%            

Commercial International Bank Egypt SAE

     23,456       97,714  

Eastern Tobacco

     18,530       19,109  

ElSewedy Electric Co.

     17,540       15,699  
   

 

 

  
      132,522  
   

 

 

  
Greece — 0.2%            

Alpha Bank AE*

     35,178       49,781  

FF Group*(b)

     1,458       7,923  

Hellenic Telecommunications Organization SA

     5,207       61,542  

JUMBO SA

     2,560       38,952  

Motor Oil Hellas Corinth Refineries SA

     1,968       45,117  

OPAP SA

     5,563       52,273  

Titan Cement Co. SA

     1,132       25,374  
   

 

 

  
      280,962  
   

 

 

  
Hong Kong — 4.3%            

Alibaba Health Information Technology Ltd.*

     81,630       73,033  

Alibaba Pictures Group Ltd.*(a)

     314,686       49,069  

Beijing Enterprises Holdings Ltd.

     12,981       76,154  

Beijing Enterprises Water Group Ltd.*

     130,280       75,430  

Brilliance China Automotive Holdings Ltd.

     69,328       61,318  

China Agri-Industries Holdings Ltd.

     39,291       14,865  

China Ding Yi Feng Holdings Ltd.*

     24,000       69,939  

China Everbright International Ltd.

     81,640       71,372  

China Everbright Ltd.

     33,575       62,567  

China First Capital Group Ltd.*

     73,142       35,524  

China Gas Holdings Ltd.

     40,416       138,698  

China Jinmao Holdings Group Ltd.

     120,260       57,640  

China Mengniu Dairy Co. Ltd.*

     64,986       201,005  

China Merchants Port Holdings Co. Ltd.

     40,860       74,262  

China Mobile Ltd.

     147,071       1,459,619  

China Overseas Land & Investment Ltd.

     88,362       308,318  

China Power International Development Ltd.

     81,282       19,011  

China Resources Beer Holdings Co. Ltd.

     33,628       113,898  

China Resources Cement Holdings Ltd.

     65,572       64,030  

China Resources Gas Group Ltd.

     22,170       89,400  

China Resources Land Ltd.

     63,644       235,899  

China Resources Power Holdings Co. Ltd.

     42,636       80,760  
 

 

See Notes to Financial Statements.   56  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Hong Kong (Continued)            

China State Construction International Holdings Ltd.

     50,368     $ 43,905  

China Taiping Insurance Holdings Co. Ltd.

     37,879       125,392  

China Traditional Chinese Medicine Holdings Co. Ltd.

     51,467       34,206  

China Travel International Investment Hong Kong Ltd.

     48,767       13,526  

China Unicom Hong Kong Ltd.

     145,129       168,241  

CITIC Ltd.

     146,834       235,715  

COSCO SHIPPING Ports Ltd.

     43,226       43,867  

Far East Horizon Ltd.

     49,271       49,057  

Fullshare Holdings Ltd.*(a)

     172,228       65,158  

Guangdong Investment Ltd.

     70,300       135,676  

Haier Electronics Group Co. Ltd.*

     35,816       83,406  

Hutchison China MediTech Ltd., ADR*

     1,322       45,569  

Jiayuan International Group Ltd.

     23,440       42,003  

Kingboard Holdings Ltd.

     19,962       57,023  

Kingboard Laminates Holdings Ltd.

     24,366       23,201  

Kunlun Energy Co. Ltd.

     82,190       99,481  

Lee & Man Paper Manufacturing Ltd.

     35,506       32,175  

Nine Dragons Paper Holdings Ltd.

     35,422       35,902  

Shanghai Industrial Holdings Ltd.

     12,188       26,576  

Shenzhen International Holdings Ltd.

     19,640       39,411  

Shenzhen Investment Ltd.

     60,957       19,867  

Shimao Property Holdings Ltd.

     35,959       88,886  

Sino Biopharmaceutical Ltd.

     156,925       143,206  

SSY Group Ltd.

     33,851       34,742  

Sun Art Retail Group Ltd.

     59,500       66,466  

Towngas China Co. Ltd.*

     20,978       16,356  

Yuexiu Property Co. Ltd.

     144,948       26,863  
   

 

 

  
      5,227,687  
   

 

 

  
Hungary — 0.3%            

MOL Hungarian Oil & Gas PLC

     9,302       102,946  

OTP Bank Nyrt

     5,013       200,595  

Richter Gedeon Nyrt

     3,479       68,450  
   

 

 

  
      371,991  
   

 

 

  
India — 8.9%            

Adani Ports & Special Economic Zone Ltd.

     11,454       60,093  

Ambuja Cements Ltd.

     14,864       46,376  

Ashok Leyland Ltd.

     28,394       45,772  

Asian Paints Ltd.

     7,159       138,255  

Aurobindo Pharma Ltd.

     6,581       76,551  

Avenue Supermarts Ltd., 144A*

     2,706       57,948  

Axis Bank Ltd.*

     14,994       134,622  

Axis Bank Ltd., GDR*

     5,678       251,819  

Bajaj Auto Ltd.

     2,102       82,810  

Bajaj Finance Ltd.

     4,095       149,105  

Bajaj Finserv Ltd.

     934       80,332  

Bharat Forge Ltd.

     5,214       42,183  

Bharat Petroleum Corp. Ltd.

     18,931       88,116  

Bharti Airtel Ltd.

     31,873       143,370  

Bharti Infratel Ltd.

     7,452       27,452  

Bosch Ltd.

     162       44,102  

Britannia Industries Ltd.

     1,138       51,757  
   

Number
of Shares

    

Value

  
India (Continued)            

Cadila Healthcare Ltd.

     5,082     $ 26,637  

Cipla Ltd.

     8,626       66,940  

Coal India Ltd.

     17,024       59,820  

Container Corp. Of India Ltd.

     3,524       34,128  

Dabur India Ltd.

     13,171       77,312  

Divi’s Laboratories Ltd.

     1,780       36,761  

Dr. Reddy’s Laboratories Ltd., ADR (a)

     2,873       110,438  

Eicher Motors Ltd.

     335       112,501  

GAIL India Ltd.

     17,108       84,208  

Glenmark Pharmaceuticals Ltd.

     3,434       32,182  

Godrej Consumer Products Ltd.

     8,908       95,905  

Grasim Industries Ltd.

     7,895       98,128  

Havells India Ltd.

     6,244       61,343  

HCL Technologies Ltd.

     12,960       188,742  

Hero MotoCorp Ltd.

     1,247       54,664  

Hindalco Industries Ltd.

     34,513       112,014  

Hindustan Petroleum Corp. Ltd.

     15,105       50,357  

Hindustan Unilever Ltd.

     15,278       384,498  

Housing Development Finance Corp. Ltd.

     39,222       1,119,342  

ICICI Bank Ltd., ADR

     9,267       94,245  

ICICI Bank Ltd.

     38,888       198,164  

Vodafone Idea Ltd.*

     35,955       18,211  

Indiabulls Housing Finance Ltd.

     6,371       65,415  

Indian Oil Corp. Ltd.

     43,458       83,929  

Infosys Ltd.

     31,815       304,684  

Infosys Ltd., ADR (a)

     52,657       519,198  

InterGlobe Aviation Ltd., 144A

     1,971       29,362  

ITC Ltd.

     81,687       334,976  

JSW Steel Ltd.

     21,089       95,089  

Larsen & Toubro Ltd.

     11,441       235,157  

LIC Housing Finance Ltd.

     7,425       49,683  

Lupin Ltd.

     5,511       70,118  

Mahindra & Mahindra Financial Services Ltd.

     6,937       44,716  

Mahindra & Mahindra Ltd.

     17,913       203,277  

Marico Ltd.

     11,269       57,683  

Maruti Suzuki India Ltd.

     2,503       275,156  

Motherson Sumi Systems Ltd.

     23,610       52,745  

Nestle India Ltd.

     581       89,739  

NTPC Ltd.

     47,524       95,669  

Oil & Natural Gas Corp. Ltd.

     31,993       64,404  

Page Industries Ltd.

     145       56,417  

Petronet LNG Ltd.

     14,408       44,281  

Pidilite Industries Ltd.

     2,441       40,743  

Piramal Enterprises Ltd.

     2,010       63,448  

Power Grid Corp. of India Ltd.

     42,041       108,669  

REC Ltd.

     17,225       24,690  

Reliance Industries Ltd., GDR, 144A

     34,564       1,144,068  

Shree Cement Ltd.

     203       48,023  

Shriram Transport Finance Co. Ltd.

     3,650       60,515  

State Bank of India*

     40,524       165,509  

Sun Pharmaceutical Industries Ltd.

     21,508       152,017  

Tata Consultancy Services Ltd.

     21,764       614,635  

Tata Motors Ltd., ADR*(a)

     7,015       85,583  

Tata Power Co. Ltd.

     27,644       30,185  

Tata Steel Ltd.

     7,493       56,927  
 

 

See Notes to Financial Statements.   57  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
India (Continued)            

Tech Mahindra Ltd.

     11,639     $ 117,893  

Titan Co. Ltd.

     7,746       103,039  

UltraTech Cement Ltd.

     2,193       125,852  

United Spirits Ltd.*

     7,245       69,898  

UPL Ltd.

     8,851       96,238  

Vedanta Ltd.

     32,973       92,657  

Wipro Ltd.

     11,020       51,333  

Wipro Ltd., ADR

     11,117       58,031  

Yes Bank Ltd.

     43,188       105,220  

Zee Entertainment Enterprises Ltd.

     10,398       72,896  
   

 

 

  
      10,896,970  
   

 

 

  
Indonesia — 2.2%            

PT Adaro Energy Tbk

     365,594       32,847  

PT Astra International Tbk

     507,561       303,419  

PT Bank Central Asia Tbk

     236,707       431,129  

PT Bank Danamon Indonesia Tbk

     83,664       43,433  

PT Bank Mandiri Persero Tbk

     472,869       244,659  

PT Bank Negara Indonesia Persero Tbk

     163,555       97,201  

PT Bank Rakyat Indonesia Persero Tbk

     1,322,994       334,853  

PT Bank Tabungan Negara Persero Tbk

     51,668       9,645  

PT Bukit Asam Tbk

     67,800       19,057  

PT Bumi Serpong Damai Tbk*

     192,028       18,125  

PT Charoen Pokphand Indonesia Tbk

     184,059       76,571  

PT Gudang Garam Tbk

     10,399       59,620  

PT Hanjaya Mandala Sampoerna Tbk

     232,104       59,720  

PT Indah Kiat Pulp & Paper Corp. Tbk

     62,319       45,751  

PT Indocement Tunggal Prakarsa Tbk

     42,156       56,296  

PT Indofood CBP Sukses Makmur Tbk

     58,181       40,069  

PT Indofood Sukses Makmur Tbk

     109,507       50,533  

PT Jasa Marga Persero Tbk

     54,298       15,679  

PT Kalbe Farma Tbk

     526,137       56,099  

PT Pabrik Kertas Tjiwi Kimia Tbk

     36,000       28,505  

PT Pakuwon Jati Tbk

     540,551       22,299  

PT Perusahaan Gas Negara Persero Tbk

     271,917       37,168  

PT Semen Indonesia Persero Tbk

     65,956       55,453  

PT Surya Citra Media Tbk

     152,266       20,387  

PT Telekomunikasi Indonesia Persero Tbk

     1,161,418       298,830  

PT Tower Bersama Infrastructure Tbk

     50,867       14,262  

PT Unilever Indonesia Tbk

     34,644       102,339  

PT United Tractors Tbk

     41,848       80,463  
   

 

 

  
      2,654,412  
   

 

 

  
Luxembourg — 0.0%            

Reinet Investments SCA

     3,214       46,890  
   

 

 

  
Malaysia — 2.3%            

AirAsia Group Bhd

     39,170       28,831  

Alliance Bank Malaysia Bhd

     25,551       25,035  

AMMB Holdings Bhd

     39,946       40,667  

Astro Malaysia Holdings Bhd

     36,200       10,381  

Axiata Group Bhd

     60,508       52,490  

British American Tobacco Malaysia Bhd

     4,242       38,218  

CIMB Group Holdings Bhd

     114,292       157,324  

Dialog Group Bhd

     86,936       65,859  

DiGi.Com Bhd

     78,160       79,197  

FGV Holdings Bhd

     35,600       7,529  
   

Number
of Shares

    

Value

  
Malaysia (Continued)            

Fraser & Neave Holdings Bhd

     3,500     $ 27,869  

Gamuda Bhd

     41,500       23,405  

Genting Bhd

     46,767       70,187  

Genting Malaysia Bhd

     72,634       49,643  

Genting Plantations Bhd

     3,400       7,719  

HAP Seng Consolidated Bhd

     15,051       35,429  

Hartalega Holdings Bhd

     33,102       50,628  

Hong Leong Bank Bhd

     14,041       68,385  

Hong Leong Financial Group Bhd

     4,100       18,891  

IHH Healthcare Bhd

     71,035       91,160  

IJM Corp. Bhd

     69,364       27,020  

IOI Corp. Bhd

     47,294       48,034  

IOI Properties Group Bhd

     39,988       15,577  

Kuala Lumpur Kepong Bhd

     9,187       53,789  

Malayan Banking Bhd

     92,637       207,877  

Malaysia Airports Holdings Bhd

     20,000       36,659  

Maxis Bhd

     47,196       61,244  

MISC Bhd

     33,800       49,676  

Nestle Malaysia Bhd

     1,300       46,414  

Petronas Chemicals Group Bhd

     62,124       136,585  

Petronas Dagangan Bhd

     4,504       27,770  

Petronas Gas Bhd

     21,135       95,662  

PPB Group Bhd

     15,062       63,351  

Press Metal Aluminium Holdings Bhd

     28,100       31,965  

Public Bank Bhd

     69,422       413,430  

QL Resources Bhd

     15,600       26,320  

RHB Bank Bhd (b)

     19,600       0  

RHB Bank Bhd

     18,153       22,775  

Sime Darby Bhd

     58,423       31,972  

Sime Darby Plantation Bhd

     57,623       64,722  

Sime Darby Property Bhd

     58,423       13,892  

SP Setia Bhd Group

     63,800       32,780  

Telekom Malaysia Bhd

     25,345       14,113  

Tenaga Nasional Bhd

     77,905       265,113  

Top Glove Corp. Bhd

     28,200       40,233  

Westports Holdings Bhd

     25,307       22,800  

YTL Corp. Bhd

     112,198       30,030  
   

 

 

  
      2,828,650  
   

 

 

  
Mexico — 2.6%            

Alfa SAB de CV, Class A

     76,124       76,521  

Alsea SAB de CV

     8,431       21,130  

America Movil SAB de CV, Series L

     821,346       552,036  

Arca Continental SAB de CV

     10,988       56,765  

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B

     45,555       55,932  

Cemex SAB de CV, Series CPO*

     349,839       179,958  

Coca-Cola Femsa SAB de CV, Series L

     12,946       77,967  

El Puerto de Liverpool SAB de CV, Class C1

     4,793       28,564  

Fibra Uno Administracion SA de CV REIT

     71,140       72,001  

Fomento Economico Mexicano SAB de CV

     45,324       392,966  

Gruma SAB de CV, Class B

     5,394       59,071  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

     8,907       61,751  
 

 

See Notes to Financial Statements.   58  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Mexico (Continued)            

Grupo Aeroportuario del Sureste SAB de CV, Class B

     5,182     $ 69,612  

Grupo Bimbo SAB de CV, Series A

     41,058       78,672  

Grupo Carso SAB de CV, Series A1

     11,276       36,187  

Grupo Financiero Banorte SAB de CV, Class O

     63,141       288,968  

Grupo Financiero Inbursa SAB de CV, Class O

     52,540       70,780  

Grupo Mexico SAB de CV, Series B

     89,280       184,142  

Grupo Televisa SAB, Series CPO

     58,244       159,247  

Industrias Penoles SAB de CV

     2,936       33,448  

Infraestructura Energetica Nova SAB de CV

     13,392       50,966  

Kimberly-Clark de Mexico SAB de CV, Class A

     38,005       56,185  

Megacable Holdings SAB de CV, Series CPO

     7,204       32,977  

Mexichem SAB de CV

     26,191       61,200  

Promotora y Operadora de Infraestructura SAB de CV

     4,956       43,946  

Wal-Mart de Mexico SAB de CV

     131,497       325,225  
   

 

 

  
      3,126,217  
   

 

 

  
Peru — 0.4%            

Cia de Minas Buenaventura SAA, ADR

     4,296       60,746  

Credicorp Ltd.

     1,684       369,284  

Southern Copper Corp. (a)

     2,120       70,978  
   

 

 

  
      501,008  
   

 

 

  
Philippines — 1.1%            

Aboitiz Equity Ventures, Inc.

     47,820       47,619  

Aboitiz Power Corp.

     36,646       22,161  

Alliance Global Group, Inc.*

     107,876       23,501  

Ayala Corp.

     6,956       126,195  

Ayala Land, Inc.

     168,704       134,043  

Bank of the Philippine Islands

     22,304       39,996  

BDO Unibank, Inc.

     55,095       136,844  

DMCI Holdings, Inc.

     99,924       23,523  

Globe Telecom, Inc.

     714       26,833  

GT Capital Holdings, Inc.

     2,271       38,471  

International Container Terminal Services, Inc.

     7,012       12,507  

JG Summit Holdings, Inc.

     71,392       65,645  

Jollibee Foods Corp.

     10,873       57,746  

Manila Electric Co.

     5,670       41,557  

Megaworld Corp.

     252,600       21,732  

Metro Pacific Investments Corp.

     367,127       32,917  

Metropolitan Bank & Trust Co.

     38,284       54,483  

PLDT, Inc.

     2,136       47,186  

Robinsons Land Corp.

     50,239       19,599  

Security Bank Corp.

     5,495       16,877  

SM Investments Corp.

     5,593       96,933  

SM Prime Holdings, Inc.

     232,391       153,834  

Universal Robina Corp.

     22,059       53,864  
   

 

 

  
      1,294,066  
   

 

 

  
Poland — 1.2%            

Alior Bank SA*

     2,233       32,102  
   

Number
of Shares

    

Value

  
Poland (Continued)            

Bank Handlowy w Warszawie SA

     805     $ 14,609  

Bank Millennium SA*

     15,130       36,757  

Bank Polska Kasa Opieki SA

     4,447       128,800  

Santander Bank Polska SA

     803       75,365  

CCC SA

     699       38,757  

CD Projekt SA*

     1,558       58,440  

Cyfrowy Polsat SA*

     5,857       34,700  

Dino Polska SA, 144A*

     800       20,543  

Grupa Lotos SA

     2,311       50,000  

Jastrzebska Spolka Weglowa SA*

     1,321       22,859  

KGHM Polska Miedz SA*

     3,093       73,201  

LPP SA

     29       59,821  

mBank SA

     370       39,860  

Orange Polska SA*

     17,261       21,764  

PGE Polska Grupa Energetyczna SA*

     20,969       64,550  

Polski Koncern Naftowy ORLEN SA

     7,156       207,828  

Polskie Gornictwo Naftowe i Gazownictwo SA

     44,131       75,084  

Powszechna Kasa Oszczednosci Bank Polski SA

     21,908       236,417  

Powszechny Zaklad Ubezpieczen SA

     14,391       162,739  
   

 

 

  
      1,454,196  
   

 

 

  
Qatar — 1.0%            

Barwa Real Estate Co.

     3,750       39,361  

Commercial Bank QSC

     5,070       58,758  

Ezdan Holding Group QSC*

     19,848       69,390  

Industries Qatar QSC

     4,084       151,976  

Masraf Al Rayan QSC

     9,169       100,950  

Ooredoo QPSC

     2,102       45,599  

Qatar Electricity & Water Co. QSC

     984       48,643  

Qatar Insurance Co. SAQ

     3,972       39,085  

Qatar Islamic Bank SAQ

     2,591       108,087  

Qatar National Bank QPSC

     11,021       603,828  
   

 

 

  
      1,265,677  
   

 

 

  
Romania — 0.1%            

NEPI Rockcastle PLC

     9,385       74,491  
   

 

 

  
Russia — 3.6%            

Alrosa PJSC

     64,276       95,579  

Gazprom PJSC, ADR

     22,738       108,233  

Gazprom PJSC

     216,334       520,784  

Inter RAO UES PJSC

     781,217       47,748  

LUKOIL PJSC

     4,314       315,244  

LUKOIL PJSC, ADR

     7,468       548,898  

Magnit PJSC, GDR

     8,465       108,098  

Magnitogorsk Iron & Steel Works PJSC

     50,152       35,035  

MMC Norilsk Nickel PJSC

     1,642       312,176  

Mobile TeleSystems PJSC, ADR

     12,472       92,417  

Moscow Exchange MICEX-RTS PJSC

     36,923       49,334  

Novatek PJSC, GDR

     2,179       370,648  

Novolipetsk Steel PJSC

     29,915       70,707  

PhosAgro PJSC, GDR

     2,885       38,428  

Polymetal International PLC

     3,864       38,484  

Polyus PJSC

     665       47,915  

Rosneft Oil Co. PJSC, GDR

     26,625       167,737  

Sberbank of Russia PJSC

     260,804       755,164  

Severstal PJSC, GDR

     4,305       63,240  
 

 

See Notes to Financial Statements.   59  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Russia (Continued)            

Severstal PJSC

     952     $ 14,247  

Surgutneftegas PJSC, ADR

     16,223       64,503  

Tatneft PJSC

     36,782       391,262  

VTB Bank PJSC, GDR

     32,347       40,304  

X5 Retail Group NV, GDR

     2,456       63,233  
   

 

 

  
      4,359,418  
   

 

 

  
Singapore — 0.0%            

BOC Aviation Ltd., 144A (a)

     4,616       35,576  
   

 

 

  
South Africa — 5.8%            

Absa Group Ltd.

     18,232       202,596  

Anglo American Platinum Ltd.

     1,351       43,380  

AngloGold Ashanti Ltd.

     9,087       91,226  

Aspen Pharmacare Holdings Ltd.

     8,795       93,340  

Bid Corp. Ltd.

     8,617       159,273  

Bidvest Group Ltd.

     7,734       114,570  

Capitec Bank Holdings Ltd. (a)

     910       72,229  

Clicks Group Ltd.

     5,254       71,193  

Discovery Ltd.

     8,887       98,689  

Exxaro Resources Ltd.

     5,283       49,248  

FirstRand Ltd.

     79,288       382,173  

Fortress REIT Ltd., Class A REIT

     26,317       32,206  

Fortress REIT Ltd., Class B REIT

     20,350       20,851  

Foschini Group Ltd.

     4,825       60,854  

Gold Fields Ltd.

     20,494       59,683  

Growthpoint Properties Ltd. REIT

     69,300       118,111  

Hyprop Investments Ltd. REIT

     6,180       39,777  

Investec Ltd. (a)

     6,744       40,711  

Kumba Iron Ore Ltd. (a)

     1,459       26,063  

Liberty Holdings Ltd.

     3,325       25,672  

Life Healthcare Group Holdings Ltd.

     32,887       61,698  

MMI Holdings Ltd.*

     23,574       29,445  

Mr Price Group Ltd.

     6,649       115,629  

MTN Group Ltd.

     42,049       265,121  

Naspers Ltd., Class N

     10,507       2,094,766  

Nedbank Group Ltd.

     9,461       181,461  

Netcare Ltd.

     25,537       47,172  

Old Mutual Ltd.

     121,534       202,838  

Pick n Pay Stores Ltd.

     9,123       48,384  

PSG Group Ltd.

     3,621       61,401  

Rand Merchant Investment Holdings Ltd.

     16,903       43,847  

Redefine Properties Ltd. REIT (a)

     135,608       93,838  

Remgro Ltd.

     13,358       194,354  

Resilient REIT Ltd. REIT

     7,020       30,499  

RMB Holdings Ltd.

     17,591       99,311  

Sanlam Ltd.

     44,511       246,760  

Sappi Ltd.

     13,882       75,857  

Sasol Ltd.

     13,516       396,232  

Shoprite Holdings Ltd.

     10,391       147,826  

SPAR Group Ltd. (a)

     3,958       55,911  

Standard Bank Group Ltd.

     31,691       400,609  

Telkom SA SOC Ltd. (a)

     6,947       28,427  

Tiger Brands Ltd. (a)

     4,115       79,576  

Truworths International Ltd.

     10,977       69,511  

Vodacom Group Ltd. (a)

     13,438       121,690  

Woolworths Holdings Ltd.

     24,806       100,235  
   

 

 

  
      7,094,243  
   

 

 

  
   

Number
of Shares

    

Value

  
South Korea — 12.8%            

Amorepacific Corp.

     768     $ 118,185  

AMOREPACIFIC Group

     633       36,649  

BGF retail Co. Ltd.

     210       36,438  

BNK Financial Group, Inc.

     6,598       45,146  

Celltrion Healthcare Co. Ltd.*

     1,213       85,163  

Celltrion Pharm, Inc.*

     351       20,729  

Celltrion, Inc.*

     2,012       429,880  

Cheil Worldwide, Inc.

     1,790       37,446  

CJ CheilJedang Corp.

     184       55,153  

CJ Corp.

     356       41,445  

CJ ENM Co. Ltd.

     260       54,043  

CJ Logistics Corp.*

     188       26,667  

Coway Co. Ltd.

     1,174       82,110  

Daelim Industrial Co. Ltd.

     699       59,115  

Daewoo Engineering & Construction Co. Ltd.*

     3,304       14,649  

Daewoo Shipbuilding & Marine Engineering Co. Ltd.*

     937       27,459  

DB Insurance Co. Ltd.

     1,242       75,011  

DGB Financial Group, Inc.

     4,410       34,621  

Doosan Bobcat, Inc.

     909       26,639  

E-MART, Inc.

     468       81,413  

Fila Korea Ltd.

     1,246       56,467  

GS Engineering & Construction Corp.

     1,232       47,919  

GS Holdings Corp.

     1,253       57,567  

GS Retail Co. Ltd.

     682       23,120  

Hana Financial Group, Inc.

     7,476       250,767  

Hankook Tire Co. Ltd.

     1,851       70,675  

Hanmi Pharm. Co. Ltd.

     152       60,003  

Hanmi Science Co. Ltd.

     311       20,614  

Hanon Systems

     4,640       43,463  

Hanwha Chemical Corp.

     2,011       33,907  

Hanwha Corp.

     1,192       31,902  

Hanwha Life Insurance Co. Ltd.

     6,477       25,655  

HDC Hyundai Development Co-Engineering & Construction, Class E*

     979       36,681  

HLB, Inc.*

     692       52,165  

Hotel Shilla Co. Ltd.

     699       53,815  

Hyundai Department Store Co. Ltd.

     374       31,329  

Hyundai Engineering & Construction Co. Ltd.

     1,990       97,640  

Hyundai Glovis Co. Ltd.

     477       52,553  

Hyundai Heavy Industries Co. Ltd.*

     832       97,974  

Hyundai Heavy Industries Holdings Co. Ltd.*

     226       79,638  

Hyundai Marine & Fire Insurance Co. Ltd.

     1,576       56,308  

Hyundai Mobis Co. Ltd.

     1,566       252,164  

Hyundai Motor Co.

     3,298       314,810  

Hyundai Steel Co.

     2,011       77,322  

Industrial Bank of Korea

     6,268       82,757  

Kakao Corp.

     1,312       131,674  

Kangwon Land, Inc.

     2,652       76,299  

KB Financial Group, Inc.

     9,646       406,165  

KCC Corp.

     152       37,832  

Kia Motors Corp.

     6,168       167,826  
 

 

See Notes to Financial Statements.   60  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
South Korea (Continued)            

Korea Aerospace Industries Ltd.*

     1,682     $ 47,566  

Korea Electric Power Corp.

     6,575       174,207  

Korea Gas Corp.*

     796       36,216  

Korea Investment Holdings Co. Ltd.

     966       58,342  

Korea Zinc Co. Ltd.

     172       65,289  

Korean Air Lines Co. Ltd.

     1,150       32,727  

KT&G Corp.

     2,983       276,758  

Kumho Petrochemical Co. Ltd.

     467       38,412  

LG Chem Ltd.

     1,137       350,447  

LG Corp.

     2,144       138,094  

LG Display Co. Ltd.

     5,374       84,137  

LG Electronics, Inc.

     2,557       165,380  

LG Household & Health Care Ltd.

     222       229,734  

LG Innotek Co. Ltd.

     370       32,942  

LG Uplus Corp.

     2,795       44,134  

Lotte Chemical Corp.

     369       89,703  

Lotte Corp.*

     700       34,533  

Lotte Shopping Co. Ltd.

     253       48,639  

Medy-Tox, Inc.

     104       52,271  

Mirae Asset Daewoo Co. Ltd.

     12,139       77,104  

NAVER Corp.

     3,440       388,206  

NCSoft Corp.

     397       181,332  

Neoplux Co. Ltd.*

     25       127  

Netmarble Corp., 144A

     587       68,338  

NH Investment & Securities Co. Ltd.

     3,516       43,442  

OCI Co. Ltd.

     429       39,993  

Orange Life Insurance Ltd., 144A

     667       17,910  

Orion Corp.

     467       46,452  

Ottogi Corp.

     37       24,459  

Pan Ocean Co. Ltd.*

     5,310       21,696  

Pearl Abyss Corp.*

     131       22,438  

POSCO

     1,907       421,056  

POSCO Chemtech Co. Ltd.

     607       36,660  

Posco Daewoo Corp.

     1,048       18,044  

S-1 Corp.

     420       36,082  

Samsung Biologics Co. Ltd., 144A*(b)

     371       110,709  

Samsung C&T Corp.

     1,792       163,861  

Samsung Card Co. Ltd.

     697       20,084  

Samsung Electro-Mechanics Co. Ltd.

     1,426       153,292  

Samsung Electronics Co. Ltd.

     115,722       4,320,412  

Samsung Engineering Co. Ltd.*

     3,415       59,255  

Samsung Fire & Marine Insurance Co. Ltd.

     805       195,693  

Samsung Heavy Industries Co. Ltd.*

     10,095       66,823  

Samsung Life Insurance Co. Ltd.

     1,849       142,681  

Samsung SDI Co. Ltd.

     1,329       244,827  

Samsung SDS Co. Ltd.

     808       141,280  

Samsung Securities Co. Ltd.

     1,787       49,659  

Shinhan Financial Group Co. Ltd.

     10,106       371,441  

Shinsegae Inc.

     153       39,719  

SillaJen, Inc.*

     1,271       80,164  

SK Holdings Co. Ltd.

     810       203,412  

SK Hynix, Inc.

     14,028       871,001  

SK Innovation Co. Ltd.

     1,487       260,668  

SK Telecom Co. Ltd.

     478       123,450  

S-Oil Corp.

     1,027       101,239  

ViroMed Co. Ltd.*

     305       53,684  
   

Number
of Shares

    

Value

  
South Korea (Continued)            

Woori Bank

     12,290     $ 171,585  

Yuhan Corp.

     211       42,823  
   

 

 

  
      15,645,604  
   

 

 

  
Taiwan — 10.9%            

Acer, Inc.*

     73,013       47,172  

Advantech Co. Ltd.

     8,686       65,847  

Airtac International Group

     2,807       29,527  

ASE Technology Holding Co. Ltd.*

     82,279       166,687  

Asia Cement Corp.

     52,320       57,243  

Asustek Computer, Inc.

     19,174       135,705  

AU Optronics Corp.

     216,042       88,026  

Catcher Technology Co. Ltd.

     15,144       130,045  

Cathay Financial Holding Co. Ltd.

     189,542       298,760  

Chailease Holding Co. Ltd.

     25,832       80,595  

Chang Hwa Commercial Bank Ltd.

     122,093       69,368  

Cheng Shin Rubber Industry Co. Ltd.

     48,501       66,922  

Chicony Electronics Co. Ltd.

     15,063       29,489  

China Airlines Ltd.

     65,482       23,385  

China Development Financial Holding Corp.

     299,145       97,120  

China Life Insurance Co. Ltd.

     65,066       61,789  

China Steel Corp.

     299,242       233,164  

Chunghwa Telecom Co. Ltd.

     91,787       318,855  

Compal Electronics, Inc.

     104,843       59,907  

CTBC Financial Holding Co. Ltd.

     406,738       270,045  

Delta Electronics, Inc.

     54,709       230,903  

E.Sun Financial Holding Co. Ltd.

     234,653       158,459  

Eclat Textile Co. Ltd.

     4,428       55,635  

Eva Airways Corp.

     54,635       28,558  

Evergreen Marine Corp. Taiwan Ltd.

     54,165       20,487  

Far Eastern New Century Corp.

     80,110       73,994  

Far EasTone Telecommunications Co. Ltd.

     39,832       93,756  

Feng TAY Enterprise Co. Ltd.

     8,322       52,956  

First Financial Holding Co. Ltd.

     230,814       149,497  

Formosa Chemicals & Fibre Corp.

     87,355       302,041  

Formosa Petrochemical Corp.

     29,878       108,157  

Formosa Plastics Corp.

     109,626       355,911  

Formosa Taffeta Co. Ltd.

     18,915       20,634  

Foxconn Technology Co. Ltd.

     22,930       46,304  

Fubon Financial Holding Co. Ltd.

     155,733       246,734  

Giant Manufacturing Co. Ltd.

     7,476       34,708  

Globalwafers Co. Ltd.

     4,826       57,345  

Highwealth Construction Corp.

     20,375       31,024  

Hiwin Technologies Corp.

     4,464       34,855  

Hon Hai Precision Industry Co. Ltd.

     317,080       740,160  

Hotai Motor Co. Ltd.

     6,802       52,337  

Hua Nan Financial Holdings Co. Ltd.

     187,145       106,631  

Innolux Corp.

     223,418       74,348  

Inventec Corp.

     64,906       46,570  

Largan Precision Co. Ltd.

     2,129       232,934  

Lite-On Technology Corp.

     52,759       70,056  

MediaTek, Inc.

     35,574       274,299  

Mega Financial Holding Co. Ltd.

     261,052       216,968  

Micro-Star International Co. Ltd.

     16,854       39,671  

Nan Ya Plastics Corp.

     128,884       310,897  
 

 

See Notes to Financial Statements.   61  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Taiwan (Continued)            

Nanya Technology Corp.

     23,907     $ 47,346  

Nien Made Enterprise Co. Ltd.

     3,655       26,758  

Novatek Microelectronics Corp.

     14,424       60,878  

Pegatron Corp.

     42,176       71,614  

Phison Electronics Corp.

     3,663       29,850  

Pou Chen Corp.

     55,131       59,961  

Powertech Technology, Inc.

     17,501       41,080  

President Chain Store Corp.

     12,724       131,365  

Quanta Computer, Inc.

     57,250       92,841  

Realtek Semiconductor Corp.

     12,049       55,352  

Ruentex Development Co. Ltd.

     13,761       21,869  

Ruentex Industries Ltd.

     8,455       24,979  

Shin Kong Financial Holding Co. Ltd.

     210,334       71,360  

SinoPac Financial Holdings Co. Ltd.

     267,072       92,343  

Standard Foods Corp.

     8,043       12,756  

Synnex Technology International Corp.

     35,376       41,634  

TaiMed Biologics, Inc.*

     4,327       22,617  

Taishin Financial Holding Co. Ltd.

     245,718       108,095  

Taiwan Business Bank

     86,687       29,692  

Taiwan Cement Corp.

     117,977       132,143  

Taiwan Cooperative Financial Holding Co. Ltd.

     203,766       118,417  

Taiwan High Speed Rail Corp.

     42,119       42,254  

Taiwan Mobile Co. Ltd.

     40,083       141,845  

Taiwan Semiconductor Manufacturing Co. Ltd.

     594,523       4,352,546  

Tatung Co. Ltd.*

     46,000       60,484  

Uni-President Enterprises Corp.

     121,915       285,774  

United Microelectronics Corp.

     272,632       102,232  

Vanguard International Semiconductor Corp.

     20,366       42,846  

Walsin Technology Corp.

     7,464       45,436  

Win Semiconductors Corp.

     8,252       33,890  

Winbond Electronics Corp.

     70,065       34,121  

Wistron Corp.

     66,564       42,249  

WPG Holdings Ltd.

     39,170       47,688  

Yageo Corp.

     6,090       73,156  

Yuanta Financial Holding Co. Ltd.

     254,382       129,662  

Zhen Ding Technology Holding Ltd.

     11,610       29,514  
   

 

 

  
      13,353,127  
   

 

 

  
Thailand — 2.4%            

Advanced Info Service PCL, NVDR

     25,974       140,976  

Airports of Thailand PCL, NVDR

     102,700       199,076  

Bangkok Bank PCL, NVDR

     4,446       28,119  

Bangkok Dusit Medical Services PCL, NVDR

     95,500       77,678  

Bangkok Expressway & Metro PCL, NVDR

     187,400       50,429  

Banpu PCL, NVDR

     47,800       24,563  

Berli Jucker PCL, NVDR

     25,700       41,222  

BTS Group Holdings PCL, NVDR

     145,100       41,693  

Bumrungrad Hospital PCL, NVDR

     7,700       44,485  

Central Pattana PCL, NVDR

     34,000       78,312  

Charoen Pokphand Foods PCL, NVDR

     98,543       74,909  

CP ALL PCL, NVDR

     118,700       246,333  

Delta Electronics Thailand PCL, NVDR

     15,002       31,817  
   

Number
of Shares

    

Value

  
Thailand (Continued)            

Electricity Generating PCL, NVDR

     3,800     $ 27,731  

Energy Absolute PCL, NVDR

     22,500       32,839  

Glow Energy PCL, NVDR

     13,800       36,506  

Gulf Energy Development PCL NVDR

     6,200       14,281  

Home Product Center PCL, NVDR

     98,400       45,479  

Indorama Ventures PCL, NVDR

     36,497       59,927  

IRPC PCL, NVDR

     249,709       46,316  

Kasikornbank PCL, NVDR

     44,979       264,643  

Krung Thai Bank PCL, NVDR

     89,006       54,669  

Land & Houses PCL, NVDR

     106,000       32,553  

Minor International PCL, NVDR

     53,500       58,970  

Muangthai Capital PCL NVDR

     12,700       19,019  

PTT Exploration & Production PCL, NVDR

     32,613       130,898  

PTT Global Chemical PCL, NVDR

     53,600       127,939  

PTT PCL

     90,400       135,377  

PTT PCL, NVDR

     155,680       233,135  

Robinson PCL, NVDR

     13,400       27,401  

Siam Cement PCL

     9,958       133,833  

Siam Commercial Bank PCL, NVDR

     44,198       186,804  

Thai Oil PCL, NVDR

     31,757       73,388  

Thai Union Group PCL, NVDR

     47,600       25,474  

TMB Bank PCL, NVDR

     327,700       23,117  

True Corp. PCL, NVDR

     248,600       44,221  
   

 

 

  
      2,914,132  
   

 

 

  
Turkey — 0.6%            

Akbank T.A.S.

     50,341       73,957  

Anadolu Efes Biracilik Ve Malt Sanayii AS

     5,158       20,913  

Arcelik AS

     5,893       17,677  

Aselsan Elektronik Sanayi Ve Ticaret AS

     12,299       62,981  

BIM Birlesik Magazalar AS

     5,284       85,634  

Eregli Demir ve Celik Fabrikalari TAS

     29,451       42,872  

Ford Otomotiv Sanayi AS

     1,751       18,151  

Haci Omer Sabanci Holding AS

     22,907       36,157  

KOC Holding AS

     18,976       55,974  

Petkim Petrokimya Holding AS

     18,518       18,823  

TAV Havalimanlari Holding AS

     2,100       9,441  

Tupras Turkiye Petrol Rafinerileri AS

     2,660       63,720  

Turk Hava Yollari AO*

     13,776       44,916  

Turkcell Iletisim Hizmetleri AS

     26,466       64,414  

Turkiye Garanti Bankasi AS

     54,194       85,958  

Turkiye Halk Bankasi AS

     15,971       22,085  

Turkiye Is Bankasi AS, Class C

     39,624       32,374  

Turkiye Sise ve Cam Fabrikalari AS

     19,623       18,931  
   

 

 

  
      774,978  
   

 

 

  
United Arab Emirates — 0.7%            

Abu Dhabi Commercial Bank PJSC

     47,365       101,225  

Aldar Properties PJSC

     78,447       34,171  

DAMAC Properties Dubai Co. PJSC

     45,256       23,040  

DP World Ltd.

     3,917       64,082  

Dubai Islamic Bank PJSC

     40,708       58,073  

Emaar Development PJSC

     18,289       24,647  

Emaar Malls PJSC

     48,681       23,856  

Emaar Properties PJSC

     87,899       107,686  
 

 

See Notes to Financial Statements.   62  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
United Arab Emirates (Continued)            

Emirates Telecommunications Group Co. PJSC

     40,988     $ 185,459  

First Abu Dhabi Bank PJSC

     64,993       240,639  
   

 

 

  
      862,878  
   

 

 

  
United Kingdom — 0.1%            

Mondi Ltd.

     2,950       64,923  
   

 

 

  
United States — 0.0%            

Nexteer Automotive Group Ltd. (c)

     20,585       30,993  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $103,076,851)

       114,535,439  
   

 

 

  
PREFERRED STOCKS — 3.8%    
Brazil — 2.8%    

Banco Bradesco SA

     82,322       818,749  

Braskem SA, Class A

     4,302       60,275  

Centrais Eletricas Brasileiras SA, Class B

     5,634       41,261  

Cia Brasileira de Distribuicao

     3,947       85,135  

Cia Energetica de Minas Gerais

     21,814       71,698  

Gerdau SA

     23,454       93,889  

Itau Unibanco Holding SA

     117,303       1,092,644  

Itausa — Investimentos Itau SA

     105,841       337,750  

Lojas Americanas SA

     18,156       92,541  

Petroleo Brasileiro SA

     96,879       637,843  

Telefonica Brasil SA

     10,155       120,825  
   

 

 

  
      3,452,610  
   

 

 

  
Chile — 0.1%            

Embotelladora Andina SA, Class B

     6,491       22,933  

Sociedad Quimica y Minera de Chile SA, Class B

     2,889       128,076  
   

 

 

  
      151,009  
   

 

 

  
Colombia — 0.1%            

Bancolombia SA

     11,289       112,471  

Grupo Aval Acciones y Valores SA

     95,152       30,452  

Grupo de Inversiones Suramericana SA

     2,849       26,940  
   

 

 

  
      169,863  
   

 

 

  
Russia — 0.1%            

Surgutneftegas PJSC

     159,172       89,683  

Transneft PJSC

     18       47,122  
   

 

 

  
      136,805  
   

 

 

  
South Korea — 0.7%            

Amorepacific Corp.

     227       18,246  

Hyundai Motor Co.

     584       34,281  

Hyundai Motor Co. — 2nd Preferred

     911       56,727  

LG Chem Ltd.

     176       30,695  

LG Household & Health Care Ltd.

     38       22,713  

Samsung Electronics Co. Ltd.

     20,821       626,887  
   

 

 

  
      789,549  
   

 

 

  

TOTAL PREFERRED STOCKS
(Cost $3,083,215)

       4,699,836  
   

 

 

  
EXCHANGE-TRADED FUND — 0.1%

 

Global X MSCI Pakistan ETF
(Cost $64,435)

     6,500       62,725  
   

 

 

  
   

Number
of Shares

    

Value

  
RIGHTS — 0.0%    
China — 0.0%    

Fosun International Ltd.*, expires 12/11/18

     147     $ 0  
   

 

 

  
Taiwan — 0.0%            

Taiwan Cement Corp.*, expires 12/08/18

     3,695       0  
   

 

 

  

TOTAL RIGHTS
(Cost $0)

       0  
   

 

 

  
WARRANT — 0.0%    
Thailand — 0.0%    

BTS Group Holdings PCL, NVDR*, expires 12/29/19 (b)
(Cost $0)

     18,144       68  
   

 

 

  
SECURITIES LENDING COLLATERAL — 1.1%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (d)(e)
(Cost $1,383,442)

     1,383,442       1,383,442  
   

 

 

  
CASH EQUIVALENTS — 2.8%

 

  

DWS Government Money Market Series “Institutional Shares”, 2.15% (d)
(Cost $3,415,426)

     3,415,426       3,415,426  
   

 

 

  
   

TOTAL INVESTMENTS — 101.4%

(Cost $111,023,369)

     $ 124,096,936  

Other assets and liabilities, net — (1.4%)

       (1,793,944 ) 
   

 

 

  

NET ASSETS — 100.0%

     $ 122,302,992  
   

 

 

  
 

 

See Notes to Financial Statements.   63  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

SECURITIES LENDING COLLATERAL — 1.1%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (d)(e)

 

  
993,218     390,224 (f)      —       —       —       8,071       —       1,383,442       1,383,442  
               

CASH EQUIVALENTS — 2.8%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (d)

 

  
—     6,945,714       (3,530,288)       —       —       9,588       —       3,415,426       3,415,426  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
993,218     7,335,938       (3,530,288)         —         —       17,659       —       4,798,868       4,798,868  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2018 amounted to $2,103,073, which is 1.7% of net assets.

(b)

Investment was valued using significant unobservable inputs.

(c)

Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States.

(d)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(e)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $821,723.

(f)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018.

 

ADR:   American Depositary Receipt
CPO:   Ordinary Participation Certificates
GDR:   Global Depositary Receipt
NVDR:   Non Voting Depositary Receipt
PJSC:   Private Joint Stock Company
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.

At November 30, 2018, open futures contract purchased was as follows:

 

Contract Description

    Currency      Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Appreciation		  

MSCI Emerging Markets Index Futures

      USD        61      $ 3,028,260      $ 3,048,780        12/21/2018      $ 20,520  

As of November 30, 2018, the Fund had the following forward foreign currency contracts outstanding:

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

The Bank of New York Mellon

    12/3/2018    IDR      5,694,364      USD      398      $ —      $ —  

Goldman Sachs & Co.

    12/5/2018    AED      2,849,800      USD      775,772        —        (60 ) 

The Bank of Nova Scotia

    12/5/2018    AED      292,500      USD      79,625        —        (6 ) 

Goldman Sachs & Co.

    12/5/2018    BRL      6,532,900      USD      1,753,705        64,743        —  

JP Morgan & Chase Co.

    12/5/2018    BRL      2,815,000      USD      756,070        28,303        —  

The Bank of Nova Scotia

    12/5/2018    BRL      25,839,300      USD      6,935,794        255,518        —  

Goldman Sachs & Co.

    12/5/2018    CLP      876,638,000      USD      1,259,293        —        (45,974 ) 

RBC Capital Markets

    12/5/2018    CLP      56,356,800      USD      80,967        —        (2,945 ) 

Goldman Sachs & Co.

    12/5/2018    CNH      7,146,000      USD      1,023,240        —        (4,750 ) 

Goldman Sachs & Co.

    12/5/2018    COP      1,762,733,800      USD      546,432        1,538        —  

Goldman Sachs & Co.

    12/5/2018    CZK      2,596,100      USD      113,463        284        —  

JP Morgan & Chase Co.

    12/5/2018    CZK      2,685,000      USD      117,339        284        —  

Goldman Sachs & Co.

    12/5/2018    EGP      2,922,600      USD      161,559        —        (1,373 ) 

JP Morgan & Chase Co.

    12/5/2018    EUR      371,000      USD      421,420        1,181        —  

JP Morgan & Chase Co.

    12/5/2018    HKD      43,383,300      USD      5,540,109        —        (5,607 ) 

RBC Capital Markets

    12/5/2018    HKD      86,293,600      USD      11,018,783        —        (12,185 ) 

 

See Notes to Financial Statements.   64  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

The Bank of New York Mellon

    12/5/2018    HKD      103,669,500      USD      13,238,517      $ —      $ (13,624 ) 

JP Morgan & Chase Co.

    12/5/2018    HUF      65,802,500      USD      229,876        —        (416 ) 

RBC Capital Markets

    12/5/2018    HUF      44,286,400      USD      154,639        —        (352 ) 

Goldman Sachs & Co.

    12/5/2018    IDR      21,836,840,200      USD      1,430,048        —        (95,626 ) 

JP Morgan & Chase Co.

    12/5/2018    IDR      14,877,311,300      USD      973,519        —        (65,914 ) 

RBC Capital Markets

    12/5/2018    IDR      1,516,118,300      USD      99,320        —        (6,607 ) 

Goldman Sachs & Co.

    12/5/2018    INR      213,065,200      USD      2,869,565        —        (185,741 ) 

JP Morgan & Chase Co.

    12/5/2018    INR      606,711,100      USD      8,168,333        —        (531,765 ) 

Goldman Sachs & Co.

    12/5/2018    KRW      17,147,435,600      USD      15,062,751        —        (237,323 ) 

JP Morgan & Chase Co.

    12/5/2018    KRW      1,724,125,900      USD      1,514,344        —        (24,035 ) 

RBC Capital Markets

    12/5/2018    KRW      2,531,290,000      USD      2,223,062        —        (35,522 ) 

JP Morgan & Chase Co.

    12/5/2018    MXN      9,677,600      USD      475,498        395        —  

RBC Capital Markets

    12/5/2018    MXN      15,510,900      USD      762,225        749        —  

The Bank of New York Mellon

    12/5/2018    MXN      51,748,800      USD      2,542,814        2,310        —  

Goldman Sachs & Co.

    12/5/2018    MYR      8,937,900      USD      2,136,465        621        —  

RBC Capital Markets

    12/5/2018    MYR      4,769,500      USD      1,138,034        —        (1,709 ) 

Goldman Sachs & Co.

    12/5/2018    PHP      36,280,500      USD      676,660        —        (15,232 ) 

JP Morgan & Chase Co.

    12/5/2018    PHP      5,291,800      USD      98,728        —        (2,190 ) 

RBC Capital Markets

    12/5/2018    PHP      29,959,400      USD      559,884        —        (11,461 ) 

JP Morgan & Chase Co.

    12/5/2018    PLN      1,344,200      USD      351,205        —        (3,421 ) 

The Bank of Nova Scotia

    12/5/2018    PLN      4,518,100      USD      1,180,107        —        (11,853 ) 

Goldman Sachs & Co.

    12/5/2018    QAR      4,286,800      USD      1,171,897        —        (5,385 ) 

Goldman Sachs & Co.

    12/5/2018    RUB      58,490,000      USD      886,015        13,631        —  

JP Morgan & Chase Co.

    12/5/2018    RUB      253,888,000      USD      3,845,867        59,104        —  

Goldman Sachs & Co.

    12/5/2018    TRY      213,900      USD      37,383        —        (3,521 ) 

JP Morgan & Chase Co.

    12/5/2018    TRY      2,545,400      USD      444,632        —        (42,127 ) 

RBC Capital Markets

    12/5/2018    TRY      2,173,100      USD      380,002        —        (35,561 ) 

Goldman Sachs & Co.

    12/5/2018    TWD      115,324,100      USD      3,737,009        —        (8,723 ) 

JP Morgan & Chase Co.

    12/5/2018    TWD      122,636,400      USD      3,973,059        —        (10,177 ) 

RBC Capital Markets

    12/5/2018    TWD      18,096,200      USD      585,922        —        (1,843 ) 

The Bank of Nova Scotia

    12/5/2018    TWD      226,738,200      USD      7,342,558        —        (21,908 ) 

Goldman Sachs & Co.

    12/5/2018    USD      775,857      AED      2,849,800        —        (24 ) 

The Bank of Nova Scotia

    12/5/2018    USD      79,632      AED      292,500        —        (1 ) 

Goldman Sachs & Co.

    12/5/2018    USD      1,685,823      BRL      6,532,900        3,139        —  

JP Morgan & Chase Co.

    12/5/2018    USD      726,058      BRL      2,815,000        1,708        —  

The Bank of Nova Scotia

    12/5/2018    USD      6,668,551      BRL      25,839,300        11,726        —  

Goldman Sachs & Co.

    12/5/2018    USD      1,302,941      CLP      876,638,000        2,326        —  

RBC Capital Markets

    12/5/2018    USD      83,744      CLP      56,356,800        168        —  

Goldman Sachs & Co.

    12/5/2018    USD      123,845      CNH      865,000        590        —  

Goldman Sachs & Co.

    12/5/2018    USD      902,978      CNH      6,281,000        577        —  

Goldman Sachs & Co.

    12/5/2018    USD      544,352      COP      1,762,733,800        543        —  

Goldman Sachs & Co.

    12/5/2018    USD      113,211      CZK      2,596,100        —        (32 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      117,088      CZK      2,685,000        —        (33 ) 

Goldman Sachs & Co.

    12/5/2018    USD      163,092      EGP      2,922,600        —        (159 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      420,065      EUR      371,000        174        —  

JP Morgan & Chase Co.

    12/5/2018    USD      5,543,660      HKD      43,383,300        2,056        —  

RBC Capital Markets

    12/5/2018    USD      11,026,879      HKD      86,293,600        4,089        —  

The Bank of New York Mellon

    12/5/2018    USD      3,850,867      HKD      30,155,000        3,867        —  

The Bank of New York Mellon

    12/5/2018    USD      9,394,362      HKD      73,514,500        3,045        —  

JP Morgan & Chase Co.

    12/5/2018    USD      230,006      HUF      65,802,500        285        —  

RBC Capital Markets

    12/5/2018    USD      154,800      HUF      44,286,400        191        —  

Goldman Sachs & Co.

    12/5/2018    USD      1,522,898      IDR      21,836,840,200        2,776        —  

JP Morgan & Chase Co.

    12/5/2018    USD      1,042,266      IDR      14,877,311,300        —        (2,833 ) 

RBC Capital Markets

    12/5/2018    USD      106,037      IDR      1,516,118,300        —        (110 ) 

Goldman Sachs & Co.

    12/5/2018    USD      997,468      INR      74,052,000        64,421        —  

Goldman Sachs & Co.

    12/5/2018    USD      1,995,670      INR      139,013,200        —        (2,253 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      8,706,980      INR      606,711,100        —        (6,883 ) 

Goldman Sachs & Co.

    12/5/2018    USD      13,017,776      KRW      14,603,340,600        12,289        —  

 

See Notes to Financial Statements.   65  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

Goldman Sachs & Co.

    12/5/2018    USD      2,231,858      KRW      2,544,095,000      $ 38,151      $ —  

JP Morgan & Chase Co.

    12/5/2018    USD      1,537,860      KRW      1,724,125,900        519        —  

RBC Capital Markets

    12/5/2018    USD      2,258,467      KRW      2,531,290,000        117        —  

JP Morgan & Chase Co.

    12/5/2018    USD      475,578      MXN      9,677,600        —        (475 ) 

RBC Capital Markets

    12/5/2018    USD      762,244      MXN      15,510,900        —        (767 ) 

The Bank of New York Mellon

    12/5/2018    USD      2,132,031      MXN      43,384,800        —        (2,141 ) 

The Bank of New York Mellon

    12/5/2018    USD      410,981      MXN      8,364,000        —        (367 ) 

Goldman Sachs & Co.

    12/5/2018    USD      1,862,824      MYR      7,798,900        838        —  

Goldman Sachs & Co.

    12/5/2018    USD      272,162      MYR      1,139,000        18        —  

RBC Capital Markets

    12/5/2018    USD      1,138,713      MYR      4,769,500        1,029        —  

Goldman Sachs & Co.

    12/5/2018    USD      691,716      PHP      36,280,500        176        —  

JP Morgan & Chase Co.

    12/5/2018    USD      100,892      PHP      5,291,800        26        —  

RBC Capital Markets

    12/5/2018    USD      571,199      PHP      29,959,400        145        —  

JP Morgan & Chase Co.

    12/5/2018    USD      354,644      PLN      1,344,200        —        (18 ) 

The Bank of Nova Scotia

    12/5/2018    USD      1,191,985      PLN      4,518,100        —        (25 ) 

Goldman Sachs & Co.

    12/5/2018    USD      1,173,437      QAR      4,286,800        3,846        —  

Goldman Sachs & Co.

    12/5/2018    USD      140,918      RUB      9,302,000        —        (2,178 ) 

Goldman Sachs & Co.

    12/5/2018    USD      734,670      RUB      49,188,000        —        (1,026 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      3,789,938      RUB      253,888,000        —        (3,175 ) 

Goldman Sachs & Co.

    12/5/2018    USD      40,748      TRY      213,900        156        —  

JP Morgan & Chase Co.

    12/5/2018    USD      484,312      TRY      2,545,400        2,447        —  

RBC Capital Markets

    12/5/2018    USD      413,516      TRY      2,173,100        2,048        —  

Goldman Sachs & Co.

    12/5/2018    USD      1,981,014      TWD      61,144,000        4,946        —  

Goldman Sachs & Co.

    12/5/2018    USD      1,756,300      TWD      54,180,100        3,472        —  

JP Morgan & Chase Co.

    12/5/2018    USD      3,982,348      TWD      122,636,400        888        —  

RBC Capital Markets

    12/5/2018    USD      587,158      TWD      18,096,200        608        —  

The Bank of Nova Scotia

    12/5/2018    USD      7,361,271      TWD      226,738,200        3,195        —  

JP Morgan & Chase Co.

    12/5/2018    USD      6,523,828      ZAR      90,471,400        260        —  

RBC Capital Markets

    12/5/2018    USD      854,774      ZAR      12,672,000        59,031        —  

RBC Capital Markets

    12/5/2018    USD      804,660      ZAR      11,158,800        26        —  

JP Morgan & Chase Co.

    12/5/2018    ZAR      90,471,400      USD      6,102,109        —        (421,979 ) 

RBC Capital Markets

    12/5/2018    ZAR      23,830,800      USD      1,607,288        —        (111,202 ) 

Goldman Sachs & Co.

    12/6/2018    THB      83,735,800      USD      2,527,873        —        (18,895 ) 

The Bank of Nova Scotia

    12/6/2018    THB      20,001,800      USD      603,700        —        (4,641 ) 

Goldman Sachs & Co.

    12/6/2018    USD      190,279      THB      6,303,000        1,422        —  

Goldman Sachs & Co.

    12/6/2018    USD      2,350,366      THB      77,432,800        4,701        —  

The Bank of Nova Scotia

    12/6/2018    USD      607,127      THB      20,001,800        1,214        —  

Goldman Sachs & Co.

    1/4/2019    BRL      6,532,900      USD      1,683,650        —        (2,565 ) 

JP Morgan & Chase Co.

    1/4/2019    BRL      2,815,000      USD      725,104        —        (1,479 ) 

The Bank of Nova Scotia

    1/4/2019    BRL      442,000      USD      113,888        —        (197 ) 

The Bank of Nova Scotia

    1/4/2019    BRL      25,839,300      USD      6,660,300        —        (9,115 ) 

Goldman Sachs & Co.

    1/4/2019    CLP      876,638,000      USD      1,302,844        —        (2,661 ) 

RBC Capital Markets

    1/4/2019    CLP      56,356,800      USD      83,738        —        (190 ) 

Goldman Sachs & Co.

    1/4/2019    CNH      6,281,000      USD      901,711        —        (901 ) 

Goldman Sachs & Co.

    1/4/2019    COP      1,762,733,800      USD      543,534        —        (431 ) 

Goldman Sachs & Co.

    1/4/2019    CZK      2,596,100      USD      113,412        —        (163 ) 

JP Morgan & Chase Co.

    1/4/2019    CZK      2,685,000      USD      117,489        25        —  

JP Morgan & Chase Co.

    1/4/2019    EUR      371,000      USD      421,345        —        (215 ) 

JP Morgan & Chase Co.

    1/4/2019    HKD      43,383,300      USD      5,548,127        —        (2,479 ) 

RBC Capital Markets

    1/4/2019    HKD      86,293,600      USD      11,035,693        —        (5,002 ) 

RBC Capital Markets

    1/4/2019    HKD      17,327,000      USD      2,215,913        —        (962 ) 

The Bank of New York Mellon

    1/4/2019    HKD      73,514,500      USD      9,401,643        —        (4,051 ) 

JP Morgan & Chase Co.

    1/4/2019    HUF      65,802,500      USD      230,653        —        (352 ) 

RBC Capital Markets

    1/4/2019    HUF      44,286,400      USD      155,251        —        (220 ) 

Goldman Sachs & Co.

    1/4/2019    IDR      21,836,840,200      USD      1,518,451        —        (520 ) 

JP Morgan & Chase Co.

    1/4/2019    IDR      14,877,311,300      USD      1,037,904        3,038        —  

JP Morgan & Chase Co.

    1/4/2019    IDR      1,504,848,000      USD      104,809        132        —  

RBC Capital Markets

    1/4/2019    IDR      1,516,118,300      USD      105,771        310        —  

 

See Notes to Financial Statements.   66  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

Goldman Sachs & Co.

    1/4/2019    INR      139,013,200      USD      1,988,533      $ 2,072      $ —  

JP Morgan & Chase Co.

    1/4/2019    INR      33,668,000      USD      481,301        195        —  

JP Morgan & Chase Co.

    1/4/2019    INR      606,711,100      USD      8,677,715        7,975        —  

Goldman Sachs & Co.

    1/4/2019    KRW      14,603,340,600      USD      13,030,553        —        (14,553 ) 

JP Morgan & Chase Co.

    1/4/2019    KRW      1,724,125,900      USD      1,539,371        —        (784 ) 

JP Morgan & Chase Co.

    1/4/2019    KRW      356,212,000      USD      317,981        —        (222 ) 

RBC Capital Markets

    1/4/2019    KRW      2,531,290,000      USD      2,260,686        —        (505 ) 

JP Morgan & Chase Co.

    1/4/2019    MXN      9,677,600      USD      473,448        581        —  

RBC Capital Markets

    1/4/2019    MXN      15,510,900      USD      758,822        927        —  

The Bank of New York Mellon

    1/4/2019    MXN      43,384,800      USD      2,122,259        2,386        —  

Goldman Sachs & Co.

    1/4/2019    MYR      7,798,900      USD      1,860,824        —        (2,341 ) 

RBC Capital Markets

    1/4/2019    MYR      4,769,500      USD      1,137,762        —        (1,676 ) 

Goldman Sachs & Co.

    1/4/2019    PHP      36,280,500      USD      690,794        273        —  

JP Morgan & Chase Co.

    1/4/2019    PHP      5,291,800      USD      100,719        1        —  

RBC Capital Markets

    1/4/2019    PHP      29,959,400      USD      570,329        117        —  

JP Morgan & Chase Co.

    1/4/2019    PLN      1,344,200      USD      354,893        —        (21 ) 

The Bank of Nova Scotia

    1/4/2019    PLN      4,518,100      USD      1,192,898        —        (35 ) 

Goldman Sachs & Co.

    1/4/2019    THB      77,432,800      USD      2,351,079        —        (6,817 ) 

The Bank of Nova Scotia

    1/4/2019    THB      20,001,800      USD      607,311        —        (1,761 ) 

Goldman Sachs & Co.

    1/4/2019    TRY      213,900      USD      40,065        —        (126 ) 

JP Morgan & Chase Co.

    1/4/2019    TRY      2,545,400      USD      476,100        —        (2,164 ) 

RBC Capital Markets

    1/4/2019    TRY      2,173,100      USD      406,426        —        (1,885 ) 

Goldman Sachs & Co.

    1/4/2019    TWD      54,180,100      USD      1,760,294        —        (4,197 ) 

JP Morgan & Chase Co.

    1/4/2019    TWD      3,079,000      USD      100,114        —        (160 ) 

JP Morgan & Chase Co.

    1/4/2019    TWD      122,636,400      USD      3,991,810        —        (2,107 ) 

RBC Capital Markets

    1/4/2019    TWD      18,096,200      USD      588,590        —        (752 ) 

The Bank of Nova Scotia

    1/4/2019    TWD      226,738,200      USD      7,379,239        —        (4,976 ) 

JP Morgan & Chase Co.

    1/4/2019    USD      141,972      EUR      125,000        64        —  

RBC Capital Markets

    1/4/2019    USD      104,112      MXN      2,128,000        —        (134 ) 

RBC Capital Markets

    1/4/2019    USD      140,336      TRY      750,000        584        —  

JP Morgan & Chase Co.

    1/4/2019    ZAR      90,471,400      USD      6,500,410        461        —  

JP Morgan & Chase Co.

    1/4/2019    ZAR      5,500,000      USD      395,168        19        —  

RBC Capital Markets

    1/4/2019    ZAR      11,158,800      USD      801,749        41        —  

Goldman Sachs & Co.

    1/7/2019    AED      2,849,800      USD      775,730        —        (25 ) 

The Bank of Nova Scotia

    1/7/2019    AED      292,500      USD      79,620        —        (3 ) 

Goldman Sachs & Co.

    1/7/2019    QAR      4,286,800      USD      1,173,116        —        (4,064 ) 

Goldman Sachs & Co.

    1/7/2019    QAR      466,000      USD      127,524        —        (442 ) 

Goldman Sachs & Co.

    1/8/2019    EGP      2,922,600      USD      161,648        406        —  

Goldman Sachs & Co.

    1/10/2019    RUB      49,188,000      USD      731,567        1,254        —  

JP Morgan & Chase Co.

    1/10/2019    RUB      253,888,000      USD      3,774,853        5,280        —  

JP Morgan & Chase Co.

    1/10/2019    RUB      7,747,000      USD      115,036        13        —  
                 

 

 

     

 

 

  

Total unrealized appreciation (depreciation)

                   $ 698,064      $ (2,105,406 ) 
                 

 

 

     

 

 

  

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
 

 

See Notes to Financial Statements.   67  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2018 (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.

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, 2018 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)

      $ 114,416,272        $ —      $ 119,167        $ 114,535,439  

Preferred Stocks (g)

        4,699,836          —        —          4,699,836  

Exchange-Traded Fund

        62,725          —        —          62,725  

Rights (g)

        0          —        —          0  

Warrant

        —          —        68          68  

Short-Term Investments (g)

        4,798,868          —        —          4,798,868  

Derivatives (h)

                  

Forward Foreign Currency Contracts

        —          698,064        —          698,064  

Futures Contracts

        20,520          —        —          20,520  
    

 

 

       

 

 

     

 

 

       

 

 

  

TOTAL

      $ 123,998,221        $ 698,064      $ 119,235        $ 124,815,520  
    

 

 

       

 

 

     

 

 

       

 

 

  
                 

Liabilities

      Level 1        Level 2      Level 3        Total  

Derivatives (h)

                  

Forward Foreign Currency Contracts

      $ —        $ (2,105,406 )     $ —        $ (2,105,406 ) 
    

 

 

       

 

 

     

 

 

       

 

 

  

TOTAL

      $ —        $ (2,105,406 )     $ —        $ (2,105,406 ) 
    

 

 

       

 

 

     

 

 

       

 

 

  

 

(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, 2018, the amount of transfers between Level 1 and Level 3 was $221,949 and between Level 3 and Level 1 was $70,470. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading and commencement of trading on a securities exchange.

 

See Notes to Financial Statements.   68  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Europe Hedged Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 95.1%    
Australia — 0.5%    

BHP Group PLC

     231,146     $ 4,422,753  
   

 

 

  
Austria — 0.4%            

ANDRITZ AG

     7,080       340,811  

Erste Group Bank AG*

     32,243       1,272,111  

OMV AG

     16,322       824,498  

Raiffeisen Bank International AG

     16,229       478,431  

Verbund AG

     7,431       303,866  

voestalpine AG

     13,482       447,971  
   

 

 

  
      3,667,688  
   

 

 

  
Belgium — 1.5%            

Ageas

     19,685       950,254  

Anheuser-Busch InBev SA/NV (a)

     83,243       6,374,383  

Colruyt SA

     6,587       420,883  

Groupe Bruxelles Lambert SA

     9,120       820,822  

KBC Group NV

     27,530       1,975,979  

Proximus SADP

     15,288       422,998  

Solvay SA

     7,892       853,431  

Telenet Group Holding NV

     5,680       281,778  

UCB SA

     13,863       1,165,151  

Umicore SA

     22,882       992,673  
   

 

 

  
      14,258,352  
   

 

 

  
Chile — 0.1%            

Antofagasta PLC

     39,973       407,686  
   

 

 

  
Denmark — 2.6%            

A.P. Moller — Maersk A/S, Class A

     404       534,381  

A.P. Moller — Maersk A/S, Class B

     744       1,058,593  

Carlsberg A/S, Class B

     11,441       1,266,893  

Chr Hansen Holding A/S

     11,177       1,009,117  

Coloplast A/S, Class B

     12,817       1,222,120  

Danske Bank A/S

     78,471       1,564,075  

DSV A/S

     20,146       1,541,406  

Genmab A/S*

     6,459       982,696  

H Lundbeck A/S

     8,470       347,796  

ISS A/S

     18,777       608,673  

Novo Nordisk A/S, Class B

     198,546       9,215,857  

Novozymes A/S, Class B

     24,174       1,126,112  

Orsted A/S, 144A

     20,805       1,353,558  

Pandora A/S

     12,053       651,059  

Tryg A/S

     13,250       329,619  

Vestas Wind Systems A/S

     21,451       1,600,906  

William Demant Holding A/S*

     11,824       345,262  
   

 

 

  
      24,758,123  
   

 

 

  
Finland — 1.9%            

Elisa OYJ

     16,652       667,731  

Fortum OYJ

     49,758       1,037,059  

Kone OYJ, Class B

     37,583       1,861,897  

Metso OYJ

     10,582       301,535  

Neste OYJ

     13,956       1,090,493  

Nokia OYJ

     614,477       3,378,090  

Nokian Renkaat OYJ

     13,197       422,365  

Nordea Bank Abp

     334,101       2,964,967  

Orion OYJ, Class B

     10,522       351,166  

Sampo OYJ, Class A

     48,227       2,152,801  
   

Number
of Shares

    

Value

  
Finland (Continued)            

Stora Enso OYJ, Class R

     60,799     $ 774,691  

UPM-Kymmene OYJ

     58,504       1,558,455  

Wartsila OYJ Abp

     49,415       804,460  
   

 

 

  
      17,365,710  
   

 

 

  
France — 16.5%            

Accor SA

     20,948       929,641  

Aeroports de Paris

     3,412       663,233  

Air Liquide SA

     46,808       5,656,852  

Airbus SE

     63,797       6,833,923  

Alstom SA

     16,934       743,071  

Amundi SA, 144A

     7,344       420,698  

Arkema SA

     7,658       726,518  

Atos SE

     10,390       882,193  

AXA SA

     211,574       5,153,360  

BioMerieux

     4,712       332,338  

BNP Paribas SA

     123,644       6,211,525  

Bollore SA

     104,332       457,104  

Bouygues SA

     24,111       926,979  

Bureau Veritas SA

     29,075       642,520  

Capgemini SE

     17,400       2,029,944  

Carrefour SA

     63,278       1,139,034  

Casino Guichard Perrachon SA (a)

     5,824       263,142  

Cie de Saint-Gobain

     54,601       2,023,484  

Cie Generale des Etablissements Michelin

     18,893       1,976,759  

CNP Assurances

     20,069       459,403  

Covivio REIT

     4,367       425,423  

Credit Agricole SA

     125,127       1,553,693  

Danone SA

     66,867       5,000,774  

Dassault Aviation SA

     275       420,294  

Dassault Systemes SE

     14,500       1,740,046  

Edenred

     26,088       994,717  

Eiffage SA

     8,406       799,574  

Electricite de France SA (a)

     66,006       1,084,271  

Engie SA

     200,050       2,812,853  

EssilorLuxottica SA

     31,054       3,942,790  

Eurazeo SE

     5,108       382,532  

Eutelsat Communications SA

     19,734       420,569  

Faurecia SA

     9,000       350,704  

Gecina SA REIT

     4,914       687,051  

Getlink SE

     52,321       679,697  

Hermes International

     3,383       1,829,549  

ICADE REIT

     3,682       291,789  

Iliad SA

     3,068       413,844  

Imerys SA

     3,758       201,661  

Ingenico Group SA

     7,073       510,551  

Ipsen SA

     4,147       533,803  

JCDecaux SA

     7,747       263,113  

Kering

     8,272       3,596,074  

Klepierre SA REIT

     21,264       696,194  

Legrand SA

     29,060       1,779,835  

L’Oreal SA

     27,632       6,503,598  

LVMH Moet Hennessy Louis Vuitton SE

     30,435       8,701,769  

Natixis SA

     99,320       548,711  

Orange SA (a)

     216,244       3,711,335  

Pernod Ricard SA (a)

     23,023       3,680,302  
 

 

See Notes to Financial Statements.   69  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
France (Continued)            

Peugeot SA

     63,882     $ 1,403,030  

Publicis Groupe SA

     23,213       1,375,998  

Remy Cointreau SA

     2,373       274,827  

Renault SA

     21,441       1,506,169  

Rexel SA

     35,989       431,676  

Safran SA

     36,518       4,562,114  

Sanofi

     123,021       11,115,357  

Sartorius Stedim Biotech

     3,018       305,452  

Schneider Electric SE

     60,300       4,388,136  

SCOR SE

     18,673       897,173  

SEB SA

     2,383       341,542  

Societe BIC SA

     3,079       330,275  

Societe Generale SA

     84,395       3,101,359  

Sodexo SA

     10,081       1,043,582  

Suez

     42,231       627,505  

Teleperformance

     6,425       1,063,426  

Thales SA

     11,657       1,429,230  

TOTAL SA

     262,893       14,632,614  

Ubisoft Entertainment SA*

     8,480       690,642  

Unibail-Rodamco-Westfield REIT

     15,091       2,594,126  

Valeo SA

     26,373       752,397  

Veolia Environnement SA

     58,676       1,247,175  

Vinci SA

     55,126       4,811,691  

Vivendi SA

     114,230       2,845,049  

Wendel SA

     3,065       372,321  
   

 

 

  
      155,171,703  
   

 

 

  
Germany — 12.6%            

1&1 Drillisch AG

     4,960       249,317  

adidas AG

     20,606       4,544,326  

Allianz SE

     47,044       9,932,760  

Axel Springer SE

     5,139       327,547  

BASF SE

     100,638       7,333,856  

Bayer AG

     102,099       7,464,597  

Bayerische Motoren Werke AG

     36,468       2,981,235  

Beiersdorf AG

     10,854       1,161,695  

Brenntag AG

     17,406       804,573  

Commerzbank AG*

     112,236       966,441  

Continental AG

     11,928       1,785,871  

Covestro AG, 144A

     20,848       1,200,405  

Daimler AG

     99,606       5,603,831  

Delivery Hero SE, 144A*

     9,813       357,055  

Deutsche Bank AG (b)

     212,853       1,942,958  

Deutsche Boerse AG

     21,140       2,699,609  

Deutsche Lufthansa AG

     26,548       646,185  

Deutsche Post AG

     108,235       3,445,640  

Deutsche Telekom AG

     365,647       6,410,030  

Deutsche Wohnen SE

     39,195       1,878,747  

E.ON SE

     240,409       2,450,876  

Evonik Industries AG

     17,297       465,073  

Fraport AG Frankfurt Airport Services Worldwide

     4,541       333,849  

Fresenius Medical Care AG & Co. KGaA

     23,431       1,906,715  

Fresenius SE & Co. KGaA

     45,534       2,583,650  

GEA Group AG

     17,997       485,728  

Hannover Rueck SE

     6,823       947,778  

HeidelbergCement AG

     16,336       1,085,602  
   

Number
of Shares

    

Value

  
Germany (Continued)            

Henkel AG & Co. KGaA

     11,390     $ 1,175,995  

HOCHTIEF AG

     2,338       332,446  

HUGO BOSS AG

     6,955       480,301  

Infineon Technologies AG

     124,065       2,597,709  

Innogy SE*

     13,341       559,582  

Innogy SE, 144A

     2,000       91,429  

KION Group AG

     7,915       446,418  

LANXESS AG

     9,544       523,169  

Merck KGaA

     14,187       1,563,716  

METRO AG

     18,281       280,535  

MTU Aero Engines AG

     5,590       1,161,907  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

     16,420       3,567,262  

OSRAM Licht AG

     10,917       500,177  

ProSiebenSat.1 Media SE

     26,222       532,420  

Puma SE

     912       457,389  

RWE AG

     56,429       1,217,940  

SAP SE

     107,538       11,068,996  

Siemens AG

     83,780       9,712,414  

Siemens Healthineers AG, 144A*

     16,998       735,776  

Symrise AG

     13,548       1,093,583  

Telefonica Deutschland Holding AG

     90,456       366,305  

thyssenkrupp AG

     46,886       875,553  

TUI AG

     49,563       705,444  

Uniper SE

     22,308       572,531  

United Internet AG

     13,423       604,051  

Volkswagen AG

     3,631       599,747  

Vonovia SE

     53,960       2,612,751  

Wirecard AG

     13,062       1,973,400  

Zalando SE, 144A*

     13,328       413,430  
   

 

 

  
      118,818,325  
   

 

 

  
Ireland — 1.0%            

AerCap Holdings NV*

     13,189       697,302  

AIB Group PLC

     94,241       413,533  

Bank of Ireland Group PLC

     106,991       677,089  

CRH PLC

     92,543       2,558,445  

DCC PLC

     11,108       835,811  

Kerry Group PLC, Class A

     17,315       1,788,719  

Kingspan Group PLC

     16,713       719,372  

Paddy Power Betfair PLC

     9,063       813,640  

Ryanair Holdings PLC*

     26,320       347,284  

Smurfit Kappa Group PLC

     23,614       637,328  
   

 

 

  
      9,488,523  
   

 

 

  
Isle of Man — 0.1%            

GVC Holdings PLC

     60,838       572,890  
   

 

 

  
Italy — 2.9%    

Assicurazioni Generali SpA

     130,316       2,196,743  

Atlantia SpA

     52,261       1,071,477  

Davide Campari-Milano SpA

     59,896       500,427  

Enel SpA

     888,631       4,818,855  

Eni SpA

     277,625       4,477,529  

Ferrari NV

     13,850       1,513,714  

Intesa Sanpaolo SpA

     1,631,701       3,783,183  

Leonardo SpA

     40,980       403,903  

Mediobanca SpA (a)

     69,663       615,627  
 

 

See Notes to Financial Statements.   70  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Italy (Continued)            

Moncler SpA

     18,787     $ 612,118  

Pirelli & C SpA, 144A*

     42,462       298,428  

Poste Italiane SpA, 144A

     61,257       464,918  

Prysmian SpA

     28,220       516,599  

Recordati SpA

     10,638       342,151  

Snam SpA

     250,608       1,098,260  

Telecom Italia SpA*

     1,276,114       830,411  

Telecom Italia SpA-RSP

     604,341       340,105  

Terna Rete Elettrica Nazionale SpA (a)

     154,450       863,427  

UniCredit SpA

     219,999       2,835,821  
   

 

 

  
      27,583,696  
   

 

 

  
Jersey Island — 0.1%            

Randgold Resources Ltd.

     10,253       818,902  
   

 

 

  
Luxembourg — 0.6%            

ArcelorMittal

     72,995       1,654,000  

Aroundtown SA

     84,378       721,690  

Eurofins Scientific SE

     1,259       545,898  

Millicom International Cellular SA SDR

     7,259       427,392  

RTL Group SA

     3,747       224,189  

SES SA

     41,388       897,284  

Tenaris SA

     51,424       618,560  
   

 

 

  
      5,089,013  
   

 

 

  
Mexico — 0.0%            

Fresnillo PLC

     22,766       218,557  
   

 

 

  
Netherlands — 7.2%            

ABN AMRO Group NV, 144A

     45,888       1,169,915  

Aegon NV

     195,088       1,085,970  

Akzo Nobel NV

     28,064       2,354,261  

ASML Holding NV

     44,826       7,566,490  

EXOR NV

     12,009       705,604  

Heineken Holding NV

     12,651       1,116,421  

Heineken NV

     28,453       2,603,357  

ING Groep NV

     427,845       5,174,962  

Koninklijke Ahold Delhaize NV

     136,066       3,497,502  

Koninklijke DSM NV

     19,598       1,735,911  

Koninklijke KPN NV

     367,318       1,086,597  

Koninklijke Philips NV

     102,890       3,872,455  

Koninklijke Vopak NV

     7,188       314,110  

NN Group NV (a)

     33,188       1,411,592  

NXP Semiconductors NV

     38,181       3,183,150  

QIAGEN NV*

     24,589       864,350  

Randstad NV

     13,139       639,316  

Royal Dutch Shell PLC, Class A

     502,079       15,162,558  

Royal Dutch Shell PLC, Class B

     411,152       12,550,200  

Wolters Kluwer NV

     31,083       1,876,290  
   

 

 

  
      67,971,011  
   

 

 

  
Norway — 1.1%            

Aker BP ASA

     12,074       342,208  

DNB ASA

     107,228       1,840,187  

Equinor ASA

     128,139       2,989,217  

Gjensidige Forsikring ASA

     20,732       323,468  

Marine Harvest ASA

     45,736       1,070,119  

Norsk Hydro ASA

     147,048       692,908  

Orkla ASA

     89,446       738,892  
   

Number
of Shares

    

Value

  
Norway (Continued)            

Schibsted ASA, Class B

     9,983     $ 334,515  

Telenor ASA

     79,533       1,540,256  

Yara International ASA

     20,432       820,860  
   

 

 

  
      10,692,630  
   

 

 

  
Portugal — 0.2%            

EDP — Energias de Portugal SA

     280,972       981,943  

Galp Energia SGPS SA

     53,866       885,154  

Jeronimo Martins SGPS SA

     31,022       370,167  
   

 

 

  
      2,237,264  
   

 

 

  
South Africa — 0.1%            

Investec PLC

     68,759       417,313  
   

 

 

  
Spain — 4.6%            

ACS Actividades de Construccion y Servicios SA

     27,897       1,070,010  

Aena SME SA, 144A

     7,225       1,146,760  

Amadeus IT Group SA

     47,954       3,434,321  

Banco Bilbao Vizcaya Argentaria SA

     727,674       4,133,847  

Banco de Sabadell SA

     595,462       759,740  

Banco Santander SA

     1,785,710       8,460,446  

Bankia SA

     125,864       415,647  

Bankinter SA

     69,474       580,451  

CaixaBank SA

     393,959       1,621,221  

Enagas SA

     24,790       681,135  

Endesa SA

     35,129       782,668  

Ferrovial SA

     544,434       1,119,726  

Grifols SA

     32,609       914,061  

Iberdrola SA

     663,272       4,948,390  

Industria de Diseno Textil SA

     119,194       3,655,529  

Mapfre SA

     118,318       338,220  

Naturgy Energy Group SA (a)

     37,356       924,057  

Red Electrica Corp. SA

     49,429       1,064,057  

Repsol SA

     149,184       2,575,603  

Siemens Gamesa Renewable Energy
SA*(a)

     24,220       341,374  

Telefonica SA

     509,047       4,568,866  
   

 

 

  
      43,536,129  
   

 

 

  
Sweden — 3.7%            

Alfa Laval AB

     31,669       681,132  

Assa Abloy AB, Class B

     109,665       2,038,228  

Atlas Copco AB, Class A

     71,629       1,755,781  

Atlas Copco AB, Class B

     42,835       968,106  

Boliden AB

     30,738       688,458  

Electrolux AB, Series B

     27,945       634,803  

Epiroc AB, Class A*

     71,629       586,414  

Epiroc AB, Class B*

     38,876       312,421  

Essity AB, Class B

     66,477       1,702,881  

Hennes & Mauritz AB, Class B (a)

     96,885       1,784,098  

Hexagon AB, Class B

     27,757       1,382,110  

Husqvarna AB, Class B

     43,738       344,383  

ICA Gruppen AB (a)

     8,563       310,590  

Industrivarden AB, Class C

     16,972       347,973  

Investor AB, Class B

     49,937       2,187,022  

Kinnevik AB, Class B

     26,961       683,824  
 

 

See Notes to Financial Statements.   71  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Sweden (Continued)            

L E Lundbergforetagen AB, Class B

     7,751     $ 231,585  

Lundin Petroleum AB

     21,787       573,175  

Sandvik AB

     124,827       1,851,087  

Securitas AB, Class B

     31,821       535,847  

Skandinaviska Enskilda Banken AB, Class A

     180,098       1,875,434  

Skanska AB, Class B

     38,502       605,000  

SKF AB, Class B

     41,622       656,998  

Svenska Handelsbanken AB, Class A

     168,613       1,856,778  

Swedbank AB, Class A

     99,411       2,309,560  

Swedish Match AB

     20,307       792,771  

Tele2 AB, Class B

     54,482       681,350  

Telefonaktiebolaget LM Ericsson, Class B

     334,427       2,788,958  

Telia Co. AB

     301,944       1,392,697  

Volvo AB, Class B

     169,566       2,358,071  
   

 

 

  
      34,917,535  
   

 

 

  
Switzerland — 14.1%            

ABB Ltd.

     201,121       4,068,520  

Adecco Group AG

     17,371       858,943  

Baloise Holding AG

     5,326       782,600  

Barry Callebaut AG

     241       407,919  

Chocoladefabriken Lindt & Spruengli AG

     11       884,140  

Chocoladefabriken Lindt & Spruengli AG Participation Certificates

     117       798,699  

Cie Financiere Richemont SA

     56,534       3,673,677  

Clariant AG*

     22,274       440,887  

Coca-Cola HBC AG*

     22,231       661,168  

Credit Suisse Group AG*

     275,994       3,254,301  

Dufry AG*(a)

     3,268       347,065  

EMS-Chemie Holding AG

     902       484,383  

Ferguson PLC

     24,934       1,594,952  

Geberit AG

     4,042       1,574,642  

Givaudan SA

     1,007       2,479,576  

Glencore PLC*

     1,252,550       4,630,946  

Julius Baer Group Ltd.*

     24,271       979,780  

Kuehne + Nagel International AG

     5,752       808,924  

LafargeHolcim Ltd.*

     53,177       2,384,063  

Lonza Group AG*

     8,094       2,616,038  

Nestle SA

     335,202       28,566,236  

Novartis AG

     236,968       21,575,106  

Pargesa Holding SA

     3,859       267,104  

Partners Group Holding AG

     1,847       1,210,011  

Roche Holding AG

     76,815       19,921,692  

Schindler Holding AG

     2,196       416,318  

Schindler Holding AG Participation Certificates

     4,532       907,262  

SGS SA

     580       1,373,585  

Sika AG

     13,930       1,724,780  

Sonova Holding AG

     6,308       1,018,764  

STMicroelectronics NV

     74,872       1,095,986  

Straumann Holding AG

     1,062       649,499  

Swatch Group AG — Bearer

     3,495       1,040,052  

Swatch Group AG — Registered

     5,822       340,619  

Swiss Life Holding AG*

     3,725       1,461,216  

Swiss Prime Site AG*

     8,326       686,715  
   

Number
of Shares

    

Value

  
Switzerland (Continued)            

Swiss Re AG

     33,821     $ 3,089,439  

Swisscom AG

     2,902       1,392,251  

Temenos AG*

     6,390       791,195  

UBS Group AG*

     420,982       5,686,554  

Vifor Pharma AG

     5,107       629,525  

Zurich Insurance Group AG

     16,483       5,172,334  
   

 

 

  
      132,747,466  
   

 

 

  
United Arab Emirates (d) — 0.1%            

NMC Health PLC

     10,792       453,529  
   

 

 

  
United Kingdom — 22.5%            

3i Group PLC

     105,643       1,122,149  

Admiral Group PLC

     22,083       586,419  

Anglo American PLC

     115,242       2,299,906  

Ashtead Group PLC

     52,228       1,170,635  

Associated British Foods PLC

     38,179       1,179,259  

AstraZeneca PLC

     138,546       10,799,025  

Auto Trader Group PLC, 144A

     109,307       610,619  

Aviva PLC

     430,016       2,230,135  

Babcock International Group PLC

     26,200       189,628  

BAE Systems PLC

     348,857       2,183,968  

Barclays PLC

     1,871,128       3,883,500  

Barratt Developments PLC

     112,174       660,654  

Berkeley Group Holdings PLC

     14,289       587,379  

BP PLC

     2,180,715       14,449,550  

British American Tobacco PLC

     250,759       8,787,014  

British Land Co. PLC REIT

     101,416       729,625  

BT Group PLC

     925,781       3,090,734  

Bunzl PLC

     36,918       1,136,546  

Burberry Group PLC

     46,236       1,046,641  

Centrica PLC

     623,598       1,094,582  

CNH Industrial NV

     112,402       1,094,358  

Coca-Cola European Partners PLC

     23,983       1,164,135  

Compass Group PLC

     171,719       3,672,753  

ConvaTec Group PLC, 144A

     142,498       275,906  

Croda International PLC

     14,281       887,308  

Diageo PLC

     268,179       9,648,607  

Direct Line Insurance Group PLC

     150,055       627,157  

easyJet PLC

     16,092       228,119  

Experian PLC

     100,117       2,432,186  

Fiat Chrysler Automobiles NV*

     119,002       1,963,181  

G4S PLC

     183,365       453,167  

GlaxoSmithKline PLC

     542,463       11,208,976  

Hammerson PLC REIT

     86,091       423,445  

Hargreaves Lansdown PLC

     30,704       743,949  

HSBC Holdings PLC

     2,179,450       18,448,592  

Imperial Brands PLC

     103,988       3,193,393  

Informa PLC

     133,260       1,173,696  

InterContinental Hotels Group PLC

     19,674       1,052,917  

International Consolidated Airlines Group SA

     64,084       512,202  

Intertek Group PLC

     17,576       1,051,944  

ITV PLC

     412,876       763,903  

J Sainsbury PLC

     191,930       745,924  

John Wood Group PLC

     73,624       595,724  

Johnson Matthey PLC

     21,338       795,029  

Kingfisher PLC

     232,590       740,940  
 

 

See Notes to Financial Statements.   72  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
United Kingdom (Continued)            

Land Securities Group PLC REIT

     83,818     $ 868,534  

Legal & General Group PLC

     656,604       2,049,012  

Lloyds Banking Group PLC

     7,808,412       5,508,215  

London Stock Exchange Group PLC

     34,760       1,786,323  

Marks & Spencer Group PLC

     178,358       665,223  

Meggitt PLC

     81,064       535,276  

Melrose Industries PLC

     520,200       1,170,612  

Merlin Entertainments PLC, 144A

     78,537       336,353  

Micro Focus International PLC

     47,337       928,307  

Mondi PLC

     39,736       865,576  

National Grid PLC

     370,881       3,936,221  

Next PLC

     15,299       955,432  

Pearson PLC

     85,531       1,049,983  

Persimmon PLC

     33,643       814,518  

Prudential PLC

     284,118       5,577,153  

Reckitt Benckiser Group PLC

     72,990       6,056,613  

RELX PLC

     217,581       4,526,122  

Rio Tinto PLC

     128,821       5,842,070  

Rolls-Royce Holdings PLC*

     183,564       1,987,257  

Rolls-Royce Holdings PLC — Entitlement*(c)

     8,213,346       10,466  

Royal Bank of Scotland Group PLC

     528,673       1,469,921  

Royal Mail PLC

     106,101       432,365  

RSA Insurance Group PLC

     116,198       803,398  

Sage Group PLC

     120,357       891,658  

Schroders PLC

     13,646       439,403  

Segro PLC REIT

     110,925       852,595  

Severn Trent PLC

     26,023       606,821  

Smith & Nephew PLC

     96,084       1,744,689  

Smiths Group PLC

     42,800       757,800  

SSE PLC

     112,791       1,574,486  

St James’s Place PLC

     58,358       747,712  

Standard Chartered PLC

     306,607       2,380,875  

Standard Life Aberdeen PLC

     253,568       857,526  

Taylor Wimpey PLC

     371,823       634,882  

Tesco PLC

     1,080,435       2,719,742  

Unilever NV

     168,864       9,368,376  

Unilever PLC

     124,496       6,731,807  

United Utilities Group PLC

     75,921       735,624  

Vodafone Group PLC

     2,911,197       6,266,949  

Weir Group PLC

     27,532       517,115  

Whitbread PLC

     20,317       1,190,366  

Wm Morrison Supermarkets PLC

     246,540       746,425  

WPP PLC

     140,970       1,555,236  
   

 

 

  
      211,230,516  
   

 

 

  
United States (d) — 0.7%            

Carnival PLC

     19,046       1,104,978  

Shire PLC

     99,959       5,795,426  
   

 

 

  
      6,900,404  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $991,602,263)

       893,745,718  
   

 

 

  
   

Number
of Shares

    

Value

  
PREFERRED STOCKS — 0.8%    
Germany — 0.8%    

Bayerische Motoren Werke AG

     5,810     $ 421,620  

FUCHS PETROLUB SE

     7,040       291,384  

Henkel AG & Co. KGaA

     19,443       2,242,974  

Porsche Automobil Holding SE

     16,651       1,065,064  

Sartorius AG

     3,649       463,091  

Volkswagen AG

     20,205       3,405,967  
   

 

 

  
      7,890,100  
   

 

 

  

TOTAL PREFERRED STOCKS
(Cost $9,671,164)

       7,890,100  
   

 

 

  
SECURITIES LENDING COLLATERAL — 1.4%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.12% (e)(f)
(Cost $13,072,149)

     13,072,149       13,072,149  
   

 

 

  
CASH EQUIVALENTS — 2.3%    

DWS ESG Liquidity Fund “Institutional Shares”, 2.44% (e)

     10,000,000       9,999,000  

DWS Government Money Market Series “Institutional Shares” , 2.15% (e)

     11,668,150       11,668,150  
   

 

 

  

TOTAL CASH EQUIVALENTS
(Cost $21,667,150)

       21,667,150  
   

 

 

  

TOTAL INVESTMENTS — 99.8%

(Cost $1,038,422,726)

     $ 936,375,117  

Other assets and liabilities, net — 0.2%

       3,612,382  
   

 

 

  

NET ASSETS — 100.0%

     $ 939,987,499  
   

 

 

  
 

 

See Notes to Financial Statements.   73  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

COMMON STOCKS — 0.2%

 

Germany — 0.2%

 

Deutsche Bank AG (b)

 

3,384,675     86,344       (1,311,180)       (1,730,819)       1,513,937       —       —       212,853       1,942,958  
               

SECURITIES LENDING COLLATERAL — 1.4%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (e)(f)

 

66,534,337     —       (53,462,188) (g)      —       —       169,121       —       13,072,149       13,072,149  
               

CASH EQUIVALENTS — 2.3%

 

DWS ESG Liquidity Fund “Institutional Shares”, 2.44% (e)

 

–     9,999,000       —       —       —       9,023       —       10,000,000       9,999,000  
               

DWS Government Money Market Series “Institutional Shares” , 2.15% (e)

 

–     115,638,605       (103,970,455)       —       —       74,035       —       11,668,150       11,668,150  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
69,919,012     125,723,949       (158,743,823)       (1,730,819)       1,513,937       252,179       —       34,953,152       36,682,257  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2018 amounted to $12,393,049, which is 1.3% of net assets.

(b)

Affiliated issuer. This security is owned in proportion with its representation in the index.

(c)

Investment was valued using significant unobservable inputs.

(d)

Securities are listed in country of domicile and trade on exchanges within the MSCI Europe US Dollar Hedged Index.

(e)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(f)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(g)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018

 

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, 2018, 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        27      $ 3,203,791      $ 3,173,939        12/21/2018      $ (39,893 ) 

CAC40 10 EURO Futures

      EUR        126        7,186,675        7,118,000        12/21/2018        (89,055 ) 

DAX Index Futures

      EUR        18        6,322,084        5,730,265        12/21/2018        (408,036 ) 

EURO STOXX Futures

      EUR        41        1,532,194        1,468,148        12/21/2018        (38,439 ) 

FTSE 100 Index Futures

      GBP        111        10,562,864        9,857,017        12/21/2018        (408,467 ) 

FTSE/MIB Index Futures

      EUR        12        1,452,478        1,302,419        12/21/2018        (111,400 ) 

IBEX 35 Index Futures

      EUR        17        1,738,678        1,739,993        12/21/2018        (4,279 ) 

OMXS30 Index Futures

      SEK        90        1,503,104        1,494,785        12/21/2018        (1,209 ) 

SWISS MKT IX Futures

      CHF        67        6,152,995        6,059,206        12/21/2018        82,770  
                 

 

 

  

Total net unrealized depreciation

                   $ (1,018,008 ) 
                 

 

 

  

 

See Notes to Financial Statements.   74  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

As of November 30, 2018, 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.

    12/5/2018    CHF      64,049,322      USD      63,856,284      $ —      $ (294,308 ) 

JP Morgan & Chase Co.

    12/5/2018    CHF      510,000      USD      508,455        —        (2,352 ) 

RBC Capital Markets

    12/5/2018    CHF      65,187,217      USD      64,973,454        —        (316,832 ) 

JP Morgan & Chase Co.

    12/5/2018    DKK      79,814,942      USD      12,153,682        39,752        —  

RBC Capital Markets

    12/5/2018    DKK      41,519,300      USD      6,320,683        19,082        —  

The Bank of Nova Scotia

    12/5/2018    DKK      46,032,900      USD      7,006,850        20,196        —  

JP Morgan & Chase Co.

    12/5/2018    EUR      144,143,623      USD      163,733,174        458,746        —  

RBC Capital Markets

    12/5/2018    EUR      137,945,397      USD      156,657,690        404,120        —  

The Bank of New York Mellon

    12/5/2018    EUR      17,385,855      USD      19,748,767        55,453        —  

The Bank of Nova Scotia

    12/5/2018    EUR      126,733,221      USD      143,923,315        370,006        —  

Goldman Sachs & Co.

    12/5/2018    GBP      5,652,800      USD      7,232,786        27,326        —  

JP Morgan & Chase Co.

    12/5/2018    GBP      80,045,250      USD      102,419,738        388,388        —  

RBC Capital Markets

    12/5/2018    GBP      64,943,120      USD      83,086,279        305,174        —  

The Bank of Nova Scotia

    12/5/2018    GBP      55,578,854      USD      71,105,363        260,615        —  

JP Morgan & Chase Co.

    12/5/2018    NOK      42,964,291      USD      5,118,546        118,384        —  

RBC Capital Markets

    12/5/2018    NOK      35,020,100      USD      4,171,567        95,946        —  

The Bank of Nova Scotia

    12/5/2018    NOK      20,162,600      USD      2,401,610        55,097        —  

JP Morgan & Chase Co.

    12/5/2018    SEK      150,847,836      USD      16,547,965        —        (31,633 ) 

RBC Capital Markets

    12/5/2018    SEK      139,229,000      USD      15,269,854        —        (32,724 ) 

The Bank of Nova Scotia

    12/5/2018    SEK      83,672,150      USD      9,175,886        —        (20,471 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      64,601,313      CHF      64,559,322        60,086        —  

RBC Capital Markets

    12/5/2018    USD      65,229,616      CHF      65,187,217        60,670        —  

JP Morgan & Chase Co.

    12/5/2018    USD      10,923,270      DKK      71,993,942        3,626        —  

JP Morgan & Chase Co.

    12/5/2018    USD      1,191,015      DKK      7,821,000        —        (3,981 ) 

RBC Capital Markets

    12/5/2018    USD      6,299,011      DKK      41,519,300        2,590        —  

The Bank of Nova Scotia

    12/5/2018    USD      6,983,782      DKK      46,032,900        2,871        —  

JP Morgan & Chase Co.

    12/5/2018    USD      163,206,617      EUR      144,143,623        67,810        —  

RBC Capital Markets

    12/5/2018    USD      156,188,676      EUR      137,945,397        64,894        —  

The Bank of New York Mellon

    12/5/2018    USD      19,686,699      EUR      17,385,855        6,614        —  

The Bank of Nova Scotia

    12/5/2018    USD      33,203,819      EUR      29,230,000        —        (94,400 ) 

The Bank of Nova Scotia

    12/5/2018    USD      110,398,022      EUR      97,503,221        45,869        —  

Goldman Sachs & Co.

    12/5/2018    USD      7,212,741      GBP      5,652,800        —        (7,281 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      102,129,734      GBP      80,045,250        —        (98,384 ) 

RBC Capital Markets

    12/5/2018    USD      82,860,927      GBP      64,943,120        —        (79,822 ) 

The Bank of Nova Scotia

    12/5/2018    USD      60,366,470      GBP      47,312,854        —        (58,152 ) 

The Bank of Nova Scotia

    12/5/2018    USD      10,576,926      GBP      8,266,000        —        (40,496 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      4,994,152      NOK      42,964,291        6,011        —  

RBC Capital Markets

    12/5/2018    USD      4,070,734      NOK      35,020,100        4,888        —  

The Bank of Nova Scotia

    12/5/2018    USD      502,554      NOK      4,218,000        —        (11,666 ) 

The Bank of Nova Scotia

    12/5/2018    USD      1,853,323      NOK      15,944,600        2,302        —  

JP Morgan & Chase Co.

    12/5/2018    USD      16,575,882      SEK      150,847,836        3,716        —  

RBC Capital Markets

    12/5/2018    USD      15,298,041      SEK      139,229,000        4,537        —  

The Bank of Nova Scotia

    12/5/2018    USD      6,763,045      SEK      61,551,150        2,006        —  

The Bank of Nova Scotia

    12/5/2018    USD      2,426,810      SEK      22,121,000        4,497        —  

JP Morgan & Chase Co.

    1/4/2019    CHF      64,559,322      USD      64,830,313        —        (65,459 ) 

RBC Capital Markets

    1/4/2019    CHF      1,110,000      USD      1,114,756        —        (1,029 ) 

RBC Capital Markets

    1/4/2019    CHF      65,187,217      USD      65,460,843        —        (66,096 ) 

JP Morgan & Chase Co.

    1/4/2019    DKK      71,993,942      USD      10,958,879        —        (4,125 ) 

RBC Capital Markets

    1/4/2019    DKK      41,519,300      USD      6,319,240        —        (3,185 ) 

RBC Capital Markets

    1/4/2019    DKK      7,213,000      USD      1,097,850        —        (522 ) 

The Bank of Nova Scotia

    1/4/2019    DKK      46,032,900      USD      7,005,357        —        (4,384 ) 

JP Morgan & Chase Co.

    1/4/2019    EUR      144,143,623      USD      163,703,913        —        (83,710 ) 

RBC Capital Markets

    1/4/2019    EUR      137,945,397      USD      156,661,828        —        (82,869 ) 

The Bank of New York Mellon

    1/4/2019    EUR      17,385,855      USD      19,747,376        —        (7,836 ) 

The Bank of Nova Scotia

    1/4/2019    EUR      3,620,000      USD      4,111,737        —        (1,599 ) 

The Bank of Nova Scotia

    1/4/2019    EUR      97,503,221      USD      110,732,556        —        (58,477 ) 

Goldman Sachs & Co.

    1/4/2019    GBP      5,652,800      USD      7,226,602        7,264        —  

 

See Notes to Financial Statements.   75  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		      Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

JP Morgan & Chase Co.

      1/4/2019        GBP        80,045,250        USD        102,321,043      $ 93,173      $ —  

RBC Capital Markets

      1/4/2019        GBP        64,943,120        USD        83,019,713        79,166        —  

The Bank of Nova Scotia

      1/4/2019        GBP        47,312,854        USD        60,480,494        56,018        —  

JP Morgan & Chase Co.

      1/4/2019        NOK        42,964,291        USD        5,001,823        —        (6,086 ) 

RBC Capital Markets

      1/4/2019        NOK        35,020,100        USD        4,076,780        —        (5,155 ) 

The Bank of Nova Scotia

      1/4/2019        NOK        15,944,600        USD        1,855,696        —        (2,804 ) 

JP Morgan & Chase Co.

      1/4/2019        SEK        150,847,836        USD        16,630,324        —        (3,937 ) 

RBC Capital Markets

      1/4/2019        SEK        139,229,000        USD        15,347,789        —        (5,243 ) 

The Bank of Nova Scotia

      1/4/2019        SEK        61,551,150        USD        6,783,916        —        (3,439 ) 

Goldman Sachs & Co.

      1/4/2019        USD        1,153,332        GBP        902,000        —        (1,365 ) 
                 

 

 

     

 

 

  

Total unrealized appreciation (depreciation)

                   $ 3,196,893      $ (1,499,822 ) 
                 

 

 

     

 

 

  

Currency Abbreviations

CHF   Swiss Franc
DKK   Danish Krone
EUR   Euro
GBP   Pound Sterling
NOK   Norwegian Krone
SEK   Swedish Krona
USD   U.S. Dollar

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.

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, 2018 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)

      $ 893,735,252      $ —      $ 10,466        $ 893,745,718  

Preferred Stock (h)

        7,890,100        —        —          7,890,100  

Short-Term Investments (h)

        34,739,299        —        —          34,739,299  

Derivatives (i)

                

Forward Foreign Currency Contracts

        —        3,196,893        —          3,196,893  

Futures Contracts

        82,770        —        —          82,770  
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ 936,447,421      $ 3,196,893      $ 10,466        $ 939,654,780  
    

 

 

     

 

 

     

 

 

       

 

 

  
               

Liabilities

      Level 1      Level 2      Level 3        Total  

Derivatives (i)

                

Forward Foreign Currency Contracts

      $ —      $ (1,499,822 )     $ —        $ (1,499,822 ) 

Futures Contracts

        (1,100,778 )       —        —          (1,100,778 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ (1,100,778 )     $ (1,499,822 )     $ —        $ (2,600,600 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

 

(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.   76  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Eurozone Hedged Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 95.1%

 

Austria — 1.1%

 

Agrana Beteiligungs AG

     144     $ 2,967  

ANDRITZ AG

     538       25,898  

AT&S Austria Technologie & Systemtechnik AG

     199       3,983  

BAWAG Group AG, 144A

     290       12,719  

CA Immobilien Anlagen AG

     533       17,137  

DO & CO AG

     51       5,283  

Erste Group Bank AG*

     2,402       94,768  

EVN AG

     312       4,973  

FACC AG

     173       3,016  

IMMOFINANZ AG*

     752       18,627  

Kapsch TrafficCom AG

     41       1,439  

Lenzing AG

     99       9,437  

Oesterreichische Post AG

     231       8,505  

OMV AG

     1,139       57,536  

Porr AG

     69       1,562  

Raiffeisen Bank International AG

     1,128       33,253  

S IMMO AG

     398       7,029  

S&T AG*

     359       7,913  

Schoeller-Bleckmann Oilfield Equipment AG

     85       7,111  

Semperit AG Holding*

     83       1,180  

Telekom Austria AG*

     1,320       9,699  

UNIQA Insurance Group AG

     816       7,852  

Verbund AG

     537       21,959  

Vienna Insurance Group AG Wiener Versicherung Gruppe

     314       8,077  

voestalpine AG

     879       29,207  

Wienerberger AG

     1,000       22,416  

Zumtobel Group AG*

     230       2,267  
   

 

 

  
      425,813  
   

 

 

  
Belgium — 3.6%  

Ackermans & van Haaren NV

     175       28,113  

Aedifica SA REIT

     130       10,817  

Ageas

     1,513       73,037  

AGFA-Gevaert NV*

     1,456       6,264  

Akka Technologies

     90       5,655  

Anheuser-Busch InBev SA/NV

     6,057       463,818  

Barco NV

     70       7,838  

Befimmo SA REIT

     150       8,779  

Bekaert SA

     285       7,440  

Biocartis NV, 144A*

     175       2,354  

bpost SA

     745       9,623  

Cie d’Entreprises CFE

     65       6,888  

Cofinimmo SA REIT

     160       19,490  

Colruyt SA

     447       28,562  

D’ieteren SA/NV

     200       8,029  

Econocom Group SA/NV (a)

     1,013       3,695  

Elia System Operator SA/NV

     234       15,603  

Euronav NV

     1,358       11,869  

Exmar NV*

     272       2,085  

Fagron

     334       5,698  

Galapagos NV*

     322       32,539  

Gimv NV

     199       10,769  

Greenyard NV (a)

     124       1,101  
   

Number
of Shares

    

Value

  
Belgium (Continued)  

Groupe Bruxelles Lambert SA

     621     $ 55,891  

Intervest Offices & Warehouses NV REIT

     73       1,669  

Ion Beam Applications*

     176       3,288  

KBC Ancora

     307       14,222  

KBC Group NV

     2,011       144,341  

Kinepolis Group NV

     123       7,199  

Melexis NV

     159       9,396  

Mithra Pharmaceuticals SA*

     108       3,167  

Montea C.V.A REIT

     71       4,614  

Ontex Group NV

     630       13,273  

Orange Belgium SA

     265       4,950  

Proximus SADP

     1,133       31,349  

Recticel SA

     229       1,716  

Retail Estates NV REIT

     45       3,755  

Sioen Industries NV

     59       1,626  

Sofina SA

     119       23,953  

Solvay SA

     567       61,315  

Telenet Group Holding NV

     437       21,679  

Tessenderlo Group SA*

     185       6,430  

UCB SA

     1,011       84,972  

Umicore SA

     1,691       73,359  

Van de Velde NV

     48       1,266  

Warehouses De Pauw CVA REIT

     133       17,466  

X-Fab Silicon Foundries SE, 144A*

     408       2,416  
   

 

 

  
      1,363,378  
   

 

 

  
Finland — 3.4%  

Amer Sports OYJ*

     879       32,909  

Cargotec OYJ, Class B

     293       11,278  

Caverion OYJ*

     531       3,198  

Citycon OYJ

     3,036       6,159  

Cramo OYJ

     318       5,901  

DNA OYJ

     473       8,734  

Elisa OYJ

     1,101       44,149  

Finnair OYJ

     403       3,442  

Fortum OYJ

     3,444       71,780  

F-Secure OYJ

     691       1,842  

Huhtamaki OYJ (a)

     831       25,401  

Kemira OYJ

     1,044       12,020  

Kesko OYJ, Class B

     546       31,809  

Kone OYJ, Class B

     2,708       134,157  

Konecranes OYJ

     495       16,868  

Lehto Group OYJ

     163       889  

Metsa Board OYJ

     1,333       9,258  

Metso OYJ

     811       23,110  

Neste OYJ

     993       77,591  

Nokia OYJ

     44,704       245,760  

Nokian Renkaat OYJ

     891       28,516  

Oriola OYJ, Class B

     910       2,323  

Orion OYJ, Class B

     855       28,535  

Outokumpu OYJ

     2,330       9,691  

Outotec OYJ*

     1,040       3,915  

Ponsse OYJ

     97       3,168  

Ramirent OYJ

     547       3,474  

Sampo OYJ, Class A

     3,561       158,959  

Sanoma OYJ

     559       5,768  

Stora Enso OYJ, Class R

     4,267       54,369  
 

 

See Notes to Financial Statements.   77  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Finland (Continued)  

Tieto OYJ

     425     $ 12,260  

Tikkurila OYJ

     228       3,304  

Tokmanni Group Corp.

     473       3,722  

UPM-Kymmene OYJ

     4,292       114,332  

Uponor OYJ

     421       4,471  

Valmet OYJ

     959       20,639  

Wartsila OYJ Abp

     3,654       59,486  

YIT OYJ

     1,598       9,742  
   

 

 

  
      1,292,929  
   

 

 

  
France — 30.8%  

ABC arbitrage

     185       1,338  

Accor SA

     1,535       68,121  

Aeroports de Paris

     240       46,652  

Air France-KLM*

     1,444       16,642  

Air Liquide SA

     3,406       411,623  

Airbus SE

     4,618       494,679  

AKWEL

     64       1,174  

Albioma SA

     168       3,188  

ALD SA, 144A

     721       9,501  

Alstom SA

     1,216       53,359  

Alten SA

     204       18,557  

Altran Technologies SA

     1,908       18,933  

Amundi SA, 144A

     512       29,330  

Arkema SA

     579       54,930  

Assystem SA

     43       1,385  

Atos SE

     770       65,379  

Aubay

     47       1,703  

AXA SA

     15,320       373,153  

Beneteau SA

     230       3,395  

BioMerieux

     307       21,653  

BNP Paribas SA

     8,926       448,417  

Boiron SA

     51       3,031  

Bollore SA

     7,483       32,785  

Bonduelle SCA

     96       3,467  

Bourbon Corp.*(a)

     244       1,152  

Bouygues SA

     1,687       64,859  

Bureau Veritas SA

     2,054       45,391  

Capgemini SE

     1,276       148,863  

Carrefour SA

     4,623       83,216  

Casino Guichard Perrachon SA (a)

     417       18,841  

Cellectis SA*

     198       4,326  

CGG SA*

     4,914       7,388  

Chargeurs SA

     138       2,715  

Cie de Saint-Gobain

     3,935       145,829  

Cie des Alpes

     36       1,049  

Cie Generale des Etablissements Michelin

     1,361       142,400  

Cie Plastic Omnium SA

     433       11,490  

CNP Assurances

     1,455       33,307  

Coface SA

     743       6,906  

Covivio REIT

     284       27,667  

Credit Agricole SA

     9,060       112,497  

Danone SA

     4,890       365,708  

Dassault Aviation SA

     19       29,038  

Dassault Systemes SE

     1,033       123,963  

DBV Technologies SA*

     227       6,764  

Derichebourg SA

     581       2,493  
   

Number
of Shares

    

Value

  
France (Continued)  

Devoteam SA

     39     $ 4,115  

Edenred

     1,821       69,433  

Eiffage SA

     620       58,974  

Electricite de France SA (a)

     4,757       78,142  

Elior Group SA, 144A

     839       12,452  

Elis SA

     1,542       30,201  

Engie SA

     14,483       203,642  

Eramet

     69       5,566  

EssilorLuxottica SA

     2,286       290,243  

Esso SA Francaise

     32       1,339  

Etablissements Maurel et Prom*

     387       1,514  

Eurazeo SE

     392       29,356  

Europcar Mobility Group, 144A

     683       6,692  

Eutelsat Communications SA (a)

     1,451       30,924  

Faurecia SA

     601       23,419  

FFP

     43       4,581  

FIGEAC-AERO*

     69       984  

Fnac Darty SA*

     128       8,687  

Gaztransport Et Technigaz SA

     173       12,926  

Gecina SA REIT

     370       51,732  

Genfit*(a)

     228       5,276  

Getlink SE

     3,778       49,080  

GL Events

     94       1,924  

Groupe Crit

     15       956  

Groupe Guillin

     47       918  

Guerbet

     47       3,107  

Haulotte Group SA

     129       1,424  

Hermes International

     252       136,283  

ICADE REIT

     290       22,982  

ID Logistics Group*

     13       2,060  

Iliad SA

     195       26,304  

Imerys SA

     258       13,845  

Ingenico Group SA

     492       35,514  

Innate Pharma SA*

     311       3,116  

Interparfums SA

     75       3,354  

Ipsen SA

     303       39,002  

IPSOS

     255       6,478  

Jacquet Metal Service

     113       2,060  

JCDecaux SA

     558       18,951  

Kaufman & Broad SA

     107       4,089  

Kering

     603       262,141  

Klepierre SA REIT

     1,610       52,712  

Korian SA

     347       13,404  

Lagardere SCA

     828       23,416  

Latecoere SACA*

     621       2,390  

Legrand SA

     2,110       129,231  

LISI

     123       3,774  

LNA Sante SA

     42       2,292  

L’Oreal SA

     2,008       472,612  

LVMH Moet Hennessy Louis Vuitton
SE (a)

     2,206       630,725  

Maisons du Monde SA, 144A

     316       7,212  

Manitou BF SA

     68       1,975  

Mercialys SA REIT

     393       5,677  

Mersen SA

     78       2,230  

Metropole Television SA

     203       3,604  

Natixis SA

     7,932       43,822  
 

 

See Notes to Financial Statements.   78  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
France (Continued)  

Neopost SA

     282     $ 7,809  

Nexans SA

     215       6,781  

Nexity SA

     332       16,275  

Oeneo SA

     262       2,690  

Orange SA (a)

     15,820       271,514  

Orpea

     348       36,876  

Pernod Ricard SA (a)

     1,692       270,472  

Peugeot SA

     4,673       102,632  

Publicis Groupe SA

     1,653       97,985  

Rallye SA

     175       1,902  

Remy Cointreau SA

     161       18,646  

Renault SA

     1,536       107,900  

Rexel SA

     2,540       30,466  

Rubis SCA

     677       36,467  

Safran SA

     2,650       331,059  

Sanofi

     8,900       804,145  

Sartorius Stedim Biotech

     206       20,849  

Schneider Electric SE

     4,337       315,611  

SCOR SE

     1,288       61,884  

SEB SA

     167       23,935  

Societe BIC SA

     210       22,526  

Societe Generale SA

     6,108       224,458  

Sodexo SA

     714       73,913  

SOITEC*

     181       11,106  

Solocal Group*

     4,355       3,076  

Sopra Steria Group

     135       13,755  

SPIE SA

     948       13,512  

Suez

     2,912       43,269  

Synergie SA

     49       1,520  

Tarkett SA (a)

     235       5,821  

Technicolor SA*(a)

     2,752       3,349  

Teleperformance

     464       76,798  

Television Francaise 1

     337       3,228  

Thales SA

     846       103,725  

TOTAL SA

     18,990       1,056,983  

Trigano SA

     58       6,123  

Ubisoft Entertainment SA*

     652       53,101  

Unibail-Rodamco-Westfield REIT

     1,109       190,636  

Valeo SA

     1,948       55,575  

Vallourec SA*(a)

     2,380       5,618  

Veolia Environnement SA

     4,277       90,909  

Vicat SA

     145       6,960  

Vinci SA

     4,036       352,284  

Virbac SA*

     35       4,779  

Vivendi SA

     8,264       205,826  

Wendel SA

     228       27,696  

Worldline SA, 144A*

     294       15,690  
   

 

 

  
      11,765,253  
   

 

 

  
Germany — 24.7%  

1&1 Drillisch AG (a)

     462       23,223  

Aareal Bank AG

     433       14,221  

adidas AG

     1,493       329,257  

ADLER Real Estate AG

     205       3,504  

ADO Properties SA, 144A

     233       12,656  

ADVA Optical Networking SE*

     366       3,087  

AIXTRON SE*(a)

     1,061       11,601  
   

Number
of Shares

    

Value

  
Germany (Continued)  

Allianz SE

     3,400     $ 717,868  

alstria office REIT-AG REIT

     1,041       14,519  

Amadeus Fire AG

     41       4,377  

Aumann AG, 144A

     43       1,916  

AURELIUS Equity Opportunities SE & Co KGaA (a)

     176       7,731  

Aurubis AG

     302       16,438  

Axel Springer SE

     371       23,647  

BASF SE

     7,267       529,573  

Basler AG

     15       2,371  

Bayer AG

     7,399       540,951  

Bayerische Motoren Werke AG

     2,656       217,126  

BayWa AG

     108       2,830  

Bechtle AG

     251       20,076  

Beiersdorf AG

     775       82,948  

Bertrandt AG

     43       3,612  

bet-at-home.com AG

     15       909  

Bilfinger SE

     208       6,815  

Borussia Dortmund GmbH & Co. KGaA

     541       5,080  

Brenntag AG

     1,175       54,313  

CANCOM SE

     254       10,105  

Carl Zeiss Meditec AG

     330       22,789  

CECONOMY AG

     1,254       5,853  

Cewe Stiftung & Co. KGaA

     41       3,180  

comdirect bank AG

     178       2,253  

Commerzbank AG*

     7,801       67,173  

CompuGroup Medical SE

     166       7,852  

Consus Real Estate AG*

     457       4,004  

Continental AG

     879       131,605  

Covestro AG, 144A

     1,545       88,959  

CTS Eventim AG & Co. KGaA

     452       17,357  

Daimler AG

     7,227       406,591  

Delivery Hero SE, 144A*

     717       26,089  

Deutsche Bank AG (b)

     15,635       142,719  

Deutsche Beteiligungs AG

     100       3,838  

Deutsche Boerse AG

     1,532       195,639  

Deutsche EuroShop AG

     347       10,835  

Deutsche Lufthansa AG

     1,926       46,879  

Deutsche Pfandbriefbank AG, 144A

     1,077       12,827  

Deutsche Post AG

     7,873       250,635  

Deutsche Telekom AG

     26,438       463,475  

Deutsche Wohnen SE

     2,826       135,460  

Deutz AG

     986       7,233  

DIC Asset AG

     369       4,031  

DMG Mori AG

     164       8,114  

Draegerwerk AG & Co. KGaA

     23       1,010  

Duerr AG

     370       13,739  

E.ON SE

     17,510       178,508  

Elmos Semiconductor AG

     79       1,676  

ElringKlinger AG

     235       2,026  

Encavis AG

     662       4,444  

Evonik Industries AG

     1,304       35,061  

Evotec AG*

     1,126       26,387  

FinTech Group AG*

     109       2,672  

Fraport AG Frankfurt Airport Services Worldwide

     308       22,644  

Freenet AG

     1,084       22,304  
 

 

See Notes to Financial Statements.   79  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Germany (Continued)  

Fresenius Medical Care AG & Co. KGaA

     1,718     $ 139,803  

Fresenius SE & Co. KGaA

     3,307       187,643  

GEA Group AG

     1,345       36,301  

Gerresheimer AG

     234       16,663  

GFT Technologies SE

     132       1,184  

GRENKE AG

     205       17,545  

H&R GmbH & Co. KGaA

     116       995  

Hamborner REIT AG REIT

     636       6,365  

Hamburger Hafen und Logistik AG

     199       4,362  

Hannover Rueck SE

     474       65,843  

Hapag-Lloyd AG, 144A

     237       7,631  

HeidelbergCement AG

     1,206       80,144  

Heidelberger Druckmaschinen AG*

     2,095       4,459  

HelloFresh SE*

     552       5,656  

Henkel AG & Co. KGaA

     821       84,767  

HOCHTIEF AG

     163       23,177  

Hornbach Holding AG & Co. KGaA

     75       4,296  

HUGO BOSS AG

     518       35,772  

Hypoport AG*

     25       4,772  

Indus Holding AG

     118       5,417  

Infineon Technologies AG

     9,053       189,554  

Innogy SE, 144A

     113       5,166  

Innogy SE*

     1,013       42,490  

Isra Vision AG

     115       4,479  

Jenoptik AG

     365       11,041  

JOST Werke AG, 144A

     166       5,610  

K+S AG

     1,418       24,891  

KION Group AG

     628       35,420  

Kloeckner & Co. SE

     582       4,681  

Koenig & Bauer AG

     101       4,665  

Krones AG (a)

     120       10,678  

KWS Saat SE

     13       4,239  

LANXESS AG

     662       36,289  

LEG Immobilien AG

     524       60,242  

Leoni AG (a)

     227       7,250  

MBB SE

     16       1,447  

Merck KGaA

     1,028       113,308  

METRO AG

     1,581       24,262  

MLP SE

     494       2,517  

MorphoSys AG*

     241       27,529  

MTU Aero Engines AG

     418       86,883  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

     1,189       258,311  

Nemetschek SE

     150       18,187  

Nordex SE*(a)

     520       5,104  

Norma Group SE

     243       14,071  

OHB SE

     48       1,905  

OSRAM Licht AG

     820       37,569  

PATRIZIA Immobilien AG

     364       7,306  

Pfeiffer Vacuum Technology AG

     43       6,027  

ProSiebenSat.1 Media SE

     1,829       37,137  

Puma SE

     67       33,602  

Rational AG

     29       16,498  

Rheinmetall AG

     339       31,394  

RHOEN-KLINIKUM AG

     206       5,187  

RIB Software SE (a)

     269       3,922  

Rocket Internet SE, 144A*

     586       14,980  
   

Number
of Shares

    

Value

  
Germany (Continued)  

RWE AG

     4,139     $ 89,334  

SAF-Holland SA (a)

     371       5,401  

Salzgitter AG

     272       8,727  

SAP SE

     7,787       801,524  

Scout24 AG, 144A

     826       34,412  

Senvion SA*

     174       719  

SGL Carbon SE*

     397       3,987  

Siemens AG

     6,079       704,724  

Siemens Healthineers AG, 144A*

     1,176       50,904  

Siltronic AG

     154       13,913  

Sixt Leasing SE

     102       1,559  

Sixt SE

     77       7,392  

SLM Solutions Group AG*(a)

     98       1,413  

SMA Solar Technology AG (a)

     96       2,011  

Software AG

     361       14,725  

STRATEC Biomedical AG (a)

     41       2,548  

Stroeer SE & Co. KGaA

     193       10,081  

Suedzucker AG

     529       7,525  

Surteco Group SE

     62       1,569  

Symrise AG

     947       76,441  

TAG Immobilien AG

     984       23,550  

Takkt AG

     256       4,104  

Telefonica Deutschland Holding AG

     5,445       22,050  

thyssenkrupp AG

     3,538       66,069  

TLG Immobilien AG

     812       22,191  

Uniper SE

     1,618       41,526  

United Internet AG

     955       42,976  

Varta AG*

     157       4,859  

VERBIO Vereinigte BioEnergie AG

     204       1,614  

Volkswagen AG

     240       39,642  

Vonovia SE

     3,870       187,386  

Vossloh AG

     83       3,947  

VTG AG

     86       5,160  

Wacker Neuson SE

     231       4,600  

Washtec AG

     72       5,290  

Wirecard AG

     934       141,108  

Wuestenrot & Wuerttembergische AG

     152       3,001  

XING AG

     21       6,312  

Zalando SE, 144A*

     862       26,739  

zooplus AG*

     42       6,928  
   

 

 

  
      9,461,212  
   

 

 

  
Ireland — 1.8%  

AerCap Holdings NV*

     1,034       54,668  

AIB Group PLC

     6,782       29,760  

Bank of Ireland Group PLC

     7,354       46,540  

C&C Group PLC

     2,382       8,225  

Cairn Homes PLC*

     4,819       7,190  

CRH PLC

     6,593       182,270  

Dalata Hotel Group PLC

     1,326       6,980  

Glanbia PLC

     1,650       29,607  

Glenveagh Properties PLC, 144A*

     4,157       3,963  

Green REIT PLC REIT

     4,985       8,082  

Hibernia REIT PLC REIT

     5,348       8,234  

Irish Residential Properties REIT PLC REIT

     2,991       4,849  

Kerry Group PLC, Class A

     1,254       129,544  

Kingspan Group PLC

     1,195       51,436  
 

 

See Notes to Financial Statements.   80  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Ireland (Continued)  

Origin Enterprises PLC

     1,003     $ 6,699  

Paddy Power Betfair PLC

     686       61,586  

Permanent TSB Group Holdings PLC*

     1,101       2,144  

Ryanair Holdings PLC*

     1,136       14,989  

Smurfit Kappa Group PLC

     1,827       49,310  
   

 

 

  
      706,076  
   

 

 

  
Italy — 6.8%  

A2A SpA

     11,348       19,091  

ACEA SpA

     344       4,588  

Aeroporto Guglielmo Marconi Di Bologna SpA

     100       1,406  

Amplifon SpA

     720       12,047  

Anima Holding SpA, 144A

     2,216       9,277  

Arnoldo Mondadori Editore SpA*

     755       1,294  

Ascopiave SpA

     402       1,409  

Assicurazioni Generali SpA

     9,288       156,568  

ASTM SpA

     307       5,825  

Atlantia SpA

     3,836       78,647  

Autogrill SpA

     998       9,423  

Azimut Holding SpA

     925       11,367  

Banca Carige SpA*(a)

     231,170       523  

Banca Farmafactoring SpA, 144A

     413       2,160  

Banca Generali SpA

     457       10,084  

Banca IFIS SpA

     139       2,864  

Banca Mediolanum SpA

     1,979       11,841  

Banca Monte dei Paschi di Siena SpA*(a)

     2,391       4,343  

Banca Popolare di Sondrio SCPA

     3,555       11,068  

Banco BPM SpA*

     12,884       30,164  

Beni Stabili SpA SIIQ REIT

     7,401       6,083  

Biesse SpA

     85       1,762  

Bio On SpA*

     85       6,592  

BPER Banca (a)

     3,616       14,733  

Brembo SpA

     1,066       11,881  

Brunello Cucinelli SpA

     257       8,685  

Buzzi Unicem SpA

     528       9,968  

Buzzi Unicem SpA-RSP

     335       3,766  

Cairo Communication SpA

     632       2,318  

Cementir Holding SpA

     204       1,103  

Cerved Group SpA

     1,390       10,661  

CIR-Compagnie Industriali Riunite SpA

     3,039       3,114  

Credito Emiliano SpA

     729       4,292  

Credito Valtellinese SpA*

     47,964       4,425  

Danieli & C Officine Meccaniche SpA

     96       1,752  

Danieli & C Officine Meccaniche SpA-RSP

     252       3,446  

Datalogic SpA

     151       4,034  

Davide Campari-Milano SpA

     4,753       39,711  

De’ Longhi SpA

     473       12,852  

DeA Capital SpA*

     723       1,059  

DiaSorin SpA

     176       14,964  

doBank SpA, 144A

     272       3,172  

El.En. SpA

     69       1,186  

Enav SpA, 144A

     1,884       8,954  

Enel SpA

     64,339       348,897  

Eni SpA

     20,316       327,656  

ERG SpA

     446       8,109  

Falck Renewables SpA

     1,040       2,838  
   

Number
of Shares

    

Value

  
Italy (Continued)  

Ferrari NV

     980     $ 107,108  

Fila SpA

     150       2,309  

Fincantieri SpA

     3,948       4,648  

FinecoBank Banca Fineco SpA

     3,253       34,876  

Geox SpA

     640       933  

Gima TT SpA, 144A

     304       2,443  

Hera SpA

     6,872       18,874  

IMA Industria Macchine Automatiche SpA

     123       7,645  

Immobiliare Grande Distribuzione SIIQ SpA REIT

     498       3,373  

Infrastrutture Wireless Italiane SpA, 144A

     1,865       13,439  

Interpump Group SpA

     634       18,820  

Intesa Sanpaolo SpA

     117,523       272,483  

Iren SpA

     6,067       13,194  

Italgas SpA

     3,554       19,019  

Italmobiliare SpA

     122       2,666  

Juventus Football Club SpA*

     2,728       3,376  

La Doria SpA

     38       358  

Leonardo SpA

     3,277       32,298  

Maire Tecnimont SpA

     950       3,710  

MARR SpA

     285       6,359  

Mediaset SpA*

     2,288       7,103  

Mediobanca SpA

     4,844       42,807  

Moncler SpA

     1,375       44,800  

OVS SpA, 144A*(a)

     1,444       2,634  

Piaggio & C SpA

     1,367       2,762  

Pirelli & C SpA, 144A*

     3,091       21,724  

Poste Italiane SpA, 144A

     4,175       31,687  

Prysmian SpA

     1,823       33,372  

RAI Way SpA, 144A

     838       4,027  

Recordati SpA

     849       27,306  

Reply SpA

     150       8,369  

Saipem SpA*

     4,891       21,395  

Salini Impregilo SpA

     1,457       2,936  

Salvatore Ferragamo SpA

     344       8,062  

Saras SpA

     3,670       7,113  

Snam SpA

     17,841       78,186  

Societa Cattolica di Assicurazioni SC

     1,126       9,280  

Societa Iniziative Autostradali e Servizi SpA

     581       7,821  

Tamburi Investment Partners SpA

     670       4,316  

Technogym SpA, 144A

     717       7,991  

Telecom Italia SpA*

     89,355       58,146  

Telecom Italia SpA-RSP

     50,923       28,658  

Terna Rete Elettrica Nazionale SpA (a)

     11,128       62,209  

Tod’s SpA

     77       3,658  

UniCredit SpA

     16,009       206,358  

Unione di Banche Italiane SpA

     8,632       27,724  

Unipol Gruppo SpA

     2,698       11,188  

Zignago Vetro SpA

     111       1,043  
   

 

 

  
      2,592,608  
   

 

 

  
Luxembourg — 1.0%  

APERAM SA

     367       10,341  

ArcelorMittal

     5,353       121,294  

Aroundtown SA

     6,094       52,122  

Corestate Capital Holding SA*(a)

     103       4,250  
 

 

See Notes to Financial Statements.   81  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Luxembourg (Continued)  

Eurofins Scientific SE

     89     $ 38,590  

Grand City Properties SA

     923       21,735  

RTL Group SA

     281       16,813  

SES SA

     2,892       62,698  

Solutions 30 SE*

     552       5,681  

Stabilus SA

     190       13,659  

Tenaris SA

     3,624       43,592  
   

 

 

  
      390,775  
   

 

 

  
Netherlands — 9.0%  

Aalberts Industries NV

     828       29,021  

ABN AMRO Group NV, 144A

     3,399       86,658  

Accell Group NV

     191       4,018  

Aegon NV

     13,973       77,782  

Akzo Nobel NV

     2,020       169,456  

AMG Advanced Metallurgical Group NV

     265       11,736  

Arcadis NV

     487       6,136  

Argenx SE*

     205       19,936  

ASM International NV

     344       14,639  

ASML Holding NV

     3,246       547,915  

ASR Nederland NV

     1,116       48,137  

Basic-Fit NV, 144A*

     226       6,767  

BE Semiconductor Industries NV

     695       15,067  

BinckBank NV

     560       2,783  

Boskalis Westminster (a)

     676       18,689  

Brunel International NV

     193       2,403  

Constellium NV, Class A*

     954       8,004  

Corbion NV

     452       13,069  

Eurocommercial Properties NV

     338       11,173  

Euronext NV, 144A

     468       27,392  

EXOR NV

     831       48,826  

Flow Traders, 144A

     212       6,600  

ForFarmers NV

     173       1,696  

Fugro NV*

     624       7,587  

Gemalto NV*

     603       34,515  

Heineken Holding NV

     885       78,099  

Heineken NV

     2,058       188,300  

IMCD NV

     450       29,752  

ING Groep NV

     30,980       374,716  

Intertrust NV, 144A

     463       7,427  

InterXion Holding NV*

     567       35,307  

Kendrion NV

     98       2,519  

Koninklijke Ahold Delhaize NV

     9,873       253,780  

Koninklijke BAM Groep NV

     1,755       5,494  

Koninklijke DSM NV

     1,458       129,144  

Koninklijke KPN NV

     27,133       80,265  

Koninklijke Philips NV

     7,510       282,653  

Koninklijke Volkerwessels NV

     216       3,592  

Koninklijke Vopak NV

     532       23,248  

NN Group NV

     2,379       101,186  

NSI NV REIT

     152       6,178  

NXP Semiconductors NV

     2,733       227,850  

OCI NV*

     555       12,654  

Pharming Group NV*

     4,463       3,984  

PostNL NV

     3,236       9,525  

QIAGEN NV*

     1,779       62,535  

Randstad NV

     971       47,247  

SBM Offshore NV

     1,399       21,231  
   

Number
of Shares

    

Value

  
Netherlands (Continued)  

Shop Apotheke Europe NV, 144A*

     86     $ 3,963  

SIF Holding NV

     74       1,087  

Signify NV, 144A

     868       23,083  

Takeaway.com NV, 144A*

     204       10,820  

TKH Group NV

     271       13,745  

TomTom NV*

     1,030       9,329  

Vastned Retail NV REIT

     131       4,902  

Wereldhave NV REIT

     305       9,979  

Wessanen

     562       5,917  

Wolters Kluwer NV

     2,301       138,897  
   

 

 

  
      3,428,413  
   

 

 

  
Portugal — 0.6%  

Altri SGPS SA

     524       3,808  

Banco Comercial Portugues SA, Class R*

     73,409       20,619  

Corticeira Amorim SGPS SA

     404       4,276  

CTT-Correios de Portugal SA

     1,037       4,208  

EDP — Energias de Portugal SA

     20,295       70,927  

Galp Energia SGPS SA

     3,833       62,986  

Jeronimo Martins SGPS SA

     2,101       25,070  

Mota-Engil SGPS SA*

     839       1,617  

Navigator Co. SA

     2,024       8,487  

NOS SGPS SA

     1,885       11,705  

REN — Redes Energeticas Nacionais SGPS SA

     3,218       8,773  

Semapa-Sociedade de Investimento e Gestao

     191       3,019  

Sonae SGPS SA

     6,538       6,195  
   

 

 

  
      231,690  
   

 

 

  
Spain — 9.4%  

Acciona SA

     204       18,730  

Acerinox SA

     1,167       11,621  

ACS Actividades de Construccion y Servicios SA

     2,072       79,473  

Aedas Homes SAU, 144A*

     191       4,744  

Aena SME SA, 144A

     545       86,503  

Almirall SA

     455       7,758  

Amadeus IT Group SA

     3,472       248,654  

Applus Services SA

     1,030       12,372  

Atresmedia Corp. de Medios de Comunicacion SA

     686       3,863  

Banco Bilbao Vizcaya Argentaria SA

     52,975       300,946  

Banco de Sabadell SA

     45,593       58,171  

Banco Santander SA

     128,661       609,578  

Bankia SA

     9,845       32,512  

Bankinter SA

     5,396       45,083  

Bolsas y Mercados Espanoles SHMSF SA

     581       16,917  

CaixaBank SA

     28,614       117,752  

Cellnex Telecom SA, 144A

     1,154       31,982  

Cia de Distribucion Integral Logista Holdings SA

     399       9,965  

CIE Automotive SA

     529       13,295  

Construcciones y Auxiliar de Ferrocarriles SA

     158       6,189  

Corp. Financiera Alba SA

     94       4,262  

Distribuidora Internacional de Alimentacion SA (a)

     4,660       3,491  
 

 

See Notes to Financial Statements.   82  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Spain (Continued)  

Ebro Foods SA

     506     $ 10,328  

eDreams ODIGEO SA*

     813       3,014  

Enagas SA

     1,835       50,419  

Ence Energia y Celulosa SA

     870       5,486  

Endesa SA

     2,499       55,677  

Ercros SA

     850       3,520  

Euskaltel SA, 144A (a)

     656       5,748  

Faes Farma SA

     2,061       8,143  

Ferrovial SA

     3,854       79,278  

Fluidra SA*

     381       4,736  

Fomento de Construcciones y Contratas
SA*

     649       9,096  

Gestamp Automocion SA, 144A

     1,243       7,655  

Global Dominion Access SA, 144A*

     827       4,330  

Grifols SA

     2,402       67,330  

Grupo Catalana Occidente SA

     282       11,190  

Iberdrola SA

     48,026       358,302  

Indra Sistemas SA*

     883       9,287  

Industria de Diseno Textil SA

     8,671       265,929  

Inmobiliaria Colonial Socimi SA REIT

     1,993       20,025  

Lar Espana Real Estate Socimi SA REIT

     731       6,861  

Liberbank SA*

     18,743       8,878  

Mapfre SA

     7,846       22,428  

Masmovil Ibercom SA*

     114       13,990  

Mediaset Espana Comunicacion SA

     1,268       8,828  

Melia Hotels International SA

     878       8,782  

Merlin Properties Socimi SA REIT

     2,613       32,999  

Metrovacesa SA, 144A*

     316       4,007  

Miquel y Costas & Miquel SA

     123       2,465  

Miquel y Costas & Miquel SA*(c)

     72       1,443  

Naturgy Energy Group SA (a)

     2,742       67,827  

Neinor Homes SA, 144A*

     682       10,470  

Obrascon Huarte Lain SA (a)

     812       808  

Papeles y Cartones de Europa SA

     349       6,638  

Promotora de Informaciones SA, Class A*

     1,836       3,824  

Prosegur Cia de Seguridad SA

     2,121       11,031  

Red Electrica Corp. SA

     3,385       72,869  

Repsol SA

     10,857       187,442  

Sacyr SA

     2,828       6,557  

Siemens Gamesa Renewable Energy SA*

     1,774       25,004  

Talgo SA, 144A*

     819       4,664  

Tecnicas Reunidas SA (a)

     258       6,803  

Telefonica SA

     37,055       332,581  

Telepizza Group SA, 144A

     729       3,536  

Tubacex SA*

     869       2,946  

Unicaja Banco SA, 144A

     5,491       6,620  

Viscofan SA

     307       17,517  

Zardoya Otis SA

     1,456       10,385  
   

 

 

  
      3,591,557  
   

 

 

  
Switzerland (d) — 0.2%  

EDAG Engineering Group AG*

     96       1,908  

STMicroelectronics NV

     5,221       76,426  
   

 

 

  
      78,334  
   

 

 

  
United Kingdom (d) — 2.7%  

CNH Industrial NV

     7,909       77,003  
   

Number
of Shares

    

Value

  
United Kingdom (d) (Continued)  

Coca-Cola European Partners PLC

     1,746     $ 84,751  

Dialog Semiconductor PLC*

     708       18,387  

Fiat Chrysler Automobiles NV*

     8,558       141,182  

International Consolidated Airlines Group SA

     5,100       40,762  

Stallergenes Greer PLC*

     33       1,272  

Unilever NV

     12,223       678,118  
   

 

 

  
      1,041,475  
   

 

 

  

TOTAL COMMON STOCKS (Cost $36,889,437)

       36,369,513  
   

 

 

  
PREFERRED STOCKS — 1.6%

 

Germany — 1.6%

 

Bayerische Motoren Werke AG

     412       29,898  

Biotest AG

     169       4,458  

Draegerwerk AG & Co. KGaA

     64       3,487  

FUCHS PETROLUB SE

     498       20,612  

Henkel AG & Co. KGaA

     1,428       164,736  

Jungheinrich AG

     367       12,224  

Porsche Automobil Holding SE

     1,235       78,995  

Sartorius AG

     282       35,788  

Sixt SE

     136       9,238  

STO SE & Co. KGaA

     21       2,128  

Volkswagen AG

     1,468       247,461  
   

 

 

  
      609,025  
   

 

 

  

TOTAL PREFERRED STOCKS
(Cost $588,767)

       609,025  
   

 

 

  
RIGHTS — 0.0%

 

Belgium — 0.0%

 

Intervest Offices & Warehouses NV*(a), expires 11/29/18 (c)

     73       24  
   

 

 

  
Spain — 0.0%  

Realia Business SA*, expires 12/19/18

     2,057       46  
   

 

 

  

TOTAL RIGHTS
(Cost $0)

       70  
   

 

 

  
WARRANT — 0.0%

 

Spain — 0.0%

 

Abengoa SA*, expires 3/31/25
(Cost $43)

     7,125       81  
   

 

 

  
SECURITIES LENDING COLLATERAL — 4.1%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (e)(f)
(Cost $1,558,684)

     1,558,684       1,558,684  
   

 

 

  
CASH EQUIVALENTS — 2.7%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (e)
(Cost $1,017,771)

     1,017,771       1,017,771  
   

 

 

  

TOTAL INVESTMENTS — 103.5%

(Cost $40,054,702)

     $ 39,555,144  

Other assets and liabilities, net — (3.5%)

       (1,319,780 ) 
   

 

 

  

NET ASSETS — 100.0%

     $ 38,235,364  
   

 

 

  
 

 

See Notes to Financial Statements.   83  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

COMMON STOCKS — 0.4%

 

Germany — 0.4%

 

Deutsche Bank AG (b)

 

158,904     7,752       —       —       (23,937)       —       —       15,635       142,719  
               

SECURITIES LENDING COLLATERAL — 4.1%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (e)(f)

 

2,729,041     —       (1,170,357) (g)      —       —       8,994       —       1,558,684       1,558,684  
               

CASH EQUIVALENTS — 2.7%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (e)

 

—     2,793,723       (1,775,952)       —       —       3,146       —       1,017,771       1,017,771  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
2,887,945     2,801,475       (2,946,309)           —       (23,937)       12,140       —       2,592,090       2,719,174  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2018 amounted to $1,459,506, which is 3.8% of net assets.

(b)

Affiliated issuer. This security is owned in proportion with its representation in the index.

(c)

Investment was valued using significant unobservable inputs.

(d)

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 annualized seven-day yield at period end.

(f)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(g)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018.

 

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, 2018, open futures contract purchased was as follows:

 

Contract Description

    Currency    Number of
Contracts		    Notional
Amount		      Contract
Value		    Expiration
Date		      Unrealized
Depreciation		  

EURO STOXX Futures

    EUR    34    $ 1,308,192      $1,217,489      12/21/2018      $ (58,039 ) 

As of November 30, 2018, the Fund had the following forward foreign currency contracts outstanding:

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

Goldman Sachs & Co.

    12/5/2018    EUR      15,105,800      USD      17,158,497      $ 47,849      $ —  

JP Morgan & Chase Co.

    12/5/2018    EUR      19,635,000      USD      22,303,455        62,490        —  

Goldman Sachs & Co.

    12/5/2018    USD      2,612,634      EUR      2,300,000        —        (7,377 ) 

Goldman Sachs & Co.

    12/5/2018    USD      14,500,507      EUR      12,805,800        4,884        —  

JP Morgan & Chase Co.

    12/5/2018    USD      22,231,729      EUR      19,635,000        9,237        —  

Goldman Sachs & Co.

    1/4/2019    EUR      12,805,800      USD      14,544,853        —        (6,131 ) 

JP Morgan & Chase Co.

    1/4/2019    EUR      19,635,000      USD      22,299,470        —        (11,403 ) 

JP Morgan & Chase Co.

    1/4/2019    EUR      318,000      USD      361,176        —        (162 ) 
                 

 

 

     

 

 

  

Total unrealized appreciation (depreciation)

                   $ 124,460      $ (25,073 ) 
                 

 

 

     

 

 

  

Currency Abbreviations

EUR   Euro
USD   U.S. Dollar

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.   84  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2018 (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, 2018 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)

      $ 36,368,070      $ —      $ 1,443        $ 36,369,513  

Preferred Stocks

        609,025        —        —          609,025  

Rights (h)

        46        —        24          70  

Warrant

        81        —        —          81  

Short-Term Investments (h)

        2,576,455        —        —          2,576,455  

Derivatives (i)

                

Forward Foreign Currency Contracts

        —        124,460        —          124,460  
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ 39,553,677      $ 124,460      $ 1,467        $ 39,679,604  
    

 

 

     

 

 

     

 

 

       

 

 

  
               

Liabilities

      Level 1      Level 2      Level 3        Total  

Derivatives (i)

                

Forward Foreign Currency Contracts

      $ —      $ (25,073 )     $ —        $ (25,073 ) 

Futures Contracts

        (58,039 )       —        —          (58,039 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ (58,039 )     $ (25,073 )     $ —        $ (83,112 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

 

(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.   85  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Germany Hedged Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 90.4%    
Communication Services — 6.6%    

1&1 Drillisch AG

     1,166     $ 58,610  

Axel Springer SE

     1,127       71,832  

Deutsche Telekom AG

     75,310       1,320,233  

ProSiebenSat.1 Media SE

     5,226       106,110  

RTL Group SA

     845       50,558  

Telefonica Deutschland Holding AG

     16,338       66,162  

United Internet AG

     2,769       124,608  
   

 

 

  
      1,798,113  
   

 

 

  
Consumer Discretionary — 13.0%            

adidas AG

     4,253       937,932  

Bayerische Motoren Werke AG

     7,477       611,240  

Continental AG

     2,478       371,008  

Daimler AG

     20,541       1,155,636  

Delivery Hero SE, 144A*

     2,118       77,065  

HUGO BOSS AG

     1,453       100,342  

Puma SE

     182       91,277  

Volkswagen AG

     717       118,430  

Zalando SE, 144A*

     2,541       78,821  
   

 

 

  
      3,541,751  
   

 

 

  
Consumer Staples — 2.0%            

Beiersdorf AG

     2,292       245,311  

Henkel AG & Co. KGaA

     2,350       242,633  

METRO AG

     3,952       60,646  
   

 

 

  
      548,590  
   

 

 

  
Financials — 15.1%            

Allianz SE

     9,730       2,054,369  

Commerzbank AG*

     22,524       193,950  

Deutsche Bank AG (a)

     44,354       404,871  

Deutsche Boerse AG

     4,360       556,779  

Hannover Rueck SE

     1,355       188,222  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

     3,376       733,439  
   

 

 

  
      4,131,630  
   

 

 

  
Health Care — 11.4%            

Bayer AG

     21,055       1,539,360  

Fresenius Medical Care AG & Co. KGaA

     4,874       396,625  

Fresenius SE & Co. KGaA

     9,401       533,423  

Merck KGaA

     2,911       320,856  

QIAGEN NV*

     5,130       180,329  

Siemens Healthineers AG, 144A*

     3,373       146,004  
   

 

 

  
      3,116,597  
   

 

 

  
Industrials — 13.4%            

Brenntag AG

     3,474       160,582  

Deutsche Lufthansa AG

     5,180       126,082  

Deutsche Post AG

     22,275       709,120  

Fraport AG Frankfurt Airport Services Worldwide

     914       67,196  

GEA Group AG

     3,712       100,185  

HOCHTIEF AG

     483       68,679  

KION Group AG

     1,611       90,863  

MTU Aero Engines AG

     1,170       243,190  

OSRAM Licht AG

     2,185       100,109  
   

Number
of Shares

    

Value

  
Industrials (Continued)            

Siemens AG

     17,275     $ 2,002,649  
   

 

 

  
      3,668,655  
   

 

 

  
Information Technology — 11.8%            

Infineon Technologies AG

     25,696       538,030  

SAP SE

     22,191       2,284,143  

Wirecard AG

     2,645       399,605  
   

 

 

  
      3,221,778  
   

 

 

  
Materials — 9.5%            

BASF SE

     20,751       1,512,201  

Covestro AG, 144A

     4,329       249,259  

Evonik Industries AG

     3,676       98,838  

HeidelbergCement AG

     3,367       223,753  

LANXESS AG

     1,954       107,111  

Symrise AG

     2,781       224,480  

thyssenkrupp AG

     9,800       183,006  
   

 

 

  
      2,598,648  
   

 

 

  
Real Estate — 3.9%            

Aroundtown SA

     17,500       149,678  

Deutsche Wohnen SE

     8,025       384,665  

Vonovia SE

     11,181       541,386  
   

 

 

  
      1,075,729  
   

 

 

  
Utilities — 3.7%            

E.ON SE

     49,708       506,754  

Innogy SE, 144A

     220       10,057  

Innogy SE*

     3,079       129,147  

RWE AG

     11,650       251,449  

Uniper SE

     4,552       116,826  
   

 

 

  
      1,014,233  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $28,115,414)

       24,715,724  
   

 

 

  
PREFERRED STOCKS — 6.1%    
Consumer Discretionary — 3.7%    

Bayerische Motoren Werke AG

     1,254       91,000  

Porsche Automobil Holding SE

     3,444       220,292  

Volkswagen AG

     4,205       708,839  
   

 

 

  
      1,020,131  
   

 

 

  
Consumer Staples — 1.7%            

Henkel AG & Co. KGaA

     4,031       465,022  
   

 

 

  
Health Care — 0.4%            

Sartorius AG

     808       102,543  
   

 

 

  
Materials — 0.3%            

FUCHS PETROLUB SE

     1,596       66,058  
   

 

 

  

TOTAL PREFERRED STOCKS
(Cost $2,146,638)

       1,653,754  
   

 

 

  
EXCHANGE-TRADED FUND — 0.2%    

iShares Currency Hedged MSCI Germany ETF
(Cost $55,449)

     2,150       54,674  
   

 

 

  
 

 

See Notes to Financial Statements.   86  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
CASH EQUIVALENTS — 2.1%    

DWS Government Money Market Series “Institutional Shares”, 2.15% (b)
(Cost $587,112)

     587,112     $ 587,112  
   

 

 

  

TOTAL INVESTMENTS — 98.8%

(Cost $30,904,613)

     $ 27,011,264  

Other assets and liabilities, net — 1.2%

       326,454  
   

 

 

  

NET ASSETS — 100.0%

     $ 27,337,718  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

COMMON STOCKS — 1.5%

 

Financials — 1.5%

 

Deutsche Bank AG (a)

 

528,438     38,965       (100,075)       (101,503)       39,046       —       —       44,354       404,871  
               

SECURITIES LENDING COLLATERAL — 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c)

 

—     —       —       —       —       15       —       —       —  
               

CASH EQUIVALENTS — 2.1%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (b)

 

—     1,617,448       (1,030,336)       —       —       1,183       —       587,112       587,112  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
528,438     1,656,413       (1,130,411)       (101,503)       39,046       1,198       —       631,466       991,983  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Non-income producing security.

(a)

Affiliated issuer. This security is owned in proportion with its representation in the index.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

 

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, 2018, open futures contracts purchased were as follows:

 

Contract Description

    Currency      Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Depreciation		  

DAX Index Futures

      EUR        1      $ 352,976      $ 318,348        12/21/2018      $ (23,826 ) 

DAX Mini Futures

      EUR        9        623,635        573,027        12/21/2018        (35,727 ) 
                 

 

 

  

Total unrealized depreciation

                   $ (59,553 ) 
                 

 

 

  

 

See Notes to Financial Statements.   87  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

As of November 30, 2018, the Fund had the following forward foreign currency contracts outstanding:

 

Counterparty

    Settlement
Date		      Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

Goldman Sachs & Co.

      12/5/2018        EUR        6,995,834        USD        7,946,484      $ 22,160      $ —  

RBC Capital Markets

      12/5/2018        EUR        9,635,933        USD        10,943,047        28,229        —  

The Bank of Nova Scotia

      12/5/2018        EUR        9,022,333        USD        10,246,122        26,341        —  

Goldman Sachs & Co.

      12/5/2018        USD        2,274,128        EUR        2,002,000        —        (6,422 ) 

Goldman Sachs & Co.

      12/5/2018        USD        5,654,713        EUR        4,993,834        1,905        —  

RBC Capital Markets

      12/5/2018        USD        10,910,285        EUR        9,635,933        4,533        —  

The Bank of Nova Scotia

      12/5/2018        USD        10,215,537        EUR        9,022,333        4,245        —  

Goldman Sachs & Co.

      1/4/2019        EUR        4,993,834        USD        5,672,007        —        (2,391 ) 

RBC Capital Markets

      1/4/2019        EUR        140,000        USD        159,010        —        (69 ) 

RBC Capital Markets

      1/4/2019        EUR        9,635,933        USD        10,943,336        —        (5,789 ) 

The Bank of Nova Scotia

      1/4/2019        EUR        9,022,333        USD        10,246,492        —        (5,411 ) 
  

 

 

     

 

 

  

Total unrealized appreciation (depreciation)

                   $ 87,413      $ (20,082 ) 
  

 

 

     

 

 

  

Currency Abbreviations

EUR   Euro
USD   U.S. Dollar

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.

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, 2018 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 (d)

      $ 24,715,724      $ —      $   —        $ 24,715,724  

Preferred Stocks (d)

        1,653,754        —        —          1,653,754  

Exchange-Traded Fund

        54,674        —        —          54,674  

Short-Term Investments

        587,112        —        —          587,112  

Derivatives (e)

                

Forward Foreign Currency Contracts

        —        87,413        —          87,413  
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ 27,011,264      $ 87,413      $ —        $ 27,098,677  
    

 

 

     

 

 

     

 

 

       

 

 

  
               

Liabilities

      Level 1      Level 2      Level 3        Total  

Derivatives (e)

                

Forward Foreign Currency Contracts

      $ —      $ (20,082 )     $ —        $ (20,082 ) 

Futures Contracts

        (59,553 )       —        —          (59,553 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ (59,553 )     $ (20,082 )     $ —        $ (79,635 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

 

(d)

See Schedule of Investments for additional detailed categorizations.

(e)

Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

 

See Notes to Financial Statements.   88  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Japan Hedged Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 96.7%    
Communication Services — 7.5%    

CyberAgent, Inc.

     29,500     $ 1,335,771  

DeNA Co. Ltd.

     32,416       601,402  

Dentsu, Inc.

     63,136       2,814,326  

Hakuhodo DY Holdings, Inc.

     68,780       1,053,074  

Kakaku.com, Inc.

     40,836       821,649  

KDDI Corp.

     515,415       12,095,895  

Konami Holdings Corp.

     27,364       1,224,588  

LINE Corp.*(a)

     20,947       752,885  

Nexon Co. Ltd.*

     128,364       1,517,548  

Nintendo Co. Ltd.

     33,221       10,128,871  

Nippon Telegraph & Telephone Corp.

     201,276       8,298,213  

NTT DOCOMO, Inc.

     385,405       8,924,257  

SoftBank Group Corp.

     239,593       20,106,267  

Toho Co. Ltd.

     32,798       1,141,277  

Yahoo Japan Corp.

     822,928       2,356,090  
   

 

 

  
      73,172,113  
   

 

 

  
Consumer Discretionary — 18.2%            

ABC-Mart, Inc. (a)

     9,911       557,038  

Aisin Seiki Co. Ltd.

     47,223       1,867,870  

Asics Corp.

     48,415       697,766  

Bandai Namco Holdings, Inc.

     57,607       2,420,697  

Benesse Holdings, Inc.

     22,288       661,680  

Bridgestone Corp.

     176,807       7,164,799  

Casio Computer Co. Ltd. (a)

     54,892       765,485  

Denso Corp.

     126,910       5,866,157  

Don Quijote Holdings Co. Ltd.

     34,250       2,078,866  

Fast Retailing Co. Ltd.

     16,889       8,784,095  

Hikari Tsushin, Inc.

     6,052       965,526  

Honda Motor Co. Ltd.

     472,745       13,335,061  

Iida Group Holdings Co. Ltd.

     44,366       782,849  

Isetan Mitsukoshi Holdings Ltd.

     99,175       1,147,133  

Isuzu Motors Ltd.

     162,595       2,314,703  

J. Front Retailing Co. Ltd.

     66,900       913,492  

Koito Manufacturing Co. Ltd.

     30,372       1,629,437  

Marui Group Co. Ltd.

     54,502       1,174,879  

Mazda Motor Corp.

     159,604       1,701,280  

McDonald’s Holdings Co. Japan Ltd.

     19,619       879,714  

Mitsubishi Motors Corp.

     193,638       1,187,262  

NGK Spark Plug Co. Ltd.

     45,790       940,689  

Nikon Corp.

     92,359       1,448,258  

Nissan Motor Co. Ltd.

     676,147       5,922,503  

Nitori Holdings Co. Ltd.

     23,347       3,127,262  

Oriental Land Co. Ltd.

     58,025       5,773,619  

Panasonic Corp.

     638,744       6,552,591  

Rakuten, Inc.

     253,938       2,044,658  

Rinnai Corp.

     10,455       749,713  

Ryohin Keikaku Co. Ltd.

     6,970       1,875,818  

Sankyo Co. Ltd.

     12,653       506,053  

Sega Sammy Holdings, Inc.

     49,188       694,174  

Sekisui Chemical Co. Ltd.

     107,252       1,740,371  

Sekisui House Ltd.

     180,052       2,713,905  

Sharp Corp.

     61,455       911,688  

Shimamura Co. Ltd.

     6,570       557,942  

Shimano, Inc.

     21,584       3,152,559  

Sony Corp.

     368,993       19,298,872  
   

Number
of Shares

    

Value

  
Consumer Discretionary (Continued)            

Stanley Electric Co. Ltd.

     38,446     $ 1,119,359  

Subaru Corp.

     178,517       3,967,743  

Sumitomo Electric Industries Ltd.

     215,313       3,020,622  

Sumitomo Rubber Industries Ltd.

     47,730       637,858  

Suzuki Motor Corp.

     99,489       4,956,264  

Takashimaya Co. Ltd.

     43,861       637,543  

Toyoda Gosei Co. Ltd.

     19,763       380,409  

Toyota Industries Corp.

     42,599       2,184,083  

Toyota Motor Corp.

     663,473       39,762,206  

USS Co. Ltd.

     62,618       1,110,978  

Yamada Denki Co. Ltd.

     177,447       858,199  

Yamaha Corp.

     39,907       1,719,114  

Yamaha Motor Co. Ltd.

     81,324       1,672,832  

Yokohama Rubber Co. Ltd.

     35,246       737,740  

ZOZO, Inc.

     58,234       1,295,343  
   

 

 

  
      178,966,757  
   

 

 

  
Consumer Staples — 8.5%            

Aeon Co. Ltd.

     177,202       4,247,603  

Ajinomoto Co., Inc.

     132,201       2,285,552  

Asahi Group Holdings Ltd.

     105,897       4,434,959  

Calbee, Inc. (a)

     22,508       745,541  

Coca-Cola Bottlers Japan Holdings, Inc.

     39,700       1,136,634  

FamilyMart UNY Holdings Co. Ltd.

     18,434       2,616,145  

Japan Tobacco, Inc.

     319,089       7,936,817  

Kao Corp.

     143,884       10,594,040  

Kikkoman Corp.

     42,148       2,457,999  

Kirin Holdings Co. Ltd.

     239,789       5,629,544  

Kobayashi Pharmaceutical Co. Ltd.

     14,500       1,009,118  

Kose Corp.

     8,688       1,295,757  

Lawson, Inc.

     15,669       1,025,597  

Lion Corp.

     64,788       1,277,896  

MEIJI Holdings Co. Ltd.

     35,293       2,776,430  

NH Foods Ltd.

     26,311       975,812  

Nisshin Seifun Group, Inc.

     57,675       1,211,777  

Nissin Foods Holdings Co. Ltd.

     18,070       1,166,834  

Pigeon Corp.

     33,000       1,359,071  

Pola Orbis Holdings, Inc.

     26,879       758,906  

Seven & i Holdings Co. Ltd.

     218,702       9,523,358  

Shiseido Co. Ltd.

     110,407       7,026,210  

Sundrug Co. Ltd.

     23,557       794,814  

Suntory Beverage & Food Ltd.

     40,436       1,695,594  

Toyo Suisan Kaisha Ltd.

     26,512       908,529  

Tsuruha Holdings, Inc.

     10,697       1,055,424  

Unicharm Corp.

     116,674       3,652,904  

Welcia Holdings Co. Ltd.

     13,000       658,503  

Yakult Honsha Co. Ltd.

     34,438       2,593,885  

Yamazaki Baking Co. Ltd.

     35,906       753,768  
   

 

 

  
      83,605,021  
   

 

 

  
Energy — 1.1%            

Idemitsu Kosan Co. Ltd.

     38,112       1,386,624  

Inpex Corp.

     298,344       3,167,022  

JXTG Holdings, Inc.

     943,637       5,705,132  

Showa Shell Sekiyu KK

     54,814       849,384  
   

 

 

  
      11,108,162  
   

 

 

  
 

 

See Notes to Financial Statements.   89  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Financials — 11.7%            

Acom Co. Ltd. (a)

     111,874     $ 410,972  

AEON Financial Service Co. Ltd.

     32,572       631,268  

Aozora Bank Ltd.

     33,592       1,103,803  

Bank of Kyoto Ltd.

     15,804       760,162  

Chiba Bank Ltd.

     174,260       1,143,670  

Concordia Financial Group Ltd.

     317,538       1,490,973  

Credit Saison Co. Ltd.

     44,992       577,486  

Dai-ichi Life Holdings, Inc.

     312,819       5,450,874  

Daiwa Securities Group, Inc.

     466,944       2,577,108  

Fukuoka Financial Group, Inc.

     43,848       1,000,066  

Japan Exchange Group, Inc.

     145,532       2,621,794  

Japan Post Bank Co. Ltd.

     121,225       1,416,063  

Japan Post Holdings Co. Ltd.

     457,570       5,570,733  

Mebuki Financial Group, Inc.

     240,862       727,795  

Mitsubishi UFJ Financial Group, Inc.

     3,421,042       18,820,779  

Mitsubishi UFJ Lease & Finance Co. Ltd.

     121,016       659,903  

Mizuho Financial Group, Inc.

     6,990,772       11,596,374  

MS&AD Insurance Group Holdings, Inc.

     137,989       4,187,747  

Nomura Holdings, Inc.

     1,003,277       4,519,895  

ORIX Corp.

     383,527       6,215,019  

Resona Holdings, Inc.

     605,076       3,208,345  

SBI Holdings, Inc.

     65,199       1,479,563  

Seven Bank Ltd.

     174,004       539,571  

Shinsei Bank Ltd.

     42,547       583,960  

Shizuoka Bank Ltd.

     126,782       1,138,095  

Sompo Holdings, Inc.

     93,475       3,611,693  

Sony Financial Holdings, Inc.

     50,282       1,054,232  

Sumitomo Mitsui Financial Group, Inc.

     388,872       14,329,838  

Sumitomo Mitsui Trust Holdings, Inc.

     94,862       3,804,007  

T&D Holdings, Inc.

     160,749       2,284,175  

Tokio Marine Holdings, Inc.

     195,771       9,666,533  

Tokyo Century Corp.

     13,200       630,260  

Yamaguchi Financial Group, Inc.

     58,064       601,535  
   

 

 

  
      114,414,291  
   

 

 

  
Health Care — 8.1%            

Alfresa Holdings Corp.

     54,490       1,449,674  

Asahi Intecc Co. Ltd.

     28,000       1,312,249  

Astellas Pharma, Inc.

     547,135       8,408,378  

Chugai Pharmaceutical Co. Ltd.

     65,045       4,452,272  

Daiichi Sankyo Co. Ltd.

     166,261       6,103,243  

Eisai Co. Ltd.

     73,612       6,753,900  

Hisamitsu Pharmaceutical Co., Inc.

     16,506       1,054,209  

Hoya Corp.

     109,986       6,685,490  

Kyowa Hakko Kirin Co. Ltd.

     75,460       1,546,892  

M3, Inc.

     123,984       2,003,142  

Medipal Holdings Corp.

     51,282       1,174,587  

Mitsubishi Tanabe Pharma Corp.

     72,861       1,118,766  

Olympus Corp.

     84,794       2,386,617  

Ono Pharmaceutical Co. Ltd.

     111,083       2,686,679  

Otsuka Holdings Co. Ltd.

     112,700       5,495,260  

Santen Pharmaceutical Co. Ltd.

     104,074       1,781,401  

Shionogi & Co. Ltd.

     80,508       5,324,883  

Sumitomo Dainippon Pharma Co. Ltd.

     46,248       1,507,445  

Suzuken Co. Ltd.

     21,332       1,148,205  

Sysmex Corp.

     49,144       2,618,791  

Taisho Pharmaceutical Holdings Co. Ltd.

     10,746       1,242,017  
   

Number
of Shares

    

Value

  
Health Care (Continued)            

Takeda Pharmaceutical Co. Ltd. (a)

     206,823     $ 7,752,560  

Terumo Corp.

     87,751       5,167,735  
   

 

 

  
      79,174,395  
   

 

 

  
Industrials — 20.4%            

AGC, Inc.

     53,062       1,802,000  

Amada Holdings Co. Ltd.

     95,334       1,034,678  

ANA Holdings, Inc.

     33,718       1,203,291  

Central Japan Railway Co.

     41,826       8,594,384  

Dai Nippon Printing Co. Ltd.

     69,243       1,601,833  

Daifuku Co. Ltd. (a)

     29,700       1,520,125  

Daikin Industries Ltd.

     72,748       8,081,331  

East Japan Railway Co.

     89,685       8,153,541  

FANUC Corp.

     56,389       9,632,055  

Fuji Electric Co. Ltd.

     35,306       1,108,804  

Hankyu Hanshin Holdings, Inc.

     66,040       2,239,827  

Hino Motors Ltd.

     78,360       800,754  

Hitachi Construction Machinery Co. Ltd.

     31,620       873,265  

Hoshizaki Corp.

     16,254       1,261,487  

IHI Corp.

     42,568       1,295,621  

ITOCHU Corp.

     411,088       7,300,827  

Japan Airlines Co. Ltd.

     34,154       1,231,789  

Japan Airport Terminal Co. Ltd.

     14,235       553,022  

JGC Corp.

     60,583       884,875  

JTEKT Corp.

     59,984       763,044  

Kajima Corp.

     130,276       1,802,965  

Kamigumi Co. Ltd.

     30,542       685,826  

Kawasaki Heavy Industries Ltd.

     39,793       926,511  

Keihan Holdings Co. Ltd.

     27,104       1,131,771  

Keikyu Corp.

     63,881       1,019,147  

Keio Corp.

     30,036       1,661,684  

Keisei Electric Railway Co. Ltd.

     37,484       1,215,180  

Kintetsu Group Holdings Co. Ltd.

     49,910       2,079,675  

Komatsu Ltd.

     268,137       7,164,335  

Kubota Corp.

     286,163       4,883,035  

Kurita Water Industries Ltd.

     28,642       768,312  

Kyushu Railway Co.

     46,300       1,529,534  

LIXIL Group Corp.

     77,516       1,004,502  

Makita Corp.

     64,844       2,544,862  

Marubeni Corp.

     457,287       3,414,093  

MINEBEA MITSUMI, Inc.

     110,124       1,786,974  

MISUMI Group, Inc.

     82,020       1,858,393  

Mitsubishi Corp.

     393,191       10,606,095  

Mitsubishi Electric Corp.

     527,926       6,966,772  

Mitsubishi Heavy Industries Ltd.

     88,502       3,365,750  

Mitsui & Co. Ltd.

     481,371       7,524,934  

Mitsui OSK Lines Ltd.

     33,808       794,904  

MonotaRO Co. Ltd.

     36,000       975,202  

Nabtesco Corp.

     32,572       900,992  

Nagoya Railroad Co. Ltd.

     53,001       1,328,352  

NGK Insulators Ltd.

     75,764       1,123,295  

Nidec Corp.

     64,545       8,597,281  

Nippon Express Co. Ltd.

     21,439       1,291,836  

Nippon Yusen KK

     44,812       760,716  

NSK Ltd.

     104,198       979,424  

Obayashi Corp.

     188,708       1,881,843  

Odakyu Electric Railway Co. Ltd.

     84,777       1,900,696  
 

 

See Notes to Financial Statements.   90  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Industrials (Continued)            

Park24 Co. Ltd.

     32,168     $ 868,563  

Persol Holdings Co. Ltd.

     51,400       962,660  

Recruit Holdings Co. Ltd.

     320,691       8,822,781  

Secom Co. Ltd.

     60,972       5,159,644  

Seibu Holdings, Inc.

     66,130       1,222,224  

SG Holdings Co. Ltd.

     26,700       653,652  

Shimizu Corp.

     162,268       1,386,601  

SMC Corp.

     16,658       5,646,829  

Sohgo Security Services Co. Ltd.

     20,822       979,514  

Sumitomo Corp.

     319,073       4,900,707  

Sumitomo Heavy Industries Ltd.

     32,258       1,069,915  

Taisei Corp.

     60,852       2,674,990  

THK Co. Ltd.

     35,276       808,289  

Tobu Railway Co. Ltd.

     56,190       1,608,752  

Tokyu Corp.

     143,422       2,496,603  

Toppan Printing Co. Ltd.

     73,239       1,179,411  

Toshiba Corp.*

     190,123       5,895,546  

TOTO Ltd.

     40,938       1,585,011  

Toyota Tsusho Corp.

     59,931       2,069,590  

West Japan Railway Co.

     47,879       3,335,903  

Yamato Holdings Co. Ltd.

     89,517       2,364,593  
   

 

 

  
      200,103,222  
   

 

 

  
Information Technology — 9.8%            

Alps Electric Co. Ltd.

     54,542       1,264,150  

Brother Industries Ltd.

     66,022       1,103,323  

Canon, Inc.

     287,797       8,163,735  

Disco Corp.

     8,300       1,210,104  

FUJIFILM Holdings Corp.

     112,457       4,467,965  

Fujitsu Ltd.

     56,940       3,504,733  

Hamamatsu Photonics KK

     40,388       1,405,388  

Hirose Electric Co. Ltd.

     9,766       1,029,811  

Hitachi High-Technologies Corp.

     20,670       736,556  

Hitachi Ltd.

     279,834       8,105,485  

Keyence Corp.

     28,343       15,380,600  

Konica Minolta, Inc.

     130,480       1,174,740  

Kyocera Corp.

     92,908       5,013,095  

Murata Manufacturing Co. Ltd.

     52,315       7,979,864  

NEC Corp.

     75,293       2,334,769  

Nippon Electric Glass Co. Ltd.

     25,168       676,231  

Nomura Research Institute Ltd.

     31,774       1,395,352  

NTT Data Corp.

     183,240       2,130,791  

Obic Co. Ltd.

     18,662       1,612,776  

Omron Corp.

     55,717       2,449,261  

Oracle Corp.

     10,872       705,868  

Otsuka Corp.

     29,260       984,656  

Renesas Electronics Corp.*

     242,000       1,140,554  

Ricoh Co. Ltd.

     194,734       1,890,471  

Rohm Co. Ltd.

     27,612       1,921,639  

Seiko Epson Corp.

     81,824       1,300,361  

Shimadzu Corp.

     64,236       1,501,849  

SUMCO Corp.

     68,400       1,048,461  

TDK Corp.

     37,828       2,982,519  

Tokyo Electron Ltd.

     45,714       6,393,074  

Trend Micro, Inc.

     34,572       1,982,678  

Yaskawa Electric Corp.

     71,782       2,238,544  
   

Number
of Shares

    

Value

  
Information Technology (Continued)            

Yokogawa Electric Corp.

     65,708     $ 1,207,478  
   

 

 

  
      96,436,881  
   

 

 

  
Materials — 5.6%            

Air Water, Inc.

     43,604       705,638  

Asahi Kasei Corp.

     366,684       4,015,225  

Daicel Corp.

     76,146       851,918  

Hitachi Chemical Co. Ltd.

     30,594       484,049  

Hitachi Metals Ltd.

     67,046       754,832  

JFE Holdings, Inc.

     141,619       2,497,031  

JSR Corp.

     55,351       885,987  

Kaneka Corp.

     15,037       562,985  

Kansai Paint Co. Ltd.

     51,706       968,847  

Kobe Steel Ltd.

     92,166       758,341  

Kuraray Co. Ltd.

     93,621       1,454,851  

Maruichi Steel Tube Ltd.

     15,132       449,234  

Mitsubishi Chemical Holdings Corp.

     363,996       2,977,639  

Mitsubishi Gas Chemical Co., Inc.

     47,776       784,517  

Mitsubishi Materials Corp.

     30,972       869,011  

Mitsui Chemicals, Inc.

     53,781       1,364,957  

Nippon Paint Holdings Co. Ltd. (a)

     42,463       1,505,647  

Nippon Steel & Sumitomo Metal Corp.

     221,437       4,049,713  

Nissan Chemical Corp.

     37,202       2,018,802  

Nitto Denko Corp.

     47,918       2,618,468  

Oji Holdings Corp.

     247,684       1,448,814  

Shin-Etsu Chemical Co. Ltd.

     105,131       9,386,448  

Showa Denko KK

     39,300       1,575,254  

Sumitomo Chemical Co. Ltd.

     433,056       2,350,020  

Sumitomo Metal Mining Co. Ltd.

     68,405       1,991,618  

Taiheiyo Cement Corp.

     34,778       1,176,475  

Taiyo Nippon Sanso Corp.

     37,180       626,245  

Teijin Ltd.

     52,159       900,600  

Toray Industries, Inc.

     405,742       3,182,241  

Tosoh Corp.

     69,000       972,559  

Toyo Seikan Group Holdings Ltd.

     43,826       998,020  
   

 

 

  
      55,185,986  
   

 

 

  
Real Estate — 3.9%            

Aeon Mall Co. Ltd.

     28,622       514,624  

Daito Trust Construction Co. Ltd.

     20,851       2,724,048  

Daiwa House Industry Co. Ltd.

     165,317       5,206,433  

Daiwa House REIT Investment Corp. REIT

     500       1,133,330  

Hulic Co. Ltd.

     82,910       758,143  

Japan Prime Realty Investment Corp. REIT

     240       937,673  

Japan Real Estate Investment Corp. REIT

     384       2,121,024  

Japan Retail Fund Investment Corp. REIT

     764       1,465,205  

Mitsubishi Estate Co. Ltd.

     342,324       5,491,539  

Mitsui Fudosan Co. Ltd.

     258,782       6,189,430  

Nippon Building Fund, Inc. REIT

     385       2,397,877  

Nippon Prologis REIT, Inc. REIT

     501       1,037,617  

Nomura Real Estate Holdings, Inc.

     34,528       681,952  

Nomura Real Estate Master Fund, Inc. REIT

     1,140       1,522,477  

Sumitomo Realty & Development Co. Ltd.

     105,250       3,901,617  

Tokyu Fudosan Holdings Corp.

     175,827       986,670  
 

 

See Notes to Financial Statements.   91  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Real Estate (Continued)            

United Urban Investment Corp. REIT

     836     $ 1,330,795  
   

 

 

  
      38,400,454  
   

 

 

  
Utilities — 1.9%            

Chubu Electric Power Co., Inc.

     176,934       2,652,880  

Chugoku Electric Power Co., Inc.

     82,568       1,043,056  

Electric Power Development Co. Ltd.

     42,566       1,095,695  

Kansai Electric Power Co., Inc.

     202,107       3,033,875  

Kyushu Electric Power Co., Inc.

     111,190       1,305,698  

Osaka Gas Co. Ltd.

     108,089       1,970,102  

Toho Gas Co. Ltd.

     21,428       866,445  

Tohoku Electric Power Co., Inc.

     125,021       1,634,420  

Tokyo Electric Power Co. Holdings, Inc.*

     418,384       2,539,458  

Tokyo Gas Co. Ltd.

     114,265       2,943,822  
   

 

 

  
      19,085,451  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $960,619,625)

       949,652,733  
   

 

 

  
   

Number
of Shares

    

Value

  
SECURITIES LENDING COLLATERAL — 0.1%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c)
(Cost $1,172,942)

     1,172,942     $ 1,172,942  
   

 

 

  
CASH EQUIVALENTS — 2.7%    

DWS ESG Liquidity Fund “Institutional Shares” , 2.44% (b)

     10,000,000     9,999,000

DWS Government Money Market Series “Institutional Shares”, 2.15% (b)

     16,334,174     16,334,174
   

 

 

  

TOTAL CASH EQUIVALENTS
(Cost $26,333,174)

       26,333,174  
   

 

 

  

TOTAL INVESTMENTS — 99.5%

(Cost $988,125,741)

     $ 977,158,849  

Other assets and liabilities, net — 0.5%

       4,533,574  
   

 

 

  

NET ASSETS — 100.0%

     $ 981,692,423  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

SECURITIES LENDING COLLATERAL — 0.1%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c)

 

1,120,785     52,157 (d)      —       —       —       40,669       —       1,172,942       1,172,942  
               

CASH EQUIVALENTS — 2.7%

 

DWS ESG Liquidity Fund “Institutional Shares” , 2.44% (b)

 

—     9,999,000       —       —       —       12,224       —       10,000,000       9,999,000  
               

DWS Government Money Market Series “Institutional Shares” , 2.15% (b)

 

—     69,451,367       (53,117,193)       —       —       48,105       —       16,334,174       16,334,174  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
1,120,785     79,502,524       (53,117,193)           —           —       100,998         —       27,507,116       27,506,116  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2018 amounted to $13,376,845, which is 1.4% of net assets.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $13,191,575.

(d)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018.

 

REIT:   Real Estate Investment Trust

At November 30, 2018, open futures contracts purchased were as follows:

 

Contract Description

    Currency      Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Appreciation
(Depreciation)		  

Nikkei 225 Futures

      JPY        40      $ 8,008,275      $ 7,875,611        12/13/2018      $ 28,483  

TOPIX Index Futures

      JPY        148        22,863,752        21,747,258        12/13/2018        (966,396 ) 
                 

 

 

  

Total net unrealized depreciation

                   $ (937,913 ) 
                 

 

 

  

 

 

See Notes to Financial Statements.   92  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

As of November 30, 2018, the Fund had the following forward foreign currency contracts outstanding:

 

Counterparty

    Settlement
Date		      Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

Goldman Sachs & Co.

      12/5/2018        JPY        751,837,500        USD        6,677,154      $ 50,239      $ —  

JP Morgan & Chase Co.

      12/5/2018        JPY        1,105,565,100        USD        9,756,108        11,334        —  

JP Morgan & Chase Co.

      12/5/2018        JPY        1,105,565,100        USD        9,762,276        17,503        —  

JP Morgan & Chase Co.

      12/5/2018        JPY        4,422,260,200        USD        39,135,739        156,646        —  

JP Morgan & Chase Co.

      12/5/2018        JPY        38,708,066,700        USD        343,777,125        2,592,923        —  

JP Morgan & Chase Co.

      12/5/2018        JPY        334,001,000        USD        2,959,100        15,118        —  

RBC Capital Markets

      12/5/2018        JPY        36,413,139,300        USD        323,330,338        2,374,295        —  

The Bank of Nova Scotia

      12/5/2018        JPY        36,898,569,900        USD        327,634,898        2,400,129        —  

Goldman Sachs & Co.

      12/5/2018        USD        6,621,674        JPY        751,837,500        5,241        —  

JP Morgan & Chase Co.

      12/5/2018        USD        101,197,813        JPY        11,393,629,000        —        (771,040 ) 

JP Morgan & Chase Co.

      12/5/2018        USD        301,909,547        JPY        34,281,829,100        260,505        —  

RBC Capital Markets

      12/5/2018        USD        320,679,342        JPY        36,413,139,300        276,700        —  

The Bank of Nova Scotia

      12/5/2018        USD        301,587,088        JPY        34,245,213,800        260,226        —  

The Bank of Nova Scotia

      12/5/2018        USD        23,354,027        JPY        2,653,356,100        33,428        —  

Goldman Sachs & Co.

      1/7/2019        JPY        751,837,500        USD        6,644,621        —        (5,002 ) 

JP Morgan & Chase Co.

      1/7/2019        JPY        34,281,829,100        USD        302,960,772        —        (244,660 ) 

RBC Capital Markets

      1/7/2019        JPY        3,186,868,000        USD        28,164,785        —        (21,450 ) 

RBC Capital Markets

      1/7/2019        JPY        36,413,139,300        USD        321,784,547        —        (271,245 ) 

The Bank of Nova Scotia

      1/7/2019        JPY        34,245,213,800        USD        302,626,492        —        (255,096 ) 
  

 

 

     

 

 

  

Total unrealized appreciation (depreciation)

                   $ 8,454,287      $ (1,568,493 ) 
  

 

 

     

 

 

  

Currency Abbreviations

JPY   Japanese Yen
USD   U.S. Dollar

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.

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, 2018 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 Stock (e)

      $ 949,652,733      $ —      $   —        $ 949,652,733  

Short-Term Investments (e)

        27,506,116        —        —          27,506,116  

Derivatives (f)

                

Forward Foreign Currency Contracts

        —        8,454,287        —          8,454,287  

Futures Contracts

        28,483        —        —          28,483  
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ 977,187,332      $ 8,454,287      $ —        $ 985,641,619  
    

 

 

     

 

 

     

 

 

       

 

 

  
               

Liabilities

      Level 1      Level 2      Level 3        Total  

Derivatives (f)

                

Forward Foreign Currency Contracts

      $ —      $ (1,568,493 )     $ —        $ (1,568,493 ) 

Futures Contracts

        (966,396 )       —        —          (966,396 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ (966,396 )     $ (1,568,493 )     $ —        $ (2,534,889 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

 

(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.   93  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI South Korea Hedged Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 97.0%    
Communication Services — 6.8%    

Cheil Worldwide, Inc.

     1,521     $ 31,819  

Kakao Corp.

     851       85,408  

KT Corp., ADR

     620       9,126  

KT Corp.

     492       13,387  

LG Uplus Corp.

     1,528       24,127  

NAVER Corp.

     2,194       247,594  

NCSoft Corp.

     292       133,373  

Netmarble Corp., 144A

     453       52,738  

Pearl Abyss Corp.*

     130       22,267  

SK Telecom Co. Ltd.

     345       89,101  
   

 

 

  
      708,940  
   

 

 

  
Consumer Discretionary — 10.4%            

CJ ENM Co. Ltd.

     153       31,802  

Coway Co. Ltd.

     913       63,856  

Fila Korea Ltd.

     702       31,814  

Hankook Tire Co. Ltd.

     1,340       51,164  

Hanon Systems

     3,668       34,358  

HLB, Inc.*

     548       41,310  

Hotel Shilla Co. Ltd.

     554       42,651  

Hyundai Department Store Co. Ltd.

     299       25,047  

Hyundai Mobis Co. Ltd.

     1,075       173,101  

Hyundai Motor Co.

     2,411       230,141  

Kangwon Land, Inc.

     2,145       61,712  

Kia Motors Corp.

     4,313       117,353  

LG Electronics, Inc.

     1,732       112,021  

Lotte Shopping Co. Ltd.

     217       41,718  

Shinsegae Inc.

     134       34,786  
   

 

 

  
      1,092,834  
   

 

 

  
Consumer Staples — 6.2%            

Amorepacific Corp.

     519       79,868  

AMOREPACIFIC Group

     521       30,164  

BGF retail Co. Ltd.

     166       28,803  

CJ CheilJedang Corp.

     153       45,861  

E-MART, Inc.

     353       61,408  

GS Retail Co. Ltd.

     642       21,764  

KT&G Corp.

     1,858       172,382  

LG Household & Health Care Ltd.

     148       153,156  

Orion Corp.

     392       38,992  

Ottogi Corp.

     29       19,170  
   

 

 

  
      651,568  
   

 

 

  
Energy — 2.9%            

GS Holdings Corp.

     948       43,554  

SK Innovation Co. Ltd.

     1,026       179,856  

S-Oil Corp.

     771       76,003  
   

 

 

  
      299,413  
   

 

 

  
Financials — 13.6%            

BNK Financial Group, Inc.

     4,997       34,191  

DB Insurance Co. Ltd.

     915       55,262  

DGB Financial Group, Inc.

     3,502       27,492  

Hana Financial Group, Inc.

     4,694       157,451  

Hanwha Life Insurance Co. Ltd.

     6,347       25,140  

Hyundai Marine & Fire Insurance Co. Ltd.

     1,216       43,446  

Industrial Bank of Korea

     4,455       58,820  
   

Number
of Shares

    

Value

  
Financials (Continued)            

KB Financial Group, Inc.

     6,216     $ 261,738  

Korea Investment Holdings Co. Ltd.

     746       45,055  

Mirae Asset Daewoo Co. Ltd.

     7,123       45,244  

NH Investment & Securities Co. Ltd.

     2,776       34,299  

Orange Life Insurance Ltd., 144A

     727       19,522  

Samsung Card Co. Ltd.

     694       19,997  

Samsung Fire & Marine Insurance Co. Ltd.

     504       122,521  

Samsung Life Insurance Co. Ltd.

     1,158       89,359  

Samsung Securities Co. Ltd.

     1,235       34,319  

Shinhan Financial Group Co. Ltd.

     6,700       246,255  

Woori Bank

     7,777       108,578  
   

 

 

  
      1,428,689  
   

 

 

  
Health Care — 6.4%            

Celltrion Healthcare Co. Ltd.*

     718       50,410  

Celltrion Pharm, Inc.*

     339       20,020  

Celltrion, Inc.*

     1,268       270,919  

Hanmi Pharm. Co. Ltd.

     117       46,186  

Hanmi Science Co. Ltd.

     329       21,807  

Medy-Tox, Inc.

     76       38,198  

Samsung Biologics Co. Ltd., 144A*(a)

     275       82,062  

SillaJen, Inc.*

     906       57,143  

ViroMed Co. Ltd.*

     246       43,299  

Yuhan Corp.

     172       34,908  
   

 

 

  
      664,952  
   

 

 

  
Industrials — 10.8%            

CJ Corp.

     286       33,296  

CJ Logistics Corp.*

     179       25,390  

Daelim Industrial Co. Ltd.

     544       46,007  

Daewoo Engineering & Construction Co. Ltd.*

     4,026       17,850  

Daewoo Shipbuilding & Marine Engineering Co. Ltd.*

     511       14,975  

Doosan Bobcat, Inc.

     1,067       31,269  

GS Engineering & Construction Corp.

     977       38,001  

Hanwha Corp.

     941       25,184  

HDC Hyundai Development Co-Engineering & Construction, Class E*

     501       18,771  

Hyundai Engineering & Construction Co. Ltd.

     1,339       65,699  

Hyundai Glovis Co. Ltd.

     359       39,552  

Hyundai Heavy Industries Co. Ltd.*

     636       74,894  

Hyundai Heavy Industries Holdings Co. Ltd.*

     173       60,962  

KCC Corp.

     119       29,619  

Korea Aerospace Industries Ltd.*

     1,330       37,612  

Korean Air Lines Co. Ltd.

     1,036       29,482  

LG Corp.

     1,584       102,025  

Lotte Corp.*

     603       29,748  

Pan Ocean Co. Ltd.*

     5,601       22,885  

Posco Daewoo Corp.

     1,188       20,454  

S-1 Corp.

     359       30,841  

Samsung C&T Corp.

     1,235       112,929  

Samsung Engineering Co. Ltd.*

     2,951       51,204  

Samsung Heavy Industries Co. Ltd.*

     7,039       46,594  

SK Holdings Co. Ltd.

     516       129,581  
   

 

 

  
      1,134,824  
   

 

 

  
 

 

See Notes to Financial Statements.   94  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI South Korea Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Information Technology — 31.1%            

LG Display Co. Ltd.

     4,001     $ 62,641  

LG Innotek Co. Ltd.

     284       25,285  

Samsung Electro-Mechanics Co. Ltd.

     915       98,361  

Samsung Electronics Co. Ltd.

     60,435       2,256,305  

Samsung SDI Co. Ltd.

     873       160,823  

Samsung SDS Co. Ltd.

     577       100,889  

SK Hynix, Inc.

     8,962       556,452  
   

 

 

  
      3,260,756  
   

 

 

  
Materials — 7.5%            

Hanwha Chemical Corp.

     2,007       33,839  

Hyundai Steel Co.

     1,392       53,522  

Korea Zinc Co. Ltd.

     151       57,318  

Kumho Petrochemical Co. Ltd.

     363       29,857  

LG Chem Ltd.

     725       223,460  

Lotte Chemical Corp.

     284       69,040  

OCI Co. Ltd.

     342       31,883  

POSCO

     1,216       268,487  

POSCO Chemtech Co. Ltd.

     330       19,930  
   

 

 

  
      787,336  
   

 

 

  
Utilities — 1.3%            

Korea Electric Power Corp.

     4,142       109,744  

Korea Gas Corp.*

     584       26,570  
   

 

 

  
      136,314  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $8,812,479)

       10,165,626  
   

 

 

  
   

Number
of Shares

    

Value

  
PREFERRED STOCKS — 1.5%    
Consumer Discretionary — 0.7%    

Hyundai Motor Co.

     489     $ 28,705  

Hyundai Motor Co. — 2nd Preferred

     674       41,969  
   

 

 

  
      70,674  
   

 

 

  
Consumer Staples — 0.4%            

Amorepacific Corp.

     194       15,593  

LG Household & Health Care Ltd.

     45       26,897  
   

 

 

  
      42,490  
   

 

 

  
Information Technology — 0.1%            

Samsung Electronics Co. Ltd.

     334       10,056  
   

 

 

  
Materials — 0.3%            

LG Chem Ltd.

     163       28,428  
   

 

 

  

TOTAL PREFERRED STOCKS
(Cost $174,619)

       151,648  
   

 

 

  
EXCHANGE-TRADED FUND — 0.8%    

iShares MSCI South Korea ETF
(Cost $80,245)

     1,375       83,353  
   

 

 

  
CASH EQUIVALENTS — 1.3%    

DWS Government Money Market Series Fund “Institutional Shares”, 2.15% (b)
(Cost $138,462)

     138,462       138,462  

TOTAL INVESTMENTS — 100.6%

(Cost $9,205,805)

     $ 10,539,089  

Other assets and liabilities, net — (0.6%)

       (62,671 ) 
   

 

 

  

NET ASSETS — 100.0%

     $ 10,476,418  
   

 

 

  
 

 

*

Non-income producing security.

(a)

Investment was valued using significant unobservable inputs.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

 

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.

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

CASH EQUIVALENTS — 1.3%

 

DWS Government Money Market Series Fund “Institutional Shares”, 2.15% (b)

 

—     1,548,402       (1,409,940)       —       —       529       —       138,462       138,462  

At November 30, 2018, open futures contract purchased was as follows:

 

Contract Description

    Currency    Number of
Contracts		    Notional
Amount		      Contract
Value		    Expiration
Date		      Unrealized
Appreciation		  

KOSPI 200 MINI Futures

    KRW    7    $ 84,541      $84,803      12/13/2018      $ 47  

 

See Notes to Financial Statements.   95  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI South Korea Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

As of November 30, 2018, the Fund had the following forward foreign currency contracts outstanding:

 

Counterparty

    Settlement
Date		      Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

Goldman Sachs & Co.

      12/5/2018        KRW        4,387,469,537        USD        3,854,067      $ —      $ (60,723 ) 

RBC Capital Markets

      12/5/2018        KRW        8,348,451,500        USD        7,331,886        —        (117,154 ) 

The Bank of New York Mellon

      12/5/2018        KRW        408,384,000        USD        358,798        —        (5,589 ) 

Goldman Sachs & Co.

      12/5/2018        USD        65,352        KRW        73,000,000        —        (216 ) 

Goldman Sachs & Co.

      12/5/2018        USD        3,846,024        KRW        4,314,469,537        3,631        —  

RBC Capital Markets

      12/5/2018        USD        6,164,791        KRW        6,909,497,500        319        —  

RBC Capital Markets

      12/5/2018        USD        1,262,130        KRW        1,438,954,000        21,800        —  

The Bank of New York Mellon

      12/5/2018        USD        363,979        KRW        408,384,000        408        —  

Goldman Sachs & Co.

      1/4/2019        KRW        4,314,469,537        USD        3,849,799        —        (4,300 ) 

RBC Capital Markets

      1/4/2019        KRW        6,909,497,500        USD        6,170,847        —        (1,379 ) 

RBC Capital Markets

      1/4/2019        KRW        192,447,000        USD        171,858        —        (54 ) 

The Bank of New York Mellon

      1/4/2019        KRW        408,384,000        USD        364,352        —        (456 ) 
  

 

 

     

 

 

  

Total unrealized appreciation (depreciation)

                   $ 26,158      $ (189,871 ) 
  

 

 

     

 

 

  

Currency Abbreviations

KRW   South Korean Won
USD   U.S. Dollar

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.

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, 2018 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 Stock (c)

      $ 10,083,564        $ —      $ 82,062        $ 10,165,626  

Preferred Stock (c)

        151,648          —        —          151,648  

Exchange-Traded Fund

        83,353          —        —          83,353  

Short-Term Investments

        138,462          —        —          138,462  

Derivatives (d)

                  

Forward Foreign Currency Contracts

        —          26,158        —          26,158  

Futures Contracts

        47          —        —          47  
    

 

 

       

 

 

     

 

 

       

 

 

  

TOTAL

      $ 10,457,074        $ 26,158      $ 82,062        $ 10,565,294  
    

 

 

       

 

 

     

 

 

       

 

 

  
                 

Liabilities

      Level 1        Level 2      Level 3        Total  

Derivatives (d)

                  

Forward Foreign Currency Contracts

      $ —        $ (189,871 )     $ —        $ (189,871 ) 
    

 

 

       

 

 

     

 

 

       

 

 

  

TOTAL

      $ —        $ (189,871 )     $ —        $ (189,871 ) 
    

 

 

       

 

 

     

 

 

       

 

 

  

 

(c)

See Schedule of Investments for additional detailed categorizations.

(d)

Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the period ended November 30, 2018, the amount of transfers between Level 1 and Level 3 was $94,429. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange.

 

See Notes to Financial Statements.   96  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI United Kingdom Hedged Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 98.1%    
Communication Services — 5.8%    

Auto Trader Group PLC, 144A

     810     $ 4,525  

BT Group PLC

     7,640       25,506  

Informa PLC

     1,118       9,847  

ITV PLC

     2,977       5,508  

Pearson PLC

     709       8,704  

Vodafone Group PLC

     24,056       51,785  

WPP PLC

     1,113       12,279  
   

 

 

  
      118,154  
   

 

 

  
Consumer Discretionary — 5.8%            

Barratt Developments PLC

     932       5,489  

Berkeley Group Holdings PLC

     106       4,357  

Burberry Group PLC

     378       8,557  

Carnival PLC

     150       8,703  

Compass Group PLC

     1,398       29,901  

GVC Holdings PLC

     507       4,774  

InterContinental Hotels Group PLC

     165       8,831  

Kingfisher PLC

     1,952       6,218  

Marks & Spencer Group PLC

     1,519       5,665  

Merlin Entertainments PLC, 144A

     531       2,274  

Next PLC

     121       7,557  

Persimmon PLC

     278       6,731  

Taylor Wimpey PLC

     2,703       4,615  

TUI AG

     369       5,252  

Whitbread PLC

     165       9,667  
   

 

 

  
      118,591  
   

 

 

  
Consumer Staples — 16.1%            

Associated British Foods PLC

     329       10,162  

British American Tobacco PLC

     2,061       72,221  

Coca-Cola HBC AG*

     166       4,937  

Diageo PLC

     2,210       79,512  

Imperial Brands PLC

     863       26,502  

J Sainsbury PLC

     1,436       5,581  

Reckitt Benckiser Group PLC

     605       50,202  

Tesco PLC

     8,607       21,666  

Unilever PLC

     1,008       54,505  

Wm Morrison Supermarkets PLC

     1,872       5,668  
   

 

 

  
      330,956  
   

 

 

  
Energy — 17.0%            

BP PLC

     17,880       118,474  

John Wood Group PLC

     568       4,596  

Royal Dutch Shell PLC, Class A

     4,105       123,969  

Royal Dutch Shell PLC, Class B

     3,344       102,074  
   

 

 

  
      349,113  
   

 

 

  
Financials — 19.6%            

3i Group PLC

     873       9,273  

Admiral Group PLC

     163       4,329  

Aviva PLC

     3,488       18,089  

Barclays PLC

     15,459       32,085  

Direct Line Insurance Group PLC

     1,141       4,769  

Hargreaves Lansdown PLC

     266       6,445  

HSBC Holdings PLC

     17,817       150,817  

Investec PLC

     526       3,193  

Legal & General Group PLC

     5,208       16,252  
   

Number
of Shares

    

Value

  
Financials (Continued)            

Lloyds Banking Group PLC

     62,998     $ 44,440  

London Stock Exchange Group PLC

     267       13,721  

Prudential PLC

     2,335       45,835  

Royal Bank of Scotland Group PLC

     4,234       11,772  

RSA Insurance Group PLC

     963       6,658  

Schroders PLC

     103       3,317  

St James’s Place PLC

     488       6,253  

Standard Chartered PLC

     2,509       19,483  

Standard Life Aberdeen PLC

     2,043       6,909  
   

 

 

  
      403,640  
   

 

 

  
Health Care — 12.1%            

AstraZeneca PLC

     1,131       88,156  

ConvaTec Group PLC, 144A

     1,162       2,250  

GlaxoSmithKline PLC

     4,434       91,620  

NMC Health PLC

     84       3,530  

Shire PLC

     824       47,774  

Smith & Nephew PLC

     801       14,545  
   

 

 

  
      247,875  
   

 

 

  
Industrials — 8.4%            

Ashtead Group PLC

     441       9,884  

Babcock International Group PLC

     226       1,636  

BAE Systems PLC

     2,920       18,280  

Bunzl PLC

     311       9,574  

DCC PLC

     90       6,772  

easyJet PLC

     131       1,857  

Experian PLC

     802       19,483  

Ferguson PLC

     200       12,793  

G4S PLC

     1,338       3,307  

Intertek Group PLC

     147       8,798  

Meggitt PLC

     633       4,180  

Melrose Industries PLC

     4,397       9,895  

RELX PLC

     1,784       37,111  

Rolls-Royce Holdings PLC*

     1,469       15,903  

Rolls-Royce Holdings PLC*(a)

     64,032       82  

Royal Mail PLC

     719       2,930  

Smiths Group PLC

     367       6,498  

Weir Group PLC

     193       3,625  
   

 

 

  
      172,608  
   

 

 

  
Information Technology — 0.7%            

Micro Focus International PLC

     359       7,040  

Sage Group PLC

     985       7,297  
   

 

 

  
      14,337  
   

 

 

  
Materials — 8.4%            

Anglo American PLC

     959       19,139  

Antofagasta PLC

     337       3,437  

BHP Group PLC

     1,906       36,469  

Croda International PLC

     112       6,959  

Fresnillo PLC

     196       1,882  

Glencore PLC*

     10,077       37,257  

Johnson Matthey PLC

     180       6,706  

Mondi PLC

     335       7,297  

Randgold Resources Ltd.

     87       6,949  

Rio Tinto PLC

     1,038       47,074  
   

 

 

  
      173,169  
   

 

 

  
 

 

See Notes to Financial Statements.   97  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI United Kingdom Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Real Estate — 1.1%            

British Land Co. PLC REIT

     855     $ 6,151  

Hammerson PLC REIT

     760       3,738  

Land Securities Group PLC REIT

     691       7,160  

Segro PLC REIT

     839       6,449  
   

 

 

  
      23,498  
   

 

 

  
Utilities — 3.1%            

Centrica PLC

     5,120       8,987  

National Grid PLC

     3,070       32,582  

Severn Trent PLC

     211       4,920  

SSE PLC

     875       12,215  

United Utilities Group PLC

     558       5,407  
   

 

 

  
      64,111  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $2,226,041)

       2,016,052  
   

 

 

  
   

Number
of Shares

    

Value

  
EXCHANGE-TRADED FUND — 1.1%    

iShares MSCI United Kingdom ETF
(Cost $23,542)

     690     $ 21,686  
   

 

 

  
CASH EQUIVALENTS — 0.0%    

DWS Government Money Market Series Fund “Institutional Shares”, 2.15% (b)
(Cost $203)

     203       203  
   

 

 

  

TOTAL INVESTMENTS — 99.2%

(Cost $2,249,786)

     $ 2,037,941  

Other assets and liabilities, net — 0.8%

       16,411  
   

 

 

  

NET ASSETS — 100.0%

     $ 2,054,352  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

SECURITIES LENDING COLLATERAL — 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c)

 

23,930     —       (23,930) (d)      —       —       260       —       —       —  
               

CASH EQUIVALENTS — 0.0%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (b)

 

—     400       (197)       —       —       —       —       203       203  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
23,930     400       (24,127)           —           —       260         —       203       203  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Non-income producing security.

(a)

Investment was valued using significant unobservable inputs.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018.

 

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.

As of November 30, 2018, 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.

      12/5/2018        GBP        1,166,250        USD        1,492,244      $ 5,659      $ —  

The Bank of Nova Scotia

      12/5/2018        GBP        510,050        USD        652,538        2,392        —  

JP Morgan & Chase Co.

      12/5/2018        USD        1,488,018        GBP        1,166,250        —        (1,434 ) 

The Bank of Nova Scotia

      12/5/2018        USD        574,219        GBP        450,050        —        (553 ) 

The Bank of Nova Scotia

      12/5/2018        USD        76,774        GBP        60,000        —        (294 ) 

JP Morgan & Chase Co.

      1/4/2019        GBP        1,166,250        USD        1,490,806        1,357        —  

The Bank of Nova Scotia

      1/4/2019        GBP        450,050        USD        575,303        533        —  
                 

 

 

     

 

 

  

Total unrealized appreciation (depreciation)

                   $ 9,941      $ (2,281 ) 
                 

 

 

     

 

 

  

 

See Notes to Financial Statements.   98  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI United Kingdom Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Currency Abbreviations

GBP   Pound Sterling
USD   U.S. Dollar

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

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, 2018 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 Stock (e)

      $ 2,015,970        $ —      $ 82        $ 2,016,052  

Exchange-Traded Fund

        21,686          —        —          21,686  

Short-Term Investments

        203          —        —          203  

Derivatives (f)

                  

Forward Foreign Currency Contracts

        —          9,941        —          9,941  
    

 

 

       

 

 

     

 

 

       

 

 

  

TOTAL

      $ 2,037,859        $ 9,941      $ 82        $ 2,047,882  
    

 

 

       

 

 

     

 

 

       

 

 

  
                 

Liabilities

      Level 1        Level 2      Level 3        Total  

Derivatives (f)

                  

Forward Foreign Currency Contracts

      $ —        $ (2,281 )     $ —        $ (2,281 ) 
    

 

 

       

 

 

     

 

 

       

 

 

  

TOTAL

      $ —        $ (2,281 )     $ —        $ (2,281 ) 
    

 

 

       

 

 

     

 

 

       

 

 

  

 

(e)

See Schedule of Investments for additional detailed categorizations.

(f)

Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts.

 

See Notes to Financial Statements.   99  

DBX ETF Trust

 

Statements of Assets and Liabilities

 

November 30, 2018 (Unaudited)

 

    Xtrackers
MSCI All World
ex US Hedged
Equity ETF		     Xtrackers
MSCI Asia Pacific
ex Japan Hedged
Equity ETF		     Xtrackers
MSCI Emerging
Markets Hedged
Equity ETF		     Xtrackers
MSCI Europe
Hedged
Equity ETF		  

Assets

        

Investments in non-affiliated securities at value

   $ 93,262,560     $ 3,595,365     $ 119,298,068     $ 899,692,860  

Investments in affiliated securities at value

     89,163       16,109       —       1,942,958  

Investment in DWS ESG Liquidity Fund

     3,504,188       —       —       9,999,000  

Investment in DWS Government Money Market Series*

     1,809,316       312,951       3,415,426       11,668,150  

Investment in DWS Government & Agency Securities Portfolio**

     1,428,629       27,135       1,383,442       13,072,149  

Cash

     —       —       75       —  

Foreign currency at value

     304,645       5,072       111,270       2,471,988  

Receivable for return of collateral pledged for forward foreign currency contracts

     180,000       —       1,360,000       2,410,000  

Unrealized appreciation on forward foreign currency contracts

     548,610       6,029       698,064       3,196,893  

Deposit with broker for futures contracts

     295,148       14,026       158,600       2,220,456  
Receivables:        

Investment securities sold

     2,029,281       66,347       1,039,856       5,869,221  

Capital shares

     4,879       —       —       —  

Variation margin on futures contracts

     —       —       67,122       —  

Dividends

     237,057       6,289       59,615       1,347,962  

Interest

     6,546       523       6,133       36,373  

Securities lending income

     1,318       39       1,384       22,087  

Foreign tax reclaim

     78,567       —       458       6,956,327  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

   $ 103,779,907     $ 4,049,885     $ 127,599,513     $ 960,906,424  
 

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

        

Payable upon return of securities loaned

   $ 1,428,629     $ 27,135     $ 1,383,442     $ 13,072,149  

Payable upon return of deposit for forward foreign currency contracts

     —       —       360,000       —  

Unrealized depreciation on forward foreign currency contracts

     621,114       46,381       2,105,406       1,499,822  
Payables:        

Investment securities purchased

     2,314,362       32,658       1,383,457       5,783,206  

Investment advisory fees

     32,732       1,884       64,216       345,117  

Variation margin on futures contracts

     21,186       180       —       218,631  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

     4,418,023       108,238       5,296,521       20,918,925  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets, at value

   $ 99,361,884     $ 3,941,647     $ 122,302,992     $ 939,987,499  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets Consist of

        

Paid-in capital

   $ 97,598,988     $ 4,864,872     $ 127,547,135     $ 1,129,230,054  

Distributable earnings (loss)

     1,762,896       (923,225 )      (5,244,143 )      (189,242,555 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets, at value

   $ 99,361,884     $ 3,941,647     $ 122,302,992     $ 939,987,499  
 

 

 

    

 

 

    

 

 

    

 

 

  

Number of Common Shares outstanding

     3,800,001       150,001       5,550,800       34,850,001  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value

   $ 26.15     $ 26.28     $ 22.03     $ 26.97  
 

 

 

    

 

 

    

 

 

    

 

 

  

Investments in non-affiliated securities at cost

   $ 94,860,442     $ 3,644,016     $ 106,224,501     $ 994,875,267  
 

 

 

    

 

 

    

 

 

    

 

 

  

Investments in affiliated securities at cost

   $ 175,886     $ 16,296     $ —     $ 6,398,160  
 

 

 

    

 

 

    

 

 

    

 

 

  

Value of securities loaned

   $ 1,464,569     $ 52,728     $ 2,103,073     $ 12,393,049  
 

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS ESG Liquidity Fund*

   $ 3,504,188     $ —     $ —     $ 9,999,000  
 

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS Government Money Market Series*

   $ 1,809,316     $ 312,951     $ 3,415,426     $ 11,668,150  
 

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS Government & Agency Securities Portfolio at cost**

   $ 1,428,629     $ 27,135     $ 1,383,442     $ 13,072,149  
 

 

 

    

 

 

    

 

 

    

 

 

  

Non-cash collateral for securities on loan

   $ 256,533     $ 27,515     $ 821,723     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Foreign currency at cost

   $ 303,389     $ 5,041     $ 111,283     $ 2,482,593  
 

 

 

    

 

 

    

 

 

    

 

 

  

*   Includes collateral held for forward foreign currency contracts

   $ —     $ —     $ 360,000     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

**

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   100  

DBX ETF Trust

 

Statements of Assets and Liabilities (Continued)

 

November 30, 2018 (Unaudited)

 

    Xtrackers
MSCI Eurozone
Hedged
Equity ETF		     Xtrackers
MSCI Germany
Hedged
Equity ETF		     Xtrackers
MSCI Japan
Hedged
Equity ETF		     Xtrackers
MSCI
South Korea
Hedged
Equity ETF		  

Assets

        

Investments in non-affiliated securities at value

   $ 36,835,970     $ 26,019,281     $ 949,652,733     $ 10,400,627  

Investments in affiliated securities at value

     142,719       404,871       —       —  

Investment in DWS ESG Liquidity Fund*

     —       —       9,999,000       —  

Investment in DWS Government Money Market Series*

     1,017,771       587,112       16,334,174       138,462  

Investment in DWS Government & Agency Securities Portfolio**

     1,558,684       —       1,172,942       —  

Cash

     —       —       12,224       —  

Foreign currency at value

     251,871       214,256       3,744,447       —  

Unrealized appreciation on forward foreign currency contracts

     124,460       87,413       8,454,287       26,158  

Deposit with broker for futures contracts

     85,838       64,316       899,557       11,851  
Receivables:        

Investment securities sold

     199,351       181,764       3,241,418       199,094  

Variation margin on futures contracts

     —       —       149,662       —  

Dividends

     6,612       —       5,495,359       —  

Interest

     1,839       1,008       31,893       169  

Securities lending income

     1,304       —       4,081       —  

Foreign tax reclaim

     87,871       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

   $ 40,314,290     $ 27,560,021     $ 999,191,777     $ 10,776,361  
 

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

        

Due to custodian

   $ —     $ —     $ —     $ 75  

Payable upon return of securities loaned

     1,558,684       —       1,172,942       —  

Payable upon return of deposit for forward foreign currency contracts

     240,000       —       6,250,000       —  

Unrealized depreciation on forward foreign currency contracts

     25,073       20,082       1,568,493       189,871  
Payables:        

Investment securities purchased

     232,895       182,744       8,153,389       103,716  

Investment advisory fees

     14,081       10,174       354,530       4,954  

Variation margin on futures contracts

     8,193       9,303       —       1,327  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

     2,078,926       222,303       17,499,354       299,943  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets, at value

   $ 38,235,364     $ 27,337,718     $ 981,692,423     $ 10,476,418  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets Consist of

        

Paid-in capital

   $ 41,696,222     $ 38,541,985     $ 1,114,100,675     $ 17,302,187  

Distributable earnings (loss)

     (3,460,858 )      (11,204,267 )      (132,408,252 )      (6,825,769 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets, at value

   $ 38,235,364     $ 27,337,718     $ 981,692,423     $ 10,476,418  
 

 

 

    

 

 

    

 

 

    

 

 

  

Number of Common Shares outstanding

     1,350,001       1,100,800       23,900,800       400,001  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value

   $ 28.32     $ 24.83     $ 41.07     $ 26.19  
 

 

 

    

 

 

    

 

 

    

 

 

  

Investments in non-affiliated securities at cost

   $ 37,114,044     $ 28,910,377     $ 960,619,625     $ 9,067,343  
 

 

 

    

 

 

    

 

 

    

 

 

  

Investments in affiliated securities at cost

   $ 364,203     $ 1,407,124     $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Value of securities loaned

   $ 1,459,506     $ —     $ 13,376,845     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS ESG Liquidity Fund at cost*

   $ —     $ —     $ 9,999,000     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS Government Money Market Series at cost*

   $ 1,017,771     $ 587,112     $ 16,334,174     $ 138,462  
 

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS Government & Agency Securities Portfolio at cost**

   $ 1,558,684     $ —     $ 1,172,942     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Non-cash collateral for securities on loan

   $ —     $ —     $ 13,191,575     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Foreign currency at cost

   $ 252,890     $ 214,499     $ 3,738,649     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

  

*   Includes collateral held for forward foreign currency contracts

   $ 240,000     $ —     $ 6,250,000     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

**

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   101  

DBX ETF Trust

 

Statements of Assets and Liabilities (Continued)

 

November 30, 2018 (Unaudited)

 

     Xtrackers MSCI
United Kingdom
Hedged
Equity ETF		  

Assets

   

Investments in non-affiliated securities at value

    $ 2,037,738  

Investment in DWS Government Money Market Series

      203  

Foreign currency at value

      1,020  

Unrealized appreciation on forward foreign currency contracts

      9,941  
Receivables:   

Investment securities sold

      35,914  

Dividends

      9,962  

Securities lending income

      88  

Foreign tax reclaim

      4  
  

 

 

  

Total Assets

    $ 2,094,870  
  

 

 

  

Liabilities

   

Due to custodian

    $ 14  

Unrealized depreciation on forward foreign currency contracts

      2,281  
Payables:   

Investment securities purchased

      37,457  

Investment advisory fees

      766  
  

 

 

  

Total Liabilities

      40,518  
  

 

 

  

Net Assets, at value

    $ 2,054,352  
  

 

 

  

Net Assets Consist of

   

Paid-in capital

    $ 3,092,825  

Distributable earnings (loss)

      (1,038,473 ) 
  

 

 

  

Net Assets, at value

    $ 2,054,352  
  

 

 

  

Number of Common Shares outstanding

      100,001  
  

 

 

  

Net Asset Value

    $ 20.54  
  

 

 

  

Investments in non-affiliated securities at cost

    $ 2,249,583  
  

 

 

  

Investment in DWS Government Money Market Series

    $ 203  
  

 

 

  

Foreign currency at cost

    $ 1,023  
  

 

 

  

 

See Notes to Financial Statements.   102  

DBX ETF Trust

 

Statements of Operations

 

For the Six Months Ended November 30, 2018 (Unaudited)

 

    Xtrackers
MSCI All World
ex US Hedged
Equity ETF		     Xtrackers
MSCI Asia Pacific
ex Japan Hedged
Equity ETF		     Xtrackers
MSCI Emerging
Markets Hedged
Equity ETF		     Xtrackers
MSCI Europe
Hedged
Equity ETF		  

Investment Income

        

Unaffiliated dividend income*

   $ 1,498,832     $ 77,350     $ 2,641,576     $ 12,860,310  

Income distributions from affiliated funds

    18,644       864       9,588       83,058  

Affiliated securities lending income

     8,829       112       8,071       169,121  

Unaffiliated securities lending income, net of borrower rebates

     —       75       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Investment Income

     1,526,305       78,401       2,659,235       13,112,489  
 

 

 

    

 

 

    

 

 

    

 

 

  

Expenses

        

Investment advisory fees

     236,295       12,481       476,990       2,919,482  

Other expenses

     6,631       57       11,771       145,989  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Expenses

     242,926       12,538       488,761       3,065,471  
 

 

 

    

 

 

    

 

 

    

 

 

  

Less fees waived (See Note 3):

        

Waiver

     (920 )      (42 )      (457 )      (3,917 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Expenses

     242,006       12,496       488,304       3,061,554  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Investment income (loss)

     1,284,299       65,905       2,170,931       10,050,935  
 

 

 

    

 

 

    

 

 

    

 

 

  

Realized and Unrealized Gain (Loss)

        

Net realized gain (loss) from:

        

Investments

     (927,899 )      (35,155 )      760,625       (1,416,316 ) 

Investments in affiliates

     (35,353 )      (1,010 )      —       —  

In-kind redemptions

     4,525,303       —       3,990,797       30,905,681  

In-kind redemptions in affiliates

     (4,396 )      —       —       (1,730,819 ) 

Futures contracts

     (425,578 )      (7,342 )      (904,115 )      227,547  

Foreign currency transactions

     36,518       2,162       287,517       (1,372,358 ) 

Forward foreign currency contracts

     6,487,321       123,391       8,124,513       92,676,998  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

     9,655,916       82,046       12,259,337       119,290,733  

Net change in unrealized appreciation (depreciation) on:

        

Investments

     (15,221,926 )      (520,165 )      (23,204,283 )      (121,817,376 ) 

Investments in affiliates

     21,236       (187 )      —       1,513,937  

Futures contracts

     (48,843 )      5,163       431,870       (1,142,463 ) 

Foreign currency translations

     9,822       170       4,823       20,317  

Forward foreign currency contracts

     (2,102,214 )      (44,498 )      (4,196,629 )      (43,221,200 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation)

     (17,341,925 )      (559,517 )      (26,964,219 )      (164,646,785 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

     (7,686,009 )      (477,471 )      (14,704,882 )      (45,356,052 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

   $ (6,401,710 )    $ (411,566 )    $ (12,533,951 )    $ (35,305,117 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

*   Unaffiliated foreign tax withheld

   $ 142,922     $ 6,734     $ 327,702     $ 895,210  

 

See Notes to Financial Statements.   103  

DBX ETF Trust

 

Statements of Operations (Continued)

 

For the Six Months Ended November 30, 2018 (Unaudited)

 

     Xtrackers
MSCI Eurozone
Hedged
Equity ETF		     Xtrackers
MSCI Germany
Hedged
Equity ETF		     Xtrackers
MSCI Japan
Hedged
Equity ETF		     Xtrackers
MSCI
South Korea
Hedged
Equity ETF		  

Investment Income

         

Unaffiliated dividend income*

    $ 258,993     $ 46,965     $ 9,683,852     $ 104,724  

Income distributions from affiliated funds

     3,146       1,183       60,329       529  

Affiliated securities lending income

      8,994       15       40,669       —  

Unaffiliated securities lending income, net of borrower rebates

      —       —       43,159       —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total investment income

      271,133       48,163       9,828,009       105,253  
  

 

 

    

 

 

    

 

 

    

 

 

  

Expenses

         

Investment advisory fees

      91,553       70,382       2,370,172       33,574  

Other expenses

      4,143       2,891       90,768       57  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      95,696       73,273       2,460,940       33,631  
  

 

 

    

 

 

    

 

 

    

 

 

  

Less fees waived (see note 3):

         

Waiver

      (155 )      (59 )      (2,683 )      (19 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net expenses

      95,541       73,214       2,458,257       33,612  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      175,592       (25,051 )      7,369,752       71,641  
  

 

 

    

 

 

    

 

 

    

 

 

  

Realized and Unrealized Gain (Loss)

         

Net realized gain (loss) from:

         

Investments

      19,494       (151,945 )      (3,418,536 )      (401,739 ) 

Investments in affiliates

      —       (25,122 )      —       —  

In-kind redemptions

      —       529,054       26,057,337       —  

In-kind redemptions in affiliates

      —       (76,381 )      —       —  

Futures contracts

      27,781       (31,580 )      65,683       (18,774 ) 

Foreign currency transactions

      (54,706 )      (25,875 )      (708,104 )      (20,012 ) 

Forward foreign currency contracts

      3,150,863       2,558,080       45,869,714       730,958  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

      3,143,432       2,776,231       67,866,094       290,433  

Net change in unrealized appreciation (depreciation) on:

         

Investments

      (4,722,288 )      (4,355,660 )      (101,309,666 )      (1,609,323 ) 

Investments in affiliates

      (23,937 )      39,046       —       —  

Futures contracts

      (52,505 )      (63,450 )      (1,463,803 )      3,807  

Foreign currency translations

      571       1,519       (160,243 )      (7,065 ) 

Forward foreign currency contracts

      (1,321,707 )      (1,139,083 )      11,438,951       (265,434 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation)

      (6,119,866 )      (5,517,628 )      (91,494,761 )      (1,878,015 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

      (2,976,434 )      (2,741,397 )      (23,628,667 )      (1,587,582 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

    $ (2,800,842 )    $ (2,766,448 )    $ (16,258,915 )    $ (1,515,941 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

*   Unaffiliated foreign tax withheld

    $ 34,582     $ 3,363     $ 1,088,530     $ 11,284  

 

See Notes to Financial Statements.   104  

DBX ETF Trust

 

Statements of Operations (Continued)

 

For the Six Months Ended November 30, 2018 (Unaudited)

 

     Xtrackers MSCI
United Kingdom
Hedged
Equity ETF		  

Investment Income

   

Unaffiliated dividend income*

    $ 47,830  

Affiliated securities lending income

      260  
  

 

 

  

Total Investment Income

      48,090  
  

 

 

  

Expenses

   

Investment advisory fees

      4,857  

Other expenses

      57  
  

 

 

  

Total Expenses

      4,914  
  

 

 

  

Net Investment income (loss)

      43,176  
  

 

 

  

Realized and Unrealized Gain (Loss)

   

Net realized gain (loss) from:

   

Investments

      (11,965 ) 

Futures contracts

      (1,900 ) 

Foreign currency transactions

      (604 ) 

Forward foreign currency contracts

      179,295  
  

 

 

  

Net realized gain (loss)

      164,826  

Net change in unrealized appreciation (depreciation) on:

   

Investments

      (276,081 ) 

Futures contracts

      (165 ) 

Foreign currency translations

      179  

Forward foreign currency contracts

      (71,110 ) 
  

 

 

  

Net change in unrealized appreciation (depreciation)

      (347,177 ) 
  

 

 

  

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

      (182,351 ) 
  

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

    $ (139,175 ) 
  

 

 

  

*   Unaffiliated foreign tax withheld

    $ 686  

 

See Notes to Financial Statements.   105  

DBX ETF Trust

 

Statements of Changes in Net Assets

 

     Xtrackers MSCI All World ex US
Hedged Equity ETF		     Xtrackers MSCI Asia Pacific
ex Japan Hedged Equity ETF		  
     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

         

Net investment income (loss)

    $ 1,284,299     $ 3,022,599     $ 65,905     $ 88,547  

Net realized gain (loss)

      9,655,916       (2,702,911 )      82,046       283,469  

Net change in net unrealized appreciation (depreciation)

      (17,341,925 )      9,151,049       (559,517 )      169,023  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      (6,401,710 )      9,470,737       (411,566 )      541,039  
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders

      (1,230,408 )      (2,997,077 )*      (22,092 )      (110,378 )* 
  

 

 

    

 

 

    

 

 

    

 

 

  

Fund Shares Transactions

         

Proceeds from shares sold

      13,768,327       24,446,147       —       1,474,842  

Value of shares redeemed

      (34,228,835 )      (8,258,171 )      —       (1,462,688 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

      (20,460,508 )      16,187,976       —       12,154  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

      (28,092,626 )      22,661,636       (433,658 )      442,815  

Net Assets

         

Beginning of period

      127,454,510       104,792,874       4,375,305       3,932,490  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $ 99,361,884     $ 127,454,510 **    $ 3,941,647     $ 4,375,305 ** 
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding

         

Shares outstanding, beginning of period

      4,600,001       4,000,001       150,001       150,001  

Shares sold

      500,000       900,000       —       50,000  

Shares redeemed

      (1,300,000 )      (300,000 )      —       (50,000 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

      3,800,001       4,600,001       150,001       150,001  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Includes distributions from net investment income.

**

Includes undistributed net investment income of $1,530,237 and $15,764, respectively.

 

See Notes to Financial Statements.   106  

DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

     Xtrackers MSCI Emerging Markets
Hedged Equity ETF		     Xtrackers MSCI Europe
Hedged Equity ETF		  
     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

         

Net investment income (loss)

    $ 2,170,931     $ 3,785,059     $ 10,050,935     $ 52,537,140  

Net realized gain (loss)

      12,259,337       3,873,103       119,290,733       (18,246,414 ) 

Net change in net unrealized appreciation (depreciation)

      (26,964,219 )      17,988,314       (164,646,785 )      46,053,497  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      (12,533,951 )      25,646,476       (35,305,117 )      80,344,223  
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders

      —       (3,312,983 )*      (28,857,838 )      (57,735,062 )* 
  

 

 

    

 

 

    

 

 

    

 

 

  

Fund Shares Transactions

         

Proceeds from shares sold

      —       29,674,592       —       40,753,740  

Value of shares redeemed

      (60,034,558 )      (45,001,682 )      (539,021,417 )      (1,267,014,363 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

      (60,034,558 )      (15,327,090 )      (539,021,417 )      (1,226,260,623 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

      (72,568,509 )      7,006,403       (603,184,372 )      (1,203,651,462 ) 

Net Assets

         

Beginning of period

      194,871,501       187,865,098       1,543,171,871       2,746,823,333  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $ 122,302,992     $ 194,871,501 **    $ 939,987,499     $ 1,543,171,871 ** 
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding

         

Shares outstanding, beginning of period

      8,150,800       8,750,800       53,750,001       97,100,001  

Shares sold

      —       1,250,000       —       1,400,000  

Shares redeemed

      (2,600,000 )      (1,850,000 )      (18,900,000 )      (44,750,000 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

      5,550,800       8,150,800       34,850,001       53,750,001  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Includes distributions from net investment income.

**

Includes undistributed net investment income of $589,440 and $32,077,154, respectively.

 

See Notes to Financial Statements.   107  

DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

     Xtrackers MSCI Eurozone
Hedged Equity ETF		     Xtrackers MSCI Germany
Hedged Equity ETF		  
     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

         

Net investment income (loss)

    $ 175,592     $ 1,116,419     $ (25,051 )    $ 956,727  

Net realized gain (loss)

      3,143,432       476,514       2,776,231       (2,605,877 ) 

Net change in net unrealized appreciation (depreciation)

      (6,119,866 )      749,024       (5,517,628 )      2,280,565  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      (2,800,842 )      2,341,957       (2,766,448 )      631,415  
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders

      (675,352 )      (1,340,413 )*      (823,913 )      (894,915 )* 
  

 

 

    

 

 

    

 

 

    

 

 

  

Fund Shares Transactions

         

Proceeds from shares sold

      —       —       —       5,744,626  

Value of shares redeemed

      —       (24,406,845 )      (5,396,816 )      (34,675,155 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

      —       (24,406,845 )      (5,396,816 )      (28,930,529 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

      (3,476,194 )      (23,405,301 )      (8,987,177 )      (29,194,029 ) 

Net Assets

         

Beginning of period

      41,711,558       65,116,859       36,324,895       65,518,924  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $ 38,235,364     $ 41,711,558 **    $ 27,337,718     $ 36,324,895 ** 
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding

         

Shares outstanding, beginning of period

      1,350,001       2,150,001       1,300,800       2,350,800  

Shares sold

      —       —       —       200,000  

Shares redeemed

      —       (800,000 )      (200,000 )      (1,250,000 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

      1,350,001       1,350,001       1,100,800       1,300,800  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Includes distributions from net investment income.

**

Includes undistributed net investment income of $790,825 and $859,925, respectively.

 

See Notes to Financial Statements.   108  

DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

     Xtrackers MSCI Japan
Hedged Equity ETF		     Xtrackers MSCI South Korea
Hedged Equity ETF		  
     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

         

Net investment income (loss)

    $ 7,369,752     $ 20,316,568     $ 71,641     $ 229,422  

Net realized gain (loss)

      67,866,094       199,197,260       290,433       8,886,955  

Net change in net unrealized appreciation (depreciation)

      (91,494,761 )      (633,933 )      (1,878,015 )      (6,847,570 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      (16,258,915 )      218,879,895       (1,515,941 )      2,268,807  
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders

      (27,089,212 )      (42,063,292 )*      (281,198 )      —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Fund Shares Transactions

         

Proceeds from shares sold

      89,813,595       378,553,626       2,879,947       3,016,486  

Value of shares redeemed

      (218,026,992 )      (1,182,044,051 )      (1,391,127 )      (23,488,528 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

      (128,213,397 )      (803,490,425 )      1,488,820       (20,472,042 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

      (171,561,524 )      (626,673,822 )      (308,319 )      (18,203,235 ) 

Net Assets

         

Beginning of period

      1,153,253,947       1,779,927,769       10,784,737       28,987,972  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $ 981,692,423     $ 1,153,253,947 **    $ 10,476,418     $ 10,784,737 ** 
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding

         

Shares outstanding, beginning of period

      26,850,800       46,050,800       350,001       1,000,001  

Shares sold

      2,200,000       8,900,000       100,000       100,000  

Shares redeemed

      (5,150,000 )      (28,100,000 )      (50,000 )      (750,000 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

      23,900,800       26,850,800       400,001       350,001  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Includes distributions from net investment income.

**

Includes undistributed net investment income of $34,889,467 and $261,520, respectively.

 

See Notes to Financial Statements.   109  

DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

     Xtrackers MSCI United Kingdom
Hedged Equity ETF		  
     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

     

Net investment income (loss)

    $ 43,176     $ 103,817  

Net realized gain (loss)

      164,826       247,449  

Net change in net unrealized appreciation (depreciation)

      (347,177 )      (247,625 ) 
  

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      (139,175 )      103,641  
  

 

 

    

 

 

  

Distributions to Shareholders

      (42,242 )      (111,783 )* 
  

 

 

    

 

 

  

Fund Shares Transactions

     

Proceeds from shares sold

      —       —  

Value of shares redeemed

      —       (3,235,699 ) 
  

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

      —       (3,235,699 ) 
  

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

      (181,417 )      (3,243,841 ) 

Net Assets

     

Beginning of period

      2,235,769       5,479,610  
  

 

 

    

 

 

  

End of period

    $ 2,054,352     $ 2,235,769 ** 
  

 

 

    

 

 

  

Changes in Shares Outstanding

     

Shares outstanding, beginning of period

      100,001       250,001  

Shares sold

      —       —  

Shares redeemed

      —       (150,000 ) 
  

 

 

    

 

 

  

Shares outstanding, end of period

      100,001       100,001  
  

 

 

    

 

 

  

 

*

Includes distributions from net investment income.

**

Includes undistributed net investment income of $38,948.

 

See Notes to Financial Statements.   110  

DBX ETF Trust

 

Financial Highlights

 

Xtrackers MSCI All World ex US
Hedged Equity ETF

Selected Per Share Data

   For the
Six Months
Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Period Ended
5/31/2014(a)		  

Net Asset Value, beginning of period

   $ 27.71     $ 26.20     $ 22.62     $ 26.87     $ 25.61     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(c)

     0.30       0.67       0.64       0.64       0.96       0.45  

Net realized and unrealized gain (loss)

     (1.59 )      1.51       3.42       (3.57 )      2.16       0.16  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (1.29 )      2.18       4.06       (2.93 )      3.12       0.61  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:            

Net investment income

     (0.27 )      (0.67 )      (0.48 )      (0.86 )      (1.82 )      —  

Net realized gains

     —       —       —       (0.46 )      (0.04 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.27 )      (0.67 )      (0.48 )      (1.32 )      (1.86 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 26.15     $ 27.71     $ 26.20     $ 22.62     $ 26.87     $ 25.61  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (4.71 )(d)**      8.43       18.30       (11.17 )      13.01       2.44 ** 

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     99       127       105       68       47       5  

Ratio of expenses before fee waiver (%)

     0.41 *      0.40       0.40       0.40       0.40       0.40 * 

Ratio of expenses after fee waiver (%)

     0.41 *      0.40       0.40       0.40       0.40       0.40 * 

Ratio of net investment income (loss) (%)

     2.17 *      2.46       2.67       2.76       3.70       5.18 * 

Portfolio turnover rate (%)(e)

     6 **      11       15       24       24       3 ** 
           

Xtrackers MSCI Asia Pacific ex Japan
Hedged Equity ETF

Selected Per Share Data

   For the
Six Months
Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Period Ended
5/31/2014(b)		  

Net Asset Value, beginning of period

   $ 29.17     $ 26.22     $ 22.27     $ 27.90     $ 26.47     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(c)

     0.44       0.68       0.56       0.63       0.68       0.40  

Net realized and unrealized gain (loss)

     (3.18 )      3.01       3.89       (4.19 )      2.04       1.08  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (2.74 )      3.69       4.45       (3.56 )      2.72       1.48  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:            

Net investment income

     (0.15 )      (0.74 )      (0.50 )      (1.09 )      (1.29 )      (0.01 ) 

Net realized gains

     —       —       —       (0.98 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.15 )      (0.74 )      (0.50 )      (2.07 )      (1.29 )      (0.01 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 26.28     $ 29.17     $ 26.22     $ 22.27     $ 27.90     $ 26.47  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (9.45 )(d)**      14.20       20.34       (12.98 )      10.78       5.94 ** 

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     4       4       4       4       11       7  

Ratio of expenses before fee waiver (%)

     0.60 *      0.60       0.60       0.60       0.60       0.60 * 

Ratio of expenses after fee waiver (%)

     0.60 *      0.60       0.60       0.60       0.60       0.60 * 

Ratio of net investment income (loss) (%)

     3.17 *      2.40       2.34       2.64       2.51       2.33 * 

Portfolio turnover rate (%)(e)

     3 **      24       14       34       19       20 ** 

 

(a)

For the period January 23, 2014 (commencement of operations) through May 31, 2014.

(b)

For the period October 1, 2013 (commencement of operations) through May 31, 2014.

(c)

Based on average shares outstanding during the period.

(d)

The Total Return would have been lower if certain fees 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.   111  

DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers MSCI Emerging Markets Hedged
Equity ETF

Selected Per Share Data

   For the
Six Months
Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Year Ended
5/31/2014		  

Net Asset Value, beginning of period

   $ 23.91     $ 21.47     $ 18.62     $ 22.43     $ 21.74     $ 21.96  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(b)

     0.34       0.41       0.35       0.43       0.36       0.38  

Net realized and unrealized gain (loss)

     (2.22 )      2.39       2.81       (3.60 )      0.77       (0.17 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (1.88 )      2.80       3.16       (3.17 )      1.13       0.21  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:            

Net investment income

     —       (0.36 )      (0.31 )      (0.64 )      (0.44 )      (0.43 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     —       (0.36 )      (0.31 )      (0.64 )      (0.44 )      (0.43 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 22.03     $ 23.91     $ 21.47     $ 18.62     $ 22.43     $ 21.74  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (7.86 )(c)**      13.09       17.19       (14.32 )      5.35       1.17 (c) 

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     122       195       188       130       245       29  

Ratio of expenses before fee waiver (%)

     0.67 *      0.65       0.65       0.65       0.65       0.66  

Ratio of expenses after fee waiver (%)

     0.67 *      0.65       0.65       0.65       0.65       0.65  

Ratio of net investment income (loss) (%)

     2.96 *      1.74       1.74       2.20       1.64       1.81  

Portfolio turnover rate (%)(e)

     7 **      15       43       32       58       16  
           

Xtrackers MSCI Europe Hedged Equity ETF

Selected Per Share Data

   For the
Six Months
Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Period Ended
5/31/2014(a)		  

Net Asset Value, beginning of period

   $ 28.71     $ 28.29     $ 25.65     $ 29.47     $ 27.75     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(b)

     0.22       0.68       0.76       0.79       1.33       1.27  

Net realized and unrealized gain (loss)

     (1.42 )      0.39       4.40       (3.19 )      1.54       1.72  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (1.20 )      1.07       5.16       (2.40 )      2.87       2.99  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:            

Net investment income

     (0.54 )      (0.65 )      (0.85 )      (1.28 )      (1.15 )      (0.24 ) 

Net realized gains

     —       —       (1.67 )      (0.14 )      (0.00 )(d)      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.54 )      (0.65 )      (2.52 )      (1.42 )      (1.15 )      (0.24 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 26.97     $ 28.71     $ 28.29     $ 25.65     $ 29.47     $ 27.75  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (4.28 )(c)**      3.82       21.77       (8.46 )      10.88       12.05 ** 

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     940       1,543       2,747       3,310       2,668       164  

Ratio of expenses before fee waiver (%)

     0.47 *      0.45       0.45       0.45       0.45       0.45 * 

Ratio of expenses after fee waiver (%)

     0.47 *      0.45       0.45       0.45       0.45       0.45 * 

Ratio of net investment income (loss) (%)

     1.55 *      2.41       2.95       3.08       4.74       7.30 * 

Portfolio turnover rate (%)(e)

     2 **      11       17       18       13       4 ** 

 

(a)

For the period October 1, 2013 (commencement of operations) through May 31, 2014.

(b)

Based on average shares outstanding during the period.

(c)

The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

(d)

Amount represents less than $0.005.

(e)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   112  

DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers MSCI Eurozone Hedged Equity ETF

Selected Per Share Data

   For the
Six Months
Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Period Ended
5/31/2015(a)		        

Net Asset Value, beginning of period

   $ 30.90     $ 30.29     $ 25.64     $ 29.30     $ 25.00    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    
Income (loss) from investment operations:            

Net investment income (loss)(b)

     0.13       0.62       0.73       0.78       0.81    

Net realized and unrealized gain (loss)

     (2.21 )      0.63       4.84       (3.15 )      3.49    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total from investment operations

     (2.08 )      1.25       5.57       (2.37 )      4.30    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    
Less distributions from:            

Net investment income

     (0.50 )      (0.64 )      (0.92 )      (1.29 )      —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total distributions

     (0.50 )      (0.64 )      (0.92 )      (1.29 )      —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Net Asset Value, end of period

   $ 28.32     $ 30.90     $ 30.29     $ 25.64     $ 29.30    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total Return (%)

     (6.85 )(c)**      4.19       22.56       (8.45 )      17.20 **   

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     38       42       65       83       22    

Ratio of expenses before fee waiver (%)

     0.47 *      0.45       0.45       0.45       0.45 *   

Ratio of expenses after fee waiver (%)

     0.47 *      0.45       0.45       0.45       0.45 *   

Ratio of net investment income (loss) (%)

     0.86 *      2.05       2.76       3.11       6.04 *   

Portfolio turnover rate (%)(d)

     2 **      14       16       22       8 **   
           
Xtrackers MSCI Germany Hedged Equity ETF
Selected Per Share Data		   For the
Six Months
Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Year Ended
5/31/2014		  

Net Asset Value, beginning of period

   $ 27.93     $ 27.87     $ 23.40     $ 27.34     $ 26.51     $ 23.22  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(b)

     (0.02 )      0.57       0.40       0.33       1.38       1.03  

Net realized and unrealized gain (loss)

     (2.45 )      (0.09 )      4.78       (2.93 )      1.93       3.11  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (2.47 )      0.48       5.18       (2.60 )      3.31       4.14  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:            

Net investment income

     (0.63 )      (0.42 )      (0.71 )      (1.34 )      (2.48 )      (0.85 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.63 )      (0.42 )      (0.71 )      (1.34 )      (2.48 )      (0.85 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 24.83     $ 27.93     $ 27.87     $ 23.40     $ 27.34     $ 26.51  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (9.06 )(c)**      1.73       22.93       (9.99 )      13.92       18.70  

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     27       36       66       110       234       45  

Ratio of expenses before fee waiver (%)

     0.47 *      0.45       0.45       0.45       0.45       0.47  

Ratio of expenses after fee waiver (%)

     0.47 *      0.45       0.45       0.45       0.45       0.47  

Ratio of net investment income (loss) (%)

     (0.16 )*      2.04       1.63       1.37       5.14       4.15  

Portfolio turnover rate (%)(d)

     8 **      17       12       16       20       12  

 

(a)

For the period December 10, 2014 (commencement of operations) through May 31, 2015.

(b)

Based on average shares outstanding during the period.

(c)

The Total Return would have been lower if certain fees 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.   113  

DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers MSCI Japan Hedged Equity ETF

Selected Per Share Data

   For the
Six Months
Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Year Ended
5/31/2014		  

Net Asset Value, beginning of period

   $ 42.95     $ 38.65     $ 34.32     $ 44.54     $ 35.43     $ 34.08  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(b)

     0.29       0.52       0.53       0.48       0.52       0.55  

Net realized and unrealized gain (loss)

     (1.17 )      4.69       4.22       (8.44 )      12.49       1.51  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (0.88 )      5.21       4.75       (7.96 )      13.01       2.06  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:            

Net investment income

     (1.00 )      (0.91 )      (0.42 )      (1.39 )      (3.90 )      (0.71 ) 

Net realized gains

     —       —       —       (0.87 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (1.00 )      (0.91 )      (0.42 )      (2.26 )      (3.90 )      (0.71 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 41.07     $ 42.95     $ 38.65     $ 34.32     $ 44.54     $ 35.43  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (2.11 )(c)**      13.74       14.08       (18.65 )      39.00       6.21  

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     982       1,153       1,780       1,026       1,263       441  

Ratio of expenses before fee waiver (%)

     0.47 *      0.46       0.45       0.45       0.45       0.48  

Ratio of expenses after fee waiver (%)

     0.47 *      0.46       0.45       0.45       0.45       0.48  

Ratio of net investment income (loss) (%)

     1.40 *      1.24       1.50       1.29       1.32       1.56  

Portfolio turnover rate (%)(d)

     4 **      12       22       15       14       13  
           

Xtrackers MSCI South Korea Hedged Equity ETF

Selected Per Share Data

   For the
Six Months
Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Period Ended
5/31/2014(a)		  

Net Asset Value, beginning of period

   $ 30.81     $ 28.99     $ 22.94     $ 24.32     $ 25.08     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(b)

     0.17       0.39       0.18       0.16       (0.11 )      (0.02 ) 

Net realized and unrealized gain (loss)

     (3.99 )      1.43       5.99       (1.51 )      (0.65 )      0.10  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (3.82 )      1.82       6.17       (1.35 )      (0.76 )      0.08  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:            

Net investment income

     (0.80 )      —       (0.12 )      (0.03 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.80 )      —       (0.12 )      (0.03 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 26.19     $ 30.81     $ 28.99     $ 22.94     $ 24.32     $ 25.08  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (12.67 )(c)**      6.28       27.01       (5.55 )      (3.07 )      0.32 ** 

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     10       11       29       118       137       5  

Ratio of expenses before fee waiver (%)

     0.58 *      0.58       0.58       0.58       0.58       0.58 * 

Ratio of expenses after fee waiver (%)

     0.58 *      —       —       —       —       —  

Ratio of net investment income (loss) (%)

     1.24 *      1.28       0.74       0.72       (0.47 )      (0.26 )* 

Portfolio turnover rate (%)(d)

     17 **      32       110       124       287       8 ** 

 

(a)

For the period January 23, 2014 (commencement of operations) through May 31, 2014.

(b)

Based on average shares outstanding during the period.

(c)

The Total Return would have been lower if certain fees 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.   114  

DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers MSCI United Kingdom Hedged
Equity ETF

Selected Per Share Data

    For the
Six Months
Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Period Ended
5/31/2014(a)		  

Net Asset Value, beginning of period

    $ 22.36     $ 21.92     $ 22.25     $ 25.93     $ 26.53     $ 25.00  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:             

Net investment income (loss)(b)

      0.43       0.74       0.85       0.89       0.92       1.32  

Net realized and unrealized gain (loss)

      (1.83 )      0.59 (c)      4.06       (2.95 )      0.08       0.63  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (1.40 )      1.33       4.91       (2.06 )      1.00       1.95  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:             

Net investment income

      (0.42 )      (0.89 )      (0.62 )      (1.51 )      (1.58 )      (0.42 ) 

Net realized gains

      —       —       (4.62 )      (0.11 )      (0.02 )      —  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

      (0.42 )      (0.89 )      (5.24 )      (1.62 )      (1.60 )      (0.42 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

    $ 20.54     $ 22.36     $ 21.92     $ 22.25     $ 25.93     $ 26.53  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

      (6.36 )**      6.22       24.79       (8.25 )      4.27       7.90 ** 

Ratios to Average Net Assets and Supplemental Data

             

Net Assets, end of period ($ millions)

      2       2       5       6       5       5  

Ratio of expenses (%)

      0.46 *      0.45       0.45       0.45       0.45       0.45 * 

Ratio of net investment income (loss) (%)

      4.00 *      3.43       3.81       4.04       3.57       7.70 * 

Portfolio turnover rate (%)(d)

      8 **      18       35       24       19       11 ** 

 

(a)

For the period October 1, 2013 (commencement of operations) through May 31, 2014.

(b)

Based on average shares outstanding during the period.

(c)

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.

(d)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   115  

DBX ETF Trust

 

Notes to Financial Statements (Unaudited)

 

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of November 30, 2018, the Trust consists of thirty-six 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 Asia Pacific ex Japan 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
Xtrackers MSCI South Korea Hedged Equity ETF
Xtrackers MSCI United Kingdom 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, 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 Asia Pacific ex Japan Hedged Equity ETF   MSCI Asia Pacific ex Japan 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 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
Xtrackers MSCI South Korea Hedged Equity ETF   MSCI Korea 25/50 US Dollar Hedged Index
Xtrackers MSCI United Kingdom Hedged Equity ETF   MSCI United Kingdom 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 the currencies of the countries included in the Underlying Index.

The MSCI Asia Pacific ex Japan US Dollar Hedged Index is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia Pacific region (excluding Japan), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.

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 the currencies of the countries included in the Underlying Index.

 

116

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Notes to Financial Statements (Unaudited) (Continued)

 

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 the currencies of the countries included in the Underlying Index.

The MSCI EMU 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.

The MSCI Korea 25/50 US Dollar Hedged Index is designed to provide exposure to the South Korean equity markets while at the same time mitigating exposure to fluctuations of the South Korean won relative to the U.S. dollar.

The MSCI United Kingdom US Dollar Hedged Index is designed to provide exposure to the United Kingdom equity markets while at the same time hedging exposure to fluctuations of the British pound sterling relative to the U.S. dollar.

The MSCI Hedged Underlying Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of the following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.

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

Each Fund, except Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF and Xtrackers MSCI United Kingdom Hedged Equity ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of such a 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.

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 Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

 

117

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

Security Valuation    The Net Asset Value (“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 Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

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

Investments in open-end investment companies are valued at their net asset value each business day 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.

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 Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value 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 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

 

118

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis.

Tax Information and Dividends and Distributions to Shareholders    It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

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, 2018, the Funds did not incur any interest or penalties.

At May 31, 2018, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

 

     Short-Term      Long-Term      Total Amount  

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 1,309,902      $ 1,821,873      $ 3,131,775  

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

      540,185        415,572        955,757  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      11,906,378        11,570,960        23,477,338  

Xtrackers MSCI Europe Hedged Equity ETF

      24,551,343        98,855,975        123,407,318  

Xtrackers MSCI Eurozone Hedged Equity ETF

      1,267,298        3,203,154        4,470,452  

Xtrackers MSCI Germany Hedged Equity ETF

      2,385,497        5,721,789        8,107,286  

Xtrackers MSCI Japan Hedged Equity ETF

      59,890,950        74,826,319        134,717,269  

Xtrackers MSCI South Korea Hedged Equity ETF

      4,193,277        3,061,271        7,254,548  

Xtrackers MSCI United Kingdom Hedged Equity ETF

      169,762        642,487        812,249  

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, 2018, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:

 

     Post-October
Losses on
Capital		  

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 960,593  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      773,826  

Xtrackers MSCI Europe Hedged Equity ETF

      28,110,211  

 

119

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

     Post-October
Losses on
Capital		  

Xtrackers MSCI Germany Hedged Equity ETF

    $ 347,076  

Xtrackers MSCI Japan Hedged Equity ETF

      61,312,862  

Xtrackers MSCI United Kingdom Hedged Equity ETF

      7,740  

As of May 31, 2018, 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

    $ 111,517,818      $ 11,968,633      $ 18,693,627      $ (6,274,994 ) 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

      3,571,624        450,477        669,838        (219,361 ) 

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      158,674,923        30,958,771        43,434,634        (12,475,863 ) 

Xtrackers MSCI Europe Hedged Equity ETF

      1,552,538,261        (5,519,643 )       155,988,999        (161,508,642 ) 

Xtrackers MSCI Eurozone Hedged Equity ETF

      39,654,136        3,692,191        6,282,746        (2,590,555 ) 

Xtrackers MSCI Germany Hedged Equity ETF

      35,218,250        (27,986 )       4,066,979        (4,094,965 ) 

Xtrackers MSCI Japan Hedged Equity ETF

      1,050,474,509        71,983,065        125,973,814        (53,990,749 ) 

Xtrackers MSCI South Korea Hedged Equity ETF

      8,530,181        1,955,330        2,294,092        (338,762 ) 

Xtrackers MSCI United Kingdom Hedged Equity ETF

      2,278,048        (75,716 )       262,841        (338,557 ) 

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, 2018, 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

 

120

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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, 2018, 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, 2018) 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, 2018, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF had securities on loan, which were classified as Common Stocks in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining cash contractual maturity of the collateral agreements were overnight and continuous.

As of November 30, 2018, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF had securities on loan, which were classified as common stocks in the Schedule of Investments. 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, 2018

  
     Overnight and
Continuous		      <30 Days      Between 30 & 90
days		      >90 days      Total  

Securities Lending Transactions

               

Xtrackers MSCI All World ex US Hedged Equity ETF

 

Common Stocks

    $ 1,428,629      $ 49      $ 45,934      $ 210,550      $ 1,685,162  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gross amount of recognized liabilities for securities lending transactions

 

    $ 1,685,162  

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

 

Common Stocks

    $ 27,135      $ —      $ 6,674      $ 20,841      $ 54,650  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gross amount of recognized liabilities for securities lending transactions

 

    $ 54,650  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

 

Common Stocks

    $ 1,383,442      $ 361      $ 181,030      $ 640,332      $ 2,205,165  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gross amount of recognized liabilities for securities lending transactions

 

    $ 2,205,165  

Xtrackers MSCI Japan Hedged Equity ETF

 

Common Stocks

    $ 1,172,942      $ —      $ 860,350      $ 12,331,225      $ 14,364,517  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gross amount of recognized liabilities for securities lending transactions

 

    $ 14,364,517  

As of November 30, 2018, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF and Xtrackers MSCI United Kingdom Hedged Equity ETF had no securities on loan.

Derivatives

Forward Foreign Currency Contracts    Each Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to shareholders.

 

121

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Notes to Financial Statements (Unaudited) (Continued)

 

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2018, The Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI All World ex US Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF and Xtrackers MSCI United Kingdom ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the euro, the Japanese yen, the South Korean won and the British Pound sterling, 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 respective Fund has in that particular currency contract.

A summary of the open forward currency contracts as of November 30, 2018 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, 2018.

Futures Contracts    Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2018, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan 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, Xtrackers MSCI South Korea Hedged Equity ETF and Xtrackers MSCI United Kingdom 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, 2018 is included in a table following the Funds’ Schedule of Investments.

 

122

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, 2018 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*   $ 53,622      Unrealized depreciation on futures contracts*   $ 211,630  
    Foreign exchange contracts   Unrealized appreciation on forward foreign currency contracts     548,610      Unrealized depreciation on forward foreign currency contracts     621,114  
       

 

 

       

 

 

  
      Total   $ 602,232      Total   $ 832,744  
       

 

 

       

 

 

  
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

 

    Equity contracts   Unrealized appreciation on futures contracts*   $ 7,321      Unrealized depreciation on futures contracts*   $ —  
    Foreign exchange contracts   Unrealized appreciation on forward foreign currency contracts     6,029      Unrealized depreciation on forward foreign currency contracts     46,381  
       

 

 

       

 

 

  
      Total   $ 13,350      Total   $ 46,381  
       

 

 

       

 

 

  
Xtrackers MSCI Emerging Markets Hedged Equity ETF

 

    Equity contracts   Unrealized appreciation on futures contracts*   $ 20,520      Unrealized depreciation on futures contracts*   $ —  
    Foreign exchange contracts   Unrealized appreciation on forward foreign currency contracts     698,064      Unrealized depreciation on forward foreign currency contracts     2,105,406  
       

 

 

       

 

 

  
      Total   $ 718,584      Total   $ 2,105,406  
       

 

 

       

 

 

  
Xtrackers MSCI Europe Hedged Equity ETF

 

    Equity contracts   Unrealized appreciation on futures contracts*   $ 82,770      Unrealized depreciation on futures contracts*   $ 1,100,778  
    Foreign exchange contracts   Unrealized appreciation on forward foreign currency contracts     3,196,893      Unrealized depreciation on forward foreign currency contracts     1,499,822  
       

 

 

       

 

 

  
      Total   $ 3,279,663      Total   $ 2,600,600  
       

 

 

       

 

 

  
Xtrackers MSCI Eurozone Hedged Equity ETF

 

    Equity contracts   Unrealized appreciation on futures contracts*   $ —      Unrealized depreciation on futures contracts*   $ 58,039  
    Foreign exchange contracts   Unrealized appreciation on forward foreign currency contracts     124,460      Unrealized depreciation on forward foreign currency contracts     25,073  
       

 

 

       

 

 

  
      Total   $ 124,460      Total   $ 83,112  
       

 

 

       

 

 

  
Xtrackers MSCI Germany Hedged Equity ETF

 

    Equity contracts   Unrealized appreciation on futures contracts*   $ —      Unrealized depreciation on futures contracts*   $ 59,553  
    Foreign exchange contracts   Unrealized appreciation on forward foreign currency contracts     87,413      Unrealized depreciation on forward foreign currency contracts     20,082  
       

 

 

       

 

 

  
      Total   $ 87,413      Total   $ 79,635  
       

 

 

       

 

 

  

 

123

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

           

Asset Derivatives

     

Liability Derivatives

  
Xtrackers MSCI Japan Hedged Equity ETF

 

    Equity contracts   Unrealized appreciation on futures contracts*   $ 28,483      Unrealized depreciation on futures contracts*   $ 966,396  
    Foreign exchange contracts   Unrealized appreciation on forward foreign currency contracts     8,454,287      Unrealized depreciation on forward foreign currency contracts     1,568,493  
       

 

 

       

 

 

  
      Total   $ 8,482,770        $ 2,534,889  
       

 

 

       

 

 

  
Xtrackers MSCI South Korea Hedged Equity ETF

 

    Equity contracts   Unrealized appreciation on futures contracts*   $ 47      Unrealized depreciation on futures contracts*   $ —  
    Foreign exchange contracts   Unrealized appreciation on forward foreign currency contracts     26,158      Unrealized depreciation on forward foreign currency contracts     189,871  
       

 

 

       

 

 

  
      Total   $ 26,205      Total   $ 189,871  
       

 

 

       

 

 

  
Xtrackers MSCI United Kingdom Hedged Equity ETF

 

    Foreign exchange contracts   Unrealized appreciation on forward foreign currency contracts   $ 9,941      Unrealized depreciation on forward foreign currency contracts   $ 2,281  
       

 

 

       

 

 

  
      Total   $ 9,941      Total   $ 2,281  
       

 

 

       

 

 

  

 

*

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, 2018 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

    $  (425,578 )     $ 6,487,321      $ 6,061,743  

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

      (7,342 )       123,391        116,049  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      (904,115 )       8,124,513        7,220,398  

Xtrackers MSCI Europe Hedged Equity ETF

      227,547        92,676,998        92,904,545  

Xtrackers MSCI Eurozone Hedged Equity ETF

      27,781        3,150,863        3,178,644  

Xtrackers MSCI Germany Hedged Equity ETF

      (31,580 )       2,558,080        2,526,500  

Xtrackers MSCI Japan Hedged Equity ETF

      65,683        45,869,714        45,935,397  

Xtrackers MSCI South Korea Hedged Equity ETF

      (18,774 )       730,958        712,184  

Xtrackers MSCI United Kingdom Hedged Equity ETF

      (1,900 )       179,295        177,395  
        

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

    $ (48,843 )     $ (2,102,214 )     $ (2,151,057 ) 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

      5,163        (44,498 )       (39,335 ) 

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      431,870        (4,196,629 )       (3,764,759 ) 

 

124

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

Net Change in Unrealized Appreciation (Depreciation) on:

  
     Futures Contracts —
Equity Contracts		      Forward Foreign
Currency Contracts —
Foreign Exchange
Contracts		      Total  

Xtrackers MSCI Europe Hedged Equity ETF

    $ (1,142,463 )     $ (43,221,200 )     $ (44,363,663 ) 

Xtrackers MSCI Eurozone Hedged Equity ETF

      (52,505 )       (1,321,707 )       (1,374,212 ) 

Xtrackers MSCI Germany Hedged Equity ETF

      (63,450 )       (1,139,083 )       (1,202,533 ) 

Xtrackers MSCI Japan Hedged Equity ETF

      (1,463,803 )       11,438,951        9,975,148  

Xtrackers MSCI South Korea Hedged Equity ETF

      3,807        (265,434 )       (261,627 ) 

Xtrackers MSCI United Kingdom Hedged Equity ETF

      (165 )       (71,110 )       (71,275 ) 

For the period ended November 30, 2018 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

    $ 7,039,965      $ (113,086,263 ) 

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

      346,920        (3,551,030 ) 

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      4,794,159        (138,226,467 ) 

Xtrackers MSCI Europe Hedged Equity ETF

      39,389,960        (1,247,966,063 ) 

Xtrackers MSCI Eurozone Hedged Equity ETF

      921,170        (39,968,372 ) 

Xtrackers MSCI Germany Hedged Equity ETF

      996,840        (31,292,211 ) 

Xtrackers MSCI Japan Hedged Equity ETF

      31,776,884        (1,037,690,650 ) 

Xtrackers MSCI South Korea Hedged Equity ETF

      141,158        (11,732,435 ) 

Xtrackers MSCI United Kingdom Hedged Equity ETF

      30,975        (2,150,425 ) 

As of November 30, 2018, 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 netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

 

Fund

   Gross
Amounts of
Assets
Presented
in the
Statement
of Assets
and
Liabilities		     Financial
Instruments
and
Derivatives
Available
for Offset		     Collateral
Received(a)		     Net
Amount of
Derivatives
Assets		     Gross
Amounts
of
Liabilities
Presented
in the
Statements
of Assets
and
Liabilities		     Financial
Instruments
and
Derivatives
Available
for Offset		     Collateral
Pledged(a)		     Net
Amount of
Derivatives
Liabilities		  
Xtrackers MSCI All World ex US Hedged Equity ETF

 

          

Goldman Sachs & Co.

   $ 279,798     $ (279,798 )    $ —     $ —     $ 311,777     $ (279,798 )    $ (31,979 )    $ —  

JP Morgan & Chase Co.

     135,068       (135,068 )      —       —       248,339       (135,068 )      (113,271 )      —  

RBC Capital Markets

     48,761       (44,108 )      —       4,653       44,108       (44,108 )      —       —  

The Bank of New York Mellon

     84,484       (7,633 )      —       76,851       7,633       (7,633 )      —       —  

The Bank of Nova Scotia

     499       (499 )      —       —       9,257       (499 )      —       8,758  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 548,610     $ (467,106 )    $ —     $ 81,504     $ 621,114     $ (467,106 )    $ (145,250 )    $ 8,758  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

125

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

Fund

   Gross
Amounts of
Assets
Presented
in the
Statement
of Assets
and
Liabilities		     Financial
Instruments
and
Derivatives
Available
for Offset		     Collateral
Received(a)		     Net
Amount of
Derivatives
Assets		     Gross
Amounts
of
Liabilities
Presented
in the
Statements
of Assets
and
Liabilities		     Financial
Instruments
and
Derivatives
Available for
Offset		     Collateral
Pledged(a)		     Net
Amount of
Derivatives
Liabilities		  
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

 

          

Goldman Sachs & Co.

   $ 2,052     $ (2,052 )    $ —     $ —     $ 8,285     $ (2,052 )    $ —     $ 6,233  

JP Morgan & Chase Co.

     62       (25 )      —       37       25       (25 )      —       —  

RBC Capital Markets

     245       (245 )      —       —       5,331       (245 )      —       5,086  

The Bank of New York Mellon

     3,665       (3,665 )      —       —       32,695       (3,665 )      —       29,030  

The Bank of Nova Scotia

     5       (5 )      —       —       45       (5 )      —       40  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 6,029     $ (5,992 )    $ —     $ 37     $ 46,381     $ (5,992 )    $ —     $ 40,389  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Xtrackers MSCI Emerging Markets Hedged Equity ETF

 

          

Goldman Sachs & Co.

   $ 229,209     $ (229,209 )    $ —     $ —     $ 668,081     $ (229,209 )    $ (320,000 )    $ 118,872  

JP Morgan & Chase Co.

     115,414       (115,414 )      —       —       1,131,031       (115,414 )      (1,015,617 )      —  

RBC Capital Markets

     70,180       (70,180 )      —       —       231,590       (70,180 )      —       161,410  

The Bank of New York Mellon

     11,608       (11,608 )      —       —       20,183       (11,608 )      —       8,575  

The Bank of Nova Scotia

     271,653       (54,521 )      217,132       —       54,521       (54,521 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 698,064     $ (480,932 )    $ 217,132     $ —     $ 2,105,406     $ (480,932 )    $ (1,335,617 )    $ 288,857  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Xtrackers MSCI Europe Hedged Equity ETF

 

          

Goldman Sachs & Co.

   $ 34,590     $ (8,646 )    $ —     $ 25,944     $ 8,646     $ (8,646 )    $ —     $ —  

JP Morgan & Chase Co.

     1,239,692       (593,975 )      —       645,717       593,975       (593,975 )      —       —  

RBC Capital Markets

     1,041,067       (593,477 )      —       447,590       593,477       (593,477 )      —       —  

The Bank of New York Mellon

     62,067       (7,836 )      —       54,231       7,836       (7,836 )      —       —  

The Bank of Nova Scotia

     819,477       (295,888 )      —       523,589       295,888       (295,888 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 3,196,893     $ (1,499,822 )    $ —     $ 1,697,071     $ 1,499,822     $ (1,499,822 )    $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Xtrackers MSCI Eurozone Hedged Equity ETF

 

          

Goldman Sachs & Co.

   $ 52,733     $ (13,508 )    $ —     $ 39,225     $ 13,508     $ (13,508 )    $ —     $ —  

JP Morgan & Chase Co.

     71,727       (11,565 )      —       60,162       11,565       (11,565 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 124,460     $ (25,073 )    $ —     $ 99,387     $ 25,073     $ (25,073 )    $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Xtrackers MSCI Germany Hedged Equity ETF

 

          

Goldman Sachs & Co.

   $ 24,065     $ (8,813 )    $ —     $ 15,252     $ 8,813     $ (8,813 )    $ —     $ —  

RBC Capital Markets

     32,762       (5,858 )      —       26,904       5,858       (5,858 )      —       —  

The Bank of Nova Scotia

     30,586       (5,411 )      —       25,175       5,411       (5,411 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 87,413     $ (20,082 )    $ —     $ 67,331     $ 20,082     $ (20,082 )    $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Xtrackers MSCI Japan Hedged Equity ETF

 

          

Goldman Sachs & Co.

   $ 55,480     $ (5,002 )    $ 50,000     $ 478     $ 5,002     $ (5,002 )    $ —     $ —  

JP Morgan & Chase Co.

     3,054,029       (1,015,700 )      1,940,000       98,329       1,015,700       (1,015,700 )      —       —  

RBC Capital Markets

     2,650,995       (292,695 )      2,020,000       338,300       292,695       (292,695 )      —       —  

The Bank of Nova Scotia

     2,693,783       (255,096 )      2,240,000       198,687       255,096       (255,096 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 8,454,287     $ (1,568,493 )    $ 6,250,000     $ 635,794     $ 1,568,493     $ (1,568,493 )    $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Xtrackers MSCI South Korea Hedged Equity ETF

 

          

Goldman Sachs & Co.

   $ 3,631     $ (3,631 )    $ —     $ —     $ 65,239     $ (3,631 )    $ —     $ 61,608  

RBC Capital Markets

     22,119       (22,119 )      —       —       118,587       (22,119 )      —       96,468  

The Bank of New York Mellon

     408       (408 )      —       —       6,045       (408 )      —       5,637  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 26,158     $ (26,158 )    $ —     $ —     $ 189,871     $ (26,158 )    $ —     $ 163,713  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

126

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

Fund

   Gross
Amounts of
Assets
Presented
in the
Statement
of Assets
and
Liabilities		     Financial
Instruments
and
Derivatives
Available
for Offset		     Collateral
Received(a)		     Net
Amount of
Derivatives
Assets		     Gross
Amounts
of
Liabilities
Presented
in the
Statements
of Assets
and
Liabilities		     Financial
Instruments
and
Derivatives
Available
for Offset		     Collateral
Pledged(a)		     Net
Amount of
Derivatives
Liabilities		  
Xtrackers MSCI United Kingdom Hedged Equity ETF

 

          

JP Morgan & Chase Co.

   $ 7,016     $ (1,434 )    $ —       5,582     $ 1,434     $ (1,434 )    $ —     $ —  

The Bank of Nova Scotia

     2,925       (847 )      —       2,078       847       (847 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 9,941     $ (2,281 )    $ —     $ 7,660     $ 2,281     $ (2,281 )    $   —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

The actual collateral received or pledged may be more than amount shown.

Affiliated Cash Management Vehicles    The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. 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 arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund 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 Asia Pacific ex Japan Hedged ETF

      0.60 % 

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 % 

Xtrackers MSCI South Korea Hedged Equity ETF

      0.58 % 

Xtrackers MSCI United Kingdom Hedged Equity ETF

      0.45 % 

The Advisor for the funds listed 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 from June 1, 2018 through November 30, 2018, the Advisor waived expenses of the Funds as follows:

 

     Expenses
Waived		  

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 920  

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF

      42  

 

127

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

     Expenses
Waived		  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

    $ 457  

Xtrackers MSCI Europe Hedged Equity ETF

      3,917  

Xtrackers MSCI Eurozone Hedged Equity ETF

      155  

Xtrackers MSCI Germany Hedged Equity ETF

      59  

Xtrackers MSCI Japan Hedged Equity ETF

      2,683  

Xtrackers MSCI South Korea Hedged Equity ETF

      19  

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, 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 four Trustees, including 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, 2018, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

     Purchases      Sales  

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 12,130,640      $ 6,101,773  

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF

      266,228        108,771  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      9,610,943        39,266,307  

Xtrackers MSCI Europe Hedged Equity ETF

      74,784,010        26,303,541  

Xtrackers MSCI Eurozone Hedged Equity ETF

      1,933,611        869,613  

Xtrackers MSCI Germany Hedged Equity ETF

      3,061,701        2,532,623  

Xtrackers MSCI Japan Hedged Equity ETF

      78,101,826        37,670,875  

Xtrackers MSCI South Korea Hedged Equity ETF

      3,798,210        1,875,648  

Xtrackers MSCI United Kingdom Hedged Equity ETF

      319,781        172,398  

For the period ended November 30, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

     Purchases      Sales  

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 11,210,228      $ 28,627,182  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      —        20,813,465  

Xtrackers MSCI Europe Hedged Equity ETF

      —        524,630,905  

Xtrackers MSCI Germany Hedged Equity ETF

      —        5,254,280  

Xtrackers MSCI Japan Hedged Equity ETF

      86,759,817        209,685,668  

5. Fund Share Transactions

As of November 30, 2018, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a

 

128

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Xtrackers MSCI South Korea Hedged 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 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 Asia Pacific ex Japan 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 Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2018.

 

     Pro-rata Share  

Xtrackers MSCI All World ex US Hedged Equity ETF

    $ 9,450,000  

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF

      525,000  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

      14,700,000  

8. Fund Restructuring

Effective on or about February 19, 2019 (the “Effective Date”), Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF’s name will change to Xtrackers International Real Estate ETF. At that time, the Fund will change its investment objective of seeking investment results that correspond generally to the performance, before fees and expenses, of the MSCI Asia Pacific ex Japan US Dollar Hedged Index, to seeking investment results that correspond generally to the performance, before the fees and expenses, of the STOXX Developed and Emerging Markets ex USA Total Market Real Estate Index (the “Underlying Index”). The current portfolio management team will continue to manage the Fund’s assets after the Effective Date.

Additionally, the Fund’s Board of Trustees approved changes to the Fund’s investment policies, which will also take effect on the Effective Date, such that the Fund will normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in real estate securities of issuers from countries outside the United States. In addition, the Fund’s Board of Trustees approved changes to the Fund’s investment policies, which will also take effect on the Effective Date, such that the Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index.

In addition, the Board of Trustees has approved an expense limitation agreement for the Fund. Prior to the Effective Date, the Fund had a unitary management fee of 0.60%. As of the Effective Date, DBX Advisors LLC has agreed, for a period of one year, to waive fees and/or reimburse expenses to the extent necessary to prevent the operating expenses of the Fund (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.12% of the Fund’s average daily net assets annually.

 

129

DBX ETF Trust

 

Additional Information (Unaudited)

 

Proxy Voting Policies and Procedures

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

Quarterly Portfolio Disclosure

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. 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. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

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 Net Asset Value of the Fund can be found at www.Xtrackers.com.

 

130

DBX ETF Trust

 

Privacy Policy Notice (Unaudited)

 

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 adviser, 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.

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.

 

131

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. 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, creating economic and political uncertainty in its wake. 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, 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 and any related funds.

Copyright © 2018 DWS Group. All rights reserved. XtrackersTM is a trademark of Deutsche Asset Management International 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

345 Park Avenue

New York, NY 10154

  

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 1100

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-049077-3 (1/19) DBX003657 (1/20)

November 30, 2018

Semi-Annual Report

DBX ETF Trust

 

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

 

LOGO

DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

      1  

Portfolio Summary

      2  

Fees and Expenses

      3  

Schedule of Investments

      4  

Statement of Assets and Liabilities

      19  

Statement of Operations

      20  

Statements of Changes in Net Assets

      21  

Financial Highlights

      22  

Notes to Financial Statements

      23  

Additional Information

      30  

Privacy Policy Notice

      31  

To our Shareholders: (Unaudited)

 

 

Dear Shareholder,

We are pleased to provide this semi-annual report for the period ended November 30, 2018.

The magnitude of development of economies differed around the world, owing to the varied stages of their economic cycle, yet stepping firmly into positive territory. The U.S. economy continued to grow on robust earnings and elevated consumer confidence. Tax reforms were a major source of fundamental stability despite temporal volatility from external factors. Central Banks managed to prove their mettle in maintaining inflation around the target rates. The Federal Reserve (FED) increased interest rates twice during the reporting period; in June and September to a range of 2.0-2.25 percent, as it monitored the strong optimism within the economy. On the other hand, the European Central Bank (ECB) continued to keep interest rates at record low level to ensure sustainable growth. Crude oil prices witnessed significant volatility due to the sanctions on Iran and the reaction of alternate oil producing nations.

The Eurozone enjoyed a short-lived span of economic development, which slowly faded in the beginning of this reporting period. Gross domestic product (GDP) slipped to a five year low, impacted by lower global trade and key industries such as automobiles being affected by new regulations. The dominant export player in the region, Germany, fell short of providing the required boost to the broad region. In the meanwhile, unemployment rate in the Eurozone remained at a low level, specifically Spain’s labor market recovery was a notable influence. Unrest prevailed due to the labor union’s resentment towards the French government’s economic policies. Additionally, a populist directive and the stagnating budget of the Italian government resulted in lower growth for Eurozone. Following these factors, the ECB continued its liberal monetary policy; nonetheless, it was confident enough to announce the halt to it’s asset purchase program by the end of 2018. Elsewhere, the U.K.’s economy was boosted by household spending and a strong rise in exports. However, business sentiment was deeply affected by political turmoil surrounding Brexit’s1 uncertainty.

Japan’s GDP shrank as natural disasters curtailed personal consumption and private investment. The Bank of Japan (BoJ) faced a convoluted situation; inflation rates inched up matching expectations, while GDP fell back to a four-year low. Following the same trajectory, Australia’s economic activity softened, riding on high household debt and declining house prices. Unemployment was low, but job creation was weak, keeping inflation at bay. On a trade front, surplus was amplified with the increase in overseas commodity exports.

The global economic strength is expected to continue despite the momentary trade and political stress. Riding on a low level of unemployment rates and sound corporate earnings, the economic cycle seems to have some steam left to prolong it to the near term. Monetary policies of global economies are on track, although varying geographically to suit the phase of their respective economic cycles. The risks that may factor into the otherwise smooth economic cycle are the immense global debt, Brexit, U.S./China trade policies and Italy’s budget.

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 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 11/30/18 (12.5% of Net Assets)

 

Description   % of Net Assets  

Nestle SA (Switzerland)

     1.9%  

Royal Dutch Shell PLC (Netherlands)

     1.9%  

Novartis AG (Switzerland)

     1.5%  

Roche Holding AG (Switzerland)

     1.4%  

HSBC Holdings PLC (United Kingdom)

     1.2%  

Toyota Motor Corp. (Japan)

     1.0%  

TOTAL SA (France)

     1.0%  

BP PLC (United Kingdom)

     1.0%  

GlaxoSmithKline PLC (United Kingdom)

     0.8%  

Sanofi (France)

     0.8%  
Country Diversification* as of 11/30/18

 

Japan

     24.8%  

United Kingdom

     14.8%  

France

     10.7%  

Switzerland

     9.2%  

Germany

     8.8%  

Australia

     7.0%  

Netherlands

     4.7%  

Hong Kong

     3.5%  

Spain

     3.0%  

Sweden

     2.4%  

Other

     11.1%  
 

 

 

  

Total

     100.0%  
 
Sector Diversification* as of 11/30/18

 

Financials

     19.6%  

Industrials

     14.4%  

Health Care

     11.8%  

Consumer Staples

     11.5%  

Consumer Discretionary

     10.9%  

Materials

     7.3%  

Information Technology

     6.0%  

Energy

     5.8%  

Communication Services

     5.6%  

Real Estate

     3.6%  

Utilities

     3.5%  
 

 

 

  

Total

     100.0%  
 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 4

 

2

DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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 resent six-month period the Fund limited these expenses; had it not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The examples in the table 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, 2018 to November 30, 2018).

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, 2018		      Ending
Account Value
November 30, 2018		      Annualized
Expense Ratio		     Expenses Paid
During the Period
Per $1,000(1)		  
Xtrackers MSCI EAFE Hedged Equity ETF

 

     

Actual

    $ 1,000.00      $ 961.30        0.37 %    $ 1.82  

Hypothetical (5% return before expenses)

    $ 1,000.00      $ 1,023.21        0.37 %    $ 1.88  

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

 

3

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 96.8%    
Australia — 6.8%            

AGL Energy Ltd.

     262,612     $ 3,610,440  

Alumina Ltd.

     941,098       1,533,898  

Amcor Ltd.

     471,230       4,625,575  

AMP Ltd.

     1,231,690       2,187,583  

APA Group (a)

     456,125       2,933,751  

Aristocrat Leisure Ltd.

     233,005       4,029,366  

ASX Ltd.

     78,977       3,480,188  

Aurizon Holdings Ltd.

     811,662       2,497,549  

AusNet Services

     676,646       764,094  

Australia & New Zealand Banking Group Ltd.

     1,168,634       22,891,280  

Bank of Queensland Ltd. (b)

     154,170       1,118,938  

Bendigo & Adelaide Bank Ltd.

     191,581       1,495,479  

BHP Billiton Ltd.

     1,302,799       29,223,422  

BHP Group PLC

     845,780       16,183,176  

BlueScope Steel Ltd.

     221,403       1,817,272  

Boral Ltd.

     481,812       1,795,993  

Brambles Ltd.

     641,939       4,818,601  

Caltex Australia Ltd.

     106,330       2,139,532  

Challenger Ltd.

     223,933       1,558,159  

CIMIC Group Ltd.

     37,138       1,102,050  

Coca-Cola Amatil Ltd.

     184,072       1,162,407  

Cochlear Ltd.

     23,185       2,868,597  

Coles Group Ltd.*

     458,395       3,923,318  

Commonwealth Bank of Australia

     711,072       37,019,733  

Computershare Ltd.

     182,751       2,424,338  

Crown Resorts Ltd.

     140,867       1,204,625  

CSL Ltd.

     182,638       23,681,081  

Dexus REIT

     417,511       3,191,952  

Domino’s Pizza Enterprises Ltd.

     23,721       797,358  

Flight Centre Travel Group Ltd.

     22,286       795,708  

Fortescue Metals Group Ltd.

     583,868       1,706,992  

Goodman Group REIT

     655,501       4,910,820  

GPT Group REIT

     694,539       2,675,248  

Harvey Norman Holdings Ltd. (b)

     237,020       547,430  

Incitec Pivot Ltd.

     664,133       1,825,155  

Insurance Australia Group Ltd.

     931,169       4,954,692  

LendLease Group (a)

     229,509       2,123,685  

Macquarie Group Ltd.

     133,195       11,139,011  

Medibank Pvt Ltd.

     1,115,513       1,973,089  

Mirvac Group REIT

     1,427,931       2,285,641  

National Australia Bank Ltd.

     1,100,473       19,818,777  

Newcrest Mining Ltd.

     306,895       4,654,410  

Oil Search Ltd.

     558,438       2,983,658  

Orica Ltd.

     154,206       1,972,405  

Origin Energy Ltd.*

     708,854       3,357,288  

QBE Insurance Group Ltd.

     554,856       4,590,748  

Ramsay Health Care Ltd.

     53,893       2,135,741  

REA Group Ltd.

     20,117       1,118,493  

Santos Ltd.

     699,464       2,822,027  

Scentre Group REIT

     2,143,121       6,108,971  

SEEK Ltd.

     137,513       1,857,387  

Sonic Healthcare Ltd.

     162,158       2,702,278  

South32 Ltd.

     2,065,792       4,680,638  

Stockland REIT

     950,888       2,529,808  

Suncorp Group Ltd.

     538,582       5,243,398  
   

Number
of Shares

    

Value

  
Australia (Continued)            

Sydney Airport (a)

     471,288     $ 2,342,351  

Tabcorp Holdings Ltd. (b)

     731,008       2,292,114  

Telstra Corp. Ltd.

     1,696,583       3,633,285  

TPG Telecom Ltd.

     149,852       787,496  

Transurban Group (a)

     1,060,397       8,827,729  

Treasury Wine Estates Ltd.

     284,083       2,938,045  

Vicinity Centres REIT

     1,333,250       2,601,834  

Washington H Soul Pattinson & Co. Ltd.

     43,412       831,954  

Wesfarmers Ltd.

     458,395       10,583,913  

Westpac Banking Corp.

     1,381,877       26,229,989  

Woodside Petroleum Ltd.

     378,828       8,600,036  

Woolworths Group Ltd.

     531,594       11,236,605  

WorleyParsons Ltd.

     129,393       1,248,365  
   

 

 

  
      369,746,969  
   

 

 

  
Austria — 0.2%            

ANDRITZ AG

     28,571       1,375,326  

Erste Group Bank AG*

     119,983       4,733,794  

OMV AG

     59,003       2,980,509  

Raiffeisen Bank International AG

     64,840       1,911,485  

Verbund AG

     27,440       1,122,067  

voestalpine AG

     49,379       1,640,730  
   

 

 

  
      13,763,911  
   

 

 

  
Belgium — 1.0%            

Ageas

     75,137       3,627,086  

Anheuser-Busch InBev SA/NV (b)

     308,407       23,616,453  

Colruyt SA

     22,126       1,413,763  

Groupe Bruxelles Lambert SA

     32,691       2,942,268  

KBC Group NV

     101,654       7,296,265  

Proximus SADP

     57,636       1,594,711  

Solvay SA

     28,195       3,048,971  

Telenet Group Holding NV

     20,016       992,971  

UCB SA

     51,128       4,297,181  

Umicore SA

     83,296       3,613,570  
   

 

 

  
      52,443,239  
   

 

 

  
Chile — 0.0%            

Antofagasta PLC

     155,197       1,582,860  
   

 

 

  
China — 0.1%            

BeiGene Ltd., ADR*

     13,146       2,015,413  

Minth Group Ltd.

     287,160       963,439  

Yangzijiang Shipbuilding Holdings Ltd.

     1,032,800       933,503  
   

 

 

  
      3,912,355  
   

 

 

  
Denmark — 1.7%            

A.P. Moller — Maersk A/S, Class A

     1,444       1,910,015  

A.P. Moller — Maersk A/S, Class B

     2,636       3,750,606  

Carlsberg A/S, Class B

     44,372       4,913,433  

Chr Hansen Holding A/S

     40,006       3,611,946  

Coloplast A/S, Class B

     48,523       4,626,741  

Danske Bank A/S

     287,596       5,732,332  

DSV A/S

     76,009       5,815,583  

Genmab A/S*

     24,708       3,759,167  

H Lundbeck A/S

     26,511       1,088,598  

ISS A/S

     64,483       2,090,272  
 

 

See Notes to Financial Statements.   4  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Denmark (Continued)            

Novo Nordisk A/S, Class B

     734,480     $ 34,092,163  

Novozymes A/S, Class B

     89,842       4,185,163  

Orsted A/S, 144A

     75,549       4,915,163  

Pandora A/S

     42,890       2,316,761  

Tryg A/S

     49,671       1,235,663  

Vestas Wind Systems A/S

     78,385       5,849,937  

William Demant Holding A/S*

     39,046       1,140,146  
   

 

 

  
      91,033,689  
   

 

 

  
Finland — 1.2%            

Elisa OYJ

     58,232       2,335,055  

Fortum OYJ

     179,707       3,745,464  

Kone OYJ, Class B

     137,144       6,794,242  

Metso OYJ

     43,438       1,237,770  

Neste OYJ

     52,408       4,095,052  

Nokia OYJ

     2,269,984       12,479,245  

Nokian Renkaat OYJ

     44,316       1,418,317  

Nordea Bank Abp

     1,219,108       10,818,928  

Orion OYJ, Class B

     40,894       1,364,815  

Sampo OYJ, Class A

     181,580       8,105,534  

Stora Enso OYJ, Class R

     223,421       2,846,796  

UPM-Kymmene OYJ

     213,039       5,675,027  

Wartsila OYJ Abp

     174,965       2,848,373  
   

 

 

  
      63,764,618  
   

 

 

  
France — 10.4%            

Accor SA

     77,262       3,428,774  

Aeroports de Paris

     11,704       2,275,053  

Air Liquide SA

     173,879       21,013,668  

Airbus SE

     234,599       25,130,201  

Alstom SA

     62,926       2,761,218  

Amundi SA, 144A

     23,524       1,347,561  

Arkema SA

     27,563       2,614,914  

Atos SE

     38,276       3,249,935  

AXA SA

     785,498       19,132,569  

BioMerieux

     16,100       1,135,536  

BNP Paribas SA

     453,375       22,776,280  

Bollore SA

     327,881       1,436,528  

Bouygues SA

     89,522       3,441,790  

Bureau Veritas SA

     107,682       2,379,632  

Capgemini SE

     64,667       7,544,276  

Carrefour SA

     233,796       4,208,439  

Casino Guichard Perrachon SA (b)

     24,400       1,102,449  

Cie de Saint-Gobain

     202,284       7,496,538  

Cie Generale des Etablissements Michelin

     70,592       7,385,983  

CNP Assurances

     64,337       1,472,749  

Covivio REIT

     15,706       1,530,042  

Credit Agricole SA

     458,120       5,688,445  

Danone SA

     248,252       18,565,993  

Dassault Aviation SA

     1,067       1,630,741  

Dassault Systemes SE

     52,483       6,298,126  

Edenred

     94,182       3,591,095  

Eiffage SA

     32,662       3,106,793  

Electricite de France SA

     238,159       3,912,202  

Engie SA

     737,068       10,363,728  

EssilorLuxottica SA

     115,514       14,666,306  
   

Number
of Shares

    

Value

  
France (Continued)            

Eurazeo SE

     19,259     $ 1,442,283  

Eutelsat Communications SA

     69,809       1,487,761  

Faurecia SA

     29,491       1,149,178  

Gecina SA REIT

     18,273       2,554,840  

Getlink SE

     185,903       2,415,049  

Hermes International

     12,647       6,839,583  

ICADE REIT

     12,888       1,021,340  

Iliad SA

     10,044       1,354,839  

Imerys SA

     13,057       700,662  

Ingenico Group SA

     24,317       1,755,275  

Ipsen SA

     14,548       1,872,624  

JCDecaux SA

     29,953       1,017,299  

Kering

     30,474       13,247,915  

Klepierre SA REIT

     82,982       2,716,871  

Legrand SA

     107,502       6,584,164  

L’Oreal SA

     101,948       23,994,961  

LVMH Moet Hennessy Louis Vuitton SE

     111,972       32,014,274  

Natixis SA

     354,697       1,959,585  

Orange SA (b)

     807,737       13,862,962  

Pernod Ricard SA (b)

     85,924       13,735,233  

Peugeot SA

     240,252       5,276,617  

Publicis Groupe SA

     84,143       4,987,748  

Remy Cointreau SA

     9,013       1,043,835  

Renault SA

     77,140       5,418,864  

Rexel SA

     124,224       1,490,024  

Safran SA

     134,889       16,851,390  

Sanofi

     453,826       41,004,690  

Sartorius Stedim Biotech

     11,144       1,127,887  

Schneider Electric SE

     221,076       16,088,084  

SCOR SE

     64,123       3,080,889  

SEB SA

     8,633       1,237,321  

Societe BIC SA

     11,707       1,255,775  

Societe Generale SA

     309,418       11,370,536  

Sodexo SA

     36,492       3,777,641  

Suez

     147,153       2,186,529  

Teleperformance

     22,909       3,791,756  

Thales SA

     42,729       5,238,875  

TOTAL SA

     965,059       53,715,146  

Ubisoft Entertainment SA*

     31,524       2,567,430  

Unibail-Rodamco-Westfield REIT

     38,011       6,534,048  

Unibail-Rodamco-Westfield CDI*

     352,426       3,057,563  

Valeo SA

     96,474       2,752,312  

Veolia Environnement SA

     214,378       4,556,664  

Vinci SA

     206,439       18,019,095  

Vivendi SA

     421,800       10,505,485  

Wendel SA

     10,646       1,293,222  
   

 

 

  
      570,643,688  
   

 

 

  
Germany — 8.1%            

1&1 Drillisch AG (b)

     20,614       1,036,173  

adidas AG

     75,766       16,708,989  

Allianz SE

     173,232       36,575,798  

Axel Springer SE

     18,410       1,173,408  

BASF SE

     371,135       27,045,952  

Bayer AG

     376,174       27,502,595  

Bayerische Motoren Werke AG

     135,915       11,110,960  
 

 

See Notes to Financial Statements.   5  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Germany (Continued)            

Beiersdorf AG

     40,464     $ 4,330,831  

Brenntag AG

     64,594       2,985,784  

Commerzbank AG*

     407,655       3,510,233  

Continental AG

     44,592       6,676,356  

Covestro AG, 144A

     76,225       4,388,950  

Daimler AG

     367,472       20,673,966  

Delivery Hero SE, 144A*

     40,393       1,469,734  

Deutsche Bank AG (c)

     791,974       7,229,270  

Deutsche Boerse AG

     77,968       9,956,629  

Deutsche Lufthansa AG

     97,418       2,371,180  

Deutsche Post AG

     397,932       12,668,087  

Deutsche Telekom AG

     1,351,392       23,690,783  

Deutsche Wohnen SE

     143,263       6,867,074  

E.ON SE

     886,734       9,039,906  

Evonik Industries AG

     67,817       1,823,430  

Fraport AG Frankfurt Airport Services Worldwide

     16,805       1,235,485  

Fresenius Medical Care AG & Co. KGaA

     87,505       7,120,784  

Fresenius SE & Co. KGaA

     168,270       9,547,829  

GEA Group AG

     67,277       1,815,765  

Hannover Rueck SE

     24,579       3,414,252  

HeidelbergCement AG

     60,010       3,987,940  

Henkel AG & Co. KGaA

     41,230       4,256,915  

HOCHTIEF AG

     8,625       1,226,410  

HUGO BOSS AG

     26,487       1,829,151  

Infineon Technologies AG

     456,861       9,565,888  

Innogy SE*

     56,133       2,354,471  

KION Group AG

     29,183       1,645,965  

LANXESS AG

     32,233       1,766,902  

Merck KGaA

     52,503       5,786,974  

METRO AG

     69,038       1,059,436  

MTU Aero Engines AG

     21,307       4,428,757  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

     60,714       13,190,179  

OSRAM Licht AG

     41,512       1,901,926  

ProSiebenSat.1 Media SE

     97,372       1,977,071  

Puma SE

     3,458       1,734,265  

RWE AG

     207,860       4,486,365  

SAP SE

     396,642       40,826,766  

Siemens AG

     309,096       35,832,755  

Siemens Healthineers AG, 144A*

     59,844       2,590,410  

Symrise AG

     49,975       4,033,938  

Telefonica Deutschland Holding AG

     288,256       1,167,304  

thyssenkrupp AG

     174,832       3,264,826  

TUI AG

     176,976       2,518,950  

Uniper SE

     89,734       2,303,008  

United Internet AG

     46,490       2,092,105  

Volkswagen AG

     14,044       2,319,706  

Vonovia SE

     196,041       9,492,334  

Wirecard AG

     46,977       7,097,260  

Zalando SE, 144A*(b)

     42,754       1,326,216  
   

 

 

  
      438,034,396  
   

 

 

  
Hong Kong — 3.4%            

AIA Group Ltd.

     4,866,512       39,714,569  

ASM Pacific Technology Ltd.

     132,225       1,351,994  
   

Number
of Shares

    

Value

  
Hong Kong (Continued)            

Bank of East Asia Ltd.

     546,942     $ 1,842,015  

BOC Hong Kong Holdings Ltd.

     1,503,062       5,859,329  

CK Asset Holdings Ltd.

     1,057,717       7,617,888  

CK Hutchison Holdings Ltd.

     1,095,235       11,450,693  

CK Infrastructure Holdings Ltd.

     270,369       2,056,104  

CLP Holdings Ltd.

     660,556       7,281,819  

Dairy Farm International Holdings Ltd.

     143,700       1,264,560  

Galaxy Entertainment Group Ltd.

     968,372       5,947,121  

Hang Lung Group Ltd.

     348,378       966,232  

Hang Lung Properties Ltd.

     783,683       1,586,597  

Hang Seng Bank Ltd.

     306,126       7,066,252  

Henderson Land Development Co. Ltd.

     552,780       2,840,204  

HK Electric Investments & HK Electric Investments Ltd. (a)

     952,735       913,281  

HKT Trust & HKT Ltd. (a)

     1,598,129       2,312,221  

Hong Kong & China Gas Co. Ltd.

     3,773,911       7,611,492  

Hong Kong Exchanges & Clearing Ltd.

     468,800       13,661,350  

Hongkong Land Holdings Ltd.

     460,600       2,998,506  

Hysan Development Co. Ltd.

     240,815       1,151,135  

Jardine Matheson Holdings Ltd.

     88,457       5,840,816  

Jardine Strategic Holdings Ltd.

     92,787       3,572,299  

Kerry Properties Ltd.

     261,057       895,882  

Link REIT

     844,660       8,042,839  

Melco Resorts & Entertainment Ltd., ADR

     94,812       1,713,253  

MTR Corp. Ltd.

     604,022       3,134,368  

New World Development Co. Ltd.

     2,529,650       3,401,319  

NWS Holdings Ltd.

     604,998       1,272,785  

PCCW Ltd.

     1,521,249       892,451  

Power Assets Holdings Ltd.

     568,229       3,849,200  

Shangri-La Asia Ltd.

     557,723       791,248  

Sino Land Co. Ltd.

     1,332,953       2,293,143  

SJM Holdings Ltd.

     796,399       717,614  

Sun Hung Kai Properties Ltd.

     634,789       9,046,392  

Swire Pacific Ltd., Class A

     208,007       2,299,668  

Swire Properties Ltd.

     480,155       1,672,319  

Techtronic Industries Co. Ltd.

     553,781       2,979,829  

WH Group Ltd., 144A

     3,651,233       2,664,691  

Wharf Holdings Ltd.

     524,977       1,405,709  

Wharf Real Estate Investment Co. Ltd.

     480,660       2,890,472  

Wheelock & Co. Ltd.

     312,435       1,792,987  

Yue Yuen Industrial Holdings Ltd.

     285,629       830,529  
   

 

 

  
      187,493,175  
   

 

 

  
Ireland — 0.7%            

AerCap Holdings NV*

     50,851       2,688,492  

AIB Group PLC (b)

     331,671       1,455,386  

Bank of Ireland Group PLC

     381,439       2,413,925  

CRH PLC

     338,378       9,354,803  

DCC PLC

     39,624       2,981,469  

James Hardie Industries PLC CDI

     179,395       2,097,911  

Kerry Group PLC, Class A

     62,718       6,479,059  

Kingspan Group PLC

     61,716       2,656,420  

Paddy Power Betfair PLC

     34,305       3,079,764  

Ryanair Holdings PLC*

     72,234       953,105  

Smurfit Kappa Group PLC

     88,038       2,376,092  
   

 

 

  
      36,536,426  
   

 

 

  
 

 

See Notes to Financial Statements.   6  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Isle of Man — 0.0%            

GVC Holdings PLC

     221,466     $ 2,085,468  
   

 

 

  
Israel — 0.6%            

Azrieli Group Ltd.

     17,089       858,000  

Bank Hapoalim BM

     459,138       3,148,544  

Bank Leumi Le-Israel BM

     590,788       3,879,750  

Bezeq The Israeli Telecommunication Corp. Ltd.

     987,455       1,136,547  

Check Point Software Technologies Ltd.*

     52,039       5,818,481  

Elbit Systems Ltd.

     8,450       1,033,938  

Israel Chemicals Ltd.

     243,545       1,423,853  

Mizrahi Tefahot Bank Ltd.

     58,092       1,055,281  

Nice Ltd.*

     23,665       2,723,809  

Teva Pharmaceutical Industries Ltd., ADR*

     390,643       8,414,450  

Wix.com Ltd.*

     17,536       1,651,540  
   

 

 

  
      31,144,193  
   

 

 

  
Italy — 1.8%            

Assicurazioni Generali SpA

     477,841       8,054,989  

Atlantia SpA

     195,788       4,014,129  

Davide Campari-Milano SpA

     225,730       1,885,960  

Enel SpA

     3,276,702       17,768,850  

Eni SpA

     1,027,325       16,568,670  

Ferrari NV

     48,784       5,331,772  

Intesa Sanpaolo SpA

     6,002,873       13,917,972  

Leonardo SpA

     167,853       1,654,378  

Mediobanca SpA (b)

     243,247       2,149,626  

Moncler SpA

     73,345       2,389,726  

Pirelli & C SpA, 144A*

     146,807       1,031,776  

Poste Italiane SpA, 144A

     199,812       1,516,500  

Prysmian SpA

     96,006       1,757,500  

Recordati SpA

     40,230       1,293,922  

Snam SpA

     879,048       3,852,322  

Telecom Italia SpA*

     4,348,108       2,829,463  

Telecom Italia SpA-RSP

     2,670,871       1,503,085  

Terna Rete Elettrica Nazionale SpA (b)

     588,856       3,291,903  

UniCredit SpA

     808,859       10,426,315  
   

 

 

  
      101,238,858  
   

 

 

  
Japan — 24.2%            

ABC-Mart, Inc.

     15,400       865,542  

Acom Co. Ltd.

     149,800       550,294  

Aeon Co. Ltd.

     244,000       5,848,778  

AEON Financial Service Co. Ltd.

     40,000       775,228  

Aeon Mall Co. Ltd.

     47,600       855,848  

AGC, Inc.

     75,400       2,560,604  

Air Water, Inc.

     59,300       959,645  

Aisin Seiki Co. Ltd.

     68,054       2,691,825  

Ajinomoto Co., Inc.

     184,347       3,187,077  

Alfresa Holdings Corp.

     72,700       1,934,141  

Alps Electric Co. Ltd.

     72,356       1,677,035  

Amada Holdings Co. Ltd.

     128,900       1,398,976  

ANA Holdings, Inc.

     47,200       1,684,422  

Aozora Bank Ltd.

     43,800       1,439,228  

Asahi Group Holdings Ltd.

     145,265       6,083,688  

Asahi Intecc Co. Ltd.

     39,300       1,841,836  
   

Number
of Shares

    

Value

  
Japan (Continued)            

Asahi Kasei Corp.

     502,400     $ 5,501,328  

Asics Corp.

     70,300       1,013,177  

Astellas Pharma, Inc.

     750,432       11,532,649  

Bandai Namco Holdings, Inc.

     80,700       3,391,085  

Bank of Kyoto Ltd.

     21,400       1,029,327  

Benesse Holdings, Inc.

     33,400       991,569  

Bridgestone Corp.

     241,976       9,805,661  

Brother Industries Ltd.

     89,900       1,502,359  

Calbee, Inc. (b)

     37,400       1,238,814  

Canon, Inc.

     400,386       11,357,467  

Casio Computer Co. Ltd. (b)

     78,000       1,087,733  

Central Japan Railway Co.

     58,154       11,949,452  

Chiba Bank Ltd.

     244,200       1,602,687  

Chubu Electric Power Co., Inc.

     239,000       3,583,474  

Chugai Pharmaceutical Co. Ltd.

     87,600       5,996,141  

Chugoku Electric Power Co., Inc.

     117,500       1,484,341  

Coca-Cola Bottlers Japan Holdings, Inc.

     51,754       1,481,747  

Concordia Financial Group Ltd.

     434,615       2,040,698  

Credit Saison Co. Ltd.

     71,400       916,441  

CyberAgent, Inc.

     39,700       1,797,630  

Dai Nippon Printing Co. Ltd.

     100,900       2,334,171  

Daicel Corp.

     110,400       1,235,150  

Daifuku Co. Ltd.

     39,521       2,022,790  

Dai-ichi Life Holdings, Inc.

     429,638       7,486,446  

Daiichi Sankyo Co. Ltd.

     227,531       8,352,391  

Daikin Industries Ltd.

     99,688       11,074,005  

Daito Trust Construction Co. Ltd.

     29,213       3,816,489  

Daiwa House Industry Co. Ltd.

     225,136       7,090,351  

Daiwa House REIT Investment Corp. REIT

     605       1,371,330  

Daiwa Securities Group, Inc.

     665,787       3,674,541  

DeNA Co. Ltd.

     49,200       912,789  

Denso Corp.

     176,053       8,137,692  

Dentsu, Inc.

     87,200       3,886,993  

Disco Corp.

     13,400       1,953,663  

Don Quijote Holdings Co. Ltd.

     47,718       2,896,331  

East Japan Railway Co.

     124,053       11,278,042  

Eisai Co. Ltd.

     101,552       9,317,395  

Electric Power Development Co. Ltd.

     63,332       1,630,235  

FamilyMart UNY Holdings Co. Ltd.

     25,567       3,628,458  

FANUC Corp.

     77,517       13,241,022  

Fast Retailing Co. Ltd.

     23,817       12,387,400  

Fuji Electric Co. Ltd.

     50,200       1,576,558  

FUJIFILM Holdings Corp.

     153,654       6,104,740  

Fujitsu Ltd.

     79,402       4,887,299  

Fukuoka Financial Group, Inc.

     70,200       1,601,091  

Hakuhodo DY Holdings, Inc.

     99,359       1,521,261  

Hamamatsu Photonics KK

     56,500       1,966,040  

Hankyu Hanshin Holdings, Inc.

     92,540       3,138,607  

Hikari Tsushin, Inc.

     10,000       1,595,384  

Hino Motors Ltd.

     122,300       1,249,773  

Hirose Electric Co. Ltd.

     12,466       1,314,522  

Hisamitsu Pharmaceutical Co., Inc.

     25,600       1,635,026  

Hitachi Chemical Co. Ltd.

     49,400       781,592  

Hitachi Construction Machinery Co. Ltd.

     40,000       1,104,700  
 

 

See Notes to Financial Statements.   7  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Japan (Continued)            

Hitachi High-Technologies Corp.

     32,100     $ 1,143,853  

Hitachi Ltd.

     386,201       11,186,441  

Hitachi Metals Ltd.

     78,500       883,786  

Honda Motor Co. Ltd.

     655,099       18,478,853  

Hoshizaki Corp.

     25,300       1,963,555  

Hoya Corp.

     153,774       9,347,140  

Hulic Co. Ltd.

     136,100       1,244,521  

Idemitsu Kosan Co. Ltd.

     57,815       2,103,475  

IHI Corp.

     56,800       1,728,794  

Iida Group Holdings Co. Ltd.

     48,500       855,794  

Inpex Corp.

     402,217       4,269,669  

Isetan Mitsukoshi Holdings Ltd.

     129,200       1,494,425  

Isuzu Motors Ltd.

     226,500       3,224,455  

ITOCHU Corp.

     565,654       10,045,883  

J. Front Retailing Co. Ltd.

     98,200       1,340,880  

Japan Airlines Co. Ltd.

     44,373       1,600,344  

Japan Airport Terminal Co. Ltd.

     21,700       843,034  

Japan Exchange Group, Inc.

     200,478       3,611,659  

Japan Post Bank Co. Ltd.

     162,458       1,897,717  

Japan Post Holdings Co. Ltd.

     636,213       7,745,640  

Japan Prime Realty Investment Corp. REIT

     387       1,511,998  

Japan Real Estate Investment Corp. REIT

     530       2,927,455  

Japan Retail Fund Investment Corp. REIT

     1,068       2,048,219  

Japan Tobacco, Inc.

     444,441       11,054,743  

JFE Holdings, Inc.

     201,085       3,545,537  

JGC Corp.

     83,200       1,215,219  

JSR Corp.

     77,700       1,243,720  

JTEKT Corp.

     84,800       1,078,723  

JXTG Holdings, Inc.

     1,311,928       7,931,782  

Kajima Corp.

     198,500       2,747,157  

Kakaku.com, Inc.

     57,900       1,164,988  

Kamigumi Co. Ltd.

     46,600       1,046,411  

Kaneka Corp.

     26,200       980,928  

Kansai Electric Power Co., Inc.

     291,367       4,373,778  

Kansai Paint Co. Ltd.

     73,400       1,375,341  

Kao Corp.

     199,304       14,674,561  

Kawasaki Heavy Industries Ltd.

     48,000       1,117,597  

KDDI Corp.

     714,033       16,757,115  

Keihan Holdings Co. Ltd.

     39,400       1,645,210  

Keikyu Corp.

     89,150       1,422,285  

Keio Corp.

     39,860       2,205,178  

Keisei Electric Railway Co. Ltd.

     49,528       1,605,630  

Keyence Corp.

     39,235       21,291,248  

Kikkoman Corp.

     57,982       3,381,411  

Kintetsu Group Holdings Co. Ltd.

     68,540       2,855,959  

Kirin Holdings Co. Ltd.

     331,523       7,783,190  

Kobayashi Pharmaceutical Co. Ltd.

     19,300       1,343,171  

Kobe Steel Ltd.

     140,328       1,154,617  

Koito Manufacturing Co. Ltd.

     39,400       2,113,782  

Komatsu Ltd.

     370,273       9,893,301  

Konami Holdings Corp.

     38,966       1,743,798  

Konica Minolta, Inc.

     193,900       1,745,723  

Kose Corp.

     12,800       1,909,034  

Kubota Corp.

     404,381       6,900,286  
   

Number
of Shares

    

Value

  
Japan (Continued)            

Kuraray Co. Ltd.

     128,900     $ 2,003,080  

Kurita Water Industries Ltd.

     39,400       1,056,891  

Kyocera Corp.

     128,800       6,949,742  

Kyowa Hakko Kirin Co. Ltd.

     104,500       2,142,197  

Kyushu Electric Power Co., Inc.

     161,800       1,900,008  

Kyushu Railway Co.

     59,776       1,974,717  

Lawson, Inc.

     23,400       1,531,621  

LINE Corp.*(b)

     31,647       1,137,469  

Lion Corp.

     94,100       1,856,053  

LIXIL Group Corp.

     117,100       1,517,457  

M3, Inc.

     170,642       2,756,970  

Makita Corp.

     92,000       3,610,624  

Marubeni Corp.

     659,300       4,922,316  

Marui Group Co. Ltd.

     83,496       1,799,892  

Maruichi Steel Tube Ltd.

     26,300       780,787  

Mazda Motor Corp.

     218,600       2,330,141  

McDonald’s Holdings Co. Japan Ltd.

     22,822       1,023,336  

Mebuki Financial Group, Inc.

     378,150       1,142,628  

Medipal Holdings Corp.

     70,900       1,623,926  

MEIJI Holdings Co. Ltd.

     48,990       3,853,946  

MINEBEA MITSUMI, Inc.

     152,520       2,474,931  

MISUMI Group, Inc.

     111,400       2,524,079  

Mitsubishi Chemical Holdings Corp.

     545,700       4,464,053  

Mitsubishi Corp.

     545,125       14,704,425  

Mitsubishi Electric Corp.

     735,479       9,705,744  

Mitsubishi Estate Co. Ltd.

     483,851       7,761,905  

Mitsubishi Gas Chemical Co., Inc.

     64,400       1,057,495  

Mitsubishi Heavy Industries Ltd.

     123,399       4,692,891  

Mitsubishi Materials Corp.

     39,700       1,113,901  

Mitsubishi Motors Corp.

     261,500       1,603,348  

Mitsubishi Tanabe Pharma Corp.

     99,774       1,532,010  

Mitsubishi UFJ Financial Group, Inc.

     4,744,052       26,099,286  

Mitsubishi UFJ Lease & Finance Co. Ltd.

     165,500       902,475  

Mitsui & Co. Ltd.

     677,260       10,587,128  

Mitsui Chemicals, Inc.

     72,900       1,850,195  

Mitsui Fudosan Co. Ltd.

     358,426       8,572,670  

Mitsui OSK Lines Ltd.

     40,000       940,492  

Mizuho Financial Group, Inc.

     9,721,080       16,125,440  

MonotaRO Co. Ltd.

     50,500       1,367,991  

MS&AD Insurance Group Holdings, Inc.

     187,321       5,684,895  

Murata Manufacturing Co. Ltd.

     72,659       11,083,034  

Nabtesco Corp.

     39,825       1,101,621  

Nagoya Railroad Co. Ltd.

     69,440       1,740,359  

NEC Corp.

     96,759       3,000,411  

Nexon Co. Ltd.*

     185,245       2,190,008  

NGK Insulators Ltd.

     113,400       1,681,295  

NGK Spark Plug Co. Ltd.

     62,500       1,283,971  

NH Foods Ltd.

     39,496       1,464,812  

Nidec Corp.

     88,873       11,837,729  

Nikon Corp.

     129,000       2,022,816  

Nintendo Co. Ltd.

     45,171       13,772,350  

Nippon Building Fund, Inc. REIT

     521       3,244,919  

Nippon Electric Glass Co. Ltd.

     39,400       1,058,627  

Nippon Express Co. Ltd.

     33,500       2,018,588  

Nippon Paint Holdings Co. Ltd. (b)

     61,942       2,196,331  
 

 

See Notes to Financial Statements.   8  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Japan (Continued)            

Nippon Prologis REIT, Inc. REIT

     644     $ 1,333,783  

Nippon Steel & Sumitomo Metal Corp.

     298,509       5,459,232  

Nippon Telegraph & Telephone Corp.

     280,251       11,554,197  

Nippon Yusen KK

     63,600       1,079,656  

Nissan Chemical Corp.

     47,849       2,596,572  

Nissan Motor Co. Ltd.

     940,542       8,238,391  

Nisshin Seifun Group, Inc.

     76,500       1,607,299  

Nissin Foods Holdings Co. Ltd.

     27,400       1,769,299  

Nitori Holdings Co. Ltd.

     34,101       4,567,729  

Nitto Denko Corp.

     65,524       3,580,543  

Nomura Holdings, Inc.

     1,394,854       6,284,001  

Nomura Real Estate Holdings, Inc.

     54,436       1,075,149  

Nomura Real Estate Master Fund, Inc. REIT

     1,567       2,092,738  

Nomura Research Institute Ltd.

     45,281       1,988,511  

NSK Ltd.

     156,000       1,466,344  

NTT Data Corp.

     254,334       2,957,502  

NTT DOCOMO, Inc.

     536,289       12,418,056  

Obayashi Corp.

     265,200       2,644,641  

Obic Co. Ltd.

     26,100       2,255,570  

Odakyu Electric Railway Co. Ltd.

     124,650       2,794,646  

Oji Holdings Corp.

     339,068       1,983,360  

Olympus Corp.

     116,579       3,281,240  

Omron Corp.

     74,492       3,274,590  

Ono Pharmaceutical Co. Ltd.

     154,906       3,746,592  

Oracle Corp.

     17,900       1,162,164  

Oriental Land Co. Ltd.

     79,000       7,860,679  

ORIX Corp.

     522,546       8,467,809  

Osaka Gas Co. Ltd.

     160,900       2,932,671  

Otsuka Corp.

     39,800       1,339,347  

Otsuka Holdings Co. Ltd.

     156,767       7,643,971  

Panasonic Corp.

     879,485       9,022,246  

Park24 Co. Ltd.

     40,000       1,080,033  

Persol Holdings Co. Ltd.

     76,500       1,432,753  

Pigeon Corp.

     46,600       1,919,174  

Pola Orbis Holdings, Inc.

     39,900       1,126,543  

Rakuten, Inc.

     335,186       2,698,850  

Recruit Holdings Co. Ltd.

     441,853       12,156,164  

Renesas Electronics Corp.*

     363,200       1,711,774  

Resona Holdings, Inc.

     800,125       4,242,569  

Ricoh Co. Ltd.

     277,700       2,695,903  

Rinnai Corp.

     15,600       1,118,654  

Rohm Co. Ltd.

     40,000       2,783,773  

Ryohin Keikaku Co. Ltd.

     9,800       2,637,449  

Sankyo Co. Ltd.

     20,900       835,890  

Santen Pharmaceutical Co. Ltd.

     156,451       2,677,922  

SBI Holdings, Inc.

     93,325       2,117,828  

Secom Co. Ltd.

     83,100       7,032,186  

Sega Sammy Holdings, Inc.

     72,900       1,028,814  

Seibu Holdings, Inc.

     92,500       1,709,598  

Seiko Epson Corp.

     116,759       1,855,554  

Sekisui Chemical Co. Ltd.

     145,300       2,357,773  

Sekisui House Ltd.

     259,851       3,916,708  

Seven & i Holdings Co. Ltd.

     301,076       13,110,326  

Seven Bank Ltd.

     222,900       691,193  

SG Holdings Co. Ltd.

     43,300       1,060,042  

Sharp Corp.

     71,673       1,063,272  
   

Number
of Shares

    

Value

  
Japan (Continued)            

Shimadzu Corp.

     95,400     $ 2,230,468  

Shimamura Co. Ltd.

     10,300       874,704  

Shimano, Inc.

     30,994       4,526,983  

Shimizu Corp.

     218,900       1,870,528  

Shin-Etsu Chemical Co. Ltd.

     145,604       13,000,014  

Shinsei Bank Ltd.

     67,600       927,814  

Shionogi & Co. Ltd.

     110,795       7,328,096  

Shiseido Co. Ltd.

     149,657       9,524,047  

Shizuoka Bank Ltd.

     173,500       1,557,473  

Showa Denko KK

     54,900       2,200,546  

Showa Shell Sekiyu KK

     81,900       1,269,102  

SMC Corp.

     23,082       7,824,476  

SoftBank Group Corp.

     332,514       27,904,051  

Sohgo Security Services Co. Ltd.

     33,300       1,566,507  

Sompo Holdings, Inc.

     132,535       5,120,896  

Sony Corp.

     509,716       26,658,890  

Sony Financial Holdings, Inc.

     65,500       1,373,299  

Stanley Electric Co. Ltd.

     48,900       1,423,728  

Subaru Corp.

     247,634       5,503,947  

SUMCO Corp.

     91,700       1,405,612  

Sumitomo Chemical Co. Ltd.

     600,422       3,258,247  

Sumitomo Corp.

     452,476       6,949,671  

Sumitomo Dainippon Pharma Co. Ltd.

     60,700       1,978,505  

Sumitomo Electric Industries Ltd.

     291,400       4,088,046  

Sumitomo Heavy Industries Ltd.

     44,400       1,472,634  

Sumitomo Metal Mining Co. Ltd.

     95,200       2,771,757  

Sumitomo Mitsui Financial Group, Inc.

     539,615       19,884,681  

Sumitomo Mitsui Trust Holdings, Inc.

     130,181       5,220,314  

Sumitomo Realty & Development Co. Ltd.

     147,503       5,467,935  

Sumitomo Rubber Industries Ltd.

     65,800       879,343  

Sundrug Co. Ltd.

     34,500       1,164,031  

Suntory Beverage & Food Ltd.

     55,400       2,323,076  

Suzuken Co. Ltd.

     33,710       1,814,457  

Suzuki Motor Corp.

     136,326       6,791,380  

Sysmex Corp.

     66,907       3,565,348  

T&D Holdings, Inc.

     228,200       3,242,625  

Taiheiyo Cement Corp.

     48,300       1,633,899  

Taisei Corp.

     85,215       3,745,962  

Taisho Pharmaceutical Holdings Co. Ltd.

     14,734       1,702,947  

Taiyo Nippon Sanso Corp.

     56,600       953,347  

Takashimaya Co. Ltd.

     58,223       846,302  

Takeda Pharmaceutical Co. Ltd. (b)

     288,192       10,802,598  

TDK Corp.

     53,824       4,243,711  

Teijin Ltd.

     73,004       1,260,519  

Terumo Corp.

     124,222       7,315,545  

THK Co. Ltd.

     46,528       1,066,109  

Tobu Railway Co. Ltd.

     78,579       2,249,762  

Toho Co. Ltd.

     47,900       1,666,784  

Toho Gas Co. Ltd.

     30,928       1,250,579  

Tohoku Electric Power Co., Inc.

     172,213       2,251,368  

Tokio Marine Holdings, Inc.

     269,150       13,289,748  

Tokyo Century Corp.

     16,800       802,150  

Tokyo Electric Power Co. Holdings, Inc.*

     592,500       3,596,287  

Tokyo Electron Ltd.

     62,264       8,707,581  
 

 

See Notes to Financial Statements.   9  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Japan (Continued)            

Tokyo Gas Co. Ltd.

     157,580     $ 4,059,752  

Tokyu Corp.

     203,410       3,540,837  

Tokyu Fudosan Holdings Corp.

     207,300       1,163,283  

Toppan Printing Co. Ltd.

     98,089       1,579,586  

Toray Industries, Inc.

     546,043       4,282,624  

Toshiba Corp.*

     255,116       7,910,922  

Tosoh Corp.

     104,340       1,470,678  

TOTO Ltd.

     58,415       2,261,674  

Toyo Seikan Group Holdings Ltd.

     63,900       1,455,151  

Toyo Suisan Kaisha Ltd.

     39,700       1,360,463  

Toyoda Gosei Co. Ltd.

     30,300       583,231  

Toyota Industries Corp.

     58,100       2,978,831  

Toyota Motor Corp.

     921,464       55,223,711  

Toyota Tsusho Corp.

     84,211       2,908,048  

Trend Micro, Inc.

     43,776       2,510,521  

Tsuruha Holdings, Inc.

     17,100       1,687,178  

Unicharm Corp.

     158,500       4,962,419  

United Urban Investment Corp. REIT

     1,224       1,948,437  

USS Co. Ltd.

     84,500       1,499,212  

Welcia Holdings Co. Ltd.

     19,000       962,428  

West Japan Railway Co.

     63,706       4,438,627  

Yahoo Japan Corp.

     1,109,700       3,177,135  

Yakult Honsha Co. Ltd.

     45,379       3,417,966  

Yamada Denki Co. Ltd.

     283,000       1,368,691  

Yamaguchi Financial Group, Inc.

     74,281       769,541  

Yamaha Corp.

     56,281       2,424,473  

Yamaha Motor Co. Ltd.

     111,674       2,297,131  

Yamato Holdings Co. Ltd.

     127,071       3,356,582  

Yamazaki Baking Co. Ltd.

     53,200       1,116,818  

Yaskawa Electric Corp.

     97,220       3,031,835  

Yokogawa Electric Corp.

     92,644       1,702,466  

Yokohama Rubber Co. Ltd.

     43,904       918,961  

ZOZO, Inc.

     82,197       1,828,370  
   

 

 

  
      1,320,122,547  
   

 

 

  
Jersey Island — 0.1%            

Randgold Resources Ltd.

     38,888       3,105,966  
   

 

 

  
Luxembourg — 0.3%            

ArcelorMittal

     269,163       6,098,988  

Aroundtown SA

     311,576       2,664,927  

Eurofins Scientific SE

     4,573       1,982,836  

Millicom International Cellular SA SDR

     25,508       1,501,847  

RTL Group SA

     14,608       874,023  

SES SA

     147,177       3,190,771  

Tenaris SA

     190,115       2,286,821  
   

 

 

  
      18,600,213  
   

 

 

  
Macau — 0.1%            

MGM China Holdings Ltd. (b)

     382,097       652,456  

Sands China Ltd.

     967,412       4,185,442  

Wynn Macau Ltd.

     724,599       1,646,647  
   

 

 

  
      6,484,545  
   

 

 

  
Mexico — 0.0%            

Fresnillo PLC

     92,392       886,976  
   

 

 

  
Netherlands — 4.6%            

ABN AMRO Group NV, 144A

     170,309       4,342,030  
   

Number
of Shares

    

Value

  
Netherlands (Continued)            

Aegon NV

     721,365     $ 4,015,523  

Akzo Nobel NV

     104,753       8,787,625  

ASML Holding NV

     165,192       27,883,899  

EXOR NV

     43,541       2,558,307  

Heineken Holding NV

     43,471       3,836,212  

Heineken NV

     105,649       9,666,541  

ING Groep NV

     1,567,190       18,955,812  

Koninklijke Ahold Delhaize NV

     502,502       12,916,539  

Koninklijke DSM NV

     73,253       6,488,452  

Koninklijke KPN NV

     1,374,938       4,067,330  

Koninklijke Philips NV

     380,380       14,316,303  

Koninklijke Vopak NV

     27,186       1,188,008  

NN Group NV (b)

     123,148       5,237,878  

NXP Semiconductors NV

     137,460       11,460,040  

QIAGEN NV*

     91,681       3,222,759  

Randstad NV

     46,023       2,239,382  

Royal Dutch Shell PLC, Class A

     1,849,644       55,858,410  

Royal Dutch Shell PLC, Class B

     1,512,588       46,170,959  

Wolters Kluwer NV

     117,532       7,094,685  
   

 

 

  
      250,306,694  
   

 

 

  
New Zealand — 0.2%            

a2 Milk Co. Ltd.*

     296,284       2,107,935  

Auckland International Airport Ltd.

     392,613       1,943,148  

Fisher & Paykel Healthcare Corp. Ltd.

     253,898       2,321,237  

Fletcher Building Ltd.*

     355,915       1,164,560  

Meridian Energy Ltd.

     513,541       1,166,689  

Ryman Healthcare Ltd.

     141,997       1,131,283  

Spark New Zealand Ltd.

     739,627       2,150,611  
   

 

 

  
      11,985,463  
   

 

 

  
Norway — 0.7%            

Aker BP ASA

     44,588       1,263,738  

DNB ASA

     387,917       6,657,214  

Equinor ASA

     474,455       11,068,050  

Gjensidige Forsikring ASA

     76,964       1,200,820  

Marine Harvest ASA

     167,059       3,908,802  

Norsk Hydro ASA

     551,858       2,600,423  

Orkla ASA

     324,907       2,683,979  

Schibsted ASA, Class B

     37,235       1,247,687  

Telenor ASA

     303,618       5,879,942  

Yara International ASA

     73,002       2,932,871  
   

 

 

  
      39,443,526  
   

 

 

  
Portugal — 0.1%            

EDP — Energias de Portugal SA

     1,026,680       3,588,051  

Galp Energia SGPS SA

     202,081       3,320,698  

Jeronimo Martins SGPS SA

     96,286       1,148,922  
   

 

 

  
      8,057,671  
   

 

 

  
Singapore — 1.3%            

Ascendas Real Estate Investment Trust REIT

     1,194,800       2,238,236  

CapitaLand Commercial Trust REIT

     1,198,080       1,519,542  

CapitaLand Ltd.

     1,128,000       2,565,318  

CapitaLand Mall Trust REIT

     941,900       1,544,774  

City Developments Ltd.

     145,500       894,063  

ComfortDelGro Corp. Ltd.

     845,100       1,293,615  
 

 

See Notes to Financial Statements.   10  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Singapore (Continued)            

DBS Group Holdings Ltd.

     718,995     $ 12,777,242  

Genting Singapore Ltd.

     2,454,578       1,735,506  

Golden Agri-Resources Ltd.

     2,826,900       504,840  

Jardine Cycle & Carriage Ltd.

     39,900       1,023,748  

Keppel Corp. Ltd.

     548,800       2,424,177  

Oversea-Chinese Banking Corp. Ltd.

     1,281,722       10,519,855  

SATS Ltd.

     317,400       1,108,205  

Sembcorp Industries Ltd.

     397,400       756,042  

Singapore Airlines Ltd.

     241,200       1,671,996  

Singapore Exchange Ltd.

     307,800       1,642,318  

Singapore Press Holdings Ltd.

     521,011       1,002,602  

Singapore Technologies Engineering Ltd.

     608,000       1,573,293  

Singapore Telecommunications Ltd.

     3,239,789       7,273,526  

Suntec Real Estate Investment Trust REIT

     934,700       1,199,119  

United Overseas Bank Ltd.

     528,854       9,695,078  

UOL Group Ltd.

     202,481       901,785  

Venture Corp. Ltd.

     118,200       1,284,614  

Wilmar International Ltd.

     777,066       1,721,904  
   

 

 

  
      68,871,398  
   

 

 

  
South Africa — 0.0%            

Investec PLC

     271,363       1,646,961  
   

 

 

  
Spain — 2.9%            

ACS Actividades de Construccion y Servicios SA

     104,920       4,024,283  

Aena SME SA, 144A

     27,285       4,330,707  

Amadeus IT Group SA

     177,021       12,677,711  

Banco Bilbao Vizcaya Argentaria SA

     2,678,429       15,215,900  

Banco de Sabadell SA

     2,252,571       2,874,017  

Banco Santander SA

     6,595,631       31,249,183  

Bankia SA

     454,481       1,500,856  

Bankinter SA

     259,454       2,167,722  

CaixaBank SA

     1,437,781       5,916,761  

Enagas SA (b)

     93,275       2,562,842  

Endesa SA

     130,725       2,912,531  

Ferrovial SA

     193,527       3,980,919  

Grifols SA

     122,024       3,420,446  

Iberdrola SA

     2,417,819       18,038,319  

Industria de Diseno Textil SA

     436,643       13,391,288  

Mapfre SA

     445,372       1,273,125  

Naturgy Energy Group SA (b)

     142,188       3,517,234  

Red Electrica Corp. SA

     174,555       3,757,643  

Repsol SA

     555,091       9,583,428  

Siemens Gamesa Renewable Energy SA*

     91,878       1,294,994  

Telefonica SA

     1,881,933       16,890,972  
   

 

 

  
      160,580,881  
   

 

 

  
Sweden — 2.4%            

Alfa Laval AB

     119,375       2,567,500  

Assa Abloy AB, Class B

     405,642       7,539,243  

Atlas Copco AB, Class A

     267,834       6,565,186  

Atlas Copco AB, Class B

     157,852       3,567,585  

Boliden AB

     110,037       2,464,566  

Electrolux AB, Series B

     106,219       2,412,888  
   

Number
of Shares

    

Value

  
Sweden (Continued)            

Epiroc AB, Class A*

     259,844     $ 2,127,298  

Epiroc AB, Class B*

     145,882       1,172,357  

Essity AB, Class B

     242,031       6,199,890  

Hennes & Mauritz AB, Class B (b)

     352,860       6,497,773  

Hexagon AB, Class B

     103,283       5,142,793  

Husqvarna AB, Class B

     184,104       1,449,592  

ICA Gruppen AB (b)

     32,998       1,196,876  

Industrivarden AB, Class C

     63,017       1,292,023  

Investor AB, Class B

     185,178       8,109,985  

Kinnevik AB, Class B

     90,190       2,287,530  

L E Lundbergforetagen AB, Class B

     28,530       852,423  

Lundin Petroleum AB

     76,288       2,006,995  

Sandvik AB

     457,256       6,780,748  

Securitas AB, Class B

     117,130       1,972,399  

Skandinaviska Enskilda Banken AB, Class A

     666,129       6,936,671  

Skanska AB, Class B

     135,108       2,123,016  

SKF AB, Class B

     146,013       2,304,797  

Svenska Handelsbanken AB, Class A

     621,383       6,842,711  

Swedbank AB, Class A

     373,790       8,684,054  

Swedish Match AB

     69,170       2,700,347  

Tele2 AB, Class B

     201,183       2,515,989  

Telefonaktiebolaget LM Ericsson, Class B

     1,241,769       10,355,748  

Telia Co. AB

     1,143,129       5,272,609  

Volvo AB, Class B

     635,179       8,833,123  
   

 

 

  
      128,774,715  
   

 

 

  
Switzerland — 9.0%            

ABB Ltd.

     744,042       15,051,388  

Adecco Group AG

     62,628       3,096,765  

Baloise Holding AG

     19,665       2,889,567  

Barry Callebaut AG

     909       1,538,581  

Chocoladefabriken Lindt & Spruengli AG

     44       3,536,560  

Chocoladefabriken Lindt & Spruengli AG Participation Certificates

     394       2,689,635  

Cie Financiere Richemont SA

     208,993       13,580,727  

Clariant AG*

     90,291       1,787,202  

Coca-Cola HBC AG*

     82,873       2,464,711  

Credit Suisse Group AG*

     1,030,614       12,152,178  

Dufry AG*(b)

     11,807       1,253,914  

EMS-Chemie Holding AG

     3,197       1,716,822  

Ferguson PLC

     94,126       6,020,955  

Geberit AG

     14,867       5,791,739  

Givaudan SA

     3,718       9,154,977  

Glencore PLC*

     4,637,485       17,145,777  

Julius Baer Group Ltd.*

     87,476       3,531,262  

Kuehne + Nagel International AG

     21,563       3,032,482  

LafargeHolcim Ltd.*

     195,435       8,761,857  

Lonza Group AG*

     30,172       9,751,803  

Nestle SA

     1,234,330       105,190,787  

Novartis AG

     874,982       79,664,044  

Pargesa Holding SA

     13,183       912,471  

Partners Group Holding AG

     7,069       4,631,060  

Roche Holding AG

     283,453       73,512,509  

Schindler Holding AG

     8,405       1,593,421  
 

 

See Notes to Financial Statements.   11  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Switzerland (Continued)            

Schindler Holding AG Participation Certificates

     15,425     $ 3,087,934  

SGS SA

     2,092       4,954,379  

Sika AG

     52,319       6,478,014  

Sonova Holding AG

     22,432       3,622,845  

STMicroelectronics NV

     273,775       4,007,552  

Straumann Holding AG

     4,191       2,563,136  

Swatch Group AG — Bearer

     12,428       3,698,358  

Swatch Group AG — Registered

     21,653       1,266,821  

Swiss Life Holding AG*

     13,997       5,490,640  

Swiss Prime Site AG*

     31,330       2,584,047  

Swiss Re AG

     122,811       11,218,389  

Swisscom AG

     10,645       5,107,000  

Temenos AG*

     24,070       2,980,290  

UBS Group AG*

     1,561,705       21,095,249  

Vifor Pharma AG

     18,753       2,311,628  

Zurich Insurance Group AG

     61,182       19,198,796  
   

 

 

  
      490,118,272  
   

 

 

  
United Arab Emirates — 0.0%            

NMC Health PLC

     38,143       1,602,941  
   

 

 

  
United Kingdom — 14.4%            

3i Group PLC

     392,409       4,168,202  

Admiral Group PLC

     78,570       2,086,443  

Anglo American PLC

     421,812       8,418,180  

Ashtead Group PLC

     198,882       4,457,726  

Associated British Foods PLC

     143,225       4,423,882  

AstraZeneca PLC

     510,981       39,828,624  

Auto Trader Group PLC, 144A

     367,096       2,050,701  

Aviva PLC

     1,624,362       8,424,212  

Babcock International Group PLC

     95,149       688,660  

BAE Systems PLC

     1,291,258       8,083,731  

Barclays PLC

     6,885,345       14,290,438  

Barratt Developments PLC

     405,832       2,390,167  

Berkeley Group Holdings PLC

     49,598       2,038,828  

BP PLC

     8,048,978       53,333,018  

British American Tobacco PLC

     925,122       32,417,818  

British Land Co. PLC REIT

     381,469       2,744,430  

BT Group PLC

     3,401,071       11,354,527  

Bunzl PLC

     135,664       4,176,511  

Burberry Group PLC

     164,116       3,715,080  

Centrica PLC

     2,304,765       4,045,483  

CNH Industrial NV

     421,277       4,101,598  

Coca-Cola European Partners PLC

     88,242       4,283,267  

Compass Group PLC

     642,260       13,736,759  

ConvaTec Group PLC, 144A

     527,668       1,021,677  

Croda International PLC

     52,877       3,285,357  

Diageo PLC

     995,243       35,807,087  

Direct Line Insurance Group PLC

     518,915       2,168,813  

easyJet PLC

     67,102       951,234  

Experian PLC

     374,593       9,100,150  

Fiat Chrysler Automobiles NV*

     435,032       7,176,740  

G4S PLC

     586,127       1,448,550  

GlaxoSmithKline PLC

     2,003,089       41,390,060  

Hammerson PLC REIT

     325,898       1,602,954  

Hargreaves Lansdown PLC

     115,182       2,790,828  

HSBC Holdings PLC

     8,022,029       67,904,812  

Imperial Brands PLC

     384,759       11,815,658  
   

Number
of Shares

    

Value

  
United Kingdom (Continued)            

Informa PLC

     513,610     $ 4,523,653  

InterContinental Hotels Group PLC

     69,613       3,725,561  

International Consolidated Airlines Group SA

     245,021       1,958,371  

Intertek Group PLC

     64,897       3,884,161  

ITV PLC

     1,494,852       2,765,775  

J Sainsbury PLC

     709,167       2,756,135  

John Wood Group PLC

     277,894       2,248,563  

Johnson Matthey PLC

     73,839       2,751,156  

Kingfisher PLC

     847,539       2,699,925  

Land Securities Group PLC REIT

     299,310       3,101,492  

Legal & General Group PLC

     2,458,136       7,670,908  

Lloyds Banking Group PLC

     29,000,795       20,457,759  

London Stock Exchange Group PLC

     127,180       6,535,805  

Marks & Spencer Group PLC

     655,384       2,444,391  

Meggitt PLC

     312,830       2,065,655  

Melrose Industries PLC

     1,905,349       4,287,630  

Merlin Entertainments PLC, 144A

     291,541       1,248,591  

Micro Focus International PLC

     183,386       3,596,308  

Mondi PLC

     148,858       3,242,600  

National Grid PLC

     1,352,623       14,355,612  

Next PLC

     57,225       3,573,737  

Pearson PLC

     313,299       3,846,075  

Persimmon PLC

     129,389       3,132,586  

Prudential PLC

     1,046,802       20,548,415  

Reckitt Benckiser Group PLC

     269,569       22,368,477  

RELX PLC

     794,254       16,522,078  

Rio Tinto Ltd.

     149,651       8,015,338  

Rio Tinto PLC

     477,197       21,641,022  

Rolls-Royce Holdings PLC*

     677,197       7,331,310  

Rolls-Royce Holdings PLC —Entitlement*(d)

     30,603,202       38,996  

Royal Bank of Scotland Group PLC

     1,929,547       5,364,907  

Royal Mail PLC

     335,605       1,367,600  

RSA Insurance Group PLC

     415,090       2,869,949  

Sage Group PLC

     447,596       3,315,991  

Schroders PLC

     47,999       1,545,573  

Segro PLC REIT

     407,677       3,133,499  

Severn Trent PLC

     96,113       2,241,224  

Smith & Nephew PLC

     352,393       6,398,736  

Smiths Group PLC

     150,298       2,661,116  

SSE PLC

     408,216       5,698,420  

St James’s Place PLC

     213,310       2,733,036  

Standard Chartered PLC

     1,126,177       8,745,027  

Standard Life Aberdeen PLC

     979,840       3,313,662  

Taylor Wimpey PLC

     1,262,057       2,154,943  

Tesco PLC

     3,937,397       9,911,476  

Unilever NV

     622,793       34,551,823  

Unilever PLC

     455,769       24,644,560  

United Utilities Group PLC

     258,079       2,500,615  

Vodafone Group PLC

     10,763,709       23,171,093  

Weir Group PLC

     92,418       1,735,826  

Whitbread PLC

     74,128       4,343,135  

Wm Morrison Supermarkets PLC

     890,889       2,697,256  

WPP PLC

     509,338       5,619,216  
   

 

 

  
      785,778,973  
   

 

 

  
 

 

See Notes to Financial Statements.   12  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
United States — 0.5%            

Carnival PLC

     72,594     $ 4,211,632  

Shire PLC

     368,930       21,389,836  
   

 

 

  
      25,601,468  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $5,636,816,135)

       5,285,393,055  
   

 

 

  
PREFERRED STOCKS — 0.5%    
Germany — 0.5%    

Bayerische Motoren Werke AG

     20,998       1,523,782  

FUCHS PETROLUB SE

     26,713       1,105,645  

Henkel AG & Co. KGaA

     71,941       8,299,224  

Porsche Automobil Holding SE

     61,509       3,934,359  

Sartorius AG

     14,360       1,822,414  

Volkswagen AG

     74,250       12,516,359  
   

 

 

  
      29,201,783  
   

 

 

  

TOTAL PREFERRED STOCKS
(Cost $37,964,783)

       29,201,783  
   

 

 

  
SECURITIES LENDING COLLATERAL — 1.2%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (e)(f)
(Cost $67,371,547)

     67,371,547       67,371,547  
   

 

 

  
   

Number
of Shares

    

Value

  
United States (Continued)            
CASH EQUIVALENTS — 1.6%    

DWS ESG Liquidity Fund “Capital Shares”, 2.44% (e)

     50,000,000     $ 50,000,000  

DWS Government Money Market Series “Institutional Shares”, 2.15% (e)

     39,783,595       39,783,595  
   

 

 

  

TOTAL CASH EQUIVALENTS
(Cost $89,783,595)

       89,783,595  
   

 

 

  

TOTAL INVESTMENTS — 100.1%

(Cost $5,831,936,060)

     $ 5,471,749,980  

Other assets and liabilities, net — (0.1%)

       (6,225,387 ) 
   

 

 

  

NET ASSETS — 100.0%

     $ 5,465,524,593  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

COMMON STOCKS — 0.1%

 

Germany — 0.1%

 

Deutsche Bank AG (c)

 

8,570,145     470,890       (602,292 )      (23,776 )      (1,185,697 )      —       —       791,974       7,229,270  
               

SECURITIES LENDING COLLATERAL — 1.2%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12%, (e)(f)

 

206,357,389     —       (138,985,842 ) (g)      —       —       631,337       —       67,371,547       67,371,547  

CASH EQUIVALENTS — 1.6%

 

DWS ESG Liquidity Fund “Capital Shares”, 2.44% (e)

 

—     50,000,000       —       —       —       46,651       —       50,000,000       50,000,000  

DWS Government Money Market Series “Institutional Shares”, 2.15% (e)

 

—     514,826,994       (475,043,399 )      —       —       332,867       —       39,783,595       39,783,595  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
214,927,534     565,297,884       (614,631,533 )      (23,776 )      (1,185,697 )      1,010,855       —       157,947,116       164,384,412  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2018 amounted to $65,475,199, which is 1.2% of net assets.

(c)

Affiliated issuer. This security is owned in proportion with its representation in the index.

(d)

Investment was valued using significant unobservable inputs.

(e)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(f)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $7,850,319.

 

See Notes to Financial Statements.   13  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

(g)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018.

 

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, 2018, 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        58      $ 6,882,055      $ 6,818,091        12/21/2018      $ (86,356 ) 

CAC40 10 EURO Futures

      EUR        245        13,981,001        13,840,554        12/21/2018        (185,405 ) 

DAX Index Futures

      EUR        38        13,443,602        12,097,225        12/21/2018        (930,280 ) 

FTSE/MIB Index Futures

      EUR        23        2,827,772        2,496,304        12/21/2018        (245,932 ) 

FTSE 100 Index Futures

      GBP        221        21,176,631        19,625,232        12/21/2018        (905,420 ) 

HANG SENG Index Futures

      HKD        27        4,572,446        4,577,818        12/28/2018        5,279  

IBEX 35 Index Futures

      EUR        35        3,579,631        3,582,338        12/21/2018        (8,811 ) 

MSCI EAFE Futures

      USD        285        27,083,790        25,882,275        12/21/2018        (1,201,515 ) 

MSCI SING IX ETS

      SGD        70        1,764,451        1,778,446        12/28/2018        10,713  

OMXS30 Index Futures

      SEK        182        3,039,610        3,022,788        12/21/2018        (2,444 ) 

SPI 200 Futures

      AUD        90        9,377,001        9,331,009        12/20/2018        (297,157 ) 

SWISS MKT IX Futures

      CHF        139        12,868,322        12,570,592        12/21/2018        180,829  

TOPIX Index Futures

      JPY        230        34,830,335        33,796,415        12/13/2018        (389,224 ) 
                 

 

 

  

Total net unrealized depreciation

                   $ (4,055,723 ) 
                 

 

 

  

As of November 30, 2018, 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.

    12/5/2018    AUD      202,974,700      USD      143,903,379      $ —      $ (4,463,619 ) 

RBC Capital Markets

    12/5/2018    AUD      23,000,000      USD      16,305,505        —        (506,644 ) 

The Bank of Nova Scotia

    12/5/2018    AUD      310,652,742      USD      220,231,048        —        (6,844,616 ) 

JP Morgan & Chase Co.

    12/5/2018    CHF      96,576,800      USD      96,285,728        —        (443,773 ) 

RBC Capital Markets

    12/5/2018    CHF      117,430,800      USD      117,045,720        —        (570,754 ) 

The Bank of New York Mellon

    12/5/2018    CHF      67,308,400      USD      67,104,470        —        (310,354 ) 

The Bank of Nova Scotia

    12/5/2018    CHF      195,193,500      USD      194,549,541        —        (952,586 ) 

JP Morgan & Chase Co.

    12/5/2018    DKK      171,600,800      USD      26,130,214        85,466        —  

RBC Capital Markets

    12/5/2018    DKK      162,848,700      USD      24,791,240        74,844        —  

The Bank of New York Mellon

    12/5/2018    DKK      57,363,600      USD      8,735,040        28,667        —  

The Bank of Nova Scotia

    12/5/2018    DKK      233,296,100      USD      35,510,921        102,355        —  

Goldman Sachs & Co.

    12/5/2018    EUR      304,547,200      USD      345,931,510        964,673        —  

JP Morgan & Chase Co.

    12/5/2018    EUR      509,397,100      USD      578,625,694        1,621,189        —  

RBC Capital Markets

    12/5/2018    EUR      552,809,800      USD      627,798,449        1,619,492        —  

The Bank of New York Mellon

    12/5/2018    EUR      41,575,000      USD      47,225,458        132,606        —  

The Bank of Nova Scotia

    12/5/2018    EUR      193,137,200      USD      219,334,330        563,877        —  

Goldman Sachs & Co.

    12/5/2018    GBP      52,179,600      USD      66,764,059        252,242        —  

JP Morgan & Chase Co.

    12/5/2018    GBP      275,957,000      USD      353,093,329        1,338,971        —  

RBC Capital Markets

    12/5/2018    GBP      159,532,500      USD      204,101,095        749,659        —  

The Bank of New York Mellon

    12/5/2018    GBP      118,775,700      USD      151,977,665        577,737        —  

The Bank of Nova Scotia

    12/5/2018    GBP      168,610,900      USD      215,714,041        790,634        —  

JP Morgan & Chase Co.

    12/5/2018    HKD      495,832,400      USD      63,318,497        —        (64,088 ) 

RBC Capital Markets

    12/5/2018    HKD      323,985,200      USD      41,369,495        —        (45,748 ) 

The Bank of New York Mellon

    12/5/2018    HKD      67,018,400      USD      8,558,199        —        (8,808 ) 

The Bank of Nova Scotia

    12/5/2018    HKD      613,610,800      USD      78,342,628        —        (95,648 ) 

Goldman Sachs & Co.

    12/5/2018    ILS      8,809,400      USD      2,373,030        3,116        —  

JP Morgan & Chase Co.

    12/5/2018    ILS      13,245,900      USD      3,567,764        4,338        —  

 

See Notes to Financial Statements.   14  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

RBC Capital Markets

    12/5/2018    ILS      2,176,200      USD      586,086      $ 642      $ —  

The Bank of Nova Scotia

    12/5/2018    ILS      37,389,200      USD      10,066,555        8,072        —  

Goldman Sachs & Co.

    12/5/2018    JPY      31,798,412,800      USD      282,405,297        2,124,801        —  

JP Morgan & Chase Co.

    12/5/2018    JPY      44,154,971,400      USD      392,152,603        2,957,792        —  

RBC Capital Markets

    12/5/2018    JPY      40,880,813,600      USD      363,001,035        2,665,607        —  

The Bank of New York Mellon

    12/5/2018    JPY      25,920,516,100      USD      230,210,188        1,739,190        —  

The Bank of Nova Scotia

    12/5/2018    JPY      16,751,930,200      USD      148,746,062        1,089,657        —  

Goldman Sachs & Co.

    12/5/2018    NOK      46,893,700      USD      5,586,940        129,475        —  

JP Morgan & Chase Co.

    12/5/2018    NOK      44,938,100      USD      5,353,696        123,823        —  

RBC Capital Markets

    12/5/2018    NOK      102,665,200      USD      12,229,400        281,275        —  

The Bank of New York Mellon

    12/5/2018    NOK      84,162,700      USD      10,026,754        231,941        —  

The Bank of Nova Scotia

    12/5/2018    NOK      78,496,300      USD      9,349,862        214,502        —  

JP Morgan & Chase Co.

    12/5/2018    NZD      1,338,000      USD      873,982        —        (45,834 ) 

RBC Capital Markets

    12/5/2018    NZD      6,408,200      USD      4,185,836        —        (219,515 ) 

The Bank of Nova Scotia

    12/5/2018    NZD      11,788,100      USD      7,699,398        —        (404,395 ) 

JP Morgan & Chase Co.

    12/5/2018    SEK      256,280,500      USD      28,113,898        —        (53,742 ) 

RBC Capital Markets

    12/5/2018    SEK      524,605,000      USD      57,535,726        —        (123,303 ) 

The Bank of New York Mellon

    12/5/2018    SEK      175,078,200      USD      19,206,048        —        (36,695 ) 

The Bank of Nova Scotia

    12/5/2018    SEK      444,408,700      USD      48,735,971        —        (108,730 ) 

Goldman Sachs & Co.

    12/5/2018    SGD      7,552,700      USD      5,457,350        —        (48,443 ) 

JP Morgan & Chase Co.

    12/5/2018    SGD      47,627,600      USD      34,415,890        —        (303,841 ) 

RBC Capital Markets

    12/5/2018    SGD      31,316,400      USD      22,627,620        —        (201,517 ) 

The Bank of Nova Scotia

    12/5/2018    SGD      10,591,300      USD      7,652,397        —        (68,485 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      148,222,275      AUD      202,974,700        144,723        —  

RBC Capital Markets

    12/5/2018    USD      16,795,750      AUD      23,000,000        16,399        —  

The Bank of Nova Scotia

    12/5/2018    USD      2,502,150      AUD      3,436,500        9,804        —  

The Bank of Nova Scotia

    12/5/2018    USD      211,828,687      AUD      290,076,942        206,828        —  

The Bank of Nova Scotia

    12/5/2018    USD      10,933,797      AUD      15,421,000        338,383        —  

The Bank of Nova Scotia

    12/5/2018    USD      1,239,805      AUD      1,718,300        16,209        —  

JP Morgan & Chase Co.

    12/5/2018    USD      96,639,616      CHF      96,576,800        89,885        —  

RBC Capital Markets

    12/5/2018    USD      117,507,180      CHF      117,430,800        109,294        —  

The Bank of New York Mellon

    12/5/2018    USD      1,568,113      CHF      1,570,900        5,270        —  

The Bank of New York Mellon

    12/5/2018    USD      65,786,774      CHF      65,737,500        54,666        —  

The Bank of Nova Scotia

    12/5/2018    USD      3,144,174      CHF      3,141,800        2,594        —  

The Bank of Nova Scotia

    12/5/2018    USD      192,176,615      CHF      192,051,700        178,745        —  

JP Morgan & Chase Co.

    12/5/2018    USD      20,400,438      DKK      134,456,800        6,772        —  

JP Morgan & Chase Co.

    12/5/2018    USD      5,656,447      DKK      37,144,000        —        (18,909 ) 

RBC Capital Markets

    12/5/2018    USD      595,843      DKK      3,876,700        —        (7,456 ) 

RBC Capital Markets

    12/5/2018    USD      24,118,093      DKK      158,972,000        9,916        —  

The Bank of New York Mellon

    12/5/2018    USD      8,409,439      DKK      55,425,300        2,748        —  

The Bank of New York Mellon

    12/5/2018    USD      297,164      DKK      1,938,300        —        (2,979 ) 

The Bank of Nova Scotia

    12/5/2018    USD      35,394,013      DKK      233,296,100        14,553        —  

Goldman Sachs & Co.

    12/5/2018    USD      5,564,427      EUR      4,866,600        —        (51,929 ) 

Goldman Sachs & Co.

    12/5/2018    USD      11,157,469      EUR      9,733,200        —        (132,474 ) 

Goldman Sachs & Co.

    12/5/2018    USD      142,282,566      EUR      125,258,000        —        (400,270 ) 

Goldman Sachs & Co.

    12/5/2018    USD      186,484,231      EUR      164,689,400        62,818        —  

JP Morgan & Chase Co.

    12/5/2018    USD      576,764,866      EUR      509,397,100        239,638        —  

RBC Capital Markets

    12/5/2018    USD      625,918,896      EUR      552,809,800        260,061        —  

The Bank of New York Mellon

    12/5/2018    USD      47,077,036      EUR      41,575,000        15,817        —  

The Bank of Nova Scotia

    12/5/2018    USD      218,679,595      EUR      193,137,200        90,859        —  

Goldman Sachs & Co.

    12/5/2018    USD      3,171,277      GBP      2,428,800        —        (75,356 ) 

Goldman Sachs & Co.

    12/5/2018    USD      49,034,379      GBP      38,322,000        —        (186,440 ) 

Goldman Sachs & Co.

    12/5/2018    USD      8,384,582      GBP      6,571,200        —        (8,464 ) 

Goldman Sachs & Co.

    12/5/2018    USD      6,388,983      GBP      4,857,600        —        (197,141 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      352,093,536      GBP      275,957,000        —        (339,179 ) 

RBC Capital Markets

    12/5/2018    USD      203,547,517      GBP      159,532,500        —        (196,082 ) 

The Bank of New York Mellon

    12/5/2018    USD      151,553,042      GBP      118,775,700        —        (153,114 ) 

The Bank of Nova Scotia

    12/5/2018    USD      215,130,647      GBP      168,610,900        —        (207,240 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      63,359,090      HKD      495,832,400        23,495        —  

RBC Capital Markets

    12/5/2018    USD      41,399,891      HKD      323,985,200        15,352        —  

 

See Notes to Financial Statements.   15  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		    Currency To
Deliver		      Currency To Receive      Unrealized
Appreciation		      Unrealized
Depreciation		  

The Bank of New York Mellon

    12/5/2018    USD      8,564,230      HKD      67,018,400      $ 2,776      $ —  

The Bank of Nova Scotia

    12/5/2018    USD      56,705,057      HKD      443,759,600        21,027        —  

The Bank of Nova Scotia

    12/5/2018    USD      19,994,432      HKD      156,560,000        18,737        —  

The Bank of Nova Scotia

    12/5/2018    USD      1,132,953      HKD      8,860,800        —        (271 ) 

The Bank of Nova Scotia

    12/5/2018    USD      566,400      HKD      4,430,400        —        (59 ) 

Goldman Sachs & Co.

    12/5/2018    USD      2,362,593      ILS      8,809,400        7,321        —  

JP Morgan & Chase Co.

    12/5/2018    USD      3,552,408      ILS      13,245,900        11,018        —  

RBC Capital Markets

    12/5/2018    USD      55,212      ILS      203,100        —        (574 ) 

RBC Capital Markets

    12/5/2018    USD      420,209      ILS      1,566,800        1,294        —  

RBC Capital Markets

    12/5/2018    USD      111,032      ILS      406,300        —        (1,728 ) 

The Bank of Nova Scotia

    12/5/2018    USD      10,026,737      ILS      37,389,200        31,746        —  

Goldman Sachs & Co.

    12/5/2018    USD      4,320,317      JPY      488,153,900        —        (17,586 ) 

Goldman Sachs & Co.

    12/5/2018    USD      166,464,205      JPY      18,900,662,100        131,750        —  

Goldman Sachs & Co.

    12/5/2018    USD      8,615,973      JPY      976,307,800        —        (10,511 ) 

Goldman Sachs & Co.

    12/5/2018    USD      101,542,856      JPY      11,433,289,000        —        (766,509 ) 

JP Morgan & Chase Co.

    12/5/2018    USD      388,859,281      JPY      44,154,971,400        335,530        —  

RBC Capital Markets

    12/5/2018    USD      360,024,779      JPY      40,880,813,600        310,650        —  

The Bank of New York Mellon

    12/5/2018    USD      228,292,124      JPY      25,920,516,100        178,873        —  

The Bank of Nova Scotia

    12/5/2018    USD      147,529,108      JPY      16,751,930,200        127,297        —  

Goldman Sachs & Co.

    12/5/2018    USD      141,040      NOK      1,177,400        —        (4,015 ) 

Goldman Sachs & Co.

    12/5/2018    USD      5,314,103      NOK      45,716,300        6,338        —  

JP Morgan & Chase Co.

    12/5/2018    USD      4,949,854      NOK      42,583,200        5,958        —  

JP Morgan & Chase Co.

    12/5/2018    USD      282,650      NOK      2,354,900        —        (8,588 ) 

RBC Capital Markets

    12/5/2018    USD      11,933,795      NOK      102,665,200        14,329        —  

The Bank of New York Mellon

    12/5/2018    USD      9,783,054      NOK      84,162,700        11,759        —  

The Bank of Nova Scotia

    12/5/2018    USD      9,124,029      NOK      78,496,300        11,331        —  

JP Morgan & Chase Co.

    12/5/2018    USD      830,614      NZD      1,209,200        657        —  

JP Morgan & Chase Co.

    12/5/2018    USD      87,407      NZD      128,800        1,137        —  

RBC Capital Markets

    12/5/2018    USD      4,401,869      NZD      6,408,200        3,482        —  

The Bank of Nova Scotia

    12/5/2018    USD      42,949      NZD      64,400        1,323        —  

The Bank of Nova Scotia

    12/5/2018    USD      8,053,010      NZD      11,723,700        6,511        —  

JP Morgan & Chase Co.

    12/5/2018    USD      28,161,328      SEK      256,280,500        6,313        —  

RBC Capital Markets

    12/5/2018    USD      11,062,310      SEK      100,835,000        20,406        —  

RBC Capital Markets

    12/5/2018    USD      952,417      SEK      8,568,400        —        (10,669 ) 

RBC Capital Markets

    12/5/2018    USD      45,621,035      SEK      415,201,600        13,531        —  

The Bank of New York Mellon

    12/5/2018    USD      19,238,466      SEK      175,078,200        4,277        —  

The Bank of Nova Scotia

    12/5/2018    USD      48,359,484      SEK      440,124,500        14,343        —  

The Bank of Nova Scotia

    12/5/2018    USD      474,276      SEK      4,284,200        —        (3,402 ) 

Goldman Sachs & Co.

    12/5/2018    USD      223,913      SGD      307,600        322        —  

Goldman Sachs & Co.

    12/5/2018    USD      448,877      SGD      615,200        —        (406 ) 

Goldman Sachs & Co.

    12/5/2018    USD      2,073,550      SGD      2,844,900        335        —  

Goldman Sachs & Co.

    12/5/2018    USD      2,734,894      SGD      3,785,000        24,309        —  

JP Morgan & Chase Co.

    12/5/2018    USD      34,714,171      SGD      47,627,600        5,560        —  

RBC Capital Markets

    12/5/2018    USD      22,825,364      SGD      31,316,400        3,773        —  

The Bank of Nova Scotia

    12/5/2018    USD      7,719,606      SGD      10,591,300        1,276        —  

JP Morgan & Chase Co.

    1/4/2019    AUD      202,974,700      USD      148,291,286        —        (154,923 ) 

RBC Capital Markets

    1/4/2019    AUD      23,000,000      USD      16,803,685        —        (17,440 ) 

The Bank of Nova Scotia

    1/4/2019    AUD      290,076,942      USD      211,925,863        —        (222,856 ) 

JP Morgan & Chase Co.

    1/4/2019    CHF      96,576,800      USD      96,982,186        —        (97,922 ) 

RBC Capital Markets

    1/4/2019    CHF      117,430,800      USD      117,923,721        —        (119,067 ) 

RBC Capital Markets

    1/4/2019    CHF      4,000,000      USD      4,017,137        —        (3,709 ) 

The Bank of New York Mellon

    1/4/2019    CHF      65,737,500      USD      66,007,471        —        (72,619 ) 

The Bank of Nova Scotia

    1/4/2019    CHF      192,051,700      USD      192,853,973        —        (198,601 ) 

JP Morgan & Chase Co.

    1/4/2019    DKK      134,456,800      USD      20,466,942        —        (7,704 ) 

RBC Capital Markets

    1/4/2019    DKK      26,000,000      USD      3,957,315        —        (1,881 ) 

RBC Capital Markets

    1/4/2019    DKK      158,972,000      USD      24,195,547        —        (12,196 ) 

The Bank of New York Mellon

    1/4/2019    DKK      55,425,300      USD      8,437,483        —        (2,503 ) 

The Bank of Nova Scotia

    1/4/2019    DKK      233,296,100      USD      35,503,356        —        (22,220 ) 

Goldman Sachs & Co.

    1/4/2019    EUR      164,689,400      USD      187,054,550        —        (78,843 ) 

JP Morgan & Chase Co.

    1/4/2019    EUR      509,397,100      USD      578,522,286        —        (295,827 ) 

 

See Notes to Financial Statements.   16  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

Counterparty

    Settlement
Date		      Currency To
Deliver		      Currency To
Receive		      Unrealized
Appreciation		      Unrealized
Depreciation		  

JP Morgan & Chase Co.

      1/4/2019        EUR        12,000,000        USD        13,629,264      $ —      $ (6,105 ) 

RBC Capital Markets

      1/4/2019        EUR        552,809,800        USD        627,815,034        —        (332,095 ) 

The Bank of New York Mellon

      1/4/2019        EUR        41,575,000        USD        47,222,132        —        (18,740 ) 

The Bank of Nova Scotia

      1/4/2019        EUR        193,137,200        USD        219,342,248        —        (115,832 ) 

Goldman Sachs & Co.

      1/4/2019        GBP        6,571,200        USD        8,400,694        8,444        —  

JP Morgan & Chase Co.

      1/4/2019        GBP        275,957,000        USD        352,753,074        321,214        —  

RBC Capital Markets

      1/4/2019        GBP        159,532,500        USD        203,937,574        194,470        —  

The Bank of New York Mellon

      1/4/2019        GBP        118,775,700        USD        151,840,479        148,945        —  

The Bank of Nova Scotia

      1/4/2019        GBP        168,610,900        USD        215,537,000        199,635        —  

JP Morgan & Chase Co.

      1/4/2019        HKD        495,832,400        USD        63,410,138        —        (28,335 ) 

RBC Capital Markets

      1/4/2019        HKD        323,985,200        USD        41,432,982        —        (18,779 ) 

The Bank of New York Mellon

      1/4/2019        HKD        67,018,400        USD        8,570,868        —        (3,693 ) 

The Bank of Nova Scotia

      1/4/2019        HKD        443,759,600        USD        56,744,938        —        (31,164 ) 

The Bank of Nova Scotia

      1/4/2019        HKD        120,000,000        USD        15,343,954        —        (9,251 ) 

Goldman Sachs & Co.

      1/4/2019        ILS        8,809,400        USD        2,366,750        —        (8,532 ) 

JP Morgan & Chase Co.

      1/4/2019        ILS        13,245,900        USD        3,559,666        —        (11,832 ) 

RBC Capital Markets

      1/4/2019        ILS        1,566,800        USD        421,000        —        (1,457 ) 

The Bank of Nova Scotia

      1/4/2019        ILS        37,389,200        USD        10,045,864        —        (35,402 ) 

Goldman Sachs & Co.

      1/4/2019        NOK        45,716,300        USD        5,322,192        —        (6,490 ) 

JP Morgan & Chase Co.

      1/4/2019        NOK        42,583,200        USD        4,957,457        —        (6,032 ) 

RBC Capital Markets

      1/4/2019        NOK        102,665,200        USD        11,951,521        —        (15,114 ) 

The Bank of New York Mellon

      1/4/2019        NOK        84,162,700        USD        9,797,967        —        (12,020 ) 

The Bank of Nova Scotia

      1/4/2019        NOK        78,496,300        USD        9,135,710        —        (13,803 ) 

JP Morgan & Chase Co.

      1/4/2019        NZD        1,209,200        USD        830,999        —        (690 ) 

RBC Capital Markets

      1/4/2019        NZD        6,408,200        USD        4,403,843        —        (3,720 ) 

The Bank of Nova Scotia

      1/4/2019        NZD        11,723,700        USD        8,056,292        —        (7,275 ) 

JP Morgan & Chase Co.

      1/4/2019        SEK        256,280,500        USD        28,253,822        —        (6,688 ) 

RBC Capital Markets

      1/4/2019        SEK        415,201,600        USD        45,769,390        —        (15,634 ) 

The Bank of New York Mellon

      1/4/2019        SEK        175,078,200        USD        19,302,063        —        (4,124 ) 

The Bank of Nova Scotia

      1/4/2019        SEK        440,124,500        USD        48,508,724        —        (24,594 ) 

Goldman Sachs & Co.

      1/4/2019        SGD        2,844,900        USD        2,074,449        —        (651 ) 

JP Morgan & Chase Co.

      1/4/2019        SGD        47,627,600        USD        34,730,727        —        (9,351 ) 

RBC Capital Markets

      1/4/2019        SGD        31,316,400        USD        22,837,016        —        (5,499 ) 

The Bank of Nova Scotia

      1/4/2019        SGD        10,591,300        USD        7,722,139        —        (3,268 ) 

Goldman Sachs & Co.

      1/7/2019        JPY        18,900,662,100        USD        167,041,056        —        (125,736 ) 

JP Morgan & Chase Co.

      1/7/2019        JPY        4,200,000,000        USD        37,118,606        —        (28,268 ) 

JP Morgan & Chase Co.

      1/7/2019        JPY        44,154,971,400        USD        390,213,258        —        (315,122 ) 

RBC Capital Markets

      1/7/2019        JPY        40,880,813,600        USD        361,265,585        —        (304,526 ) 

The Bank of New York Mellon

      1/7/2019        JPY        25,920,516,100        USD        229,084,045        —        (169,804 ) 

The Bank of Nova Scotia

      1/7/2019        JPY        16,751,930,200        USD        148,037,559        —        (124,787 ) 
                 

 

 

     

 

 

  

Total unrealized appreciation (depreciation)

                   $ 24,599,469      $ (21,855,213 ) 
                 

 

 

     

 

 

  

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

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.   17  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2018 (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, 2018 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)

      $ 5,285,354,059      $ —      $ 38,996        $ 5,285,393,055  

Preferred Stocks

        29,201,783        —        —          29,201,783  

Short-Term Investments (h)

        157,155,142        —        —          157,155,142  

Derivatives (i)

                

Forward Foreign Currency Contracts

        —        24,599,469        —          24,599,469  

Futures Contracts

        196,821        —        —          196,821  
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ 5,471,907,805      $ 24,599,469      $ 38,996        $ 5,496,546,270  
    

 

 

     

 

 

     

 

 

       

 

 

  
               

Liabilities

      Level 1      Level 2      Level 3        Total  

Derivatives (i)

                

Forward Foreign Currency Contracts

      $ —      $ (21,855,213 )     $ —        $ (21,855,213 ) 

Futures Contracts

        (4,252,544 )       —        —          (4,252,544 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

TOTAL

      $ (4,252,544 )     $ (21,855,213 )     $ —        $ (26,107,757 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

 

(h)

See Schedule of Investments for additional detailed categorizations.

(i)

Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

 

See Notes to Financial Statements.   18  

DBX ETF Trust

 

Statement of Assets and Liabilities

 

November 30, 2018 (Unaudited)

 

       Xtrackers MSCI
EAFE Hedged Equity
ETF		  

Assets

     

Investments in non-affiliated securities at value

      $ 5,307,365,568  

Investments in affiliated securities at value

        7,229,270  

Investment in DWS ESG Liquidity Fund*

        50,000,000  

Investment in DWS Government Money Market Series*

        39,783,595  

Investment in DWS Government & Agency Securities Portfolio**

        67,371,547  

Foreign currency at value

        12,651,976  

Receivable for return of collateral pledged for forward foreign currency contracts

        15,070,000  

Unrealized appreciation on forward foreign currency contracts

        24,599,469  

Deposit with broker for futures contracts

        7,604,688  
Receivables:     

Investment securities sold

        22,924,305  

Dividends

        15,736,856  

Interest

        123,658  

Securities lending income

        86,283  

Foreign tax reclaim

        18,560,591  
    

 

 

  

Total Assets

      $ 5,589,107,806  
    

 

 

  

Liabilities

     

Payable upon return of securities loaned

      $ 67,371,547  

Payable upon return of deposit for forward foreign currency contracts

        1,250,000  

Unrealized depreciation on forward foreign currency contracts

        21,855,213  
Payables:     

Investment securities purchased

        31,111,777  

Investment advisory fees

        1,559,281  

Variation margin on futures contracts

        435,395  
    

 

 

  

Total Liabilities

        123,583,213  
    

 

 

  

Net Assets, at value

      $ 5,465,524,593  
    

 

 

  

Net Assets Consist of

     

Paid-in capital

      $ 5,866,016,122  

Distributable earnings (loss)

        (400,491,529 ) 
    

 

 

  

Net Assets, at value

      $ 5,465,524,593  
    

 

 

  

Number of Common Shares outstanding

        180,150,800  
    

 

 

  

Net Asset Value

      $ 30.34  
    

 

 

  

Investments in non-affiliated securities at cost

      $ 5,650,621,628  
    

 

 

  

Investments in affiliated securities at cost

      $ 24,159,290  
    

 

 

  

Value of securities loaned

      $ 65,475,199  
    

 

 

  

Investment in DWS ESG Liquidity Fund at cost*

      $ 50,000,000  
    

 

 

  

Investment in DWS Government Money Market Series at cost*

      $ 39,783,595  
    

 

 

  

Investment in DWS Government & Agency Securities Portfolio at cost**

      $ 67,371,547  
    

 

 

  

Non-cash collateral for securities on loan

      $ 7,850,319  
    

 

 

  

Foreign currency at cost

      $ 12,668,863  
    

 

 

  

*   Includes collateral held for forward foreign currency contracts

      $ 1,250,000  
    

 

 

  

 

**

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   19  

DBX ETF Trust

 

Statement of Operations

 

For the Six Months Ended November 30, 2018 (Unaudited)

 

       Xtrackers MSCI
EAFE Hedged Equity
ETF		  

Investment Income

     

Unaffiliated dividend income*

      $ 67,918,243  

Income distributions from affiliated funds

        379,518  

Affiliated securities lending income

        631,337  
    

 

 

  

Total Investment Income

        68,929,098  
    

 

 

  

Expenses

     

Investment advisory fees

        10,268,033  

Other expenses

        503,537  
    

 

 

  

Total Expenses

        10,771,570  

Less fees waived (See Note 3):

     

Waiver

        (16,353 ) 
    

 

 

  

Net Expenses

        10,755,217  
    

 

 

  

Net Investment income (loss)

        58,173,881  
    

 

 

  

Realized and Unrealized Gain (Loss)

     

Net realized gain (loss) from:

     

Investments

        (7,458,564 ) 

In-kind redemptions

        46,679,610  

In-kind redemptions in affiliates

        (23,776 ) 

Futures contracts

        (5,927,780 ) 

Foreign currency transactions

        (2,626,977 ) 

Forward foreign currency contracts

        358,459,909  
    

 

 

  

Net realized gain (loss)

        389,102,422  

Net change in unrealized appreciation (depreciation) on:

     

Investments

        (561,125,155 ) 

Investments in affiliates

        (1,185,697 ) 

Futures contracts

        (3,957,735 ) 

Foreign currency translations

        (20,155 ) 

Forward foreign currency contracts

        (100,664,706 ) 
    

 

 

  

Net change in unrealized appreciation (depreciation)

        (666,953,448 ) 
    

 

 

  

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

        (277,851,026 ) 
    

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      $ (219,677,145 ) 
    

 

 

  

*   Unaffiliated foreign tax withheld

      $ 4,251,312  

 

See Notes to Financial Statements.   20  

DBX ETF Trust

 

Statements of Changes in Net Assets

 

       Xtrackers MSCI EAFE Hedged Equity ETF  
       For the
Six Months Ended
November 30, 2018
(Unaudited)		        Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

          

Net investment income (loss)

      $ 58,173,881        $ 179,604,129  

Net realized gain (loss)

        389,102,422          (62,238,754 ) 

Net change in net unrealized appreciation (depreciation)

        (666,953,448 )         338,069,505  
    

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from operations

        (219,677,145 )         455,434,880  
    

 

 

       

 

 

  

Distributions to Shareholders

        (56,926,310 )         (244,654,328 )* 
    

 

 

       

 

 

  

Fund Shares Transactions

          

Proceeds from shares sold

        —          242,635,204  

Value of shares redeemed

        (398,291,058 )         (2,950,986,126 ) 
    

 

 

       

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

        (398,291,058 )         (2,708,350,922 ) 
    

 

 

       

 

 

  

Total net increase (decrease) in Net Assets

        (674,894,513 )         (2,497,570,370 ) 

Net Assets

          

Beginning of period

        6,140,419,106          8,637,989,476  
    

 

 

       

 

 

  

End of period

      $ 5,465,524,593        $ 6,140,419,106 ** 
    

 

 

       

 

 

  

Changes in Shares Outstanding

          

Shares outstanding, beginning of period

        192,750,800          281,550,800  

Shares sold

        —          7,600,000  

Shares redeemed

        (12,600,000 )         (96,400,000 ) 
    

 

 

       

 

 

  

Shares outstanding, end of period

        180,150,800          192,750,800  
    

 

 

       

 

 

  

 

*

Includes distributions from net investment income.

**

Includes undistributed net investment income of $105,948,751.

 

See Notes to Financial Statements.   21  

DBX ETF Trust

 

Financial Highlights

 

Xtrackers MSCI EAFE Hedged Equity ETF

Selected Per Share Data

   For the
Six Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Year Ended
5/31/2014		  

Net Asset Value, beginning of period

   $ 31.86     $ 30.68     $ 26.48     $ 30.75     $ 27.81     $ 25.09  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(a)

     0.31       0.80       0.74       0.76       1.41       1.18  

Net realized and unrealized gain (loss)

     (1.53 )      1.33       4.18       (4.03 )      2.90       1.95  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (1.22 )      2.13       4.92       (3.27 )      4.31       3.13  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:

 

Net investment income

     (0.30 )      (0.95 )      (0.72 )      (0.88 )      (1.37 )      (0.41 ) 

Net realized gains

     —       —       —       (0.12 )      (0.00 )(b)      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.30 )      (0.95 )      (0.72 )      (1.00 )      (1.37 )      (0.41 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 30.34     $ 31.86     $ 30.68     $ 26.48     $ 30.75     $ 27.81  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (3.87 )(c)**      7.05       19.17       (10.90 )      16.22       12.74 (c) 

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     5,466       6,140       8,638       11,984       12,268       563  

Ratio of expenses before fee waiver (%)

     0.37 *      0.35       0.35       0.35       0.35       0.36  

Ratio of expenses after fee waiver (%)

     0.37 *      0.35       0.35       0.35       0.35       0.35  

Ratio of net investment income (loss) (%)

     1.98 *      2.57       2.72       2.82       4.81       4.48  

Portfolio turnover
rate (%)(d)

     1 **      10       14       15       12       10  

 

(a)

Based on average shares outstanding during the period.

(b)

Amount represents less than $0.005.

(c)

The Total Return would have been lower if certain fees 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.   22  

DBX ETF Trust

 

Notes to Financial Statements (Unaudited)

 

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of November 30, 2018, the Trust consists of thirty-six 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.

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, 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 Underlying Index. The Underlying Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

The Underlying Index is rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.

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

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

2. Significant Accounting Policies

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

In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Fund adopted the

 

23

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

amendments with the impacts being that the Fund is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

Security Valuation    The Net Asset Value (“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.

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

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

Investments in open-ended investment companies are valued at their net asset value 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 net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.

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

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

Investment Transactions and Investment Income    Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.

Tax Information and Dividends and Distributions to Shareholders    It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The Fund intends to qualify for and

 

24

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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

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

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the period ended November 30, 2018, the Fund did not incur any interest or penalties.

At May 31, 2018, 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  
   $148,602,700    $ 159,306,729      $ 307,909,429  

Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. During the year ended May 31, 2018, the Fund incurred and will elect to defer net capital losses as follows:

 

     Post-October
Losses on
Capital		  
   $ 82,498,974  

As of May 31, 2018, 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)		  
   $ 5,988,098,264      $ 160,852,259      $ 751,845,014      $ (590,992,755 ) 

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, and deferred foreign taxes on unrealized gains are included in net change in

 

25

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

unrealized appreciation (depreciation). Foreign taxes payable as of November 30, 2018, 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.

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, 2018, 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, 2018) 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, 2018, the Fund had securities on loan, which were classified as common stock in the Schedule of Investments. 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, 2018

  
     Overnight and
Continuous		      <30 Days      Between
30 & 90 days		      >90 days      Total  

Securities Lending Transactions

               

Common Stocks

    $ 67,371,547      $ —        $ 471,987      $ 7,378,332      $ 75,221,866  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gross amount of recognized liabilities for securities lending transactions

 

    $ 75,221,866  

Derivatives

Forward Foreign Currency Contracts    The Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2018, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.

 

26

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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, 2018 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, 2018.

Futures Contracts    The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2018, 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, 2018 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, 2018 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*   $ 196,821      Unrealized depreciation on futures contracts*   $ 4,252,544  
  Foreign exchange contracts   Unrealized appreciation on forward foreign currency contracts     24,599,469      Unrealized depreciation on forward foreign currency contracts     21,855,213  
     

 

 

       

 

 

  
    Total   $ 24,796,290      Total   $ 26,107,757  
     

 

 

       

 

 

  

 

*

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.

 

27

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 Fund’s earnings during the period ended November 30, 2018 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  
   $ (5,927,780 )     $ 358,459,909      $ 352,532,129  
        

Net Change in Unrealized Appreciation (Depreciation) on:

  
     Futures Contracts—
Equity Contracts		      Forward Foreign
Currency Contracts —
Foreign Exchange
Contracts		      Total  
   $ (3,957,735 )     $ (100,664,706 )     $ (104,622,441 ) 

For the period ended November 30, 2018 the average monthly volume of derivatives was as follows:

 

     Futures Contracts
(Contract Value)		      Forward Foreign
Currency Contracts
(Contract Value)		  
   $ 170,683,914      $ (5,742,274,010 ) 

As of November 30, 2018, 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		  

Goldman Sachs & Co.

   $ 3,715,944     $ (2,119,796 )    $ 430,000     $ 1,166,148     $ 2,119,796     $ (2,119,796 )    $   —     $   —  

JP Morgan & Chase Co.

     7,323,479       (6,710,372 )      —       613,107       6,710,372       (6,710,372 )      —       —  

RBC Capital Markets

     6,364,476       (2,735,107 )      —       3,629,369       2,735,107       (2,735,107 )      —       —  

The Bank of New York Mellon

     3,135,272       (795,453 )      820,000       1,519,819       795,453       (795,453 )      —       —  

The Bank of Nova Scotia

     4,060,298       (4,060,298 )      —       —       9,494,485       (4,060,298 )      (5,434,187 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 24,599,469     $ (16,421,026 )    $ 1,250,000     $ 6,928,443     $ 21,855,213     $ (16,421,026 )    $ (5,434,187 )    $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Fund indirectly bears its proportionate share of the expenses of each

 

28

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

affiliated money market fund in which it invests. The Advisor will waive an amount of the unitary management fee payable to the Advisor by the Fund equal to such acquired fund’s fees and expenses 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 arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.

For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s daily average net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.

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, 2018, the Advisor waived $16,353 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, 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 four Trustees, including 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, 2018, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

     Purchases      Sales  
   $ 414,556,159      $ 79,828,036  

For the period ended November 30, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

     Purchases      Sales  
   $ —      $ 385,943,606  

5. Fund Share Transactions

As of November 30, 2018, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

 

29

DBX ETF Trust

 

Additional Information (Unaudited)

 

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.

Quarterly Portfolio Disclosure

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. 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. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

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 Net Asset Value of the Fund can be found at www.Xtrackers.com.

 

30

DBX ETF Trust

 

Privacy Policy Notice (Unaudited)

 

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 adviser, 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.

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.

 

31

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, 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 and any related funds.

Copyright © 2018 DWS Group. All rights reserved. XtrackersTM is a trademark of Deutsche Asset Management International 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

345 Park Avenue

New York, NY 10154

  

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 1100

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-049078-3 (1/19) DBX003656 (1/20)

November 30, 2018

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)

 

LOGO

DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

      1  

Portfolio Summary

   

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

      4  

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

      5  

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

      6  

Xtrackers Municipal Infrastructure Revenue Bond ETF

      7  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

      8  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      9  

Fees and Expenses

      10  

Schedule of Investments

   

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

      12  

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

      15  

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

      17  

Xtrackers Municipal Infrastructure Revenue Bond ETF

      25  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

      29  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      34  

Statements of Assets and Liabilities

      38  

Statements of Operations

      40  

Statements of Changes in Net Assets

      42  

Financial Highlights

      45  

Notes to Financial Statements

      48  

Additional Information

      59  

Privacy Policy Notice

      60  

To our Shareholders: (Unaudited)

 

 

Dear Shareholder,

We are pleased to provide this semi-annual report for our ETFs tracking the fixed income market for the period ended November 30, 2018.

The global economy peaked and was divergent as growth moderated to its long-term trend. Economic momentum in the U.S. remained strong, driven by corporate earnings, tax cuts, increased consumer spending, strong employment data and lagged effects of easier financial conditions. Meanwhile, Eurozone growth slowed down during the reporting period as geopolitical risks persisted and inflation inched higher; however, stronger wage growth and still-easy financial conditions pointed to domestic resilience. On the other hand, emerging markets recovered in the second half of the year as policymakers focused on inflation and currency control.

Global equity markets experienced selling pressure, due to monetary tightening in the U.S. and fears surrounding U.S.-China trade disputes. However, in the U.S., equity markets were buoyed by strong earnings and robust underlying growth. Although the Eurozone was hit by weaker trade growth and new vehicle emission standards, the economy received support from improving labor markets and a moderate expansionary fiscal stance. Furthermore, tension between Italy and the European Commission (EC) persists, as it is in the electoral interest of the government to deliver a less austere budget.

Fixed income markets experienced mixed performance, as the Federal Reserve Board (FRB) increased its interest rates by 0.25% at its June and September meetings. The FRB’s move was followed by strengthening labor markets, growing business investment and increased household spending. The European Central Bank remained committed to end its net asset purchases by December 2018, and the focus is now on quantitative easing reinvestments. Meanwhile, the Bank of Japan (BOJ) left its key short-term interest rate unchanged at its October meeting and kept the target for the 10-year Japanese government bond yield around zero percent. Diverging monetary policies of central banks drove bond markets, leading to an overall increase in global yields. The 10-year U.S. Treasury yield increased, hovering near multiyear highs, backed by strong economic data and an uptick in inflation expectations.

High-yield corporate bonds also proved resilient in the phase of rising yields, backed by strong corporate earnings and low default rates. Municipal bond markets outperformed both Treasuries and corporate bonds due to technical factors related to tax reforms.

The Bank of England (BOE) increased its benchmark rate from 0.50% to 0.75% in August, making it the second rate hike since the 2008 financial crisis. The BOE is also likely to increase rates gradually; however, the uncertainty surrounding Brexit1 remains the key challenge. Italian and German 10-year bond spreads widened to highest levels since 2013, amidst the potential clash between the Italian government and the EC over an expansionary budget. Elsewhere, the Japanese economy contracted during the reporting period due to lower private consumption, decline in public investments and a string of natural disasters. Nonetheless, emerging market bond fund flows remained stable, despite tightening US funding, rising trade conflicts and country-specific risks such as currency crises in Turkey and Argentina.

Although trade and political risks remain prominent, the global economy is expected to grow, albeit at a slightly slower pace. Furthermore, reduced unemployment rates, some acceleration in wage growth, along with fiscal easing should instill confidence in central banks to tighten policy further. Given this economic backdrop of a rising rate environment, hedging the interest rate exposure would play a significant role in managing investments in fixed income markets.

 

1

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

1 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

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

 

2

This Page is Intentionally Left Blank

 

3

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 11/30/18

 

Description   % of Market Value  

AA

     5.6%  

A

     21.5%  

BBB

     41.5%  

BB

     11.6%  

B

     19.8%  
 

 

 

  

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.

Country Diversification* as of 11/30/18

 

Ecuador

     5.7%  

Qatar

     5.5%  

Colombia

     5.4%  

Indonesia

     5.4%  

Philippines

     5.3%  

Turkey

     5.0%  

Poland

     4.8%  

Egypt

     4.6%  

Ukraine

     4.5%  

Russia

     4.5%  

South Africa

     4.5%  

Peru

     4.5%  

Sri Lanka

     4.4%  

Hungary

     4.4%  

Uruguay

     4.0%  

Mexico

     3.9%  

Brazil

     3.9%  

Romania

     2.7%  

Panama

     2.6%  

Croatia

     2.6%  

Kazakhstan

     2.6%  

China

     2.4%  

Malaysia

     2.3%  

Chile

     2.2%  

Other

     2.3%  
 

 

 

  

Total

     100.0%  

Modified duration as of 11/30/18: 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 12.

 

4

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 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 11/30/18

 

Description   % of Market Value  

BBB

     5.5%  

BB

     51.5%  

B

     33.9%  

CCC

     8.9%  

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 11/30/18

 

Communications

     23.3%  

Consumer, Non-cyclical

     19.5%  

Energy

     13.8%  

Consumer, Cyclical

     12.6%  

Financial

     9.2%  

Industrial

     8.3%  

Technology

     5.4%  

Basic Materials

     4.8%  

Utilities

     2.9%  

Diversified

     0.2%  
 

 

 

  

Total

     100.0%  

Modified duration as of 11/30/18: 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 percentage of total investments excluding 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 15.

 

5

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 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 11/30/18

 

Description   % of Market Value  

AAA

     3.4%  

AA

     15.1%  

A

     38.6%  

BBB

     42.9%  
 

 

 

  

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 11/30/18

 

United States

     84.6%  

United Kingdom

     4.9%  

Netherlands

     2.8%  

Canada

     2.1%  

Japan

     1.3%  

Luxembourg

     1.1%  

Guernsey

     0.9%  

Australia

     0.8%  

Ireland

     0.7%  

France

     0.7%  

Norway

     0.1%  
 

 

 

  

Total

     100.0%  
 
Sector Diversification* as of 11/30/18

 

Financial

     30.8%  

Consumer, Non-cyclical

     20.1%  

Communications

     13.3%  

Energy

     10.5%  

Technology

     9.7%  

Consumer, Cyclical

     6.3%  

Industrial

     5.4%  

Utilities

     2.2%  

Basic Materials

     1.7%  
 

 

 

  

Total

     100.0%  

Modified duration as of 11/30/18: 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 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 17.

 

6

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 s 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 11/30/18

 

Description   % of Market Value  

AAA

     8.4%  

AA

     42.9%  

A

     46.6%  

BBB

     2.1%  
 

 

 

  

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 11/30/18

 

Transportation

     39.1%  

Airport

     17.8%  

Water

     19.8%  

Power

     10.2%  

General

     5.6%  

Utilities

     4.5%  

Development

     3.0%  
 

 

 

  

Total

     100.0%  

Modified duration as of 11/30/18: 6.2 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 25.

 

7

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 US Dollar Hedged 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 11/30/18 (31.1% of Net Assets)

 

Description   % of Net Assets  

Roche Holding AG (Switzerland)

     5.1%  

TOTAL SA (France)

     4.1%  

Royal Bank of Canada (Canada)

     3.2%  

GlaxoSmithKline PLC (United Kingdom)

     3.1%  

Sanofi (France)

     3.1%  

AstraZeneca PLC (United Kingdom)

     3.0%  

Allianz SE (Germany)

     2.8%  

China Construction Bank Corp. (China)

     2.5%  

Bayer AG (Germany)

     2.1%  

BASF SE (Germany)

     2.1%  
Country Diversification* as of 11/30/18

 

United Kingdom

     16.0%  

Germany

     10.7%  

Canada

     9.9%  

France

     9.6%  

Switzerland

     8.1%  

China

     6.4%  

Taiwan

     4.6%  

Japan

     4.1%  

Hong Kong

     3.8%  

Russia

     3.3%  

Australia

     3.3%  

South Africa

     2.9%  

Spain

     2.5%  

Other

     14.8%  
 

 

 

  

Total

     100.0%  
 
Sector Diversification* as of 11/30/18

 

Financials

     29.7%  

Health Care

     17.1%  

Energy

     10.2%  

Consumer Discretionary

     8.7%  

Materials

     8.6%  

Utilities

     6.2%  

Communication Services

     6.2%  

Industrials

     3.9%  

Information Technology

     3.6%  

Consumer Staples

     3.5%  

Real Estate

     2.3%  
 

 

 

  

Total

     100.0%  

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 29.

 

8

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 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 11/30/18 (41.4% of Net Assets)

 

Description   % of Net Assets  

GlaxoSmithKline PLC (United Kingdom)

     5.1%  

Sanofi (France)

     5.0%  

Allianz SE (Germany)

     5.0%  

TOTAL SA (France)

     5.0%  

AstraZeneca PLC (United Kingdom)

     4.9%  

BASF SE (Germany)

     4.1%  

Rio Tinto PLC (United Kingdom)

     3.3%  

Daimler AG (Germany)

     3.2%  

Zurich Insurance Group AG (Switzerland)

     2.9%  

AXA SA (France)

     2.9%  
Country Diversification* as of 11/30/18

 

United Kingdom

     29.2%  

Germany

     16.7%  

France

     14.8%  

Japan

     7.5%  

Spain

     5.0%  

Australia

     5.0%  

Hong Kong

     4.3%  

Switzerland

     4.1%  

Finland

     3.9%  

Italy

     3.0%  

Other

     6.5%  
 

 

 

  

Total

     100.0%  
 
Sector Diversification* as of 11/30/18

 

Financials

     21.9%  

Health Care

     15.3%  

Consumer Discretionary

     13.1%  

Materials

     11.3%  

Utilities

     9.2%  

Communication Services

     7.5%  

Industrials

     6.5%  

Energy

     6.0%  

Consumer Staples

     4.3%  

Information Technology

     3.1%  

Real Estate

     1.8%  
 

 

 

  

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 34.

 

9

DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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 recent six-month period the Funds limted these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the table 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, 2018 to November 30, 2018).

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, 2018		      Ending
Account Value
November 30, 2018		      Annualized
Expense Ratio		     Expenses Paid
During the Period
Per $1,000(1)		  
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF           

Actual

    $ 1,000.00      $ 1,003.20        0.45 %    $ 2.26  

Hypothetical (5% return before expenses)

    $ 1,000.00      $ 1,022.81        0.45 %    $ 2.28  
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (2)           

Actual

    $ 1,000.00      $ 1,014.30        0.15 %    $ 0.76  

Hypothetical (5% return before expenses)

    $ 1,000.00      $ 1,024.32        0.15 %    $ 0.76  
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF           

Actual

    $ 1,000.00      $ 996.80        0.25 %    $ 1.25  

Hypothetical (5% return before expenses)

    $ 1,000.00      $ 1,023.82        0.25 %    $ 1.27  
Xtrackers Municipal Infrastructure Revenue Bond ETF           

Actual

    $ 1,000.00      $ 993.90        0.30 %    $ 1.50  

Hypothetical (5% return before expenses)

    $ 1,000.00      $ 1,023.56        0.30 %    $ 1.52  

 

10

DBX ETF Trust

 

Fees and Expenses (Unaudited) (Continued)

 

      Beginning
Account Value
June 1, 2018		      Ending
Account Value
November 30, 2018		      Annualized
Expense Ratio		     Expenses Paid
During the Period
Per $1,000(1)		  
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF           

Actual

    $ 1,000.00      $ 951.80        0.20 %    $ 0.98  

Hypothetical (5% return before expenses)

    $ 1,000.00      $ 1,024.07        0.20 %    $ 1.01  
Xtrackers MSCI EAFE High Dividend Yield Equity ETF           

Actual

    $ 1,000.00      $ 934.20        0.20 %    $ 0.97  

Hypothetical (5% return before expenses)

    $ 1,000.00      $ 1,024.07        0.20 %    $ 1.01  

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

(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.

 

11

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
SOVEREIGN BONDS — 97.4%    
Brazil — 3.8%    

Brazilian Government International Bond
8.875%, 4/15/24

   $ 50,000     $ 60,312  

8.25%, 1/20/34

     90,000       108,450  

7.125%, 1/20/37

     30,000       33,120  

5.625%, 1/07/41

     125,000       115,533  
   

 

 

  
      317,415  
   

 

 

  
Chile — 2.2%            

Chile Government International Bond
3.86%, 6/21/47

     200,000       181,900  
   

 

 

  
China — 2.4%            

Export-Import Bank of China
3.625%, 7/31/24, 144A

     200,000       197,005  
   

 

 

  
Colombia — 5.3%            

Colombia Government International Bond
2.625%, 3/15/23

     200,000       187,675  

8.125%, 5/21/24

     25,000       29,269  

7.375%, 9/18/37

     100,000       119,375  

6.125%, 1/18/41

     100,000       106,400  
   

 

 

  
      442,719  
   

 

 

  
Croatia — 2.5%            

Croatia Government International Bond
6.375%, 3/24/21, 144A

     200,000       209,285  
   

 

 

  
Ecuador — 5.5%            

Ecuador Government International Bond
10.75%, 3/28/22, 144A

     200,000       207,350  

7.875%, 1/23/28, 144A

     300,000       253,635  
   

 

 

  
      460,985  
   

 

 

  
Egypt — 4.5%            

Egypt Government International Bond
5.875%, 6/11/25, 144A

     200,000       182,951  

7.50%, 1/31/27, 144A

     200,000       193,191  
   

 

 

  
      376,142  
   

 

 

  
El Salvador — 0.4%            

El Salvador Government International Bond
7.65%, 6/15/35, 144A

     40,000       37,200  
   

 

 

  
Hungary — 4.3%            

Hungary Government International Bond
6.375%, 3/29/21

     100,000       105,455  

5.75%, 11/22/23

     70,000       74,601  

5.375%, 3/25/24

     106,000       111,787  

7.625%, 3/29/41

     50,000       67,082  
   

 

 

  
      358,925  
   

 

 

  
Indonesia — 5.3%            

Indonesia Government International Bond
8.50%, 10/12/35, 144A

     100,000       131,646  

6.625%, 2/17/37, 144A

     100,000       113,046  

Perusahaan Penerbit SBSN Indonesia III
4.55%, 3/29/26, 144A

     200,000       196,120  
   

 

 

  
      440,812  
   

 

 

  
   

Principal
Amount

    

Value

  
Kazakhstan — 2.5%            

Kazakhstan Government International Bond
5.125%, 7/21/25, 144A

   $ 200,000     $ 209,081  
   

 

 

  
Lebanon — 0.4%            

Lebanon Government International Bond
6.85%, 5/25/29

     50,000       36,983  
   

 

 

  
Lithuania — 1.3%            

Lithuania Government International Bond
6.125%, 3/09/21, 144A

     100,000       105,924  
   

 

 

  
Malaysia — 2.3%            

Malaysia Sovereign Sukuk BHD
3.043%, 4/22/25, 144A

     200,000       190,904  
   

 

 

  
Mexico — 3.8%            

Mexico Government International Bond
3.625%, 3/15/22

     50,000       49,218  

4.00%, 10/02/23

     30,000       29,604  

Series A, MTN, 6.75%, 9/27/34

     10,000       11,312  

6.05%, 1/11/40

     26,000       26,931  

MTN, 4.75%, 3/08/44

     120,000       105,600  

5.55%, 1/21/45

     35,000       34,563  

GMTN, 5.75%, 10/12/10

     70,000       64,312  
   

 

 

  
      321,540  
   

 

 

  
Panama — 2.5%            

Panama Government International Bond
6.70%, 1/26/36

     175,000       211,312  
   

 

 

  
Peru — 4.3%            

Peruvian Government International Bond
7.35%, 7/21/25

     100,000       120,800  

8.75%, 11/21/33

     75,000       108,000  

6.55%, 3/14/37

     40,000       49,300  

5.625%, 11/18/50

     75,000       85,201  
   

 

 

  
      363,301  
   

 

 

  
Philippines — 5.1%            

Philippine Government International Bond
10.625%, 3/16/25

     75,000       102,910  

9.50%, 2/02/30

     225,000       326,641  
   

 

 

  
      429,551  
   

 

 

  
Poland — 4.7%            

Poland Government International Bond
5.125%, 4/21/21

     80,000       83,214  

5.00%, 3/23/22

     50,000       52,309  

3.00%, 3/17/23

     140,000       136,688  

4.00%, 1/22/24

     70,000       70,927  

3.25%, 4/06/26

     50,000       48,200  
   

 

 

  
      391,338  
   

 

 

  
Qatar — 5.4%            

Qatar Government International Bond
2.375%, 6/02/21, 144A

     200,000       194,378  

9.75%, 6/15/30, 144A

     90,000       133,904  

6.40%, 1/20/40, 144A

     100,000       122,791  
   

 

 

  
      451,073  
   

 

 

  
 

 

See Notes to Financial Statements.   12  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
Romania — 2.6%            

Romanian Government International Bond
4.375%, 8/22/23, 144A

   $ 10,000     $ 9,942  

4.875%, 1/22/24, 144A

     86,000       87,437  

6.125%, 1/22/44, 144A

     70,000       74,787  

5.125%, 6/15/48, 144A

     50,000       45,911  
   

 

 

  
      218,077  
   

 

 

  
Russia — 4.4%            

Russian Foreign Bond — Eurobond
12.75%, 6/24/28, 144A

     100,000       157,259  

5.875%, 9/16/43, 144A

     200,000       207,568  
   

 

 

  
      364,827  
   

 

 

  
South Africa — 4.4%            

South Africa Government International Bond
4.665%, 1/17/24

     200,000       192,811  

5.65%, 9/27/47

     200,000       171,792  
   

 

 

  
      364,603  
   

 

 

  
Sri Lanka — 4.3%            

Sri Lanka Government International Bond
5.75%, 4/18/23, 144A

     200,000       180,003  

6.85%, 11/03/25, 144A

     200,000       179,635  
   

 

 

  
      359,638  
   

 

 

  
Turkey — 4.9%            

Turkey Government International Bond
7.375%, 2/05/25

     55,000       54,395  

4.875%, 10/09/26

     200,000       169,115  

11.875%, 1/15/30

     40,000       51,789  

8.00%, 2/14/34

     80,000       79,219  

7.25%, 3/05/38

     60,000       54,629  
   

 

 

  
      409,147  
   

 

 

  
   

Principal
Amount

    

Value

  
Ukraine — 4.4%            

Ukraine Government International Bond
7.75%, 9/01/24, 144A

   $ 120,000     $ 107,257  

7.75%, 9/01/25, 144A

     100,000       87,811  

7.75%, 9/01/26, 144A

     100,000       86,343  

7.75%, 9/01/27, 144A

     100,000       84,933  
   

 

 

  
      366,344  
   

 

 

  
Uruguay — 3.9%            

Uruguay Government International Bond
4.50%, 8/14/24

     15,000       15,165  

4.375%, 10/27/27

     75,000       74,260  

7.625%, 3/21/36

     30,000       38,411  

5.10%, 6/18/50

     165,000       156,131  

4.975%, 4/20/55

     50,000       45,825  
   

 

 

  
      329,792  
   

 

 

  

TOTAL SOVEREIGN BONDS
(Cost $8,739,780)

       8,145,823  
   

 

 

  
   

Number of
Shares

        
CASH EQUIVALENTS — 0.0%    

DWS Government Money Market Series “Institutional Shares”, 2.15% (a)
(Cost $3,708)

     3,708       3,708  
   

 

 

  

TOTAL INVESTMENTS — 97.4%

(Cost $8,743,488)

     $ 8,149,531  

Other assets and liabilities, net — 2.6%

       217,779  
   

 

 

  

NET ASSETS — 100.0%

     $ 8,367,310  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

SECURITIES LENDING COLLATERAL — 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (a)(b)

 

18,900     —       (18,900) (c)      —       —       178       —       —       —  
               

CASH EQUIVALENTS — 0.0%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (a)

 

—     374,995       (371,287)       —       —       269       —       3,708       3,708  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
18,900     374,995       (390,187)       —       —       447       —       3,708       3,708  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-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 (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018.

 

See Notes to Financial Statements.   13  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)

November 30, 2018 (Unaudited)

 

 

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, 2018, open futures contracts sold were as follows:

 

Contract Description

    Currency      Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Depreciation		  

2-Year U.S. Treasury Note

      USD        5      $ 1,054,844      $ 1,054,922        3/29/2019      $ (78 ) 

5-Year U.S. Treasury Note

      USD        16        1,806,477        1,807,375        3/29/2019        (898 ) 

10-Year Ultra U.S. Treasury Note

      USD        8        1,009,430        1,012,000        3/20/2019        (2,570 ) 

10-Year U.S. Treasury Note

      USD        19        2,266,046        2,269,609        3/20/2019        (3,563 ) 

Ultra Long U.S. Treasury Bond

      USD        2        303,688        304,813        3/20/2019        (1,125 ) 

U.S. Treasury Long Bond

      USD        13        1,809,843        1,818,781        3/20/2019        (8,938 ) 
                 

 

 

  

Total unrealized depreciation

                   $ (17,172 ) 
                 

 

 

  

Currency Abbreviations

USD   U.S. Dollar

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.

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, 2018 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)

      $ —      $ 8,145,823        $ —        $ 8,145,823  

Short-Term Investments

        3,708        —          —          3,708  
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ 3,708      $ 8,145,823        $ —        $ 8,149,531  
    

 

 

     

 

 

       

 

 

       

 

 

  
                 

Liabilities

      Level 1      Level 2        Level 3        Total  

Derivatives (e)

                  

Futures Contracts

      $ (17,172 )     $ —        $ —        $ (17,172 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ (17,172 )     $ —        $   —        $ (17,172 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

 

(d)

See Schedule of Investments for additional detailed categorizations.

(e)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

 

See Notes to Financial Statements.   14  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

November 30, 2018 (Unaudited)

 

    Number of
Shares		     Value  
EXCHANGE-TRADED FUNDS — 98.5%    

Xtrackers High Beta High Yield Bond ETF (a)

     9,999     $ 470,003  

Xtrackers USD High Yield Corporate Bond ETF (a)

     126,449       6,106,222  
   

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(Cost $6,749,492)

       6,576,225  
   

 

 

  
CASH EQUIVALENTS — 0.8%    

DWS Government Money Market Series “Institutional Shares”, 2.15% (b)
(Cost $54,032)

     54,032       54,032  
   

 

 

  

TOTAL INVESTMENTS — 99.3%

(Cost $6,803,524)

     $ 6,630,257  

Other assets and liabilities, net — 0.7%

       45,243  
   

 

 

  

NET ASSETS — 100.0%

     $ 6,675,500  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

EXCHANGE-TRADED FUNDS — 98.5%

 

Xtrackers High Beta High Yield Bond ETF (a)

145,740     551,460       (215,963)       (5,640 )      (5,594 )      8,869       —       9,999       470,003  
               

Xtrackers USD High Yield Corporate Bond ETF (a)

3,216,678     3,430,540       (413,199)           (12,226 )          (115,571 )      126,058       —       126,449       6,106,222  
               

SECURITIES LENDING COLLATERAL — 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12 (b)(c)

 

302,748     —       (302,748) (d)      —       —       3,362       —       —       —  
               

CASH EQUIVALENTS — 0.8%

 

DWS Government Money Market Series “Institutional Shares” , 2.15% (b)

—     209,990       (155,958)       —       —       239       —       54,032       54,032  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
3,665,166     4,191,990       (1,087,868)       (17,866 )      (121,165 )      138,528       —       190,480       6,630,257  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Affiliated fund advised by DBX Advisors LLC.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018.

At November 30, 2018, open futures contracts sold were as follows:

 

Contract Description

    Currency      Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Depreciation		  

2-Year U.S. Treasury Note

      USD        5      $ 1,054,844      $ 1,054,922        3/29/2019      $ (78 ) 

5-Year U.S. Treasury Note

      USD        28        3,161,338        3,162,906        3/29/2019        (1,568 ) 

10-Year Ultra U.S. Treasury Note

      USD        1        126,133        126,500        3/20/2019        (367 ) 

10-Year U.S. Treasury Note

      USD        16        1,908,250        1,911,250        3/20/2019        (3,000 ) 
                 

 

 

  

Total unrealized depreciation

                   $ (5,013 ) 
                 

 

 

  

 

See Notes to Financial Statements.   15  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)

November 30, 2018 (Unaudited)

 

Currency Abbreviations

USD   U.S. Dollar

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.

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, 2018 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 (e)

      $ 6,576,225      $ —        $ —        $ 6,576,225  

Short-Term Investments

        54,032        —          —          54,032  
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ 6,630,257      $ —        $ —        $ 6,630,257  
    

 

 

     

 

 

       

 

 

       

 

 

  
                 

Liabilities

      Level 1      Level 2        Level 3        Total  

Derivatives (f)

                  

Futures Contracts

      $ (5,013 )     $ —        $ —        $ (5,013 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ (5,013 )     $ —        $ —        $ (5,013 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

 

(e)

See Schedule of Investments for additional detailed categorizations.

(f)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

 

See Notes to Financial Statements.   16  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
CORPORATE BONDS — 97.2%    
Basic Materials — 1.7%    
Chemicals — 0.9%    

Dow Chemical Co.
7.375%, 11/01/29

   $ 40,000     $ 48,072  

LyondellBasell Industries NV
4.625%, 2/26/55

     25,000       20,803  

Sherwin-Williams Co.
2.75%, 6/01/22

     20,000       19,191  
   

 

 

  
      88,066  
   

 

 

  
Forest Products & Paper — 0.2%            

International Paper Co.
4.80%, 6/15/44

     20,000       17,735  
   

 

 

  
Mining — 0.6%            

BHP Billiton Finance USA Ltd.
5.00%, 9/30/43

     25,000       26,447  

Goldcorp, Inc.
3.70%, 3/15/23

     10,000       9,771  

Newmont Mining Corp.
3.50%, 3/15/22

     15,000       14,737  
   

 

 

  
      50,955  
   

 

 

  
Communications — 12.9%    
Internet — 1.5%    

Alphabet, Inc.
3.375%, 2/25/24

     25,000       24,927  

Amazon.com, Inc.
3.30%, 12/05/21

     20,000       20,092  

2.80%, 8/22/24

     10,000       9,566  

4.80%, 12/05/34

     20,000       21,025  

4.95%, 12/05/44

     35,000       37,595  

eBay, Inc.
2.75%, 1/30/23

     25,000       23,777  
   

 

 

  
      136,982  
   

 

 

  
Media — 4.0%            

21st Century Fox America, Inc.
6.15%, 2/15/41

     20,000       24,311  

CBS Corp.
4.00%, 1/15/26

     20,000       19,255  

Comcast Corp.
3.00%, 2/01/24

     25,000       24,123  

4.15%, 10/15/28

     45,000       44,652  

4.20%, 8/15/34

     70,000       66,298  

3.40%, 7/15/46

     10,000       8,016  

3.969%, 11/01/47

     25,000       21,532  

4.70%, 10/15/48

     30,000       29,281  

Discovery Communications LLC
5.20%, 9/20/47 (a)

     25,000       23,134  

NBCUniversal Media LLC
5.95%, 4/01/41

     25,000       27,701  

Viacom, Inc.
4.25%, 9/01/23

     25,000       25,150  

Walt Disney Co.
MTN, 2.95%, 6/15/27 (a)

     30,000       28,134  
   

Principal
Amount

    

Value

  
Media (Continued)            

Warner Media LLC
3.60%, 7/15/25

   $ 40,000     $ 37,552  
   

 

 

  
      379,139  
   

 

 

  
Telecommunications — 7.4%            

AT&T, Inc.
3.00%, 2/15/22

     30,000       29,313  

4.45%, 4/01/24

     15,000       15,095  

3.40%, 5/15/25

     18,000       16,772  

4.125%, 2/17/26

     25,000       24,206  

5.35%, 9/01/40

     28,000       26,490  

4.80%, 6/15/44

     45,000       39,426  

4.50%, 3/09/48

     35,000       29,239  

4.55%, 3/09/49

     50,000       41,528  

Cisco Systems, Inc.
2.20%, 9/20/23

     20,000       18,896  

5.50%, 1/15/40

     20,000       23,121  

Deutsche Telekom International Finance BV
8.75%, 6/15/30

     10,000       13,180  

Motorola Solutions, Inc.
3.75%, 5/15/22

     10,000       9,879  

Orange SA
5.50%, 2/06/44

     10,000       10,647  

Rogers Communications, Inc.
4.30%, 2/15/48

     10,000       9,276  

Telefonica Europe BV
8.25%, 9/15/30

     50,000       63,471  

Verizon Communications, Inc.
2.946%, 3/15/22

     15,000       14,719  

4.329%, 9/21/28

     15,000       14,895  

4.40%, 11/01/34

     75,000       71,289  

4.272%, 1/15/36

     20,000       18,450  

4.812%, 3/15/39

     50,000       48,384  

4.862%, 8/21/46

     25,000       23,913  

5.012%, 8/21/54

     25,000       23,734  

4.672%, 3/15/55

     25,000       22,513  

Vodafone Group PLC
2.50%, 9/26/22

     10,000       9,481  

2.95%, 2/19/23

     55,000       52,515  

5.25%, 5/30/48

     20,000       18,499  
   

 

 

  
      688,931  
   

 

 

  
Consumer, Cyclical — 6.1%    
Apparel — 0.1%    

NIKE, Inc.
2.375%, 11/01/26

     10,000       9,044  
   

 

 

  
Auto Manufacturers — 1.8%            

Ford Motor Co.
4.75%, 1/15/43

     45,000       33,981  

General Motors Co.
4.875%, 10/02/23

     70,000       70,113  

6.25%, 10/02/43

     15,000       13,777  

5.40%, 4/01/48

     20,000       17,325  

Toyota Motor Credit Corp.
MTN, 3.30%, 1/12/22

     30,000       29,957  
   

 

 

  
      165,153  
   

 

 

  
 

 

See Notes to Financial Statements.   17  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
Housewares — 0.4%            

Newell Brands, Inc.
3.85%, 4/01/23

   $ 40,000     $ 38,977  
   

 

 

  
Retail — 3.8%            

Costco Wholesale Corp.
3.00%, 5/18/27

     15,000       14,214  

Dollar Tree, Inc.
4.00%, 5/15/25

     15,000       14,252  

Home Depot, Inc.
3.00%, 4/01/26

     70,000       66,533  

3.90%, 6/15/47

     10,000       9,141  

Lowe’s Cos., Inc.
4.375%, 9/15/45

     30,000       28,449  

McDonald’s Corp.
MTN, 3.70%, 1/30/26

     50,000       48,796  

MTN, 4.45%, 9/01/48 (a)

     10,000       9,387  

Starbucks Corp.
4.50%, 11/15/48

     10,000       9,218  

Target Corp.
4.00%, 7/01/42

     30,000       27,608  

TJX Cos., Inc.
2.25%, 9/15/26

     23,000       20,536  

Walgreens Boots Alliance, Inc.
4.80%, 11/18/44

     10,000       9,210  

Walmart, Inc.
2.55%, 4/11/23

     50,000       48,263  

5.25%, 9/01/35

     20,000       22,695  

3.625%, 12/15/47

     30,000       26,712  
   

 

 

  
      355,014  
   

 

 

  
Consumer, Non-cyclical — 19.5%    
Agriculture — 0.9%    

Altria Group, Inc.
4.00%, 1/31/24

     25,000       24,982  

Philip Morris International, Inc.
4.375%, 11/15/41

     40,000       36,608  

Reynolds American, Inc.
5.70%, 8/15/35

     25,000       25,078  
   

 

 

  
      86,668  
   

 

 

  
Beverages — 2.7%            

Anheuser-Busch InBev Finance, Inc.
2.625%, 1/17/23

     25,000       23,613  

3.30%, 2/01/23

     50,000       48,441  

4.00%, 1/17/43

     20,000       16,624  

4.625%, 2/01/44

     25,000       22,392  

Anheuser-Busch InBev Worldwide, Inc.
4.00%, 4/13/28

     30,000       28,717  

4.75%, 4/15/58

     10,000       8,816  

Coca-Cola Co.
2.875%, 10/27/25

     25,000       23,750  

Molson Coors Brewing Co.
3.00%, 7/15/26

     20,000       17,842  

PepsiCo, Inc.
3.60%, 3/01/24

     40,000       40,163  

4.45%, 4/14/46

     10,000       10,193  

3.45%, 10/06/46

     10,000       8,704  
   

 

 

  
      249,255  
   

 

 

  
   

Principal
Amount

    

Value

  
Biotechnology — 2.3%            

Amgen, Inc.
3.125%, 5/01/25

   $ 61,000     $ 57,878  

4.663%, 6/15/51

     16,000       14,872  

Biogen, Inc.
4.05%, 9/15/25

     20,000       19,775  

Celgene Corp.
3.25%, 8/15/22

     15,000       14,589  

3.45%, 11/15/27

     15,000       13,624  

4.35%, 11/15/47

     30,000       25,159  

Gilead Sciences, Inc.
2.95%, 3/01/27

     20,000       18,338  

4.00%, 9/01/36

     25,000       22,961  

4.75%, 3/01/46

     25,000       24,099  
   

 

 

  
      211,295  
   

 

 

  
Cosmetics/Personal Care — 0.2%            

Procter & Gamble Co.
2.85%, 8/11/27

     25,000       23,631  
   

 

 

  
Food — 1.8%            

Campbell Soup Co.
4.15%, 3/15/28

     15,000       13,938  

Conagra Brands, Inc.
5.40%, 11/01/48

     15,000       14,290  

General Mills, Inc.
3.20%, 2/10/27

     20,000       18,102  

Kraft Heinz Foods Co.
3.95%, 7/15/25

     29,000       27,845  

6.50%, 2/09/40

     35,000       37,403  

4.375%, 6/01/46

     10,000       8,197  

Kroger Co.
4.45%, 2/01/47 (a)

     10,000       8,725  

McCormick & Co., Inc.
3.40%, 8/15/27

     10,000       9,451  

Sysco Corp.
3.75%, 10/01/25

     15,000       14,568  

Tyson Foods, Inc.
3.55%, 6/02/27

     20,000       18,527  
   

 

 

  
      171,046  
   

 

 

  
Healthcare-Products — 2.1%            

Abbott Laboratories
2.55%, 3/15/22

     15,000       14,487  

4.90%, 11/30/46

     25,000       25,982  

Becton Dickinson and Co.
4.669%, 6/06/47

     30,000       27,904  

Boston Scientific Corp.
4.00%, 3/01/28

     10,000       9,546  

Medtronic, Inc.
3.625%, 3/15/24

     50,000       49,655  

4.625%, 3/15/45

     10,000       10,220  

Stryker Corp.
4.625%, 3/15/46

     15,000       14,767  

Thermo Fisher Scientific, Inc.
3.20%, 8/15/27

     30,000       27,488  

Zimmer Biomet Holdings, Inc.
3.15%, 4/01/22

     20,000       19,538  
   

 

 

  
      199,587  
   

 

 

  
 

 

See Notes to Financial Statements.   18  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
Healthcare-Services — 1.3%            

Aetna, Inc.
3.875%, 8/15/47

   $ 20,000     $ 16,715  

Anthem, Inc.
3.30%, 1/15/23

     25,000       24,477  

4.625%, 5/15/42

     25,000       23,474  

Laboratory Corp. of America Holdings
3.60%, 2/01/25

     15,000       14,464  

UnitedHealth Group, Inc.
4.75%, 7/15/45

     40,000       41,299  
   

 

 

  
      120,429  
   

 

 

  
Pharmaceuticals — 8.2%            

AbbVie, Inc.
4.70%, 5/14/45

     75,000       67,243  

Allergan Funding SCS
3.80%, 3/15/25

     75,000       72,089  

AstraZeneca PLC
3.125%, 6/12/27

     10,000       9,235  

4.00%, 1/17/29

     15,000       14,622  

6.45%, 9/15/37

     20,000       23,715  

Cardinal Health, Inc.
2.616%, 6/15/22

     25,000       23,846  

CVS Health Corp.
3.875%, 7/20/25

     45,000       43,675  

4.30%, 3/25/28

     50,000       48,685  

4.78%, 3/25/38

     20,000       19,140  

5.05%, 3/25/48

     50,000       48,716  

Eli Lilly & Co.
3.95%, 5/15/47

     10,000       9,403  

Express Scripts Holding Co.
3.40%, 3/01/27

     50,000       46,069  

GlaxoSmithKline Capital PLC
2.85%, 5/08/22

     40,000       39,050  

GlaxoSmithKline Capital, Inc.
2.80%, 3/18/23

     20,000       19,259  

Johnson & Johnson
2.625%, 1/15/25

     25,000       23,826  

5.95%, 8/15/37

     20,000       24,618  

3.50%, 1/15/48

     15,000       13,444  

Merck & Co., Inc.
2.40%, 9/15/22

     30,000       28,911  

4.15%, 5/18/43

     10,000       10,002  

Mylan NV
5.25%, 6/15/46

     15,000       12,792  

Novartis Capital Corp.
3.40%, 5/06/24

     20,000       19,766  

3.10%, 5/17/27

     25,000       23,869  

Pfizer, Inc.
3.00%, 6/15/23

     15,000       14,781  

4.40%, 5/15/44

     50,000       50,571  

Sanofi
3.625%, 6/19/28

     10,000       9,902  

Shire Acquisitions Investments Ireland DAC
3.20%, 9/23/26

     25,000       22,535  

Zoetis, Inc.
3.00%, 9/12/27

     25,000       22,926  
   

 

 

  
      762,690  
   

 

 

  
   

Principal
Amount

    

Value

  
Energy — 10.2%    
Oil & Gas — 5.4%    

Anadarko Petroleum Corp.
5.55%, 3/15/26

   $ 20,000     $ 20,772  

Apache Corp.
5.10%, 9/01/40

     30,000       26,898  

BP Capital Markets America, Inc.
4.234%, 11/06/28

     15,000       15,054  

BP Capital Markets PLC
2.75%, 5/10/23

     50,000       47,916  

3.279%, 9/19/27

     20,000       18,675  

Canadian Natural Resources Ltd.
2.95%, 1/15/23

     25,000       23,909  

Cenovus Energy, Inc.
4.45%, 9/15/42

     15,000       11,130  

Chevron Corp.
2.954%, 5/16/26

     20,000       18,831  

ConocoPhillips
6.50%, 2/01/39

     25,000       30,563  

Devon Energy Corp.
3.25%, 5/15/22

     25,000       24,155  

EQT Corp.
3.00%, 10/01/22

     10,000       9,503  

Equinor ASA
3.95%, 5/15/43

     15,000       13,748  

Exxon Mobil Corp.
3.567%, 3/06/45

     25,000       22,092  

Marathon Petroleum Corp.
6.50%, 3/01/41

     20,000       21,845  

Noble Energy, Inc.
5.05%, 11/15/44

     10,000       8,723  

Occidental Petroleum Corp.
4.10%, 2/15/47

     30,000       27,111  

Phillips 66
4.875%, 11/15/44

     20,000       19,001  

Shell International Finance BV
2.375%, 8/21/22

     15,000       14,428  

4.55%, 8/12/43

     65,000       65,478  

Suncor Energy, Inc.
4.00%, 11/15/47

     10,000       8,533  

Total Capital International SA
3.70%, 1/15/24

     40,000       40,229  

Valero Energy Corp.
3.40%, 9/15/26

     20,000       18,237  
   

 

 

  
      506,831  
   

 

 

  
Oil & Gas Services — 1.0%            

Baker Hughes A GE Co. LLC / Baker Hughes Co.-Obligor, Inc.
4.08%, 12/15/47

     15,000       12,182  

Halliburton Co.
3.50%, 8/01/23

     25,000       24,497  

3.80%, 11/15/25

     30,000       28,701  

Schlumberger Investment SA
3.65%, 12/01/23

     25,000       24,556  
   

 

 

  
      89,936  
   

 

 

  
 

 

See Notes to Financial Statements.   19  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
Pipelines — 3.8%            

Enbridge, Inc.
4.00%, 10/01/23

   $ 35,000     $ 34,833  

Enterprise Products Operating LLC
5.10%, 2/15/45

     45,000       44,226  

Kinder Morgan, Inc.
4.30%, 6/01/25

     50,000       48,897  

5.20%, 3/01/48

     10,000       9,237  

MPLX LP
4.80%, 2/15/29

     15,000       14,782  

4.70%, 4/15/48

     25,000       21,183  

Sabine Pass Liquefaction LLC
4.20%, 3/15/28

     30,000       28,241  

Sunoco Logistics Partners Operations LP
4.00%, 10/01/27

     75,000       68,452  

Transcanada Pipelines Ltd.
7.625%, 1/15/39

     30,000       37,373  

Williams Cos., Inc.
3.75%, 6/15/27

     50,000       46,303  
   

 

 

  
      353,527  
   

 

 

  
Financial — 29.9%    
Banks — 22.9%    

Bank of America Corp.
GMTN, 3.30%, 1/11/23

     115,000       112,328  

MTN, 4.00%, 1/22/25

     25,000       24,267  

MTN, 4.25%, 10/22/26

     65,000       63,019  

MTN, 5.00%, 1/21/44

     20,000       20,380  

Bank of New York Mellon Corp.
MTN, 2.20%, 8/16/23

     50,000       46,758  

Bank of Nova Scotia
4.50%, 12/16/25

     25,000       24,750  

Citigroup, Inc.
2.90%, 12/08/21

     50,000       48,646  

3.875%, 3/26/25

     20,000       19,257  

3.40%, 5/01/26

     50,000       46,571  

4.125%, 7/25/28

     30,000       28,202  

5.30%, 5/06/44

     31,000       30,928  

4.75%, 5/18/46

     25,000       23,063  

Cooperatieve Rabobank UA
3.875%, 2/08/22

     75,000       75,514  

Credit Suisse Group Funding Guernsey Ltd.
3.80%, 9/15/22

     35,000       34,572  

4.55%, 4/17/26

     50,000       49,180  

Discover Bank
3.45%, 7/27/26

     25,000       22,877  

Fifth Third Bancorp
4.30%, 1/16/24

     40,000       40,219  

Goldman Sachs Group, Inc.
5.75%, 1/24/22

     50,000       52,419  

3.50%, 1/23/25

     50,000       47,287  

5.95%, 1/15/27

     19,000       20,376  

3.85%, 1/26/27

     25,000       23,587  

6.25%, 2/01/41

     50,000       56,849  

MTN, 4.80%, 7/08/44

     25,000       23,986  

5.15%, 5/22/45

     10,000       9,605  
   

Principal
Amount

    

Value

  
Banks (Continued)            

HSBC Holdings PLC
3.40%, 3/08/21

   $ 50,000     $ 49,448  

4.875%, 1/14/22

     50,000       51,396  

4.00%, 3/30/22

     40,000       40,248  

6.10%, 1/14/42

     20,000       22,931  

ING Groep NV
3.95%, 3/29/27

     20,000       18,950  

JPMorgan Chase & Co.
3.625%, 5/13/24

     40,000       39,307  

3.875%, 9/10/24

     50,000       48,962  

3.125%, 1/23/25

     37,000       34,806  

3.30%, 4/01/26

     25,000       23,519  

4.25%, 10/01/27

     20,000       19,512  

6.40%, 5/15/38

     25,000       29,981  

5.60%, 7/15/41

     25,000       27,627  

KeyCorp
MTN, 4.10%, 4/30/28

     15,000       14,814  

Mitsubishi UFJ Financial Group, Inc.
3.287%, 7/25/27

     50,000       47,171  

Morgan Stanley
2.75%, 5/19/22

     25,000       24,105  

Series F, 3.875%, 4/29/24

     15,000       14,781  

GMTN, 3.70%, 10/23/24

     30,000       29,190  

MTN, 3.125%, 7/27/26

     15,000       13,723  

GMTN, 4.35%, 9/08/26

     40,000       38,866  

4.30%, 1/27/45

     40,000       36,420  

4.375%, 1/22/47

     20,000       18,323  

PNC Financial Services Group, Inc.
3.30%, 3/08/22

     30,000       29,674  

3.90%, 4/29/24

     20,000       19,835  

Santander Holdings USA, Inc.
4.40%, 7/13/27

     20,000       18,745  

Santander UK PLC
4.00%, 3/13/24

     50,000       49,580  

State Street Corp.
3.10%, 5/15/23

     25,000       24,249  

Sumitomo Mitsui Financial Group, Inc.
3.784%, 3/09/26

     25,000       24,457  

2.632%, 7/14/26

     50,000       45,050  

US Bancorp
MTN, 3.00%, 3/15/22

     25,000       24,650  

MTN, 3.60%, 9/11/24

     20,000       19,636  

MTN, 3.90%, 4/26/28

     10,000       9,972  

Wells Fargo & Co.
MTN, 3.50%, 3/08/22

     25,000       24,715  

4.125%, 8/15/23

     40,000       39,854  

3.00%, 4/22/26

     60,000       55,334  

3.00%, 10/23/26

     50,000       45,608  

5.375%, 2/07/35

     50,000       53,609  

5.606%, 1/15/44

     15,000       15,912  

Westpac Banking Corp.
3.35%, 3/08/27

     50,000       47,540  
   

 

 

  
      2,137,140  
   

 

 

  
Diversified Financial Services — 3.1%            

American Express Co.
3.40%, 2/27/23

     25,000       24,486  
 

 

See Notes to Financial Statements.   20  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
Diversified Financial Services (Continued)  

American Express Credit Corp.
MTN, 2.70%, 3/03/22

   $ 25,000     $ 24,277  

MTN, 3.30%, 5/03/27

     15,000       14,288  

Brookfield Finance, Inc.
4.70%, 9/20/47

     10,000       9,271  

Capital One Financial Corp.
3.20%, 2/05/25

     36,000       33,248  

3.75%, 3/09/27

     20,000       18,497  

CME Group, Inc.
5.30%, 9/15/43

     15,000       16,937  

GE Capital International Funding Co. Unlimited Co.
4.418%, 11/15/35

     50,000       40,502  

Mastercard, Inc.
2.95%, 11/21/26

     20,000       18,871  

Synchrony Financial
4.25%, 8/15/24

     40,000       36,789  

Visa, Inc.
3.15%, 12/14/25

     30,000       28,977  

4.15%, 12/14/35

     25,000       25,187  
   

 

 

  
      291,330  
   

 

 

  
Insurance — 2.7%            

American International Group, Inc.
4.50%, 7/16/44

     30,000       26,080  

4.75%, 4/01/48

     15,000       13,523  

Berkshire Hathaway Finance Corp.
4.20%, 8/15/48

     10,000       9,519  

Berkshire Hathaway, Inc.
3.125%, 3/15/26

     30,000       28,656  

Brighthouse Financial, Inc.
3.70%, 6/22/27

     20,000       17,031  

Chubb INA Holdings, Inc.
4.35%, 11/03/45

     10,000       9,796  

Hartford Financial Services Group, Inc.
5.125%, 4/15/22

     75,000       78,223  

Manulife Financial Corp.
4.15%, 3/04/26

     25,000       25,032  

MetLife, Inc.
5.70%, 6/15/35

     25,000       27,712  

Prudential Financial, Inc.
MTN, 4.60%, 5/15/44

     15,000       14,499  
   

 

 

  
      250,071  
   

 

 

  
Real Estate Investment Trusts — 1.2%            

American Tower Corp.
5.00%, 2/15/24

     20,000       20,677  

Crown Castle International Corp.
3.80%, 2/15/28

     25,000       23,219  

Digital Realty Trust LP
3.70%, 8/15/27

     25,000       23,265  

Realty Income Corp.
3.25%, 10/15/22

     25,000       24,519  

Simon Property Group LP
3.25%, 11/30/26

     25,000       23,551  
   

 

 

  
      115,231  
   

 

 

  
   

Principal
Amount

    

Value

  
Industrial — 5.3%    
Aerospace/Defense — 1.9%    

Lockheed Martin Corp.
4.09%, 9/15/52

   $ 22,000     $ 20,026  

Northrop Grumman Corp.
3.25%, 8/01/23

     20,000       19,500  

4.03%, 10/15/47

     20,000       17,950  

Rockwell Collins, Inc.
3.50%, 3/15/27

     50,000       47,073  

United Technologies Corp.
3.10%, 6/01/22

     20,000       19,517  

4.125%, 11/16/28

     15,000       14,717  

5.70%, 4/15/40

     25,000       27,569  

4.625%, 11/16/48

     15,000       14,487  
   

 

 

  
      180,839  
   

 

 

  
Electronics — 0.4%            

Fortive Corp.
3.15%, 6/15/26

     20,000       18,549  

Honeywell International, Inc.
2.50%, 11/01/26

     25,000       22,964  
   

 

 

  
      41,513  
   

 

 

  
Environmental Control — 0.1%            

Waste Management, Inc.
4.10%, 3/01/45

     10,000       9,466  
   

 

 

  
Machinery-Construction & Mining — 0.4%            

ABB Finance USA, Inc.
2.875%, 5/08/22

     15,000       14,666  

Caterpillar, Inc.
3.803%, 8/15/42

     20,000       18,086  
   

 

 

  
      32,752  
   

 

 

  
Machinery-Diversified — 0.1%    

John Deere Capital Corp.
MTN, 2.80%, 3/06/23

     10,000       9,696  
   

 

 

  
Miscellaneous Manufacturing — 1.1%            

Eaton Corp.
2.75%, 11/02/22

     25,000       23,983  

General Electric Co.
2.70%, 10/09/22

     30,000       27,092  

MTN, 5.875%, 1/14/38

     30,000       27,988  

4.125%, 10/09/42

     25,000       19,432  
   

 

 

  
      98,495  
   

 

 

  
Transportation — 1.3%            

Burlington Northern Santa Fe LLC
3.90%, 8/01/46

     25,000       22,526  

CSX Corp.
4.10%, 3/15/44

     20,000       17,985  

FedEx Corp.
5.10%, 1/15/44

     20,000       19,655  

4.95%, 10/17/48

     10,000       9,726  

Union Pacific Corp.
4.50%, 9/10/48

     15,000       14,485  

3.799%, 10/01/51

     5,000       4,126  
 

 

See Notes to Financial Statements.   21  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
Transportation (Continued)            

United Parcel Service, Inc.
2.45%, 10/01/22

   $ 25,000     $ 24,082  

3.75%, 11/15/47

     10,000       8,839  
   

 

 

  
      121,424  
   

 

 

  
Technology — 9.5%    
Computers — 3.0%    

Apple, Inc.
2.85%, 2/23/23

     50,000       48,759  

2.40%, 5/03/23

     75,000       71,546  

3.20%, 5/13/25

     17,000       16,463  

2.45%, 8/04/26

     40,000       36,411  

4.45%, 5/06/44

     25,000       24,996  

4.375%, 5/13/45

     18,000       17,816  

3.75%, 11/13/47

     15,000       13,413  

Hewlett Packard Enterprise Co.
4.90%, 10/15/25

     35,000       35,172  

International Business Machines Corp.
4.00%, 6/20/42

     20,000       17,755  
   

 

 

  
      282,331  
   

 

 

  
Semiconductors — 2.0%            

Applied Materials, Inc.
4.35%, 4/01/47

     15,000       14,067  

Broadcom Corp. / Broadcom Cayman Finance Ltd.
3.00%, 1/15/22

     20,000       19,250  

3.50%, 1/15/28

     35,000       30,544  

Intel Corp.
3.70%, 7/29/25

     40,000       39,733  

4.10%, 5/11/47

     25,000       23,523  

QUALCOMM, Inc.
3.00%, 5/20/22

     20,000       19,508  

3.45%, 5/20/25

     25,000       23,820  

4.30%, 5/20/47

     15,000       13,118  
   

 

 

  
      183,563  
   

 

 

  
Software — 4.5%            

Fiserv, Inc.
4.20%, 10/01/28

     10,000       9,882  

Microsoft Corp.
2.40%, 8/08/26

     50,000       45,891  

3.30%, 2/06/27

     50,000       48,732  

3.50%, 2/12/35

     50,000       46,865  

3.75%, 2/12/45

     10,000       9,315  

3.70%, 8/08/46

     30,000       27,814  

4.25%, 2/06/47

     40,000       40,509  

Oracle Corp.
2.50%, 5/15/22

     35,000       33,921  

3.40%, 7/08/24

     25,000       24,575  

2.95%, 5/15/25

     25,000       23,787  

4.30%, 7/08/34

     50,000       49,300  

4.00%, 7/15/46

     20,000       18,185  

4.00%, 11/15/47

     20,000       18,141  

VMware, Inc.
3.90%, 8/21/27

     25,000       22,442  
   

 

 

  
      419,359  
   

 

 

  
   

Principal
Amount

    

Value

  
Utilities — 2.1%    
Electric — 2.0%    

Berkshire Hathaway Energy Co.
4.50%, 2/01/45

   $ 10,000     $ 9,638  

Consolidated Edison Co. of New York, Inc.
4.625%, 12/01/54

     25,000       23,758  

Duke Energy Corp.
3.75%, 4/15/24

     10,000       9,895  

3.75%, 9/01/46

     20,000       16,852  

Emera US Finance LP
3.55%, 6/15/26

     15,000       14,036  

Eversource Energy
Series K, 2.75%, 3/15/22

     10,000       9,720  

Exelon Corp.
4.45%, 4/15/46

     20,000       18,648  

FirstEnergy Corp.
Series C, 4.85%, 7/15/47

     15,000       14,475  

Florida Power & Light Co.
3.95%, 3/01/48

     15,000       13,960  

Sempra Energy
3.25%, 6/15/27

     10,000       9,124  

4.00%, 2/01/48

     10,000       8,272  

Southern Co.
4.40%, 7/01/46

     25,000       22,612  

Virginia Electric & Power Co.
Series A, 3.50%, 3/15/27

     15,000       14,489  
   

 

 

  
      185,479  
   

 

 

  
Gas — 0.1%            

NiSource, Inc.
3.49%, 5/15/27

     15,000       14,129  
   

 

 

  

TOTAL CORPORATE BONDS
(Cost $9,712,148)

       9,077,709  
   

 

 

  
   

Number
of Shares

        
SECURITIES LENDING COLLATERAL — 0.3%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c)
(Cost $23,460)

     23,460       23,460  
   

 

 

  
CASH EQUIVALENTS — 0.3%    

DWS Government Money Market Series “Institutional Shares”, 2.15% (b)
(Cost $29,459)

     29,459       29,459  
   

 

 

  

TOTAL INVESTMENTS — 97.8%

(Cost $9,765,067)

     $ 9,130,628  

Other assets and liabilities, net — 2.2%

       212,664  
   

 

 

  

NET ASSETS — 100.0%

     $ 9,343,292  
   

 

 

  
 

 

See Notes to Financial Statements.   22  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2018 (Unaudited)

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

SECURITIES LENDING COLLATERAL — 0.3%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c)

 

17,820     5,640 (d)      —       —       —       184       —       23,460       23,460  
               

CASH EQUIVALENTS — 0.3%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (b)

 

—     580,415       (550,956)           —           —       472         —       29,459       29,459  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
17,820     586,055       (550,956)       —       —       656       —       52,919       52,919  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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, 2018 amounted to $41,627, which is 0.4% of net assets.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $19,731.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended November 30, 2018.

 

GMTN:   Global Medium Term Note
MTN:   Medium Term Note

At November 30, 2018, open futures contracts sold were as follows:

 

Contract Description

    Currency      Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Depreciation		  

5-Year U.S. Treasury Note

      USD        20      $ 2,258,177      $ 2,259,219        3/29/2019      $ (1,042 ) 

10-Year U.S. Treasury Note

      USD        19        2,266,218        2,269,609        3/20/2019        (3,391 ) 

10-Year Ultra U.S. Treasury Note

      USD        7        882,930        885,500        3/20/2019        (2,570 ) 

2-Year U.S. Treasury Note

      USD        2        421,938        421,969        3/29/2019        (31 ) 

Ultra Long U.S. Treasury Bond

      USD        9        1,366,580        1,371,656        3/20/2019        (5,076 ) 

U.S. Treasury Long Bond

      USD        13        1,810,812        1,818,781        3/20/2019        (7,969 ) 
                 

 

 

  

Total unrealized depreciation

                   $ (20,079 ) 
                 

 

 

  

Currency Abbreviations

USD   U.S. Dollar

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.

 

See Notes to Financial Statements.   23  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2018 (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, 2018 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 (e)

      $ —      $ 9,077,709        $   —        $ 9,077,709  

Short-Term Investments (e)

        52,919        —          —          52,919  
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ 52,919      $ 9,077,709        $ —        $ 9,130,628  
    

 

 

     

 

 

       

 

 

       

 

 

  
                 

Liabilities

      Level 1      Level 2        Level 3        Total  

Derivatives (f)

                  

Futures Contracts

      $ (20,079 )     $ —        $   —        $ (20,079 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ (20,079 )     $ —        $ —        $ (20,079 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

 

(e)

See Schedule of Investments for additional detailed categorizations.

(f)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

 

See Notes to Financial Statements.   24  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Municipal Infrastructure Revenue Bond ETF

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
MUNICIPAL BONDS — 98.6%    
Alabama — 1.8%    

Alabama Federal Aid Highway Finance Authority, Government FD/ Grant Revenue,
Series A, 5.00%, 6/01/37

   $ 200,000     $ 227,908  

County of Jefferson AL Sewer Revenue,
Series A, 5.00%, 10/01/44

     100,000       107,598  

Series D, 6.50%, 10/01/53

     580,000       675,422  
   

 

 

  
      1,010,928  
   

 

 

  
Arizona — 1.9%            

Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue,
Series A, 5.00%, 1/01/38

     450,000       509,522  

Series A, 5.00%, 1/01/39

     500,000       571,965  
   

 

 

  
      1,081,487  
   

 

 

  
California — 17.2%            

Alameda Corridor Transportation Authority, Transit Revenue,
Series B, 5.00%, 10/01/35

     165,000       181,096  

Bay Area Toll Authority, Highway Revenue Tolls,
5.00%, 10/01/54

     1,350,000       1,459,269  

City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 5/15/46

     975,000       1,061,141  

East Bay Municipal Utility District Water System Revenue, Water Revenue,
Series A, 5.00%, 6/01/45

     100,000       113,297  

Foothill-Eastern Transportation Corridor Agency, Highway Revenue Tolls,
Series C, 6.25%, 1/15/33

     250,000       285,950  

Series A, 6.00%, 1/15/49

     550,000       626,268  

Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, Series A, 4.00%, 10/01/42

     100,000       101,219  

Los Angeles Department of Water & Power, Electric, Power & Light Revenue,
Series A, 5.00%, 7/01/42

     500,000       563,070  

Series A, 5.00%, 7/01/46

     750,000       833,497  

Los Angeles Department of Water, Water Revenue,
Series A, 5.00%, Issued 5/11/17, 7/01/41

     200,000       225,844  

Series A, 5.00%, Issued 4/21/16, 7/01/41

     500,000       558,140  

Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 3/01/41

     500,000       550,110  

San Diego County Regional Transportation Commission, Sales Tax Revenue,
Series A, 4.75%, 4/01/48

     250,000       272,433  

San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue,
Series B, AMT, 5.00%, 5/01/46

     500,000       544,330  

Series C, 5.00%, 5/01/46

     850,000       939,310  

Series D, AMT, 5.25%, 5/01/48

     370,000       417,734  
   

Principal
Amount

    

Value

  
California (Continued)            

San Joaquin Hills Transportation Corridor Agency, Highway Revenue Tolls,
Series A, 5.00%, 1/15/44

   $ 1,000,000     $ 1,063,760  
   

 

 

  
      9,796,468  
   

 

 

  
Colorado — 1.9%            

City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 12/01/43

     325,000       358,416  

Series A, AMT, 5.00%, 12/01/48

     700,000       768,642  
   

 

 

  
      1,127,058  
   

 

 

  
Connecticut — 0.3%            

State of Connecticut Special Tax, Fuel Sales Tax Revenue,
Series A, 5.00%, 10/01/33

     145,000       155,916  
   

 

 

  
District of Columbia — 2.1%            

District of Columbia Water & Sewer Authority, Water Revenue,
Series C, 5.00%, 10/01/44

     630,000       697,920  

Metropolitan Washington Airports Authority, Private Airport & Marina Revenue,
Series A, 5.00%, 10/01/35

     455,000       504,185  
   

 

 

  
      1,202,105  
   

 

 

  
Florida — 4.1%            

County of Broward FL Airport System Revenue, Private Airport & Marina Revenue,
Series A, AMT, 5.25%, 10/01/43

     35,000       37,925  

County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/01/38

     500,000       544,840  

County of Miami-Dade FL Aviation, Private Airport & Marina Revenue,
5.00%, 10/01/36

     415,000       448,590  

County of Miami-Dade FL Transit System, Sales Tax Revenue,
4.00%, 7/01/38

     90,000       91,569  

County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue,
Series A, 4.00%, 10/01/44

     165,000       165,492  

Greater Orlando Aviation Authority, Private Airport & Marina Revenue,
Series A, 5.00%, 10/01/52

     500,000       542,620  

Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls,
Series B, 4.00%, 7/01/42

     500,000       505,400  
   

 

 

  
      2,336,436  
   

 

 

  
Georgia — 1.8%            

Burke County Development Authority, Electric, Power & Light Revenue,
Series D, 4.13%, 11/01/45

     250,000       238,452  
 

 

See Notes to Financial Statements.   25  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
Georgia (Continued)            

City of Atlanta GA Water & Wastewater, Water Revenue,
5.00%, 11/01/40

   $ 700,000     $ 774,599  
   

 

 

  
      1,013,051  
   

 

 

  
Guam — 0.2%            

Guam Government Waterworks Authority, Water Revenue,
5.00%, 1/01/46

     125,000       129,878  
   

 

 

  
Hawaii — 1.0%            

City & County Honolulu HI Wastewater System, Sewer Revenue,
Series A, 5.00%, 7/01/40

     500,000       556,285  
   

 

 

  
Illinois — 6.1%            

Chicago Midway International Airport, Private Airport & Marina Revenue,
Series B, 5.00%, 1/01/41

     500,000       535,315  

Chicago O’Hare International Airport, Private Airport & Marina Revenue,
Series D, AMT, 5.00%, 1/01/42

     800,000       855,544  

Series D, 5.00%, 1/01/47

     500,000       541,930  

City of Chicago IL Waterworks, Water Revenue,
5.00%, 11/01/39

     275,000       293,802  

Illinois Municipal Electric Agency, Electric, Power & Light Revenue,
Series A, 4.00%, 2/01/34

     45,000       46,319  

Illinois State Toll Highway Authority, Highway Revenue Tolls,
Series A, 5.00%, 12/01/31

     10,000       11,200  

Series C, 5.00%, 1/01/36

     50,000       54,895  

Series A, 5.00%, 1/01/40

     1,090,000       1,198,400  
   

 

 

  
      3,537,405  
   

 

 

  
Indiana — 0.6%            

Indiana Finance Authority, Government FD/ Grant Revenue,
Series C, 5.00%, 6/01/29

     100,000       120,693  

Indiana Municipal Power Agency, Electric, Power & Light Revenue,
5.00%, 1/01/42

     200,000       221,128  
   

 

 

  
      341,821  
   

 

 

  
Louisiana — 2.2%            

Louisiana Local Government Environmental Facilities & Community Development Authority, Industrial Revenue,
3.50%, 11/01/32

     250,000       238,817  

New Orleans Aviation Board, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 1/01/45

     700,000       743,883  

Series B, AMT, 5.00%, 1/01/48

     250,000       268,298  
   

 

 

  
      1,250,998  
   

 

 

  
   

Principal
Amount

    

Value

  
Maryland — 0.3%            

State of Maryland Department of Transportation, Fuel Sales Tax Revenue,
3.50%, 10/01/33

   $ 190,000     $ 189,557  
   

 

 

  
Massachusetts — 1.1%            

Commonwealth of Massachusetts Transportation Fund, Fuel Sales Tax Revenue,
Series A, 5.00%, 6/01/44

     600,000       657,156  
   

 

 

  
Nevada — 0.4%            

Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax,
Series B, 4.00%, 7/01/49

     250,000       245,862  
   

 

 

  
New Jersey — 3.6%            

New Jersey Turnpike Authority, Highway Revenue Tolls,
Series A, 5.00%, Issued 4/11/17, 1/01/31

     10,000       11,421  

Series A, 5.00%, Issued 5/22/14, 1/01/31

     200,000       222,436  

Series B, 5.00%, 1/01/31

     20,000       23,115  

Series A, 5.00%, 1/01/33

     10,000       11,333  

Series G, 3.25%, 1/01/38

     395,000       376,399  

Series E, 5.00%, 1/01/45

     1,350,000       1,458,176  
   

 

 

  
      2,102,880  
   

 

 

  
New York — 25.1%            

Long Island Power Authority, Electric, Power & Light Revenue,
5.00%, 9/01/44

     700,000       754,908  

Metropolitan Transportation Authority, Fuel Sales Tax Revenue,
Series A, 5.25%, 11/15/32

     600,000       698,502  

Metropolitan Transportation Authority, Transit Revenue,
Series B, 5.00%, 11/15/37

     1,000,000       1,098,170  

Sub-Series D-1, 5.00%, 11/15/39

     20,000       21,575  

Series A-1, 5.25%, 11/15/39

     20,000       21,833  

Series D, 4.00%, 11/15/42

     300,000       301,875  

Series E, 5.00%, 11/15/43

     80,000       85,669  

Sub-Series D-1, 5.25%, 11/15/44

     50,000       55,538  

Sub-Series A-1, 5.00%, 11/15/45

     700,000       752,591  

Series D, 4.00%, 11/15/46

     500,000       501,165  

MTA Hudson Rail Yards Trust Obligations, Lease Revenue,
Series A, 5.00%, 11/15/56

     515,000       545,241  

New York City Transitional Finance Authority Future Tax Secured Revenue, Income Tax Revenue
Sub-Series A-1, 4.00%, 5/01/42

     15,000       15,240  

New York City Transitional Finance Authority Future Tax Secured, Income Tax Revenue,
Sub-Series B-1, 5.00%, 8/01/39

     600,000       659,706  

Sub-Series A-1, 5.00%, 5/01/40

     500,000       552,680  

New York City Transitional Finance Authority Future Tax Secured, Sales Tax Revenue,
Series E-1, 5.00%, 2/01/41

     250,000       274,963  
 

 

See Notes to Financial Statements.   26  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
New York (Continued)            

New York City Water & Sewer System, Water Revenue,
Series CC-1, 4.00%, 6/15/37

   $ 95,000     $ 96,511  

Series GG, 5.00%, 6/15/39

     650,000       718,855  

Series HH, 5.00%, 6/15/39

     150,000       165,890  

Sub-Series CC-1, 4.00%, 6/15/46

     50,000       50,161  

Series CC, 5.00%, 6/15/46

     500,000       548,950  

Series CC-1, 5.00%, 6/15/47

     500,000       541,590  

Series DD, 5.00%, 6/15/47

     1,200,000       1,330,368  

Series CC, 5.00%, 6/15/48

     965,000       1,074,711  

New York Transportation Development Corp, Private Airport & Marina Revenue,
AMT, 5.00%, 1/01/30

     400,000       444,324  

AMT, 5.00%, 1/01/34

     500,000       546,080  

Port Authority of New York & New Jersey, Private Airport & Marina Revenue,
5.00%, 10/15/35

     65,000       72,922  

5.00%, 10/15/41

     1,150,000       1,275,120  

Utility Debt Securitization Authority, Electric, Power & Light Revenue,
Series TE, 5.00%, 12/15/41

     1,100,000       1,202,003  
   

 

 

  
      14,407,141  
   

 

 

  
Ohio — 0.3%            

Northeast Ohio Regional Sewer District, Sewer Revenue,
4.00%, 11/15/49

     200,000       200,944  

Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue,
Series A, 5.00%, 12/01/29

     10,000       11,760  

Series A, 5.00%, 6/01/30

     10,000       11,718  
   

 

 

  
      224,422  
   

 

 

  
Oklahoma — 0.6%            

Oklahoma Turnpike Authority, Highway Revenue Tolls,
Series C, 4.00%, 1/01/42

     350,000       354,928  
   

 

 

  
Pennsylvania — 5.5%            

City of Philadelphia Pa Airport Revenue, Private Airport & Marina Revenue,
Series B, AMT, 5.00%, 7/01/47

     300,000       324,342  

City of Philadelphia PA Water & Wastewater, Water Revenue,
Series A, 5.00%, 7/01/40

     395,000       428,931  

Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls,
5.00%, 7/01/42

     40,000       44,693  

Lehigh County Authority, Water Revenue,
Series A, 5.00%, 12/01/43

     20,000       21,658  

Pennsylvania Economic Development Financing Authority, Industrial Revenue,
5.00%, 12/31/34

     390,000       417,089  

Pennsylvania Turnpike Commission, Highway Revenue Tolls,
Sub-Series B-1, 5.00%, 6/01/42

     100,000       106,547  

Series A-2, 5.00%, 12/01/43

     250,000       274,530  
   

Principal
Amount

    

Value

  
Pennsylvania (Continued)            

Series C, 5.00%, 12/01/44

   $ 520,000     $ 554,876  

Series A-1, 5.00%, 12/01/46

     900,000       972,270  
   

 

 

  
      3,144,936  
   

 

 

  
Puerto Rico — 1.3%            

Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue,
Series CC, 5.25%, 7/01/36

     400,000       439,932  

Series N, 5.25%, 7/01/36

     175,000       192,472  

Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls,
Series L, 5.25%, 7/01/35

     50,000       51,670  

Series L, 5.25%, 7/01/41

     25,000       27,509  
   

 

 

  
      711,583  
   

 

 

  
South Carolina — 4.7%            

South Carolina Public Service Authority, Miscellaneous Revenue,
Series C, 5.00%, 12/01/46

     1,130,000       1,181,709  

South Carolina Public Service Authority, Nuclear Revenue,
Series E, 5.00%, 12/01/48

     500,000       518,525  

Series A, 5.00%, 12/01/49

     200,000       207,972  

Series A, 5.50%, 12/01/54

     290,000       309,195  

Series A, 5.00%, 12/01/55

     365,000       379,969  

Series E, 5.25%, 12/01/55

     50,000       53,090  
   

 

 

  
      2,650,460  
   

 

 

  
Texas — 9.7%            

Central Texas Regional Mobility Authority, Highway Revenue Tolls,
Series A, 5.00%, 1/01/45

     700,000       745,927  

City of Austin TX Water & Wastewater System, Water Revenue,
5.00%, 11/15/39

     500,000       550,680  

City of Houston TX Combined Utility System, Water Revenue,
Series B, 5.00%, 11/15/36

     500,000       561,030  

Series D, 5.00%, 11/15/39

     85,000       93,883  

City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue,
5.00%, 2/01/47

     150,000       167,325  

Dallas Area Rapid Transit, Sales Tax Revenue,
Series A, 5.00%, 12/01/46

     300,000       330,222  

North Texas Tollway Authority, Highway Revenue Tolls,
Series A, 5.00%, 1/01/38

     500,000       544,630  

Series A, 5.00%, 1/01/48

     1,500,000       1,645,140  

San Antonio Water System, Water Revenue,
Series B, 5.00%, 5/15/39

     155,000       171,385  

Texas Water Development Board, Water Revenue,
Series A, 5.00%, 10/15/45

     600,000       665,958  
   

 

 

  
      5,476,180  
   

 

 

  
 

 

See Notes to Financial Statements.   27  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Principal
Amount

    

Value

  
Utah — 0.9%            

Salt Lake City Corp Airport, Private Airport & Marina Revenue,
Series A, AMT, 5.00%, 7/01/47

   $ 450,000     $ 489,254  
   

 

 

  
Virginia — 2.8%            

Chesapeake Bay Bridge & Tunnel District, Highway Revenue Tolls,
5.00%, 7/01/41

     190,000       211,582  

Virginia Small Business Financing Authority, Highway Revenue Tolls,
5.00%, 12/31/52

     550,000       574,134  

AMT, 5.00%, 12/31/56

     750,000       780,735  
   

 

 

  
      1,566,451  
   

 

 

  
Washington — 0.8%            

Central Puget Sound Regional Transit Authority, Sales Tax Revenue,
Series S-1, 5.00%, 11/01/29

     10,000       11,471  

Series S1, 5.00%, 11/01/45

     400,000       443,116  
   

 

 

  
      454,587  
   

 

 

  
   

Principal
Amount

    

Value

  
Wisconsin — 0.3%            

Wisconsin Department of Transportation, Miscellaneous Revenue,
Series 2, 5.00%, 7/01/29

   $ 75,000     $ 88,099  

Series 2, 5.00%, 7/01/30

     45,000       52,560  
   

 

 

  
      140,659  
   

 

 

  

TOTAL MUNICIPAL BONDS
(Cost $57,972,336)

       56,355,892  
   

 

 

  

TOTAL INVESTMENTS — 98.6%

(Cost $57,972,336)

     $ 56,355,892  

Other assets and liabilities, net — 1.4%

       828,216  
   

 

 

  

NET ASSETS — 100.0%

     $ 57,184,108  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at

5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

CASH EQUIVALENTS — 0.0%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (a)

 

—     58,068       (58,068)       —       —       41       —       —       —  

 

(a)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

 

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, 2018 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 (b)

      $   —        $ 56,355,892        $   —        $ 56,355,892  
    

 

 

       

 

 

       

 

 

       

 

 

  

TOTAL

      $ —        $ 56,355,892        $ —        $ 56,355,892  
    

 

 

       

 

 

       

 

 

       

 

 

  

 

(b)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   28  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 98.1%    
Australia — 3.3%    

AGL Energy Ltd.

     4,808     $ 66,043  

Amcor Ltd.

     8,456       82,930  

ASX Ltd.

     1,398       61,549  

Aurizon Holdings Ltd.

     14,589       44,852  

Bendigo & Adelaide Bank Ltd.

     3,582       27,936  

Boral Ltd.

     8,637       32,167  

Crown Resorts Ltd.

     2,747       23,470  

Fortescue Metals Group Ltd.

     11,244       32,844  

Harvey Norman Holdings Ltd.

     4,014       9,263  

Insurance Australia Group Ltd.

     16,745       89,020  

LendLease Group (a)

     4,139       38,265  

Medibank Pvt Ltd.

     20,056       35,443  

Sonic Healthcare Ltd.

     3,012       50,149  

Wesfarmers Ltd.

     8,112       187,132  
   

 

 

  
      781,063  
   

 

 

  
Austria — 0.1%            

voestalpine AG

     838       27,848  
   

 

 

  
Brazil — 0.6%            

BB Seguridade Participacoes SA

     5,014       36,646  

Cielo SA

     9,216       22,643  

Cosan SA

     1,196       10,636  

Hypera SA

     2,449       20,288  

Kroton Educacional SA

     10,407       28,201  

Petrobras Distribuidora SA

     2,496       15,750  

Porto Seguro SA

     668       8,941  
   

 

 

  
      143,105  
   

 

 

  
Canada — 9.9%            

Bank of Nova Scotia

     8,930       485,772  

BCE, Inc.

     1,113       47,690  

Canadian Imperial Bank of Commerce

     3,218       269,962  

CI Financial Corp.

     1,948       29,489  

First Capital Realty, Inc.

     1,405       20,867  

Great-West Lifeco, Inc. (b)

     2,166       49,656  

IGM Financial, Inc.

     598       15,334  

Inter Pipeline Ltd.

     2,937       47,201  

Keyera Corp.

     1,542       33,761  

Power Corp. of Canada

     2,612       52,079  

Power Financial Corp.

     1,853       39,190  

Royal Bank of Canada

     10,442       765,375  

Shaw Communications, Inc., Class B

     16       301  

Sun Life Financial, Inc.

     4,387       161,736  

TELUS Corp.

     1,407       50,485  

TransCanada Corp.

     6,604       270,550  
   

 

 

  
      2,339,448  
   

 

 

  
Chile — 0.3%            

Aguas Andinas SA, Class A

     18,522       10,665  

Banco Santander Chile

     474,767       36,749  

Enel Chile SA

     210,440       20,391  
   

 

 

  
      67,805  
   

 

 

  
China — 6.3%            

Agricultural Bank of China Ltd., Class H

     212,076       95,933  

China Construction Bank Corp., Class H

     698,005       594,920  
   

Number
of Shares

    

Value

  
China (Continued)            

China Petroleum & Chemical Corp., Class A

     4,200     $ 3,569  

China Petroleum & Chemical Corp., Class H

     184,332       156,638  

China Vanke Co. Ltd., Class H

     9,187       31,579  

China Yangtze Power Co. Ltd., Class A

     1,600       3,306  

CIFI Holdings Group Co. Ltd.

     26,269       13,158  

Country Garden Holdings Co. Ltd.

     55,334       68,021  

Dongfeng Motor Group Co. Ltd., Class H

     20,213       19,501  

Guangzhou Automobile Group Co. Ltd., Class H

     21,744       22,617  

Hengan International Group Co. Ltd.

     5,276       43,114  

Industrial & Commercial Bank of China Ltd., Class H

     504,260       358,264  

Jiangsu Expressway Co. Ltd., Class H

     8,791       11,818  

Logan Property Holdings Co. Ltd.

     10,107       11,817  

SAIC Motor Corp. Ltd., Class A

     1,000       3,579  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

     7,700       10,387  

Sinopec Shanghai Petrochemical Co. Ltd., Class H

     24,121       10,942  

Sinotrans Ltd., Class H

     16,021       6,408  

Weichai Power Co. Ltd., Class H

     14,361       15,415  

Xinyi Solar Holdings Ltd.

     21,875       8,190  

Yuzhou Properties Co. Ltd.

     13,780       6,040  

Zhejiang Expressway Co. Ltd., Class H

     10,127       8,502  
   

 

 

  
      1,503,718  
   

 

 

  
Czech Republic — 0.2%            

Komercni banka as

     563       22,145  

Moneta Money Bank AS, 144A

     3,734       12,864  
   

 

 

  
      35,009  
   

 

 

  
Denmark — 0.1%            

Tryg A/S

     948       23,587  
   

 

 

  
Finland — 1.9%            

Elisa OYJ

     999       40,064  

Kone OYJ, Class B

     2,447       121,242  

Nokian Renkaat OYJ

     826       26,439  

Orion OYJ, Class B

     752       25,101  

Sampo OYJ, Class A

     3,212       143,399  

UPM-Kymmene OYJ

     3,793       101,052  
   

 

 

  
      457,297  
   

 

 

  
France — 9.6%            

Amundi SA, 144A

     439       25,151  

AXA SA

     14,049       342,239  

Bouygues SA

     1,597       61,407  

CNP Assurances

     1,134       25,962  

Eutelsat Communications SA

     1,235       26,323  

Sanofi

     8,160       737,377  

SCOR SE

     1,157       55,597  

Societe BIC SA

     182       19,525  

TOTAL SA

     17,405       968,886  
   

 

 

  
      2,262,467  
   

 

 

  
 

 

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, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Germany — 10.6%            

Allianz SE

     3,118     $ 658,411  

BASF SE

     6,699       488,243  

Bayer AG

     6,769       494,954  

Bayerische Motoren Werke AG

     2,424       198,186  

Covestro AG, 144A

     1,406       80,966  

Daimler AG

     6,646       373,952  

Evonik Industries AG

     1,206       32,431  

Hannover Rueck SE

     426       59,183  

Innogy SE*

     993       41,656  

ProSiebenSat.1 Media SE

     1,699       34,501  

TUI AG

     3,162       45,064  
   

 

 

  
      2,507,547  
   

 

 

  
Greece — 0.1%            

OPAP SA

     1,405       13,204  
   

 

 

  
Hong Kong — 3.7%            

BOC Hong Kong Holdings Ltd.

     26,817       104,516  

China Everbright Ltd.

     6,554       12,211  

China Merchants Port Holdings Co. Ltd.

     10,043       18,249  

China Resources Cement Holdings Ltd.

     17,449       17,035  

China Resources Power Holdings Co. Ltd.

     14,258       27,001  

CLP Holdings Ltd.

     11,826       130,338  

Guangdong Investment Ltd.

     20,937       40,399  

Hang Lung Properties Ltd.

     16,048       32,483  

Hang Seng Bank Ltd.

     5,526       127,527  

Henderson Land Development Co. Ltd.

     10,020       51,472  

HKT Trust & HKT Ltd. (a)

     26,596       38,471  

Hysan Development Co. Ltd.

     4,896       23,398  

Lee & Man Paper Manufacturing Ltd.

     11,063       10,023  

New World Development Co. Ltd.

     46,841       62,967  

NWS Holdings Ltd.

     10,873       22,869  

Power Assets Holdings Ltd.

     9,959       67,448  

Shimao Property Holdings Ltd.

     8,327       20,579  

Sino Land Co. Ltd.

     23,572       40,543  

Wharf Holdings Ltd.

     9,217       24,674  

Yue Yuen Industrial Holdings Ltd.

     5,142       14,948  
   

 

 

  
      887,151  
   

 

 

  
Indonesia — 0.6%            

PT Adaro Energy Tbk

     108,657       9,762  

PT Gudang Garam Tbk

     3,850       22,073  

PT Indofood Sukses Makmur Tbk

     40,247       18,572  

PT Telekomunikasi Indonesia Persero Tbk

     368,199       94,737  
   

 

 

  
      145,144  
   

 

 

  
Italy — 1.2%            

Assicurazioni Generali SpA

     8,583       144,702  

Snam SpA

     16,598       72,748  

Terna Rete Elettrica Nazionale SpA (b)

     10,256       57,342  
   

 

 

  
      274,792  
   

 

 

  
Japan — 4.1%            

Canon, Inc.

     7,170       203,324  

Japan Tobacco, Inc.

     8,009       199,149  

MS&AD Insurance Group Holdings, Inc.

     3,478       105,519  

Nissan Motor Co. Ltd.

     16,881       147,818  

Sekisui House Ltd.

     4,575       68,937  

Subaru Corp.

     4,448       98,832  
   

Number
of Shares

    

Value

  
Japan (Continued)            

Tokyo Electron Ltd.

     1,100     $ 153,787  
   

 

 

  
      977,366  
   

 

 

  
Luxembourg — 0.1%            

RTL Group SA

     274       16,396  
   

 

 

  
Macau — 0.3%            

Sands China Ltd.

     17,651       76,349  
   

 

 

  
Malaysia — 0.4%            

Astro Malaysia Holdings Bhd

     8,300       2,380  

HAP Seng Consolidated Bhd

     4,082       9,609  

Maxis Bhd

     17,200       22,319  

MISC Bhd

     8,100       11,905  

Petronas Gas Bhd

     4,900       22,179  

SP Setia Bhd Group

     13,796       7,088  

Westports Holdings Bhd

     8,000       7,208  
   

 

 

  
      82,688  
   

 

 

  
Mexico — 0.3%            

Grupo Aeroportuario del Pacifico SAB de CV, Class B

     2,647       18,358  

Grupo Mexico SAB de CV, Series B

     25,942       53,527  
   

 

 

  
      71,885  
   

 

 

  
Netherlands — 0.2%            

Randstad NV

     880       42,824  
   

 

 

  
New Zealand — 0.2%            

Spark New Zealand Ltd.

     14,102       40,975  
   

 

 

  
Norway — 1.0%            

Gjensidige Forsikring ASA

     1,400       21,822  

Marine Harvest ASA

     3,015       70,475  

Orkla ASA

     6,046       49,896  

Telenor ASA

     5,359       103,683  
   

 

 

  
      245,876  
   

 

 

  
Philippines — 0.2%            

DMCI Holdings, Inc.

     41,600       9,793  

Globe Telecom, Inc.

     267       10,034  

Manila Electric Co.

     2,100       15,392  
   

 

 

  
      35,219  
   

 

 

  
Portugal — 0.4%            

EDP — Energias de Portugal SA

     18,513       64,708  

Jeronimo Martins SGPS SA

     1,909       22,782  
   

 

 

  
      87,490  
   

 

 

  
Qatar — 0.3%            

Barwa Real Estate Co.

     1,416       14,863  

Masraf Al Rayan QSC

     2,636       29,022  

Qatar Electricity & Water Co. QSC

     342       16,906  
   

 

 

  
      60,791  
   

 

 

  
Russia — 3.3%            

Alrosa PJSC

     17,865       26,584  

Gazprom PJSC

     77,618       186,984  

Inter RAO UES PJSC

     226,040       13,825  

LUKOIL PJSC

     3,536       258,575  

MMC Norilsk Nickel PJSC

     453       86,185  
 

 

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, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Russia (Continued)            

Mobile TeleSystems PJSC, ADR

     3,658     $ 27,106  

PhosAgro PJSC, GDR

     870       11,588  

Polymetal International PLC

     1,315       13,106  

Severstal PJSC

     1,393       20,862  

Tatneft PJSC

     11,289       120,170  

X5 Retail Group NV, GDR

     910       23,446  
   

 

 

  
      788,431  
   

 

 

  
Singapore — 0.9%            

ComfortDelGro Corp. Ltd.

     15,687       24,011  

Singapore Exchange Ltd.

     6,041       32,230  

Singapore Technologies Engineering Ltd.

     10,456       27,055  

Singapore Telecommunications Ltd.

     59,846       134,348  
   

 

 

  
      217,644  
   

 

 

  
South Africa — 2.9%            

Absa Group Ltd.

     5,332       59,218  

Exxaro Resources Ltd.

     1,869       17,413  

FirstRand Ltd.

     24,261       116,876  

Foschini Group Ltd.

     1,693       21,341  

Investec Ltd. (b)

     2,087       12,591  

Investec PLC

     4,682       28,453  

Liberty Holdings Ltd.

     927       7,153  

MMI Holdings Ltd.*

     6,824       8,519  

Nedbank Group Ltd.

     2,971       56,953  

Netcare Ltd.

     8,793       16,234  

RMB Holdings Ltd.

     4,903       27,665  

Sanlam Ltd.

     12,849       71,194  

SPAR Group Ltd.

     1,409       19,893  

Standard Bank Group Ltd.

     9,367       118,345  

Telkom SA SOC Ltd.

     1,978       8,089  

Truworths International Ltd.

     3,194       20,215  

Vodacom Group Ltd.

     4,388       39,715  

Woolworths Holdings Ltd.

     7,044       28,448  
   

 

 

  
      678,315  
   

 

 

  
South Korea — 1.0%            

Cheil Worldwide, Inc.

     508       10,627  

Coway Co. Ltd.

     373       26,088  

Hyundai Marine & Fire Insurance Co. Ltd.

     469       16,757  

KT&G Corp.

     845       78,398  

Orange Life Insurance Ltd., 144A

     235       6,310  

Samsung Fire & Marine Insurance Co. Ltd.

     220       53,481  

SK Telecom Co. Ltd.

     143       36,932  
   

 

 

  
      228,593  
   

 

 

  
Spain — 2.5%            

Aena SME SA, 144A

     491       77,942  

Enagas SA

     1,729       47,512  

Endesa SA

     2,379       53,011  

Iberdrola SA

     44,171       329,583  

Mapfre SA

     7,954       22,740  

Red Electrica Corp. SA

     3,127       67,324  
   

 

 

  
      598,112  
   

 

 

  
Sweden — 1.1%            

Electrolux AB, Series B

     1,754       39,855  

Hennes & Mauritz AB, Class B (b)

     6,355       117,058  

ICA Gruppen AB (b)

     579       21,007  
   

Number
of Shares

    

Value

  
Sweden (Continued)            

Skanska AB, Class B

     2,446     $ 38,446  

Swedish Match AB

     1,255       49,008  
   

 

 

  
      265,374  
   

 

 

  
Switzerland — 8.0%            

Adecco Group AG

     1,164       57,539  

Kuehne + Nagel International AG

     383       53,847  

Roche Holding AG

     4,697       1,217,784  

Swiss Life Holding AG

     245       96,078  

Swiss Prime Site AG

     560       46,174  

Swisscom AG

     188       90,167  

Zurich Insurance Group AG

     1,093       342,878  
   

 

 

  
      1,904,467  
   

 

 

  
Taiwan — 4.6%            

Catcher Technology Co. Ltd.

     4,739       40,695  

Cathay Financial Holding Co. Ltd.

     59,332       93,520  

Chicony Electronics Co. Ltd.

     3,882       7,600  

Chunghwa Telecom Co. Ltd.

     27,514       95,580  

Compal Electronics, Inc.

     30,966       17,694  

CTBC Financial Holding Co. Ltd.

     128,057       85,021  

Far EasTone Telecommunications Co. Ltd.

     11,988       28,217  

First Financial Holding Co. Ltd.

     71,137       46,075  

Formosa Chemicals & Fibre Corp.

     25,414       87,872  

Formosa Petrochemical Corp.

     9,025       32,670  

Formosa Plastics Corp.

     32,256       104,722  

Formosa Taffeta Co. Ltd.

     5,339       5,824  

Foxconn Technology Co. Ltd.

     6,768       13,667  

Fubon Financial Holding Co. Ltd.

     47,933       75,942  

Hotai Motor Co. Ltd.

     2,352       18,097  

Inventec Corp.

     17,664       12,674  

Lite-On Technology Corp.

     15,695       20,841  

Micro-Star International Co. Ltd.

     4,747       11,173  

Nan Ya Plastics Corp.

     37,548       90,574  

Nanya Technology Corp.

     8,000       15,843  

Nien Made Enterprise Co. Ltd.

     1,196       8,756  

Novatek Microelectronics Corp.

     3,905       16,481  

Pegatron Corp.

     14,101       23,943  

Phison Electronics Corp.

     1,104       8,997  

Pou Chen Corp.

     17,368       18,890  

Powertech Technology, Inc.

     5,013       11,767  

Realtek Semiconductor Corp.

     3,393       15,587  

Taiwan Mobile Co. Ltd.

     11,819       41,825  

Vanguard International Semiconductor Corp.

     6,594       13,873  

Yageo Corp.

     1,839       22,091  

Zhen Ding Technology Holding Ltd.

     3,328       8,460  
   

 

 

  
      1,094,971  
   

 

 

  
Thailand — 1.2%            

Glow Energy PCL, NVDR

     3,831       10,134  

Land & Houses PCL, NVDR

     24,500       7,524  

PTT Global Chemical PCL, NVDR

     16,445       39,253  

PTT PCL, NVDR

     77,400       115,909  

Siam Cement PCL

     2,900       38,975  

Siam Commercial Bank PCL, NVDR

     13,600       57,481  

Thai Oil PCL, NVDR

     8,600       19,874  
   

 

 

  
      289,150  
   

 

 

  
 

 

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, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Turkey — 0.2%            

Arcelik AS

     1,594     $ 4,749  

Eregli Demir ve Celik Fabrikalari TAS

     10,892       15,749  

Ford Otomotiv Sanayi AS

     497       5,117  

TAV Havalimanlari Holding AS

     1,291       5,765  

Tupras Turkiye Petrol Rafinerileri AS

     941       22,390  
   

 

 

  
      53,770  
   

 

 

  
United Arab Emirates — 0.5%            

Abu Dhabi Commercial Bank PJSC

     15,115       32,303  

Aldar Properties PJSC

     30,232       13,169  

Dubai Islamic Bank PJSC

     12,120       17,290  

Emaar Malls PJSC

     17,510       8,580  

Emirates Telecommunications Group Co. PJSC

     12,496       56,541  
   

 

 

  
      127,883  
   

 

 

  
United Kingdom — 15.9%            

Admiral Group PLC

     1,442       38,342  

AstraZeneca PLC

     9,179       716,392  

Babcock International Group PLC

     1,849       13,400  

BAE Systems PLC

     22,841       143,179  

Barratt Developments PLC

     7,646       45,090  

BT Group PLC

     61,275       204,834  

Direct Line Insurance Group PLC

     9,776       40,912  

G4S PLC

     11,320       28,013  

GlaxoSmithKline PLC

     35,936       743,516  

Imperial Brands PLC

     6,948       213,646  

ITV PLC

     25,867       47,921  

Kingfisher PLC

     15,658       49,945  

Legal & General Group PLC

     43,647       136,383  

Marks & Spencer Group PLC

     11,771       43,960  

National Grid PLC

     24,660       262,061  

Next PLC

     1,016       63,532  

Persimmon PLC

     2,304       55,854  

Rio Tinto Ltd.

     2,684       143,628  

Rio Tinto PLC

     8,506       386,252  

Royal Mail PLC

     6,487       26,469  

Schroders PLC

     917       29,566  

Severn Trent PLC

     1,719       40,137  
   

Number
of Shares

    

Value

  
United Kingdom (Continued)            

SSE PLC

     7,399     $ 103,419  

Standard Life Aberdeen PLC

     16,981       57,502  

Taylor Wimpey PLC

     24,196       41,368  

WPP PLC

     9,158       101,166  
   

 

 

  
      3,776,487  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $25,354,570)

       23,230,241  
   

 

 

  
PREFERRED STOCKS — 1.5%    
Brazil — 0.5%    

Itausa — Investimentos Itau SA

     32,210       102,578  
   

 

 

  
Germany — 0.1%            

Bayerische Motoren Werke AG

     405       29,394  
   

 

 

  
South Korea — 0.9%            

Hyundai Motor Co.

     198       11,623  

Hyundai Motor Co. — 2nd Preferred

     294       18,307  

Samsung Electronics Co. Ltd.

     6,209       186,943  
   

 

 

  
      216,873  
   

 

 

  

TOTAL PREFERRED STOCKS
(Cost $348,776)

       348,845  
   

 

 

  
SECURITIES LENDING COLLATERAL — 1.2%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d)
(Cost $280,923)

     280,923       280,923  
   

 

 

  
CASH EQUIVALENTS — 0.0%    

DWS Government Money Market Series “Institutional Shares”, 2.15% (c)
(Cost $11,138)

     11,138       11,138  
   

 

 

  

TOTAL INVESTMENTS — 100.8%

(Cost $25,995,407)

     $ 23,871,147  

Other assets and liabilities, net — (0.8%)

       (175,075 ) 
   

 

 

  

NET ASSETS — 100.0%

     $ 23,696,072  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change in
Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

SECURITIES LENDING COLLATERAL — 1.2%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d)

 

569,313     —       (288,390) (e)      —       —       4,331       —       280,923       280,923  
               

CASH EQUIVALENTS — 0.0%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (c)

 

—     39,530       (28,392)       —       —       26       —       11,138       11,138  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
569,313     39,530       (316,782)       —       —       4,357       —       292,061       292,061  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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, 2018 (Unaudited)

 

 

*

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, 2018 amounted to $265,286, which is 1.1% of net assets.

(c)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(d)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(e)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018.

 

ADR:   American Depositary Receipt
GDR:   Global Depositary Receipt
NVDR:   Non Voting Depositary Receipt
PJSC:   Private Joint Stock Company
QSC:   Qatari Shareholders Company
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, 2018, open futures contract purchased was as follows:

 

Contract Description

    Currency    Number of
Contracts		    Notional
Amount		      Contract
Value		    Expiration
Date		      Unrealized
Depreciation		  

MSCI Emerging Markets Index Futures

    USD    2    $ 103,765      $99,960      12/21/2018      $ (3,805 ) 

Currency Abbreviations

USD   U.S. Dollar

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.

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, 2018 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)

      $ 23,230,241      $ —        $ —        $ 23,230,241  

Preferred Stocks (f)

        348,845        —          —          348,845  

Short-Term Investments (f)

        292,061        —          —          292,061  
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ 23,871,147      $ —        $ —        $ 23,871,147  
    

 

 

     

 

 

       

 

 

       

 

 

  
                 

Liabilities

      Level 1      Level 2        Level 3        Total  

Derivatives (g)

                  

Futures Contract

      $ (3,805 )     $ —        $ —        $ (3,805 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ (3,805 )     $   —        $   —        $ (3,805 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

 

(f)

See Schedule of Investments for additional detailed categorizations.

(g)

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, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 99.5%    
Australia — 5.0%    

ASX Ltd.

     23,836     $ 1,049,422  

Aurizon Holdings Ltd.

     246,412       757,557  

Bendigo & Adelaide Bank Ltd.

     59,132       461,175  

Boral Ltd.

     141,681       527,659  

Crown Resorts Ltd.

     46,578       397,959  

Fortescue Metals Group Ltd.

     191,452       559,231  

Harvey Norman Holdings Ltd. (a)

     71,767       165,609  

Insurance Australia Group Ltd.

     282,932       1,504,129  

LendLease Group (b)

     71,050       656,855  

Medibank Pvt Ltd.

     337,946       597,220  

Wesfarmers Ltd.

     137,937       3,182,013  
   

 

 

  
      9,858,829  
   

 

 

  
Austria — 0.2%            

voestalpine AG

     13,795       458,429  
   

 

 

  
Denmark — 0.2%            

Tryg A/S

     15,094       375,552  
   

 

 

  
Finland — 3.9%            

Elisa OYJ

     17,473       700,743  

Kone OYJ, Class B

     41,282       2,045,410  

Nokian Renkaat OYJ

     14,373       460,061  

Orion OYJ, Class B

     12,659       422,541  

Sampo OYJ, Class A

     54,037       2,412,462  

UPM-Kymmene OYJ

     65,507       1,745,228  
   

 

 

  
      7,786,445  
   

 

 

  
France — 14.8%            

Amundi SA, 144A

     7,342       420,637  

AXA SA

     237,166       5,777,450  

Bouygues SA

     26,558       1,021,188  

CNP Assurances

     21,293       487,484  

Eutelsat Communications SA (a)

     21,462       457,454  

Sanofi

     110,511       9,986,314  

SCOR SE

     19,761       949,569  

Societe BIC SA

     3,098       332,356  

TOTAL SA

     178,299       9,925,385  
   

 

 

  
      29,357,837  
   

 

 

  
Germany — 16.5%            

Allianz SE

     47,161       9,958,737  

BASF SE

     112,297       8,184,536  

Bayerische Motoren Werke AG

     40,566       3,316,668  

Covestro AG, 144A

     23,501       1,353,334  

Daimler AG

     111,250       6,259,723  

Evonik Industries AG

     20,189       542,901  

Hannover Rueck SE

     7,457       1,035,980  

Innogy SE*

     16,901       708,995  

Innogy SE, 144A

     1,114       50,932  

ProSiebenSat.1 Media SE

     28,561       579,986  

TUI AG

     54,033       770,068  
   

 

 

  
      32,761,860  
   

 

 

  
Hong Kong — 4.3%            

BOC Hong Kong Holdings Ltd.

     451,879       1,761,148  

Hang Lung Properties Ltd.

     249,874       505,767  

Hang Seng Bank Ltd.

     93,713       2,162,677  
   

Number
of Shares

    

Value

  
Hong Kong (Continued)            

HKT Trust & HKT Ltd. (b)

     463,903     $ 671,039  

New World Development Co. Ltd.

     759,724       1,021,282  

NWS Holdings Ltd.

     183,247       385,426  

Power Assets Holdings Ltd.

     167,833       1,136,651  

Sino Land Co. Ltd.

     387,803       667,007  

Yue Yuen Industrial Holdings Ltd.

     90,996       264,532  
   

 

 

  
      8,575,529  
   

 

 

  
Italy — 2.9%            

Assicurazioni Generali SpA

     143,223       2,414,626  

Atlantia SpA

     60,585       1,242,299  

Snam SpA

     277,891       1,217,980  

Terna Rete Elettrica Nazionale SpA

     172,872       966,536  
   

 

 

  
      5,841,441  
   

 

 

  
Japan — 7.4%            

Canon, Inc.

     122,234       3,466,257  

Japan Tobacco, Inc.

     134,700       3,349,410  

Nissan Motor Co. Ltd.

     284,900       2,494,725  

Sekisui House Ltd.

     75,424       1,136,508  

Subaru Corp.

     74,700       1,659,781  

Tokyo Electron Ltd.

     19,100       2,670,299  
   

 

 

  
      14,776,980  
   

 

 

  
Luxembourg — 0.1%            

RTL Group SA

     4,552       272,389  
   

 

 

  
Macau — 0.6%            

Sands China Ltd.

     295,372       1,277,621  
   

 

 

  
Netherlands — 0.4%            

Randstad NV

     14,369       699,255  
   

 

 

  
New Zealand — 0.3%            

Spark New Zealand Ltd.

     225,298       654,623  
   

 

 

  
Norway — 1.7%            

Gjensidige Forsikring ASA

     24,558       382,789  

Marine Harvest ASA

     50,749       1,186,252  

Telenor ASA

     89,906       1,739,442  
   

 

 

  
      3,308,483  
   

 

 

  
Portugal — 0.7%            

EDP — Energias de Portugal SA

     310,650       1,085,801  

Jeronimo Martins SGPS SA

     30,386       362,624  
   

 

 

  
      1,448,425  
   

 

 

  
Singapore — 1.9%            

ComfortDelGro Corp. Ltd.

     272,500       417,092  

Singapore Exchange Ltd.

     98,050       523,124  

Singapore Technologies Engineering Ltd.

     193,590       500,907  

Singapore Telecommunications Ltd.

     1,000,398       2,245,791  
   

 

 

  
      3,686,914  
   

 

 

  
Spain — 5.0%            

Aena SME SA, 144A

     8,165       1,296,124  

Enagas SA

     28,021       770,009  

Endesa SA

     38,921       867,264  

Iberdrola SA

     741,710       5,534,291  

Mapfre SA

     133,187       380,772  
 

 

See Notes to Financial Statements.   34  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Spain (Continued)            

Red Electrica Corp. SA

     52,763     $ 1,135,974  
   

 

 

  
      9,984,434  
   

 

 

  
Sweden — 0.3%            

Skanska AB, Class B

     41,588       653,675  
   

 

 

  
Switzerland — 4.1%            

Swiss Prime Site AG

     9,275       764,757  

Swisscom AG

     3,203       1,536,196  

Zurich Insurance Group AG

     18,438       5,784,073  
   

 

 

  
      8,085,026  
   

 

 

  
United Kingdom — 29.2%            

Admiral Group PLC

     24,749       658,070  

AstraZeneca PLC

     124,239       9,696,463  

Babcock International Group PLC

     30,716       222,602  

BAE Systems PLC

     390,375       2,447,066  

Barratt Developments PLC

     124,115       731,933  

BT Group PLC

     1,030,799       3,445,817  

Direct Line Insurance Group PLC

     169,222       708,186  

G4S PLC

     188,260       465,870  

GlaxoSmithKline PLC

     490,619       10,150,910  

Imperial Brands PLC

     116,285       3,575,672  

ITV PLC

     442,413       819,618  

Legal & General Group PLC

     729,609       2,279,795  

Marks & Spencer Group PLC

     199,265       744,167  

National Grid PLC

     415,329       4,413,692  

Next PLC

     16,883       1,055,726  

Persimmon PLC

     37,840       917,322  

Rio Tinto Ltd.

     45,282       2,423,163  

Rio Tinto PLC

     143,815       6,530,540  

Royal Mail PLC

     110,840       452,264  
   

Number
of Shares

    

Value

  
United Kingdom (Continued)            

Schroders PLC

     15,006     $ 483,824  

Severn Trent PLC

     28,737       670,980  

SSE PLC

     124,776       1,744,056  

Standard Life Aberdeen PLC

     286,317       969,538  

Taylor Wimpey PLC

     401,082       685,733  

WPP PLC

     154,495       1,706,667  
   

 

 

  
      57,999,674  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $219,044,138)

       197,863,421  
   

 

 

  
PREFERRED STOCK — 0.2%    
Germany — 0.2%    

Bayerische Motoren Werke AG
(Cost $593,971)

     6,733       488,662  
   

 

 

  
SECURITIES LENDING COLLATERAL — 0.9%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d)
(Cost $1,733,117)

     1,733,117       1,733,117  
   

 

 

  
CASH EQUIVALENTS — 0.1%    

DWS Government Money Market Series “Institutional Shares”, 2.15% (c)
(Cost $154,612)

     154,612       154,612  
   

 

 

  

TOTAL INVESTMENTS — 100.6%

(Cost $221,525,838)

     $ 200,239,812  

Other assets and liabilities, net — (0.6%)

       (1,284,521 ) 
   

 

 

  

NET ASSETS — 100.0%

     $ 198,955,291  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

SECURITIES LENDING COLLATERAL — 0.9%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d)

 

2,589,430     —       (856,313) (e)      —       —       18,268       —       1,733,117       1,733,117  
               

CASH EQUIVALENTS — 0.1%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (c)

 

—     1,338,501       (1,183,889)          —         —       273       —       154,612       154,612  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
2,589,430     1,338,501       (2,040,202)       —       —       18,541       —       1,887,729       1,887,729  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2018 amounted to $1,776,220, which is 0.9% 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)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(d)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $120,256.

(e)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended November 30, 2018.

 

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.   35  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

At November 30, 2018, open futures contracts purchased were as follows:

 

Contract Description

    Currency      Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Appreciation
(Depreciation)		  

EURO STOXX 50 Futures

      EUR        3      $ 108,038      $ 107,439        12/21/2018      $ 131  

FTSE 100 Index Futures

      GBP        1        88,869        88,918        12/21/2018        (154 ) 

MSCI EAFE Index Futures

      USD        5        453,190        454,075        12/21/2018        885  
                 

 

 

  

Total net unrealized appreciation

                   $ 862  
                 

 

 

  

Currency Abbreviations

EUR   Euro
GBP   Pound Sterling
USD   U.S. Dollar

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.

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, 2018 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)

      $ 197,863,421      $   —        $   —        $ 197,863,421  

Preferred Stock

        488,662        —          —          488,662  

Short-Term Investments (f)

        1,887,729        —          —          1,887,729  

Derivatives (g)

                  

Futures Contracts

        1,016        —          —          1,016  
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ 200,240,828      $ —        $ —        $ 200,240,828  
    

 

 

     

 

 

       

 

 

       

 

 

  
                 

Liabilities

      Level 1      Level 2        Level 3        Total  

Derivatives (g)

                  

Futures Contracts

      $ (154 )     $ —        $ —        $ (154 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ (154 )     $ —        $ —        $ (154 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

 

(f)

See Schedule of Investments for additional detailed categorizations.

(g)

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

 

Statements of Assets and Liabilities

 

November 30, 2018 (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

         

Investments in non-affiliated securities at value

    $ 8,145,823     $ —     $ 9,077,709     $ 56,355,892  

Investments in affiliated securities at value

      —       6,576,225       —       —  

Investment in DWS Government Money Market Series

      3,708       54,032       29,459       —  

Investment in DWS Government & Agency Securities Portfolio*

      —       —       23,460       —  

Cash

      —       —       —       2,195  

Deposit with broker for futures contracts

      80,505       39,489       103,508       —  
Receivables:         

Investment securities sold

      79,066       144,688       120,904       449,619  

Interest

      130,567       148       92,153       809,009  

Securities lending income

      —       4,439       83       —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

    $ 8,439,669     $ 6,819,021     $ 9,447,276     $ 57,616,715  
  

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

         

Payable upon return of securities loaned

    $ —     $ —     $ 23,460     $ —  
Payables:         

Investment securities purchased

      61,429       141,060       67,422       418,863  

Investment advisory fees

      3,101       789       1,917       13,744  

Variation margin on futures contracts

      7,829       1,672       11,185       —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

      72,359       143,521       103,984       432,607  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets, at value

    $ 8,367,310     $ 6,675,500     $ 9,343,292     $ 57,184,108  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets Consist of

         

Paid-in capital

    $ 8,739,275     $ 7,384,659     $ 9,900,700     $ 58,860,694  

Distributable earnings (loss)

      (371,965 )      (709,159 )      (557,408 )      (1,676,586 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets, at value

    $ 8,367,310     $ 6,675,500     $ 9,343,292     $ 57,184,108  
  

 

 

    

 

 

    

 

 

    

 

 

  

Number of Common Shares outstanding

      350,001       300,001       400,001       2,200,001  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value

    $ 23.91     $ 22.25     $ 23.36     $ 25.99  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investments in non-affiliated securities at cost

    $ 8,739,780     $ —     $ 9,712,148     $ 57,972,336  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investments in affiliated securities at cost

    $ —     $ 6,749,492     $ —     $ —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Value of securities loaned

    $ —     $ —     $ 41,627     $ —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS Government Money Market Series

    $ 3,708     $ 54,032     $ 29,459     $ —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS Government & Agency Securities Portfolio at cost*

    $ —     $ —     $ 23,460     $ —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-cash collateral for securities on loan

    $ —     $ —     $ 19,731     $ —  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   38  

DBX ETF Trust

 

Statements of Assets and Liabilities (Continued)

 

November 30, 2018 (Unaudited)

 

       Xtrackers
MSCI All World
ex US High
Dividend Yield
Equity ETF		        Xtrackers
MSCI EAFE High
Dividend Yield
Equity ETF		  

Assets

          

Investments in non-affiliated securities at value

      $ 23,579,086        $ 198,352,083  

Investment in DWS Government Money Market Series

        11,138          154,612  

Investment in DWS Government & Agency Securities Portfolio*

        280,923          1,733,117  

Foreign currency at value

        115,373          934,039  

Deposit with broker for futures contracts

        5,200          52,245  
Receivables:          

Investment securities sold

        6,677,616          14,146,477  

Capital shares

        1,199          —  

Variation margin on futures contracts

        —          10,781  

Dividends

        46,422          378,649  

Interest

        25          95  

Securities lending income

        654          3,047  

Foreign tax reclaim

        5,355          26,494  
    

 

 

       

 

 

  

Total Assets

      $ 30,722,991        $ 215,791,639  
    

 

 

       

 

 

  

Liabilities

          

Due to custodian

      $ —        $ 4  

Payable upon return of securities loaned

        280,923          1,733,117  
Payables:          

Investment securities purchased

        1,978,988          15,070,279  

Capital shares

        4,762,057          —  

Investment advisory fees

        4,691          32,948  

Variation margin on futures contracts

        260          —  
    

 

 

       

 

 

  

Total Liabilities

        7,026,919          16,836,348  
    

 

 

       

 

 

  

Net Assets, at value

      $ 23,696,072        $ 198,955,291  
    

 

 

       

 

 

  

Net Assets Consist of

          

Paid-in capital

      $ 26,192,576        $ 219,166,644  

Distributable earnings (loss)

        (2,496,504 )         (20,211,353 ) 
    

 

 

       

 

 

  

Net Assets, at value

      $ 23,696,072        $ 198,955,291  
    

 

 

       

 

 

  

Number of Common Shares outstanding

        1,000,001          9,100,001  
    

 

 

       

 

 

  

Net Asset Value

      $ 23.70        $ 21.86  
    

 

 

       

 

 

  

Investments in non-affiliated securities at cost

      $ 25,703,346        $ 219,638,109  
    

 

 

       

 

 

  

Value of securities loaned

      $ 265,286        $ 1,776,220  
    

 

 

       

 

 

  

Investment in DWS Government Money Market Series

      $ 11,138        $ 154,612  
    

 

 

       

 

 

  

Investment in DWS Government & Agency Securities Portfolio at cost*

      $ 280,923        $ 1,733,117  
    

 

 

       

 

 

  

Non-cash collateral for securities on loan

      $ —        $ 120,256  
    

 

 

       

 

 

  

Foreign currency at cost

      $ 115,905        $ 943,350  
    

 

 

       

 

 

  

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   39  

DBX ETF Trust

 

Statements of Operations

 

For the Six Months Ended November 30, 2018 (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

    $ 206,182     $ —     $ 176,243     $ 872,126  

Income distributions from affiliated funds

      269       135,166       472       41  

Affiliated securities lending income

      178       3,362       184       —  

Unaffiliated securities lending income, net of borrower rebates

      —       4,493       159       —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investment Income

      206,629       143,021       177,058       872,167  
  

 

 

    

 

 

    

 

 

    

 

 

  

Expenses

         

Investment advisory fees

      19,205       8,805       11,942       85,877  

Other expenses

      57       32       57       57  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Expenses

      19,262       8,837       11,999       85,934  
  

 

 

    

 

 

    

 

 

    

 

 

  

Less fees waived (See Note 3):

         

Waiver

      (13 )      (5,171 )      (23 )      (237 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Expenses

      19,249       3,666       11,976       85,697  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Investment income (loss)

      187,380       139,355       165,082       786,470  
  

 

 

    

 

 

    

 

 

    

 

 

  

Realized and Unrealized Gain (Loss)

         

Net realized gain (loss) from:

         

Investments

      (14,432 )      (620 )      (56,362 )      (21,577 ) 

Investments in affiliates

      —       (17,866 )      —       —  

Futures contracts

      127,508       17,639       181,274       —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

      113,076       (847 )      124,912       (21,577 ) 

Net change in unrealized appreciation (depreciation) on:

         

Investments

      (256,304 )      —       (303,961 )      (1,134,995 ) 

Investments in affiliates

      —       (121,165 )      —       —  

Futures contracts

      (17,406 )      (7,122 )      (17,642 )      —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation)

      (273,710 )      (128,287 )      (321,603 )      (1,134,995 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

      (160,634 )      (129,134 )      (196,691 )      (1,156,572 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

    $ 26,746     $ 10,221     $ (31,609 )    $ (370,102 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

See Notes to Financial Statements.   40  

DBX ETF Trust

 

Statements of Operations (Continued)

 

For the Six Months Ended November 30, 2018 (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*

      $ 724,623        $ 4,371,557  

Income distributions from affiliated funds

        26          273  

Affiliated securities lending income

        4,331          18,268  
    

 

 

       

 

 

  

Total Investment Income

        728,980          4,390,098  
    

 

 

       

 

 

  

Expenses

          

Investment advisory fees

        30,200          183,839  

Other expenses

        57          57  
    

 

 

       

 

 

  

Total Expenses

        30,257          183,896  
    

 

 

       

 

 

  

Less fees waived (See Note 3):

          

Waiver

        (2 )         (9 ) 
    

 

 

       

 

 

  

Net Expenses

        30,255          183,887  
    

 

 

       

 

 

  

Net Investment income (loss)

        698,725          4,206,211  
    

 

 

       

 

 

  

Realized and Unrealized Gain (Loss)

          

Net realized gain (loss) from:

          

Investments

        (461,045 )         (543,416 ) 

In-kind redemptions

        472,447          134,873  

Futures contracts

        (3,515 )         (59,102 ) 

Foreign currency transactions

        (3,088 )         (4,793 ) 
    

 

 

       

 

 

  

Net realized gain (loss)

        4,799          (472,438 ) 

Net change in unrealized appreciation (depreciation) on:

          

Investments

        (1,738,775 )         (20,977,426 ) 

Futures contracts

        (3,805 )         2,193  

Foreign currency translations

        (1,070 )         (10,429 ) 
    

 

 

       

 

 

  

Net change in unrealized appreciation (depreciation)

        (1,743,650 )         (20,985,662 ) 
    

 

 

       

 

 

  

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

        (1,738,851 )         (21,458,100 ) 
    

 

 

       

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

      $ (1,040,126 )       $ (17,251,889 ) 
    

 

 

       

 

 

  

*   Unaffiliated foreign tax withheld

      $ 56,475        $ 117,863  

 

See Notes to Financial Statements.   41  

DBX ETF Trust

 

Statements of Changes in Net Assets

 

     Xtrackers Emerging Markets
Bond — Interest Rate Hedged ETF		     Xtrackers High Yield Corporate
Bond — Interest Rate Hedged ETF		  
     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

         

Net investment income (loss)

    $ 187,380     $ 321,383     $ 139,355     $ 462,886  

Net realized gain (loss)

      113,076       281,870       (847 )      97,983  

Net change in net unrealized appreciation (depreciation)

      (273,710 )      (467,738 )      (128,287 )      (227,488 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      26,746       135,515       10,221       333,381  
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders

      (185,921 )      (339,717 )*      (151,409 )      (500,650 )** 
  

 

 

    

 

 

    

 

 

    

 

 

  

Fund Shares Transactions

         

Proceeds from shares sold

      —       2,502,420       3,414,291       9,307,082  

Value of shares redeemed

      —       —       —       (16,276,068 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

      —       2,502,420       3,414,291       (6,968,986 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

      (159,175 )      2,298,218       3,273,103       (7,136,255 ) 

Net Assets

         

Beginning of period

      8,526,485       6,228,267       3,402,397       10,538,652  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $ 8,367,310     $ 8,526,485 ***    $ 6,675,500     $ 3,402,397 *** 
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding

         

Shares outstanding, beginning of period

      350,001       250,001       150,001       450,001  

Shares sold

      —       100,000       150,000       400,000  

Shares redeemed

      —       —       —       (700,000 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

      350,001       350,001       300,001       150,001  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Includes distributions from net investment income of $324,352 and net realized gains of $15,365.

**

Includes distributions from net investment income.

***

Includes undistributed net investment income of $27,323 and $16,014, respectively.

 

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, 2018
(Unaudited)		     Year Ended
May 31, 2018		     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

        

Net investment income (loss)

   $ 165,082     $ 253,081     $ 786,470     $ 1,585,892  

Net realized gain (loss)

     124,912       226,515       (21,577 )      261,079  

Net change in net unrealized appreciation (depreciation)

     (321,603 )      (365,944 )      (1,134,995 )      (743,954 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

     (31,609 )      113,652       (370,102 )      1,103,017  
 

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders

     (163,108 )      (242,032 )*      (783,447 )      (1,578,975 )* 
 

 

 

    

 

 

    

 

 

    

 

 

  

Fund Shares Transactions

        

Proceeds from shares sold

     —       4,859,333       1,317,569       13,342,526  

Value of shares redeemed

     —       (1,216,092 )      (1,322,758 )      (14,616,254 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

     —       3,643,241       (5,189 )      (1,273,728 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

     (194,717 )      3,514,861       (1,158,738 )      (1,749,686 ) 

Net Assets

        

Beginning of period

     9,538,009       6,023,148       58,342,846       60,092,532  
 

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $ 9,343,292     $ 9,538,009 **    $ 57,184,108     $ 58,342,846 ** 
 

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding

        

Shares outstanding, beginning of period

     400,001       250,001       2,200,001       2,250,001  

Shares sold

     —       200,000       50,000       500,000  

Shares redeemed

     —       (50,000 )      (50,000 )      (550,000 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

     400,001       400,001       2,200,001       2,200,001  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Includes distributions from net investment income.

**

Includes undistributed net investment income of $27,908 and $131,605, respectively.

 

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, 2018
(Unaudited)		     Year Ended
May 31, 2018		     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

        

Net investment income (loss)

   $ 698,725     $ 312,582     $ 4,206,211     $ 415,451  

Net realized gain (loss)

     4,799       (271,674 )      (472,438 )      (451,860 ) 

Net change in net unrealized appreciation (depreciation)

     (1,743,650 )      (634,517 )      (20,985,662 )      (602,134 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

     (1,040,126 )      (593,609 )      (17,251,889 )      (638,543 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders

     (686,413 )      (130,513 )*      (2,334,000 )      (161,415 )* 
 

 

 

    

 

 

    

 

 

    

 

 

  

Fund Shares Transactions

        

Proceeds from shares sold

     16,381,277       24,793,255       229,986,183       19,491,809  

Value of shares redeemed

     (17,651,055 )      (1,297,712 )      (35,135,742 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

     (1,269,778 )      23,495,543       194,850,441       19,491,809  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

     (2,996,317 )      22,771,421       175,264,552       18,691,851  

Net Assets

        

Beginning of period

     26,692,389       3,920,968       23,690,739       4,998,888  
 

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $ 23,696,072     $ 26,692,389 **    $ 198,955,291     $ 23,690,739 ** 
 

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding

        

Shares outstanding, beginning of period

     1,050,001       150,001       1,000,001       200,001  

Shares sold

     650,000       950,000       9,600,000       800,000  

Shares redeemed

     (700,000 )      (50,000 )      (1,500,000 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

     1,000,001       1,050,001       9,100,001       1,000,001  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Includes distributions from net investment income.

**

Includes undistributed net investment income of $248,198 and $377,370, respectively.

 

See Notes to Financial Statements.   44  

DBX ETF Trust

 

Financial Highlights

 

Xtrackers Emerging Markets Bond — Interest Rate
Hedged ETF
Selected Per Share Data		   For the Six
Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Period Ended
5/31/2015(a)		  

Net Asset Value, beginning of period

   $ 24.36     $ 24.91     $ 23.96     $ 25.03     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:          

Net investment income (loss)(b)

     0.54       0.99       1.07       1.07       0.27  

Net realized and unrealized gain (loss)

     (0.46 )      (0.48 )      1.18       (0.80 )      (0.04 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     0.08       0.51       2.25       0.27       0.23  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:          

Net investment income

     (0.53 )      (1.02 )      (1.30 )      (1.26 )      (0.20 ) 

Net realized gains

     —       (0.04 )      —       (0.08 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.53 )      (1.06 )      (1.30 )      (1.34 )      (0.20 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 23.91     $ 24.36     $ 24.91     $ 23.96     $ 25.03  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     0.32 (c)**      2.03       9.61       1.22       0.90 ** 

Ratios to Average Net Assets and Supplemental Data

          

Net Assets, end of period ($ millions)

     8       9       6       6       6  

Ratio of expenses before fee waiver (%)

     0.45 *      0.45       0.47       0.50       0.50 * 

Ratio of expenses after fee waiver (%)

     0.45 *      0.45       0.47       0.50       0.50 * 

Ratio of net investment income (loss) (%)

     4.39 *      3.94       4.35       4.45       4.35 * 

Portfolio turnover rate (%)(d)

     8 **      48       35       15       1 ** 
Xtrackers High Yield Corporate Bond — Interest Rate
Hedged ETF
Selected Per Share Data		   For the Six
Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Period Ended
5/31/2015(a)		  

Net Asset Value, beginning of period

   $ 22.68     $ 23.42     $ 22.23     $ 24.57     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:          

Net investment income (loss)(b)

     0.63       1.27       1.17       1.08       0.29  

Net realized and unrealized gain (loss)

     (0.30 )      (0.53 )      1.30       (2.10 )      (0.51 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     0.33       0.74       2.47       (1.02 )      (0.22 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:          

Net investment income

     (0.76 )      (1.48 )      (1.28 )      (1.32 )      (0.21 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.76 )      (1.48 )      (1.28 )      (1.32 )      (0.21 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 22.25     $ 22.68     $ 23.42     $ 22.23     $ 24.57  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     1.43 (c)**      3.24 (c)      11.40       (4.06 )      (0.87 )** 

Ratios to Average Net Assets and Supplemental Data

          

Net Assets, end of period ($ millions)

     7       3       11       9       11  

Ratio of expenses before fee waiver (%)

     0.35 (e)*      0.35 (e)      0.39       0.45       0.45 * 

Ratio of expenses after fee waiver (%)

     0.15 (e)*      0.33 (e)      0.39       0.45       0.45 * 

Ratio of net investment income (loss) (%)

     5.54 *      5.47       5.08       4.81       4.75 * 

Portfolio turnover rate (%)(d)

     13 **      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)

The Total Return would have been lower if certain fees 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
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Period Ended
5/31/2015(a)		        

Net Asset Value, beginning of period

   $ 23.84     $ 24.09     $ 23.79     $ 24.63     $ 25.00    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    
Income (loss) from investment operations:            

Net investment income (loss)(c)

     0.41       0.78       0.73       0.71       0.17    

Net realized and unrealized gain (loss)

     (0.48 )      (0.28 )      0.39       (0.73 )      (0.43 )   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total from investment operations

     (0.07 )      0.50       1.12       (0.02 )      (0.26 )   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    
Less distributions from:            

Net investment income

     (0.41 )      (0.75 )      (0.82 )      (0.82 )      (0.11 )   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total distributions

     (0.41 )      (0.75 )      (0.82 )      (0.82 )      (0.11 )   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Net Asset Value, end of period

   $ 23.36     $ 23.84     $ 24.09     $ 23.79     $ 24.63    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total Return (%)

     (0.32 )(d)**      2.05       4.79       (0.04 )      (1.03 )**   

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     9       10       6       5       6    

Ratio of expenses before fee waiver (%)

     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 *   

Ratio of net investment income (loss) (%)

     3.46 *      3.22       3.04       3.00       2.72 *   

Portfolio turnover rate (%)(e)

     10 **      33       26       14       7 **   
Xtrackers Municipal Infrastructure Revenue
Bond ETF
Selected Per Share Data		   For the Six
Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Period Ended
5/31/2014(b)		  

Net Asset Value, beginning of period

   $ 26.52     $ 26.71     $ 27.17     $ 25.49     $ 25.07     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(c)

     0.36       0.70       0.66       0.80       0.81       0.81  

Net realized and unrealized gain (loss)

     (0.53 )      (0.20 )      (0.46 )      1.67       0.40       0.00 (f) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (0.17 )      0.50       0.20       2.47       1.21       0.81  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:            

Net investment income

     (0.36 )      (0.69 )      (0.66 )      (0.79 )      (0.79 )      (0.74 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.36 )      (0.69 )      (0.66 )      (0.79 )      (0.79 )      (0.74 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 25.99     $ 26.52     $ 26.71     $ 27.17     $ 25.49     $ 25.07  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (0.61 )(d)**      1.87       0.77       9.89       4.88       3.46 (d)** 

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     57       58       60       37       22       16  

Ratio of expenses before fee waiver (%)

     0.30 *      0.30       0.30       0.30       0.30       0.32 * 

Ratio of expenses after fee waiver (%)

     0.30 *      0.30       0.30       0.30       0.30       0.30 * 

Ratio of net investment income (loss) (%)

     2.75 *      2.61       2.50       3.07       3.16       3.48 * 

Portfolio turnover rate (%)(e)

     9 **      28       0       13       4       5 ** 

 

(a)

For the period March 3, 2015 (commencement of operations) through May 31, 2015.

(b)

For the period June 4, 2013 (commencement of operations) through May 31, 2014.

(c)

Based on average shares outstanding during the period.

(d)

The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

(e)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

(f)

Less than 0.005.

*

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
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Period Ended
5/31/2016(a)		  

Net Asset Value, beginning of period

   $ 25.42     $ 26.14     $ 22.96     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:        

Net investment income (loss)(b)

     0.57       1.35       1.02       0.70  

Net realized and unrealized gain (loss)

     (1.77 )      (1.20 )      3.07       (2.38 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (1.20 )      0.15       4.09       (1.68 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:        

Net investment income

     (0.52 )      (0.87 )      (0.60 )      (0.36 ) 

Net realized gains

     —       —       (0.31 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.52 )      (0.87 )      (0.91 )      (0.36 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 23.70     $ 25.42     $ 26.14     $ 22.96  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (4.82 )(c)**      0.54       18.17       (6.67 )** 

Ratios to Average Net Assets and Supplemental Data

        

Net Assets, end of period ($ millions)

     24       27       4       3  

Ratio of expenses before fee waiver (%)

     0.20 *      0.32       0.45       0.45 * 

Ratio of expenses after fee waiver (%)

     0.20 *      0.32       0.45       0.45 * 

Ratio of net investment income (loss) (%)

     4.63 *      5.29       4.17       3.83 * 

Portfolio turnover rate (%)(d)

     17 **      76       36       33 ** 
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Selected Per Share Data		   For the Six
Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Period Ended
5/31/2016(a)		  

Net Asset Value, beginning of period

   $ 23.69     $ 24.99     $ 23.16     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:        

Net investment income (loss)(b)

     0.52       1.50       1.06       0.88  

Net realized and unrealized gain (loss)

     (2.06 )      (1.99 )      3.03       (2.17 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (1.54 )      (0.49 )      4.09       (1.29 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:        

Net investment income

     (0.29 )      (0.81 )      (0.95 )      (0.38 ) 

Net realized gains

     –       –       (1.31 )      (0.17 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.29 )      (0.81 )      (2.26 )      (0.55 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 21.86     $ 23.69     $ 24.99     $ 23.16  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (6.58 )(c)**      (2.02 )      18.93 (e)      (5.08 )** 

Ratios to Average Net Assets and Supplemental Data

        

Net Assets, end of period ($ millions)

     199       24       5       5  

Ratio of expenses before fee waiver (%)

     0.20 *      0.33       0.45       0.45 * 

Ratio of expenses after fee waiver (%)

     0.20 *      0.33       0.45       0.45 * 

Ratio of net investment income (loss) (%)

     4.58 *      6.28       4.48       4.86 * 

Portfolio turnover rate (%)(d)

     9 **      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)

The Total Return would have been lower if certain fees 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

 

Notes to Financial Statements (Unaudited)

 

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of November 30, 2018, the Trust consists of thirty-six 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

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 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 Bats BZX Exchange. (“Bats BZX”). 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, 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 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 High Yield Corporate Bond — Interest Rate Hedged Index
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF   Solactive 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 positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S.

 

48

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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 term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). 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 each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.

Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of such a 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.

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 Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

Security Valuation    The Net Asset Value (“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.

 

49

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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 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.

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.

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

Investments in open-end investment companies are valued at their net asset value 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 Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value 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 each 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

 

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are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

Accounting Standard Update    In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-08, Receivables-Nonrefundable fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

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 net investment income monthly and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

The Funds’ recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2018, the Funds did not incur any interest or penalties.

At May 31, 2018, 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 Corp Bond — Interest Rate Hedged ETF

    $ 109,495      $ 420,827      $ 530,322  

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

      44,583        —        44,583  

Xtrackers Municipal Infrastructure Revenue Bond ETF

      110,376        4,478        114,854  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

      63,067        144,960        208,027  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      180,672        98,896        279,568  

 

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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, 2018, the following Funds incurred and will elect to defer net capital losses as follows:

 

     Post-October
Losses on
Capital		  

Xtrackers Municipal Infrastructure Revenue Bond ETF

    $ 58,339  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

      260,555  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      320,479  

As of May 31, 2018, 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

   $ 8,815,206     $ (405,380 )    $ 29,378     $ (434,758 ) 

Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF

     3,718,829       (53,663 )      —       (53,663 ) 

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

     9,665,232       (346,016 )      8,145       (354,161 ) 

Xtrackers Municipal Infrastructure Revenue Bond ETF

     58,075,172       (481,449 )      250,145       (731,594 ) 

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

     27,737,728       (549,495 )      366,505       (916,000 ) 

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

     26,949,906       (402,315 )      492,932       (895,247 ) 

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, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations    The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at year 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 continues 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

 

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Notes to Financial Statements (Unaudited) (Continued)

 

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, 2018, 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, 2018) 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, 2018, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF had securities on loan, which were classified as common stocks in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining cash contractual maturity of the collateral agreements were overnight and continuous.

As of November 30, 2018, the Xtrackers Investment Grade Bond — Interest Rate Hedged ETF had securities on loan, which were classified as bonds in the Schedule of Investments and the Xtrackers MSCI EAFE High Dividend Yield Equity ETF had securities on loan, which were classified as common stocks in the Schedule of Investments. 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, 2018

  
     Overnight and
Continuous		      <30 Days      Between 30
& 90 days		      >90 days      Total  

Securities Lending Transactions

               

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

 

            

Corporate Bonds

    $ 23,460      $ 17      $ 4,368      $ 15,346      $ 43,191  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gross amount of recognized liabilities for securities lending transactions

 

    $ 43,191  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

 

            

Common Stocks

    $ 1,733,117      $   —      $   —      $ 120,256      $ 1,853,373  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gross amount of recognized liabilities for securities lending transactions

 

    $ 1,853,373  

As of November 30, 2018, Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF and Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF had no securities on loan.

Derivatives

Futures Contracts    Each Fund may enter into futures contracts. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2018, 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 EAFE High Dividend Yield Equity ETF and Xtrackers MSCI All World ex US High Dividend Yield 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.

 

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Notes to Financial Statements (Unaudited) (Continued)

 

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, 2018 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, 2018 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*   $ —      Unrealized depreciation on future contracts*   $ 17,172  
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF

 

    Interest rate contracts   Unrealized appreciation on future contracts*   $ —      Unrealized depreciation on future contracts*   $ 5,013  
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

 

    Interest rate contracts   Unrealized appreciation on future contracts*   $ —      Unrealized depreciation on future contracts*   $ 20,079  
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

 

    Equity contracts   Unrealized appreciation on futures contracts*   $   —      Unrealized depreciation on futures contracts*   $ 3,805  
Xtrackers MSCI EAFE High Dividend Yield Equity ETF

 

    Equity contracts   Unrealized appreciation on futures contracts*   $ 1,016      Unrealized depreciation on futures contracts*   $ 154  

 

*

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, 2018 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

   $ 127,508     $ —     $ 127,508  

Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF

     17,639       —       17,639  

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

     181,274       —       181,274  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

     —       (3,515 )      (3,515 ) 

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

     —       (59,102 )      (59,102 ) 

 

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Notes to Financial Statements (Unaudited) (Continued)

 

 

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

   $ (17,406 )    $ —     $ (17,406 ) 

Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF

     (7,122 )      —       (7,122 ) 

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

     (17,642 )      —       (17,642 ) 

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

     —       (3,805 )      (3,805 ) 

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

     —       2,193       2,193  

For the period ended November 30, 2018 the average monthly volume of derivatives was as follows:

 

     Futures Contracts
(Contract Value)		  

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

    $ (8,015,180 ) 

Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF

      (4,739,347 ) 

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

      (9,488,948 ) 

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

      94,447  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      554,951  

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”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. 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 arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund 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

      0.30 % 

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 the date of the Fund’s annual registration statement update in 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 June 1, 2018 through November 30, 2018, the Advisor waived $5,159 of expenses to the Fund.

 

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Notes to Financial Statements (Unaudited) (Continued)

 

Effective November 30, 2018, the Advisor for the Xtrackers Municipal Infrastructure Revenue Bond ETF has contractually agreed, until November 30, 2019, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.15% of the Fund’s average daily net assets. On November 30, 2018, the Advisor waived $235 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 from June 1, 2018 through November 30, 2018, the Advisor waived expenses of the Fund’s as follows:

 

     Expenses
Waived		  

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

    $ 13  

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

      12  

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

      23  

Xtrackers Municipal Infrastructure Revenue Bond ETF

      2  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

      2  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      9  

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, 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 four Trustees, including 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, 2018, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

     Purchases      Sales  

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

    $ 707,983      $ 650,041  

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

      622,661        629,162  

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

      1,089,002        940,812  

Xtrackers Municipal Infrastructure Revenue Bond ETF

      5,321,292        6,274,071  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

      5,721,046        5,020,388  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      29,862,994        15,756,004  

For the period ended November 30, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

     Purchases      Sales  

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

    $ 3,359,339      $ —  

Xtrackers Municipal Infrastructure Revenue Bond ETF

      1,273,854        —  

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

      13,110,121        15,137,994  

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

      216,743,598        34,909,069  

 

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Notes to Financial Statements (Unaudited) (Continued)

 

5. Fund Share Transactions

As of November 30, 2018, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets 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 Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2018.

 

     Pro-rata Share  

Xtrackers Emerging Markets 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  

7. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2018, 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 All World ex US High Dividend Yield Equity ETF

      15 % 

8. Investing in Emerging Markets

The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

9. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest

 

57

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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 net asset value 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.

 

58

DBX ETF Trust

 

Additional Information (Unaudited)

 

Proxy Voting Policies and Procedures

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

Quarterly Portfolio Disclosure

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. 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. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

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 Bats BZX, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund during the past calendar year, when available can be found at www.Xtrackers.com.

 

59

DBX ETF Trust

 

Privacy Policy Notice (Unaudited)

 

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 adviser, 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.

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.

 

60

DBX ETF Trust

 

This report is intended for the shareholders of DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. 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. 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 Bats 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, promoted, sold or supported 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, 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 and any related funds.

Copyright © 2018 DWS Group. All rights reserved. XtrackersTM is a trademark of Deutsche Asset Management International 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

345 Park Avenue

New York,

New York 10154

  

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 1100

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-049075-3 (1/19) DBX003655 (1/20)

November 30, 2018

Semi-Annual Report

DBX ETF Trust

 

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

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)

 

LOGO

DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

      1  

Portfolio Summary

   

Xtrackers MSCI China A Inclusion Equity ETF

      2  

Xtrackers Harvest CSI 300 China A-Shares ETF

      3  

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      4  

Xtrackers MSCI All China Equity ETF

      5  

Fees and Expenses

      6  

Schedule of Investments

   

Xtrackers MSCI China A Inclusion Equity ETF

      7  

Xtrackers Harvest CSI 300 China A-Shares ETF

      12  

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      18  

Xtrackers MSCI All China Equity ETF

      26  

Statements of Assets and Liabilities

      32  

Statements of Operations

      33  

Statements of Changes in Net Assets

      34  

Financial Highlights

      36  

Notes to Financial Statements

      38  

Additional Information

      48  

Privacy Policy Notice

      49  

To our Shareholders: (Unaudited)

 

 

Dear Shareholder,

We are pleased to provide this semi-annual report for our flagship ETFs tracking China’s equity market for the period ended November 30, 2018.

The global economy peaked with divergent growth before moderating amid tighter U.S. monetary policy, fears surrounding the U.S.-China trade war, and economic meltdowns in specific emerging markets. The Chinese economy also witnessed moderate growth despite tighter trade deficit pressures and the Shenzhen government’s significant off-balance-sheet debt. Nevertheless, policy makers focused on consistent financial deleveraging and doubled efforts toward an ingrown economy. The monetary policy was relaxed as the People’s Bank of China (PBoC) carried out rate cuts for the bank’s reserve requirement multiple times over the year. However, the impending trade war took a toll on its most recent economic update, due to its uncompromising reaction to sanctions from the U.S. Meanwhile, increased foreign currency reserves offered a buffer to the renminbi’s volatility.

China’s GDP growth moderated at 6.5% year on year in the third quarter of 2018, reflecting weaker domestic demand and softer industrial production growth. Yet, China’s trade surplus with the U.S. rose to a new high in the midst of the trade war, backed by resilient shipments to the U.S. and some front-loading ahead of potentially wider tariffs. The service sector, which accounts for half of the Chinese economy, continued to grow at its fastest pace, posting impressive year-on-year growth, resulting in increased wages and consumer spending. However, China’s mounting debt position and credit growth remained the key challenges against a backdrop of an appreciating U.S. dollar, increasing capital outflows, and a steady increase in the U.S. Federal Reserve Board rates.

The Chinese equity market tumbled slightly; but this does not reflect underlying economic reality, because the allocation of household wealth to equity is relatively insignificant compared with cash and real estate. China’s credit profile has also stabilized moderately, given the recovery in nominal growth and the government’s financial deleveraging campaign. China has also set up a new bond financing support vehicle to back private companies and ease their funding difficulties. In addition, regulators are trying to curb shadow banking through tighter regulations, which could minimize unexpected shocks to the banking system.

Overall, expansionary fiscal policy with substantial consumer spending and infrastructure investments has continued to be the cornerstone of growth in the economy. In addition, the Chinese government sped up bond issuance to safeguard economic growth and boost domestic demand in the face of escalating external uncertainties. The planned transition to a consumer- and service-oriented economy driven by domestic demand could lead to a slowdown in the near term. New trade talks ahead of the G20 meeting should ease the temporary cease-fire on the tariff war, although it may take longer to assess the impact. Investors will now have to wait to see how U.S.-China trade relations unfold in early 2019, as any positive outcome could potentially improve market sentiment.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

 

1

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

 

The Xtrackers MSCI China A Inclusion Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program (“Shanghai Connect”) or the Shenzhen-Hong Kong Stock Connect program (“Shenzhen Connect,” and together with Shanghai Connect, “Stock Connect”). China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi (“RMB”). ASHX expects to gain exposure to the China A-share market of the Underlying Index by investing in Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR), an affiliated fund subadvised by Harvest Global Investments Limited. On June 4, 2018 the Xtrackers CSI 300 China A-Shares Hedged Equity ETF’s name changed to Xtrackers MSCI China A Inclusion Equity ETF. At that time, the Underlying Index replaced the CSI 300 USD Hedged Index which is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market, while mitigating exposure to fluctuations between the value of the renmimbi (“RMB”) and the U.S. dollar. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 11/30/18 (24.0% of Net Asstes)

 

Description   % of Net Assets  

Kweichow Moutai Co. Ltd.

     4.4%  

Ping An Insurance Group Co. of China Ltd.

     4.2%  

China Merchants Bank Co. Ltd.

     3.6%  

Industrial Bank Co. Ltd.

     2.0%  

Shanghai Pudong Development Bank Co. Ltd.

     1.9%  

Industrial & Commercial Bank of China Ltd.

     1.7%  

Agricultural Bank of China Ltd.

     1.6%  

Midea Group Co. Ltd.

     1.6%  

Hangzhou Hikvision Digital Technology Co. Ltd.

     1.5%  

China Vanke Co. Ltd.

     1.5%  
Sector Diversification* as of 11/30/18

 

Financials

     35.1%  

Industrials

     13.3%  

Consumer Staples

     10.5%  

Consumer Discretionary

     8.4%  

Information Technology

     6.7%  

Materials

     5.9%  

Real Estate

     5.8%  

Health Care

     5.7%  

Utilities

     3.6%  

Energy

     2.9%  

Communication Services

     2.1%  
 

 

 

  

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 7.

 

2

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

 

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

Ten Largest Equity Holdings
as of 11/30/18 (25.1% of Net Asstes)

 

Description   % of Net Assets  

Ping An Insurance Group Co. of China Ltd.

     7.1%  

China Merchants Bank Co. Ltd.

     3.0%  

Kweichow Moutai Co. Ltd.

     2.9%  

Industrial Bank Co. Ltd.

     2.1%  

Midea Group Co. Ltd.

     1.8%  

Gree Electric Appliances, Inc. of Zhuhai

     1.8%  

Bank of Communications Co. Ltd.

     1.7%  

China Minsheng Banking Corp. Ltd.

     1.7%  

Inner Mongolia Yili Industrial Group Co. Ltd.

     1.5%  

Jiangsu Hengrui Medicine Co. Ltd.

     1.5%  
Sector Diversification* as of 11/30/18

 

Financials

     37.0%  

Industrials

     13.4%  

Consumer Discretionary

     9.6%  

Consumer Staples

     8.2%  

Information Technology

     7.1%  

Materials

     6.6%  

Health Care

     6.2%  

Real Estate

     4.9%  

Utilities

     2.7%  

Energy

     2.5%  

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 12.

 

3

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

 

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

Ten Largest Equity Holdings
as of 11/30/18 (5.8% of Net Assets)

 

Description   % of Net Assets  

Changchun High & New Technology Industry Group, Inc.

     0.9%  

Jinyu Bio-Technology Co. Ltd.

     0.7%  

Dawning Information Industry Co. Ltd.

     0.6%  

By-health Co. Ltd.

     0.6%  

Guanghui Energy Co. Ltd.

     0.5%  

Jinke Properties Group Co. Ltd.

     0.5%  

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd.

     0.5%  

AVIC Jonhon OptronicTechnology Co. Ltd.

     0.5%  

Glodon Co. Ltd.

     0.5%  

Shandong Hualu Hengsheng Chemical Co. Ltd.

     0.5%  
Sector Diversification* as of 11/30/18

 

Industrials

     20.8%  

Information Technology

     17.3%  

Materials

     15.7%  

Health Care

     11.8%  

Consumer Discretionary

     9.4%  

Consumer Staples

     6.6%  

Real Estate

     5.8%  

Communication Services

     3.9%  

Utilities

     3.5%  

Energy

     2.7%  

Financials

     2.5%  
 

 

 

  

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 18.

 

4

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI All China Equity ETF (CN)

 

The Xtrackers MSCI All China Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the “Underlying Index”). The Underlying Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includes A-Shares, H-Shares, B-Shares, Red chips and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). It is based on the concept of the integrated MSCI China equity universe with China A-shares included. The Fund expects to gain exposure to the China A-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 China A-shares ETF and Xtrackers Harvest CSI 500 China A-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 11/30/18 (68.0% of Net Assets)

 

Description   % of Net Assets  

Xtrackers MSCI China A Inclusion Equity ETF

     31.0%  

Tencent Holdings Ltd.

     9.6%  

Alibaba Group Holding Ltd.

     8.8%  

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

     4.7%  

China Construction Bank Corp.

     3.4%  

China Mobile Ltd.

     2.6%  

Baidu, Inc.

     2.2%  

Ping An Insurance Group Co. of China Ltd.

     2.1%  

Industrial & Commercial Bank of China Ltd.

     2.1%  

Bank of China Ltd.

     1.5%  
Sector Diversification* as of 11/30/18

 

Financials

     25.4%  

Communication Services

     18.1%  

Consumer Discretionary

     16.9%  

Industrials

     8.5%  

Real Estate

     5.5%  

Consumer Staples

     5.0%  

Energy

     4.6%  

Information Technology

     4.5%  

Health Care

     4.4%  

Materials

     3.9%  

Utilities

     3.2%  
 

 

 

  

Total

     100.0%  
 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 26.

 

5

DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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 China A-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 China A-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 recent six-month period Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. 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 table 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, 2018 to November 30, 2018).

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, 2018		     Ending
Account Value
November 30, 2018		     Annualized
Expense Ratio		     Expenses Paid
During the Period
Per $1,000(1)		  
Xtrackers MSCI China A Inclusion Equity ETF (2)        

Actual

   $ 1,000.00     $ 791.83       0.60 %    $ 2.70  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,022.06       0.60 %    $ 3.04  
Xtrackers Harvest CSI 300 China A-Shares ETF        

Actual

   $ 1,000.00     $ 783.83       0.65 %    $ 2.91  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,021.81       0.65 %    $ 3.29  
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF        

Actual

   $ 1,000.00     $ 707.04       0.65 %    $ 2.78  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,021.81       0.65 %    $ 3.29  
Xtrackers MSCI All China Equity ETF (2)        

Actual

   $ 1,000.00     $ 813.39       0.31 %    $ 1.41  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,023.51       0.31 %    $ 1.57  

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

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

 

6

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI China A Inclusion Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 99.6%    
Communication Services — 2.1%    

China Film Co. Ltd., Class A

     9,000     $ 17,868  

China South Publishing & Media Group Co. Ltd., Class A

     8,500       14,041  

China United Network Communications Ltd., Class A

     151,100       114,696  

Chinese Universe Publishing and Media Group Co. Ltd., Class A

     7,000       12,006  

CITIC Guoan Information Industry Co. Ltd., Class A

     18,900       10,380  

Giant Network Group Co. Ltd., Class A

     6,500       17,932  

Perfect World Co. Ltd., Class A

     4,400       15,257  

Shanghai Oriental Pearl Group Co. Ltd., Class A

     16,397       23,879  

Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd., Class A

     8,600       14,787  
   

 

 

  
      240,846  
   

 

 

  
Consumer Discretionary — 8.4%            

BYD Co. Ltd., Class A

     8,798       72,096  

China Grand Automotive Services Co. Ltd., Class A

     27,800       16,986  

China International Travel Service Corp. Ltd., Class A

     9,443       74,951  

China Shipbuilding Industry Group Power Co. Ltd., Class A

     8,414       27,628  

Chongqing Changan Automobile Co. Ltd., Class A

     18,000       15,941  

Fuyao Glass Industry Group Co. Ltd., Class A

     9,809       30,770  

Gree Electric Appliances, Inc. of Zhuhai, Class A*

     14,600       77,346  

Guangzhou Automobile Group Co. Ltd., Class A

     10,340       15,534  

Hangzhou Robam Appliances Co. Ltd., Class A

     4,800       14,395  

HLA Corp. Ltd., Class A

     11,200       12,656  

Huayu Automotive Systems Co. Ltd., Class A

     15,500       37,770  

Liaoning Cheng Da Co. Ltd., Class A

     7,000       11,623  

Midea Group Co. Ltd., Class A

     32,262       179,448  

Oppein Home Group, Inc., Class A

     1,400       16,102  

Qingdao Haier Co. Ltd., Class A

     29,700       58,710  

SAIC Motor Corp. Ltd., Class A

     38,027       135,853  

Shandong Linglong Tyre Co. Ltd., Class A

     4,600       9,000  

Shenzhen Overseas Chinese Town Co. Ltd., Class A

     39,700       34,302  

Suning.com Co. Ltd., Class A

     45,864       70,485  

TCL Corp., Class A

     65,400       23,223  

Wanxiang Qianchao Co. Ltd., Class A

     13,900       10,971  

Weifu High-Technology Group Co. Ltd., Class A

     4,200       10,862  

Zhejiang Semir Garment Co. Ltd., Class A

     8,600       11,239  
   

 

 

  
      967,891  
   

 

 

  
   

Number
of Shares

    

Value

  
Consumer Staples — 10.5%            

Beijing Dabeinong Technology Group Co. Ltd., Class A (a)

     22,200     $ 10,787  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

     10,926       99,539  

Henan Shuanghui Investment & Development Co. Ltd., Class A

     13,300       43,786  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

     29,613       101,451  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

     7,324       105,482  

Kweichow Moutai Co. Ltd., Class A

     6,177       501,737  

Luzhou Laojiao Co. Ltd., Class A

     7,100       41,850  

Muyuan Foodstuff Co. Ltd., Class A

     8,510       33,045  

New Hope Liuhe Co. Ltd., Class A

     19,872       20,170  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

     4,200       21,646  

Tongwei Co. Ltd., Class A

     19,500       23,773  

Tsingtao Brewery Co. Ltd., Class A

     3,500       15,513  

Wuliangye Yibin Co. Ltd., Class A

     18,900       142,351  

Yonghui Superstores Co. Ltd., Class A

     47,166       48,957  
   

 

 

  
      1,210,087  
   

 

 

  
Energy — 2.9%            

China Petroleum & Chemical Corp., Class A

     124,050       105,220  

China Shenhua Energy Co. Ltd., Class A

     21,600       58,256  

Offshore Oil Engineering Co. Ltd., Class A

     22,300       16,895  

PetroChina Co. Ltd., Class A

     78,828       86,241  

Shaanxi Coal Industry Co. Ltd., Class A

     32,400       35,959  

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A

     14,400       15,361  

Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A

     15,400       13,461  
   

 

 

  
      331,393  
   

 

 

  
Financials — 34.9%            

Agricultural Bank of China Ltd., Class A

     363,317       186,468  

Anxin Trust Co. Ltd., Class A

     26,380       18,621  

Avic Capital Co. Ltd., Class A

     43,010       28,381  

Bank of Beijing Co. Ltd., Class A

     103,914       88,589  

Bank of China Ltd., Class A

     239,912       124,511  

Bank of Communications Co. Ltd., Class A

     191,438       161,003  

Bank of Guiyang Co. Ltd., Class A

     11,200       17,873  

Bank of Hangzhou Co. Ltd., Class A

     24,940       27,680  

Bank of Jiangsu Co. Ltd., Class A

     56,361       51,695  

Bank of Nanjing Co. Ltd., Class A

     41,200       41,343  

Bank of Ningbo Co. Ltd., Class A

     25,000       60,776  

Bank of Shanghai Co. Ltd., Class A

     53,271       87,842  

Changjiang Securities Co. Ltd., Class A

     27,900       22,662  

China CITIC Bank Corp. Ltd., Class A

     27,600       22,498  

China Construction Bank Corp., Class A

     46,700       44,647  

China Everbright Bank Co. Ltd., Class A

     194,131       107,450  

China Life Insurance Co. Ltd., Class A

     13,500       41,883  

China Merchants Bank Co. Ltd., Class A

     100,643       413,085  

China Merchants Securities Co. Ltd., Class A

     28,032       55,372  
 

 

See Notes to Financial Statements.   7  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Financials (Continued)            

China Minsheng Banking Corp. Ltd., Class A

     172,971     $ 151,689  

China Pacific Insurance Group Co. Ltd., Class A

     30,677       138,438  

CITIC Securities Co. Ltd., Class A

     47,855       116,063  

Dongxing Securities Co. Ltd., Class A

     11,200       16,891  

Everbright Securities Co. Ltd., Class A

     18,737       26,883  

First Capital Securities Co. Ltd., Class A

     16,800       13,163  

Founder Securities Co. Ltd., Class A

     39,900       31,377  

GF Securities Co. Ltd., Class A

     29,100       56,394  

Guosen Securities Co. Ltd., Class A

     19,700       25,404  

Guotai Junan Securities Co. Ltd., Class A

     36,951       85,208  

Guoyuan Securities Co. Ltd., Class A

     16,800       19,201  

Haitong Securities Co. Ltd., Class A

     39,014       52,947  

Huaan Securities Co. Ltd., Class A

     17,300       12,436  

Huatai Securities Co. Ltd., Class A

     32,180       77,722  

Huaxia Bank Co. Ltd., Class A

     62,998       70,553  

Hubei Biocause Pharmaceutical Co. Ltd., Class A

     20,900       17,848  

Industrial & Commercial Bank of China Ltd., Class A

     262,989       201,518  

Industrial Bank Co. Ltd., Class A

     101,285       232,104  

Industrial Securities Co. Ltd., Class A

     33,500       24,369  

New China Life Insurance Co. Ltd., Class A

     10,164       64,834  

Orient Securities Co. Ltd., Class A

     28,951       38,416  

Ping An Bank Co. Ltd., Class A

     83,666       124,612  

Ping An Insurance Group Co. of China Ltd., Class A

     52,809       482,018  

Shanghai Pudong Development Bank Co. Ltd., Class A

     143,157       220,420  

Shanxi Securities Co. Ltd., Class A

     14,000       13,002  

Shenwan Hongyuan Group Co. Ltd., Class A

     90,995       58,083  

Sinolink Securities Co. Ltd., Class A

     15,300       17,135  

SooChow Securities Co. Ltd., Class A

     15,300       15,749  

Western Securities Co. Ltd., Class A

     17,000       20,749  
   

 

 

  
      4,027,605  
   

 

 

  
Health Care — 5.7%            

Beijing Tongrentang Co. Ltd., Class A

     6,500       27,184  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

     4,775       16,839  

Dong-E-E-Jiao Co. Ltd., Class A

     3,200       20,877  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

     7,000       38,120  

Huadong Medicine Co. Ltd., Class A

     7,250       35,573  

Jiangsu Hengrui Medicine Co. Ltd., Class A

     17,910       168,521  

Jointown Pharmaceutical Group Co. Ltd., Class A

     9,000       18,684  

Kangmei Pharmaceutical Co. Ltd., Class A

     24,556       37,174  

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A

     15,160       35,264  

Shandong Buchang Pharmaceuticals Co. Ltd., Class A

     4,276       16,407  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

     9,700       38,823  
   

Number
of Shares

    

Value

  
Health Care (Continued)            

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

     9,300     $ 27,061  

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A

     4,200       15,307  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

     7,000       24,323  

Tasly Pharmaceutical Group Co. Ltd., Class A

     7,420       22,465  

Tonghua Dongbao Pharmaceutical Co. Ltd., Class A

     10,200       21,776  

Yunnan Baiyao Group Co. Ltd., Class A

     5,070       54,302  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

     3,000       35,064  
   

 

 

  
      653,764  
   

 

 

  
Industrials — 13.2%            

AECC Aviation Power Co. Ltd., Class A

     11,200       37,806  

Air China Ltd., Class A

     22,900       26,930  

AVIC Aircraft Co. Ltd., Class A

     13,400       28,877  

AVIC Shenyang Aircraft Co. Ltd., Class A*

     4,500       20,967  

China Avionics Systems Co. Ltd., Class A

     7,100       15,382  

China Communications Construction Co. Ltd., Class A

     13,300       22,620  

China Eastern Airlines Corp. Ltd., Class A

     39,700       29,964  

China Gezhouba Group Co. Ltd., Class A

     22,400       20,642  

China International Marine Containers Group Co. Ltd., Class A

     5,760       9,134  

China National Chemical Engineering Co. Ltd., Class A

     23,900       19,448  

China Railway Construction Corp. Ltd., Class A

     56,094       88,627  

China Shipbuilding Industry Co. Ltd., Class A

     111,300       67,844  

China Southern Airlines Co. Ltd., Class A

     41,800       42,666  

China Spacesat Co. Ltd., Class A

     5,600       13,896  

China State Construction Engineering Corp. Ltd., Class A

     204,711       169,811  

COSCO SHIPPING Development Co. Ltd., Class A*

     40,300       13,557  

COSCO SHIPPING Holdings Co. Ltd., Class A*

     37,000       21,809  

CRRC Corp. Ltd., Class A

     98,744       123,930  

Daqin Railway Co. Ltd., Class A

     72,513       80,375  

Dongfang Electric Corp. Ltd., Class A*

     13,300       14,570  

Fangda Carbon New Material Co. Ltd., Class A

     8,793       23,083  

Guangshen Railway Co. Ltd., Class A

     27,100       12,584  

Han’s Laser Technology Industry Group Co. Ltd., Class A

     5,300       25,617  

Jihua Group Corp. Ltd., Class A

     20,771       10,451  

Luxshare Precision Industry Co. Ltd., Class A

     19,970       43,323  

Metallurgical Corp. of China Ltd., Class A

     87,314       38,913  

NARI Technology Co. Ltd., Class A

     22,400       56,613  

Ningbo Zhoushan Port Co. Ltd., Class A

     28,492       14,992  

Power Construction Corp. of China Ltd., Class A

     49,500       33,518  
 

 

See Notes to Financial Statements.   8  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Industrials (Continued)            

Sany Heavy Industry Co. Ltd., Class A

     37,850     $ 43,695  

SF Holding Co. Ltd., Class A

     5,700       28,845  

Shanghai Electric Group Co. Ltd., Class A

     37,300       27,241  

Shanghai International Airport Co. Ltd., Class A

     4,795       34,536  

Shanghai International Port Group Co. Ltd., Class A

     41,400       33,152  

Shanghai Tunnel Engineering Co. Ltd., Class A

     15,400       12,841  

Spring Airlines Co. Ltd., Class A

     3,700       18,373  

Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A

     12,700       15,793  

TBEA Co. Ltd., Class A

     17,381       17,117  

Tus-Sound Environmental Resources Co. Ltd., Class A

     7,000       10,919  

Weichai Power Co. Ltd., Class A

     29,400       31,784  

XCMG Construction Machinery Co. Ltd., Class A

     38,000       18,246  

Xiamen C & D, Inc., Class A

     14,000       15,176  

Xinjiang Goldwind Science & Technology Co. Ltd., Class A

     14,179       22,463  

Zhejiang Chint Electrics Co. Ltd., Class A

     10,617       34,495  

Zhengzhou Yutong Bus Co. Ltd., Class A

     11,200       18,130  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

     29,650       15,132  
   

 

 

  
      1,525,887  
   

 

 

  
Information Technology — 6.7%            

360 Security Technology, Inc., Class A

     6,600       21,207  

Aisino Corp., Class A

     9,196       32,589  

Beijing Shiji Information Technology Co. Ltd., Class A

     4,200       17,329  

BOE Technology Group Co. Ltd., Class A

     164,502       65,745  

DHC Software Co. Ltd., Class A

     15,400       15,741  

Dongxu Optoelectronic Technology Co. Ltd., Class A

     26,300       17,771  

Focus Media Information Technology Co. Ltd., Class A

     60,523       50,031  

GoerTek, Inc., Class A

     15,500       16,022  

Guangzhou Haige Communications Group, Inc. Co., Class A

     11,100       12,096  

Hangzhou Hikvision Digital Technology Co. Ltd., Class A

     44,900       175,382  

Hengtong Optic-electric Co. Ltd., Class A

     9,200       23,133  

Hundsun Technologies, Inc., Class A

     3,000       23,372  

Iflytek Co. Ltd., Class A

     10,334       36,577  

LONGi Green Energy Technology Co. Ltd., Class A

     13,600       36,367  

Ninestar Corp., Class A

     3,500       12,675  

O-film Tech Co. Ltd., Class A

     13,100       21,620  

Sanan Optoelectronics Co. Ltd., Class A

     20,079       41,192  

Shanghai 2345 Network Holding Group Co. Ltd., Class A

     22,320       12,386  

Tianma Microelectronics Co. Ltd., Class A

     9,800       14,934  

Unisplendour Corp. Ltd., Class A

     3,420       17,194  

Yonyou Network Technology Co. Ltd., Class A

     9,300       31,620  
   

Number
of Shares

    

Value

  
Information Technology (Continued)            

Zhejiang Dahua Technology Co. Ltd., Class A

     14,000     $ 26,849  

ZTE Corp., Class A*

     16,900       48,276  
   

 

 

  
      770,108  
   

 

 

  
Materials — 5.9%            

Angang Steel Co. Ltd., Class A

     20,900       16,586  

Anhui Conch Cement Co. Ltd., Class A

     19,464       89,011  

Baoshan Iron & Steel Co. Ltd., Class A

     90,357       87,293  

BBMG Corp., Class A

     40,500       20,087  

China Molybdenum Co. Ltd., Class A

     85,800       48,970  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

     17,693       24,749  

Hengli Petrochemical Co. Ltd., Class A

     10,600       20,740  

Hesteel Co. Ltd., Class A

     51,500       21,767  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A

     187,700       41,286  

Jiangxi Copper Co. Ltd., Class A

     10,044       19,176  

Jiangxi Ganfeng Lithium Co. Ltd., Class A

     5,600       20,369  

Jinduicheng Molybdenum Co. Ltd., Class A

     12,600       10,814  

Maanshan Iron & Steel Co. Ltd., Class A

     30,600       16,321  

Qinghai Salt Lake Industry Co. Ltd., Class A*

     14,000       16,746  

Rongsheng Petro Chemical Co. Ltd., Class A

     14,000       20,208  

Shandong Gold Mining Co. Ltd., Class A

     9,191       35,742  

Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A

     16,700       10,012  

Sinopec Shanghai Petrochemical Co. Ltd., Class A

     23,670       17,083  

Tianqi Lithium Corp., Class A

     5,600       25,585  

Tongling Nonferrous Metals Group Co. Ltd., Class A

     49,900       14,706  

Zhejiang Huayou Cobalt Co. Ltd., Class A

     4,140       20,242  

Zhejiang Longsheng Group Co. Ltd., Class A

     15,700       20,472  

Zhongjin Gold Corp. Ltd., Class A

     16,800       18,887  

Zijin Mining Group Co. Ltd., Class A

     85,597       41,717  
   

 

 

  
      678,569  
   

 

 

  
Real Estate — 5.7%            

China Fortune Land Development Co. Ltd., Class A

     14,340       52,570  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

     32,005       86,686  

China Vanke Co. Ltd., Class A

     47,396       173,344  

Financial Street Holdings Co. Ltd., Class A

     15,300       14,913  

Future Land Holdings Co. Ltd., Class A

     11,200       44,054  

Gemdale Corp., Class A

     22,222       30,382  

Greenland Holdings Corp. Ltd., Class A

     39,773       35,165  

Jinke Properties Group Co. Ltd., Class A

     25,900       22,267  

Poly Developments and Holdings Group Co. Ltd., Class A

     57,773       108,804  

RiseSun Real Estate Development Co. Ltd., Class A

     21,100       25,420  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

     7,529       16,052  
 

 

See Notes to Financial Statements.   9  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Real Estate (Continued)            

Xinhu Zhongbao Co. Ltd., Class A

     41,200     $ 18,243  

Youngor Group Co. Ltd., Class A

     18,100       19,906  

Zhejiang China Commodities City Group Co. Ltd., Class A

     25,400       13,219  
   

 

 

  
      661,025  
   

 

 

  
Utilities — 3.6%            

Beijing Capital Co. Ltd., Class A

     27,500       13,640  

China National Nuclear Power Co. Ltd., Class A

     50,484       38,611  

China Yangtze Power Co. Ltd., Class A

     71,500       147,505  

GD Power Development Co. Ltd., Class A

     94,400       33,793  

Huadian Power International Corp. Ltd., Class A

     39,600       25,960  

Huaneng Power International, Inc., Class A

     23,800       23,609  

Hubei Energy Group Co. Ltd., Class A

     22,200       11,521  

SDIC Power Holdings Co. Ltd., Class A

     33,095       34,732  

Shenergy Co. Ltd., Class A

     22,100       15,663  

Shenzhen Energy Group Co. Ltd., Class A

     16,700       12,725  

Sichuan Chuantou Energy Co. Ltd., Class A

     21,100       24,298  
   

Number
of Shares

    

Value

  
Utilities (Continued)            

Zhejiang Zheneng Electric Power Co. Ltd., Class A

     44,100     $ 28,467  
   

 

 

  
      410,524  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $12,864,513)

       11,477,699  
   

 

 

  
EXCHANGE-TRADED FUND — 0.0%    

Xtrackers Harvest CSI 300 China A-Shares ETF (b)
(Cost $4,387)

     190       4,450  
   

 

 

  
CASH EQUIVALENTS — 0.4%    

DWS Government Money Market Series “Institutional Shares”, 2.15% (c)
(Cost $43,508)

     43,508       43,508  
   

 

 

  

TOTAL INVESTMENTS — 100.0%

(Cost $12,912,408)

     $ 11,525,657  

Other assets and liabilities, net — 0.0%

       2,248  
   

 

 

  

NET ASSETS — 100.0%

     $ 11,527,905  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

EXCHANGE-TRADED FUND — 0.0%

 

Xtrackers Harvest CSI 300 China A-Shares ETF (b)

 

2,048,942     18,941       (2,073,500)       326,283       (316,216)       —       —       190       4,450  
               

SECURITIES LENDING COLLATERAL — 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d)

 

75,000     —       (75,000) (e)      —       —       33       —       —       —  
               

CASH EQUIVALENTS — 0.4%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (c)

 

—     84,252       (40,744)       —       —       146       —       43,508       43,508  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
2,123,942     103,193       (2,189,244)           326,283       (316,216)       179       —       43,698       47,958  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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 annualized seven-day yield at period end.

(d)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(e)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018.

 

See Notes to Financial Statements.   10  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

At November 30, 2018, open futures contract purchased was as follows:

 

Contract Description

    Currency      Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Depreciation		  

SGX FTSE China A50 Index Futures

      USD        4      $ 44,050      $ 44,000        12/28/2018      $ (50 ) 

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, 2018 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 Stock (f)

      $ 11,466,912      $   —        $ 10,787        $ 11,477,699  

Exchange-Traded Fund

        4,450        —          —          4,450  

Short-Term Investments

        43,508        —          —          43,508  
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ 11,514,870      $ —        $ 10,787        $ 11,525,657  
    

 

 

     

 

 

       

 

 

       

 

 

  
                 

Liabilities

      Level 1      Level 2        Level 3        Total  

Derivatives (g)

                  

Futures Contracts

      $ (50 )     $ —        $ —        $ (50 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ (50 )     $ —        $ —        $ (50 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

 

(f)

See Schedule of Investments for additional detailed categorizations.

(g)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

 

See Notes to Financial Statements.   11  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 300 China A-Shares ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 99.3%    
Communication Services — 1.8%    

Beijing Enlight Media Co. Ltd., Class A

     715,200     $ 742,958  

China Film Co. Ltd., Class A

     605,039       1,202,200  

China United Network Communications Ltd., Class A

     7,597,963       5,772,058  

Chinese Universe Publishing and Media Group Co. Ltd., Class A

     467,911       803,162  

CITIC Guoan Information Industry Co. Ltd., Class A

     2,232,900       1,227,247  

Dr Peng Telecom & Media Group Co. Ltd., Class A

     1,165,379       1,371,577  

Giant Network Group Co. Ltd., Class A

     495,259       1,367,435  

Huayi Brothers Media Corp., Class A

     1,357,217       966,616  

Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A*

     1,263,230       843,335  

Perfect World Co. Ltd., Class A

     318,479       1,105,243  

Shanghai Oriental Pearl Group Co. Ltd., Class A

     1,396,432       2,035,302  

Wanda Film Holding Co. Ltd., Class A

     573,454       1,779,706  

Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd., Class A

     713,389       1,227,601  
   

 

 

  
      20,444,440  
   

 

 

  
Consumer Discretionary — 9.6%            

BYD Co. Ltd., Class A

     761,246       6,243,088  

China Grand Automotive Services Co. Ltd., Class A

     1,988,898       1,216,189  

China International Travel Service Corp. Ltd., Class A

     796,628       6,328,093  

China Shipbuilding Industry Group Power Co. Ltd., Class A

     711,827       2,339,215  

Chongqing Changan Automobile Co. Ltd., Class A

     1,588,756       1,408,113  

Fuyao Glass Industry Group Co. Ltd., Class A

     1,153,697       3,621,980  

Great Wall Motor Co. Ltd., Class A

     975,711       863,368  

Gree Electric Appliances, Inc. of Zhuhai, Class A*

     3,926,466       20,817,995  

Guangzhou Automobile Group Co. Ltd., Class A

     515,030       774,370  

Hangzhou Robam Appliances Co. Ltd., Class A

     387,297       1,162,406  

HLA Corp. Ltd., Class A

     1,471,425       1,664,027  

Huayu Automotive Systems Co. Ltd., Class A

     1,282,862       3,128,594  

Kuang-Chi Technologies Co. Ltd., Class A

     370,499       491,494  

Liaoning Cheng Da Co. Ltd., Class A

     995,497       1,654,328  

Midea Group Co. Ltd., Class A

     3,767,922       20,974,915  

Nanjing Xinjiekou Department Store Co. Ltd., Class A

     429,608       630,481  

Oppein Home Group, Inc., Class A

     104,172       1,199,059  

Qingdao Haier Co. Ltd., Class A

     2,983,486       5,902,368  

SAIC Motor Corp. Ltd., Class A

     2,854,751       10,206,908  

Shenzhen Overseas Chinese Town Co. Ltd., Class A

     2,680,392       2,317,781  
   

Number
of Shares

    

Value

  
Consumer Discretionary (Continued)            

Songcheng Performance Development Co. Ltd., Class A

     592,782     $ 1,875,511  

Suning.com Co. Ltd., Class A

     3,041,058       4,677,372  

Suofeiya Home Collection Co. Ltd., Class A

     528,376       1,410,219  

TCL Corp., Class A

     8,864,323       3,150,229  

Wanxiang Qianchao Co. Ltd., Class A

     1,129,553       892,234  

Wuchan Zhongda Group Co. Ltd., Class A

     1,404,295       992,064  

Xiamen Intretech, Inc., Class A

     86,100       582,610  

Zhejiang Century Huatong Group Co. Ltd., Class A

     380,046       1,204,620  

Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A

     1,067,832       1,149,222  
   

 

 

  
      108,878,853  
   

 

 

  
Consumer Staples — 8.1%            

Beijing Dabeinong Technology Group Co. Ltd., Class A (a)

     1,752,213       852,125  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

     660,858       6,025,477  

Henan Shuanghui Investment & Development Co. Ltd., Class A

     807,708       2,661,274  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

     4,961,557       17,011,460  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

     491,908       7,090,298  

Kweichow Moutai Co. Ltd., Class A

     409,997       33,329,492  

Luzhou Laojiao Co. Ltd., Class A

     597,107       3,522,375  

Muyuan Foodstuff Co. Ltd., Class A

     507,270       1,971,349  

New Hope Liuhe Co. Ltd., Class A

     1,735,446       1,762,850  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

     211,883       1,092,911  

Tongwei Co. Ltd., Class A

     1,585,723       1,934,740  

Wuliangye Yibin Co. Ltd., Class A

     1,583,197       11,933,915  

Yonghui Superstores Co. Ltd., Class A

     3,124,341       3,245,601  
   

 

 

  
      92,433,867  
   

 

 

  
Energy — 2.5%            

China Coal Energy Co. Ltd., Class A

     1,492,810       1,054,595  

China Oilfield Services Ltd., Class A

     483,628       644,350  

China Petroleum & Chemical Corp., Class A

     8,577,915       7,281,709  

China Petroleum Engineering Corp.

     1,360,900       777,350  

China Shenhua Energy Co. Ltd., Class A

     1,615,873       4,361,538  

Offshore Oil Engineering Co. Ltd., Class A

     1,805,089       1,368,701  

PetroChina Co. Ltd., Class A

     5,288,442       5,790,445  

Shaanxi Coal Industry Co. Ltd., Class A

     3,264,248       3,625,768  

Shanxi Meijin Energy Co. Ltd., Class A

     989,800       512,684  

Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A

     1,287,225       1,126,050  

Wintime Energy Co. Ltd., Class A*(a)

     2,195,285       534,051  

Yanzhou Coal Mining Co. Ltd., Class A

     715,944       982,714  
   

 

 

  
      28,059,955  
   

 

 

  
 

 

See Notes to Financial Statements.   12  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Financials — 36.7%            

Agricultural Bank of China Ltd., Class A

     31,262,500     $ 16,058,002  

Anxin Trust Co. Ltd., Class A

     1,786,580       1,262,128  

Avic Capital Co. Ltd., Class A

     3,651,670       2,411,592  

Bank of Beijing Co. Ltd., Class A

     12,080,590       10,307,241  

Bank of Chengdu Co. Ltd., Class A

     320,500       385,508  

Bank of China Ltd., Class A

     17,209,200       8,938,557  

Bank of Communications Co. Ltd., Class A

     22,434,092       18,882,693  

Bank of Guiyang Co. Ltd., Class A

     1,126,101       1,798,456  

Bank of Hangzhou Co. Ltd., Class A

     1,675,871       1,861,476  

Bank of Jiangsu Co. Ltd., Class A

     5,673,992       5,208,456  

Bank of Nanjing Co. Ltd., Class A

     4,848,142       4,868,894  

Bank of Ningbo Co. Ltd., Class A

     2,069,375       5,034,802  

Bank of Shanghai Co. Ltd., Class A

     4,461,481       7,362,784  

Bohai Leasing Co. Ltd., Class A

     1,520,805       838,054  

Caitong Securities Co. Ltd., Class A

     318,700       360,874  

Changjiang Securities Co. Ltd., Class A

     3,159,469       2,568,396  

China CITIC Bank Corp. Ltd., Class A

     2,513,824       2,050,773  

China Construction Bank Corp., Class A

     6,263,228       5,992,657  

China Everbright Bank Co. Ltd., Class A

     13,002,287       7,202,446  

China Galaxy Securities Co. Ltd., Class A

     1,058,943       1,170,128  

China Life Insurance Co. Ltd., Class A

     1,362,181       4,229,469  

China Merchants Bank Co. Ltd., Class A

     8,421,944       34,595,375  

China Merchants Securities Co. Ltd., Class A

     1,871,534       3,699,849  

China Minsheng Banking Corp. Ltd., Class A

     23,105,560       20,278,970  

China Pacific Insurance Group Co. Ltd., Class A

     2,566,634       11,591,906  

CITIC Securities Co. Ltd., Class A

     6,424,603       15,594,122  

Dongxing Securities Co. Ltd., Class A

     1,142,836       1,724,881  

East Money Information Co. Ltd., Class A

     2,954,268       5,449,259  

Everbright Securities Co. Ltd., Class A

     1,593,033       2,287,467  

First Capital Securities Co. Ltd., Class A

     1,733,680       1,359,456  

Founder Securities Co. Ltd., Class A

     3,441,026       2,708,164  

GF Securities Co. Ltd., Class A

     2,422,240       4,697,931  

Guosen Securities Co. Ltd., Class A

     2,019,492       2,606,359  

Guotai Junan Securities Co. Ltd., Class A

     3,065,730       7,075,185  

Guoyuan Securities Co. Ltd., Class A

     1,647,016       1,883,929  

Haitong Securities Co. Ltd., Class A

     6,634,281       9,010,844  

Hithink RoyalFlush Information Network Co. Ltd., Class A

     185,217       1,137,644  

Huaan Securities Co. Ltd., Class A

     1,464,143       1,053,303  

Huatai Securities Co. Ltd., Class A

     2,664,477       6,440,519  

Huaxia Bank Co. Ltd., Class A

     5,233,680       5,866,029  

Hubei Biocause Pharmaceutical Co. Ltd., Class A

     1,207,604       1,032,073  

Industrial & Commercial Bank of China Ltd., Class A

     17,601,484       13,498,206  
   

Number
of Shares

    

Value

  
Financials (Continued)            

Industrial Bank Co. Ltd., Class A

     10,151,667     $ 23,282,267  

Industrial Securities Co. Ltd., Class A

     3,806,288       2,771,097  

New China Life Insurance Co. Ltd., Class A

     681,141       4,348,365  

Orient Securities Co. Ltd., Class A

     2,933,184       3,895,297  

Pacific Securities Co. Ltd., Class A

     5,584,933       2,233,893  

Ping An Bank Co. Ltd., Class A

     7,009,950       10,448,988  

Ping An Insurance Group Co. of China Ltd., Class A

     8,845,011       80,798,496  

SDIC Capital Co. Ltd., Class A

     683,717       1,028,982  

Shanghai Pudong Development Bank Co. Ltd., Class A

     9,586,559       14,772,424  

Shanxi Securities Co. Ltd., Class A

     1,386,580       1,288,775  

Shenwan Hongyuan Group Co. Ltd., Class A

     5,558,756       3,551,078  

Sinolink Securities Co. Ltd., Class A

     1,738,456       1,948,502  

SooChow Securities Co. Ltd., Class A

     1,964,828       2,024,124  

Southwest Securities Co. Ltd., Class A

     2,318,232       1,274,148  

Western Securities Co. Ltd., Class A

     1,443,995       1,763,896  

Zheshang Securities Co. Ltd., Class A

     301,200       356,227  
   

 

 

  
      418,171,416  
   

 

 

  
Health Care — 6.2%            

Aier Eye Hospital Group Co. Ltd., Class A

     777,904       3,189,852  

Beijing Tongrentang Co. Ltd., Class A

     467,036       1,954,761  

China Reform Health Management and Services Group Co. Ltd., Class A*

     583,798       1,553,939  

Chongqing Zhifei Biological Products Co. Ltd., Class A

     394,804       2,422,703  

Dong-E-E-Jiao Co. Ltd., Class A

     381,499       2,490,907  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

     459,221       2,502,830  

Huadong Medicine Co. Ltd., Class A

     594,602       2,919,861  

Hualan Biological Engineering, Inc., Class A

     470,809       2,559,212  

Jiangsu Hengrui Medicine Co. Ltd., Class A

     1,801,875       16,968,126  

Jilin Aodong Pharmaceutical Group Co. Ltd., Class A

     767,690       1,714,262  

Kangmei Pharmaceutical Co. Ltd., Class A

     2,434,665       3,688,647  

Lepu Medical Technology Beijing Co. Ltd., Class A

     876,776       3,948,504  

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A

     1,018,505       2,371,053  

Shandong Buchang Pharmaceuticals Co. Ltd., Class A

     374,530       1,438,251  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

     817,178       3,273,298  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

     955,992       2,783,969  

Shanghai RAAS Blood Products Co. Ltd., Class A (a)

     461,372       1,257,455  

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A

     341,538       1,245,709  
 

 

See Notes to Financial Statements.   13  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Health Care (Continued)            

Tasly Pharmaceutical Group Co. Ltd., Class A

     758,919     $ 2,299,605  

Tonghua Dongbao Pharmaceutical Co. Ltd., Class A

     1,172,681       2,505,566  

Yunnan Baiyao Group Co. Ltd., Class A

     423,973       4,544,583  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

     246,102       2,878,759  
   

 

 

  
      70,511,852  
   

 

 

  
Industrials — 13.3%            

AECC Aviation Power Co. Ltd., Class A

     759,673       2,566,400  

Air China Ltd., Class A

     2,468,098       2,904,794  

AVIC Aircraft Co. Ltd., Class A

     1,151,114       2,482,674  

AVIC Helicopter Co. Ltd., Class A

     240,355       1,372,913  

Beijing New Building Materials PLC, Class A

     684,348       1,513,389  

Beijing Orient Landscape & Environment Co. Ltd., Class A

     1,083,400       1,295,356  

Beijing Originwater Technology Co. Ltd., Class A

     1,542,278       1,937,209  

China Avionics Systems Co. Ltd., Class A

     425,956       923,587  

China Communications Construction Co. Ltd., Class A

     1,252,963       2,132,665  

China Eastern Airlines Corp. Ltd., Class A

     3,202,465       2,419,042  

China Gezhouba Group Co. Ltd., Class A

     2,260,253       2,084,562  

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A

     469,754       553,547  

China National Chemical Engineering Co. Ltd., Class A

     1,627,857       1,325,660  

China Nuclear Engineering Corp. Ltd., Class A

     661,283       721,200  

China Railway Construction Corp. Ltd., Class A

     3,759,879       5,945,264  

China Railway Group Ltd., Class A

     4,583,857       4,735,382  

China Shipbuilding Industry Co. Ltd., Class A

     7,527,194       4,591,965  

China Southern Airlines Co. Ltd., Class A

     2,852,694       2,914,158  

China Spacesat Co. Ltd., Class A

     483,458       1,200,602  

China State Construction Engineering Corp. Ltd., Class A

     17,176,801       14,259,940  

COSCO SHIPPING Development Co. Ltd., Class A*

     2,573,330       866,385  

COSCO SHIPPING Holdings Co. Ltd., Class A*

     3,106,706       1,832,667  

CRRC Corp. Ltd., Class A

     5,977,793       7,508,526  

Daqin Railway Co. Ltd., Class A

     4,855,580       5,386,356  

Fangda Carbon New Material Co. Ltd., Class A

     879,398       2,310,393  

Guangshen Railway Co. Ltd., Class A

     2,770,950       1,287,748  

Guangzhou Port Co. Ltd., Class A

     1,518,100       893,354  

Guoxuan High-Tech Co. Ltd., Class A

     569,589       1,029,321  
   

Number
of Shares

    

Value

  
Industrials (Continued)            

Hainan Airlines Holding Co. Ltd., Class A

     9,383,900     $ 2,713,807  

Han’s Laser Technology Industry Group Co. Ltd., Class A

     695,352       3,363,582  

Jiangsu Guoxin Corp. Ltd., Class A*

     423,806       460,377  

Jiangsu Zhongnan Construction Group Co. Ltd., Class A

     1,510,933       1,393,486  

Jiangsu Zhongtian Technology Co. Ltd., Class A

     1,997,743       2,230,493  

Jihua Group Corp. Ltd., Class A

     1,443,396       726,864  

Luxshare Precision Industry Co. Ltd., Class A

     2,019,671       4,384,999  

Metallurgical Corp. of China Ltd., Class A

     4,367,700       1,948,112  

NARI Technology Co. Ltd., Class A

     1,505,250       3,807,388  

Ningbo Zhoushan Port Co. Ltd., Class A

     3,209,481       1,690,112  

Power Construction Corp. of China Ltd., Class A

     3,745,996       2,538,562  

Sany Heavy Industry Co. Ltd., Class A

     3,779,105       4,366,204  

SF Holding Co. Ltd., Class A

     215,982       1,093,855  

Shanghai Construction Group Co. Ltd., Class A

     3,606,711       1,546,419  

Shanghai Electric Group Co. Ltd., Class A

     2,877,867       2,103,459  

Shanghai International Airport Co. Ltd., Class A

     786,304       5,667,973  

Shanghai International Port Group Co. Ltd., Class A

     2,461,485       1,972,659  

Shanghai Tunnel Engineering Co. Ltd., Class A

     1,544,839       1,289,172  

Shenzhen Inovance Technology Co. Ltd., Class A

     814,501       2,499,666  

Siasun Robot & Automation Co. Ltd., Class A

     890,707       1,754,437  

Spring Airlines Co. Ltd., Class A

     224,336       1,114,862  

STO Express Co. Ltd., Class A

     250,000       624,078  

Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A

     1,291,744       1,607,652  

TBEA Co. Ltd., Class A

     3,039,519       2,995,677  

Tus-Sound Environmental Resources Co. Ltd., Class A

     582,528       909,381  

Weichai Power Co. Ltd., Class A

     3,957,592       4,282,017  

XCMG Construction Machinery Co. Ltd., Class A

     3,816,726       1,834,160  

Xiamen C & D, Inc., Class A

     1,159,581       1,257,975  

Xinjiang Goldwind Science & Technology Co. Ltd., Class A

     1,666,176       2,641,813  

YTO Express Group Co. Ltd., Class A

     284,234       413,862  

Zhejiang Chint Electrics Co. Ltd., Class A

     698,499       2,271,296  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

     684,500       1,309,859  

Zhengzhou Yutong Bus Co. Ltd., Class A

     1,084,749       1,757,386  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

     3,706,256       1,893,055  
   

 

 

  
      151,459,758  
   

 

 

  
 

 

See Notes to Financial Statements.   14  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Information Technology — 7.0%            

360 Security Technology, Inc., Class A

     330,982     $ 1,064,343  

Aisino Corp., Class A

     914,910       3,244,852  

Beijing Shiji Information Technology Co. Ltd., Class A

     276,640       1,142,343  

Beijing Xinwei Technology Group Co. Ltd., Class A*(a)

     500,044       749,960  

BOE Technology Group Co. Ltd., Class A

     19,401,174       7,760,191  

Chaozhou Three-Circle Group Co. Ltd., Class A

     852,799       2,152,166  

DHC Software Co. Ltd., Class A

     1,543,811       1,579,295  

Dongxu Optoelectronic Technology Co. Ltd., Class A

     3,138,773       2,122,547  

Fiberhome Telecommunication Technologies Co. Ltd., Class A

     470,195       1,909,126  

Focus Media Information Technology Co. Ltd., Class A

     5,989,450       4,955,122  

GoerTek, Inc., Class A

     1,589,361       1,644,186  

Hangzhou Hikvision Digital Technology Co. Ltd., Class A

     3,025,703       11,828,114  

Hengtong Optic-electric Co. Ltd., Class A

     1,087,424       2,736,455  

Hundsun Technologies, Inc., Class A

     403,133       3,143,165  

Iflytek Co. Ltd., Class A

     1,188,607       4,210,425  

Lens Technology Co. Ltd., Class A

     664,882       755,738  

LONGi Green Energy Technology Co. Ltd., Class A

     1,591,162       4,258,209  

O-film Tech Co. Ltd., Class A

     1,550,673       2,561,308  

Sanan Optoelectronics Co. Ltd., Class A

     1,991,511       4,088,897  

Shenzhen Goodix Technology Co. Ltd., Class A

     74,203       769,548  

Shenzhen Sunway Communication Co. Ltd., Class A

     641,819       2,308,618  

Tsinghua Tongfang Co. Ltd., Class A

     1,451,951       2,109,953  

Unisplendour Corp. Ltd., Class A

     178,180       896,508  

Wangsu Science & Technology Co. Ltd., Class A

     1,191,237       1,371,159  

Yonyou Network Technology Co. Ltd., Class A

     775,168       2,637,707  

Zhejiang Dahua Technology Co. Ltd., Class A

     1,435,191       2,754,641  

ZTE Corp., Class A*

     1,948,481       5,570,493  
   

 

 

  
      80,325,069  
   

 

 

  
Materials — 6.6%            

Aluminum Corp. of China Ltd., Class A*

     5,383,406       2,819,409  

Angang Steel Co. Ltd., Class A

     1,502,137       1,193,021  

Anhui Conch Cement Co. Ltd., Class A

     1,630,900       7,464,326  

Baiyin Nonferrous Group Co. Ltd., Class A

     660,300       316,362  

Baoshan Iron & Steel Co. Ltd., Class A

     7,278,012       7,036,904  

BBMG Corp., Class A

     2,716,400       1,348,380  

Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A

     958,732       1,518,743  

Beijing Shougang Co. Ltd., Class A*

     1,275,917       692,091  
   

Number
of Shares

    

Value

  
Materials (Continued)            

China Jushi Co. Ltd., Class A

     1,733,585     $ 2,526,702  

China Molybdenum Co. Ltd., Class A

     1,856,090       1,060,203  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

     1,774,712       2,484,508  

Hengli Petrochemical Co. Ltd., Class A

     615,469       1,205,213  

Hesteel Co. Ltd., Class A

     3,467,710       1,466,864  

Hoshine Silicon Industry Co. Ltd., Class A

     60,261       395,367  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A

     11,140,807       2,452,493  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

     2,731,670       1,116,211  

Jiangxi Copper Co. Ltd., Class A

     847,021       1,618,422  

Jiangxi Ganfeng Lithium Co. Ltd., Class A

     636,709       2,317,721  

Jinduicheng Molybdenum Co. Ltd., Class A

     781,904       671,626  

Kangde Xin Composite Material Group Co. Ltd., Class A

     1,362,578       1,854,608  

Kingenta Ecological Engineering Group Co. Ltd., Class A

     1,271,545       1,101,356  

Lomon Billions Group Co. Ltd., Class A

     490,591       893,620  

Minmetals Capital Co. Ltd., Class A

     428,000       469,859  

Qinghai Salt Lake Industry Co. Ltd., Class A*

     1,150,109       1,376,772  

Rongsheng Petro Chemical Co. Ltd., Class A

     1,027,103       1,483,704  

Shandong Gold Mining Co. Ltd., Class A

     609,964       2,373,947  

Shandong Nanshan Aluminum Co. Ltd., Class A

     5,890,040       1,915,254  

Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A

     2,036,207       1,221,681  

Sinopec Shanghai Petrochemical Co. Ltd., Class A

     1,178,150       850,950  

Tianqi Lithium Corp., Class A

     559,061       2,556,304  

Tongling Nonferrous Metals Group Co. Ltd., Class A

     5,146,520       1,517,984  

Wanhua Chemical Group Co. Ltd., Class A

     1,338,211       5,560,596  

Xiamen Tungsten Co. Ltd., Class A

     692,799       1,319,760  

YanAn Bicon Pharmaceutical Listed Co., Class A

     144,855       382,445  

Zhejiang Huayou Cobalt Co. Ltd., Class A

     406,180       1,987,580  

Zhejiang Longsheng Group Co. Ltd., Class A

     2,124,440       2,772,371  

Zhongjin Gold Corp. Ltd., Class A

     1,401,616       1,577,013  

Zijin Mining Group Co. Ltd., Class A

     8,451,151       4,122,067  
   

 

 

  
      75,042,437  
   

 

 

  
Real Estate — 4.8%            

Beijing Capital Development Co. Ltd., Class A

     1,059,186       1,025,621  
 

 

See Notes to Financial Statements.   15  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Real Estate (Continued)            

China Fortune Land Development Co. Ltd., Class A

     971,824     $ 3,565,557  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

     1,946,234       5,275,644  

China Vanke Co. Ltd., Class A

     3,989,760       14,603,718  

Financial Street Holdings Co. Ltd., Class A

     971,858       948,052  

Future Land Holdings Co. Ltd., Class A

     760,861       2,995,167  

Gemdale Corp., Class A

     1,841,011       2,519,048  

Greenland Holdings Corp. Ltd., Class A

     2,980,635       2,637,445  

Poly Developments and Holdings Group Co. Ltd., Class A

     5,827,864       10,984,500  

Red Star Macalline Group Corp. Ltd., Class A

     275,116       453,232  

RiseSun Real Estate Development Co. Ltd., Class A

     1,435,022       1,730,223  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A

     597,841       1,255,851  

Xinhu Zhongbao Co. Ltd., Class A

     3,498,246       1,550,246  

Yango Group Co. Ltd., Class A

     1,343,797       1,127,202  

Youngor Group Co. Ltd., Class A

     2,070,060       2,278,473  

Zhejiang China Commodities City Group Co. Ltd., Class A

     2,226,214       1,159,512  

Zhongtian Financial Group Co. Ltd., Class A (a)

     1,379,250       915,770  
   

 

 

  
      55,025,261  
   

 

 

  
   

Number
of Shares

    

Value

  
Utilities — 2.7%            

Beijing Capital Co. Ltd., Class A

     1,951,012     $ 968,453  

China National Nuclear Power Co. Ltd., Class A

     3,811,600       2,917,552  

China Yangtze Power Co. Ltd., Class A

     5,385,975       11,120,282  

Datang International Power Generation Co. Ltd., Class A

     2,031,300       917,706  

GD Power Development Co. Ltd., Class A

     9,644,800       3,455,351  

Huaneng Lancang River Hydropower, Inc., Class A

     1,460,200       611,371  

Huaneng Power International, Inc., Class A

     3,423,099       3,398,350  

SDIC Power Holdings Co. Ltd., Class A

     3,322,435       3,489,626  

Sichuan Chuantou Energy Co. Ltd., Class A

     1,791,104       2,064,205  

Zhejiang Zheneng Electric Power Co. Ltd., Class A

     3,330,488       2,151,561  
   

 

 

  
      31,094,457  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $1,217,243,000)

       1,131,447,365  
   

 

 

  

TOTAL INVESTMENTS — 99.3%

(Cost $1,217,243,000)

     $ 1,131,447,365  

Other assets and liabilities, net — 0.7%

       7,595,066  
   

 

 

  

NET ASSETS — 100.0%

     $ 1,139,042,431  
   

 

 

  
 

 

*

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, 2018 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 Stock (b)

    $ 1,127,138,004      $   —      $ 4,309,361      $ 1,131,447,365  
  

 

 

     

 

 

     

 

 

     

 

 

  

TOTAL

    $ 1,127,138,004      $ —      $ 4,309,361      $ 1,131,447,365  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(b)

See Schedule of Investments for additional detailed categorizations

 

See Notes to Financial Statements.   16  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2018 (Unaudited)

 

The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

 

Balance at May 31, 2018

    $ 21,357,780  

Purchases

      552,794  

Sales

      (497,055 ) 

Realized gain (loss)

      (195,359 ) 

Change in unrealized gain (loss)

      (1,255,937 ) 

Transfers into Level 3 (c)

      1,498,055  

Transfer out of Level 3 (c)

      (17,150,917 ) 

Balance at November 30, 2018

      4,309,361  

Change in unrealized gain (loss) related to investments still held at November 30, 2018

      (1,200,232 ) 

 

(c)

During the period ended November 30, 2018, the amount of transfers between Level 1 and Level 3 was $ 1,498,055 and between Level 3 and Level 1 was $17,150,917. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.

 

See Notes to Financial Statements.   17  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 99.4%    
Communication Services — 3.9%    

Beijing Gehua CATV Network Co. Ltd., Class A

     35,300     $ 47,641  

Beijing HualuBaina Film & TV Co. Ltd., Class A

     21,200       15,679  

Beijing Kunlun Tech Co. Ltd., Class A

     28,300       57,127  

Bluefocus Intelligent Communications Group Co. Ltd., Class A

     64,900       43,141  

Changjiang Publishing & Media Co. Ltd., Class A

     31,700       29,053  

China South Publishing & Media Group Co. Ltd., Class A

     35,500       58,688  

Dalian Zeus Entertainment Group Co. Ltd., Class A

     27,780       24,142  

G-bits Network Technology Xiamen Co. Ltd., Class A

     1,500       28,982  

Guangdong Advertising Group Co. Ltd., Class A*

     88,184       37,303  

Guangxi Radio and Television Information Network Corp. Ltd., Class A

     59,000       36,587  

Guizhou Broadcasting & TV Information Network Co. Ltd., Class A

     15,700       15,089  

Hangzhou Shunwang Technology Co. Ltd., Class A

     21,600       45,218  

Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A

     38,700       41,705  

Kingnet Network Co. Ltd., Class A

     53,300       32,899  

Ourpalm Co. Ltd., Class A

     142,200       79,588  

People.cn Co. Ltd., Class A

     28,200       30,553  

Shandong Publishing & Media Co. Ltd., Class A

     13,300       14,122  

Talkweb Information System Co. Ltd., Class A

     35,300       23,668  

Wasu Media Holding Co. Ltd., Class A

     27,300       35,037  

Xinhuanet Co. Ltd., Class A

     10,450       20,734  

Youzu Interactive Co. Ltd., Class A

     22,000       49,918  

Zhejiang Daily Digital Culture Group Co. Ltd., Class A

     32,100       39,811  

Zhejiang Huace Film & TV Co. Ltd., Class A

     35,700       45,356  
   

 

 

  
      852,041  
   

 

 

  
Consumer Discretionary — 9.4%            

Anhui Jianghuai Automobile Group Corp., Ltd., Class A

     66,800       50,651  

Anhui Xinhua Media Co. Ltd., Class A

     29,500       28,777  

Anhui Zhongding Sealing Parts Co. Ltd., Class A

     37,500       57,732  

Anhui Zotye Automobile Co. Ltd., Class A

     30,100       20,961  

Beiqi Foton Motor Co. Ltd., Class A

     236,200       62,191  

Besttone Holdings Co. Ltd., Class A

     15,800       22,301  

BTG Hotels Group Co. Ltd., Class A

     24,200       58,356  

Chengdu Fusen Noble-House Industrial Co. Ltd., Class A

     6,700       20,677  

China CYTS Tours Holding Co. Ltd., Class A

     29,200       59,491  
   

Number
of Shares

    

Value

  
Consumer Discretionary (Continued)            

Chongqing Department Store Co. Ltd., Class A

     12,795     $ 55,394  

Chongqing Sokon Industry Group Co. Ltd., Class A

     9,200       21,881  

Chongqing Zongshen Power Machinery Co. Ltd., Class A

     35,480       25,371  

Dashang Co. Ltd., Class A

     7,400       27,182  

DongFeng Automobile Co. Ltd., Class A

     43,300       23,861  

Eastern Gold Jade Co. Ltd., Class A*

     29,800       22,638  

Eastern Pioneer Driving School Co. Ltd., Class A

     9,000       17,870  

Gansu Gangtai Holding Group Co. Ltd., Class A

     22,600       17,332  

Global Top E-Commerce Co. Ltd., Class A

     31,350       53,811  

Guangdong Chj Industry Co. Ltd., Class A

     21,700       15,080  

Haima Automobile Group Co. Ltd., Class A*

     58,800       19,966  

Hang Zhou Great Star Industrial Co. Ltd., Class A*

     28,053       39,273  

Hisense Electric Co. Ltd., Class A

     39,600       51,849  

Huizhou Desay Sv Automotive Co. Ltd., Class A

     5,400       15,445  

Hunan Friendship & Apollo Commercial Co. Ltd., Class A

     50,200       24,630  

Jason Furniture Hangzhou Co. Ltd., Class A

     6,182       40,559  

Jiangsu Hongtu High Technology Co. Ltd., Class A

     46,600       28,764  

Jinzhou Cihang Group Co. Ltd., Class A*

     54,100       20,861  

Joyoung Co. Ltd., Class A

     15,200       30,924  

KingClean Electric Co. Ltd., Class A

     4,200       14,068  

Leo Group Co. Ltd., Class A

     170,095       38,423  

Lifan Industry Group Co. Ltd., Class A*

     34,400       21,035  

Loncin Motor Co. Ltd., Class A

     55,850       34,151  

Meisheng Cultural & Creative Corp. Ltd., Class A*

     18,660       15,760  

NanJi E-Commerce Co. Ltd., Class A

     62,250       69,951  

Nanjing Central Emporium, Class A

     29,000       15,439  

Ningbo Huaxiang Electronic Co. Ltd., Class A

     19,100       30,889  

Ningbo Peacebird Fashion Co. Ltd., Class A

     3,200       8,186  

Ningbo Tuopu Group Co. Ltd., Class A*

     11,400       23,963  

Rastar Group, Class A

     31,800       16,380  

Shandong Linglong Tyre Co. Ltd., Class A

     23,800       46,606  

Shanghai Jinjiang International Hotels Development Co. Ltd., Class A

     7,900       26,245  

Shanghai Yuyuan Tourist Mart Co. Ltd., Class A

     59,200       61,328  

Shenzhen Fenda Technology Co. Ltd., Class A

     29,862       17,229  

Shenzhen Tellus Holding Co. Ltd., Class A*

     2,400       9,185  

Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A

     34,850       26,375  

Sichuan Changhong Electric Co. Ltd., Class A

     186,900       66,152  
 

 

See Notes to Financial Statements.   18  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Consumer Discretionary (Continued)            

Sichuan Chengfei Integration Technology Corp., Class A*

     9,300     $ 23,417  

Sinomach Automobile Co. Ltd., Class A

     20,650       20,798  

Sou Yu Te Group Co. Ltd., Class A

     61,724       22,291  

UTour Group Co. Ltd., Class A

     24,400       23,487  

Visual China Group Co. Ltd., Class A

     17,500       62,066  

Wangfujing Group Co. Ltd., Class A

     15,330       32,424  

Weifu High-Technology Group Co. Ltd., Class A

     30,200       78,169  

Wuhan Department Store Group Co. Ltd., Class A

     19,309       27,698  

Wuxi Little Swan Co. Ltd., Class A

     11,205       73,321  

Xinhua Winshare Publishing and Media Co. Ltd., Class A

     7,800       11,099  

Yantai Tayho Advanced Materials Co. Ltd., Class A

     21,500       32,852  

Yihua Lifestyle Technology Co. Ltd., Class A

     60,700       41,659  

Yotrio Group Co. Ltd., Class A

     56,340       23,670  

Zhejiang Orient Financial Holdings Group Co. Ltd., Class A

     22,870       43,797  

Zhejiang Semir Garment Co. Ltd., Class A

     26,500       34,658  

Zhejiang Yasha Decoration Co. Ltd., Class A

     33,300       25,345  
   

 

 

  
      2,051,944  
   

 

 

  
Consumer Staples — 6.5%            

Angel Yeast Co. Ltd., Class A

     25,400       86,175  

Anhui Gujing Distillery Co. Ltd., Class A

     5,700       46,722  

Anhui Kouzi Distillery Co. Ltd., Class A

     15,300       79,777  

Anhui Yingjia Distillery Co. Ltd., Class A

     12,500       26,258  

Beijing Shunxin Agriculture Co. Ltd., Class A

     20,400       102,143  

Beijing Yanjing Brewery Co. Ltd., Class A

     71,900       58,863  

Better Life Commercial Chain Share Co. Ltd., Class A

     16,430       18,699  

Bright Dairy & Food Co. Ltd., Class A

     31,700       36,762  

By-health Co. Ltd., Class A

     45,500       130,865  

Chuying Agro-pastora Group Co. Ltd., Class A

     96,900       24,259  

COFCO Tunhe Sugar Co. Ltd., Class A

     51,700       52,740  

Fujian Sunner Development Co. Ltd., Class A*

     24,900       61,979  

Gansu Yasheng Industrial Group Co. Ltd., Class A

     82,400       33,907  

Hebei Chengde Lolo Co., Class A

     29,841       34,649  

Heilongjiang Agriculture Co. Ltd., Class A

     35,900       45,558  

Hunan Dakang International Food & Agriculture Co. Ltd., Class A*

     138,420       30,272  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

     25,200       56,199  

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A

     28,400       115,516  

Laobaixing Pharmacy Chain JSC, Class A

     4,200       34,324  

Opple Lighting Co. Ltd., Class A

     7,560       30,380  

Shandong Denghai Seeds Co. Ltd., Class A

     18,550       15,614  
   

Number
of Shares

    

Value

  
Consumer Staples (Continued)            

Shanghai Bailian Group Co. Ltd., Class A

     39,500     $ 49,387  

Shanghai Feilo Acoustics Co. Ltd., Class A

     36,800       19,379  

Shanghai Flyco Electrical Appliance Co. Ltd., Class A

     2,400       12,869  

Shanghai Jahwa United Co. Ltd., Class A

     16,732       64,061  

Shanghai Maling Aquarius Co. Ltd., Class A

     34,000       30,085  

Shenzhen Agricultural Products Co. Ltd., Class A

     35,600       25,098  

Tsingtao Brewery Co. Ltd., Class A

     17,900       79,401  

V V Food & Beverage Co. Ltd., Class A

     61,600       26,412  
   

 

 

  
      1,428,353  
   

 

 

  
Energy — 2.7%            

Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A

     25,200       21,610  

China Merchants Energy Shipping Co. Ltd., Class A

     122,900       71,792  

Datong Coal Industry Co. Ltd., Class A*

     44,100       29,060  

Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A

     58,000       22,365  

Geo-Jade Petroleum Corp., Class A*

     68,140       26,765  

Guanghui Energy Co. Ltd., Class A

     205,040       117,415  

Guizhou Panjiang Refined Coal Co. Ltd., Class A

     36,100       27,684  

Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A

     32,900       36,117  

Jizhong Energy Resources Co. Ltd., Class A

     53,500       29,713  

Oriental Energy Co. Ltd., Class A

     48,800       56,873  

Shandong Xinchao Energy Corp. Ltd., Class A*

     101,300       33,085  

Yang Quan Coal Industry Group Co. Ltd., Class A

     59,600       46,220  

Yantai Jereh Oilfield Services Group Co. Ltd., Class A

     23,900       59,318  
   

 

 

  
      578,017  
   

 

 

  
Financials — 2.5%            

Guangdong Golden Dragon Development, Inc., Class A

     22,800       33,132  

Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A

     13,400       15,771  

Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A

     55,200       53,451  

Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A

     44,800       34,421  

Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A

     44,700       37,946  

Northeast Securities Co. Ltd., Class A

     69,700       68,393  

Sealand Securities Co. Ltd., Class A

     146,300       88,829  

Shaanxi International Trust Co. Ltd., Class A

     102,590       42,806  

Shanghai AJ Group Co. Ltd., Class A

     57,905       77,065  

Wuxi Rural Commercial Bank Co. Ltd., Class A

     46,800       37,708  
 

 

See Notes to Financial Statements.   19  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Financials (Continued)            

Xishui Strong Year Co. Ltd. Inner Mongolia, Class A

     33,400     $ 54,640  
   

 

 

  
      544,162  
   

 

 

  
Health Care — 11.7%            

Autobio Diagnostics Co. Ltd., Class A

     4,100       35,271  

Beijing SL Pharmaceutical Co. Ltd., Class A

     20,800       89,153  

Beijing Tiantan Biological Products Corp. Ltd., Class A

     22,350       69,781  

Changchun High & New Technology Industry Group, Inc., Class A

     7,000       197,423  

Chengzhi Co. Ltd., Class A

     12,809       25,507  

China Animal Husbandry Industry Co. Ltd., Class A

     17,160       27,627  

China National Accord Medicines Corp. Ltd., Class A

     7,800       50,569  

China National Medicines Corp. Ltd., Class A

     15,500       59,210  

China Resources Double Crane Pharmaceutical Co. Ltd., Class A

     25,941       55,165  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

     19,900       70,234  

Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A

     27,738       46,015  

Dezhan Healthcare Co. Ltd., Class A*

     44,400       61,902  

Dian Diagnostics Group Co. Ltd., Class A

     13,540       32,008  

Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A

     28,100       36,791  

Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A

     20,800       26,486  

Guizhou Xinbang Pharmaceutical Co. Ltd., Class A

     42,850       28,606  

Guizhou Yibai Pharmaceutical Co. Ltd., Class A

     31,500       27,148  

Hainan Haiyao Co. Ltd., Class A

     47,346       41,895  

Harbin Gloria Pharmaceuticals Co. Ltd., Class A

     46,850       22,986  

Harbin Pharmaceutical Group Co. Ltd., Class A

     76,520       41,617  

Humanwell Healthcare Group Co. Ltd., Class A

     47,900       78,016  

Hybio Pharmaceutical Co. Ltd., Class A

     24,000       36,154  

Jiangsu Kanion Pharmaceutical Co. Ltd., Class A

     21,648       34,760  

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A

     30,285       78,171  

Jiangzhong Pharmaceutical Co. Ltd., Class A

     13,028       31,566  

Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A*

     27,100       19,067  

Jinyu Bio-Technology Co. Ltd., Class A

     59,504       150,081  

Joincare Pharmaceutical Group Industry Co. Ltd., Class A

     49,256       58,538  

KPC Pharmaceuticals, Inc., Class A*

     28,498       29,932  

Livzon Pharmaceutical Group, Inc., Class A

     14,311       67,846  
   

Number
of Shares

    

Value

  
Health Care (Continued)            

Mayinglong Pharmaceutical Group Co. Ltd., Class A

     15,500     $ 29,393  

Pengqi Technology Development Co. Ltd., Class A*

     54,000       28,980  

Realcan Pharmaceutical Co. Ltd., Class A

     54,230       63,357  

Shanghai Kaibao Pharmaceutical Co. Ltd., Class A

     31,804       20,546  

Shanghai Kehua Bio-Engineering Co. Ltd., Class A

     21,600       32,135  

Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A

     18,500       53,874  

Shenzhen Neptunus Bioengineering Co. Ltd., Class A

     80,150       38,632  

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A

     29,800       44,505  

Sichuan Languang Development Co. Ltd., Class A

     59,280       44,438  

Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A

     92,200       43,909  

Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A

     15,262       30,105  

Tonghua Golden-Horse Pharmaceutical Industry Co. Ltd., Class A*

     19,000       22,280  

Vcanbio Cell & Gene Engineering Corp. Ltd., Class A*

     15,700       37,453  

Winning Health Technology Group Co. Ltd., Class A

     58,019       101,425  

Yifan Pharmaceutical Co. Ltd., Class A

     30,500       54,854  

Zhejiang Conba Pharmaceutical Co. Ltd., Class A

     68,640       60,639  

Zhejiang Hisun Pharmaceutical Co. Ltd., Class A

     28,600       46,294  

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A

     38,280       75,511  

Zhejiang Medicine Co. Ltd., Class A

     28,800       39,366  

Zhejiang Xianju Pharmaceutical Co. Ltd., Class A

     33,350       35,748  

Zhuhai Hokai Medical Instruments Co. Ltd., Class A

     28,640       21,922  
   

 

 

  
      2,554,891  
   

 

 

  
Industrials — 20.7%            

AECC Aero-Engine Control Co. Ltd., Class A

     22,600       39,476  

Anhui Wanjiang Logistics Group Co. Ltd., Class A*

     98,200       34,475  

Antong Holdings Co. Ltd., Class A

     36,860       36,540  

Avic Aviation High-Technology Co. Ltd., Class A*

     22,000       19,561  

AVIC Electromechanical Systems Co. Ltd., Class A

     73,127       81,332  

Avic Heavy Machinery Co. Ltd., Class A

     27,800       33,839  

AVIC Shenyang Aircraft Co. Ltd., Class A*

     21,200       98,859  

Beijing Changjiu Logistics Corp., Class A

     4,160       7,123  

Beijing Shouhang Resources Saving Co. Ltd., Class A

     52,755       24,365  
 

 

See Notes to Financial Statements.   20  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Industrials (Continued)            

Beijing SPC Environment Protection Tech Co. Ltd., Class A

     32,300     $ 37,829  

Beijing Watertek Information Technology Co. Ltd., Class A

     36,277       40,139  

Camel Group Co. Ltd., Class A

     21,900       30,092  

Changyuan Group Ltd., Class A

     68,240       61,954  

Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A*(a)

     11,200       4,501  

China Aerospace Times Electronics Co. Ltd., Class A*

     111,000       93,269  

China Baoan Group Co. Ltd., Class A

     108,400       74,396  

China CAMC Engineering Co. Ltd., Class A

     27,982       44,890  

China High-Speed Railway Technology Co. Ltd., Class A

     113,596       61,454  

China International Marine Containers Group Co. Ltd., Class A

     43,900       69,670  

China Meheco Co. Ltd., Class A

     27,200       55,220  

China Railway Hi-tech Industry Co. Ltd., Class A

     55,100       79,515  

China Railway Tielong Container Logistics Co. Ltd., Class A

     47,200       49,507  

China XD Electric Co. Ltd., Class A

     101,700       50,921  

Chongqing Construction Engineering Group Corp. Ltd., Class A

     27,100       18,833  

CITIC Heavy Industries Co. Ltd., Class A

     85,800       32,590  

CMST Development Co. Ltd., Class A

     55,500       43,839  

COSCO SHIPPING Energy Transportation Co. Ltd., Class A

     68,000       49,996  

COSCO SHIPPING Specialized Carriers Co. Ltd., Class A

     46,400       23,233  

Dalian Port PDA Co. Ltd., Class A

     153,520       43,293  

Dazhong Transportation Group Co. Ltd., Class A

     54,150       31,398  

Deppon Logistics Co. Ltd., Class A

     5,300       14,046  

Dongfang Electric Corp. Ltd., Class A*

     55,300       60,629  

Dongjiang Environmental Co. Ltd., Class A

     23,800       38,866  

Eternal Asia Supply Chain Management Ltd., Class A

     75,100       56,188  

Far East Smarter Energy Co. Ltd., Class A*

     44,900       30,170  

Foshan Electrical and Lighting Co. Ltd., Class A

     32,584       25,785  

Fujian Longking Co. Ltd., Class A

     37,100       52,953  

Galaxy Biomedical Investment Co. Ltd., Class A*

     33,100       21,383  

Guangdong LY Intelligent Manufacturing Co. Ltd., Class A*

     67,100       27,418  

Guangxi Liugong Machinery Co. Ltd., Class A

     50,830       48,708  

Guangzhou Baiyun International Airport Co. Ltd., Class A

     53,400       77,831  

Guosheng Financial Holding, Inc., Class A

     39,387       58,540  

Hefei Meiya Optoelectronic Technology, Inc., Class A

     14,100       43,658  

Henan Pinggao Electric Co. Ltd., Class A

     40,400       47,316  
   

Number
of Shares

    

Value

  
Industrials (Continued)            

Henan Senyuan Electric Co. Ltd., Class A

     23,600     $ 58,403  

Hongfa Technology Co. Ltd., Class A

     22,580       75,145  

Hunan Corun New Energy Co. Ltd., Class A*

     52,147       30,011  

Inner Mongolia First Machinery Group Co. Ltd., Class A

     43,600       73,772  

Jiangsu Zongyi Co. Ltd., Class A*

     40,400       30,633  

Jiangxi Hongdu Aviation Industry Co. Ltd., Class A

     22,900       35,057  

Jiangxi Special Electric Motor Co. Ltd., Class A

     59,300       54,349  

Jinlong Machinery & Electronics Co. Ltd., Class A*

     23,900       11,485  

Juneyao Airlines Co. Ltd., Class A

     26,500       50,634  

Keda Clean Energy Co. Ltd., Class A

     63,800       43,878  

Lanzhou LS Heavy Equipment Co. Ltd., Class A

     21,200       13,391  

Mesnac Co. Ltd., Class A*

     38,500       27,309  

Minmetals Development Co. Ltd., Class A*

     22,600       22,079  

Nanyang Topsec Technologies Group, Inc., Class A

     22,600       34,110  

Neoglory Prosperity, Inc., Class A*

     36,750       27,918  

North Industries Group Red Arrow Co. Ltd., Class A*

     34,847       33,441  

North Navigation Control Technology Co. Ltd., Class A

     45,200       49,816  

Northcom Group Co. Ltd., Class A*

     27,600       34,906  

Orient Group, Inc., Class A

     148,990       81,459  

Palm Eco-Town Development Co. Ltd., Class A

     53,150       30,283  

Pubang Landscape Architecture Co. Ltd., Class A

     54,519       20,944  

Qingdao TGOOD Electric Co. Ltd., Class A

     25,300       59,516  

Rizhao Port Co. Ltd., Class A

     95,400       39,119  

Saurer Intelligent Technology Co. Ltd., Class A

     28,700       30,970  

Shaanxi J&R Optimum Energy Co. Ltd., Class A*

     46,500       11,842  

Shandong Hi-speed Co. Ltd., Class A

     33,300       20,506  

Shanghai Environment Group Co. Ltd., Class A

     17,600       34,135  

Shanghai M&G Stationery, Inc., Class A

     13,500       53,221  

Shanghai Mechanical and Electrical Industry Co. Ltd., Class A

     16,900       37,568  

Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A

     18,800       38,653  

Shanghai Zhixin Electric Co. Ltd., Class A

     35,660       19,086  

Shenwu Environmental Technology Co. Ltd., Class A*

     29,900       18,369  

Shenzhen Airport Co. Ltd., Class A

     50,700       57,920  

Shenzhen Desay Battery Technology Co., Class A

     6,100       25,988  

Shenzhen Grandland Group Co. Ltd., Class A

     31,900       24,463  

Shenzhen Tagen Group Co. Ltd., Class A

     37,984       27,927  
 

 

See Notes to Financial Statements.   21  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Industrials (Continued)            

Shenzhen Techand Ecology & Environment Co. Ltd., Class A (a)

     54,450     $ 35,864  

Shuangliang Eco-Energy Systems Co. Ltd., Class A

     43,100       22,634  

Sichuan Road & Bridge Co. Ltd., Class A

     93,600       45,384  

Sieyuan Electric Co. Ltd., Class A

     26,380       38,828  

Sinochem International Corp., Class A

     52,700       51,789  

Sinoma International Engineering Co., Class A

     53,250       42,982  

Sinotrans Air Transportation Development Co. Ltd., Class A

     17,800       57,035  

SPIC Yuanda Environmental-Protection Co. Ltd., Class A

     20,522       16,151  

Sungrow Power Supply Co. Ltd., Class A

     51,300       61,780  

Suzhou Anjie Technology Co. Ltd., Class A

     15,750       25,992  

Taihai Manoir Nuclear Equipment Co. Ltd., Class A

     26,600       45,008  

Taiyuan Heavy Industry Co. Ltd., Class A*

     93,500       31,076  

TangShan Port Group Co. Ltd., Class A

     151,174       51,767  

Tian Di Science & Technology Co. Ltd., Class A

     81,900       43,365  

TianGuang ZhongMao Co. Ltd., Class A

     74,100       29,319  

Tianjin Capital Environmental Protection Group Co. Ltd., Class A*

     22,400       26,525  

Tianjin Port Co. Ltd., Class A

     42,600       44,376  

Wolong Electric Group Co. Ltd., Class A

     31,974       31,144  

Xiamen ITG Group Corp. Ltd., Class A

     63,248       63,428  

Xiangtan Electric Manufacturing Co. Ltd., Class A

     33,600       28,958  

Xingyuan Environment Technology Co. Ltd., Class A

     47,350       26,433  

Xinjiang Machinery Research Institute Co. Ltd., Class A

     45,200       36,094  

Xuji Electric Co. Ltd., Class A

     30,500       39,276  

Yingkou Port Liability Co. Ltd., Class A

     98,200       36,029  

Zhefu Holding Group Co. Ltd., Class A

     80,600       47,662  

Zhejiang Dun’An Artificial Environment Co. Ltd., Class A*

     27,700       21,243  

Zhejiang Kaishan Compressor Co. Ltd., Class A

     17,500       26,337  

Zhejiang Wanliyang Co. Ltd., Class A

     27,100       26,397  

Zhejiang Wanma Co. Ltd., Class A*

     32,662       25,988  

Zhejiang Weiming Environment Protection Co. Ltd., Class A

     7,350       25,073  

Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A

     45,300       38,128  

Zhongji Innolight Co. Ltd., Class A

     4,809       30,423  

Zhongshan Broad Ocean Motor Co. Ltd., Class A

     60,000       31,510  
   

 

 

  
      4,517,904  
   

 

 

  
Information Technology — 17.2%            

Accelink Technologies Co. Ltd., Class A

     20,000       76,141  

Addsino Co. Ltd., Class A*

     50,700       59,305  

AVIC Jonhon OptronicTechnology Co. Ltd., Class A

     20,243       114,085  
   

Number
of Shares

    

Value

  
Information Technology (Continued)            

Beijing Dahao Technology Corp. Ltd., Class A

     5,646     $ 9,309  

Beijing Jetsen Technology Co. Ltd., Class A

     64,500       44,731  

Beijing Lanxum Technology Co. Ltd., Class A*

     34,720       42,212  

Beijing Orient National Communication Science & Technology Co. Ltd., Class A*

     37,219       66,135  

Beijing Philisense Technology Co. Ltd., Class A

     57,000       35,510  

Beijing Sinnet Technology Co. Ltd., Class A

     46,700       85,737  

Beijing Teamsun Technology Co. Ltd., Class A

     54,660       49,782  

Beijing Ultrapower Software Co. Ltd., Class A

     70,100       35,704  

Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A

     43,200       48,979  

Bluedon Information Security Technology Co. Ltd., Class A

     29,800       22,596  

China Greatwall Technology Group Co. Ltd., Class A

     89,319       68,111  

China National Software & Service Co. Ltd., Class A

     15,600       54,564  

China TransInfo Technology Co. Ltd., Class A

     37,200       63,746  

CPT Technology Group Co. Ltd., Class A

     68,500       21,682  

Dawning Information Industry Co. Ltd., Class A

     23,200       133,721  

GCI Science & Technology Co. Ltd., Class A

     16,600       25,961  

GCL System Integration Technology Co. Ltd., Class A*

     102,000       73,086  

Glodon Co. Ltd., Class A

     34,100       112,305  

GRG Banking Equipment Co. Ltd., Class A

     61,200       51,160  

Guangdong East Power Co. Ltd., Class A

     47,100       30,360  

Guangdong Ellington Electronics Technology Co. Ltd., Class A

     15,100       19,509  

Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A

     36,900       62,223  

Guangzhou Haige Communications Group, Inc. Co., Class A

     82,400       89,866  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

     3,300       27,918  

Guomai Technologies, Inc., Class A

     24,700       23,598  

Hangzhou First Applied Material Co. Ltd., Class A

     5,490       20,521  

Hangzhou Lianluo Interactive Information Technology Co. Ltd., Class A*

     64,700       39,098  

Hangzhou Silan Microelectronics Co. Ltd., Class A

     39,680       51,611  

Hengdian Group DMEGC Magnetics Co. Ltd., Class A

     41,600       35,494  

Hexing Electrical Co. Ltd., Class A

     9,670       17,600  

HNA Technology Co. Ltd., Class A*

     77,500       34,121  

Huagong Tech Co. Ltd., Class A

     30,500       52,177  
 

 

See Notes to Financial Statements.   22  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Information Technology (Continued)            

Hubei Kaile Science & Technology Co. Ltd., Class A

     21,500     $ 57,847  

Hytera Communications Corp. Ltd., Class A

     44,400       52,448  

Inspur Electronic Information Industry Co. Ltd., Class A

     39,200       99,040  

Jiangsu Changjiang Electronics Technology Co. Ltd., Class A

     48,200       69,350  

Julong Co. Ltd., Class A

     13,795       14,052  

MLS Co. Ltd., Class A

     18,900       35,134  

Nanjing Huadong Electronics Information & Technology Co. Ltd., Class A*

     138,900       30,577  

NAURA Technology Group Co. Ltd., Class A

     9,400       55,032  

Neusoft Corp., Class A

     43,900       71,185  

Newland Digital Technology Co. Ltd., Class A

     35,840       80,650  

Ninestar Corp., Class A

     10,600       38,418  

Ningbo Yunsheng Group Co. Ltd., Class A

     36,580       29,000  

North Electro-Optic Co. Ltd., Class A

     10,200       17,127  

Shanghai 2345 Network Holding Group Co. Ltd., Class A

     137,310       76,259  

Shanghai Aerospace Automobile Electromechanical Co. Ltd., Class A*

     50,800       30,917  

Shanghai Belling Co. Ltd., Class A

     27,600       38,956  

Shengyi Technology Co. Ltd., Class A

     54,120       69,302  

Shennan Circuits Co. Ltd., Class A

     4,300       48,567  

Shenzhen Aisidi Co. Ltd., Class A

     19,600       16,949  

Shenzhen Everwin Precision Technology Co. Ltd., Class A

     27,680       32,976  

Shenzhen Kaifa Technology Co. Ltd., Class A

     38,100       33,330  

Shenzhen Kinwong Electronic Co. Ltd., Class A

     3,900       29,173  

Shenzhen Suntak Circuit Technology Co. Ltd., Class A

     12,400       25,923  

Shenzhen Tat Fook Technology Co. Ltd., Class A*

     19,240       26,271  

Sinodata Co. Ltd., Class A*

     13,700       26,275  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

     31,750       52,352  

Suzhou Victory Precision Manufacture Co. Ltd., Class A

     102,200       38,967  

Taiji Computer Corp. Ltd., Class A

     12,800       45,397  

Tatwah Smartech Co. Ltd., Class A

     33,100       30,670  

Telling Telecommunication Holding Co. Ltd., Class A

     27,200       22,190  

Tianjin Zhonghuan Semiconductor Co. Ltd., Class A

     84,400       80,025  

Tongding Interconnection Information Co. Ltd., Class A

     38,600       43,986  

Unigroup Guoxin Microelectronics Co. Ltd., Class A

     21,300       98,037  

United Electronics Co. Ltd., Class A*

     19,500       19,275  

Venustech Group, Inc., Class A

     27,400       81,054  

Vtron Group Co. Ltd., Class A

     27,900       20,152  
   

Number
of Shares

    

Value

  
Information Technology (Continued)            

Westone Information Industry, Inc., Class A

     29,180     $ 78,007  

Wuhan Guide Infrared Co. Ltd., Class A

     12,500       29,747  

Wuhu Token Science Co. Ltd., Class A

     92,600       65,151  

WUS Printed Circuit Kunshan Co. Ltd., Class A

     61,640       65,008  

Xiamen Faratronic Co. Ltd., Class A

     7,100       40,341  

Zhejiang Crystal-Optech Co. Ltd., Class A

     34,695       50,718  
   

 

 

  
      3,764,493  
   

 

 

  
Materials — 15.6%            

Advanced Technology & Materials Co. Ltd., Class A

     31,204       22,942  

Befar Group Co. Ltd., Class A

     54,760       35,770  

Bengang Steel Plates Co. Ltd., Class A

     26,600       13,931  

China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A

     69,400       38,743  

China West Construction Group Co. Ltd., Class A

     18,700       30,861  

Cofco Biochemical Co. Ltd., Class A*

     48,485       54,761  

CSG Holding Co. Ltd., Class A

     56,419       34,093  

Do-Fluoride Chemicals Co. Ltd., Class A

     28,700       49,511  

Elion Clean Energy Co. Ltd., Class A

     68,000       47,060  

Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A*

     155,400       44,941  

GEM Co. Ltd., Class A

     148,552       87,846  

Guangdong HEC Technology Holding Co. Ltd., Class A*

     76,705       85,973  

Guangdong Tapai Group Co. Ltd., Class A

     24,200       37,117  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

     8,600       30,068  

Hainan Mining Co. Ltd., Class A*

     19,100       12,724  

Hangzhou Iron & Steel Co., Class A*

     26,010       17,289  

Hengyi Petrochemical Co. Ltd., Class A

     58,900       99,236  

Hongda Xingye Co. Ltd., Class A

     52,478       23,029  

Huapont Life Sciences Co. Ltd., Class A

     72,950       54,579  

Huaxin Cement Co. Ltd., Class A

     24,580       63,729  

Hubei Sanonda Co. Ltd., Class A

     22,500       32,406  

Hubei Xingfa Chemicals Group Co. Ltd., Class A

     21,720       34,407  

Hunan Gold Corp. Ltd., Class A*

     41,700       41,578  

Inner Mongolia Xingye Mining Co. Ltd., Class A

     37,500       26,869  

Jiangsu Yabang Dyestuff Co. Ltd., Class A

     20,500       24,747  

Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A

     45,400       26,390  

Jilin Yatai Group Co. Ltd., Class A

     84,600       40,899  

Juli Sling Co. Ltd., Class A*

     34,400       17,522  

Kingfa Sci & Tech Co. Ltd., Class A

     94,300       63,905  

Lianhe Chemical Technology Co. Ltd., Class A

     33,359       44,589  

Luxi Chemical Group Co. Ltd., Class A

     52,800       83,414  

Maanshan Iron & Steel Co. Ltd., Class A

     151,000       80,603  

Nanjing Iron & Steel Co. Ltd., Class A

     109,300       53,940  

Ningbo Shanshan Co. Ltd., Class A

     27,880       62,417  

ORG Technology Co. Ltd., Class A

     59,450       43,453  
 

 

See Notes to Financial Statements.   23  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Materials (Continued)            

Polaris Bay Group Co. Ltd., Class A

     26,300     $ 33,337  

Rising Nonferrous Metals Share Co. Ltd., Class A*

     8,100       28,482  

Sansteel Minguang Co. Ltd. Fujian, Class A

     33,400       63,482  

Shandong Chenming Paper Holdings Ltd., Class A

     66,450       56,121  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

     57,313       104,397  

Shandong Iron and Steel Co. Ltd., Class A*

     332,230       78,872  

Shandong Sun Paper Industry JSC Ltd., Class A

     80,200       69,466  

Shanghai Chlor-Alkali Chemical Co. Ltd., Class A

     12,500       12,248  

Shanghai Huayi Group Corp. Ltd., Class A

     28,300       35,302  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

     3,300       23,883  

Shanxi Taigang Stainless Steel Co. Ltd., Class A

     114,400       75,551  

Shenghe Resources Holding Co. Ltd., Class A

     53,190       72,320  

Shenzhen Jinjia Group Co. Ltd., Class A

     45,400       48,730  

Shenzhen YUTO Packaging Technology Co. Ltd., Class A

     5,800       36,017  

Sichuan Hebang Biotechnology Co. Ltd., Class A

     262,780       63,141  

Stanley Agricultural Group Co. Ltd., Class A

     30,000       17,870  

Tangshan Jidong Cement Co. Ltd., Class A*

     47,481       79,246  

Tangshan Sanyou Chemical Industries Co. Ltd., Class A

     51,400       44,447  

Tibet Huayu Mining Co. Ltd., Class A

     7,800       10,066  

Tibet Mineral Development Co., Class A*

     22,000       24,785  

Tibet Summit Resources Co. Ltd., Class A*

     9,600       29,379  

Tongkun Group Co. Ltd., Class A

     46,280       71,515  

Western Mining Co. Ltd., Class A

     96,500       83,584  

Xinfengming Group Co. Ltd., Class A

     5,640       15,507  

Xinjiang Tianshan Cement Co. Ltd., Class A

     31,700       34,755  

Xinjiang Zhongtai Chemical Co. Ltd., Class A

     66,300       71,448  

Xinxing Ductile Iron Pipes Co. Ltd., Class A

     123,450       78,508  

Yintai Resources Co. Ltd., Class A

     51,020       60,121  

Yunnan Aluminium Co. Ltd., Class A

     77,600       46,000  

Yunnan Copper Co. Ltd., Class A*

     42,300       49,966  

Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd., Class A*

     26,600       20,667  

Yunnan Tin Co. Ltd., Class A*

     41,315       59,504  

Zhejiang Huafeng Spandex Co. Ltd., Class A

     61,200       35,838  

Zhejiang Juhua Co. Ltd., Class A

     69,530       69,928  

Zhejiang Runtu Co. Ltd., Class A

     35,100       46,411  
   

Number
of Shares

    

Value

  
Materials (Continued)            

Zhongfu Straits Pingtan Development Co. Ltd., Class A*

     79,900     $ 34,143  

Zhuzhou Times New Material Technology Co. Ltd., Class A

     20,100       20,331  

Zibo Qixiang Tengda Chemical Co. Ltd., Class A

     35,415       40,713  
   

 

 

  
      3,407,423  
   

 

 

  
Real Estate — 5.7%    

Beijing Homyear Capital Holdings Co. Ltd., Class A

     57,900       25,409  

Beijing Urban Construction Investment & Development Co. Ltd., Class A

     47,600       56,296  

China Sports Industry Group Co. Ltd., Class A

     34,501       41,350  

Chongqing Dima Industry Co. Ltd., Class A

     74,400       29,545  

Cinda Real Estate Co. Ltd., Class A

     42,900       25,369  

COFCO Property Group Co. Ltd., Class A

     52,700       38,367  

Deluxe Family Co. Ltd., Class A

     81,100       41,891  

Greattown Holdings Ltd., Class A

     80,664       46,424  

Guangzhou Yuetai Group Co. Ltd., Class A

     51,200       16,575  

Haining China Leather Market Co. Ltd., Class A

     32,200       22,238  

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A

     79,400       44,897  

Huafa Industrial Co. Ltd. Zhuhai, Class A

     85,640       75,287  

Huayuan Property Co. Ltd., Class A

     51,930       19,276  

Hubei Fuxing Science And Technology Co. Ltd., Class A

     39,000       36,810  

Jinke Properties Group Co. Ltd., Class A

     134,807       115,988  

Kunwu Jiuding Investment Holdings Co. Ltd., Class A*

     6,900       20,352  

Myhome Real Estate Development Group Co. Ltd., Class A

     134,900       48,717  

Nanjing Gaoke Co. Ltd., Class A

     42,920       48,600  

Shanghai Industrial Development Co. Ltd., Class A

     30,720       20,774  

Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A

     13,000       22,950  

Shanghai Lingang Holdings Corp. Ltd., Class A

     15,200       44,483  

Shanghai Shimao Co. Ltd., Class A

     75,800       43,188  

Shanghai SMI Holding Co. Ltd., Class A

     62,700       54,127  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

     38,500       82,149  

Shenzhen Huaqiang Industry Co. Ltd., Class A

     11,600       30,476  

Shenzhen World Union Properties Consultancy, Inc., Class A

     51,510       37,797  

Shenzhen Zhenye Group Co. Ltd., Class A

     48,300       37,457  

Suning Universal Co. Ltd., Class A

     76,800       35,139  

Tahoe Group Co. Ltd., Class A

     25,200       56,163  

Tibet Urban Development and Investment Co. Ltd., Class A

     24,000       23,205  

Zhonghong Holding Co. Ltd., Class A*

     325,472       13,112  
   

 

 

  
      1,254,411  
   

 

 

  
 

 

See Notes to Financial Statements.   24  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Utilities — 3.5%            

An Hui Wenergy Co. Ltd., Class A

     56,830     $ 38,103  

Beijing Jingneng Power Co. Ltd., Class A

     68,200       29,929  

Beijing Water Business Doctor Co. Ltd., Class A

     30,000       35,351  

CECEP Wind-Power Corp., Class A

     84,600       30,187  

Chengdu Xingrong Environment Co. Ltd., Class A

     90,700       54,810  

Chongqing Gas Group Corp. Ltd., Class A

     9,700       10,202  

Guangdong Baolihua New Energy Stock Co. Ltd., Class A

     88,100       88,731  

Guangzhou Development Group, Inc., Class A

     43,000       33,904  

Heilongjiang Interchina Water Treatment Co. Ltd., Class A*

     63,800       25,978  

Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A

     144,100       45,612  

Jointo Energy Investment Co. Ltd. Hebei, Class A

     36,500       25,260  

Luenmei Quantum Co. Ltd., Class A

     11,200       14,003  
   

Number
of Shares

    

Value

  
Utilities (Continued)            

Shanghai Dazhong Public Utilities Group Co. Ltd., Class A

     98,000     $ 70,924  

Shanghai Electric Power Co. Ltd., Class A

     52,500       57,030  

Shenergy Co. Ltd., Class A

     139,478       98,936  

Shenzhen Energy Group Co. Ltd., Class A

     60,750       46,325  

Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd., Class A

     22,200       15,588  

Zhongshan Public Utilities Group Co. Ltd., Class A

     45,260       46,040  
   

 

 

  
      766,913  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $29,596,183)

       21,720,552  
   

 

 

  

TOTAL INVESTMENTS — 99.4%

(Cost $29,596,183)

     $ 21,720,552  

Other assets and liabilities, net — 0.6%

       132,163  
   

 

 

  

NET ASSETS — 100.0%

     $ 21,852,715  
   

 

 

  
 

 

*

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, 2018 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 Stock (b)

      $ 21,680,187        $   —        $ 40,365        $ 21,720,552  
    

 

 

       

 

 

       

 

 

       

 

 

  

TOTAL

      $ 21,680,187        $   —        $ 40,365        $ 21,720,552  
    

 

 

       

 

 

       

 

 

       

 

 

  

 

(b)

See Schedule of Investments for additional detailed categorizations.

The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

 

Balance at May 31, 2018

    $ 1,594,119  

Purchases

      —  

Sales

      (69,926 ) 

Realized gain (loss)

      (114,410 ) 

Change in unrealized gain (loss)

      59,273  

Transfers into Level 3 (c)

      —  

Transfer out of Level 3 (c)

      (1,428,691 ) 

Balance at November 30, 2018

      40,365  

Change in unrealized gain (loss) related to investments still held at November 30, 2018

      (9,859 ) 

 

(c)

During the period ended November 30, 2018, the amount of transfers between Level 3 and Level 1 was $1,428,691. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange

 

See Notes to Financial Statements.   25  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All China Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 64.2%    
Communication Services — 17.2%    

58.com, Inc., ADR*

     1,398     $ 83,307  

Alibaba Pictures Group Ltd.*(a)

     227,877       35,525  

Autohome, Inc., ADR (a)

     895       73,694  

Baidu, Inc., ADR*

     4,144       780,232  

China Communications Services Corp. Ltd., Class H

     35,615       29,718  

China Literature Ltd., 144A*

     2,847       14,916  

China Mobile Ltd.

     91,165       904,573  

China Telecom Corp. Ltd., Class H

     205,865       110,749  

China Tower Corp. Ltd., Class H, 144A*

     589,450       87,373  

China Unicom Hong Kong Ltd.

     91,224       105,728  

Momo, Inc., ADR*

     2,181       68,375  

NetEase, Inc., ADR

     1,157       262,720  

SINA Corp.*

     892       57,775  

Tencent Holdings Ltd.

     84,912       3,385,304  

Weibo Corp., ADR*

     706       44,958  

YY, Inc., ADR*

     696       47,377  
   

 

 

  
      6,092,324  
   

 

 

  
Consumer Discretionary — 13.8%            

Alibaba Group Holding Ltd., ADR*

     19,310       3,106,207  

ANTA Sports Products Ltd.

     14,520       65,960  

BAIC Motor Corp. Ltd., Class H, 144A

     21,018       12,892  

Baozun, Inc., ADR*(a)

     510       17,988  

Brilliance China Automotive Holdings Ltd.

     45,188       39,958  

BYD Co. Ltd., Class H

     9,747       73,049  

China First Capital Group Ltd.*

     48,435       23,519  

China Travel International Investment Hong Kong Ltd.

     47,148       13,074  

Ctrip.com International Ltd., ADR*(a)

     5,888       169,869  

Dongfeng Motor Group Co. Ltd., Class H

     46,087       44,463  

Fuyao Glass Industry Group Co. Ltd., Class H, 144A

     7,826       24,151  

Geely Automobile Holdings Ltd.

     71,837       141,549  

GOME Retail Holdings Ltd.*(a)

     195,609       17,497  

Great Wall Motor Co. Ltd., Class H (a)

     50,189       32,067  

Guangzhou Automobile Group Co. Ltd., Class H

     47,718       49,634  

Haier Electronics Group Co. Ltd.*

     19,425       45,225  

HengTen Networks Group Ltd.*

     339,061       11,698  

Huazhu Group Ltd., ADR (a)

     1,987       62,670  

JD.com, Inc., ADR*

     11,114       235,950  

New Oriental Education & Technology Group, Inc., ADR*

     2,106       120,379  

Nexteer Automotive Group Ltd.

     16,807       25,299  

Shenzhou International Group Holdings Ltd.

     11,494       139,530  

TAL Education Group, ADR*

     5,277       148,125  

Vipshop Holdings Ltd., ADR*

     6,402       36,939  

Yum China Holdings, Inc.

     5,557       199,107  

Zhongsheng Group Holdings Ltd.

     8,478       17,225  
   

 

 

  
      4,874,024  
   

 

 

  
Consumer Staples — 1.5%            

China Agri-Industries Holdings Ltd.

     33,747       12,764  

China Mengniu Dairy Co. Ltd.*

     41,700       128,951  
   

Number
of Shares

    

Value

  
Consumer Staples (Continued)            

China Resources Beer Holdings Co. Ltd.

     21,317     $ 72,185  

Dali Foods Group Co. Ltd., 144A

     30,880       22,768  

Hengan International Group Co. Ltd.

     11,025       90,094  

Sun Art Retail Group Ltd.

     36,619       40,897  

Tingyi Cayman Islands Holding Corp.

     31,646       41,004  

Tsingtao Brewery Co. Ltd., Class H

     4,585       18,661  

Uni-President China Holdings Ltd.

     22,624       20,613  

Want Want China Holdings Ltd.

     75,814       55,898  

Yihai International Holding Ltd.

     7,000       18,784  
   

 

 

  
      522,619  
   

 

 

  
Energy — 3.5%            

China Coal Energy Co. Ltd., Class H

     37,788       15,114  

China Oilfield Services Ltd., Class H

     29,215       27,252  

China Petroleum & Chemical Corp., Class H

     379,873       322,801  

China Shenhua Energy Co. Ltd., Class H

     51,778       114,992  

CNOOC Ltd.

     265,265       450,823  

Kunlun Energy Co. Ltd.

     48,189       58,314  

PetroChina Co. Ltd., Class H

     319,855       224,388  

Yanzhou Coal Mining Co. Ltd., Class H

     28,852       25,881  
   

 

 

  
      1,239,565  
   

 

 

  
Financials — 14.5%            

Agricultural Bank of China Ltd., Class H

     441,766       199,834  

Bank of China Ltd., Class H

     1,180,055       515,706  

Bank of Communications Co. Ltd., Class H

     131,479       99,965  

China Cinda Asset Management Co. Ltd., Class H

     124,804       33,491  

China CITIC Bank Corp. Ltd., Class H

     133,620       84,689  

China Construction Bank Corp., Class H

     1,428,314       1,217,373  

China Ding Yi Feng Holdings Ltd.*

     16,000       46,615  

China Everbright Bank Co. Ltd., Class H

     41,203       18,270  

China Everbright Ltd.

     13,572       25,286  

China Galaxy Securities Co. Ltd., Class H

     46,413       24,909  

China Huarong Asset Management Co. Ltd., Class H, 144A

     150,970       31,059  

China International Capital Corp. Ltd., Class H, 144A (a)

     15,812       30,065  

China Life Insurance Co. Ltd., Class H

     109,007       234,012  

China Merchants Bank Co. Ltd., Class H

     59,297       245,121  

China Minsheng Banking Corp. Ltd., Class H

     92,914       68,625  

China Pacific Insurance Group Co. Ltd., Class H

     39,997       141,573  

China Reinsurance Group Corp., Class H

     87,746       18,276  

China Taiping Insurance Holdings Co. Ltd.

     25,496       84,381  

Chongqing Rural Commercial Bank Co. Ltd., Class H

     31,416       18,346  

CITIC Securities Co. Ltd., Class H

     34,537       64,434  

Far East Horizon Ltd.

     28,252       28,123  

GF Securities Co. Ltd., Class H

     23,117       34,266  

Guotai Junan Securities Co. Ltd., Class H, 144A

     8,717       18,112  

Haitong Securities Co. Ltd., Class H

     48,339       50,157  

Huatai Securities Co. Ltd., Class H, 144A

     22,154       36,632  

Industrial & Commercial Bank of China Ltd., Class H

     1,031,750       733,033  
 

 

See Notes to Financial Statements.   26  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Financials (Continued)            

New China Life Insurance Co. Ltd., Class H

     11,984     $ 52,449  

Noah Holdings Ltd., ADR*

     432       21,030  

People’s Insurance Co. Group of China Ltd., Class H

     110,197       47,454  

PICC Property & Casualty Co. Ltd., Class H

     107,015       109,808  

Ping An Insurance Group Co. of China Ltd., Class H

     77,312       747,854  

Postal Savings Bank of China Co. Ltd., Class H, 144A

     39,412       23,821  

ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*(a)

     2,424       9,927  
   

 

 

  
      5,114,696  
   

 

 

  
Health Care — 2.0%            

3SBio, Inc., 144A (a)

     16,009       23,566  

Alibaba Health Information Technology Ltd.*

     52,078       46,583  

China Medical System Holdings Ltd.

     20,322       22,151  

China Resources Pharmaceutical Group Ltd., 144A

     23,614       34,701  

China Traditional Chinese Medicine Holdings Co. Ltd.

     29,215       19,412  

CSPC Pharmaceutical Group Ltd.

     70,755       143,214  

Genscript Biotech Corp.*

     12,109       21,044  

Hutchison China MediTech Ltd., ADR*

     791       27,266  

Luye Pharma Group Ltd., 144A

     14,497       11,559  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

     29,100       27,331  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

     6,962       24,020  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

     13,019       32,108  

Sihuan Pharmaceutical Holdings Group Ltd.

     67,305       14,965  

Sino Biopharmaceutical Ltd.

     99,059       90,379  

Sinopharm Group Co. Ltd., Class H

     18,901       93,107  

SSY Group Ltd.

     21,799       22,368  

Tong Ren Tang Technologies Co. Ltd., Class H

     7,424       10,625  

Wuxi Biologics Cayman, Inc., 144A*

     7,266       60,908  
   

 

 

  
      725,307  
   

 

 

  
Industrials — 3.4%            

51job, Inc., ADR*

     373       25,394  

Air China Ltd., Class H

     27,683       26,778  

AviChina Industry & Technology Co. Ltd., Class H

     35,477       24,888  

Beijing Capital International Airport Co. Ltd., Class H

     26,844       29,843  

BOC Aviation Ltd., 144A (a)

     3,147       24,249  

CAR, Inc.*

     13,476       11,847  

China Communications Construction Co. Ltd., Class H

     68,009       66,047  

China Conch Venture Holdings Ltd.

     22,750       70,496  

China Eastern Airlines Corp. Ltd., Class H

     22,128       13,742  

China Everbright International Ltd.

     54,786       47,885  
   

Number
of Shares

    

Value

  
Industrials (Continued)            

China Merchants Port Holdings Co. Ltd.

     19,497     $ 35,428  

China Railway Construction Corp. Ltd., Class H

     30,635       39,225  

China Railway Group Ltd., Class H

     57,652       52,968  

China Southern Airlines Co. Ltd., Class H

     31,847       21,691  

China State Construction International Holdings Ltd.

     30,182       26,303  

CITIC Ltd.

     87,777       140,878  

COSCO SHIPPING Energy Transportation Co., Ltd., Class H

     16,917       9,144  

COSCO SHIPPING Holdings Co. Ltd., Class H*

     44,896       18,244  

COSCO SHIPPING Ports Ltd.

     27,927       28,335  

Country Garden Services Holdings Co. Ltd.*

     14,070       23,301  

CRRC Corp. Ltd., Class H

     63,592       59,320  

Fosun International Ltd.

     39,435       62,687  

Fullshare Holdings Ltd.*(a)

     114,397       43,269  

Greentown Service Group Co. Ltd.

     15,345       13,196  

Haitian International Holdings Ltd.

     11,124       23,909  

Jiangsu Expressway Co. Ltd., Class H

     21,813       29,323  

Metallurgical Corp. of China Ltd., Class H

     43,009       10,937  

Shanghai Electric Group Co. Ltd., Class H

     53,338       18,130  

Shanghai Industrial Holdings Ltd.

     7,542       16,441  

Shenzhen International Holdings Ltd.

     14,030       28,147  

Sinopec Engineering Group Co. Ltd., Class H

     20,492       18,984  

Sinotrans Ltd., Class H

     37,448       14,978  

Sinotruk Hong Kong Ltd. (a)

     10,293       16,888  

Weichai Power Co. Ltd., Class H

     29,512       31,678  

Xinjiang Goldwind Science & Technology Co. Ltd., Class H

     5,806       5,742  

Zhejiang Expressway Co. Ltd., Class H

     22,644       19,010  

Zhuzhou CRRC Times Electric Co. Ltd., Class H

     8,568       45,984  
   

 

 

  
      1,195,309  
   

 

 

  
Information Technology — 1.6%            

AAC Technologies Holdings, Inc.

     10,973       77,750  

BYD Electronic International Co. Ltd.

     10,403       14,596  

China Railway Signal & Communication Corp. Ltd., Class H, 144A

     26,844       18,969  

GDS Holdings Ltd., ADR*

     889       26,216  

Hua Hong Semiconductor Ltd., 144A

     5,115       10,837  

Kingboard Holdings Ltd.

     9,555       27,289  

Kingboard Laminates Holdings Ltd.

     16,432       15,643  

Kingdee International Software Group Co. Ltd.

     29,065       28,969  

Kingsoft Corp. Ltd.

     12,174       20,348  

Legend Holdings Corp., Class H, 144A

     5,087       14,983  

Lenovo Group Ltd.

     113,407       81,877  

Meitu, Inc., 144A*

     19,713       8,187  

Semiconductor Manufacturing International Corp.*

     42,198       38,770  

Sunny Optical Technology Group Co. Ltd.

     10,447       101,056  

TravelSky Technology Ltd., Class H

     14,370       38,653  

Xinyi Solar Holdings Ltd.

     48,949       18,327  
 

 

See Notes to Financial Statements.   27  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Information Technology (Continued)            

ZTE Corp., Class H*

     8,985     $ 17,658  
   

 

 

  
      560,128  
   

 

 

  
Materials — 1.3%            

Aluminum Corp. of China Ltd., Class H*

     57,319       20,508  

Angang Steel Co. Ltd., Class H (a)

     16,951       13,841  

Anhui Conch Cement Co. Ltd., Class H

     19,426       101,403  

BBMG Corp., Class H (a)

     36,202       11,658  

China Hongqiao Group Ltd.

     32,000       19,832  

China Molybdenum Co. Ltd., Class H

     55,858       22,769  

China National Building Material Co. Ltd., Class H

     58,678       45,663  

China Oriental Group Co. Ltd.

     16,000       10,264  

China Resources Cement Holdings Ltd.

     33,536       32,740  

China Zhongwang Holdings Ltd.

     21,207       9,783  

Jiangxi Copper Co. Ltd., Class H

     18,919       22,846  

Lee & Man Paper Manufacturing Ltd.

     24,077       21,813  

Maanshan Iron & Steel Co. Ltd., Class H

     26,000       11,961  

MMG Ltd.*

     33,907       16,811  

Nine Dragons Paper Holdings Ltd.

     24,808       25,138  

Sinopec Shanghai Petrochemical Co. Ltd., Class H

     54,892       24,901  

Zhaojin Mining Industry Co. Ltd., Class H

     15,136       14,409  

Zijin Mining Group Co. Ltd., Class H

     77,610       29,256  
   

 

 

  
      455,596  
   

 

 

  
Real Estate — 3.5%            

Agile Group Holdings Ltd.

     24,095       32,698  

China Evergrande Group (a)

     40,518       127,626  

China Jinmao Holdings Group Ltd.

     63,971       30,654  

China Overseas Land & Investment Ltd.

     57,019       198,910  

China Resources Land Ltd.

     40,992       151,905  

China Vanke Co. Ltd., Class H

     18,878       64,891  

CIFI Holdings Group Co. Ltd.

     52,573       26,334  

Country Garden Holdings Co. Ltd.

     114,679       140,972  

Future Land Development Holdings Ltd. (a)

     26,641       17,975  

Greentown China Holdings Ltd.

     13,320       10,859  

Guangzhou R&F Properties Co. Ltd., Class H

     12,063       18,682  

Jiayuan International Group Ltd.

     14,532       26,034  

Kaisa Group Holdings Ltd.*

     31,484       10,098  

KWG Group Holdings Ltd.*

     15,824       14,073  

Logan Property Holdings Co. Ltd.

     21,799       25,488  

Longfor Group Holdings Ltd.

     21,757       61,164  

Shenzhen Investment Ltd.

     52,306       17,044  

Shimao Property Holdings Ltd.

     17,787       43,958  

Shui On Land Ltd.

     79,455       18,783  

Sino-Ocean Group Holding Ltd.

     51,983       23,249  

SOHO China Ltd.*

     40,117       14,969  

Sunac China Holdings Ltd. (a)

     37,007       122,951  

Yuexiu Property Co. Ltd.

     99,194       18,379  

Yuzhou Properties Co. Ltd.

     25,429       11,145  
   

 

 

  
      1,228,841  
   

 

 

  
Utilities — 1.9%            

Beijing Enterprises Holdings Ltd.

     8,176       47,954  

Beijing Enterprises Water Group Ltd.*

     72,815       42,150  
   

Number
of Shares

    

Value

  
Utilities (Continued)            

CGN Power Co. Ltd., Class H, 144A

     157,938     $ 39,153  

China Gas Holdings Ltd.

     26,911       92,331  

China Longyuan Power Group Corp. Ltd., Class H

     52,392       41,173  

China Power International Development Ltd.

     57,064       13,344  

China Resources Gas Group Ltd.

     13,089       52,769  

China Resources Power Holdings Co. Ltd.

     28,256       53,510  

Datang International Power Generation Co. Ltd., Class H

     56,861       13,950  

ENN Energy Holdings Ltd.

     12,468       111,922  

Guangdong Investment Ltd.

     44,402       85,675  

Huadian Power International Corp. Ltd., Class H

     24,918       10,667  

Huaneng Power International, Inc., Class H

     64,781       40,396  

Huaneng Renewables Corp. Ltd., Class H

     66,295       20,840  

Towngas China Co. Ltd.*

     14,647       11,417  
   

 

 

  
      677,251  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $25,209,354)

       22,685,660  
   

 

 

  
RIGHTS — 0.0%    
Industrials — 0.0%    

Fosun International Ltd.*, expires 12/11/18
(Cost $0)

     98       0  
   

 

 

  
EXCHANGE-TRADED FUNDS — 35.7%    

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF*(a)(b)

     71,465       1,657,652  

Xtrackers MSCI China A Inclusion Equity ETF (a)(b)

     659,364       10,973,993  
   

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(Cost $14,520,207)

       12,631,645  
   

 

 

  
SECURITIES LENDING COLLATERAL — 8.9%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (c)(d)
(Cost $3,134,374)

     3,134,374       3,134,374  
   

 

 

  
CASH EQUIVALENTS — 0.1%    

DWS Government Money Market Series “Institutional Shares”, 2.15% (c)
(Cost $18,820)

     18,820       18,820  
   

 

 

  

TOTAL INVESTMENTS — 108.9%

(Cost $42,882,755)

     $ 38,470,499  

Other assets and liabilities, net — (8.9%)

       (3,125,369 ) 
   

 

 

  

NET ASSETS — 100.0%

     $ 35,345,130  
   

 

 

  
 

 

See Notes to Financial Statements.   28  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

EXCHANGE-TRADED FUNDS — 35.7%

 

Xtrackers Harvest CSI 300 China A-Shares ETF (a)(b)

 

11,827,982     —       (10,452,618)       (2,242,089)       866,725       —       —       —       —  

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF*(a)(b)

 

1,835,685     464,507       (76,995)       (23,854)       (541,691)       —       —       71,465       1,657,652  

Xtrackers MSCI China A Inclusion Equity ETF (a)(b)

 

—     12,650,676       (504,300)       (33,849)       (1,138,534)       —       —       659,364       10,973,993  

SECURITIES LENDING COLLATERAL — 8.9%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12%, (c)(d)

 

2,653,919     480,455 (e)      —       —       —       21,544       —       3,134,374       3,134,374  

CASH EQUIVALENTS — 0.1%

 

DWS Government Money Market Series “Institutional Shares”, 2.15%, (c)

 

—     3,729,718       (3,710,898)       —       —       710       —       18,820       18,820  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
16,317,586     17,325,356       (14,744,811)          (2,299,792)       (813,500)       22,254       —       3,884,023       15,784,839  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2018 amounted to $3,390,075, which is 9.6% of net assets.

(b)

Affiliated fund advised by DBX Advisors LLC.

(c)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(d)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $311,900.

(e)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended November 30, 2018.

 

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, 2018, open futures contract purchased was as follows:

 

Contract Description

    Currency      Number of
Contracts		      Notional
Amount		      Contract
Value		      Expiration
Date		      Unrealized
Depreciation		  

SGX FTSE China A50 Index Futures

      USD        1      $ 11,013      $ 11,000        12/28/2018      $ (13 ) 

Currency Abbreviations

USD   U.S. Dollar

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.

 

See Notes to Financial Statements.   29  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2018 (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, 2018 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 Stock (f)

      $ 22,685,660      $ —        $ —        $ 22,685,660  

Rights

        0        —          —          0  

Exchange-Traded Funds

        12,631,645        —          —          12,631,645  

Short-Term Investments (f)

        3,153,194        —          —          3,153,194  
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ 38,470,499      $ —        $ —        $ 38,470,499  
    

 

 

     

 

 

       

 

 

       

 

 

  
                 

Liabilities

      Level 1      Level 2        Level 3        Total  

Derivatives (g)

                  

Futures Contracts

      $ (13 )     $   —        $   —        $ (13 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

TOTAL

      $ (13 )     $ —        $ —        $ (13 ) 
    

 

 

     

 

 

       

 

 

       

 

 

  

 

(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, 2018, the amount of transfers between Level 3 and Level 1 was $24,009. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.

 

See Notes to Financial Statements.   30  

This Page is Intentionally Left Blank

 

31

DBX ETF Trust

 

Statements of Assets and Liabilities

 

November 30, 2018 (Unaudited)

 

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

Assets

         

Investments in non-affiliated securities at value

    $ 11,477,699     $ 1,131,447,365     $ 21,720,552     $ 22,685,660  

Investments in affiliated securities at value

      4,450       —       —       12,631,645  

Investment in DWS Government Money Market Series

      43,508       —       —       18,820  

Investment in DWS Government & Agency Securities Portfolio*

      —       —       —       3,134,374  

Cash

      —       448,140       500       —  

Foreign currency at value

      4,152       7,746,597 †      149,586 †      76,650  

Deposit with broker for futures contracts

      3,520       —       —       4,446  
Receivables:         

Investment securities sold

      —       —       —       400,164  

Variation margin on futures contracts

      250       —       —       3,262  

Dividends

      —       —       —       3,784  

Interest

      82       8       18       683  

Securities lending income

      4       —       —       3,133  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

    $ 11,533,665     $ 1,139,642,110     $ 21,870,656     $ 38,962,621  
  

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

         

Payable upon return of securities loaned

    $ —     $ —     $ —     $ 3,134,374  
Payables:         

Investment securities purchased

      —       —       6,028       476,192  

Investment advisory fees

      5,760       599,679       11,913       6,925  

Accrued expenses and other liabilities

      —       —       —       —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

      5,760       599,679       17,941       3,617,491  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets, at value

    $ 11,527,905     $ 1,139,042,431     $ 21,852,715     $ 35,345,130  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets Consist of

         

Paid-in capital

    $ 13,268,186     $ 1,259,578,160     $ 41,906,513     $ 43,667,337  

Distributable earnings (loss)

      (1,740,281 )      (120,535,729 )      (20,053,798 )      (8,322,207 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets, at value

    $ 11,527,905     $ 1,139,042,431     $ 21,852,715     $ 35,345,130  
  

 

 

    

 

 

    

 

 

    

 

 

  

Number of Common Shares outstanding

      700,001       49,150,001       950,001       1,150,001  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value

    $ 16.47     $ 23.17     $ 23.00     $ 30.73  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investments in non-affiliated securities at cost

    $ 12,864,513     $ 1,217,243,000     $ 29,596,183     $ 25,209,354  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investments in affiliated securities at cost

    $ 4,387     $ —     $ —     $ 14,520,207  
  

 

 

    

 

 

    

 

 

    

 

 

  

Value of securities loaned

    $ —     $ —     $ —     $ 3,390,075  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS Government Money Market Series at cost

    $ 43,508     $ —     $ —     $ 18,820  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS Government & Agency Securities Portfolio at cost*

    $ —     $ —     $ —     $ 3,134,374  
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-cash collateral for securities on loan

    $ —     $ —     $ —     $ 311,900  
  

 

 

    

 

 

    

 

 

    

 

 

  

Foreign currency at cost

    $ 4,152     $ 7,767,197     $ 150,134     $ 76,583  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Represents collateral on securities loaned.

†

Included in foreign currency at value is $19,247 and $5,632 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

 

See Notes to Financial Statements.   32  

DBX ETF Trust

 

Statements of Operations

 

For the Six Months Ended November 30, 2018 (Unaudited)

 

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

Investment Income

         

Unaffiliated interest income

    $ —     $ —     $ 232     $ —  

Unaffiliated dividend income*

      134,755       10,892,897       160,411       320,171  

Income distributions from affiliated funds

      146       —       —       710  

Affiliated securities lending income

      33       —       —       21,544  

Unaffiliated securities lending income, net of borrower rebates

      76       —       —       29,024  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investment Income

      135,010       10,892,897       160,643       371,449  
  

 

 

    

 

 

    

 

 

    

 

 

  

Expenses

         

Investment advisory fees

      28,311       2,554,429       70,159       81,425  

Other expenses

      57       57       57       57  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Expenses

      28,368       2,554,486       70,216       81,482  
  

 

 

    

 

 

    

 

 

    

 

 

  

Less fees waived (See Note 3):

         

Waiver

      (191 )      —       —       (33,404 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Expenses

      28,177       2,554,486       70,216       48,078  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net  Investment income (loss)

      106,833       8,338,411       90,427       323,371  
  

 

 

    

 

 

    

 

 

    

 

 

  

Realized and Unrealized Gain (Loss)

         

Net realized gain (loss) from:

         

Investments

      (123,341 )      (18,633,730 )      13,663       (333,503 ) 

Investments in affiliates

      (1,071 )      —       —       (2,242,089 ) 

In-kind redemptions

      —       —       —       57,348  

In-kind redemptions in affiliates

      327,354       —       —       (57,703 ) 

Futures contracts

      (7,465 )      —       —       (17,317 ) 

Foreign currency transactions

      (8,748 )      (1,841,202 )      (11,110 )      1,071  

Forward foreign currency contracts

      34,782       —       —       —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

      221,511       (20,474,932 )      2,553       (2,592,193 ) 

Net change in unrealized appreciation (depreciation) on:

         

Investments

      (1,386,835 )      (169,307,793 )      (7,563,449 )      (3,465,155 ) 

Investments in affiliates

      (316,216 )      —       —       (813,500 ) 

Futures contracts

      (50 )      —       —       (247 ) 

Foreign currency translations

      2       (26,095 )      (2,378 )      78  

Forward foreign currency contracts

      (34,919 )      —       —       —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation)

      (1,738,018 )      (169,333,888 )      (7,565,827 )      (4,278,824 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

      (1,516,507 )      (189,808,820 )      (7,563,274 )      (6,871,017 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

    $ (1,409,674 )    $ (181,470,409 )    $ (7,472,847 )    $ (6,547,646 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

*   Unaffiliated foreign tax withheld

    $ 14,991     $ 1,212,183     $ 17,978     $ 25,528  

 

See Notes to Financial Statements.   33  

DBX ETF Trust

 

Statements of Changes in Net Assets

 

     Xtrackers MSCI China A Inclusion
Equity ETF		     Xtrackers Harvest CSI 300
China A-Shares ETF		  
     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

         

Net investment income (loss)

    $ 106,833     $ 77,408     $ 8,338,411     $ 4,734,695  

Net realized gain (loss)

      221,511       (156,362 )      (20,474,932 )      47,916,595  

Net change in net unrealized appreciation (depreciation)

      (1,738,018 )      357,551       (169,333,888 )      9,468,340  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      (1,409,674 )      278,597       (181,470,409 )      62,119,630  
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders

      —       (82,189 )*      —       (5,199,112 )* 
  

 

 

    

 

 

    

 

 

    

 

 

  

Fund Shares Transactions

         

Proceeds from shares sold

      12,964,542       —       696,651,876       560,587,088  

Value of shares redeemed

      (2,107,447 )      (1,044,930 )      (61,969,652 )      (298,670,935 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

      10,857,095       (1,044,930 )      634,682,224       261,916,153  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

      9,447,421       (848,522 )      453,211,815       318,836,671  

Net Assets

         

Beginning of period

      2,080,484       2,929,006       685,830,616       366,993,945  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $ 11,527,905     $ 2,080,484 **    $ 1,139,042,431     $ 685,830,616 ** 
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding

         

Shares outstanding, beginning of period

      100,001       150,001       23,200,001       14,200,001  

Shares sold

      700,000       —       28,250,000       18,800,000  

Shares redeemed

      (100,000 )      (50,000 )      (2,300,000 )      (9,800,000 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

      700,001       100,001       49,150,001       23,200,001  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Includes distributions from net investment income.

**

Includes undistributed net investment income and distributions in excess of net investment income of $22,302 and $(884,593), respectively.

 

See Notes to Financial Statements.   34  

DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

     Xtrackers Harvest CSI 500
China A-Shares Small Cap ETF		     Xtrackers MSCI All China
Equity ETF		  
     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

         

Net investment income (loss)

    $ 90,427     $ 25,514     $ 323,371     $ 534,113  

Net realized gain (loss)

      2,553       641,819       (2,592,193 )      1,351,677  

Net change in net unrealized appreciation (depreciation)

      (7,565,827 )      (333,958 )      (4,278,824 )      993,517  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      (7,472,847 )      333,375       (6,547,646 )      2,879,307  
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders

      —       —       —       (317,478 )* 
  

 

 

    

 

 

    

 

 

    

 

 

  

Fund Shares Transactions

         

Proceeds from shares sold

      4,931,208       3,676,438       7,658,392       36,516,502  

Value of shares redeemed

      —       —       (1,660,721 )      (7,763,898 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

      4,931,208       3,676,438       5,997,671       28,752,604  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

      (2,541,639 )      4,009,813       (549,975 )      31,314,433  

Net Assets

         

Beginning of period

      24,394,354       20,384,541       35,895,105       4,580,672  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $ 21,852,715     $ 24,394,354 **    $ 35,345,130     $ 35,895,105 ** 
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding

         

Shares outstanding, beginning of period

      750,001       650,001       950,001       150,001  

Shares sold

      200,000       100,000       250,000       1,000,000  

Shares redeemed

      —       —       (50,000 )      (200,000 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

      950,001       750,001       1,150,001       950,001  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Includes distributions from net investment income.

**

Includes distributions in excess of net investment income and undistributed net investment income of $(2,906) and $247,042, respectively.

 

See Notes to Financial Statements.   35  

DBX ETF Trust

 

Financial Highlights

 

Xtrackers MSCI China A Inclusion Equity ETF

Selected Per Share Data

   For the
Six Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Period Ended
5/31/2016(a)		  

Net Asset Value, beginning of period

   $ 20.80     $ 19.53     $ 21.86     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:        

Net investment income (loss)(c)

     0.20       0.52       0.29       0.40  

Net realized and unrealized gain (loss)

     (4.53 )      1.30       1.05       (2.80 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (4.33 )      1.82       1.34       (2.40 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:

 

Net investment income

     —       (0.55 )      (2.82 )      (0.74 ) 

Net realized gains

     —       —       (0.85 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     —       (0.55 )      (3.67 )      (0.74 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 16.47     $ 20.80     $ 19.53     $ 21.86  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)(e)

     (20.82 )**      9.12       6.42 (d)      (10.01 )** 

Ratios to Average Net Assets and Supplemental Data

        

Net Assets, end of period ($ millions)

     12       2       3       2  

Ratio of expenses before fee waiver (%)(f)

     0.60 *      0.70       0.72       1.25 *** 

Ratio of expenses after fee waiver (%)(f)

     0.60 *      0.05       0.05       0.45 *** 

Ratio of net investment income (loss) (%)

     2.27 *      2.38       1.41       2.92 * 

Portfolio turnover rate (%)(g)

     7 **      3       6       4 ** 

 

Xtrackers Harvest CSI 300 China A-Shares
ETF
Selected Per Share Data		   For the
Six Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Period Ended
5/31/2014(b)		  

Net Asset Value, beginning of period

   $ 29.56     $ 25.84     $ 23.74     $ 49.93     $ 21.98     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(c)

     0.26       0.25       0.30       0.43       0.09       (0.05 ) 

Net realized and unrealized gain (loss)

     (6.65 )      3.73       1.97       (18.19 )      27.96       (2.97 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (6.39 )      3.98       2.27       (17.76 )      28.05       (3.02 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:

 

Net investment income

     —       (0.26 )      (0.17 )      (0.33 )      (0.10 )      —  

Net realized gains

     —       —       —       (8.10 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     —       (0.26 )      (0.17 )      (8.43 )      (0.10 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 23.17     $ 29.56     $ 25.84     $ 23.74     $ 49.93     $ 21.98  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (21.62 )**      15.38       9.62       (38.10 )      127.82       (12.08 )**(e) 

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     1,139       686       367       326       1,410       153  

Ratio of expenses before fee waiver (%)

     0.65 *      0.66       0.67       0.80       0.80       0.96 * 

Ratio of expenses after fee waiver (%)

     0.65 *      0.66       0.67       0.80       0.80       0.92 * 

Ratio of net investment income (loss) (%)

     2.12 *      0.82       1.24       1.27       0.26       (0.38 )* 

Portfolio turnover rate (%)(g)

     12 **      65       68       159       58       42 ** 

 

(a)

For the period October 20, 2015 (commencement of operations) through May 31, 2016.

(b)

For the period November 6, 2013 (commencement of operations) through May 31, 2014.

(c)

Based on average shares outstanding during the period.

(d)

The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.41%.

(e)

The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

(f)

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.

(g)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

*

Annualized.

**

Not Annualized.

***

Annualized. Includes excise tax expense that is not ammualized.

 

See Notes to Financial Statements.   36  

DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers Harvest CSI 500 China A-Shares
Small Cap ETF

Selected Per Share Data

   For the
Six Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Period Ended
5/31/2014(a)		  

Net Asset Value, beginning of period

   $ 32.53     $ 31.36     $ 33.00     $ 65.42     $ 25.70     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(c)

     0.11       0.04       (0.03 )      (0.05 )      (0.12 )      0.02  

Net realized and unrealized gain (loss)

     (9.64 )      1.13       (1.61 )      (28.91 )      40.05       0.68  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (9.53 )      1.17       (1.64 )      (28.96 )      39.93       0.70  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
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

   $ 23.00     $ 32.53     $ 31.36     $ 33.00     $ 65.42     $ 25.70  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (29.30 )**      3.73       (4.97 )      (45.37 )      155.99       2.80 ** 

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     22       24       20       21       82       8  

Ratio of expenses (%)

     0.65 *      0.65       0.67       0.80       0.80       0.80 * 

Ratio of net investment income (loss) (%)

     0.84 *      0.10       (0.09 )      (0.11 )      (0.30 )      2.57 * 

Portfolio turnover rate (%)(f)

     8 **      29       51       215       131       0 ** 

Xtrackers MSCI All China Equity ETF

Selected Per Share Data

   For the
Six Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Year Ended
5/31/2016		     Year Ended
5/31/2015		     Period Ended
5/31/2014(b)		  

Net Asset Value, beginning of period

   $ 37.78     $ 30.54     $ 28.36     $ 46.01     $ 25.51     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:            

Net investment income (loss)(c)

     0.34       0.79       0.91       2.15       0.32       0.06  

Net realized and unrealized gain (loss)

     (7.39 )      6.75       4.26       (15.46 )      20.58       0.45  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (7.05 )      7.54       5.17       (13.31 )      20.90       0.51  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:

 

Net investment income

     —       (0.30 )      (2.99 )      (4.34 )      (0.35 )      —  

Net realized gains

     —       —       —       —       (0.05 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     —       (0.30 )      (2.99 )      (4.34 )      (0.40 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 30.73     $ 37.78     $ 30.54     $ 28.36     $ 46.01     $ 25.51  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)(d)

     (18.66 )**      24.71       20.03       (29.80 )      82.48       2.04 ** 

Ratios to Average Net Assets and Supplemental Data

            

Net Assets, end of period ($ millions)

     35       36       5       7       18       5  

Ratio of expenses before fee waiver (%)(e)

     0.53 *      0.60       0.60       0.60       0.60       0.60 * 

Ratio of expenses after fee waiver (%)(e)

     0.31 *      0.36       0.35       0.26       0.26       0.30 * 

Ratio of net investment income (loss) (%)

     2.10 *      2.10       3.10       6.46       0.94       2.73 * 

Portfolio turnover rate (%)(f)

     37 **      3       7       36       20       2 ** 

 

(a)

For the period May 21, 2014 (commencement of operations) through May 31, 2014.

(b)

For the period April 30, 2014 (commencement of operations) through May 31, 2014.

(c)

Based on average shares outstanding during the period.

(d)

The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

(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.

(f)

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

 

Notes to Financial Statements (Unaudited)

 

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of November 30, 2018, the Trust consists of thirty-six 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 China A Inclusion Equity ETF*
Xtrackers Harvest CSI 300 China A-Shares ETF
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Xtrackers MSCI All China 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, 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 Index for each Fund is:

 

Fund

  

Underlying Index

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

 

*

On June 4, 2018, the Fund changed its name from Xtrackers CSI 300 China A-Shares Hedged Equity ETF to Xtrackers MSCI China A Inclusion Equity ETF and its Underlying Index from CSI 300 USD Hedged Index to the MSCI China A Inclusion Index.

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

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 China A-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 every six-months.

CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 500 smallest and most liquid stocks in the China A-Share market.

 

38

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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 every six-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 of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis.

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

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are diversified series of the Trust. Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity EFT are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a 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.

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 Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

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

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

Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales

 

39

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

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

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 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; 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 net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.

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

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

Investment Transactions and Investment Income    Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. Interest income is recorded on the accrual basis.

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

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences

 

40

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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, 2018, the Funds did not incur any interest or penalties.

At May 31, 2018, 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 China A Inclusion Equity ETF

    $ 79,159      $ 315,180      $ 394,339  

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      9,595,117        1,130,757        10,725,874  

Xtrackers MSCI All China Equity ETF

      1,006,240        461,025        1,467,265  

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, 2018, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:

 

     Late Year
Ordinary Losses		      Post-October
Losses on Capital		  

Xtrackers MSCI China A Inclusion Equity ETF

    $ —      $ 191,244  

Xtrackers Harvest CSI 300 China A-Shares ETF

      884,593        —  

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      2,906        —  

Xtrackers MSCI All China Equity ETF

      —        19,036  

As of May 31, 2018, 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 China A Inclusion Equity ETF

    $ 1,894,126      $ 232,674     $ 232,694      $ (20 ) 

Xtrackers Harvest CSI 300 China A-Shares ETF

      634,518,761        47,382,111       97,138,397        (49,756,286 ) 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      26,105,719        (1,854,001 )      3,337,733        (5,191,734 ) 

Xtrackers MSCI All China Equity ETF

      38,884,318        (535,283 )      1,857,789        (2,393,072 ) 

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

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, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

 

41

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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

With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises 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 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

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

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

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

Securities Lending    The Xtrackers MSCI China A Inclusion Equity ETF and the Xtrackers MSCI All China 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, 2018, 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, 2018) 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 Funds 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

 

42

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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, 2018, the Xtrackers MSCI All China Equity ETF had securities on loan, which were classified as Common Stocks and Exchange-Traded Funds in the Schedule of Investments. 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, 2018

  
     Overnight and
Continuous		      <30 Days      Between 30 & 90
days		      >90 days      Total  

Securities Lending Transactions

               

Common Stocks

    $ 496,699      $ —      $ 63,444      $ 248,456      $ 808,599  

Exchange-Traded Funds

      2,637,675        —        —        —        2,637,675  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Borrowings

    $ 3,134,374      $ —      $ 63,444      $ 248,456      $ 3,446,274  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gross amount of recognized liabilities for securities lending transactions

 

    $ 3,446,274  

As of November 30, 2018, the Xtrackers MSCI China A Inclusion Equity ETF had no securities on loan.

Derivatives

Forward Foreign Currency Contracts    The Xtrackers MSCI China A Inclusion Equity ETF may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies.

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 June 1, 2018 to June 4, 2018, Xtrackers MSCI China A Inclusion Equity ETF (formerly Xtrackers CSI 300 China A-Shares Hedged Equity ETF) invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the renminbi.

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 foreign 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.

There were no open forward currency contracts as of the period ended November 30, 2018.

Futures Contracts    Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2018, Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

 

43

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, 2018 is included in a table following the Funds’ Schedule of Investments.

The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2018 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

 

       

Asset Derivatives

     

Liability Derivatives

  
Xtrackers MSCI China A Inclusion Equity ETF       
  Equity contracts   Unrealized appreciation on futures contracts*   $   —      Unrealized depreciation on futures contracts*   $ 50  
Xtrackers MSCI All China Equity ETF

 

     
  Equity contracts   Unrealized appreciation on futures contracts*   $   —      Unrealized depreciation on futures contracts*   $ 13  

 

*

Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2018 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 China A Inclusion Equity ETF

    $ (7,465 )     $ 34,782      $ 27,317  

Xtrackers MSCI All China Equity ETF

      (17,317 )       —        (17,317 ) 
        

Net Change in Unrealized Appreciation (Depreciation) on:

  
     Futures Contracts—
Equity Contracts		      Forward Foreign Currency
Contracts — Foreign
Exchange Contracts		      Total  

Xtrackers MSCI China A Inclusion Equity ETF

    $ (50 )     $ (34,919 )     $ (34,969 ) 

Xtrackers MSCI All China Equity ETF

      (247 )       —        (247 ) 

For the period ended November 30, 2018 the average monthly volume of derivatives was as follows:

 

     Futures Contracts
(Contract Value)		      Forward Foreign
Currency Contracts		  

Xtrackers MSCI China A Inclusion Equity ETF

    $ 49,201      $ (2,038,709 )* 

Xtrackers MSCI All China Equity ETF

      137,471        —  

 

*

For the period from June 1, 2018 through June 3, 2018

Affiliated Cash Management Vehicles    The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. 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.

 

44

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 ETFs, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

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

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund 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 China A Inclusion Equity ETF

      0.60 % 

Xtrackers Harvest CSI 300 China A-Shares ETF

      0.65 % 

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      0.65 % 

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 from June 1, 2018 through November 30, 2018, the Advisor waived $184 expenses of the Fund.

For its investment advisory services to Xtrackers MSCI All China Equity ETF for the period from June 1, 2018 through July 16, 2018, the Advisor received a unitary management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.60%; and had contractually agreed to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund’s from exceeding 0.50% of the Fund’s average daily net assets and to waive a portion of its management fees in an amount equal to the Fund’s management fee attributable to the Fund’s assets invested in affiliated funds.

Effective July 17, 2018, for its investment advisory services to Xtrackers MSCI All China Equity ETF, the Advisor receives a unitary management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.50%. In addition, the Advisor has contractually agreed, until October 1, 2021, to waive fees and/or reimburse the Fund’s expenses to limit the Fund’s current operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) by an amount equal to the Fund’s management fee attributable to the Fund’s assets invested in affiliated funds. In addition, the Adviser has contractually agreed, until October 25, 2019, 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 from June 1, 2018 through November 30, 2018, the Advisor waived $33,391 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 from June 1, 2018 through November 30, 2018, the Advisor waived expenses of the Fund’s as follows:

 

     Expenses Waived  

Xtrackers MSCI China A Inclusion Equity ETF

    $ 7  

Xtrackers All China Equity ETF

      13  

Out of the unitary management fee, the Advisor is responsible for substantially all expenses of each Fund, including the payments to the Sub-Advisor as applicable, the cost of transfer agency, custody, fund

 

45

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

administration, legal, audit and other services and expenses of the Independent Trustees except for interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and other 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 four Trustees, including 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, 2018, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

     Purchases      Sales  

Xtrackers MSCI China A Inclusion Equity ETF

    $ 13,588,099      $ 598,052  

Xtrackers Harvest CSI 300 China A-Shares ETF

      733,396,040        95,828,358  

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

      6,857,039        1,838,422  

Xtrackers MSCI All China Equity ETF

      15,874,706        11,714,595  

For the period ended November 30, 2018, the cost of in-kind purchases and proceeds from in-kind sale were as follows:

 

     Purchases      Sales  

Xtrackers MSCI China A Inclusion Equity ETF

    $ —      $ 2,060,017  

Xtrackers MSCI All China Equity ETF

      3,973,620        1,657,430  

5. Fund Share Transactions

As of November 30, 2018 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 China A Inclusion Equity ETF and Xtrackers MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap 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

 

46

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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, (xiii) 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 MSCI China A Inclusion Equity ETF, Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap 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 Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2018.

 

     Pro-rata Share  

Xtrackers MSCI China A Inclusion Equity ETF

    $ 5,250,000  

Xtrackers Harvest CSI 300 China A-Shares ETF

      60,375,000  

Xtrackers Harvest CSI 500 China A-Shares Small Cap

      4,200,000  

 

47

DBX ETF Trust

 

Additional Information (Unaudited)

 

Proxy Voting Policies and Procedures

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

Quarterly Portfolio Disclosure

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. 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. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

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 Net Asset Value of the Fund can be found at www.Xtrackers.com.

 

48

DBX ETF Trust

 

Privacy Policy Notice (Unaudited)

 

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 adviser, 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.

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. 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. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. The equity shares included in the CSI 300 index may be valued using the CNY/USD exchange rate. The difference between the CNH/ USD and CNH/USD exchange rates may lead to tracking errors in the fund. 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, 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 and any related funds.

Copyright © 2018 DWS Group. All rights reserved. XtrackersTM is a trademark of Deutsche Asset Management International 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

345 Park Ave.

New York, NY 10154

  

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 1100

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-049076-3 (1/19) DBX003658 (1/20)

November 30, 2018

Semi-Annual Report

DBX ETF Trust

 

Xtrackers Eurozone Equity ETF (EURZ)

Xtrackers Germany Equity ETF (GRMY)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

Xtrackers MSCI Latin America Pacific Alliance ETF (PACA)

 

LOGO

DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

      1  

Portfolio Summary

      3  

Xtrackers Eurozone Equity ETF

      3  

Xtrackers Germany Equity ETF

      4  

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      5  

Xtrackers MSCI Latin America Pacific Alliance ETF

      6  

Fees and Expenses

      7  

Schedules of Investments

      8  

Xtrackers Eurozone Equity ETF

      8  

Xtrackers Germany Equity ETF

      13  

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      16  

Xtrackers MSCI Latin America Pacific Alliance ETF

      21  

Statements of Assets and Liabilities

     24  

Statements of Operations

     25  

Statements of Changes in Net Assets

     26  

Financial Highlights

      28  

Notes to Financial Statements

     30  

Board Consideration in Approval of Investment Advisory Contract

      38  

Additional Information

      40  

Privacy Policy Notice

      41  

To our Shareholders: (Unaudited)

 

 

Dear Shareholder,

We are pleased to provide this semi-annual report for the period ended November 30, 2018.

The global economy saw steady growth over the period, however, the momentum of economic expansion has peaked and is poised for gradual moderation. The U.S. economy was strong, backed by robust earnings and tax cuts, despite the ongoing trade policy uncertainties. In addition, the U.S. dollar positioned itself well against the trade-weighted basket of currencies of U.S. trading partners. On the other hand, the Eurozone economy registered slower growth on account of global trade tensions and a decline in net exports. The Japanese economy contracted further as a consequence of several natural disasters, curtailing production, and a slowdown in overseas demand, undermining exports. In the interim, Latin America faced a highly diverse economic environment, with a recession in Argentina, uncertainty in Brazil, and resilience in the Pacific Alliance.

The Eurozone economy slowed distinctly as a result of transient factors, and in particular, a decline in vehicle production as companies tackled the new emission standards. Industrial output declined on the back of weak exports. However, private sector confidence remains high, with labor markets still improving and borrowing costs remaining low. Unrest prevailed in France as work unions protested against the economic policies of the French government. In addition, Italy’s gross domestic product (GDP) contracted in the wake of persistent political uncertainty and increasing friction with the European Commission regarding its expansionary budget plans. Conceding the weakness in the economy, the European Central Bank (ECB) showed its commitment to maintain policy rates at the current levels.

The German economy reported its weakest performance since 2015, due to one-off factors, including emission norms affecting the automotive industry, and higher energy prices erasing previous wage increases. Exports dropped, reflecting slowing global demand on the back of U.S. protectionism, tightening monetary policy and Brexit-related1 uncertainties. Moreover, the positive effect of a weaker euro was negated by global trade tension and volatility in emerging markets. Nevertheless, consumer sentiment remained elevated, and the composite Purchasing Manager’s Index2 indicated improved business conditions.

The Japanese economy contracted again, owing to a broad-based decline in key gross domestic product (GDP) components. Despite a tight labor market and promising wage growth, private consumption declined, while government consumption surged. Nonetheless, corporate sentiment remained firm, in defiance of an uncertain global outlook. In addition, robust investments related to preparations for the 2020 Tokyo Olympics are expected to aid the growth trajectory.

Growth in the Latin American economy remained unchanged, as the uneven dynamics across economies maintained a modest activity. Despite an improving labor market, an unfavorable external backdrop and political clamor held back progress. The region’s largest economy, Brazil, gained momentum after a setback in Q2 2018, due to a truckers’ strike. Growth in Colombia, Mexico, and several other regions remained unchanged and suggested moderate prospects for the region.

The global economy is expected to grow, although at a slower pace, on the back of solid economic momentum in developed economies. Lower unemployment rates and solid corporate earnings are expected to support this trend in the near term, prompting the central banks to gradually withdraw the stimulus and unwind their balance sheet. Nevertheless, geopolitical risks, global trade tensions, and policy uncertainties could drive greater capital market fluctuations.

 

1

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

1 Brexit is a combination of words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

2 Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.

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

 

2

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Eurozone Equity ETF (EURZ)

 

The Xtrackers Eurozone Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of NASDAQ Eurozone Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union (the “EMU” or “Eurozone”) of the European Union (“EU”). It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 11/30/18 (20.9% of Net Assets)

 

Description   % of Net Assets  

TOTAL SA (France)

     3.0%  

SAP SE (Germany)

     2.3%  

Sanofi (France)

     2.3%  

Unilever NV (United Kingdom)

     2.3%  

Siemens AG (Germany)

     2.1%  

Allianz SE (Germany)

     2.0%  

LVMH Moet Hennessy Louis Vuitton SE (France)

     1.9%  

Banco Santander SA (Spain)

     1.7%  

Anheuser-Busch InBev SA/NV (Belgium)

     1.7%  

ASML Holding NV (Netherlands)

     1.6%  
Country Diversification* as of 11/30/18

 

France

     33.3%  

Germany

     28.0%  

Spain

     10.0%  

Netherlands

     8.6%  

Italy

     6.6%  

Belgium

     3.7%  

Finland

     3.6%  

United Kingdom

     2.3%  

Other

     3.9%  
 

 

 

  

Total

     100.0%  
 
Sector Diversification* as of 11/30/18

 

Financials

     18.9%  

Industrials

     15.1%  

Consumer Discretionary

     11.6%  

Consumer Staples

     10.9%  

Health Care

     8.2%  

Information Technology

     8.0%  

Materials

     7.4%  

Communication Services

     6.2%  

Energy

     5.9%  

Utilities

     5.4%  

Real Estate

     2.4%  
 

 

 

  

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 8.

 

3

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Germany Equity ETF (GRMY)

 

The Xtrackers Germany 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 NASDAQ Germany Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German large- and mid-capitalization equity market. It is not possible to invest directly into an Index.

Ten Largest Equity Holdings
as of 11/30/18 (53.3% of Net Assets)

 

Description   % of Net Assets  

SAP SE

     8.2%  

Siemens AG

     7.4%  

Allianz SE

     7.2%  

Bayer AG

     5.5%  

BASF SE

     5.3%  

Deutsche Telekom AG

     4.8%  

Volkswagen AG

     4.7%  

Daimler AG

     4.0%  

adidas AG

     3.4%  

Bayerische Motoren Werke AG

     2.8%  
Sector Diversification* as of 11/30/18

 

Consumer Discretionary

     18.6%  

Financials

     15.0%  

Industrials

     14.9%  

Information Technology

     12.1%  

Health Care

     11.4%  

Materials

     10.1%  

Communication Services

     7.0%  

Consumer Staples

     3.9%  

Real Estate

     3.8%  

Utilities

     3.2%  
 

 

 

  

Total

     100.0%  
 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 13.

 

4

DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

 

The Xtrackers Japan JPX-Nikkei 400 Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 11/30/18 (14.6% of Net Assets)

 

Description   % of Net Assets  

SoftBank Group Corp.

     1.7%  

Sony Corp.

     1.7%  

Keyence Corp.

     1.6%  

Mitsubishi UFJ Financial Group, Inc.

     1.5%  

Honda Motor Co. Ltd.

     1.4%  

Sumitomo Mitsui Financial Group, Inc.

     1.4%  

Nippon Telegraph & Telephone Corp.

     1.4%  

Toyota Motor Corp.

     1.4%  

Mizuho Financial Group, Inc.

     1.3%  

KDDI Corp.

     1.2%  
Sector Diversification* as of 11/30/18

 

Industrials

     23.1%  

Consumer Discretionary

     16.0%  

Financials

     11.5%  

Consumer Staples

     10.1%  

Information Technology

     9.6%  

Health Care

     8.6%  

Communication Services

     8.2%  

Materials

     6.4%  

Real Estate

     3.5%  

Utilities

     1.8%  

Energy

     1.2%  
 

 

 

  

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 16.

 

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 11/30/18 (41.0.% of Net Assets)

 

Description   % of Net Assets  

America Movil SAB de CV (Mexico)

     7.7%  

Credicorp Ltd. (Peru)

     6.5%  

Fomento Economico Mexicano SAB de CV (Mexico)

     5.7%  

Wal-Mart de Mexico SAB de CV (Mexico)

     4.4%  

Grupo Financiero Banorte SAB de CV (Mexico)

     4.1%  

Bancolombia SA (Colombia)

     3.1%  

Cemex SAB de CV (Mexico)

     2.5%  

Grupo Mexico SAB de CV (Mexico)

     2.5%  

Grupo Televisa SAB (Mexico)

     2.3%  

Ecopetrol SA (Colombia)

     2.2%  
Country Diversification* as of 11/30/18

 

Mexico

     50.1%  

Chile

     23.2%  

Colombia

     13.1%  

Peru

     13.0%  

Canada

     0.4%  

United States

     0.1%  

Panama

     0.1%  
 

 

 

  

Total

     100.0%  
 
Sector Diversification* as of 11/30/18

 

Financials

     26.4%  

Consumer Staples

     20.4%  

Materials

     16.5%  

Communication Services

     11.3%  

Utilities

     7.3%  

Industrials

     6.9%  

Energy

     4.4%  

Consumer Discretionary

     3.4%  

Real Estate

     3.0%  

Information Technology

     0.2%  

Health Care

     0.2%  
 

 

 

  

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 21.

 

6

DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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 recent six-month period the Funds limted these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2018 to November 30, 2018), except for Xtrackers MSCI Latin America Pacific Alliance ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to November 30, 2018).

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, 2018		     Ending
Account Value
November 30, 2018		     Annualized
Expense Ratio		     Expenses Paid
During the Period
Per $1,000(1)		  
Xtrackers Eurozone Equity ETF        

Actual

   $ 1,000.00     $ 893.41       0.09 %    $ 0.43  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,024.62       0.09 %    $ 0.46  
Xtrackers Germany Equity ETF        

Actual

   $ 1,000.00     $ 862.41       0.10 %    $ 0.47  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,024.57       0.10 %    $ 0.51  
Xtrackers Japan JPX-Nikkei 400 Equity ETF        

Actual

   $ 1,000.00     $ 916.91       0.09 %    $ 0.43  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,024.62       0.09 %    $ 0.46  
Xtrackers MSCI Latin America Pacific Alliance ETF        

Actual (2)

   $ 1,000.00     $ 976.80       0.45 %    $ 0.39  

Hypothetical (5% return before expenses)

   $ 1,000.00     $ 1,022.81       0.45 %    $ 2.28  

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

(2) Expense is equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 32 (the number of days in the period October 30, 2018 (commencement of operations) to November 30, 2018), then divided by 365.

 

7

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Eurozone Equity ETF

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
COMMON STOCKS — 97.9%    
Austria — 0.8%    

ANDRITZ AG

     67     $ 3,226  

Erste Group Bank AG

     295       11,640  

OMV AG

     147       7,427  

Raiffeisen Bank International AG

     136       4,010  

Strabag SE

     23       816  

Telekom Austria AG

     136       999  

Vienna Insurance Group AG Wiener Versicherung Gruppe

     48       1,235  

voestalpine AG

     124       4,121  
   

 

 

  
      33,474  
   

 

 

  
Belgium — 3.7%            

Ackermans & van Haaren NV

     21       3,374  

Ageas

     179       8,642  

Anheuser-Busch InBev SA/NV (a)

     893       68,391  

Colruyt SA

     59       3,770  

Elia System Operator SA/NV

     28       1,867  

Groupe Bruxelles Lambert SA

     72       6,481  

KBC Ancora

     36       1,668  

KBC Group NV

     275       19,741  

Melexis NV

     13       768  

Proximus SADP

     136       3,764  

Sofina SA

     16       3,221  

Solvay SA

     75       8,112  

Telenet Group Holding NV

     51       2,530  

UCB SA

     127       10,675  

Umicore SA

     208       9,025  
   

 

 

  
          152,029  
   

 

 

  
Finland — 3.5%            

Amer Sports OYJ

     111       4,156  

Elisa OYJ

     144       5,775  

Fortum OYJ

     427       8,901  

Huhtamaki OYJ (a)

     96       2,935  

Kesko OYJ, Class B

     76       4,428  

Kone OYJ, Class B

     382       18,927  

Metso OYJ

     119       3,391  

Neste OYJ

     140       10,941  

Nokia OYJ

     5,561       30,576  

Nokian Renkaat OYJ

     127       4,065  

Orion OYJ, Class B

     104       3,471  

Sampo OYJ, Class A

     442       19,733  

Stora Enso OYJ, Class R

     566       7,213  

UPM-Kymmene OYJ

     527       14,040  

Wartsila OYJ Abp

     419       6,822  
   

 

 

  
          145,374  
   

 

 

  
France — 33.2%            

Accor SA

     207       9,188  

Aeroports de Paris

     28       5,443  

Air France-KLM

     251       2,893  

Air Liquide SA

     402       48,589  

Airbus SE

     523       56,031  

Alstom SA

     160       7,022  

Altarea SCA REIT

     4       826  

Arkema SA

     68       6,452  

Atos SE

     95       8,067  
   

Number
of Shares

    

Value

  
France (Continued)            

AXA SA

     1,789     $ 43,581  

BioMerieux

     44       3,104  

BNP Paribas SA

     1,085       54,514  

Bollore SA

     917       4,018  

Bouygues SA

     215       8,267  

Bureau Veritas SA

     268       5,923  

Capgemini SE

     167       19,485  

Carrefour SA

     590       10,622  

Casino Guichard Perrachon SA (a)

     51       2,305  

Cie de Saint-Gobain

     474       17,568  

Cie Generale des Etablissements Michelin

     168       17,580  

Cie Plastic Omnium SA

     64       1,699  

CNP Assurances

     160       3,663  

Covivio REIT

     36       3,508  

Credit Agricole SA

     1,255       15,585  

Danone SA

     645       48,244  

Dassault Systemes SE

     136       16,323  

Edenred

     191       7,284  

Eiffage SA

     72       6,849  

Elis SA

     164       3,212  

Engie SA

     1,821       25,608  

EssilorLuxottica SA

     199       25,269  

Eurazeo SE

     48       3,595  

Eutelsat Communications SA (a)

     139       2,963  

Faurecia SA

     76       2,962  

Gecina SA REIT

     47       6,572  

Getlink SE

     462       6,003  

Hermes International

     29       15,685  

ICADE REIT

     32       2,536  

Iliad SA

     28       3,777  

Imerys SA

     32       1,717  

Ingenico Group SA

     55       3,971  

Ipsen SA

     36       4,635  

JCDecaux SA

     75       2,548  

Kering

     75       32,609  

Klepierre SA REIT

     211       6,909  

Lagardere SCA

     84       2,376  

Legrand SA

     260       15,926  

L’Oreal SA

     244       57,436  

LVMH Moet Hennessy Louis Vuitton SE (a)

     267       76,349  

Natixis SA

     924       5,105  

Nexity SA

     55       2,696  

Orange SA (a)

     1,885       32,356  

Orpea

     47       4,981  

Pernod Ricard SA (a)

     176       28,138  

Peugeot SA

     559       12,279  

Publicis Groupe SA

     212       12,568  

Remy Cointreau SA

     20       2,317  

Renault SA

     204       14,332  

Rexel SA

     259       3,107  

Rubis SCA

     87       4,687  

Safran SA

     350       43,730  

Sanofi

     1,053       95,154  

Sartorius Stedim Biotech

     24       2,429  

Schneider Electric SE

     546       39,738  

SCOR SE

     180       8,650  

SEB SA

     24       3,440  
 

 

See Notes to Financial Statements.   8  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
France (Continued)            

Societe BIC SA

     28     $ 3,004  

Societe Generale SA

     714       26,242  

Sodexo SA

     88       9,111  

Sopra Steria Group

     13       1,325  

Suez

     423       6,286  

Teleperformance

     55       9,104  

Thales SA

     104       12,753  

TOTAL SA

     2,249       125,195  

Ubisoft Entertainment SA*

     76       6,191  

Unibail-Rodamco-Westfield REIT

     136       23,381  

Valeo SA

     235       6,705  

Veolia Environnement SA

     521       11,075  

Vinci SA

     539       47,053  

Vivendi SA

     985       24,536  

Wendel SA

     31       3,766  
   

 

 

  
      1,368,725  
   

 

 

  
Germany — 26.1%            

1&1 Drillisch AG

     48       2,413  

adidas AG

     180       39,701  

Allianz SE

     398       84,044  

Aurubis AG

     35       1,905  

Axel Springer SE

     43       2,741  

BASF SE

     850       61,950  

Bayer AG

     870       63,615  

Bayerische Motoren Werke AG

     347       28,371  

Bechtle AG

     21       1,680  

Beiersdorf AG

     120       12,845  

Brenntag AG

     147       6,796  

Carl Zeiss Meditec AG

     36       2,486  

Commerzbank AG

     1,045       8,999  

Continental AG

     107       16,022  

Covestro AG, 144A

     176       10,135  

CTS Eventim AG & Co. KGaA

     55       2,112  

Daimler AG

     833       46,871  

Deutsche Bank AG (b)

     1,766       16,122  

Deutsche Boerse AG

     167       21,329  

Deutsche Lufthansa AG

     439       10,687  

Deutsche Post AG

     908       28,910  

Deutsche Telekom AG

     3,217       56,403  

Deutsche Wohnen SE

     288       13,807  

DMG Mori AG

     17       841  

E.ON SE

     2,037       20,769  

Evonik Industries AG

     151       4,060  

Fielmann AG

     27       1,692  

Fraport AG Frankfurt Airport Services Worldwide

     39       2,868  

Freenet AG

     116       2,387  

Fresenius Medical Care AG & Co. KGaA

     196       15,952  

Fresenius SE & Co. KGaA

     371       21,054  

FUCHS PETROLUB SE

     28       1,114  

GEA Group AG

     152       4,103  

GRENKE AG

     25       2,140  

Hannover Rueck SE

     58       8,058  

HeidelbergCement AG

     144       9,571  

Hella GmbH & Co. KGaA

     47       1,947  

Henkel AG & Co. KGaA

     103       10,636  
   

Number
of Shares

    

Value

  
Germany (Continued)            

HOCHTIEF AG

     17     $ 2,418  

HUGO BOSS AG

     59       4,075  

Infineon Technologies AG

     984       20,606  

K+S AG

     195       3,423  

KION Group AG

     68       3,836  

Krones AG

     16       1,424  

LANXESS AG

     71       3,892  

LEG Immobilien AG

     64       7,359  

MAN SE

     35       3,576  

Merck KGaA

     120       13,228  

METRO AG

     168       2,578  

MorphoSys AG*

     28       3,199  

MTU Aero Engines AG

     40       8,315  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

     143       31,071  

Nemetschek SE

     16       1,940  

OSRAM Licht AG

     91       4,170  

ProSiebenSat.1 Media SE

     183       3,716  

Rational AG

     4       2,276  

Rheinmetall AG

     39       3,612  

Rocket Internet SE, 144A*

     60       1,534  

RWE AG

     515       11,117  

SAP SE

     928       95,532  

Scout24 AG, 144A

     87       3,625  

Siemens AG

     742       86,029  

Siltronic AG

     20       1,807  

Sixt SE

     13       1,248  

Software AG

     48       1,958  

Symrise AG

     115       9,284  

Talanx AG

     55       1,963  

Telefonica Deutschland Holding AG

     633       2,564  

thyssenkrupp AG

     486       9,077  

Uniper SE

     175       4,492  

United Internet AG

     124       5,581  

Volkswagen AG

     124       20,484  

Vonovia SE

     431       20,872  

Wacker Chemie AG

     17       1,636  

Wirecard AG

     108       16,319  

Zalando SE, 144A*

     204       6,329  
   

 

 

  
          1,073,301  
   

 

 

  
Greece — 0.1%            

Hellenic Telecommunications
Organization SA

     250       2,955  

OPAP SA

     212       1,992  
   

 

 

  
          4,947  
   

 

 

  
Ireland — 1.8%            

Bank of Ireland Group PLC

     921       5,829  

CRH PLC

     826       22,839  

Glanbia PLC

     183       3,284  

Kerry Group PLC, Class A

     140       14,464  

Kingspan Group PLC

     140       6,027  

Ryanair Holdings PLC, ADR

     176       14,490  

Smurfit Kappa Group PLC

     203       5,480  
   

 

 

  
          72,413  
   

 

 

  
 

 

See Notes to Financial Statements.   9  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Italy — 6.6%            

A2A SpA

     1,590     $ 2,675  

Amplifon SpA

     68       1,138  

Assicurazioni Generali SpA

     1,343       22,642  

Atlantia SpA

     463       9,494  

Banca Mediolanum SpA

     394       2,358  

Banca Monte dei Paschi di Siena SpA (a)

     366       665  

Banco BPM SpA

     1,418       3,320  

Brembo SpA

     155       1,728  

Buzzi Unicem SpA

     72       1,359  

Buzzi Unicem SpA-RSP

     36       405  

Davide Campari-Milano SpA

     415       3,468  

De’ Longhi SpA

     47       1,277  

DiaSorin SpA

     5       425  

Enel SpA

     7,128       38,659  

Eni SpA

     2,528       40,777  

FinecoBank Banca Fineco SpA

     399       4,278  

Hera SpA

     925       2,541  

Infrastrutture Wireless Italiane SpA, 144A

     630       4,540  

Intesa Sanpaolo SpA

     15,833       36,714  

Iren SpA

     306       666  

Italgas SpA

     478       2,558  

Leonardo SpA

     398       3,923  

Mediobanca SpA (a)

     741       6,549  

Moncler SpA

     164       5,344  

Pirelli & C SpA, 144A*

     367       2,580  

Poste Italiane SpA, 144A

     463       3,514  

Prysmian SpA

     259       4,742  

Saipem SpA

     582       2,546  

Salvatore Ferragamo SpA

     48       1,125  

Snam SpA

     2,033       8,911  

Societa Iniziative Autostradali e Servizi SpA

     68       916  

Telecom Italia SpA

     11,483       7,473  

Telecom Italia SpA-RSP

     6,119       3,444  

Terna Rete Elettrica Nazionale SpA (a)

     1,431       8,001  

UniCredit SpA

     2,105       27,137  

Unione di Banche Italiane SpA

     1,032       3,315  

UnipolSai Assicurazioni SpA (a)

     646       1,504  
   

 

 

  
          272,711  
   

 

 

  
Luxembourg — 0.7%            

APERAM SA

     48       1,353  

ArcelorMittal

     637       14,436  

Eurofins Scientific SE

     12       5,204  

Grand City Properties SA

     111       2,614  

Tenaris SA

     478       5,750  
   

 

 

  
          29,357  
   

 

 

  
Netherlands — 8.6%            

Aalberts Industries NV

     63       2,208  

ABN AMRO Group NV, 144A

     411       10,480  

Aegon NV

     2,124       11,825  

Akzo Nobel NV

     227       19,045  

Altice Europe NV*

     832       2,015  

ASM International NV

     63       2,681  

ASML Holding NV

     395       66,683  

ASR Nederland NV

     127       5,479  

Boskalis Westminster

     80       2,212  
   

Number
of Shares

    

Value

  
Netherlands (Continued)            

Euronext NV, 144A

     64     $ 3,746  

EXOR NV

     112       6,582  

GrandVision NV, 144A

     52       1,171  

Heineken Holding NV

     91       8,032  

Heineken NV

     232       21,230  

IMCD NV

     52       3,438  

ING Groep NV

     3,891       47,069  

Koninklijke Ahold Delhaize NV

     1,155       29,693  

Koninklijke DSM NV

     168       14,883  

Koninklijke KPN NV

     3,380       10,000  

Koninklijke Philips NV

     945       35,571  

Koninklijke Vopak NV

     68       2,972  

NN Group NV

     303       12,889  

OCI NV*

     72       1,642  

QIAGEN NV*

     212       7,453  

Randstad NV

     119       5,791  

Signify NV, 144A

     99       2,633  

Wolters Kluwer NV

     271       16,361  
   

 

 

  
          353,784  
   

 

 

  
Portugal — 0.3%            

Banco Comercial Portugues SA, Class R

     7,883       2,214  

Galp Energia SGPS SA

     458       7,527  

Jeronimo Martins SGPS SA

     240       2,864  

Navigator Co. SA

     219       919  
   

 

 

  
          13,524  
   

 

 

  
Spain — 9.9%            

Acciona SA

     21       1,928  

Acerinox SA

     167       1,663  

ACS Actividades de Construccion
y Servicios SA

     276       10,588  

Aena SME SA, 144A

     72       11,429  

Amadeus IT Group SA

     419       30,011  

Banco Bilbao Vizcaya Argentaria SA

     6,230       35,397  

Banco de Sabadell SA

     5,260       6,712  

Banco Santander SA

     15,136       71,721  

Bankia SA

     1,109       3,663  

Bankinter SA

     626       5,231  

CaixaBank SA

     3,531       14,533  

Cellnex Telecom SA, 144A

     140       3,881  

CIE Automotive SA

     51       1,282  

Enagas SA

     227       6,238  

Endesa SA

     318       7,086  

Ferrovial SA

     496       10,204  

Fomento de Construcciones
y Contratas SA

     139       1,948  

Grifols SA

     295       8,270  

Grupo Catalana Occidente SA

     47       1,865  

Iberdrola SA

     5,848       43,635  

Industria de Diseno Textil SA

     1,104       33,863  

Inmobiliaria Colonial Socimi SA REIT

     279       2,804  

Mapfre SA

     965       2,759  

Merlin Properties Socimi SA REIT

     362       4,572  

Naturgy Energy Group SA (a)

     346       8,560  

Prosegur Cia de Seguridad SA

     236       1,228  

Red Electrica Corp. SA

     431       9,279  
 

 

See Notes to Financial Statements.   10  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

   

Number
of Shares

    

Value

  
Spain (Continued)            

Repsol SA

     1,316     $ 22,723  

Siemens Gamesa Renewable Energy SA

     227       3,200  

Telefonica SA

     4,456       39,999  

Zardoya Otis SA

     175       1,248  
   

 

 

  
          407,520  
   

 

 

  
Switzerland — 0.3%            

STMicroelectronics NV

     646       9,472  
   

 

 

  
United Kingdom(c) — 2.3%            

Unilever NV

     1,703       94,492  
   

 

 

  

TOTAL COMMON STOCKS
(Cost $4,356,205)

       4,031,123  
   

 

 

  
PREFERRED STOCKS — 2.0%    
Germany — 1.9%    

Bayerische Motoren Werke AG

     55       3,992  

FUCHS PETROLUB SE

     71       2,939  

Henkel AG & Co. KGaA

     175       20,191  

MAN SE

     5       514  

Porsche Automobil Holding SE

     155       9,916  

RWE AG

     39       715  

Sartorius AG

     36       4,569  
   

Number
of Shares

    

Value

  
Germany (Continued)            

Sixt SE

     13     $ 883  

Volkswagen AG

     203       34,224  
   

 

 

  
          77,943  
   

 

 

  
Spain — 0.1%            

Grifols SA, Class B

     256       5,090  
   

 

 

  

TOTAL PREFERRED STOCKS
(Cost $88,396)

       83,033  
   

 

 

  
SECURITIES LENDING COLLATERAL — 4.2%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (d)(e)

    

(Cost $172,788)

     172,788       172,788  
   

 

 

  
CASH EQUIVALENTS — 0.0%

 

  

DWS Government Money Market Series “Institutional Shares”, 2.15% (d)

    

(Cost $745)

     745       745  
   

 

 

  

TOTAL INVESTMENTS — 104.1%

 

  

(Cost $4,618,134)

     $ 4,287,689  

Other assets and liabilities, net — (4.1%)

       (167,881 ) 
   

 

 

  

NET ASSETS — 100.0%

     $ 4,119,808  
   

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

COMMON STOCKS — 0.4%

 

Germany — 0.4%

 

Deutsche Bank AG (b)

 

9,128     9,510       —       —       (2,516)       —       —       1,766       16,122  
               

SECURITIES LENDING COLLATERAL — 4.2%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (d)(e)

 

84,109     88,679 (f)      —       —       —       355       —       172,788       172,788  
               

CASH EQUIVALENTS — 0.0%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (d)

 

—     745       —           —       —       1       —       745       745  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
93,237     98,934       —       —       (2,516)       356       —       175,299       189,655  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2018 amounted to $149,734, which is 3.6% 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 annualized seven-day yield at period end.

(e)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(f)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018.

 

See Notes to Financial Statements.   11  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

 

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.

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, 2018 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)

      $ 4,031,123        $   —        $   —        $ 4,031,123  

Preferred Stocks (g)

        83,033          —          —          83,033  

Short-Term Investments (g)

        173,533          —          —          173,533  
    

 

 

       

 

 

       

 

 

       

 

 

  

TOTAL

      $ 4,287,689        $ —        $   —        $ 4,287,689  
    

 

 

       

 

 

       

 

 

       

 

 

  

 

(g)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   12  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Germany Equity ETF

November 30, 2018 (Unaudited)

 

    

Number
of Shares

     

Value

  
COMMON STOCKS — 92.8%      
Communication Services — 7.0%      

1&1 Drillisch AG

      79      $ 3,972  

Axel Springer SE

      71        4,526  

CTS Eventim AG & Co. KGaA

      96        3,687  

Deutsche Telekom AG

      5,371        94,169  

Freenet AG

      193        3,972  

ProSiebenSat.1 Media SE

      320        6,498  

Scout24 AG, 144A

      144        6,000  

Telefonica Deutschland Holding AG

      1,101        4,459  

United Internet AG

      203        9,136  
     

 

 

  
            136,419  
     

 

 

  
Consumer Discretionary — 14.3%              

adidas AG

      302        66,610  

Bayerische Motoren Werke AG

      576        47,094  

Continental AG

      179        26,803  

Daimler AG

      1,385        77,930  

Fielmann AG

      40        2,507  

Hella GmbH & Co. KGaA

      78        3,231  

HUGO BOSS AG

      102        7,045  

Rocket Internet SE, 144A*

      112        2,863  

Volkswagen AG

      210        34,691  

Zalando SE, 144A*

      341        10,579  
     

 

 

  
            279,353  
     

 

 

  
Consumer Staples — 2.2%              

Beiersdorf AG

      204        21,837  

Henkel AG & Co. KGaA

      168        17,348  

METRO AG

      281        4,312  
     

 

 

  
            43,497  
     

 

 

  
Financials — 15.0%              

Allianz SE

      663        140,002  

Commerzbank AG*

      1,746        15,036  

Deutsche Bank AG (a)

      2,952        26,950  

Deutsche Boerse AG

      282        36,016  

GRENKE AG

      43        3,681  

Hannover Rueck SE

      102        14,171  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

      239        51,930  

Talanx AG

      94        3,355  
     

 

 

  
            291,141  
     

 

 

  
Health Care — 10.9%              

Bayer AG

      1,456        106,464  

Carl Zeiss Meditec AG

      60        4,144  

Fresenius Medical Care AG & Co. KGaA

      330        26,857  

Fresenius SE & Co. KGaA

      625        35,468  

Merck KGaA

      199        21,937  

MorphoSys AG*

      48        5,484  

QIAGEN NV*

      355        12,480  
     

 

 

  
            212,834  
     

 

 

  
Industrials — 14.6%              

Brenntag AG

      242        11,188  

Deutsche Lufthansa AG

      746        18,160  

Deutsche Post AG

      1,515        48,236  

DMG Mori AG

      33        1,633  
    

Number
of Shares

     

Value

  
Industrials (Continued)              

Fraport AG Frankfurt Airport Services Worldwide

      63      $ 4,632  

GEA Group AG

      236        6,370  

HOCHTIEF AG

      30        4,266  

KION Group AG

      115        6,487  

Krones AG

      27        2,403  

MAN SE

      57        5,825  

MTU Aero Engines AG

      68        14,136  

OSRAM Licht AG

      165        7,561  

Rational AG

      5        2,845  

Rheinmetall AG

      64        5,927  

Siemens AG

      1,242        144,000  

Sixt SE

      20        1,920  
     

 

 

  
            285,589  
     

 

 

  
Information Technology — 12.0%              

Bechtle AG

      41        3,280  

Infineon Technologies AG

      1,656        34,678  

Nemetschek SE

      28        3,395  

SAP SE

      1,550        159,564  

Siltronic AG

      34        3,072  

Software AG

      87        3,549  

Wirecard AG

      180        27,198  
     

 

 

  
            234,736  
     

 

 

  
Materials — 9.9%              

Aurubis AG

      61        3,321  

BASF SE

      1,417        103,275  

Covestro AG, 144A

      295        16,988  

Evonik Industries AG

      254        6,830  

FUCHS PETROLUB SE

      47        1,871  

HeidelbergCement AG

      242        16,084  

K+S AG

      297        5,214  

LANXESS AG

      111        6,086  

Symrise AG

      189        15,258  

thyssenkrupp AG

      815        15,221  

Wacker Chemie AG

      30        2,887  
     

 

 

  
            193,035  
     

 

 

  
Real Estate — 3.8%              

Deutsche Wohnen SE

      487        23,346  

Grand City Properties SA

      192        4,522  

LEG Immobilien AG

      104        11,958  

Vonovia SE

      719        34,819  
     

 

 

  
            74,645  
     

 

 

  
Utilities — 3.1%              

E.ON SE

      3,397        34,635  

RWE AG

      854        18,435  

Uniper SE

      290        7,444  
     

 

 

  
            60,514  
     

 

 

  

TOTAL COMMON STOCKS
(Cost $2,226,360)

         1,811,763  
     

 

 

  
PREFERRED STOCKS — 6.8%      
Consumer Discretionary — 4.2%      

Bayerische Motoren Werke AG

      95        6,895  

Porsche Automobil Holding SE

      254        16,249  
 

 

See Notes to Financial Statements.   13  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Germany Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

    

Number
of Shares

     

Value

  
Consumer Discretionary (Continued)              

Volkswagen AG

      343      $ 57,827  
     

 

 

  
            80,971  
     

 

 

  
Consumer Staples — 1.7%              

Henkel AG & Co. KGaA

      295        34,036  
     

 

 

  
Health Care — 0.4%              

Sartorius AG

      64        8,123  
     

 

 

  
Industrials — 0.2%              

MAN SE

      11        1,131  

Sixt SE

      28        1,902  
     

 

 

  
            3,033  
     

 

 

  
Materials — 0.2%              

FUCHS PETROLUB SE

      114        4,719  
     

 

 

  
Utilities — 0.1%              

RWE AG

      69        1,264  
     

 

 

  
    

Number
of Shares

     

Value

  

TOTAL PREFERRED STOCKS
(Cost $142,810)

       $ 132,146  
     

 

 

  
EXCHANGE-TRADED FUND — 0.2%

 

   

Horizons DAX Germany ETF
(Cost $3,727)

      133        3,397  
     

 

 

  
CASH EQUIVALENTS — 0.0%

 

   

DWS Government Money Market Series “Institutional Shares” 2.15% (b)
(Cost $46)

      46        46  
     

 

 

  

TOTAL INVESTMENTS — 99.8%

 

   

(Cost $2,372,943)

       $ 1,947,352  

Other assets and liabilities, net — 0.2%

         4,700  
     

 

 

  

NET ASSETS — 100.0%

       $ 1,952,052  
     

 

 

  
 

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

COMMON STOCKS — 1.4%

 

Financials — 1.4%

 

Deutsche Bank AG (a)

 

32,398     —       (935)       (390)       (4,123)       —       —       2,952       26,950  
               

CASH EQUIVALENTS — 0.0%

 

DWS Government Money Market Series “Institutional Shares” 2.15% (b)

 

—     1,021       (975)       —       —       2       —       46       46  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
32,398     1,021       (1,910)       (390)       (4,123)       2       —       2,998       26,996  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Non-income producing security.

(a)

Affiliated issuer. This security is owned in proportion with its representation in the index.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

 

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.   14  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Germany Equity ETF (Continued)

November 30, 2018 (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, 2018 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 (c)

      $ 1,811,763        $   —        $   —        $ 1,811,763  

Preferred Stocks (c)

        132,146          —          —          132,146  

Exchange-Traded Fund

        3,397          —          —          3,397  

Short-Term Investments

        46          —          —          46  
    

 

 

       

 

 

       

 

 

       

 

 

  

TOTAL

      $ 1,947,352        $ —        $ —        $ 1,947,352  
    

 

 

       

 

 

       

 

 

       

 

 

  

 

(c)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   15  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Japan JPX-Nikkei 400 Equity ETF

November 30, 2018 (Unaudited)

 

    

Number
of Shares

     

Value

  
COMMON STOCKS — 99.4%      
Communication Services — 8.2%      

Capcom Co. Ltd.

      1,100      $ 21,525  

COLOPL, Inc.

      800        6,024  

CyberAgent, Inc.

      1,100        49,793  

Daiichikosho Co. Ltd.

      300        13,686  

DeNA Co. Ltd.

      1,000        18,547  

Dentsu, Inc.

      2,100        93,580  

Dip Corp.

      400        8,983  

GungHo Online Entertainment, Inc.

      4,400        9,765  

Hakuhodo DY Holdings, Inc.

      2,600        39,796  

Kakaku.com, Inc.

      900        18,103  

KDDI Corp.

      16,400        384,761  

Konami Holdings Corp.

      800        35,790  

Mixi, Inc.

      700        16,497  

Nexon Co. Ltd.*

      4,700        55,547  

Nintendo Co. Ltd.

      1,200        365,760  

Nippon Telegraph & Telephone Corp.

      10,500        432,761  

Nippon Television Holdings, Inc.

      1,400        21,909  

NTT DOCOMO, Inc.

      13,000        300,929  

SoftBank Group Corp.

      6,400        536,912  

Square Enix Holdings Co. Ltd.

      900        29,326  

Toho Co. Ltd.

      1,200        41,744  

Yahoo Japan Corp.

      11,300        32,342  
     

 

 

  
            2,534,080  
     

 

 

  
Consumer Discretionary — 15.9%              

ABC-Mart, Inc. (a)

      400        22,475  

Aisin Seiki Co. Ltd.

      1,200        47,450  

Asics Corp.

      1,700        24,493  

Bandai Namco Holdings, Inc.

      1,800        75,614  

Bic Camera, Inc.

      400        5,622  

Bridgestone Corp.

      5,900        239,014  

Casio Computer Co. Ltd.

      1,400        19,517  

Clarion Co. Ltd.

      200        4,386  

Daikyonishikawa Corp.

      600        6,066  

Denso Corp.

      4,000        184,835  

Don Quijote Holdings Co. Ltd.

      1,200        72,814  

Fast Retailing Co. Ltd.

      300        155,984  

Fujitsu General Ltd.

      800        11,294  

Haseko Corp.

      2,800        33,881  

Heiwa Corp.

      800        17,036  

Hikari Tsushin, Inc.

      200        31,898  

Honda Motor Co. Ltd.

      15,900        448,365  

Iida Group Holdings Co. Ltd.

      2,000        35,280  

Isuzu Motors Ltd.

      5,500        78,274  

Izumi Co. Ltd.

      500        28,313  

J. Front Retailing Co. Ltd.

      2,400        32,761  

Koito Manufacturing Co. Ltd.

      1,100        58,996  

K’s Holdings Corp.

      1,800        18,975  

Marui Group Co. Ltd.

      1,300        28,015  

Mazda Motor Corp.

      5,500        58,609  

NGK Spark Plug Co. Ltd.

      1,300        26,698  

NHK Spring Co. Ltd.

      1,700        15,121  

Nifco, Inc.

      1,100        28,045  

Nissan Motor Co. Ltd.

      21,900        191,767  

Nitori Holdings Co. Ltd.

      900        120,515  

Nojima Corp.

      500        11,471  
    

Number
of Shares

     

Value

  
Consumer Discretionary (Continued)              

NOK Corp.

      500      $ 7,530  

Oriental Land Co. Ltd.

      2,200        218,837  

PALTAC CORPORATION

      300        16,063  

Panasonic Corp.

      20,900        214,338  

Pressance Corp.

      400        4,988  

Rakuten, Inc.

      8,000        64,395  

Resorttrust, Inc.

      1,100        18,086  

Rinnai Corp.

      300        21,506  

Ryohin Keikaku Co. Ltd.

      300        80,713  

Sekisui Chemical Co. Ltd.

      3,800        61,643  

Sekisui House Ltd.

      6,300        94,930  

Seria Co. Ltd.

      700        29,745  

Shimamura Co. Ltd.

      300        25,469  

Shimano, Inc.

      800        116,812  

Skylark Holdings Co. Ltd.

      2,000        32,761  

Sony Corp.

      9,800        512,396  

Stanley Electric Co. Ltd.

      900        26,195  

Starts Corp., Inc.

      400        9,349  

Subaru Corp.

      5,400        119,984  

Sumitomo Electric Industries Ltd.

      7,000        98,173  

Sumitomo Forestry Co. Ltd.

      1,100        16,226  

Sumitomo Rubber Industries Ltd.

      1,400        18,704  

Suzuki Motor Corp.

      3,500        174,306  

T-Gaia Corp.

      300        6,399  

Topre Corp.

      500        10,181  

Toyoda Gosei Co. Ltd.

      900        17,318  

Toyota Boshoku Corp.

      900        13,863  

Toyota Industries Corp.

      1,600        82,008  

Toyota Motor Corp.

      7,146        428,131  

TPR Co. Ltd.

      400        9,508  

TS Tech Co. Ltd.

      100        2,897  

USS Co. Ltd.

      2,200        39,021  

Yamaha Corp.

      1,100        47,371  

Yamaha Motor Co. Ltd.

      2,800        57,578  

Yokohama Rubber Co. Ltd.

      600        12,555  

Zensho Holdings Co. Ltd.

      1,300        32,354  

ZOZO, Inc.

      2,300        51,145  
     

 

 

  
            4,927,062  
     

 

 

  
Consumer Staples — 10.0%              

Aeon Co. Ltd.

      6,700        160,552  

Ain Holdings, Inc.

      300        23,118  

Ajinomoto Co., Inc.

      4,200        72,589  

Asahi Group Holdings Ltd.

      3,700        154,908  

Calbee, Inc. (a)

      1,000        33,113  

Ci:z Holdings Co. Ltd.

      300        15,482  

Cosmos Pharmaceutical Corp.

      100        20,282  

Create SD Holdings Co. Ltd.

      400        10,903  

Ezaki Glico Co. Ltd.

      800        38,961  

FamilyMart UNY Holdings Co. Ltd.

      500        70,938  

Japan Tobacco, Inc.

      10,700        266,063  

Kao Corp.

      4,600        338,589  

Kewpie Corp.

      500        12,136  

Kikkoman Corp.

      1,300        75,790  

Kirin Holdings Co. Ltd.

      8,800        206,535  

Kobayashi Pharmaceutical Co. Ltd.

      500        34,786  

Kobe Bussan Co. Ltd.

      400        12,259  
 

 

See Notes to Financial Statements.   16  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

    

Number
of Shares

     

Value

  
Consumer Staples (Continued)              

Kose Corp.

      300      $ 44,729  

Kusuri no Aoki Holdings Co. Ltd.

      200        14,795  

Lawson, Inc.

      500        32,717  

Lion Corp.

      2,800        55,211  

Maruha Nichiro Corp.

      300        10,845  

Matsumotokiyoshi Holdings Co. Ltd.

      800        29,696  

MEIJI Holdings Co. Ltd.

      1,400        110,101  

Morinaga & Co. Ltd.

      700        30,762  

NH Foods Ltd.

      800        29,661  

Nichirei Corp.

      1,000        28,226  

Nippon Suisan Kaisha Ltd.

      2,700        16,312  

Nissin Foods Holdings Co. Ltd.

      800        51,642  

Pigeon Corp.

      1,200        49,406  

Pola Orbis Holdings, Inc.

      800        22,580  

Seven & i Holdings Co. Ltd.

      7,800        339,546  

Shiseido Co. Ltd.

      3,700        235,392  

Sugi Holdings Co. Ltd.

      600        28,217  

Sundrug Co. Ltd.

      1,000        33,730  

Suntory Beverage & Food Ltd.

      1,300        54,496  

Toyo Suisan Kaisha Ltd.

      1,000        34,258  

Tsuruha Holdings, Inc.

      400        39,454  

Unicharm Corp.

      3,700        115,806  

Welcia Holdings Co. Ltd.

      400        20,255  

Yakult Honsha Co. Ltd.

      1,400        105,416  

Yaoko Co. Ltd.

      300        17,939  
     

 

 

  
            3,098,196  
     

 

 

  
Energy — 1.2%              

Cosmo Energy Holdings Co. Ltd.

      800        18,663  

Idemitsu Kosan Co. Ltd.

      1,500        54,558  

Inpex Corp.

      10,300        109,304  

JXTG Holdings, Inc.

      32,000        193,409  
     

 

 

  
            375,934  
     

 

 

  
Financials — 11.4%              

AEON Financial Service Co. Ltd.

      1,200        23,250  

Aozora Bank Ltd.

      1,100        36,134  

Chiba Bank Ltd.

      6,400        41,990  

Concordia Financial Group Ltd.

      12,000        56,328  

Dai-ichi Life Holdings, Inc.

      10,700        186,390  

Daiwa Securities Group, Inc.

      14,400        79,450  

Financial Products Group Co. Ltd.

      300        3,250  

Fuyo General Lease Co. Ltd.

      300        18,177  

Hiroshima Bank Ltd.

      2,900        17,469  

Hitachi Capital Corp.

      200        4,941  

Japan Exchange Group, Inc.

      5,200        93,650  

Kyushu Financial Group, Inc.

      3,800        17,770  

Matsui Securities Co. Ltd.

      1,300        14,723  

Mebuki Financial Group, Inc.

      9,800        29,603  

Mitsubishi UFJ Financial Group, Inc.

      87,200        479,581  

Mitsubishi UFJ Lease & Finance Co. Ltd.

      4,000        21,805  

Mizuho Financial Group, Inc.

      251,000        416,233  

MS&AD Insurance Group Holdings, Inc.

      5,000        151,695  

Nomura Holdings, Inc.

      33,900        152,677  

Orient Corp.

      5,200        8,060  

ORIX Corp.

      12,800        207,359  
    

Number
of Shares

     

Value

  
Financials (Continued)              

Resona Holdings, Inc.

      22,600      $ 119,797  

SBI Holdings, Inc.

      2,200        49,909  

Seven Bank Ltd.

      6,000        18,600  

Shinsei Bank Ltd.

      1,000        13,721  

Shizuoka Bank Ltd.

      4,700        42,178  

Sompo Holdings, Inc.

      3,600        139,054  

Sony Financial Holdings, Inc.

      1,200        25,152  

Sumitomo Mitsui Financial Group, Inc.

      11,800        434,693  

Sumitomo Mitsui Trust Holdings, Inc.

      3,700        148,326  

T&D Holdings, Inc.

      5,800        82,390  

Tokai Tokyo Financial Holdings, Inc.

      2,200        10,753  

Tokio Marine Holdings, Inc.

      6,700        330,722  

Tokyo Century Corp.

      500        23,866  

Zenkoku Hosho Co. Ltd.

      800        27,336  
     

 

 

  
            3,527,032  
     

 

 

  
Health Care — 8.5%              

Alfresa Holdings Corp.

      2,000        53,192  

Asahi Intecc Co. Ltd.

      1,100        51,537  

Astellas Pharma, Inc.

      16,900        259,639  

Chugai Pharmaceutical Co. Ltd.

      1,800        123,170  

Daiichi Sankyo Co. Ltd.

      5,700        209,176  

Eisai Co. Ltd.

      2,200        201,788  

Hisamitsu Pharmaceutical Co., Inc.

      600        38,309  

Hoya Corp.

      3,900        236,988  

Kaken Pharmaceutical Co. Ltd.

      500        25,583  

Kyowa Hakko Kirin Co. Ltd.

      2,400        49,184  

M3, Inc.

      3,800        61,376  

Medipal Holdings Corp.

      1,900        43,505  

Mitsubishi Tanabe Pharma Corp.

      1,800        27,630  

Nihon Kohden Corp.

      1,200        39,049  

Olympus Corp.

      3,000        84,412  

Ono Pharmaceutical Co. Ltd.

      4,400        106,387  

Otsuka Holdings Co. Ltd.

      3,400        165,733  

Santen Pharmaceutical Co. Ltd.

      3,100        53,045  

Sawai Pharmaceutical Co. Ltd. (a)

      600        31,704  

Shionogi & Co. Ltd.

      2,300        152,078  

Ship Healthcare Holdings, Inc.

      600        22,563  

Sumitomo Dainippon Pharma Co. Ltd.

      1,000        32,585  

Sysmex Corp.

      1,500        79,908  

Takeda Pharmaceutical Co. Ltd. (a)

      7,700        288,538  

Terumo Corp.

      2,800        164,844  

Toho Holdings Co. Ltd.

      500        13,276  

Tsumura & Co.

      800        24,764  
     

 

 

  
            2,639,963  
     

 

 

  
Industrials — 23.0%              

Aeon Delight Co. Ltd.

      300        10,555  

AGC, Inc.

      1,700        57,715  

Aica Kogyo Co. Ltd.

      800        26,948  

Amada Holdings Co. Ltd.

      3,100        33,634  

ANA Holdings, Inc.

      3,600        128,433  

Central Japan Railway Co.

      1,700        349,207  

COMSYS Holdings Corp.

      1,200        30,964  

Daifuku Co. Ltd.

      1,200        61,400  

Daikin Industries Ltd.

      2,600        288,736  

DMG Mori Co. Ltd.

      700        9,802  
 

 

See Notes to Financial Statements.   17  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

    

Number
of Shares

     

Value

  
Industrials (Continued)              

East Japan Railway Co.

      3,500      $ 318,098  

Ebara Corp.

      1,200        31,112  

en-japan, Inc.

      400        16,134  

FANUC Corp.

      1,800        307,371  

Fuji Electric Co. Ltd.

      800        25,117  

Furukawa Electric Co. Ltd.

      800        23,355  

Hankyu Hanshin Holdings, Inc.

      2,400        81,374  

Hanwa Co. Ltd.

      500        14,971  

Harmonic Drive Systems, Inc.

      300        10,026  

Hazama Ando Corp.

      1,300        7,854  

Hino Motors Ltd.

      2,400        24,518  

Hitachi Construction Machinery Co. Ltd.

      800        22,087  

Hitachi Transport System Ltd.

      600        16,222  

Hoshizaki Corp.

      600        46,552  

ITOCHU Corp.

      13,500        239,683  

Iwatani Corp.

      600        19,974  

Japan Airlines Co. Ltd.

      3,300        118,980  

JTEKT Corp.

      1,600        20,347  

Kajima Corp.

      5,100        70,560  

Kanamoto Co. Ltd.

      400        11,766  

Kanematsu Corp.

      1,100        14,027  

Kawasaki Heavy Industries Ltd.

      1,100        25,604  

Keihan Holdings Co. Ltd.

      1,100        45,918  

Keio Corp.

      1,100        60,837  

Keisei Electric Railway Co. Ltd.

      1,000        32,409  

Kintetsu Group Holdings Co. Ltd.

      1,600        66,649  

Komatsu Ltd.

      8,200        219,028  

Kubota Corp.

      10,500        179,115  

Kumagai Gumi Co. Ltd.

      400        12,664  

Kyowa Exeo Corp.

      1,100        27,706  

Kyudenko Corp.

      600        23,329  

Maeda Corp.

      1,200        12,597  

Maeda Road Construction Co. Ltd.

      900        17,675  

Makita Corp.

      2,300        90,238  

Marubeni Corp.

      18,200        135,839  

Meitec Corp.

      300        13,527  

MINEBEA MITSUMI, Inc.

      3,000        48,666  

MISUMI Group, Inc.

      2,300        52,097  

Mitsubishi Corp.

      13,300        358,649  

Mitsubishi Electric Corp.

      19,000        250,656  

Mitsubishi Heavy Industries Ltd.

      3,200        121,659  

Mitsui & Co. Ltd.

      14,900        232,849  

MonotaRO Co. Ltd.

      700        18,956  

Nabtesco Corp.

      500        13,826  

Nagoya Railroad Co. Ltd.

      1,700        42,594  

NGK Insulators Ltd.

      2,300        34,090  

Nichias Corp.

      700        13,581  

Nidec Corp.

      2,300        306,262  

Nihon M&A Center, Inc.

      900        20,980  

Nippo Corp.

      800        13,633  

Nippon Express Co. Ltd.

      700        42,166  

Nippon Steel & Sumikin Bussan Corp.

      200        9,018  

Nishimatsu Construction Co. Ltd.

      200        4,611  

NSK Ltd.

      3,500        32,889  

Obara Group, Inc.

      200        8,560  

Obayashi Corp.

      6,100        60,812  

Odakyu Electric Railway Co. Ltd.

      3,300        73,963  
    

Number
of Shares

     

Value

  
Industrials (Continued)              

OSG Corp.

      1,300      $ 26,092  

Park24 Co. Ltd.

      600        16,195  

Penta-Ocean Construction Co. Ltd.

      2,600        16,394  

Persol Holdings Co. Ltd.

      1,600        29,957  

Pilot Corp.

      500        25,848  

Recruit Holdings Co. Ltd.

      13,200        363,044  

Sankyu, Inc.

      500        23,426  

Sanwa Holdings Corp.

      2,500        30,339  

Secom Co. Ltd.

      1,900        160,734  

Seibu Holdings, Inc.

      2,000        36,953  

Shimizu Corp.

      6,300        53,818  

SMC Corp.

      600        203,329  

Sohgo Security Services Co. Ltd.

      700        32,919  

Sojitz Corp.

      9,700        34,341  

Sotetsu Holdings, Inc.

      1,200        36,460  

Sumitomo Corp.

      10,700        164,293  

Sumitomo Heavy Industries Ltd.

      1,100        36,473  

Sumitomo Mitsui Construction Co. Ltd.

      1,200        7,450  

Tadano Ltd.

      1,300        15,582  

Taisei Corp.

      2,000        87,891  

Takeuchi Manufacturing Co. Ltd.

      500        10,062  

TechnoPro Holdings, Inc.

      500        25,011  

THK Co. Ltd.

      700        16,034  

Tobu Railway Co. Ltd.

      1,800        51,519  

Toda Corp.

      2,500        16,821  

Tokyu Construction Co. Ltd.

      100        1,008  

Tokyu Corp.

      5,300        92,231  

TOTO Ltd.

      1,100        42,576  

Toyota Tsusho Corp.

      2,000        69,044  

Tsubakimoto Chain Co.

      400        14,954  

West Japan Railway Co.

      1,700        118,409  

Yamato Holdings Co. Ltd.

      3,500        92,424  
     

 

 

  
            7,112,805  
     

 

 

  
Information Technology — 9.6%              

Advantest Corp.

      800        17,162  

Alps Electric Co. Ltd.

      1,500        34,756  

Brother Industries Ltd.

      2,500        41,766  

Canon, Inc.

      10,300        292,083  

Disco Corp.

      300        43,725  

Elecom Co. Ltd.

      200        5,293  

Fujitsu Ltd.

      1,800        110,758  

GMO internet, Inc.

      1,000        13,122  

Hamamatsu Photonics KK

      1,500        52,180  

Hirose Electric Co. Ltd.

      205        21,610  

Hitachi High-Technologies Corp.

      800        28,498  

Hitachi Ltd.

      8,200        237,443  

Horiba Ltd.

      500        23,426  

Itochu Techno-Solutions Corp.

      1,200        23,133  

Keyence Corp.

      900        488,243  

Konica Minolta, Inc.

      3,900        35,102  

Kyocera Corp.

      2,900        156,429  

Murata Manufacturing Co. Ltd.

      2,000        304,976  

NEC Corp.

      2,500        77,499  

Nihon Unisys Ltd.

      800        20,396  

Nomura Research Institute Ltd.

      900        39,511  

NS Solutions Corp.

      400        11,431  
 

 

See Notes to Financial Statements.   18  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

    

Number
of Shares

     

Value

  
Information Technology (Continued)              

NTT Data Corp.

      5,100      $ 59,287  

Obic Co. Ltd.

      700        60,476  

Omron Corp.

      1,900        83,496  

Oracle Corp.

      300        19,472  

Otsuka Corp.

      1,000        33,642  

Renesas Electronics Corp.*

      1,800        8,481  

SCREEN Holdings Co. Ltd.

      500        25,011  

SCSK Corp.

      700        27,772  

Seiko Epson Corp.

      2,400        38,129  

Shimadzu Corp.

      2,500        58,432  

SUMCO Corp.

      2,000        30,647  

TDK Corp.

      900        70,938  

TIS, Inc.

      600        27,688  

Tokyo Electron Ltd.

      1,200        167,767  

Trend Micro, Inc.

      1,000        57,332  

Ulvac, Inc.

      300        11,017  

Yaskawa Electric Corp.

      2,100        65,469  

Yokogawa Electric Corp.

      1,700        31,230  
     

 

 

  
            2,954,828  
     

 

 

  
Materials — 6.3%              

Air Water, Inc.

      1,200        19,413  

Asahi Kasei Corp.

      12,800        140,118  

Daicel Corp.

      3,100        34,672  

Denka Co. Ltd.

      1,000        32,233  

DIC Corp.

      900        28,573  

Dowa Holdings Co. Ltd.

      400        13,175  

Hitachi Chemical Co. Ltd.

      1,200        18,980  

Hitachi Metals Ltd.

      1,900        21,384  

JFE Holdings, Inc.

      5,200        91,658  

JSR Corp.

      1,700        27,203  

Kansai Paint Co. Ltd.

      2,000        37,464  

Kuraray Co. Ltd.

      3,500        54,373  

Mitsubishi Chemical Holdings Corp.

      11,700        95,681  

Mitsubishi Gas Chemical Co., Inc.

      1,700        27,907  

Mitsubishi Materials Corp.

      1,500        42,074  

Mitsui Chemicals, Inc.

      1,400        35,521  

Nihon Parkerizing Co. Ltd.

      400        5,238  

Nippon Light Metal Holdings Co. Ltd.

      7,500        16,777  

Nippon Paint Holdings Co. Ltd.

      1,200        42,536  

Nippon Steel & Sumitomo Metal Corp.

      8,000        146,262  

Nissan Chemical Corp.

      1,200        65,099  

Nitto Denko Corp.

      1,400        76,479  

NOF Corp.

      1,000        33,025  

Oji Holdings Corp.

      7,900        46,196  

Shin-Etsu Chemical Co. Ltd.

      3,400        303,470  

Showa Denko KK

      1,200        48,085  

Sumitomo Chemical Co. Ltd.

      14,800        80,289  

Sumitomo Metal Mining Co. Ltd.

      2,700        78,587  

Taiheiyo Cement Corp.

      1,400        47,345  

Taiyo Nippon Sanso Corp.

      1,200        20,206  

Teijin Ltd.

      1,200        20,713  

Tokyo Steel Manufacturing Co. Ltd.

      500        4,306  
    

Number
of Shares

     

Value

  
Materials (Continued)              

Toray Industries, Inc.

      14,500      $ 113,689  

Tosoh Corp.

      3,100        43,681  

Ube Industries Ltd.

      500        11,391  

Zeon Corp.

      2,600        26,424  
     

 

 

  
            1,950,227  
     

 

 

  
Real Estate — 3.5%              

Aeon Mall Co. Ltd.

      900        16,177  

Daito Trust Construction Co. Ltd.

      800        104,483  

Daiwa House Industry Co. Ltd.

      6,000        188,903  

Hulic Co. Ltd.

      3,600        32,909  

Ichigo, Inc.

      2,400        8,222  

Leopalace21 Corp.

      2,400        10,420  

Mitsubishi Estate Co. Ltd.

      12,700        203,670  

Mitsui Fudosan Co. Ltd.

      10,100        241,493  

Nomura Real Estate Holdings, Inc.

      800        15,796  

Open House Co. Ltd.

      400        14,232  

Relo Group, Inc.

      1,000        27,477  

Sumitomo Realty & Development Co. Ltd.

      4,500        166,763  

Tokyo Tatemono Co. Ltd.

      1,900        21,652  

Tokyu Fudosan Holdings Corp.

      5,200        29,171  
     

 

 

  
            1,081,368  
     

 

 

  
Utilities — 1.8%              

Chubu Electric Power Co., Inc.

      5,300        79,442  

Electric Power Development Co. Ltd.

      1,500        38,600  

Kansai Electric Power Co., Inc.

      8,000        120,053  

Kyushu Electric Power Co., Inc.

      3,600        42,261  

Nippon Gas Co. Ltd.

      500        17,789  

Osaka Gas Co. Ltd.

      3,200        58,307  

Toho Gas Co. Ltd.

      1,000        40,423  

Tohoku Electric Power Co., Inc.

      4,300        56,197  

Tokyo Gas Co. Ltd.

      3,800        97,870  
     

 

 

  
            550,942  
     

 

 

  

TOTAL COMMON STOCKS
(Cost $32,678,690)

         30,752,437  
     

 

 

  
SECURITIES LENDING COLLATERAL — 0.1%

 

   

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c)

      

(Cost $15,860)

      15,860        15,860  
     

 

 

  
CASH EQUIVALENTS — 0.1%

 

   

DWS Government Money Market Series “Institutional Shares”, 2.15% (b)

      

(Cost $33,828)

      33,828        33,828  
     

 

 

  

TOTAL INVESTMENTS — 99.6%

 

   

(Cost $32,728,378)

       $ 30,802,125  

Other assets and liabilities, net — 0.4%

         145,583  
     

 

 

  

NET ASSETS — 100.0%

       $ 30,947,708  
     

 

 

  
 

 

See Notes to Financial Statements.   19  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2018 (Unaudited)

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
5/31/2018

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change
in Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

SECURITIES LENDING COLLATERAL — 0.1%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c)

 

—     15,860 (d)      —       —       —       492       —       15,860       15,860  

CASH EQUIVALENTS — 0.1%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (b)

 

   —     988,228       (954,400)       —       —       281       —       33,828       33,828  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   —     1,004,088       (954,400)          —         —       773       —       49,688       49,688  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2018 amounted to $341,979, which is 1.1% of net assets.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $352,511.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested for the period ended November 30, 2018.

At November 30, 2018, open futures contract purchased was as follows:

 

Contract Description

    Currency    Number of
Contracts		    Notional
Amount		      Contract
Value		    Expiration
Date		      Unrealized
Appreciation		  

JPX-Nikkei 400 Index Futures

    JPY    14    $ 178,392      $181,858      12/13/2018      $ 3,940  

Currency Abbreviations

JPY   Japanese Yen

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.

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, 2018 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)

      $ 30,752,437        $   —        $   —        $ 30,752,437  

Short-Term Investments (e)

        49,688          —          —          49,688  

Derivatives (f)

                    

Futures Contracts

        3,940          —          —          3,940  
    

 

 

       

 

 

       

 

 

       

 

 

  

TOTAL

      $ 30,806,065        $ —        $ —        $ 30,806,065  
    

 

 

       

 

 

       

 

 

       

 

 

  

 

(e)

See Schedule of Investments for additional detailed categorizations.

(f)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

 

See Notes to Financial Statements.   20  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Latin America Pacific Alliance ETF

November 30, 2018 (Unaudited)

 

    

Number
of Shares

     

Value

  
COMMON STOCKS — 93.2%      
Canada — 0.4%      

Canacol Energy Ltd.*

      1,636      $ 4,961  

Pan American Silver Corp.

      224        2,880  

Trevali Mining Corp.*

      7,350        2,682  
     

 

 

  
            10,523  
     

 

 

  
Chile — 20.8%              

AES Gener SA

      23,848        6,476  

Aguas Andinas SA, Class A

      22,132        12,744  

Banco de Chile

      216,182        31,211  

Banco de Credito e Inversiones SA

      406        26,469  

Banco Santander Chile

      563,332        43,604  

Besalco SA

      3,370        2,906  

CAP SA

      601        5,523  

Cencosud SA

      12,166        22,536  

Cia Cervecerias Unidas SA

      1,260        16,448  

Cia Sud Americana de Vapores SA*

      135,754        4,240  

Colbun SA

      66,970        13,972  

Empresa Nacional de Telecomunicaciones SA

      1,287        10,481  

Empresas CMPC SA

      10,667        36,815  

Empresas COPEC SA

      3,557        47,937  

Empresas Tricot SA

      1,160        1,621  

Enel Americas SA

      265,702        46,025  

Enel Chile SA

      238,919        23,151  

Engie Energia Chile SA

      4,476        8,346  

Forus SA

      816        2,281  

Grupo Security SA

      9,503        4,090  

Inversiones Aguas Metropolitanas SA

      3,612        5,397  

Inversiones La Construccion SA

      320        5,182  

Itau CorpBanca

      1,315,405        12,557  

Latam Airlines Group SA

      2,585        26,477  

Parque Arauco SA

      4,985        11,751  

Ripley Corp. SA

      6,108        5,336  

SACI Falabella

      6,620        49,101  

Salfacorp SA

      2,840        4,152  

SMU SA*

      20,906        5,988  

Sociedad de Inversiones Oro Blanco SA

      299,084        1,976  

SONDA SA

      3,847        5,738  

Vina Concha y Toro SA

      3,011        6,098  
     

 

 

  
            506,629  
     

 

 

  
Colombia — 8.9%              

Almacenes Exito SA

      2,068        8,508  

Banco de Bogota SA

      266        4,880  

Bancolombia SA

      2,603        25,871  

Bolsa de Valores de Colombia

      280        1,007  

Celsia SA ESP

      5,530        6,832  

Cementos Argos SA

      5,350        11,566  

CEMEX Latam Holdings SA*

      2,000        2,551  

Constructora Conconcreto SA*

      3,270        312  

Corp. Financiera Colombiana SA*

      1,072        6,191  

Ecopetrol SA

      55,817        53,527  

Empresa de Telecomunicaciones de Bogota*

      5,384        472  

Grupo Argos SA

      3,235        16,166  

Grupo Aval Acciones y Valores SA

      4,034        1,258  
    

Number
of Shares

     

Value

  
Colombia (Continued)              

Grupo de Inversiones Suramericana SA

      2,630      $ 26,236  

Grupo Energia Bogota SA ESP

      20,570        11,721  

Grupo Nutresa SA

      2,337        17,539  

Interconexion Electrica SA ESP

      5,010        20,022  

Mineros SA

      1,056        652  

Promigas SA ESP

      685        1,113  

Tecnoglass, Inc.

      170        1,683  
     

 

 

  
            218,107  
     

 

 

  
Mexico — 50.0%              

Alfa SAB de CV, Class A

      25,288        25,430  

Alsea SAB de CV

      4,189        10,502  

America Movil SAB de CV, Series L

      279,793        188,126  

Arca Continental SAB de CV

      3,679        19,014  

Axtel SAB de CV, Series CPO*

      7,544        1,179  

Banco del Bajio SA, 144A

      6,979        13,055  

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B

      15,267        18,752  

Bolsa Mexicana de Valores SAB de CV

      3,545        6,154  

Cemex SAB de CV, Series CPO*

      120,167        61,838  

Coca-Cola Femsa SAB de CV, Series L

      4,377        26,371  

Concentradora Fibra Danhos SA de CV REIT

      3,199        3,777  

Concentradora Fibra Hotelera Mexicana SA de CV REIT, 144A

      6,906        3,313  

Concentradora Hipotecaria SAPI de CV REIT

      3,246        2,050  

Consorcio ARA SAB de CV

      5,458        1,430  

Controladora Vuela Cia de Aviacion SAB de CV, Class A*

      4,576        2,928  

Corp. Inmobiliaria Vesta SAB de CV

      5,103        6,363  

Credito Real SAB de CV SOFOM ER

      1,932        1,939  

El Puerto de Liverpool SAB de CV, Class C1

      1,592        9,491  

Fibra Uno Administracion SA de CV REIT

      27,842        28,190  

Fomento Economico Mexicano SAB de CV

      16,179        140,329  

Genomma Lab Internacional SAB de CV, Class B*

      6,740        4,151  

Gentera SAB de CV

      8,983        6,662  

Gruma SAB de CV, Class B

      1,787        19,578  

Grupo Aeromexico SAB de CV*

      2,320        2,473  

Grupo Aeroportuario del Centro Norte SAB de CV

      2,741        12,222  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

      2,979        20,661  

Grupo Aeroportuario del Sureste SAB de CV, Class B

      1,732        23,276  

Grupo Bimbo SAB de CV, Series A

      13,724        26,307  

Grupo Carso SAB de CV, Series A1

      3,807        12,222  

Grupo Cementos de Chihuahua SAB de CV

      1,377        7,188  

Grupo Comercial Chedraui SA de CV

      2,890        5,330  

Grupo Financiero Banorte SAB de CV, Class O

      21,633        99,043  
 

 

See Notes to Financial Statements.   21  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Latin America Pacific Alliance ETF (Continued)

November 30, 2018 (Unaudited)

 

    

Number
of Shares

     

Value

  
Mexico (Continued)              

Grupo Financiero Inbursa SAB de CV, Class O

      19,440      $ 26,199  

Grupo GICSA SAB de CV*

      3,390        1,155  

Grupo Herdez SAB de CV

      1,955        4,016  

Grupo Mexico SAB de CV, Series B

      29,157        60,161  

Grupo Rotoplas SAB de CV*(a)

      1,264        1,243  

Grupo Televisa SAB, Series CPO

      20,316        55,569  

Hoteles City Express SAB de CV*

      2,742        3,239  

Industrias Bachoco SAB de CV, Series B

      1,566        5,457  

Industrias CH SAB de CV, Series B*

      1,318        5,702  

Industrias Penoles SAB de CV

      1,159        13,209  

Infraestructura Energetica Nova SAB de CV

      4,469        17,014  

Kimberly-Clark de Mexico SAB de CV, Class A

      12,691        18,769  

La Comer SAB de CV*

      3,472        3,538  

Macquarie Mexico Real Estate Management SA de CV REIT*

      6,713        5,873  

Megacable Holdings SAB de CV, Series CPO

      2,425        11,105  

Mexichem SAB de CV

      8,750        20,454  

PLA Administradora Industrial S de RL de CV REIT

      6,310        8,076  

Prologis Property Mexico SA de CV REIT

      3,005        4,898  

Promotora y Operadora de Infraestructura SAB de CV

      1,909        16,934  

Qualitas Controladora SAB de CV

      1,340        2,908  

Rassini SAB de CV

      316        1,271  

Regional SAB de CV

      1,924        8,299  

Telesites SAB de CV*

      11,036        6,889  

TV Azteca SAB de CV, Series CPO

      8,030        943  

Unifin Financiera SAB de CV SOFOM ENR (a)

      772        1,646  

Wal-Mart de Mexico SAB de CV

      43,435        107,468  
     

 

 

  
            1,221,379  
     

 

 

  
Peru — 13.0%              

Alicorp SAA

      7,195        21,903  

BBVA Banco Continental SA

      4,948        5,718  

Bolsa de Valores de Lima SAA, Class A

      1,350        1,165  

Casa Grande SAA

      388        468  

Cementos Pacasmayo SAA

      2,448        4,703  

Cia de Minas Buenaventura SAA, ADR

      1,905        26,937  

Cia Minera Atacocha SAA, Class B*

      3,194        335  

Credicorp Ltd.

      729        159,862  

Enel Distribucion Peru SAA

      1,466        2,331  

Ferreycorp SAA

      9,134        6,317  

Grana y Montero SAA*

      6,054        3,722  

Hochschild Mining PLC

      2,617        5,401  

InRetail Peru Corp., 144A*

      324        9,461  

Intercorp Financial Services, Inc.

      299        12,110  

Luz del Sur SAA

      1,116        3,463  

Minsur SA*

      11,016        4,623  

Nexa Resources Peru SAA, Class P*

      1,340        1,552  
    

Number
of Shares

     

Value

  
Peru (Continued)              

Refineria La Pampilla SAA Relapasa*

      8,044      $ 323  

Sociedad Minera Cerro Verde SAA

      240        5,203  

Southern Copper Corp. (a)

      908        30,400  

Union Andina de Cementos SAA

      6,606        4,686  

Volcan Cia Minera SAA

      28,002        6,207  
     

 

 

  
            316,890  
     

 

 

  
United States — 0.1%              

Tahoe Resources, Inc.*

      936        3,310  
     

 

 

  

TOTAL COMMON STOCKS
(Cost $2,354,097)

         2,276,838  
     

 

 

  
PREFERRED STOCKS — 6.7%              
Chile — 2.4%      

Coca-Cola Embonor SA, Class B

      1,750        4,165  

Embotelladora Andina SA, Class B

      2,401        8,466  

Sociedad Quimica y Minera de Chile SA, Class B

      1,026        45,395  
     

 

 

  
            58,026  
     

 

 

  
Colombia — 4.2%              

Banco Davivienda SA

      1,133        11,380  

Bancolombia SA

      5,116        50,910  

Cementos Argos SA

      2,416        4,499  

Grupo Argos SA

      2,376        9,819  

Grupo Aval Acciones y Valores SA

      43,247        13,824  

Grupo de Inversiones Suramericana SA

      1,265        11,947  
     

 

 

  
            102,379  
     

 

 

  
Panama — 0.1%              

Avianca Holdings SA

      3,870        2,480  
     

 

 

  

TOTAL PREFERRED STOCKS
(Cost $158,862)

         162,885  
     

 

 

  
RIGHTS — 0.0%      
Peru — 0.0%      

Grana y Montero SAA, expires 12/18/18*

      

(Cost $0)

      1,943        17  
     

 

 

  
SECURITIES LENDING COLLATERAL — 0.1%

 

   

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c)

      

(Cost $2,969)

      2,969        2,969  
     

 

 

  
CASH EQUIVALENTS — 0.1%

 

   

DWS Government Money Market Series “Institutional Shares”, 2.15% (b)

      

(Cost $1,322)

      1,322        1,322  
     

 

 

  

TOTAL INVESTMENTS — 100.1%

(Cost $2,517,250)

       $ 2,444,031  

Other assets and liabilities, net — (0.1%)

         (2,331 ) 
     

 

 

  

NET ASSETS — 100.0%

       $ 2,441,700  
     

 

 

  
 

 

See Notes to Financial Statements.   22  

DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Latin America Pacific Alliance ETF (Continued)

November 30, 2018 (Unaudited)

 

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2018 is as follows:

 

Value ($) at
10/30/2018
Commencement
of Operations

   Purchases
Cost ($)		     Sales
Proceeds ($)		     Net Realized
Gain/(Loss) ($)		     Net Change in
Unrealized
Appreciation
(Depreciation)
($)		     Income ($)     Capital Gain
Distributions
($)		     Number of
Shares at
11/30/2018		     Value ($) at
11/30/2018		  

SECURITIES LENDING COLLATERAL — 0.1%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.12% (b)(c)

 

—     2,969 (d)      —       —       —       2       —       2,969       2,969  

CASH EQUIVALENTS — 0.1%

 

DWS Government Money Market Series “Institutional Shares”, 2.15% (b)

 

   —     481,409       (480,087)          —          —       98          —       1,322       1,322  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   —     484,378       (480,087)          —          —       100          —       4,291       4,291  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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, 2018 amounted to $35,118, which is 1.4% of net assets.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $33,092.

(d)

Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2018

 

ADR:   American Depositary Receipt
CPO:   Ordinary Participation Certificates
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, 2018 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)

      $ 2,276,838        $   —        $   —        $ 2,276,838  

Preferred Stocks (e)

        162,885          —          —          162,885  

Rights

        17          —          —          17  

Short-Term Investments (e)

        4,291          —          —          4,291  
    

 

 

       

 

 

       

 

 

       

 

 

  

TOTAL

      $ 2,444,031        $ —        $ —        $ 2,444,031  
    

 

 

       

 

 

       

 

 

       

 

 

  

 

(e)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   23  

DBX ETF Trust

 

Statements of Assets and Liabilities

 

November 30, 2018 (Unaudited)

 

     Xtrackers Eurozone
Equity ETF		     Xtrackers Germany
Equity ETF		     Xtrackers Japan JPX-
Nikkei 400 Equity
ETF		     Xtrackers MSCI
Latin America
Pacific Alliance
ETF		  

Assets

         

Investments in non-affiliated securities at value

    $ 4,098,034     $ 1,920,356     $ 30,752,437     $ 2,439,740  

Investments in affiliated securities at value

      16,122       26,950       —       —  

Investment in DWS Government Money Market Series

      745       46       33,828       1,322  

Investment in DWS Government & Agency Securities Portfolio*

      172,788       —       15,860       2,969  

Foreign currency at value

      2,554       40       41,067       5,387  

Deposit with broker for futures contracts

      —       —       5,306       —  
Receivables:         

Investment securities sold

      —       —       10,357       110,500  

Variation margin on futures contracts

      —       —       925       —  

Dividends

      441       —       111,104       927  

Interest

      1       —       211       71  

Securities lending income

      67       —       26       4  

Foreign tax reclaim

      2,116       4,807       2,837       —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

    $ 4,292,868     $ 1,952,199     $ 30,973,958     $ 2,560,920  
  

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

         

Due to custodian

    $ —     $ —     $ 22     $ —  

Payable upon return of securities loaned

      172,788       —       15,860       2,969  

Payables:

         

Investment securities purchased

      —       —       —       115,333  

Investment advisory fees

      272       147       10,368       918  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

      173,060       147       26,250       119,220  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets, at value

    $ 4,119,808     $ 1,952,052     $ 30,947,708     $ 2,441,700  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets Consist of

         

Paid-in capital

    $ 4,822,786     $ 2,873,955     $ 49,642,606     $ 2,495,000  

Distributable earnings (loss)

      (702,978 )      (921,903 )      (18,694,898 )      (53,300 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Assets, at value

    $ 4,119,808     $ 1,952,052     $ 30,947,708     $ 2,441,700  
  

 

 

    

 

 

    

 

 

    

 

 

  

Number of Common Shares outstanding

      200,001       100,001       1,150,001       100,001  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value

    $ 20.60     $ 19.52     $ 26.91     $ 24.42  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investments in non-affiliated securities at cost

    $ 4,420,765     $ 2,323,576     $ 32,678,690     $ 2,512,959  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investments in affiliated securities at cost

    $ 23,836     $ 49,321     $ —     $ —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Value of securities loaned

    $ 149,734     $ —     $ 341,979     $ 35,118  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS Government Money Market Series at cost

    $ 745     $ 46     $ 33,828     $ 1,322  
  

 

 

    

 

 

    

 

 

    

 

 

  

Investment in DWS Government & Agency Securities Portfolio at cost*

    $ 172,788     $ —     $ 15,860     $ 2,969  
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-cash collateral for securities on loan

    $ —     $ —     $ 352,511     $ 33,092  
  

 

 

    

 

 

    

 

 

    

 

 

  

Foreign currency at cost

    $ 2,565     $ 41     $ 41,026     $ 5,375  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   24  

DBX ETF Trust

 

Statements of Operations

 

For the Six Months Ended November 30, 2018 (Unaudited)

 

     Xtrackers Eurozone
Equity ETF		     Xtrackers Germany
Equity ETF		     Xtrackers Japan JPX-
Nikkei 400 Equity
ETF		     Xtrackers MSCI
Latin America
Pacific Alliance
ETF(1)		  

Investment Income

         

Unaffiliated dividend income*

    $ 18,974     $ 2,580     $ 179,939     $ 9,450  

Income distributions from affiliated funds

      1       2       281       98  

Affiliated securities lending income

      355       —       492       2  

Unaffiliated securities lending income, net of borrower rebates

      —       —       —       2  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total investment income

      19,330       2,582       180,712       9,552  
  

 

 

    

 

 

    

 

 

    

 

 

  

Expenses

         

Investment advisory fees

      1,311       1,152       38,796       984  

Other expenses

      57       57       57       —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      1,368       1,209       38,853       984  

Less fees waived (see note 3):

         

Waiver

      (177 )      (172 )      (5,380 )      (4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net expenses

      1,191       1,037       33,473       980  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

      18,139       1,545       147,239       8,572  
  

 

 

    

 

 

    

 

 

    

 

 

  

Realized and Unrealized Gain (Loss)

         

Net realized gain (loss) from:

         

Investments

      (10,226 )      (15,620 )      (3,929,046 )      1,163  

Investments in affiliates

      —       (390 )      —       —  

In-kind redemptions

      —       —       (12,334,705 )      —  

Futures contracts

      (765 )      —       (80,120 )      —  

Foreign currency transactions

      (77 )      (22 )      (9,354 )      10,162  

Payments by affiliates (see note 7)

      —       —       117,653       —  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

      (11,068 )      (16,032 )      (16,235,572 )      11,325  

Net change in unrealized appreciation (depreciation) on:

         

Investments

      (295,891 )      (293,123 )      (1,837,361 )      (73,219 ) 

Investments in affiliates

      (2,516 )      (4,123 )      —       —  

Futures contracts

      —       —       541       —  

Foreign currency translations

      (82 )      (147 )      1,976       22  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation)

      (298,489 )      (297,393 )      (1,834,844 )      (73,197 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

      (309,557 )      (313,425 )      (18,070,416 )      (61,872 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Increase (Decrease) in Net Assets Resulting from Operations

    $ (291,418 )    $ (311,880 )    $ (17,923,177 )    $ (53,300 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

*   Unaffiliated foreign tax withheld

    $ 3,378     $ 219     $ 29,791     $ 793  

 

(1)

For the period October 30, 2018 (commencement of operations) through November 30, 2018.

 

See Notes to Financial Statements.   25  

DBX ETF Trust

 

Statements of Changes in Net Assets

 

     Xtrackers Eurozone Equity ETF     Xtrackers Germany Equity ETF  
     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		     For the
Six Months Ended
November 30, 2018
(Unaudited)		     Year Ended
May 31, 2018		  

Increase (Decrease) in Net Assets from Operations

         

Net investment income (loss)

    $ 18,139     $ 73,278     $ 1,545     $ 65,004  

Net realized gain (loss)

      (11,068 )      35,234       (16,032 )      235,771  

Net change in net unrealized appreciation (depreciation)

      (298,489 )      (90,620 )      (297,393 )      (188,755 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      (291,418 )      17,892       (311,880 )      112,020  
  

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Shareholders

      (54,228 )      (39,480 )*      (47,457 )      (43,413 )* 
  

 

 

    

 

 

    

 

 

    

 

 

  

Fund Shares Transactions

         

Proceeds from shares sold

      2,105,063       1,199,116       —       1,206,200  

Value of shares redeemed

      —       (1,211,441 )      —       (1,211,262 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

      2,105,063       (12,325 )      —       (5,062 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

      1,759,417       (33,913 )      (359,336 )      63,545  

Net Assets

         

Beginning of period

      2,360,391       2,394,304       2,311,388       2,247,843  
  

 

 

    

 

 

    

 

 

    

 

 

  

End of period

    $ 4,119,808     $ 2,360,391 **    $ 1,952,052     $ 2,311,388 ** 
  

 

 

    

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding

         

Shares outstanding, beginning of period

      100,001       100,001       100,001       100,001  

Shares sold

      100,000       50,000       —       50,000  

Shares redeemed

      —       (50,000 )      —       (50,000 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

      200,001       100,001       100,001       100,001  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Includes distributions from net investment income.

**

Includes undistributed net investment income of $49,311 and $47,451 respectively.

 

See Notes to Financial Statements.   26  

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, 2018
(Unaudited)		     Year Ended
May 31, 2018		     For the Period
October 30, 2018(1) to
November 30, 2018		  

Increase (Decrease) in Net Assets from Operations

       

Net investment income (loss)

    $ 147,239     $ 266,539     $ 8,572  

Net realized gain (loss)

      (16,235,572 )      (409,463 )      11,325  

Net change in net unrealized appreciation (depreciation)

      (1,834,844 )      (453,905 )      (73,197 ) 
  

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

      (17,923,177 )      (596,829 )      (53,300 ) 
  

 

 

    

 

 

    

 

 

  

Distributions to Shareholders

      (179,046 )      (232,909 )*      —  
  

 

 

    

 

 

    

 

 

  

Fund Shares Transactions

       

Proceeds from shares sold

      213,272,663       118,182,133       2,495,000  

Value of shares redeemed

      (292,072,176 )      —       —  
  

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from fund share transactions

      (78,799,513 )      118,182,133       2,495,000  
  

 

 

    

 

 

    

 

 

  

Total net increase (decrease) in Net Assets

      (96,901,736 )      117,352,395       2,441,700  

Net Assets

       

Beginning of period

      127,849,444       10,497,049       —  
  

 

 

    

 

 

    

 

 

  

End of period

    $ 30,947,708     $ 127,849,444 **    $ 2,441,700  
  

 

 

    

 

 

    

 

 

  

Changes in Shares Outstanding

       

Shares outstanding, beginning of period

      4,350,001       400,001       —  

Shares sold

      7,450,000       3,950,000       100,001  

Shares redeemed

      (10,650,000 )      —       —  
  

 

 

    

 

 

    

 

 

  

Shares outstanding, end of period

      1,150,001       4,350,001       100,001  
  

 

 

    

 

 

    

 

 

  

 

(1)

Commencement of Operations.

*

Includes distributions from net investment income.

**

Includes undistributed net investment income of $193,542.

 

See Notes to Financial Statements.   27  

DBX ETF Trust

 

Financial Highlights

 

Xtrackers Eurozone Equity ETF

Selected Per Share Data

    For the
Six Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Period Ended
5/31/2016 (a)		  

Net Asset Value, beginning of period

    $ 23.60     $ 23.94     $ 20.25     $ 25.00  
  

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:         

Net investment income (loss) (b)

      0.16       0.73       0.74       0.53  

Net realized and unrealized gain (loss)

      (2.62 )      (0.68 )      3.74       (4.99 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (2.46 )      0.05       4.48       (4.46 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:         

Net investment income

      (0.54 )      (0.39 )      (0.79 )      (0.29 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

      (0.54 )      (0.39 )      (0.79 )      (0.29 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

    $ 20.60     $ 23.60     $ 23.94     $ 20.25  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

      (10.66 )(c)**      0.22 (c)      23.01       (17.94 )** 

Ratios to Average Net Assets and Supplemental Data

         

Net Assets, end of period ($ millions)

      4       2       2       2  

Ratio of expenses before fee waiver (%)

      0.11 *      0.27       0.45       0.45 * 

Ratio of expenses after fee waiver (%)

      0.09 *      0.26       0.45       0.45 * 

Ratio of net investment income (loss) (%)

      1.44 *      3.01       3.62       3.18 * 

Portfolio turnover rate (%) (d)

      5 **      93       20       20 ** 

Xtrackers Germany Equity ETF

Selected Per Share Data

    For the
Six Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Period Ended
5/31/2016 (a)		  

Net Asset Value, beginning of period

    $ 23.11     $ 22.48     $ 19.49     $ 25.00  
  

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:         

Net investment income (loss) (b)

      0.02       0.65       0.76       0.46  

Net realized and unrealized gain (loss)

      (3.14 )      0.41       2.95       (5.75 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

      (3.12 )      1.06       3.71       (5.29 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:         

Net investment income

      (0.47 )      (0.43 )      (0.72 )      (0.22 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

      (0.47 )      (0.43 )      (0.72 )      (0.22 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

    $ 19.52     $ 23.11     $ 22.48     $ 19.49  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

      (13.76 )(c)**      4.79 (c)      19.70       (21.29 )** 

Ratios to Average Net Assets and Supplemental Data

         

Net Assets, end of period ($ millions)

      2       2       2       2  

Ratio of expenses before fee waiver (%)

      0.11 *      0.27       0.45       0.45 * 

Ratio of expenses after fee waiver (%)

      0.10 *      0.25       0.45       0.45 * 

Ratio of net investment income (loss) (%)

      0.14 *      2.71       3.89       2.76 * 

Portfolio turnover rate (%) (d)

      8 **      113       30       29 ** 

 

(a)

For the period August 19, 2015 (commencement of operations) through May 31, 2016.

(b)

Based on average shares outstanding during the period.

(c)

The Total Return would have been lower if certain fees 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.   28  

DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers Japan JPX-Nikkei 400 Equity ETF

Selected Per Share Data

   For the
Six Months Ended
11/30/2018
(Unaudited)		     Year Ended
5/31/2018		     Year Ended
5/31/2017		     Period Ended
5/31/2016 (a)		  

Net Asset Value, beginning of period

   $ 29.39     $ 26.24     $ 23.19     $ 25.00  
 

 

 

    

 

 

    

 

 

    

 

 

  
Income (loss) from investment operations:        

Net investment income (loss) (c)

     0.06       0.40       0.35       0.28  

Net realized and unrealized gain (loss)

     (2.50 )      3.30 (d)      3.04       (1.97 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (2.44 )      3.70       3.39       (1.69 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
Less distributions from:        

Net investment income

     (0.04 )      (0.55 )      (0.34 )      (0.12 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (0.04 )      (0.55 )      (0.34 )      (0.12 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Asset Value, end of period

   $ 26.91     $ 29.39     $ 26.24     $ 23.19  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Return (%)

     (8.31 )(e)(f)**      14.21 (e)      14.75       (6.78 )** 

Ratios to Average Net Assets and Supplemental Data

        

Net Assets, end of period ($ millions)

     31       128       10       19  

Ratio of expenses before fee waiver (%)

     0.10 *      0.21       0.40       0.40 * 

Ratio of expenses after fee waiver (%)

     0.09 *      0.18       0.40       0.40 * 

Ratio of net investment income (loss) (%)

     0.40 *      1.39       1.46       1.31 * 

Portfolio turnover rate (%) (g)

     113 **      78       22       8 ** 

Xtrackers MSCI Latin America Pacific Alliance ETF

Selected Per Share Data

   Period Ended
11/30/2018 (b)		                    

Net Asset Value, beginning of period

   $ 25.00        
 

 

 

        
Income (loss) from investment operations:        

Net investment income (loss) (c)

     0.09        

Net realized and unrealized gain (loss)

     (0.67 )       
 

 

 

        

Total from investment operations

     (0.58 )       
 

 

 

        

Net Asset Value, end of period

   $ 24.42        
 

 

 

        

Total Return (%)

     (2.32 )(e)**       

Ratios to Average Net Assets and Supplemental Data

        

Net Assets, end of period ($ millions)

     2        

Ratio of expenses before fee waiver (%)

     0.45 *       

Ratio of expenses after fee waiver (%)

     0.45 *       

Ratio of net investment income (loss) (%)

     3.92 *       

Portfolio turnover rate (%) (g)

     5 **       

 

(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 November 30, 2018.

(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)

The Total Return would have been lower if certain fees 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 0.16%.

(g)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   29  

DBX ETF Trust

 

Notes to Financial Statements (Unaudited)

 

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of November 30, 2018, the Trust consists of thirty-six 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 Germany Equity ETF

Xtrackers Japan JPX-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 Japan JPX-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”). Xtrackers Eurozone Equity ETF and Xtrackers Germany Equity ETF offer shares that are listed and traded on the Bats BZX Exchange, Inc. (“Bats BZX”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, 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 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 Germany Equity ETF   NASDAQ Germany Large Mid Cap Index
Xtrackers Japan JPX-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- and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union. The NASDAQ Eurozone Large Mid Cap Index which is rebalanced semi-annually in March and September.

The NASDAQ Germany Large Mid Cap Index is designed to track the performance of the German large and mid-capitalization equity market. The NASDAQ Germany Large Mid Cap Index is rebalanced semi-annually in March and September.

The JPX-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 (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The JPX-Nikkei 400 Net Total Return Index 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 each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.

 

30

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

Each Fund, except Xtrackers Japan JPX-Nikkei 400 Equity ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of such a 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.

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 Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

Security Valuation    The Net Asset Value (“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 Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

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

Investments in open-end investment companies are valued at their net asset value 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 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

 

31

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

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 net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.

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

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

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

Tax Information and Dividends and Distributions to Shareholders    It is 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 Germany Equity ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance ETF to pay out dividends from net investment income semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2018, the Funds did not incur any interest or penalties.

At May 31, 2018, 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

 

32

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

 

     Short-Term      Long-Term      Total Amount  

Xtrackers Eurozone Equity ETF

    $ 89,830      $ 244,788      $ 334,618  

Xtrackers Germany Equity ETF

      153,970        303,324        457,294  

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      16,036        143,718        159,754  

Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the year ended May 31, 2018, the Funds incurred and will elect to defer net capital losses as follows:

 

     Post-October
Losses on
Capital		  

Xtrackers Eurozone Equity ETF

    $ 3,518  

Xtrackers Germany Equity ETF

      20,370  

As of May 31, 2018, 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

    $ 2,502,529      $ (68,471 )    $ 114,190      $ (182,661 ) 

Xtrackers Germany Equity ETF

      2,437,024        (132,208 )      47,839        (180,047 ) 

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      128,261,858        (624,376 )      2,506,428        (3,130,804 ) 

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, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translation    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

 

33

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

agreement. During the period ended November 30, 2018, 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, 2018) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive 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 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, 2018, Xtrackers Eurozone Equity ETF had securities on loan, which were classified as Common Stocks in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining cash contractual maturity of the collateral agreements were overnight and continuous.

As of November 30, 2018, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI Latin America Pacific Alliance ETF had securities on loan, which were classified as Common Stocks in the Schedule of Investments. 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, 2018

  

Securities Lending Transaction

    Overnight and
Continuous		      <30 Days      Between 30 & 90
days		      >90 days      Total  

Xtrackers Japan JPX-Nikkei 400 Equity ETF

               

Common Stocks

    $ 15,860      $ —      $ 30,768      $ 321,743      $ 368,371  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gross amount of recognized liabilities for securities lending transactions

 

    $ 368,371  

Xtrackers MSCI Latin America Pacific Alliance ETF

 

Common Stocks

    $ 2,969      $ 104      $ 1,576      $ 31,412      $ 36,061  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gross amount of recognized liabilities for securities lending transactions

 

    $ 36,061  

As of November 30, 2018, Xtrackers Germany 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. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2018, Xtrackers Eurozone Equity ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

 

34

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, 2018 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, 2018 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

 

       

Asset Derivatives

     

Liability Derivatives

  
Xtrackers Japan JPX-Nikkei 400 Equity ETF       
  Equity contracts   Unrealized appreciation on futures contracts*   $ 3,940      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, 2018 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 Eurozone Equity ETF

    $ (765 ) 

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      (80,120 ) 

Net Change in Unrealized Appreciation (Depreciation) on:

  
     Futures Contracts —
Equity Contracts		  

Xtrackers Japan JPX-Nikkei 400 Equity ETF

    $ 541  

For the period ended November 30, 2018 the average monthly volume of derivatives was as follows:

 

     Futures Contracts
(Contract Value)		  

Xtrackers Eurozone Equity ETF

    $ 5,737  

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      127,733  

Affiliated Cash Management Vehicles    The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. 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

 

35

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

For its investment advisory services to the Xtrackers MSCI Latin America Pacific Alliance ETF, 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 0.45%.

For its investment advisory services to the Funds below, for the period from June 1, 2018 through July 16, 2018, the Advisor received a unitary management fee from each Fund 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

      0.15 % 

Xtrackers Germany Equity ETF

      0.15 % 

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      0.15 % 

For the period from June 1, 2018 through July 16, 2018, the Advisor had voluntarily agreed to waive a portion of its unitary management fee to the extent necessary to prevent the operating expenses of the Funds below, from exceeding 0.09% 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 from June 1, 2018 through July 16, 2018, the Advisor waived expenses of the Fund’s as follows:

 

     Expenses Waived  

Xtrackers Eurozone Equity ETF

    $ 177  

Xtrackers Germany Equity ETF

      172  

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      5,363  

Effective July 17, 2018, the Board of Trustees approved a reduction in the unitary management fee and accordingly terminated the Advisor’s voluntary expense limitation to the Funds below, at an annual rate equal to:

 

     Unitary
Management Fee		  

Xtrackers Eurozone Equity ETF

      0.09 % 

Xtrackers Germany Equity ETF

      0.09 % 

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      0.09 % 

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 from June 1, 2018 through November 30, 2018, the Advisor waived expenses of the Fund’s as follows:

 

     Expenses Waived  

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      17  

Xtrackers MSCI Latin America Pacific Alliance ETF

      4  

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, 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 four Trustees, including 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).

 

36

DBX ETF Trust

 

Notes to Financial Statements (Unaudited) (Continued)

 

4. Investment Portfolio Transactions

For the period ended November 30, 2018, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

     Purchases      Sales  

Xtrackers Eurozone Equity ETF

    $ 135,518      $ 168,976  

Xtrackers Germany Equity ETF

      170,421        214,677  

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      73,733,341        73,781,275  

Xtrackers MSCI Latin America Pacific Alliance ETF

      1,206,371        113,637  

For the period ended November 30, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

     Purchases      Sales  

Xtrackers Eurozone Equity ETF

    $ 2,104,827      $ —  

Xtrackers Japan JPX-Nikkei 400 Equity ETF

      212,898,357        291,518,138  

Xtrackers MSCI Latin America Pacific Alliance ETF

      1,419,061        —  

5. Fund Share Transactions

As of November 30, 2018, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. 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, 2018, 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 Germany Equity ETF

      75 % 

7. Payments by Affiliates

During the period ended November 30, 2018, the Advisor agreed to reimburse Xtrackers Japan JPX-Nikkei 400 Equity ETF $117,653 for a loss on a trade executed incorrectly. The amount compensated was 0.16% of the Fund’s average net assets.

 

37

DBX ETF Trust

 

Board Consideration in Approval of Investment Advisory Contract

(Unaudited)

 

Xtrackers MSCI Latin America Pacific Alliance ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 13, 2018, the Trustees, including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance1 of the Investment Advisory Agreement with respect to Xtrackers MSCI Latin America Pacific Alliance ETF (the “Fund”). The Independent Trustees were advised throughout the review and meetings by K&L Gates LLP (“Independent Trustee Counsel”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Fund and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Adviser”) and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Fund; (5) the extent to which economies of scale have been realized, and if the Fund’s shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.

The Board reached a determination, with the assistance of Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

Nature, Extent and Quality of Services.    The Board reviewed in detail the nature, extent and quality of services provided by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to this meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.

The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund. The Trustees took into consideration that tracking error for each Fund during the year was in an expected range.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising third party service providers to the Fund, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Fund’s compliance program.

Adviser’s Financial Resources.    In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and

 

38

DBX ETF Trust

 

Board Consideration in Approval of Investment Advisory Contract

(Unaudited) (Continued)

 

whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee.    The Board compared each Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is competitive with the fees of its peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer groups were appropriate. The Board considered that the fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the expenses of the Adviser in developing and rendering services provided to the Fund and the information provided by the Adviser to the Board regarding the Fund’s profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Fund, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although the Fund was profitable as of this time, the Adviser’s profitability with respect to the Fund was not excessive. The Board considered whether the Adviser would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund.

Economies of Scale.    The Board considered that the Fund had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board determined to revisit this matter after the Fund had attracted more assets.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

 

39

DBX ETF Trust

 

Additional Information (Unaudited)

 

Proxy Voting Policies and Procedures

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

Quarterly Portfolio Disclosure

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. 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. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

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 Bats BZX, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.Xtrackers.com.

 

40

DBX ETF Trust

 

Privacy Policy Notice (Unaudited)

 

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 adviser, 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.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

 

41

DBX ETF Trust

 

This report is intended for the shareholders of DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. 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. 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. Preferred stocks, a type of dividend-paying stock, present certain additional risks. 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. A 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. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Each Fund, except Xtrackers Japan JPX-Nikkei 400 Equity ETF, is non-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- and mid-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 Bats 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 Index are servicemarks of NASDAQ Inc. and have been licensed for use by DBX. The Funds or securities referenced to herein are not sponsored, endorsed, issued, sold or promoted by NASDAQ Inc. nor does this company make any representation regarding the advisability of investing in the Funds. NASDAQ Inc.’s only relationship to each Fund is in the licensing of its trade names and the use of each Underlying Index which is determined, composed and calculated by NASDAQ Inc. without regard to the Funds. The Funds’ prospectus contains a more detailed description of the limited relationship NASDAQ Inc. has with DBX and any related Funds.

The JPX-Nikkei 400 Total Return Index” (the “Index”) is copyrightable work calculated using such methodology independently developed by Japan Exchange Group, Inc. and Tokyo Stock Exchange, Inc. (hereinafter collectively called “JPX Group”) and Nikkei Inc. (hereinafter called “Nikkei”). JPX Group and Nikkei jointly own copyrights and any other intellectual property rights subsisting in “Index” itself and the methodology to calculate “Index”. JPN is not in any way sponsored, endorsed or promoted by JPX Group and Nikkei. JPX Group and Nikkei do not make any warranty or representation. JPX Group and Nikkei have no obligation to publish “Index” continuously and shall not be liable for any errors, delays or suspensions of the publication of “Index”.

The Funds or securities referred to herein are not sponsored, endorsed, 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 and any related Funds.

Copyright © 2018 DWS Group. All rights reserved. XtrackersTM is a trademark of Deutsche Asset Management International 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

345 Park Ave.

New York, NY 10154

  

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 1100

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-049074-3 (1/19) DBX003654 (1/20)

Item 2.

 Code of Ethics.

Not applicable.

 

Item 3.

 Audit Committee Financial Expert.

Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

 

Item 4.

 Principal Accountant Fees and Services.

Not applicable.

 

Item 5.

 Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.

 

Item 6.

 Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

 

(b)

Not applicable.

 

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 8.

 Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

Item 10.

 Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

 

Item 11.

 Controls and Procedures.

 

  (a)

The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

  (b)

There have been no changes in the registrant’s internal control over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

Item 12.

 Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

 

Item 13.

 Exhibits.

 

      (a)(1)    Not applicable.
      (a)(2)    Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
      (a)(3)    Not applicable.
      (a)(4)    Not applicable.
      (b)    Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)   DBX ETF Trust
By (Signature and Title)*   /s/ Freddi Klassen
  Freddi Klassen
  President and Chief Executive Officer

Date     February 1, 2019                    

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 1, 2019                    

 

By (Signature and Title)*   /s/ Michael Gilligan
  Michael Gilligan
  Treasurer, Chief Financial Officer and Controller

Date     February 1, 2019                    

* Print the name and title of each signing officer under his or her signature.