UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22487
DBX ETF Trust
(Exact name of registrant as specified in charter)
875 Third Avenue
New York, New York 10022
(Address of principal executive offices) (Zip code)
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 454-4500
Date of fiscal year end: May 31
Date of reporting period: November 30, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. | Reports to Stockholders. |
The Report to Shareholders is attached herewith.
November 30, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers Eurozone Equity ETF (EURZ)
Xtrackers International Real Estate ETF (HAUZ)
Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)
DBX ETF Trust
| Page | ||||
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| Portfolio Summary |
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| 3 | ||||
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| 5 | ||||
| 6 | ||||
| Schedules of Investments |
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| 7 | ||||
| 12 | ||||
| 21 | ||||
| 26 | ||||
| 27 | ||||
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| 30 | ||||
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To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for three of our sector ETFs for the period ended November 30, 2020.
The global economy started 2020 with hopes of easing US-China trade tensions; however, the pandemic unleashed a health and economic crisis unprecedented in scope and magnitude. Lockdowns and the closing of national borders paralyzed economic activity across the board, laying off millions of workers worldwide. Major economies started opening up by June, as the mortality rate seemed to fall with greater access to healthcare. Record levels of fiscal stimulus, sustained low-interest rates, and benign inflation created a supportive environment to fight the pandemic and minimize the impact of a catastrophic downturn.
The lockdowns, social distancing, associated disruptions in supply chains, and lower demand significantly reduced economic activity in Europe. At the beginning of the review period, the EU approved a €750 billion fund to help member states recover from the pandemic. In the last few months, coronavirus infections have started to resurface again, and most countries have implemented more lockdown restrictions. However, the new restrictions are more localised, rather than countrywide measures. Various European countries, including Germany, extended their furlough schemes, which are designed to support jobs through the crisis. The UK economy recovered some lost ground in Q3, following record contraction in Q2, and the GDP1 rose solidly in July and August, while retail sales were robust throughout the quarter. Meanwhile, France made the biggest recovery, on the back of government spending and household consumption.
Japan’s economy rebounded in Q3 after a severe decline in Q2. Prime minister Shinzo Abe resigned and was replaced by Yoshihide Suga; the change in leader had little impact on the market, as prime minister Yoshihide Suga has represented continuity and stability. Meanwhile, data showed that industrial production improved in September, especially in export-related sectors, such as automobiles, electronics, and machinery. The quarterly earnings reporting season turned out to be better than expected. Nevertheless, consumer prices were down in October versus a year earlier. The Bank of Japan has enhanced monetary easing since March, and these responses have had positive effects, coupled with the government’s measures and efforts by financial institutions. In November, prime minister Yoshihide Suga ordered the formulation of a supplementary budget for additional economic stimulus, in addition to a slate of measures announced earlier.
Global office leasing activity was much lower in Q3 than a year ago, but it was still an improvement on Q2. The retail and hospitality sectors remained the most affected. Globally, real estate debt markets continue to be supported by a low-interest-rate environment, government intervention, and diversification of lender profiles.
The global economy is climbing out from the depths to which it plummeted during the lockdown in the first half of 2020. Indicators show that, after an initial burst of pent-up demand, spending is progressing more slowly. Inflation is expected to remain low, meaning that central banks are unlikely to increase interest rates in a hurry. Recent news on the efficacy of potentially successful coronavirus vaccines has also come as welcome news, reducing the risk of renewed full-scale lockdowns and likely being supportive of global growth.
1
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Eurozone Equity ETF (EURZ)
The Xtrackers Eurozone Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of NASDAQ Eurozone Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union (the “EMU” or “Eurozone”) of the European Union (“EU”). It is not possible to invest directly into an index.
* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers International Real Estate ETF (HAUZ)
The Xtrackers International Real Estate ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the “Underlying Index”). The Underlying Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. It is not possible to invest directly into an index.
* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)
The Xtrackers Japan JPX-Nikkei 400 Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 21.
5
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value June 1, 2020 |
Ending Account Value November 30, 2020 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
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| Xtrackers Eurozone Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,247.30 | 0.09 | % | $ | 0.51 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.62 | 0.09 | % | $ | 0.46 | ||||||||
| Xtrackers International Real Estate ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,169.60 | 0.10 | % | $ | 0.54 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.57 | 0.10 | % | $ | 0.51 | ||||||||
| Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,181.50 | 0.09 | % | $ | 0.49 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.62 | 0.09 | % | $ | 0.46 | ||||||||
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
6
DBX ETF Trust
Schedule of Investments
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) |
Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
||||||||||||||||||||||||||||
| COMMON STOCKS — 0.5% |
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| Germany — 0.5% |
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| Deutsche Bank AG*(b) |
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| 16,067 | 1,560 | (9,750 | ) | 1,220 | 2,258 | — | — | 1,016 | 11,355 | |||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 0.0% |
|
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| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
|
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| 55,855 | — | (55,394 | )(e) | — | — | 430 | — | 461 | 461 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.0% |
|
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| DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
|
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| 187 | 46,253 | (46,080 | ) | — | — | — | — | 360 | 360 | |||||||||||||||||||||||||||
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| 72,109 | 47,813 | (111,224 | ) | 1,220 | 2,258 | 430 | — | 1,837 | 12,176 | |||||||||||||||||||||||||||
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| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $35,179, which is 1.5% of net assets. |
| (b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $36,671. |
| (e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| ADR: | American Depositary Receipt |
| REIT: | Real Estate Investment Trust |
| RSP: | Risparmio (Convertible Savings Shares) |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
| See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (f) |
$ | 2,318,558 | $ | — | $ | — | $ | 2,318,558 | ||||||||
| Preferred Stocks (f) |
46,357 | — | — | 46,357 | ||||||||||||
| Rights (f) |
982 | — | — | 982 | ||||||||||||
| Exchange-Traded Funds |
4,724 | — | — | 4,724 | ||||||||||||
| Short-Term Investments (f) |
821 | — | — | 821 | ||||||||||||
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| TOTAL |
$ | 2,371,442 | $ | — | $ | — | $ | 2,371,442 | ||||||||
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| (f) | See Schedule of Investments for additional detailed categorizations. |
| See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
||||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 5.4% |
| |||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) |
| |||||||||||||||||||||||||||||||||||
| 8,505,313 | 8,394,811 | (f) | — | — | — | 1,493 | — | 16,900,124 | 16,900,124 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.4% |
| |||||||||||||||||||||||||||||||||||
| DWS Government Money Market Series “Institutional Shares”, 0.04% (d) |
| |||||||||||||||||||||||||||||||||||
| 643,631 | 13,073,339 | (12,450,574 | ) | — | — | 227 | — | 1,266,396 | 1,266,396 | |||||||||||||||||||||||||||
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| 9,148,944 | 21,468,150 | (12,450,574 | ) | — | — | 1,720 | — | 18,166,520 | 18,166,520 | |||||||||||||||||||||||||||
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| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $19,722,948, which is 6.3% of net assets. |
| (b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (c) | Investment was valued using significant unobservable inputs. |
| (d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $4,979,386. |
| (f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| NVDR: | Non Voting Depositary Receipt |
| PJSC: | Public Joint Stock Company |
| REIT: | Real Estate Investment Trust |
| SAE: | Societe Anonyme Egyptienne |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At November 30, 2020, open futures contracts purchased were as follows:
| Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| MINI TOPIX Index Futures |
JPY | 18 | $ | 280,081 | $ | 303,035 | 12/10/2020 | $ | 22,954 | |||||||||
| EURO STOXX 50 Futures |
EUR | 6 | 235,008 | 251,561 | 12/18/2020 | 16,553 | ||||||||||||
| E-Mini S&P 500 Futures |
USD | 2 | 335,775 | 362,320 | 12/18/2020 | 26,545 | ||||||||||||
| MINI HSI Index Futures |
HKD | 25 | 854,092 | 852,370 | 12/30/2020 | (1,722 | ) | |||||||||||
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| Total net unrealized appreciation |
$ | 64,330 | ||||||||||||||||
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For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| EUR | Euro |
| HKD | Hong Kong Dollar |
| JPY | Japanese Yen |
| USD | U.S. Dollar |
| See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers International Real Estate ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (g) |
$ | 309,987,683 | $ | — | $ | 27,510 | $ | 310,015,193 | ||||||||
| Preferred Stocks |
206,444 | — | — | 206,444 | ||||||||||||
| Rights (g) |
20,153 | 538 | 1,625 | 22,316 | ||||||||||||
| Warrants |
308 | — | — | 308 | ||||||||||||
| Exchange-Traded Funds |
861,245 | — | — | 861,245 | ||||||||||||
| Short-Term Investments (g) |
18,166,520 | — | — | 18,166,520 | ||||||||||||
| Derivatives (h) |
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| Futures Contracts |
66,052 | — | — | 66,052 | ||||||||||||
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| TOTAL |
$ | 329,308,405 | $ | 538 | $ | 29,135 | $ | 329,338,078 | ||||||||
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| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (h) |
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| Futures Contracts |
$ | (1,722 | ) | $ | — | $ | — | $ | (1,722 | ) | ||||||
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| TOTAL |
$ | (1,722 | ) | $ | — | $ | — | $ | (1,722 | ) | ||||||
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| (g) | See Schedule of Investments for additional detailed categorizations. |
| (h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the period ended November 30, 2020, the amount of transfers from Level 1 to Level 3 was $14,730. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.
| See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
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| SECURITIES LENDING COLLATERAL — 0.4% |
|
|||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b)(c) |
| |||||||||||||||||||||||||||||||||||
| 76,899 | — | (17,123 | )(d) | — | — | 38 | — | 59,776 | 59,776 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
| DWS Government Money Market Series “Institutional Shares”, 0.04% (b) |
| |||||||||||||||||||||||||||||||||||
| 56,879 | 329,954 | (367,001 | ) | — | — | 18 | — | 19,832 | 19,832 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 133,778 | 329,954 | (384,124 | ) | — | — | 56 | — | 79,608 | 79,608 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $53,012, which is 0.3% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $4,434. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
At November 30, 2020, open futures contracts purchased were as follows:
| Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||
| JPX-Nikkei 400 Index Futures |
JPY | 14 | $ | 203,824 | $ | 214,414 | 12/10/2020 | $ | 10,590 | |||||||||
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| JPY | Japanese Yen |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 15,603,758 | $ | — | $ | — | $ | 15,603,758 | ||||||||
| Short-Term Investments (e) |
79,608 | — | — | 79,608 | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Futures Contracts |
10,590 | — | — | 10,590 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 15,693,956 | $ | — | $ | — | $ | 15,693,956 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| See Notes to Financial Statements. | 25 |
DBX ETF Trust
November 30, 2020 (Unaudited)
| Xtrackers Eurozone Equity ETF |
Xtrackers International Real Estate ETF |
Xtrackers Japan JPX-Nikkei 400 Equity ETF |
||||||||||
| Assets |
||||||||||||
| Investment in non-affiliated securities at value |
$ | 2,359,266 | $ | 311,105,506 | $ | 15,603,758 | ||||||
| Investment in affiliated securities at value |
11,355 | — | — | |||||||||
| Investment in DWS Government Money Market Series |
360 | 1,266,396 | 19,832 | |||||||||
| Investment in DWS Government & Agency Securities Portfolio* |
461 | 16,900,124 | 59,776 | |||||||||
| Foreign currency at value |
912 | 357,025 | 270,645 | |||||||||
| Deposit with broker for futures contracts |
— | 150,668 | 10,393 | |||||||||
| Receivables: | ||||||||||||
| Investment securities sold |
43,227 | — | 544,147 | |||||||||
| Capital shares |
— | 774 | — | |||||||||
| Dividends |
73 | 906,254 | 89,615 | |||||||||
| Interest |
— | 8 | 1 | |||||||||
| Securities lending income |
26 | 27,071 | 126 | |||||||||
| Foreign tax reclaim |
1,522 | 74,885 | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Total assets |
$ | 2,417,202 | $ | 330,788,711 | $ | 16,598,293 | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities |
||||||||||||
| Payable upon return of securities loaned |
$ | 461 | $ | 16,900,124 | $ | 59,776 | ||||||
| Payables: | ||||||||||||
| Investment securities purchased |
41,399 | 505,797 | 630,572 | |||||||||
| Investment advisory fees |
167 | 24,276 | 1,133 | |||||||||
| Variation margin on futures contracts |
— | 23,129 | 6,521 | |||||||||
| Deferred foreign tax payable |
— | 20,463 | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities |
42,027 | 17,473,789 | 698,002 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 2,375,175 | $ | 313,314,922 | $ | 15,900,291 | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets Consist of |
||||||||||||
| Paid-in capital |
$ | 2,834,668 | $ | 314,378,544 | $ | 16,366,557 | ||||||
| Distributable earnings (loss) |
(459,493 | ) | (1,063,622 | ) | (466,266 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 2,375,175 | $ | 313,314,922 | $ | 15,900,291 | ||||||
|
|
|
|
|
|
|
|||||||
| Number of Common Shares outstanding |
100,001 | 11,900,001 | 500,001 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value |
$ | 23.75 | $ | 26.33 | $ | 31.80 | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in non-affiliated securities at cost |
$ | 2,321,727 | $ | 306,399,393 | $ | 14,492,530 | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in affiliated securities at cost |
$ | 10,909 | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Value of securities loaned |
$ | 35,179 | $ | 19,722,948 | $ | 53,012 | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in DWS Government Money Market Series at cost |
$ | 360 | $ | 1,266,396 | $ | 19,832 | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | 461 | $ | 16,900,124 | $ | 59,776 | ||||||
|
|
|
|
|
|
|
|||||||
| Non-cash collateral for securities on loan |
$ | 36,671 | $ | 4,979,386 | $ | 4,434 | ||||||
|
|
|
|
|
|
|
|||||||
| Foreign currency at cost |
$ | 908 | $ | 348,998 | $ | 270,158 | ||||||
|
|
|
|
|
|
|
|||||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 26 |
DBX ETF Trust
For the Six Months Ended November 30, 2020 (Unaudited)
| Xtrackers Eurozone Equity ETF |
Xtrackers International Real Estate ETF |
Xtrackers Japan JPX-Nikkei 400 Equity ETF |
||||||||||
| Investment Income |
||||||||||||
| Unaffiliated dividend income* |
$ | 18,538 | $ | 4,600,238 | $ | 147,529 | ||||||
| Income distributions from affiliated funds |
— | 227 | 18 | |||||||||
| Affiliated securities lending income |
430 | 1,493 | 38 | |||||||||
| Unaffiliated non-cash dividend income |
8,802 | 780,420 | — | |||||||||
| Unaffiliated securities lending income, net of borrower rebates |
— | 96,922 | 1,656 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total investment income |
27,770 | 5,479,300 | 149,241 | |||||||||
|
|
|
|
|
|
|
|||||||
| Expenses |
||||||||||||
| Investment advisory fees |
1,049 | 158,176 | 8,598 | |||||||||
| Other expenses |
57 | 57 | 57 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total expenses |
1,106 | 158,233 | 8,655 | |||||||||
|
|
|
|
|
|
|
|||||||
| Less fees waived (see note 3): |
||||||||||||
| Waiver |
— | (26,543 | ) | (11 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Net expenses |
1,106 | 131,690 | 8,644 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net investment income (loss) |
26,664 | 5,347,610 | 140,597 | |||||||||
|
|
|
|
|
|
|
|||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||
| Net realized gain (loss) from: |
||||||||||||
| Investments |
(30,768 | ) | (4,410,985 | ) | 267,826 | |||||||
| Investments in affiliates |
(614 | ) | — | — | ||||||||
| In-kind redemptions |
(77,665 | ) | — | 169,732 | ||||||||
| In-kind redemptions in affiliates |
1,834 | — | — | |||||||||
| Futures contracts |
— | 305,980 | 39,563 | |||||||||
| Foreign currency transactions |
157 | 73,663 | 8,618 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net realized gain (loss) |
(107,056 | ) | (4,031,342 | ) | 485,739 | |||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investments** |
621,075 | 40,812,406 | 2,385,711 | |||||||||
| Investments in affiliates |
2,258 | — | — | |||||||||
| Futures contracts |
— | (48,535 | ) | (25,076 | ) | |||||||
| Foreign currency translations |
79 | 4,275 | (874 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized appreciation (depreciation) |
623,412 | 40,768,146 | 2,359,761 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
516,356 | 36,736,804 | 2,845,500 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 543,020 | $ | 42,084,414 | $ | 2,986,097 | ||||||
|
|
|
|
|
|
|
|||||||
| * Unaffiliated foreign tax withheld |
$ | 3,659 | $ | 441,134 | $ | 16,378 | ||||||
| ** Net of change in deferred foreign taxes |
$ | — | $ | 20,463 | $ | — | ||||||
| See Notes to Financial Statements. | 27 |
DBX ETF Trust
| Xtrackers Eurozone Equity ETF |
Xtrackers International Real Estate ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 26,664 | $ | 68,735 | $ | 5,347,610 | $ | 4,765,148 | ||||||||
| Net realized gain (loss) |
(107,056 | ) | 50,428 | (4,031,342 | ) | (2,742,990 | ) | |||||||||
| Net change in net unrealized appreciation (depreciation) |
623,412 | (412,293 | ) | 40,768,146 | (35,011,942 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
543,020 | (293,130 | ) | 42,084,414 | (32,989,784 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders |
(42,401 | ) | (78,087 | ) | (3,646,848 | ) | (5,184,811 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 3,201,199 | 44,099,472 | 210,264,081 | ||||||||||||
| Value of shares redeemed |
(2,013,188 | ) | (1,051,853 | ) | — | (1,160,117 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(2,013,188 | ) | 2,149,346 | 44,099,472 | 209,103,964 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
(1,512,569 | ) | 1,778,129 | 82,537,038 | 170,929,369 | |||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
3,887,744 | 2,109,615 | 230,777,884 | 59,848,515 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 2,375,175 | $ | 3,887,744 | $ | 313,314,922 | $ | 230,777,884 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
200,001 | 100,001 | 10,100,001 | 2,150,001 | ||||||||||||
| Shares sold |
— | 150,000 | 1,800,000 | 8,000,000 | ||||||||||||
| Shares redeemed |
(100,000 | ) | (50,000 | ) | — | (50,000 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
100,001 | 200,001 | 11,900,001 | 10,100,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 28 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
||||||||
| For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
|||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||
| Net investment income (loss) |
$ | 140,597 | $ | 585,771 | ||||
| Net realized gain (loss) |
485,739 | (887,108 | ) | |||||
| Net change in net unrealized appreciation (depreciation) |
2,359,761 | 2,036,582 | ||||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets resulting from operations |
2,986,097 | 1,735,245 | ||||||
|
|
|
|
|
|||||
| Distributions to Shareholders |
(223,136 | ) | (744,817 | ) | ||||
|
|
|
|
|
|||||
| Fund Shares Transactions |
||||||||
| Proceeds from shares sold |
— | — | ||||||
| Value of shares redeemed |
(8,615,486 | ) | (8,954,339 | ) | ||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(8,615,486 | ) | (8,954,339 | ) | ||||
|
|
|
|
|
|||||
| Total net increase (decrease) in Net Assets |
(5,852,525 | ) | (7,963,911 | ) | ||||
| Net Assets |
||||||||
| Beginning of period |
21,752,816 | 29,716,727 | ||||||
|
|
|
|
|
|||||
| End of period |
$ | 15,900,291 | $ | 21,752,816 | ||||
|
|
|
|
|
|||||
| Changes in Shares Outstanding |
||||||||
| Shares outstanding, beginning of period |
800,001 | 1,150,001 | ||||||
| Shares sold |
— | — | ||||||
| Shares redeemed |
(300,000 | ) | (350,000 | ) | ||||
|
|
|
|
|
|||||
| Shares outstanding, end of period |
500,001 | 800,001 | ||||||
|
|
|
|
|
|||||
| See Notes to Financial Statements. | 29 |
DBX ETF Trust
| Xtrackers Eurozone Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | Period Ended 5/31/2016(a) |
|||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 19.44 | $ | 21.10 | $ | 23.60 | $ | 23.94 | $ | 20.25 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income |
0.25 | 0.32 | 0.65 | 0.73 | 0.74 | 0.53 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
4.48 | (1.37 | ) | (2.52 | ) | (0.68 | ) | 3.74 | (4.99 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
4.73 | (1.05 | ) | (1.87 | ) | 0.05 | 4.48 | (4.46 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
(0.42 | ) | (0.61 | ) | (0.63 | ) | (0.39 | ) | (0.79 | ) | (0.29 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.42 | ) | (0.61 | ) | (0.63 | ) | (0.39 | ) | (0.79 | ) | (0.29 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 23.75 | $ | 19.44 | $ | 21.10 | $ | 23.60 | $ | 23.94 | $ | 20.25 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
24.73 | ** | (5.29 | ) | (8.09 | )(c) | 0.22 | (c) | 23.01 | (17.94 | )** | |||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
2 | 4 | 2 | 2 | 2 | 2 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.09 | * | 0.09 | 0.10 | 0.27 | 0.45 | 0.45 | * | ||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.09 | * | 0.09 | 0.09 | 0.26 | 0.45 | 0.45 | * | ||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.91 | * | 1.52 | 3.00 | 3.01 | 3.62 | 3.18 | * | ||||||||||||||||
| Portfolio turnover rate (%)(d) |
7 | ** | 9 | 14 | 93 | 20 | 20 | ** | ||||||||||||||||
| Xtrackers International Real Estate ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 22.85 | $ | 27.84 | $ | 29.17 | $ | 26.22 | $ | 22.27 | $ | 27.90 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income |
0.49 | 0.84 | 1.14 | 0.68 | 0.56 | 0.63 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
3.35 | (4.74 | ) | (1.98 | ) | 3.01 | 3.89 | (4.19 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
3.84 | (3.90 | ) | (0.84 | ) | 3.69 | 4.45 | (3.56 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
(0.36 | ) | (1.09 | ) | (0.49 | ) | (0.74 | ) | (0.50 | ) | (1.09 | ) | ||||||||||||
| Net realized gains |
— | — | — | — | — | (0.98 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.36 | ) | (1.09 | ) | (0.49 | ) | (0.74 | ) | (0.50 | ) | (2.07 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 26.33 | $ | 22.85 | $ | 27.84 | $ | 29.17 | $ | 26.22 | $ | 22.27 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
16.96 | **(c) | (14.80 | )(c) | (2.78 | )(c) | 14.20 | 20.34 | (12.98 | ) | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
313 | 231 | 60 | 4 | 4 | 4 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.12 | * | 0.12 | 0.30 | 0.60 | 0.60 | 0.60 | |||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.10 | * | 0.10 | 0.28 | 0.60 | 0.60 | 0.60 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
3.76 | * | 3.21 | 4.25 | 2.40 | 2.34 | 2.64 | |||||||||||||||||
| Portfolio turnover rate (%)(d) |
5 | ** | 12 | 43 | 24 | 14 | 34 | |||||||||||||||||
| (a) | For the period August 19, 2015 (commencement of operations) through May 31, 2016. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 30 |
DBX ETF Trust
Financial Highlights (Continued)
| Xtrackers Japan JPX-Nikkei 400 Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | Period Ended 5/31/2016(a) |
|||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 27.19 | $ | 25.84 | $ | 29.39 | $ | 26.24 | $ | 23.19 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b) |
0.21 | 0.58 | 0.28 | 0.40 | 0.35 | 0.28 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
4.68 | 1.47 | (3.62 | ) | 3.30 | 3.04 | (1.97 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
4.89 | 2.05 | (3.34 | ) | 3.70 | 3.39 | (1.69 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
(0.28 | ) | (0.70 | ) | (0.21 | ) | (0.55 | ) | (0.34 | ) | (0.12 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.28 | ) | (0.70 | ) | (0.21 | ) | (0.55 | ) | (0.34 | ) | (0.12 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 31.80 | $ | 27.19 | $ | 25.84 | $ | 29.39 | $ | 26.24 | $ | 23.19 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
18.15 | **(c) | 7.87 | (c) | (11.35 | )(c)(d) | 14.21 | (c) | 14.75 | (6.78 | )** | |||||||||||||
| Ratios to Average Net Assets and |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
16 | 22 | 30 | 128 | 10 | 19 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.09 | * | 0.09 | 0.10 | 0.21 | 0.40 | 0.40 | * | ||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.09 | * | 0.09 | 0.09 | 0.18 | 0.40 | 0.40 | * | ||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.47 | * | 2.14 | 1.00 | 1.39 | 1.46 | 1.31 | * | ||||||||||||||||
| Portfolio turnover |
12 | ** | 12 | 149 | 78 | 22 | 8 | ** | ||||||||||||||||
| (a) | For the period June 24, 2015 (commencement of operations) through May 31, 2016. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.22%. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 31 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2020, the Trust consists of thirty-three investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
| Xtrackers Eurozone Equity ETF |
| Xtrackers International Real Estate ETF |
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Xtrackers Eurozone Equity ETF offers shares that are listed and traded on the Cboe BZX Exchange (“Cboe”). Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
| Fund |
Underlying Index | |
| Xtrackers Eurozone Equity ETF | NASDAQ Eurozone Large Mid Cap Index | |
| Xtrackers International Real Estate ETF | iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index | |
| Xtrackers Japan JPX-Nikkei 400 Equity ETF | JPX-Nikkei 400 Net Total Return Index |
The NASDAQ Eurozone Large Mid Cap Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union. The NASDAQ Eurozone Large Mid Cap Index is rebalanced semi-annually in March and September.
The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is a free-float capitalization weighted index designed to measure the performance of international real estate securities of issuers incorporated outside the United States, Pakistan and Vietnam. The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is rebalanced quarterly.
The JPX-Nikkei Index 400 Net Total Return Index is designed to reflect the performance of the Japanese stock market, specifically companies which are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The JPX-Nikkei Index 400 Total Return Index is rebalanced annually.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund is a diversified series of the Trust. In addition, each Fund, with the exception of Xtrackers International Real Estate ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
32
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
33
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Eurozone Equity ETF, Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF to pay out dividends from its net investment income semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2020, the Funds did not incur any interest or penalties.
At May 31, 2020, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| Short-Term | Long-Term | Total Amount | ||||||||||
| Xtrackers Eurozone Equity ETF |
$ | 108,073 | $ | 283,166 | $ | 391,239 | ||||||
| Xtrackers International Real Estate ETF |
783,108 | 137,042 | 920,150 | |||||||||
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
1,587,277 | 353,471 | 1,940,748 | |||||||||
34
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
As of May 31, 2020, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
| Aggregate Tax Cost |
Net Unrealized Appreciation (Depreciation) |
Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized (Depreciation) |
|||||||||||||
| Xtrackers Eurozone Equity ETF |
$ | 4,547,918 | $ | (608,597 | ) | $ | 231,441 | $ | (840,038 | ) | ||||||
| Xtrackers International Real Estate ETF |
279,831,803 | (41,764,724 | ) | 4,764,563 | (46,529,287 | ) | ||||||||||
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
23,053,365 | (1,514,387 | ) | 2,035,819 | (3,550,206 | ) | ||||||||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2020, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of November 30, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
35
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
As of November 30, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
| Remaining Contractual Maturity of the Agreements, as of November 30, 2020 |
||||||||||||||||||||
| Securities Lending Transactions | Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
| Xtrackers Eurozone Equity ETF |
||||||||||||||||||||
| Common Stocks |
$ | 461 | $ | — | $ | 94 | $ | 36,577 | $ | 37,132 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 37,132 | |||||||||||||||||
| Xtrackers International Real Estate ETF |
||||||||||||||||||||
| Common Stocks |
$ | 16,688,924 | $ | 13,846 | $ | 142,966 | $ | 4,822,574 | $ | 21,668,310 | ||||||||||
| Exchange-Traded Funds |
211,200 | — | — | — | 211,200 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Borrowings |
$ | 16,900,124 | $ | 13,846 | $ | 142,966 | $ | 4,822,574 | $ | 21,879,510 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 21,879,510 | |||||||||||||||||
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
||||||||||||||||||||
| Common Stocks |
$ | 59,776 | $ | — | $ | 337 | $ | 4,097 | $ | 64,210 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 64,210 | |||||||||||||||||
Derivatives
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2020, Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2020 is included in a table following the Funds’ Schedule of Investments.
36
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
| Asset Derivatives |
Liability Derivatives |
|||||||||||||
| Xtrackers International Real Estate ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts* | $ | 66,052 | Unrealized depreciation on futures contracts* | $ | 1,722 | ||||||||
| Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts* | $ | 10,590 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
| * | Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2020 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
| Net Realized Gain (Loss) from: |
||||
| Futures Contracts — Equity Contracts |
||||
| Xtrackers International Real Estate ETF |
$ | 305,980 | ||
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
39,563 | |||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||
| Futures Contracts — Equity Contracts |
||||
| Xtrackers International Real Estate ETF |
$ | (48,535 | ) | |
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
(25,076 | ) | ||
For the period ended November 30, 2020 the average monthly volume of derivatives was as follows:
| Futures Contracts (Contract Value) |
||||
| Xtrackers International Real Estate ETF |
$ | 1,726,386 | ||
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
170,868 | |||
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
37
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| Unitary Advisory Fee |
||||
| Xtrackers Eurozone Equity ETF |
0.09 | % | ||
| Xtrackers International Real Estate ETF |
0.12 | % | ||
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
0.09 | % | ||
The Advisor for Xtrackers International Real Estate ETF has contractually agreed, until September 30, 2021, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.10% of the Fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period ended November 30, 2020, the Advisor waived $26,363 of the expenses of the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2020, the Advisor waived expenses of the Funds as follows:
| Expenses Waived | ||||
| Xtrackers International Real Estate ETF |
$ | 180 | ||
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
11 | |||
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees. Each Fund is responsible for the payment of, interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| Purchases | Sales | |||||||
| Xtrackers Eurozone Equity ETF |
$ | 156,631 | $ | 174,918 | ||||
| Xtrackers International Real Estate ETF |
23,745,159 | 12,994,006 | ||||||
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
2,206,955 | 2,217,468 | ||||||
For the period ended November 30, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| Purchases | Sales | |||||||
| Xtrackers Eurozone Equity ETF |
$ | — | $ | 2,013,081 | ||||
| Xtrackers International Real Estate ETF |
35,074,476 | — | ||||||
| Xtrackers Japan JPX-Nikkei 400 Equity ETF |
— | 8,577,828 | ||||||
38
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
5. Fund Share Transactions
As of November 30, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate ETF and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at November 30, 2020.
7. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. A Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in a Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on each Fund and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.
39
DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
40
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
41
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Investing in foreign securities, particularly those of emerging markets, present certain risks such as currency fluctuations, political and economical changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. A fund that focuses its investments in Japan can be impacted by the events and developments in Japan, which can adversely affect performance. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
Nasdaq® and NASDAQ Eurozone Large Mid Cap Index are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by DBX Advisors LLC. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is the intellectual property (including registered trademarks) of STOXX Limited, Zug, Switzerland (“STOXX”), Deutsche Börse Group or their licensors, which is used under license. Xtrackers International Real Estate ETF is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the Index or its data.
The “JPX-Nikkei Index 400” is a copyrightable work calculated through such methodology as independently developed by Nikkei Inc. (hereinafter called “Nikkei”), and Tokyo Stock Exchange, Inc. (hereinafter called “TSE”) and Nikkei and TSE jointly own copyrights and any other intellectual property rights subsisting in the “JPX-Nikkei Index 400” itself and the methodology to calculate the “JPX-Nikkei Index 400.” The ownership of trademarks and any other intellectual property rights with respect to marks representing the “JPX-Nikkei Index 400 belong” to Nikkei, TSE and Japan Exchange Group, Inc. Nikkei and TSE have no obligation to publish the “JPX-Nikkei Index 400” continuously, and Nikkei and TSE shall not be liable for any errors, delays or suspension of the publication of the “JPXNikkei Index 400.” Nikkei and TSE shall have the right to make any changes in the “JPX-Nikkei Index 400” regarding the calculation methods, etc., and to discontinue the publication thereof.
The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related Funds.
Copyright © 2021 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Invesment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 |
Administrator, custodian, The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 |
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
| Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 |
Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
|||
R-049074-5 (1/21) DBX004708 (1/22)
November 30, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
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| 33 | ||||
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our Xtrackers MSCI EAFE Hedged Equity ETF for the period ended November 30, 2020.
As many economies tentatively reopened, the global economy started recovering from the depths to which it had plunged in April following the COVID-19 outbreak. The pandemic still dominates the global economic outlook, with the second wave of the coronavirus prompting renewed national lockdowns and tighter restrictions around the world. The US saw its economy improve rapidly, after the historic contraction earlier this year, led by pandemic-induced lockdowns. The US unemployment rate witnessed a steady decline from its June highs, although the jobless rate remains well above pre-pandemic levels. In response to the economic downturn, the Federal Reserve Board initiated an unprecedented stimulus rollout along with massive rate cuts. Associated disruptions in supply chains along with lower demand led to a record collapse in the Eurozone economic activity. Emerging markets were the hardest hit due to the pandemic, while China recovered faster than expected.
The European economy experienced a mixed recovery. The industrial output rose, but services Purchasing Managers’ Indexes (PMI1) fell into the contractionary territory and consumer confidence appeared downbeat. The continent witnessed a sharp decline in activity in its dominant services sector, which represents about three-quarters of overall economic activity. As a result, the unemployment rate surged in the Eurozone over the last two quarters. The French economy, which relies heavily on consumer services, saw a sharp decline in activity, along with a notable loss of industrial production growth in July–August, amid the emergence of the second wave of COVID-19 cases and subsequent lockdowns. Germany, being more dependent on manufacturing goods for export, continued to propel its economy alongside industrial production, which swung from contraction to expansion in just three months. The United Kingdom’s GDP2 rose solidly in Q2 2020, while retail sales were robust throughout the quarter. However, the recovery lost momentum in September and early in Q4 2020 due to the snapback of restrictions at home and abroad. At Brexit3 negotiations, both the EU and Britain are calling for the other to compromise on the three main issues of contention — fishing, state aid, and method of resolution for any future disputes.
Emerging markets continue to recover from a sharp drop in economic activity. Japan posted its first expansion in four quarters as exports and consumption improved, while progress in developing COVID-19 vaccines continued to lift global markets. The country welcomed its new leader Yoshihide Suga after former prime minister Shinzo Abe stepped down due to ill health. The Bank of Japan introduced a special deposit facility to strengthen the resilience of the regional financial system and is set to extend a range of measures aimed at easing corporate funding strains (caused by the spike in new COVID-19 cases) beyond March. On the other hand, China’s manufacturing PMI continues to expand, along with non-manufacturing and services PMIs, as the nation aims to move towards a more domestic-oriented growth as opposed to growth driven by external demand and exports. In Australia, business confidence coupled with a sizable contraction in merchandise exports indicated weak private sector activity. However, the announcement of the adoption of an expansionary budget for FY 2021 boosted consumer and business confidence significantly.
The COVID-19 pandemic has delivered one of the worst setbacks on the global economy since the Great Depression. Even with the US suffering its most rampant transmission yet and major nations in Europe finding themselves under another round of lockdown, there are few signs of a permanent economic scarring one might expect from such a sharp contraction.
1
Additionally, easing monetary and fiscal policies across the globe and the news around successful vaccine candidates are driving expectations of a faster global economic recovery.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.
2 GDP provides an economic snapshot of a country, used to estimate the size of an economy by summing he monetary value of all finished goods and services made within a country during a specific period.
3 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
The Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track developed market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
| Sector Diversification* as of November 30, 2020 |
| Financials |
16.4% | |||
| Industrials |
15.3% | |||
| Health Care |
13.2% | |||
| Consumer Discretionary |
12.3% | |||
| Consumer Staples |
11.1% | |||
| Information Technology |
8.7% | |||
| Materials |
7.6% | |||
| Communication Services |
5.2% | |||
| Utilities |
3.9% | |||
| Real Estate |
3.2% | |||
| Energy |
3.1% | |||
|
|
|
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| Total |
100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 5.
3
DBX ETF Trust
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most resent six-month period the Fund limited these expenses; had it not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value June 1, 2020 |
Ending Account Value November 30, 2020 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
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| Xtrackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,133.10 | 0.35 | % | $ | 1.87 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.31 | 0.35 | % | $ | 1.78 | ||||||||
(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
4
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 5 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
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| COMMON STOCKS — 0.1% |
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| Germany — 0.1% |
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| Deutsche Bank AG (c) |
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| 4,873,841 | — | (1,085,535 | ) | (2,657,781 | ) | 4,079,830 | — | — | 467,514 | 5,210,355 | ||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 0.3% |
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| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (e) (f) |
| |||||||||||||||||||||||||||||||||||
| 56,545,490 | — | (46,145,479 | )(g) | — | — | 6,840 | — | 10,400,011 | 10,400,011 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 1.0% |
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| DWS ESG Liquidity Fund “Capital Shares”, 0.18% (e) |
| |||||||||||||||||||||||||||||||||||
| 36,319,577 | 46,840 | – | — | (14,522 | ) | 48,638 | — | 36,351,895 | 36,351,895 | |||||||||||||||||||||||||||
| DWS Government Money Market Series “Institutional Shares”, 0.04% (e) |
| |||||||||||||||||||||||||||||||||||
| 21,017,231 | 544,688,079 | (565,705,310 | ) | — | — | 9,338 | — | — | — | |||||||||||||||||||||||||||
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| 118,756,139 | 544,734,919 | (612,936,324 | ) | (2,657,781 | ) | 4,065,308 | 64,816 | — | 47,219,420 | 51,962,261 | ||||||||||||||||||||||||||
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| * | Non-income producing security. |
| (a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $10,925,588, which is 0.3% of net assets. |
| (c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (d) | Investment was valued using significant unobservable inputs. |
| (e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $4,467,264. |
| (g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| ADR: | American Depositary Receipt |
| CDI: | Chess Depositary Interest |
| REIT: | Real Estate Investment Trust |
| RSP: | Risparmio (Convertible Savings Shares) |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
| See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
At November 30, 2020, open futures contracts purchased were as follows:
| Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
| AMSTERDAM Index Futures |
EUR | 50 | $ | 7,150,972 | $ | 7,224,981 | 12/18/2020 | $ | 74,009 | |||||||||||||
| CAC40 10 EURO Futures |
EUR | 215 | 13,995,119 | 14,128,548 | 12/18/2020 | 133,429 | ||||||||||||||||
| DAX Index Futures |
EUR | 27 | 10,523,931 | 10,734,588 | 12/18/2020 | 210,657 | ||||||||||||||||
| FTSE/MIB Index Futures |
EUR | 2 | 214,294 | 263,083 | 12/18/2020 | 48,789 | ||||||||||||||||
| FTSE 100 Index Futures |
GBP | 145 | 11,716,036 | 12,163,838 | 12/18/2020 | 447,802 | ||||||||||||||||
| HANG SENG Index Futures |
HKD | 22 | 3,761,770 | 3,751,130 | 12/30/2020 | (10,640 | ) | |||||||||||||||
| IBEX 35 Index Futures |
EUR | 42 | 3,964,280 | 4,039,493 | 12/18/2020 | 75,213 | ||||||||||||||||
| MSCI EAFE Futures |
USD | 32 | 2,967,456 | 3,252,800 | 12/18/2020 | 285,344 | ||||||||||||||||
| OMXS30 Index Futures |
SEK | 200 | 4,464,890 | 4,460,236 | 12/18/2020 | (4,654 | ) | |||||||||||||||
| SPI 200 Futures |
AUD | 60 | 6,494,862 | 7,188,921 | 12/17/2020 | 694,059 | ||||||||||||||||
| SWISS MKT IX Futures |
CHF | 100 | 11,486,129 | 11,560,935 | 12/18/2020 | 74,806 | ||||||||||||||||
| TOPIX Index Futures |
JPY | 166 | 25,871,079 | 27,913,123 | 12/10/2020 | 2,042,044 | ||||||||||||||||
|
|
|
|||||||||||||||||||||
| Total net unrealized appreciation |
$ | 4,070,858 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||||
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive | Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
12/3/2020 | AUD | 116,981,842 | USD | 82,162,314 | $ | — | $ | (3,711,516 | ) | ||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | AUD | 138,082,300 | USD | 96,980,377 | — | (4,382,840 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | AUD | 66,850,600 | USD | 46,952,719 | — | (2,120,854 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | CHF | 110,000,800 | USD | 120,118,502 | — | (944,911 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | CHF | 113,211,100 | USD | 123,620,503 | — | (976,065 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | CHF | 108,499,800 | USD | 118,479,183 | — | (932,277 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | DKK | 184,372,000 | USD | 28,864,998 | — | (684,025 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | DKK | 194,893,000 | USD | 30,511,577 | — | (723,632 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | DKK | 180,112,200 | USD | 28,198,201 | — | (668,111 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | EUR | 320,515,700 | USD | 373,593,741 | — | (8,777,757 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | EUR | 311,868,000 | USD | 363,503,361 | — | (8,551,531 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | EUR | 303,535,800 | USD | 353,801,025 | — | (8,313,650 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | GBP | 112,942,500 | USD | 146,059,726 | — | (4,518,986 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | GBP | 120,861,000 | USD | 156,298,593 | — | (4,837,327 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | GBP | 118,192,500 | USD | 152,849,141 | — | (4,729,046 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | HKD | 17,291,000 | USD | 2,229,588 | — | (1,219 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | HKD | 204,749,000 | USD | 26,401,079 | — | (14,718 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | HKD | 207,853,300 | USD | 26,801,514 | — | (14,786 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | HKD | 383,876,000 | USD | 49,498,217 | — | (27,741 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | ILS | 8,966,300 | USD | 2,632,692 | — | (77,919 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | ILS | 11,086,900 | USD | 3,255,290 | — | (96,401 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | ILS | 16,488,100 | USD | 4,841,041 | — | (143,493 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | JPY | 31,252,284,300 | USD | 299,045,462 | — | (330,514 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | JPY | 32,132,688,600 | USD | 307,464,246 | — | (345,415 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | JPY | 31,727,853,300 | USD | 303,595,775 | — | (335,834 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | NOK | 27,831,400 | USD | 2,911,204 | — | (217,434 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | NOK | 22,921,200 | USD | 2,397,452 | — | (179,211 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | NOK | 113,290,200 | USD | 11,849,618 | — | (885,783 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | NZD | 5,881,200 | USD | 3,886,985 | — | (236,942 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | NZD | 5,240,400 | USD | 3,463,448 | — | (211,146 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | NZD | 5,538,600 | USD | 3,660,516 | — | (223,178 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | SEK | 331,091,400 | USD | 37,207,949 | — | (1,398,193 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | SEK | 352,772,300 | USD | 39,643,974 | — | (1,490,218 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | SEK | 341,923,800 | USD | 38,425,377 | — | (1,443,851 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | SGD | 17,304,000 | USD | 12,672,086 | — | (230,288 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | SGD | 17,227,600 | USD | 12,616,331 | — | (229,077 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | SGD | 16,739,200 | USD | 12,258,660 | — | (222,583 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 86,199,123 | AUD | 116,981,842 | — | (325,293 | ) | ||||||||||||||
| See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive | Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 97,179,389 | AUD | 131,884,900 | $ | — | $ | (365,548 | ) | ||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,227,605 | AUD | 1,679,300 | 5,132 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,234,071 | AUD | 1,694,300 | 9,678 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,060,295 | AUD | 2,823,800 | 12,595 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 49,259,399 | AUD | 66,850,600 | — | (185,826 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 3,016,319 | CHF | 2,745,400 | 5,182 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 97,777,576 | CHF | 88,515,400 | — | (360,318 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 20,464,637 | CHF | 18,740,000 | 160,016 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 121,430,686 | CHF | 109,931,200 | — | (443,873 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,792,407 | CHF | 1,632,700 | 4,491 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,822,471 | CHF | 1,647,200 | — | (9,614 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 119,852,862 | CHF | 108,499,800 | — | (441,403 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 29,630,539 | DKK | 184,372,000 | — | (81,516 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 782,269 | DKK | 4,906,800 | 4,137 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 464,813 | DKK | 2,918,100 | 2,867 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 29,590,036 | DKK | 184,124,000 | — | (80,759 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 467,854 | DKK | 2,944,100 | 3,993 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 28,945,777 | DKK | 180,112,200 | — | (79,465 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 63,676,691 | EUR | 54,628,000 | 1,493,877 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 9,184,494 | EUR | 7,730,600 | 38,022 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 308,814,493 | EUR | 258,157,100 | — | (836,079 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 5,453,600 | EUR | 4,597,500 | 31,164 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 362,008,518 | EUR | 302,632,100 | — | (971,947 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 5,488,948 | EUR | 4,638,400 | 44,609 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 363,089,524 | EUR | 303,535,800 | — | (974,850 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 23,322,813 | GBP | 18,034,000 | 720,718 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 126,708,352 | GBP | 94,908,500 | — | (173,171 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,316,042 | GBP | 1,742,200 | 6,717 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 156,682,937 | GBP | 117,361,100 | — | (213,200 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,311,358 | GBP | 1,757,700 | 32,066 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 3,888,999 | GBP | 2,929,500 | 16,708 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 153,882,790 | GBP | 115,263,000 | — | (210,310 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 28,641,084 | HKD | 222,040,000 | 5,521 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 26,811,132 | HKD | 207,853,300 | 5,168 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 920,820 | HKD | 7,138,300 | 131 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 47,495,582 | HKD | 368,209,500 | 9,155 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 552,452 | HKD | 4,283,000 | 121 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 547,656 | HKD | 4,245,200 | 40 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 2,712,991 | ILS | 8,966,300 | — | (2,380 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 3,354,635 | ILS | 11,086,900 | — | (2,943 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 56,917 | ILS | 192,300 | 1,218 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 95,791 | ILS | 320,500 | 1,100 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 57,126 | ILS | 190,600 | 494 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 4,776,112 | ILS | 15,784,700 | — | (4,223 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 299,713,680 | JPY | 31,252,284,300 | — | (337,704 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 4,673,389 | JPY | 485,158,100 | — | (25,899 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 7,862,467 | JPY | 815,790,700 | — | (47,738 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 4,728,911 | JPY | 489,474,400 | — | (40,073 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 290,983,125 | JPY | 30,342,265,400 | — | (324,522 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 284,012,969 | JPY | 29,615,168,300 | — | (319,469 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 20,216,650 | JPY | 2,112,685,000 | 21,459 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 3,142,480 | NOK | 27,831,400 | — | (13,842 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,588,036 | NOK | 22,921,200 | — | (11,373 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 12,435,128 | NOK | 110,132,000 | — | (54,754 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 94,041 | NOK | 863,400 | 3,017 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 95,036 | NOK | 855,800 | 1,168 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 160,160 | NOK | 1,439,000 | 1,603 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 101,207 | NZD | 146,100 | 1,239 | — | |||||||||||||||
| See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive | Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 59,396 | NZD | 87,700 | $ | 2,100 | $ | — | |||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 3,968,993 | NZD | 5,647,400 | — | (9,007 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 3,682,964 | NZD | 5,240,400 | — | (8,369 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 60,306 | NZD | 86,900 | 629 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 3,831,466 | NZD | 5,451,700 | — | (8,706 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 38,725,753 | SEK | 331,091,400 | — | (119,611 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 586,991 | SEK | 5,106,800 | 8,476 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 990,858 | SEK | 8,511,300 | 1,582 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 39,668,318 | SEK | 339,154,200 | — | (122,032 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 6,237,021 | SEK | 55,497,000 | 234,077 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 32,909,631 | SEK | 281,365,000 | — | (101,720 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 587,470 | SEK | 5,061,800 | 2,750 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 199,884 | SGD | 269,800 | 1,287 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 334,511 | SGD | 449,700 | 798 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 12,379,264 | SGD | 16,584,500 | — | (13,370 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 199,092 | SGD | 267,500 | 364 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 12,659,625 | SGD | 16,960,100 | — | (13,673 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 12,494,738 | SGD | 16,739,200 | — | (13,495 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | AUD | 116,981,842 | USD | 86,229,070 | 321,489 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | AUD | 131,884,900 | USD | 97,214,338 | 362,445 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | AUD | 33,982,000 | USD | 25,048,472 | 93,219 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | AUD | 66,850,600 | USD | 49,276,446 | 183,585 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | CHF | 88,515,400 | USD | 97,916,890 | 356,420 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CHF | 16,273,000 | USD | 18,000,230 | 64,351 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CHF | 109,931,200 | USD | 121,600,602 | 435,928 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | CHF | 108,499,800 | USD | 120,021,903 | 434,899 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | DKK | 184,372,000 | USD | 29,662,312 | 80,087 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | DKK | 184,124,000 | USD | 29,621,788 | 79,355 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | DKK | 180,112,200 | USD | 28,977,211 | 78,465 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | EUR | 258,157,100 | USD | 309,171,525 | 827,265 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | EUR | 106,536,000 | USD | 127,568,550 | 321,366 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | EUR | 302,632,100 | USD | 362,423,124 | 957,680 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | EUR | 303,535,800 | USD | 363,506,886 | 962,058 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | GBP | 42,544,000 | USD | 56,811,215 | 56,609 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | GBP | 94,908,500 | USD | 126,783,710 | 173,740 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | GBP | 117,361,100 | USD | 156,777,354 | 215,135 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | GBP | 115,263,000 | USD | 153,973,848 | 210,540 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | HKD | 222,040,000 | USD | 28,642,377 | — | (5,933 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | HKD | 95,798,000 | USD | 12,357,183 | — | (2,981 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | HKD | 207,853,300 | USD | 26,811,824 | — | (6,072 | ) | ||||||||||||||
| RBC Capital Markets |
1/6/2021 | HKD | 368,209,500 | USD | 47,497,114 | — | (10,451 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | ILS | 8,966,300 | USD | 2,713,463 | 2,303 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | ILS | 11,086,900 | USD | 3,355,061 | 2,690 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | ILS | 15,784,700 | USD | 4,776,403 | 3,548 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | JPY | 31,252,284,300 | USD | 299,960,497 | 337,629 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | JPY | 30,342,265,400 | USD | 291,224,987 | 326,679 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | JPY | 29,615,168,300 | USD | 284,247,402 | 319,942 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | JPY | 7,134,555,000 | USD | 68,476,521 | 75,894 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | NOK | 27,831,400 | USD | 3,143,103 | 13,797 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | NOK | 22,921,200 | USD | 2,588,620 | 11,408 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | NOK | 110,132,000 | USD | 12,437,759 | 54,744 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | NZD | 5,647,400 | USD | 3,969,196 | 8,958 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | NZD | 5,240,400 | USD | 3,683,161 | 8,332 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | NZD | 5,451,700 | USD | 3,831,673 | 8,669 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | SGD | 16,584,500 | USD | 12,379,541 | 13,458 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | SGD | 16,960,100 | USD | 12,658,775 | 12,629 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | SGD | 16,739,200 | USD | 12,494,831 | 13,397 | — | |||||||||||||||
| Citigroup Global Markets |
1/7/2021 | SEK | 331,091,400 | USD | 38,761,088 | 119,979 | — | |||||||||||||||
| See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive | Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
1/7/2021 | SEK | 118,693,000 | USD | 13,896,281 | $ | 43,825 | $ | — | |||||||||||||
| JP Morgan & Chase Co. |
1/7/2021 | SEK | 339,154,200 | USD | 39,704,308 | 122,204 | — | |||||||||||||||
| RBC Capital Markets |
1/7/2021 | SEK | 281,365,000 | USD | 32,939,659 | 102,033 | — | |||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total unrealized appreciation (depreciation) |
$ | 10,712,223 | $ | (70,601,984 | ) | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (h) |
$ | 3,586,718,230 | $ | — | $ | 0 | $ | 3,586,718,230 | ||||||||
| Preferred Stocks |
20,245,206 | — | — | 20,245,206 | ||||||||||||
| Rights (h) |
689,194 | 209 | — | 689,403 | ||||||||||||
| Warrants |
50,675 | — | — | 50,675 | ||||||||||||
| Short-Term Investments (h) |
46,751,906 | — | — | 46,751,906 | ||||||||||||
| Derivatives |
||||||||||||||||
| Forward Foreign Currency Contracts |
— | 10,712,223 | — | 10,712,223 | ||||||||||||
| Futures Contracts |
4,086,152 | — | — | 4,086,152 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 3,658,541,363 | $ | 10,712,432 | $ | 0 | $ | 3,669,253,795 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (i) |
||||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | (70,601,984 | ) | $ | — | $ | (70,601,984 | ) | ||||||
| Futures Contracts |
(15,294 | ) | — | — | (15,294 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | (15,294 | ) | $ | (70,601,984 | ) | $ | — | $ | (70,617,278 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| (h) | See Schedule of Investments for additional detailed categorizations. |
| (i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
| See Notes to Financial Statements. | 18 |
This Page is Intentionally Left Blank
19
DBX ETF Trust
November 30, 2020 (Unaudited)
| Xtrackers MSCI EAFE Hedged Equity ETF |
||||
| Assets |
||||
| Investment in non-affiliated securities at value |
$ | 3,602,493,159 | ||
| Investment in affiliated securities at value |
5,210,355 | |||
| Investment in DWS ESG Liquidity Fund |
36,351,895 | |||
| Investment in DWS Government & Agency Securities Portfolio* |
10,400,011 | |||
| Foreign currency at value |
7,490,886 | |||
| Receivable for return of collateral pledged for forward foreign currency contracts |
70,246,904 | |||
| Unrealized appreciation on forward foreign currency contracts |
10,712,223 | |||
| Deposit with broker for futures contracts |
9,337,057 | |||
| Receivables: | ||||
| Investment securities sold |
79,730,610 | |||
| Dividends |
8,452,551 | |||
| Interest |
139 | |||
| Securities lending income |
26,259 | |||
| Foreign tax reclaim |
9,307,343 | |||
|
|
|
|||
| Total assets |
$ | 3,849,759,392 | ||
|
|
|
|||
| Liabilities |
||||
| Due to custodian |
$ | 22,677,955 | ||
| Payable upon return of securities loaned |
10,400,011 | |||
| Unrealized depreciation on forward foreign currency contracts |
70,601,984 | |||
| Payables: | ||||
| Investment securities purchased |
22,826,623 | |||
| Investment advisory fees |
1,048,888 | |||
| Variation margin on futures contracts |
637,937 | |||
|
|
|
|||
| Total liabilities |
128,193,398 | |||
|
|
|
|||
| Net Assets, at value |
$ | 3,721,565,994 | ||
|
|
|
|||
| Net Assets Consist of |
||||
| Paid-in capital |
$ | 3,864,431,914 | ||
| Distributable earnings (loss) |
(142,865,920 | ) | ||
|
|
|
|||
| Net Assets, at value |
$ | 3,721,565,994 | ||
|
|
|
|||
| Number of Common Shares outstanding |
111,750,800 | |||
|
|
|
|||
| Net Asset Value |
$ | 33.30 | ||
|
|
|
|||
| Investment in non-affiliated securities at cost |
$ | 3,373,529,288 | ||
|
|
|
|||
| Investment in affiliated securities at cost |
$ | 15,483,516 | ||
|
|
|
|||
| Value of securities loaned |
$ | 10,925,588 | ||
|
|
|
|||
| Investment in DWS ESG Liquidity Fund at cost |
$ | 36,351,895 | ||
|
|
|
|||
| Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | 10,400,011 | ||
|
|
|
|||
| Non-cash collateral for securities on loan |
$ | 4,467,264 | ||
|
|
|
|||
| Foreign currency at cost |
$ | 7,107,591 | ||
|
|
|
|||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 20 |
DBX ETF Trust
For the Six Months Ended November 30, 2020 (Unaudited)
| Xtrackers MSCI EAFE Hedged Equity ETF |
||||
| Investment Income |
||||
| Unaffiliated interest income |
$ | 6,884 | ||
| Unaffiliated dividend income* |
35,932,724 | |||
| Income distributions from affiliated funds |
57,976 | |||
| Affiliated securities lending income |
6,840 | |||
| Unaffiliated non-cash dividend income |
4,861,866 | |||
| Unaffiliated securities lending income, net of borrower rebates |
384,754 | |||
|
|
|
|||
| Total investment income |
41,251,044 | |||
|
|
|
|||
| Expenses |
||||
| Investment advisory fees |
6,535,481 | |||
| Other expenses |
2,048 | |||
|
|
|
|||
| Total expenses |
6,537,529 | |||
|
|
|
|||
| Less fees waived (see note 3): |
||||
| Waiver |
(20,238 | ) | ||
|
|
|
|||
| Net expenses |
6,517,291 | |||
|
|
|
|||
| Net investment income (loss) |
34,733,753 | |||
|
|
|
|||
| Realized and Unrealized Gain (Loss) |
||||
| Net realized gain (loss) from: |
||||
| Investments |
(72,007,960 | ) | ||
| Investments in affiliates |
(1,037,693 | ) | ||
| In-kind redemptions |
27,941,702 | |||
| In-kind redemptions in affiliates |
(1,620,088 | ) | ||
| Futures contracts |
16,785,045 | |||
| Foreign currency transactions |
1,181,612 | |||
| Forward foreign currency contracts |
(155,753,042 | ) | ||
| Payments by Affiliates (see note 6) |
756 | |||
|
|
|
|||
| Net realized gain (loss) |
(184,509,668 | ) | ||
| Net change in unrealized appreciation (depreciation) on: | ||||
| Investments |
668,868,694 | |||
| Investments in affiliates |
4,065,308 | |||
| Futures contracts |
(5,236,739 | ) | ||
| Foreign currency translations |
1,015,100 | |||
| Forward foreign currency contracts |
(54,865,331 | ) | ||
|
|
|
|||
| Net change in unrealized appreciation (depreciation) |
613,847,032 | |||
|
|
|
|||
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
429,337,364 | |||
|
|
|
|||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 464,071,117 | ||
|
|
|
|||
| * Unaffiliated foreign tax withheld |
$ | 2,864,336 | ||
| See Notes to Financial Statements. | 21 |
DBX ETF Trust
| Xtrackers MSCI EAFE Hedged Equity ETF |
||||||||
| For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
|||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||
| Net investment income (loss) |
$ | 34,733,753 | $ | 99,734,732 | ||||
| Net realized gain (loss) |
(184,509,668 | ) | (53,828,366 | ) | ||||
| Net change in net unrealized appreciation (depreciation) |
613,847,032 | (143,224,625 | ) | |||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets resulting from operations |
464,071,117 | (97,318,259 | ) | |||||
|
|
|
|
|
|||||
| Distributions to Shareholders |
(47,269,581 | ) | (157,107,983 | ) | ||||
|
|
|
|
|
|||||
| Fund Shares Transactions |
||||||||
| Proceeds from shares sold |
— | 78,850,231 | ||||||
| Value of shares redeemed |
(525,753,989 | ) | (708,987,904 | ) | ||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(525,753,989 | ) | (630,137,673 | ) | ||||
|
|
|
|
|
|||||
| Total net increase (decrease) in Net Assets |
(108,952,453 | ) | (884,563,915 | ) | ||||
| Net Assets |
||||||||
| Beginning of period |
3,830,518,447 | 4,715,082,362 | ||||||
|
|
|
|
|
|||||
| End of period |
$ | 3,721,565,994 | $ | 3,830,518,447 | ||||
|
|
|
|
|
|||||
| Changes in Shares Outstanding |
||||||||
| Shares outstanding, beginning of period |
128,750,800 | 152,750,800 | ||||||
| Shares sold |
— | 2,400,000 | ||||||
| Shares redeemed |
(17,000,000 | ) | (26,400,000 | ) | ||||
|
|
|
|
|
|||||
| Shares outstanding, end of period |
111,750,800 | 128,750,800 | ||||||
|
|
|
|
|
|||||
| See Notes to Financial Statements. | 22 |
DBX ETF Trust
| Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 29.75 | $ | 30.87 | $ | 31.86 | $ | 30.68 | $ | 26.48 | $ | 30.75 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss) (a) |
0.29 | 0.66 | 0.91 | 0.80 | 0.74 | 0.76 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
3.63 | (0.76 | ) | (1.00 | ) | 1.33 | 4.18 | (4.03 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
3.92 | (0.10 | ) | (0.09 | ) | 2.13 | 4.92 | (3.27 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
(0.37 | ) | (1.02 | ) | (0.90 | ) | (0.95 | ) | (0.72 | ) | (0.88 | ) | ||||||||||||
| Net realized gains |
— | — | — | — | — | (0.12 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.37 | ) | (1.02 | ) | (0.90 | ) | (0.95 | ) | (0.72 | ) | (1.00 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 33.30 | $ | 29.75 | $ | 30.87 | $ | 31.86 | $ | 30.68 | $ | 26.48 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
13.31 | **(b) | (0.56 | )(b) | (0.14 | )(b) | 7.05 | 19.17 | (10.90 | ) | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
3,722 | 3,831 | 4,715 | 6,140 | 8,638 | 11,984 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.35 | * | 0.36 | 0.36 | 0.35 | 0.35 | 0.35 | |||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.35 | * | 0.36 | 0.36 | 0.35 | 0.35 | 0.35 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.73 | * | 2.10 | 2.93 | 2.57 | 2.72 | 2.82 | |||||||||||||||||
| Portfolio turnover rate (%) (c) |
3 | ** | 9 | 5 | 10 | 14 | 15 | |||||||||||||||||
| (a) | Based on average shares outstanding during the period. |
| (b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 23 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2020, the Trust consists of thirty-three investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust. The Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees (“Board”).
The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 200,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of shares may acquire those shares from the Fund or tender such shares for redemption to the Fund, in Creation Units only.
The investment objective of the Fund is to track the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).
MSCI is the creator of the MSCI EAFE US Dollar Hedged Index. The MSCI EAFE US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
The Underlying Index is rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
The Fund is entitled to use its Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Fund in connection with the licensing agreement.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund.
Security Valuation The NAV of the Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
24
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Investments in open-ended investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate the Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in
25
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the period ended November 30, 2020, the Fund did not incur any interest or penalties.
At May 31, 2020, for Federal income tax purposes, the Fund had capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| Short-Term | Long-Term | Total Amount | ||||||||||
| $ | 949,614 | $ | 119,877,054 | $ | 120,826,668 | |||||||
As of May 31, 2020, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
| Aggregate Tax Cost |
Net Unrealized Appreciation (Depreciation) |
Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized (Depreciation) |
|||||||||||||
| $ | 4,336,737,752 | $ | (482,694,717 | ) | $ | 534,603,420 | $ | (1,017,298,137 | ) | |||||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of November 30, 2020, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund is maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
26
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2020, the Fund invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of November 30, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2020, the Fund had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
| Remaining Contractual Maturity of the Agreements, as of November 30, 2020 |
||||||||||||||||||||
| Securities Lending Transactions | Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
| Common Stocks |
$ | 10,400,011 | $ | — | $ | 676,630 | $ | 3,790,634 | $ | 14,867,275 | ||||||||||
|
|
|
|||||||||||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 14,867,275 | |||||||||||||||||
Derivatives
Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2020, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 2020 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the period ended November 30, 2020.
Futures Contracts The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of
27
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2020, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time the Fund enters into a futures contract, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2020 is included in a table following the Fund’s Schedule of Investments.
The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
| Asset Derivatives |
Liability Derivatives |
|||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts* | $ | 4,086,152 | Unrealized depreciation on futures contracts* | $ | 15,294 | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 10,712,223 | Unrealized depreciation on forward foreign currency contracts | 70,601,984 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 14,798,375 | Total | $ | 70,617,278 | |||||||||
|
|
|
|
|
|||||||||||
| * | Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2020 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:
| Net Realized Gain (Loss) from: |
||||||||||
| Futures Contracts — Equity Contracts |
Forward Foreign Currency Contracts — Foreign Exchange Contracts |
Total | ||||||||
| $16,785,045 | $ | (155,753,042 | ) | $ | (138,967,997 | ) | ||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||
| Futures Contracts — Equity Contracts |
Forward Foreign Currency Contracts — Foreign Exchange Contracts |
Total | ||||||||
| $(5,236,739) | $ | (54,865,331 | ) | $ | (60,102,070 | ) | ||||
28
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For the period ended November 30, 2020 the average monthly volume of derivatives was as follows:
| Futures Contracts (Contract Value) |
Forward Foreign Currency Contracts (Contract Value) |
|||||||
| $ | 100,914,238 | $ | (3,624,799,198 | ) | ||||
As of November 30, 2020, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Other expenses on the Statement of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
| Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received(a) |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged(a) |
Net Amount of Derivatives Liabilities |
|||||||||||||||||||||||||
| Citigroup Global Markets |
$ | 5,105,685 | $ | (5,105,685 | ) | $ | — | $ | — | $ | 23,422,646 | $ | (5,105,685 | ) | $ | 18,316,961 | $ | — | ||||||||||||||
| JP Morgan & Chase Co. |
2,771,875 | (2,771,875 | ) | — | — | 24,728,265 | (2,771,875 | ) | 21,956,390 | $ | — | |||||||||||||||||||||
| RBC Capital Markets |
2,834,663 | (2,834,663 | ) | — | — | 22,451,073 | (2,834,663 | ) | 19,616,410 | $ | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 10,712,223 | $ | (10,712,223 | ) | $ | — | $ | — | $ | 70,601,984 | $ | (10,712,223 | ) | $ | 59,889,761 | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (a) | The actual collateral received or pledged may be more than amount shown. |
Affiliated Cash Management Vehicles The Fund may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV and DWS ESG Liquidity Fund maintains a floating NAV. The Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.
For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary advisory fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.
29
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The Advisor for the Fund has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period from June 1, 2020 through November 30, 2020, the Advisor waived $20,238 of expenses to the Fund.
Out of the unitary advisory fee, the Advisor pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. The Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for the Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Fund’s Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| Purchases | Sales | |||||||
| $ | 116,836,657 | $ | 362,277,769 | |||||
For the period ended November 30, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| Purchases | Sales | |||||||
| $ | — | $ | 511,078,075 | |||||
5. Fund Share Transactions
As of November 30, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Payments by Affiliates
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI EAFE Hedged Equity ETF $756 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
7. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread
30
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.
31
DBX ETF Trust
Proxy Voting Policies and Procedures
The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about the Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
32
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
33
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.
Copyright © 2021 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 |
Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 |
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
| Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 |
Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
|||
R-049078-5 (1/21) DBX004706 (1/22)
November 30, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)
Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
Xtrackers MSCI Europe Hedged Equity ETF (DBEU)
Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)
Xtrackers MSCI Germany Hedged Equity ETF (DBGR)
Xtrackers MSCI Japan Hedged Equity ETF (DBJP)
DBX ETF Trust
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To our Shareholders: (Unaudited)
Dear shareholder,
We are pleased to provide this semi-annual report of our six currency hedged equity ETFs for the period ended November 30, 2020.
Major economies globally saw a deceleration in the pace, if not the direction, of contraction in most economic and fundamental indicators, thanks to proactive administrators and central banks. While reported growth numbers recovered partially, equity markets have surpassed record levels as investors reacted positively to abundant liquidity and steady progress in the development of a COVID-19 vaccine. Leading central banks worldwide continued their support while hinting at sustaining a lenient policy until their respective economies transition steadily out of the recessionary phase. Emerging market equity indices outpaced developed markets’ over the reporting period on solid gains posted by major economies like China, India, Taiwan, and Korea.
The U.S. GDP1 recovered marginally by the end of the review period, as lockdown measures were eased and unemployment levels receded partially. Weekly unemployment benefits helped maintain basic consumer spending, while anchoring housing investment. The Federal Reserve Board (FRB) maintained the federal funds rate near zero levels to infuse liquidity into the economy and adopted an accommodative stance to bring inflation back to target levels. Access to cheap credit helped boost business and investor confidence, as it was expected to spur investments. Further, equity markets avoided volatility, as the outcome of the presidential elections was in line with early predictions, confirming Democratic leader Joe Biden as President elect.
The Eurozone GDP oscillated between record contraction and all-time-high expansion over the prior two quarters in response to the level of restrictions imposed across the economies. Strong domestic demand buoyed industrial and business investment. However, consumer confidence has yet to gain strength amid a second wave of COVID-19 cases. Despite record liquidity levels, inflation levels slipped into negative territory, weighed down by lower energy costs. In addition to the factors contributing to the Eurozone’s growth, Germany fortified its balance of trade position by increasing exports. By magnitude, France charted the biggest recovery, building on government and household consumption. The U.K. economy also reported sharp recoveries; however, most fundamental factors fell short of pre-pandemic levels. Meanwhile, Brexit2 negotiations during the period were back to their “no deal” inertia as administration at both ends faced an amped critical responsibility against their respective current economic backdrops.
Returning to normalcy after posting solid growth in the last quarter, China steadily shifted to a more balanced support base by adding a consumption pillar, along with the industrial sector, which has been the principal growth catalyst. Furthermore, the country positioned itself as the hub for medical equipment and medicinal raw materials, creating a new market subtly called “lockdown goods.” As a result, despite a restrictive trade environment, China’s exports were steadfast, growing through the period. Elsewhere, Japan’s economy faced uncertainties, as its renowned prime minister Shinzo Abe had resigned and was replaced by Yoshihide Suga. His persistence with abenomic policies shall aid him in gradually gaining the trust of the markets.
Governments and central banks have worked together to revitalize the economy to an extent. However, the economic drivers would require additional stimulus packages to reclaim pre-COVID-19 levels. Keeping the significance of the recovery in mind, governments have reassured further support, even in case of a second wave. In addition, prospects of an effective vaccine are expected to sustain the current momentum. Our team appreciates your trust and looks forward to continue serving your investment needs through innovative index-driven strategies.
1
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.
2 Brexit is a combination of words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
This Page is Intentionally Left Blank
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)
The Xtrackers MSCI All World ex US Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
| Sector Diversification* as of November 30, 2020 |
| Financials |
18.2% | |||
| Consumer Discretionary |
13.9% | |||
| Information Technology |
12.0% | |||
| Industrials |
11.7% | |||
| Health Care |
9.8% | |||
| Consumer Staples |
9.0% | |||
| Materials |
7.8% | |||
| Communication Services |
7.2% | |||
| Energy |
4.3% | |||
| Utilities |
3.4% | |||
| Real Estate |
2.7% | |||
|
|
|
|||
| Total |
100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 11.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
The Xtrackers MSCI Emerging Markets Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track emerging market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into and index.
| Sector Diversification* as of November 30, 2020 |
| Consumer Discretionary |
19.4% | |||
| Information Technology |
18.9% | |||
| Financials |
18.3% | |||
| Communication Services |
12.1% | |||
| Materials |
7.3% | |||
| Consumer Staples |
5.7% | |||
| Energy |
5.0% | |||
| Health Care |
4.6% | |||
| Industrials |
4.4% | |||
| Real Estate |
2.2% | |||
| Utilities |
2.1% | |||
|
|
|
|||
| Total |
100.0% |
* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 38.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Europe Hedged Equity ETF (DBEU)
The X-trackers MSCI Europe Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
| Sector Diversification* as of November 30, 2020 |
| Financials |
15.7% | |||
| Health Care |
14.8% | |||
| Industrials |
14.6% | |||
| Consumer Staples |
13.6% | |||
| Consumer Discretionary |
11.2% | |||
| Materials |
7.9% | |||
| Information Technology |
7.4% | |||
| Utilities |
5.0% | |||
| Energy |
4.4% | |||
| Communication Services |
4.0% | |||
| Real Estate |
1.4% | |||
|
|
|
|||
| Total |
100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 58.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)
The Xtrackers MSCI Eurozone Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
| Sector Diversification* as of November 30, 2020 |
| Industrials |
16.0% | |||
| Consumer Discretionary |
15.8% | |||
| Financials |
14.2% | |||
| Information Technology |
11.9% | |||
| Health Care |
8.3% | |||
| Consumer Staples |
7.7% | |||
| Materials |
7.4% | |||
| Utilities |
7.2% | |||
| Communication Services |
4.9% | |||
| Energy |
3.8% | |||
| Real Estate |
2.8% | |||
|
|
|
|||
| Total |
100.0% |
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 66.
7
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Germany Hedged Equity ETF (DBGR)
The Xtrackers MSCI Germany Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German equity market while mitigating exposure to fluctuations between the value of the US dollar and the euro. It is not possible to invest directly into an index.
* As a percent of total investments excluding exchange-traded funds and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 75.
8
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI Japan Hedged Equity ETF (DBJP)
The Xtrackers MSCI Japan Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the US dollar and Japanese yen. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 78.
9
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds limted these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value June 1, 2020 |
Ending Account Value November 30, 2020 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
|
|||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,168.80 | 0.40 | % | $ | 2.17 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.06 | 0.40 | % | $ | 2.03 | ||||||||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
|
|||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,263.70 | 0.65 | % | $ | 3.69 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
| Xtrackers MSCI Europe Hedged Equity ETF |
|
|||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,122.30 | 0.45 | % | $ | 2.39 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
|
|||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,174.20 | 0.45 | % | $ | 2.45 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Xtrackers MSCI Germany Hedged Equity ETF |
|
|||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,134.50 | 0.45 | % | $ | 2.41 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Xtrackers MSCI Japan Hedged Equity ETF |
|
|||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,146.70 | 0.45 | % | $ | 2.42 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
10
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
||||||||||||||||||||||||||||
| COMMON STOCKS — 0.1% |
|
|||||||||||||||||||||||||||||||||||
| Germany — 0.1% |
|
|||||||||||||||||||||||||||||||||||
| Deutsche Bank AG*(c) |
|
|||||||||||||||||||||||||||||||||||
| 82,252 | 2,541 | (10,755 | ) | 1,339 | 24,247 | — | — | 8,939 | 99,624 | |||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 0.6% |
|
|||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (e)(f) |
| |||||||||||||||||||||||||||||||||||
| 1,267,996 | — | (618,870 | )(g) | — | — | 230 | — | 649,126 | 649,126 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.1% |
|
|||||||||||||||||||||||||||||||||||
| DWS Government Money Market Series “Institutional Shares”, 0.04% (e) |
| |||||||||||||||||||||||||||||||||||
| 1,949,518 | 12,135,680 | (13,970,328 | ) | — | — | 461 | — | 114,870 | 114,870 | |||||||||||||||||||||||||||
|
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|
|||||||||||||||||||
| 3,299,766 | 12,138,221 | (14,599,953 | ) | 1,339 | 24,247 | 691 | — | 772,935 | 863,620 | |||||||||||||||||||||||||||
|
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| * | Non-income producing security. |
| (a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| (b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $989,664, which is 1.0% of net assets. |
| (c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (d) | Investment was valued using significant unobservable inputs. |
| (e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $414,032. |
| (g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| ADR: | American Depositary Receipt |
| CDI: | Chess Depositary Interest |
| CPO: | Ordinary Participation Certificates |
| GDR: | Global Depositary Receipt |
| JSC: | Joint Stock Company |
| KSC | Kuwait Shareholding Company |
| KSCP | Kuwait Shareholding Company Public |
| NVDR: | Non Voting Depositary Receipt |
| PJSC: | Public Joint Stock Company |
| PSQC | Public Shareholders Qatari Company |
| QPSC: | Qatari Public Shareholders Company |
| QSC: | Qatari Shareholders Company |
| REIT: | Real Estate Investment Trust |
| RSP: | Risparmio (Convertible Savings Shares) |
| SAE: | Societe Anonyme Egyptienne |
| SAQ: | Societe Anonyme Qatar |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At November 30, 2020, open futures contracts purchased were as follows:
| Contract Description |
Currency |
Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||
| MINI S&P/TSX 60 Futures |
CAD | 2 | $ | 74,322 | $ | 78,694 | 12/17/2020 | $ | 4,372 | |||||||||
| MSCI EAFE Futures |
USD | 15 | 1,428,515 | 1,524,750 | 12/18/2020 | 96,235 | ||||||||||||
| MSCI Emerging Markets Index Futures |
USD | 10 | 552,305 | 601,150 | 12/18/2020 | 48,845 | ||||||||||||
|
|
|
|||||||||||||||||
| Total unrealized appreciation |
$ | 149,452 | ||||||||||||||||
|
|
|
|||||||||||||||||
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | AUD | 2,959,200 | USD | 2,078,357 | $ | — | $ | (93,927 | ) | ||||||||||||
| RBC Capital Markets |
12/3/2020 | AUD | 2,762,500 | USD | 1,940,250 | — | (87,641 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | BRL | 3,906,200 | USD | 679,813 | — | (49,280 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | BRL | 3,423,100 | USD | 592,966 | — | (45,957 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | CAD | 3,056,900 | USD | 2,292,863 | — | (61,019 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | CAD | 2,502,100 | USD | 1,876,715 | — | (49,959 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | CAD | 2,656,500 | USD | 1,992,537 | — | (53,028 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | CHF | 2,375,700 | USD | 2,594,213 | — | (20,407 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | CHF | 1,772,600 | USD | 1,935,585 | — | (15,283 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | CHF | 1,797,100 | USD | 1,962,390 | — | (15,441 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | CLP | 102,090,400 | USD | 131,869 | — | (2,135 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | CLP | 13,480,400 | USD | 17,419 | — | (276 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | CNH | 10,170,800 | USD | 1,515,632 | — | (28,734 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | COP | 332,003,700 | USD | 86,022 | — | (6,284 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | COP | 23,380,500 | USD | 6,055 | — | (445 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | CZK | 1,161,500 | USD | 49,596 | — | (3,179 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | DKK | 3,108,000 | USD | 486,575 | — | (11,540 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | DKK | 6,595,100 | USD | 1,032,523 | — | (24,464 | ) | ||||||||||||||
| See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
12/3/2020 | EGP | 632,000 | USD | 39,792 | $ | — | $ | (463 | ) | ||||||||||||
| Citigroup Global Markets |
12/3/2020 | EUR | 5,008,500 | USD | 5,837,918 | — | (137,165 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | EUR | 5,917,800 | USD | 6,897,598 | — | (162,268 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | EUR | 5,921,000 | USD | 6,901,512 | — | (162,172 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | GBP | 1,437,500 | USD | 1,859,007 | — | (57,516 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | GBP | 2,934,300 | USD | 3,794,665 | — | (117,442 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | GBP | 2,001,100 | USD | 2,587,867 | — | (80,067 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | HKD | 33,331,400 | USD | 4,297,897 | — | (2,371 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | HKD | 4,268,000 | USD | 550,334 | — | (304 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | HKD | 31,028,200 | USD | 4,000,877 | — | (2,242 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | HUF | 5,831,900 | USD | 18,507 | — | (885 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | HUF | 16,042,500 | USD | 50,913 | — | (2,434 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | IDR | 3,803,619,900 | USD | 255,946 | — | (13,346 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | IDR | 1,679,087,700 | USD | 113,032 | — | (5,846 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | ILS | 650,100 | USD | 190,883 | — | (5,650 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | ILS | 165,000 | USD | 48,445 | — | (1,436 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | INR | 171,217,300 | USD | 2,289,920 | — | (21,370 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | JPY | 564,119,800 | USD | 5,397,924 | — | (5,966 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | JPY | 551,053,900 | USD | 5,272,804 | — | (5,924 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | JPY | 597,605,500 | USD | 5,718,335 | — | (6,326 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | KRW | 1,189,186,700 | USD | 1,048,129 | — | (26,527 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | KRW | 1,611,616,700 | USD | 1,420,690 | — | (35,712 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | KRW | 1,245,817,400 | USD | 1,098,314 | — | (27,519 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | MXN | 8,562,600 | USD | 401,120 | — | (22,415 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | MXN | 968,700 | USD | 45,386 | — | (2,529 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | MXN | 2,305,000 | USD | 107,977 | — | (6,036 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | MYR | 2,212,800 | USD | 531,667 | — | (11,426 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | NOK | 3,495,200 | USD | 365,603 | — | (27,306 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | NZD | 13,300 | USD | 8,790 | — | (536 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | NZD | 238,100 | USD | 157,363 | — | (9,594 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | PHP | 561,200 | USD | 11,584 | — | (88 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | PHP | 12,357,800 | USD | 255,168 | — | (1,842 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | PLN | 607,200 | USD | 153,201 | — | (8,578 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | PLN | 54,900 | USD | 13,852 | — | (776 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | QAR | 801,500 | USD | 220,183 | 91 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | RUB | 33,233,700 | USD | 416,580 | — | (18,631 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | RUB | 32,394,000 | USD | 406,342 | — | (17,872 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | SEK | 9,458,900 | USD | 1,062,976 | — | (39,957 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | SEK | 9,154,900 | USD | 1,028,827 | — | (38,659 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | SGD | 728,700 | USD | 533,651 | — | (9,690 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | SGD | 212,300 | USD | 155,474 | — | (2,823 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | THB | 18,568,600 | USD | 595,107 | — | (18,721 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | TRY | 911,400 | USD | 107,159 | — | (9,249 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | TWD | 33,932,500 | USD | 1,196,298 | 5,754 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | TWD | 21,134,600 | USD | 744,569 | 3,049 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | TWD | 51,318,000 | USD | 1,807,927 | 7,403 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,180,487 | AUD | 2,959,200 | — | (8,202 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 2,035,570 | AUD | 2,762,500 | — | (7,679 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 726,010 | BRL | 3,906,200 | 3,084 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 635,522 | BRL | 3,423,100 | 3,400 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 2,097,307 | CAD | 2,717,900 | — | (4,462 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 254,276 | CAD | 339,000 | 6,761 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,930,782 | CAD | 2,502,100 | — | (4,108 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 2,049,954 | CAD | 2,656,500 | — | (4,388 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 487,045 | CHF | 446,000 | 3,808 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 2,131,622 | CHF | 1,929,700 | — | (7,855 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,958,025 | CHF | 1,772,600 | — | (7,157 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,985,143 | CHF | 1,797,100 | — | (7,311 | ) | ||||||||||||||
| See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 133,098 | CLP | 102,090,400 | $ | 906 | $ | — | |||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 17,579 | CLP | 13,480,400 | 115 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,545,726 | CNH | 10,170,800 | — | (1,361 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,545,726 | CNY | 10,170,800 | — | (1,361 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 92,576 | COP | 332,003,700 | — | (270 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 6,524 | COP | 23,380,500 | — | (23 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 52,819 | CZK | 1,161,500 | — | (44 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 499,478 | DKK | 3,108,000 | — | (1,363 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,059,897 | DKK | 6,595,100 | — | (2,910 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 40,280 | EGP | 632,000 | — | (25 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 5,991,303 | EUR | 5,008,500 | — | (16,221 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 5,856,356 | EUR | 4,895,800 | — | (15,724 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,191,297 | EUR | 1,022,000 | 27,937 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,243,400 | EUR | 1,062,000 | 23,553 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 5,812,336 | EUR | 4,859,000 | — | (15,605 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 1,919,146 | GBP | 1,437,500 | — | (2,623 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 444,890 | GBP | 344,000 | 13,742 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,950,861 | GBP | 2,210,300 | — | (4,015 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 495,200 | GBP | 380,000 | 11,428 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 2,671,585 | GBP | 2,001,100 | — | (3,651 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 4,299,439 | HKD | 33,331,400 | 829 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 4,552,880 | HKD | 35,296,200 | 878 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 19,427 | HUF | 5,831,900 | — | (35 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 53,441 | HUF | 16,042,500 | — | (95 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 268,428 | IDR | 3,803,619,900 | 865 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 118,371 | IDR | 1,679,087,700 | 507 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 196,705 | ILS | 650,100 | — | (173 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 49,925 | ILS | 165,000 | — | (44 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,317,851 | INR | 171,217,300 | — | (6,561 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 5,409,986 | JPY | 564,119,800 | — | (6,096 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 5,284,621 | JPY | 551,053,900 | — | (5,894 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 74,362 | JPY | 7,774,000 | 108 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 252,129 | JPY | 26,348,000 | 268 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 5,403,873 | JPY | 563,483,500 | — | (6,079 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 1,074,689 | KRW | 1,189,186,700 | — | (33 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,457,356 | KRW | 1,611,616,700 | — | (954 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,125,908 | KRW | 1,245,817,400 | — | (75 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 417,352 | MXN | 8,562,600 | 6,183 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 48,059 | MXN | 968,700 | — | (144 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 114,342 | MXN | 2,305,000 | — | (329 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 543,152 | MYR | 2,212,800 | — | (58 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 394,648 | NOK | 3,495,200 | — | (1,738 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 9,347 | NZD | 13,300 | — | (21 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 167,337 | NZD | 238,100 | — | (380 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 11,663 | PHP | 561,200 | 8 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 256,812 | PHP | 12,357,800 | 198 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 162,006 | PLN | 607,200 | — | (228 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 14,648 | PLN | 54,900 | — | (21 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 220,087 | QAR | 801,500 | 5 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 434,456 | RUB | 33,233,700 | 755 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 423,479 | RUB | 32,394,000 | 736 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,106,336 | SEK | 9,458,900 | — | (3,403 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 924,590 | SEK | 7,904,900 | — | (2,858 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 140,481 | SEK | 1,250,000 | 5,272 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 543,928 | SGD | 728,700 | — | (587 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 158,468 | SGD | 212,300 | — | (171 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 107,619 | THB | 3,356,000 | 3,322 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 502,398 | THB | 15,212,600 | 490 | — | |||||||||||||||
| See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 116,514 | TRY | 911,400 | $ | — | $ | (106 | ) | ||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 1,188,308 | TWD | 33,932,500 | 2,235 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 740,396 | TWD | 21,134,600 | 1,125 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,797,163 | TWD | 51,318,000 | 3,361 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 562,229 | ZAR | 8,701,200 | — | (607 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 579,329 | ZAR | 8,967,000 | — | (551 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | ZAR | 8,701,200 | USD | 533,690 | — | (27,932 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | ZAR | 8,967,000 | USD | 549,900 | — | (28,878 | ) | ||||||||||||||
| Citigroup Global Markets |
12/8/2020 | AED | 625,100 | USD | 170,167 | — | (12 | ) | ||||||||||||||
| Citigroup Global Markets |
12/8/2020 | USD | 166,111 | AED | 625,100 | 4,067 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | AED | 625,100 | USD | 166,104 | — | (4,066 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | AUD | 2,959,200 | USD | 2,181,271 | 8,132 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | AUD | 2,762,500 | USD | 2,036,275 | 7,586 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | AUD | 632,000 | USD | 465,450 | 1,330 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | BRL | 3,906,200 | USD | 725,720 | — | (2,988 | ) | ||||||||||||||
| RBC Capital Markets |
1/6/2021 | BRL | 3,423,100 | USD | 635,269 | — | (3,316 | ) | ||||||||||||||
| RBC Capital Markets |
1/6/2021 | BRL | 1,106,000 | USD | 205,309 | — | (1,017 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | CAD | 804,000 | USD | 619,934 | 664 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | CAD | 2,717,900 | USD | 2,097,946 | 4,523 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CAD | 2,502,100 | USD | 1,931,354 | 4,148 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | CAD | 2,656,500 | USD | 2,050,539 | 4,409 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | CHF | 1,929,700 | USD | 2,134,659 | 7,770 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CHF | 1,772,600 | USD | 1,960,765 | 7,029 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CHF | 342,000 | USD | 378,030 | 1,082 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | CHF | 1,797,100 | USD | 1,987,942 | 7,203 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | CLP | 102,090,400 | USD | 133,220 | — | (884 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CLP | 13,480,400 | USD | 17,589 | — | (118 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CNH | 10,170,800 | USD | 1,541,778 | 1,455 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CNY | 10,170,800 | USD | 1,541,778 | 1,455 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | COP | 332,003,700 | USD | 92,428 | 263 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | COP | 23,380,500 | USD | 6,513 | 23 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | CZK | 1,161,500 | USD | 52,864 | 45 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | DKK | 3,108,000 | USD | 500,014 | 1,340 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | DKK | 6,595,100 | USD | 1,061,048 | 2,873 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | EGP | 632,000 | USD | 40,025 | 57 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | EUR | 5,008,500 | USD | 5,998,230 | 16,050 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | EUR | 4,895,800 | USD | 5,863,063 | 15,493 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | EUR | 4,859,000 | USD | 5,819,017 | 15,401 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | EUR | 2,509,000 | USD | 3,004,046 | 7,282 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | GBP | 1,437,500 | USD | 1,920,287 | 2,632 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | GBP | 776,000 | USD | 1,035,968 | 767 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | GBP | 2,210,300 | USD | 2,952,639 | 4,052 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | GBP | 2,001,100 | USD | 2,673,165 | 3,655 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | HKD | 33,331,400 | USD | 4,299,550 | — | (974 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | HKD | 3,176,000 | USD | 409,678 | — | (100 | ) | ||||||||||||||
| RBC Capital Markets |
1/6/2021 | HKD | 35,296,200 | USD | 4,553,027 | — | (1,002 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | HUF | 5,831,900 | USD | 19,429 | 36 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | HUF | 16,042,500 | USD | 53,443 | 97 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | IDR | 3,803,619,900 | USD | 267,597 | — | (733 | ) | ||||||||||||||
| RBC Capital Markets |
1/6/2021 | IDR | 1,679,087,700 | USD | 117,955 | — | (498 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | ILS | 650,100 | USD | 196,739 | 167 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | ILS | 165,000 | USD | 49,929 | 37 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | INR | 171,217,300 | USD | 2,309,721 | 6,304 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | INR | 39,454,000 | USD | 531,260 | 478 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | JPY | 564,119,800 | USD | 5,414,441 | 6,094 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | JPY | 122,352,000 | USD | 1,174,194 | 1,178 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | JPY | 551,053,900 | USD | 5,289,014 | 5,933 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | JPY | 563,483,500 | USD | 5,408,334 | 6,087 | — | |||||||||||||||
| See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
1/6/2021 | KRW | 423,003,000 | USD | 381,858 | $ | — | $ | (324 | ) | ||||||||||||
| Citigroup Global Markets |
1/6/2021 | KRW | 1,189,186,700 | USD | 1,074,379 | — | (47 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | KRW | 1,611,616,700 | USD | 1,456,921 | 832 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | KRW | 1,245,817,400 | USD | 1,125,501 | — | (90 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | KWD | 45,000 | USD | 147,145 | 152 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | MXN | 8,562,600 | USD | 415,953 | — | (5,987 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | MXN | 968,700 | USD | 47,890 | 155 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | MXN | 2,305,000 | USD | 113,940 | 356 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | MYR | 2,212,800 | USD | 542,220 | — | (233 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | NOK | 3,495,200 | USD | 394,726 | 1,733 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | NZD | 13,300 | USD | 9,348 | 21 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | NZD | 238,100 | USD | 167,346 | 379 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | PHP | 561,200 | USD | 11,646 | — | (17 | ) | ||||||||||||||
| RBC Capital Markets |
1/6/2021 | PHP | 12,357,800 | USD | 256,439 | — | (396 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | QAR | 801,500 | USD | 220,147 | — | (2 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | SGD | 728,700 | USD | 543,891 | 543 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | SGD | 212,300 | USD | 158,470 | 170 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | THB | 15,212,600 | USD | 502,303 | — | (500 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | TRY | 911,400 | USD | 115,110 | 238 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | TWD | 8,073,000 | USD | 283,562 | 233 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | TWD | 33,932,500 | USD | 1,189,967 | — | (921 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | TWD | 21,134,600 | USD | 742,738 | 1,002 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | TWD | 51,318,000 | USD | 1,800,948 | — | (98 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | ZAR | 8,701,200 | USD | 559,705 | 751 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | ZAR | 8,967,000 | USD | 576,702 | 673 | — | |||||||||||||||
| Citigroup Global Markets |
1/7/2021 | PLN | 607,200 | USD | 162,060 | 227 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/7/2021 | PLN | 54,900 | USD | 14,653 | 21 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/7/2021 | SEK | 9,458,900 | USD | 1,107,340 | 3,408 | — | |||||||||||||||
| RBC Capital Markets |
1/7/2021 | SEK | 2,251,000 | USD | 263,423 | 713 | — | |||||||||||||||
| RBC Capital Markets |
1/7/2021 | SEK | 7,904,900 | USD | 925,434 | 2,867 | — | |||||||||||||||
| Citigroup Global Markets |
1/12/2021 | RUB | 33,233,700 | USD | 432,804 | — | (467 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/12/2021 | RUB | 32,394,000 | USD | 421,873 | — | (451 | ) | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total unrealized appreciation (depreciation) |
$ | 309,847 | $ | (1,932,328 | ) | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (h) |
$ | 100,524,210 | $ | — | $ | 1,128 | $ | 100,525,338 | ||||||||
| Preferred Stocks (h) |
1,028,201 | — | — | 1,028,201 | ||||||||||||
| Corporate Bonds |
— | 134 | — | 134 | ||||||||||||
| Rights (h) |
13,278 | 116 | 0 | 13,394 | ||||||||||||
| Warrants (h) |
1,079 | — | — | 1,079 | ||||||||||||
| Short-Term Investments (h) |
763,996 | — | — | 763,996 | ||||||||||||
| Derivatives (i) |
||||||||||||||||
| Forward Foreign Currency Contracts |
— | 309,847 | — | 309,847 | ||||||||||||
| Futures Contracts |
149,452 | — | — | 149,452 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 102,480,216 | $ | 310,097 | $ | 1,128 | $ | 102,791,441 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (i) |
||||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | (1,932,328 | ) | $ | — | $ | (1,932,328 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (1,932,328 | ) | $ | — | $ | (1,932,328 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (h) | See Schedule of Investments for additional detailed categorizations. |
| (i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
| See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
|
Value ($) at |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
||||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 0.5% |
| |||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
| |||||||||||||||||||||||||||||||||||
| 404,374 | 138,598 | (e) | — | — | — | 123 | — | 542,972 | 542,972 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.3% |
| |||||||||||||||||||||||||||||||||||
| DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
| |||||||||||||||||||||||||||||||||||
| 1,075,539 | 5,575,070 | (6,310,658 | ) | — | — | 306 | — | 339,951 | 339,951 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 1,479,913 | 5,713,668 | (6,310,658 | ) | — | — | 429 | — | 882,923 | 882,923 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $1,205,729, which is 1.1% of net assets. |
| (b) | Investment was valued using significant unobservable inputs. |
| (c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $771,164. |
| (e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| ADR: | American Depositary Receipt |
| CPO: | Ordinary Participation Certificates |
| GDR: | Global Depositary Receipt |
| JSC: | Joint Stock Company |
| KSC | Kuwait Shareholding Company |
| KSCP | Kuwait Shareholding Company Public |
| NVDR: | Non Voting Depositary Receipt |
| PJSC: | Public Joint Stock Company |
| PSQC | Public Shareholders Qatari Company |
| QPSC: | Qatari Public Shareholders Company |
| QSC: | Qatari Shareholders Company |
| REIT: | Real Estate Investment Trust |
| SAE: | Societe Anonyme Egyptienne |
| SAQ: | Societe Anonyme Qatar |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
| See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
At November 30, 2020, open futures contracts purchased were as follows:
| Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||
| MSCI Emerging Markets Index Futures |
USD | 38 | $ | 2,126,480 | $2,284,370 | 12/18/2020 | $ | 157,890 | ||||||||||
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
12/3/2020 | BRL | 8,318,800 | USD | 1,440,884 | $ | — | $ | (111,822 | ) | ||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | BRL | 2,271,000 | USD | 393,737 | — | (30,146 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | BRL | 5,059,600 | USD | 880,545 | — | (63,831 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | BRL | 12,905,200 | USD | 2,235,500 | — | (173,259 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | CLP | 363,705,300 | USD | 469,794 | — | (7,606 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | CLP | 95,364,400 | USD | 123,168 | — | (2,008 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | CNH | 18,882,200 | USD | 2,813,787 | — | (53,344 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | CNH | 3,258,000 | USD | 485,492 | — | (9,213 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | CNH | 14,896,700 | USD | 2,219,816 | — | (42,144 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | COP | 669,847,400 | USD | 173,558 | — | (12,678 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | CZK | 2,364,000 | USD | 100,946 | — | (6,468 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | EGP | 1,817,600 | USD | 114,440 | — | (1,332 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | EUR | 85,800 | USD | 100,006 | — | (2,353 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | HKD | 74,236,100 | USD | 9,572,272 | — | (5,336 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | HKD | 55,505,200 | USD | 7,157,083 | — | (3,948 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | HKD | 22,991,000 | USD | 2,964,556 | — | (1,640 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | HKD | 52,402,300 | USD | 6,756,923 | — | (3,787 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | HUF | 26,696,000 | USD | 84,723 | — | (4,050 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | HUF | 44,286,400 | USD | 140,538 | — | (6,728 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | IDR | 7,578,134,800 | USD | 510,274 | — | (26,250 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | IDR | 8,804,007,900 | USD | 592,424 | — | (30,891 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | IDR | 3,383,568,300 | USD | 227,773 | — | (11,780 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | INR | 136,375,800 | USD | 1,823,230 | — | (17,728 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | INR | 35,946,000 | USD | 480,619 | — | (4,621 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | INR | 488,311,900 | USD | 6,530,853 | — | (60,947 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | KRW | 5,389,677,100 | USD | 4,751,168 | — | (119,430 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | KRW | 575,793,000 | USD | 506,762 | — | (13,577 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | KRW | 9,279,065,500 | USD | 8,180,433 | — | (204,965 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | MXN | 20,344,500 | USD | 953,050 | — | (53,256 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | MXN | 6,043,400 | USD | 283,148 | — | (15,779 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | MXN | 11,175,500 | USD | 523,514 | — | (29,263 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | MYR | 7,675,800 | USD | 1,844,258 | — | (39,636 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | PHP | 24,308,100 | USD | 501,953 | — | (3,592 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | PHP | 423,100 | USD | 8,733 | — | (66 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | PHP | 16,343,200 | USD | 337,460 | — | (2,436 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | PLN | 2,192,800 | USD | 553,260 | — | (30,977 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | PLN | 662,200 | USD | 167,078 | — | (9,355 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | QAR | 3,028,200 | USD | 831,889 | 345 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | RUB | 73,859,800 | USD | 925,822 | — | (41,406 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | RUB | 165,671,100 | USD | 2,078,136 | — | (91,404 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | THB | 59,102,600 | USD | 1,894,187 | — | (59,586 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | TRY | 925,200 | USD | 108,782 | — | (9,389 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | TRY | 2,139,100 | USD | 250,833 | — | (22,383 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | TWD | 101,380,700 | USD | 3,574,198 | 17,193 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | TWD | 219,071,500 | USD | 7,717,862 | 31,601 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | TWD | 20,253,000 | USD | 713,548 | 2,959 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | TWD | 60,352,500 | USD | 2,126,211 | 8,706 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 1,544,480 | BRL | 8,318,800 | 8,226 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,362,471 | BRL | 7,330,600 | 5,787 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 235,274 | BRL | 1,354,000 | 17,451 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 2,144,560 | BRL | 11,551,200 | 11,474 | — | |||||||||||||||
| See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 474,174 | CLP | 363,705,300 | $ | 3,227 | $ | — | |||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 124,332 | CLP | 95,364,400 | 843 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 270,738 | CNH | 1,813,000 | 4,553 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,594,123 | CNH | 17,069,200 | — | (2,283 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 2,758,926 | CNH | 18,154,700 | — | (2,261 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,594,123 | CNY | 17,069,200 | — | (2,283 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 2,758,926 | CNY | 18,154,700 | — | (2,261 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 186,781 | COP | 669,847,400 | — | (544 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 107,503 | CZK | 2,364,000 | — | (90 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 115,844 | EGP | 1,817,600 | — | (73 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 102,634 | EUR | 85,800 | — | (276 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 9,575,763 | HKD | 74,236,100 | 1,846 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 7,159,652 | HKD | 55,505,200 | 1,380 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 8,470,210 | HKD | 65,665,300 | 1,633 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,254,903 | HKD | 9,728,000 | 160 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 88,931 | HUF | 26,696,000 | — | (158 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 147,532 | HUF | 44,286,400 | — | (266 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 534,484 | IDR | 7,578,134,800 | 2,040 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 621,313 | IDR | 8,804,007,900 | 2,002 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 238,531 | IDR | 3,383,568,300 | 1,022 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 2,331,206 | INR | 172,321,800 | — | (5,006 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 391,378 | INR | 29,297,000 | 4,107 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 6,213,904 | INR | 459,014,900 | — | (17,589 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 5,394,466 | KRW | 5,965,470,100 | — | (3,530 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 646,060 | KRW | 731,695,000 | 15,166 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 7,724,691 | KRW | 8,547,370,500 | — | (518 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 991,617 | MXN | 20,344,500 | 14,690 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 299,824 | MXN | 6,043,400 | — | (897 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 554,373 | MXN | 11,175,500 | — | (1,596 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,884,094 | MYR | 7,675,800 | — | (201 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 505,145 | PHP | 24,308,100 | 400 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 8,793 | PHP | 423,100 | 6 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 339,634 | PHP | 16,343,200 | 262 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 585,059 | PLN | 2,192,800 | — | (823 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 176,681 | PLN | 662,200 | — | (248 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 831,523 | QAR | 3,028,200 | 21 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 163,498 | RUB | 13,005,000 | 6,809 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 795,540 | RUB | 60,854,800 | 1,382 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 144,335 | RUB | 11,486,000 | 6,080 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,015,623 | RUB | 154,185,100 | 3,503 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,827,596 | THB | 55,339,600 | 1,782 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 121,403 | THB | 3,763,000 | 2,991 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 118,278 | TRY | 925,200 | — | (107 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 273,289 | TRY | 2,139,100 | — | (74 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 3,550,329 | TWD | 101,380,700 | 6,677 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 7,006,499 | TWD | 200,000,500 | 10,644 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 670,664 | TWD | 19,071,000 | — | (1,546 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 2,822,816 | TWD | 80,605,500 | 5,279 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,277,580 | ZAR | 35,248,400 | — | (2,459 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 168,815 | ZAR | 2,727,000 | 7,200 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,509,725 | ZAR | 23,367,900 | — | (1,435 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | ZAR | 37,975,400 | USD | 2,329,229 | — | (121,907 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | ZAR | 23,367,900 | USD | 1,433,033 | — | (75,256 | ) | ||||||||||||||
| Citigroup Global Markets |
12/8/2020 | AED | 2,084,300 | USD | 567,394 | — | (39 | ) | ||||||||||||||
| Citigroup Global Markets |
12/8/2020 | USD | 553,871 | AED | 2,084,300 | 13,562 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | AED | 2,084,300 | USD | 553,849 | — | (13,557 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | BRL | 8,318,800 | USD | 1,543,763 | — | (8,122 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | BRL | 7,330,600 | USD | 1,361,927 | — | (5,608 | ) | ||||||||||||||
| See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| RBC Capital Markets |
1/6/2021 | BRL | 11,551,200 | USD | 2,143,705 | $ | — | $ | (11,190 | ) | ||||||||||||
| RBC Capital Markets |
1/6/2021 | BRL | 3,536,000 | USD | 656,054 | — | (3,592 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | CLP | 363,705,300 | USD | 474,607 | — | (3,149 | ) | ||||||||||||||
| RBC Capital Markets |
1/6/2021 | CLP | 95,364,400 | USD | 124,446 | — | (823 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CNH | 17,069,200 | USD | 2,587,497 | 2,442 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | CNH | 18,154,700 | USD | 2,751,900 | 2,451 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CNY | 17,069,200 | USD | 2,587,497 | 2,442 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CNY | 2,028,000 | USD | 307,338 | 207 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | CNY | 18,154,700 | USD | 2,751,900 | 2,451 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | COP | 669,847,400 | USD | 186,482 | 531 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CZK | 2,364,000 | USD | 107,597 | 95 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | EGP | 1,817,600 | USD | 115,111 | 162 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | EUR | 85,800 | USD | 102,752 | 272 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | HKD | 74,236,100 | USD | 9,576,195 | — | (1,984 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | HKD | 8,808,000 | USD | 1,136,141 | — | (295 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | HKD | 55,505,200 | USD | 7,159,836 | — | (1,622 | ) | ||||||||||||||
| RBC Capital Markets |
1/6/2021 | HKD | 65,665,300 | USD | 8,470,483 | — | (1,864 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | HUF | 26,696,000 | USD | 88,934 | 162 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | HUF | 44,286,400 | USD | 147,530 | 264 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | IDR | 7,578,134,800 | USD | 532,629 | — | (1,978 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | IDR | 8,804,007,900 | USD | 619,390 | — | (1,698 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | IDR | 3,464,163,000 | USD | 243,595 | — | (788 | ) | ||||||||||||||
| RBC Capital Markets |
1/6/2021 | IDR | 3,383,568,300 | USD | 237,694 | — | (1,004 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | INR | 172,321,800 | USD | 2,323,649 | 5,373 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | INR | 459,014,900 | USD | 6,192,110 | 16,901 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | INR | 139,844,000 | USD | 1,883,319 | 1,973 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | KRW | 2,548,647,000 | USD | 2,300,701 | — | (1,992 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | KRW | 5,965,470,100 | USD | 5,392,857 | 3,078 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | KRW | 8,547,370,500 | USD | 7,721,899 | — | (616 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | KWD | 175,000 | USD | 572,232 | 592 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | MXN | 20,344,500 | USD | 988,293 | — | (14,226 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | MXN | 6,043,400 | USD | 298,770 | 969 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | MXN | 11,175,500 | USD | 552,422 | 1,725 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | MXN | 4,411,000 | USD | 218,134 | 772 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | MYR | 7,675,800 | USD | 1,880,863 | — | (808 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | PHP | 24,308,100 | USD | 504,171 | — | (1,031 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | PHP | 423,100 | USD | 8,780 | — | (13 | ) | ||||||||||||||
| RBC Capital Markets |
1/6/2021 | PHP | 16,343,200 | USD | 339,141 | — | (524 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | QAR | 3,028,200 | USD | 831,752 | — | (9 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | THB | 55,339,600 | USD | 1,827,252 | — | (1,819 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | THB | 12,034,000 | USD | 397,336 | — | (409 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | TRY | 925,200 | USD | 116,853 | 241 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | TRY | 2,139,100 | USD | 269,892 | 282 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | TWD | 101,380,700 | USD | 3,555,284 | — | (2,751 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | TWD | 200,000,500 | USD | 7,028,659 | 9,485 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | TWD | 36,028,000 | USD | 1,265,028 | 597 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | TWD | 80,605,500 | USD | 2,828,759 | — | (154 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | ZAR | 35,248,400 | USD | 2,267,354 | 3,040 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | ZAR | 5,600,000 | USD | 360,501 | 764 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | ZAR | 23,367,900 | USD | 1,502,880 | 1,755 | — | |||||||||||||||
| Citigroup Global Markets |
1/7/2021 | PLN | 2,192,800 | USD | 585,254 | 819 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/7/2021 | PLN | 662,200 | USD | 176,743 | 250 | — | |||||||||||||||
| Citigroup Global Markets |
1/12/2021 | RUB | 37,588,000 | USD | 489,191 | — | (848 | ) | ||||||||||||||
| Citigroup Global Markets |
1/12/2021 | RUB | 60,854,800 | USD | 792,514 | — | (855 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
1/12/2021 | RUB | 154,185,100 | USD | 2,007,979 | — | (2,146 | ) | ||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total unrealized appreciation (depreciation) |
$ | 283,104 | $ | (1,769,611 | ) | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (f) |
$ | 107,856,437 | $ | — | $ | 8,348 | $ | 107,864,785 | ||||||||
| Preferred Stocks (f) |
2,389,099 | — | — | 2,389,099 | ||||||||||||
| Corporate Bonds |
— | 419 | — | 419 | ||||||||||||
| Rights (f) |
— | 426 | 0 | 426 | ||||||||||||
| Warrants |
749 | — | — | 749 | ||||||||||||
| Exchange-Traded Funds |
24,588 | – | — | 24,588 | ||||||||||||
| Short-Term Investments (f) |
882,923 | — | — | 882,923 | ||||||||||||
| Derivatives (g) |
||||||||||||||||
| Forward Foreign Currency Contracts |
— | 283,104 | — | 283,104 | ||||||||||||
| Futures Contracts |
157,890 | — | — | 157,890 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 111,311,686 | $ | 283,949 | $ | 8,348 | $ | 111,603,983 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (g) |
||||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | (1,769,611 | ) | $ | — | $ | (1,769,611 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (1,769,611 | ) | $ | — | $ | (1,769,611 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (f) | See Schedule of Investments for additional detailed categorizations. |
| (g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
| See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
||||||||||||||||||||||||||||
| COMMON STOCKS — 0.2% |
|
|||||||||||||||||||||||||||||||||||
| Germany — 0.2% |
| |||||||||||||||||||||||||||||||||||
| Deutsche Bank AG*(b) |
| |||||||||||||||||||||||||||||||||||
| 993,168 | — | (280,297 | ) | (671,690 | ) | 954,630 | — | — | 89,352 | 995,811 | ||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 0.5% |
| |||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) |
| |||||||||||||||||||||||||||||||||||
| 7,981,610 | — | (5,778,205 | )(f) | — | — | 903 | — | 2,203,405 | 2,203,405 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.1% |
| |||||||||||||||||||||||||||||||||||
| DWS ESG Liquidity Fund “Capital Shares”, 0.18% (d) |
| |||||||||||||||||||||||||||||||||||
| 639,380 | 824 | — | — | (256 | ) | 856 | — | 639,948 | 639,948 | |||||||||||||||||||||||||||
| DWS Government Money Market Series “Institutional Shares”, 0.04% (d) |
| |||||||||||||||||||||||||||||||||||
| 8,725,094 | 103,337,506 | (112,062,600 | ) | — | — | 2,072 | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 18,339,252 | 103,338,330 | (118,121,102 | ) | (671,690 | ) | 954,374 | 3,831 | — | 2,932,705 | 3,839,164 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $3,583,912, which is 0.8% of net assets. |
| (b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (c) | Investment was valued using significant unobservable inputs. |
| (d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,642,653. |
| (f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| REIT: | Real Estate Investment Trust |
| RSP: | Risparmio (Convertible Savings Shares) |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At November 30, 2020, open futures contracts purchased were as follows:
| Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| AMSTERDAM Index Futures |
EUR | 8 | $ | 1,147,865 | $ | 1,155,997 | 12/18/2020 | $ | 8,132 | |||||||||
| CAC40 10 EURO Futures |
EUR | 36 | 2,343,104 | 2,365,710 | 12/18/2020 | 22,606 | ||||||||||||
| DAX Index Futures |
EUR | 4 | 1,577,056 | 1,590,309 | 12/18/2020 | 13,253 | ||||||||||||
| FTSE 100 Index Futures |
GBP | 34 | 2,741,537 | 2,852,210 | 12/18/2020 | 110,673 | ||||||||||||
| FTSE/MIB Index Futures |
EUR | 3 | 321,093 | 394,625 | 12/18/2020 | 73,532 | ||||||||||||
| IBEX 35 Index Futures |
EUR | 6 | 565,686 | 577,071 | 12/18/2020 | 11,385 | ||||||||||||
| OMXS30 Index Futures |
SEK | 36 | 803,873 | 802,843 | 12/18/2020 | (1,030 | ) | |||||||||||
| SWISS MKT IX Futures |
CHF | 20 | 2,286,844 | 2,312,187 | 12/18/2020 | 25,343 | ||||||||||||
|
|
|
|||||||||||||||||
| Total net unrealized appreciation |
$ | 263,894 | ||||||||||||||||
|
|
|
|||||||||||||||||
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
12/3/2020 | CHF | 4,890,000 | USD | 5,339,775 | $ | — | $ | (42,005 | ) | ||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | CHF | 30,722,222 | USD | 33,547,033 | — | (264,876 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | CHF | 29,694,917 | USD | 32,426,138 | — | (255,151 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | DKK | 33,733,100 | USD | 5,281,202 | — | (125,151 | ) | ||||||||||||||
| See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | DKK | 42,866,142 | USD | 6,710,931 | $ | — | $ | (159,161 | ) | ||||||||||||
| RBC Capital Markets |
12/3/2020 | DKK | 39,375,700 | USD | 6,164,623 | — | (146,061 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | EUR | 38,051,900 | USD | 44,353,371 | — | (1,042,103 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | EUR | 69,549,623 | USD | 81,064,815 | — | (1,907,075 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | EUR | 77,322,273 | USD | 90,126,764 | — | (2,117,807 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | GBP | 13,470,454 | USD | 17,420,287 | — | (538,972 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | GBP | 30,312,350 | USD | 39,200,219 | — | (1,213,218 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | GBP | 25,920,820 | USD | 33,521,375 | — | (1,037,128 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | NOK | 10,153,700 | USD | 1,062,091 | — | (79,326 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | NOK | 10,981,291 | USD | 1,148,593 | — | (85,858 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | NOK | 12,328,800 | USD | 1,289,534 | — | (96,395 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | SEK | 78,167,950 | USD | 8,784,490 | — | (330,102 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | SEK | 49,075,236 | USD | 5,514,995 | — | (207,309 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | SEK | 73,745,100 | USD | 8,287,470 | — | (311,405 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 209,881 | CHF | 190,000 | — | (773 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 5,132,540 | CHF | 4,700,000 | 40,132 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 30,922,260 | CHF | 27,993,922 | — | (113,032 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 2,997,555 | CHF | 2,728,300 | 5,125 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 32,802,096 | CHF | 29,694,917 | — | (120,806 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 5,421,268 | DKK | 33,733,100 | — | (14,914 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 784,309 | DKK | 4,919,600 | 4,148 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 422,775 | DKK | 2,689,000 | 8,187 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 5,666,138 | DKK | 35,257,542 | — | (15,464 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 5,685,218 | DKK | 35,375,700 | — | (15,608 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 626,291 | DKK | 4,000,000 | 14,783 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 45,518,710 | EUR | 38,051,900 | — | (123,237 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 73,851,262 | EUR | 61,738,223 | — | (198,281 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 9,280,513 | EUR | 7,811,400 | 38,396 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 78,856,223 | EUR | 65,922,273 | — | (211,719 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 13,288,364 | EUR | 11,400,000 | 311,703 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 12,777,111 | GBP | 9,570,454 | — | (17,462 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 5,043,749 | GBP | 3,900,000 | 155,861 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 3,932,436 | GBP | 2,962,200 | 16,868 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 36,513,818 | GBP | 27,350,150 | — | (49,685 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 34,605,798 | GBP | 25,920,820 | — | (47,295 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 1,146,468 | NOK | 10,153,700 | — | (5,050 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 1,239,899 | NOK | 10,981,291 | — | (5,449 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,221,969 | NOK | 10,822,400 | — | (5,381 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 167,662 | NOK | 1,506,400 | 1,678 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 8,142,497 | SEK | 69,615,450 | — | (25,150 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 995,667 | SEK | 8,552,500 | 1,577 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 5,739,962 | SEK | 49,075,236 | — | (17,658 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,236,233 | SEK | 11,000,000 | 46,396 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 7,338,930 | SEK | 62,745,100 | — | (22,684 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | CHF | 190,000 | USD | 210,180 | 765 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | CHF | 3,271,000 | USD | 3,618,483 | 13,231 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | CHF | 27,993,922 | USD | 30,965,529 | 111,009 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | CHF | 29,694,917 | USD | 32,848,360 | 119,026 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | DKK | 33,733,100 | USD | 5,427,081 | 14,653 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | DKK | 5,694,000 | USD | 916,068 | 2,473 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | DKK | 35,257,542 | USD | 5,672,218 | 15,195 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | DKK | 35,375,700 | USD | 5,691,392 | 15,411 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | EUR | 38,051,900 | USD | 45,571,336 | 121,937 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | EUR | 61,738,223 | USD | 73,935,844 | 195,371 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | EUR | 65,922,273 | USD | 78,946,866 | 208,941 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | EUR | 20,549,000 | USD | 24,609,339 | 65,500 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | GBP | 9,570,454 | USD | 12,784,710 | 17,520 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | GBP | 27,350,150 | USD | 36,535,821 | 50,136 | — | |||||||||||||||
| See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||
| RBC Capital Markets |
1/6/2021 | GBP | 7,685,000 | USD | 10,265,784 | $ | 13,830 | $ | — | |||||||||||||||||||
| RBC Capital Markets |
1/6/2021 | GBP | 25,920,820 | USD | 34,626,276 | 47,347 | — | |||||||||||||||||||||
| Citigroup Global Markets |
1/6/2021 | NOK | 5,230,000 | USD | 590,643 | 2,593 | — | |||||||||||||||||||||
| Citigroup Global Markets |
1/6/2021 | NOK | 10,153,700 | USD | 1,146,695 | 5,034 | — | |||||||||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | NOK | 10,981,291 | USD | 1,240,179 | 5,465 | — | |||||||||||||||||||||
| RBC Capital Markets |
1/6/2021 | NOK | 10,822,400 | USD | 1,222,228 | 5,380 | — | |||||||||||||||||||||
| Citigroup Global Markets |
1/7/2021 | SEK | 69,615,450 | USD | 8,149,927 | 25,227 | — | |||||||||||||||||||||
| JP Morgan & Chase Co. |
1/7/2021 | SEK | 49,075,236 | USD | 5,745,169 | 17,683 | — | |||||||||||||||||||||
| JP Morgan & Chase Co. |
1/7/2021 | SEK | 21,512,000 | USD | 2,520,009 | 9,380 | — | |||||||||||||||||||||
| RBC Capital Markets |
1/7/2021 | SEK | 62,745,100 | USD | 7,345,626 | 22,754 | — | |||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Total unrealized appreciation (depreciation) |
$ | 1,750,715 | $ | (10,968,751 | ) | |||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | Pound Sterling |
| NOK | Norwegian Krone |
| SEK | Swedish Krona |
| USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (g) |
$ | 424,805,629 | $ | — | $ | 0 | $ | 424,805,629 | ||||||||
| Preferred Stocks |
3,839,618 | — | — | 3,839,618 | ||||||||||||
| Rights (g) |
138,095 | — | — | 138,095 | ||||||||||||
| Warrants |
9,682 | — | — | 9,682 | ||||||||||||
| Short-Term Investments (g) |
2,843,353 | — | — | 2,843,353 | ||||||||||||
| Derivatives (h) |
||||||||||||||||
| Forward Foreign Currency Contracts |
— | 1,750,715 | — | 1,750,715 | ||||||||||||
| Futures Contracts |
264,924 | — | — | 264,924 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 431,901,301 | $ | 1,750,715 | $ | 0 | $ | 433,652,016 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (h) |
||||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | (10,968,751 | ) | $ | — | $ | (10,968,751 | ) | ||||||
| Futures Contracts |
(1,030 | ) | — | — | (1,030 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | (1,030 | ) | $ | (10,968,751 | ) | $ | — | $ | (10,969,781 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| (g) | See Schedule of Investments for additional detailed categorizations. |
| (h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
| See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
||||||||||||||||||||||||||||
| COMMON STOCKS — 0.4% |
| |||||||||||||||||||||||||||||||||||
| Germany — 0.4% |
| |||||||||||||||||||||||||||||||||||
| Deutsche Bank AG*(b) |
| |||||||||||||||||||||||||||||||||||
| 79,251 | 1,754 | (38,221 | ) | (54,714 | ) | 76,392 | — | — | 5,784 | 64,462 | ||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 1.1% |
| |||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) |
| |||||||||||||||||||||||||||||||||||
| 667,973 | — | (477,741 | )(f) | — | — | 65 | — | 190,232 | 190,232 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 1.8% |
| |||||||||||||||||||||||||||||||||||
| DWS Government Money Market Series “Institutional Shares”, 0.04% (d) |
| |||||||||||||||||||||||||||||||||||
| 290,364 | 2,678,559 | (2,678,485 | ) | — | — | 112 | — | 290,438 | 290,438 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 1,037,588 | 2,680,313 | (3,194,447 | ) | (54,714 | ) | 76,392 | 177 | — | 486,454 | 545,132 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $544,745, which is 3.3% of net assets. |
| (b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (c) | Investment was valued using significant unobservable inputs. |
| (d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $389,699. |
| (f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| REIT: | Real Estate Investment Trust |
| RSP: | Risparmio (Convertible Savings Shares) |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| Securities | are listed in country of domicile. |
At November 30, 2020, open futures contracts purchased were as follows:
| Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Depreciation |
||||||||||||
| EURO STOXX 50 Futures |
EUR | 6 | $ | 252,432 | $250,857 | 12/18/2020 | $ | (1,575 | ) | |||||||||
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
12/3/2020 | EUR | 4,410,000 | USD | 5,140,305 | $ | — | $ | (120,774 | ) | ||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | EUR | 2,880,530 | USD | 3,357,454 | — | (78,985 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | EUR | 6,242,000 | USD | 7,275,669 | — | (170,964 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 5,275,361 | EUR | 4,410,000 | — | (14,283 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 3,445,690 | EUR | 2,880,530 | — | (9,251 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 880,063 | EUR | 755,000 | 20,644 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 32,783 | EUR | 28,000 | 621 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,374,066 | EUR | 1,159,000 | 8,607 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 5,143,660 | EUR | 4,300,000 | — | (13,810 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | EUR | 1,994,000 | USD | 2,387,659 | 6,015 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | EUR | 4,410,000 | USD | 5,281,460 | 14,132 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | EUR | 2,880,530 | USD | 3,449,636 | 9,115 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | EUR | 4,300,000 | USD | 5,149,573 | 13,629 | — | |||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total unrealized appreciation (depreciation) |
$ | 72,763 | $ | (408,067 | ) | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| EUR | Euro |
| USD | U.S. Dollar |
| See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (g) |
$ | 15,763,304 | $ | — | $ | 827 | $ | 15,764,131 | ||||||||
| Preferred Stocks |
258,200 | — | — | 258,200 | ||||||||||||
| Rights (g) |
6,773 | — | — | 6,773 | ||||||||||||
| Warrants |
85 | — | — | 85 | ||||||||||||
| Short-Term Investments (g) |
480,670 | — | — | 480,670 | ||||||||||||
| Derivatives (h) |
||||||||||||||||
| Forward Foreign Currency Contracts |
— | 72,763 | — | 72,763 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 16,509,032 | $ | 72,763 | $ | 827 | $ | 16,582,622 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (h) |
||||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | (408,067 | ) | $ | — | $ | (408,067 | ) | ||||||
| Futures Contracts |
(1,575 | ) | — | — | (1,575 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | (1,575 | ) | $ | (408,067 | ) | $ | — | $ | (409,642 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| (g) | See Schedule of Investments for additional detailed categorizations. |
| (h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
| See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
||||||||||||||||||||||||||||
| COMMON STOCKS — 1.6% |
|
|||||||||||||||||||||||||||||||||||
| Financials — 1.6% |
| |||||||||||||||||||||||||||||||||||
| Deutsche Bank AG*(a) | ||||||||||||||||||||||||||||||||||||
| 213,743 | 3,593 | (78,404 | ) | (182,925 | ) | 241,078 | — | — | 17,684 | 197,085 | ||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”,0.03%(b)(c) |
| |||||||||||||||||||||||||||||||||||
| 111,300 | — | (111,300 | )(d) | — | — | 1 | — | — | — | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.9% |
| |||||||||||||||||||||||||||||||||||
| DWS Government Money Market Series “Institutional Shares”, 0.04%(b) |
| |||||||||||||||||||||||||||||||||||
| 229,525 | 1,979,814 | (2,089,427 | ) | — | — | 103 | — | 119,912 | 119,912 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 554,568 | 1,983,407 | (2,279,131 | ) | (182,925 | ) | 241,078 | 104 | — | 137,596 | 316,997 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| * | Non-income producing security. |
| (a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2020, open futures contracts purchased were as follows:
| Contract Description |
Currency |
Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||
| DAX Mini Futures |
EUR | 2 | $ | 157,664 | $159,031 | 12/18/2020 | $ | 1,367 | ||||||||||
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
12/3/2020 | EUR | 1,408,067 | USD | 1,641,246 | $ | — | $ | (38,562 | ) | ||||||||||||
| Citigroup Global Markets |
12/3/2020 | EUR | 56,000 | USD | 65,579 | — | (1,228 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | EUR | 4,248,000 | USD | 4,951,333 | — | (116,482 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | EUR | 4,847,919 | USD | 5,650,730 | — | (132,781 | ) | ||||||||||||||
| See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 1,751,356 | EUR | 1,464,067 | $ | — | $ | (4,742 | ) | ||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 5,081,458 | EUR | 4,248,000 | — | (13,643 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 1,171,474 | EUR | 1,005,000 | 27,479 | — | |||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 4,596,900 | EUR | 3,842,919 | — | (12,342 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | EUR | 1,080,000 | USD | 1,293,216 | 3,258 | — | |||||||||||||||
| Citigroup Global Markets |
1/6/2021 | EUR | 1,464,067 | USD | 1,753,381 | 4,692 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | EUR | 4,248,000 | USD | 5,087,277 | 13,443 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | EUR | 3,842,919 | USD | 4,602,184 | 12,180 | — | |||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total unrealized appreciation (depreciation) |
$ | 61,052 | $ | (319,780 | ) | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| EUR | Euro |
| USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 11,846,458 | $ | — | $ | — | $ | 11,846,458 | ||||||||
| Preferred Stocks (e) |
758,125 | — | — | 758,125 | ||||||||||||
| Rights |
115 | — | — | 115 | ||||||||||||
| Exchange-Traded Funds |
40,645 | — | — | 40,645 | ||||||||||||
| Short-Term Investments (e) |
119,912 | — | — | 119,912 | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Contracts |
— | 61,052 | — | 61,052 | ||||||||||||
| Futures Contracts |
1,367 | — | — | 1,367 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 12,766,622 | $ | 61,052 | $ | — | $ | 12,827,674 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | (319,780 | ) | $ | — | $ | (319,780 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (319,780 | ) | $ | — | $ | (319,780 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
| See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
|
Value ($) at |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
||||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 0.3% |
| |||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (b)(c) |
| |||||||||||||||||||||||||||||||||||
| 1,079,236 | — | (392,282 | )(d) | — | — | 473 | — | 686,954 | 686,954 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 1.3% |
| |||||||||||||||||||||||||||||||||||
| DWS ESG Liquidity Fund “Capital Shares”, 0.18% (b) |
| |||||||||||||||||||||||||||||||||||
| 117,580 | 151 | — | — | (47 | ) | 157 | — | 117,684 | 117,684 | |||||||||||||||||||||||||||
| DWS Government Money Market Series “Institutional Shares”, 0.04% (b) |
| |||||||||||||||||||||||||||||||||||
| 4,794,642 | 38,173,342 | (40,338,751 | ) | — | — | 1,433 | — | 2,629,233 | 2,629,233 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 5,991,458 | 38,173,493 | (40,731,033 | ) | — | (47 | ) | 2,063 | — | 3,433,871 | 3,433,871 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $872,458, which is 0.4% of net assets. |
| (b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $317,611. |
| (d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| REIT: | Real Estate Investment Trust |
At November 30, 2020, open futures contracts purchased were as follows:
| Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||||
| TOPIX Index Futures |
JPY | 21 | $ | 26,631,322 | $3,531,178 | 12/10/2020 | $ | 287,491 | ||||||||||||
| Nikkei 225 Futures |
JPY | 6 | 18,055,810 | 1,520,690 | 12/10/2020 | 186,681 | ||||||||||||||
|
|
|
|||||||||||||||||||
| Total unrealized appreciation |
$ | 474,172 | ||||||||||||||||||
|
|
|
|||||||||||||||||||
| See Notes to Financial Statements. | 81 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2020 (Unaudited)
As of November 30, 2020, the Fund had the following forward foreign currency contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||
| Citigroup Global Markets |
12/3/2020 | JPY | 6,642,919,100 | USD | 63,564,468 | $ | — | $ | (70,253 | ) | ||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | JPY | 6,929,670,500 | USD | 66,307,116 | — | (74,492 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | JPY | 6,302,320,800 | USD | 60,305,308 | — | (66,709 | ) | ||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 5,587,908 | JPY | 584,009,000 | 6,508 | — | |||||||||||||||
| Citigroup Global Markets |
12/3/2020 | USD | 58,105,776 | JPY | 6,058,910,100 | — | (65,471 | ) | ||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 5,741,530 | JPY | 600,000,000 | 6,069 | — | |||||||||||||||
| JP Morgan & Chase Co. |
12/3/2020 | USD | 60,701,707 | JPY | 6,329,670,500 | — | (67,698 | ) | ||||||||||||||
| RBC Capital Markets |
12/3/2020 | USD | 60,440,002 | JPY | 6,302,320,800 | — | (67,985 | ) | ||||||||||||||
| Citigroup Global Markets |
1/6/2021 | JPY | 6,058,910,100 | USD | 58,153,627 | 65,456 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | JPY | 6,329,670,500 | USD | 60,752,161 | 68,148 | — | |||||||||||||||
| JP Morgan & Chase Co. |
1/6/2021 | JPY | 2,106,977,000 | USD | 20,219,577 | 19,502 | — | |||||||||||||||
| RBC Capital Markets |
1/6/2021 | JPY | 6,302,320,800 | USD | 60,489,891 | 68,086 | — | |||||||||||||||
|
|
|
|
|
|||||||||||||||||||
| Total unrealized appreciation (depreciation) |
$ | 233,769 | $ | (412,608 | ) | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| JPY | Japanese Yen |
| USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 200,591,976 | $ | — | $ | — | $ | 200,591,976 | ||||||||
| Short-Term Investments (e) |
3,433,871 | — | — | 3,433,871 | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Contracts |
— | 233,769 | — | 233,769 | ||||||||||||
| Futures Contracts |
474,172 | — | — | 474,172 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 204,500,019 | $ | 233,769 | $ | — | $ | 204,733,788 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Contracts |
$ | — | $ | (412,608 | ) | $ | — | $ | (412,608 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (412,608 | ) | $ | — | $ | (412,608 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
| See Notes to Financial Statements. | 82 |
DBX ETF Trust
November 30, 2020 (Unaudited)
| Xtrackers MSCI All World ex US Hedged Equity ETF |
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
Xtrackers MSCI Europe Hedged Equity ETF |
Xtrackers MSCI Eurozone Hedged Equity ETF |
|||||||||||||
| Assets |
||||||||||||||||
| Investment in non-affiliated securities at value |
$ | 101,468,522 | $ | 110,280,066 | $ | 427,797,213 | $ | 15,964,727 | ||||||||
| Investment in affiliated securities at value |
99,624 | — | 995,811 | 64,462 | ||||||||||||
| Investment in DWS ESG Liquidity Fund |
— | — | 639,948 | — | ||||||||||||
| Investment in DWS Government Money Market Series |
114,870 | 339,951 | — | 290,438 | ||||||||||||
| Investment in DWS Government & Agency Securities Portfolio* |
649,126 | 542,972 | 2,203,405 | 190,232 | ||||||||||||
| Cash |
— | 75 | — | — | ||||||||||||
| Foreign currency at value |
226,701 | 263,761 | 863,140 | 21,572 | ||||||||||||
| Receivable for return of collateral pledged for forward foreign currency contracts |
1,740,087 | 1,527,847 | 10,221,734 | 27,354 | ||||||||||||
| Unrealized appreciation on forward foreign currency contracts |
309,847 | 283,104 | 1,750,715 | 72,763 | ||||||||||||
| Deposit with broker for futures contracts |
166,501 | 181,260 | 1,259,972 | 33,682 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold |
2,395,285 | 1,530,006 | 13,141,960 | 280,417 | ||||||||||||
| Variation margin on futures contracts |
— | — | — | 50,372 | ||||||||||||
| Dividends |
174,992 | 28,652 | 360,933 | 1,631 | ||||||||||||
| Interest |
17 | 28 | 77 | 9 | ||||||||||||
| Securities lending income |
918 | 672 | 5,913 | 547 | ||||||||||||
| Foreign tax reclaim |
92,074 | 390 | 937,875 | 16,335 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total assets |
$ | 107,438,564 | $ | 114,978,784 | $ | 460,178,696 | $ | 17,014,541 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Due to custodian |
$ | — | $ | — | $ | 1,679,546 | $ | — | ||||||||
| Payable upon return of securities loaned |
649,126 | 542,972 | 2,203,405 | 190,232 | ||||||||||||
| Unrealized depreciation on forward foreign currency contracts |
1,932,328 | 1,769,611 | 10,968,751 | 408,067 | ||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased |
836,693 | 51,968 | 2,944,947 | 67,795 | ||||||||||||
| Investment advisory fees |
33,272 | 59,244 | 163,961 | 6,084 | ||||||||||||
| Variation margin on futures contracts |
55,428 | 68,856 | 107,754 | — | ||||||||||||
| Deferred foreign tax payable |
25,400 | 41,362 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total liabilities |
3,532,247 | 2,534,013 | 18,068,364 | 672,178 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets, at value |
$ | 103,906,317 | $ | 112,444,771 | $ | 442,110,332 | $ | 16,342,363 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets Consist of |
||||||||||||||||
| Paid-in capital |
$ | 94,063,803 | $ | 106,094,020 | $ | 591,616,743 | $ | 17,542,744 | ||||||||
| Distributable earnings (loss) |
9,842,514 | 6,350,751 | (149,506,411 | ) | (1,200,381 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets, at value |
$ | 103,906,317 | $ | 112,444,771 | $ | 442,110,332 | $ | 16,342,363 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Number of Common Shares outstanding |
3,500,001 | 4,250,800 | 14,850,001 | 500,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset Value |
$ | 29.69 | $ | 26.45 | $ | 29.77 | $ | 32.68 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in non-affiliated securities at cost |
$ | 86,636,059 | $ | 79,188,396 | $ | 444,128,650 | $ | 14,903,328 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in affiliated securities at cost |
$ | 133,200 | $ | — | $ | 2,751,099 | $ | 166,993 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Value of securities loaned |
$ | 989,664 | $ | 1,205,729 | $ | 3,583,912 | $ | 544,745 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in DWS ESG Liquidity Fund at cost |
$ | — | $ | — | $ | 639,948 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in DWS Government Money Market Series at cost |
$ | 114,870 | $ | 339,951 | $ | — | $ | 290,438 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | 649,126 | $ | 542,972 | $ | 2,203,405 | $ | 190,232 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Non-cash collateral for securities on loan |
$ | 414,032 | $ | 771,164 | $ | 1,642,653 | $ | 389,699 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Foreign currency at cost |
$ | 222,192 | $ | 257,134 | $ | 865,955 | $ | 21,371 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 83 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2020 (Unaudited)
| Xtrackers MSCI Germany Hedged Equity ETF |
Xtrackers MSCI Japan Hedged Equity ETF |
|||||||
| Assets |
||||||||
| Investment in non-affiliated securities at value |
$ | 12,448,258 | $ | 200,591,976 | ||||
| Investment in affiliated securities at value |
197,085 | — | ||||||
| Investment in DWS ESG Liquidity Fund |
— | 117,684 | ||||||
| Investment in DWS Government Money Market Series |
119,912 | 2,629,233 | ||||||
| Investment in DWS Government & Agency Securities Portfolio* |
— | 686,954 | ||||||
| Foreign currency at value |
845 | 477,600 | ||||||
| Receivable for return of collateral pledged for forward foreign currency contracts |
27,883 | 600,790 | ||||||
| Unrealized appreciation on forward foreign currency contracts |
61,052 | 233,769 | ||||||
| Deposit with broker for futures contracts |
20,367 | 257,009 | ||||||
| Receivables: | ||||||||
| Investment securities sold |
480,638 | 2,439,534 | ||||||
| Dividends |
735 | 1,144,024 | ||||||
| Interest |
3 | 76 | ||||||
| Securities lending income |
14 | 576 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 13,356,792 | $ | 209,179,225 | ||||
|
|
|
|
|
|||||
| Liabilities |
||||||||
| Payable upon return of securities loaned |
$ | — | $ | 686,954 | ||||
| Unrealized depreciation on forward foreign currency contracts |
319,780 | 412,608 | ||||||
| Payables: | ||||||||
| Investment securities purchased |
175,056 | 1,719,868 | ||||||
| Investment advisory fees |
4,582 | 73,389 | ||||||
| Variation margin on futures contracts |
— | 80,777 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
499,418 | 2,973,596 | ||||||
|
|
|
|
|
|||||
| Net Assets, at value |
$ | 12,857,374 | $ | 206,205,629 | ||||
|
|
|
|
|
|||||
| Net Assets Consist of |
||||||||
| Paid-in capital |
$ | 21,617,273 | $ | 366,907,607 | ||||
| Distributable earnings (loss) |
(8,759,899 | ) | (160,701,978 | ) | ||||
|
|
|
|
|
|||||
| Net Assets, at value |
$ | 12,857,374 | $ | 206,205,629 | ||||
|
|
|
|
|
|||||
| Number of Common Shares outstanding |
450,800 | 4,650,800 | ||||||
|
|
|
|
|
|||||
| Net Asset Value |
$ | 28.52 | $ | 44.34 | ||||
|
|
|
|
|
|||||
| Investment in non-affiliated securities at cost |
$ | 12,247,324 | $ | 186,045,404 | ||||
|
|
|
|
|
|||||
| Investment in affiliated securities at cost |
$ | 598,878 | $ | — | ||||
|
|
|
|
|
|||||
| Value of securities loaned |
$ | — | $ | 872,458 | ||||
|
|
|
|
|
|||||
| Investment in DWS ESG Liquidity Fund at cost |
$ | — | $ | 117,682 | ||||
|
|
|
|
|
|||||
| Investment in DWS Government Money Market Series at cost |
$ | 119,912 | $ | 2,629,233 | ||||
|
|
|
|
|
|||||
| Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | — | $ | 686,954 | ||||
|
|
|
|
|
|||||
| Non-cash collateral for securities on loan |
$ | — | $ | 317,611 | ||||
|
|
|
|
|
|||||
| Foreign currency at cost |
$ | 1,101 | $ | 350,837 | ||||
|
|
|
|
|
|||||
|
* Represents collateral on securities loaned. |
||||||||
| See Notes to Financial Statements. | 84 |
DBX ETF Trust
For the Six Months Ended November 30, 2020 (Unaudited)
| Xtrackers MSCI All World ex US Hedged Equity ETF |
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
Xtrackers MSCI Europe Hedged Equity ETF |
Xtrackers MSCI Eurozone Hedged Equity ETF |
|||||||||||||
| Investment Income |
||||||||||||||||
| Unaffiliated interest income |
$ | — | $ | — | $ | 3,220 | $ | — | ||||||||
| Unaffiliated dividend income* |
1,101,582 | 1,237,925 | 4,044,340 | 165,250 | ||||||||||||
| Income distributions from affiliated funds |
461 | 306 | 2,928 | 112 | ||||||||||||
| Affiliated securities lending income |
230 | 123 | 903 | 65 | ||||||||||||
| Unaffiliated non-cash dividend income |
115,375 | 101,624 | 939,554 | 67,029 | ||||||||||||
| Unaffiliated securities lending income, net of borrower rebates |
9,704 | 4,445 | 61,553 | 6,412 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total investment income |
1,227,352 | 1,344,423 | 5,052,498 | 238,868 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Expenses |
||||||||||||||||
| Investment advisory fees |
205,810 | 336,699 | 1,033,282 | 40,822 | ||||||||||||
| Other expenses |
507 | 747 | — | 73 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses |
206,317 | 337,446 | 1,033,282 | 40,895 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less fees waived (see note 3): |
||||||||||||||||
| Waiver |
(411 | ) | (310 | ) | (2,224 | ) | (99 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net expenses |
205,906 | 337,136 | 1,031,058 | 40,796 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net investment income (loss) |
1,021,446 | 1,007,287 | 4,021,440 | 198,072 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments |
(802,014 | ) | (334,863 | ) | (15,681,788 | ) | (337,162 | ) | ||||||||
| Investments in affiliates |
— | — | (237,788 | ) | (19,634 | ) | ||||||||||
| In-kind redemptions |
2,283,834 | — | 2,627,384 | 989,248 | ||||||||||||
| In-kind redemptions in affiliates |
1,339 | — | (433,902 | ) | (35,080 | ) | ||||||||||
| Futures contracts |
715,456 | 475,108 | 1,756,437 | 66,760 | ||||||||||||
| Foreign currency transactions |
(397 | ) | 3,754 | (203,111 | ) | 8,254 | ||||||||||
| Forward foreign currency contracts |
(3,795,424 | ) | (2,219,239 | ) | (24,082,402 | ) | (1,197,786 | ) | ||||||||
| Payments by Affiliates (see note 6) |
82 | 878 | 242 | 8 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized gain (loss) |
(1,597,124 | ) | (2,074,362 | ) | (36,254,928 | ) | (525,392 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
| Investments** |
18,144,568 | 25,890,916 | 92,652,852 | 3,519,705 | ||||||||||||
| Investments in affiliates |
24,247 | — | 954,374 | 76,392 | ||||||||||||
| Futures contracts |
(267,858 | ) | 28,495 | (387,016 | ) | (19,866 | ) | |||||||||
| Foreign currency translations |
6,424 | 11,335 | 271,334 | 12,118 | ||||||||||||
| Forward foreign currency contracts |
(1,417,086 | ) | (1,355,104 | ) | (7,198,882 | ) | (74,223 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net change in unrealized appreciation (depreciation) |
16,490,295 | 24,575,642 | 86,292,662 | 3,514,126 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
14,893,171 | 22,501,280 | 50,037,734 | 2,988,734 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 15,914,617 | $ | 23,508,567 | $ | 54,059,174 | $ | 3,186,806 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * Unaffiliated foreign tax withheld |
$ | 122,188 | $ | 177,098 | $ | 366,609 | $ | 25,349 | ||||||||
| ** Net of change in deferred foreign taxes |
$ | 25,738 | $ | 41,362 | $ | — | $ | — | ||||||||
| See Notes to Financial Statements. | 85 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2020 (Unaudited)
| Xtrackers MSCI Germany Hedged Equity ETF |
Xtrackers MSCI Japan Hedged Equity ETF |
|||||||
| Investment Income |
||||||||
| Unaffiliated interest income |
$ | 66 | $ | — | ||||
| Unaffiliated dividend income* |
285,057 | 1,815,103 | ||||||
| Income distributions from affiliated funds |
103 | 1,590 | ||||||
| Affiliated securities lending income |
1 | 473 | ||||||
| Unaffiliated securities lending income, net of borrower rebates |
87 | 13,926 | ||||||
|
|
|
|
|
|||||
| Total investment income |
285,314 | 1,831,092 | ||||||
|
|
|
|
|
|||||
| Expenses |
||||||||
| Investment advisory fees |
35,482 | 456,036 | ||||||
| Other expenses |
57 | 1,227 | ||||||
|
|
|
|
|
|||||
| Total expenses |
35,539 | 457,263 | ||||||
|
|
|
|
|
|||||
| Less fees waived (see note 3): |
||||||||
| Waiver |
(78 | ) | (1,168 | ) | ||||
|
|
|
|
|
|||||
| Net expenses |
35,461 | 456,095 | ||||||
|
|
|
|
|
|||||
| Net investment income (loss) |
249,853 | 1,374,997 | ||||||
|
|
|
|
|
|||||
| Realized and Unrealized Gain (Loss) |
||||||||
| Net realized gain (loss) from: |
||||||||
| Investments |
(591,742 | ) | (2,050,967 | ) | ||||
| Investments in affiliates |
(53,458 | ) | — | |||||
| In-kind redemptions |
28,221 | 800,858 | ||||||
| In-kind redemptions in affiliates |
(129,467 | ) | — | |||||
| Futures contracts |
29,177 | 668,978 | ||||||
| Foreign currency transactions |
8,254 | 60,951 | ||||||
| Forward foreign currency contracts |
(921,815 | ) | (3,939,277 | ) | ||||
| Payments by Affiliates (see note 6) |
9 | 21 | ||||||
|
|
|
|
|
|||||
| Net realized gain (loss) |
(1,630,821 | ) | (4,459,436 | ) | ||||
|
|
|
|
|
|||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||
| Investments |
2,875,646 | 33,361,822 | ||||||
| Investments in affiliates |
241,078 | (47 | ) | |||||
| Futures contracts |
(11,930 | ) | (181,816 | ) | ||||
| Foreign currency translations |
10,071 | 153,676 | ||||||
| Forward foreign currency contracts |
(73,235 | ) | (2,081,969 | ) | ||||
|
|
|
|
|
|||||
| Net change in unrealized appreciation (depreciation) |
3,041,630 | 31,251,666 | ||||||
|
|
|
|
|
|||||
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
1,410,809 | 26,792,230 | ||||||
|
|
|
|
|
|||||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 1,660,662 | $ | 28,167,227 | ||||
|
|
|
|
|
|||||
| * Unaffiliated foreign tax withheld |
$ | 19,793 | $ | 201,573 | ||||
| See Notes to Financial Statements. | 86 |
DBX ETF Trust
| Xtrackers MSCI All World ex US Hedged Equity ETF |
Xtrackers MSCI Emerging Markets Hedged Equity ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 1,021,446 | $ | 2,323,048 | $ | 1,007,287 | $ | 2,818,675 | ||||||||
| Net realized gain (loss) |
(1,597,124 | ) | (929,874 | ) | (2,074,362 | ) | 2,632,256 | |||||||||
| Net change in net unrealized appreciation (depreciation) |
16,490,295 | (2,635,262 | ) | 24,575,642 | (7,981,539 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
15,914,617 | (1,242,088 | ) | 23,508,567 | (2,530,608 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders |
(911,257 | ) | (3,108,889 | ) | (451,860 | ) | (3,043,154 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
2,713,463 | 5,902,631 | — | 7,124,993 | ||||||||||||
| Value of shares redeemed |
(12,480,284 | ) | (1,340,557 | ) | — | (24,500,575 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(9,766,821 | ) | 4,562,074 | — | (17,375,582 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
5,236,539 | 211,097 | 23,056,707 | (22,949,344 | ) | |||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
98,669,778 | 98,458,681 | 89,388,064 | 112,337,408 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 103,906,317 | $ | 98,669,778 | $ | 112,444,771 | $ | 89,388,064 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
3,850,001 | 3,700,001 | 4,250,800 | 5,150,800 | ||||||||||||
| Shares sold |
100,000 | 200,000 | — | 300,000 | ||||||||||||
| Shares redeemed |
(450,000 | ) | (50,000 | ) | — | (1,200,000 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
3,500,001 | 3,850,001 | 4,250,800 | 4,250,800 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 87 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| Xtrackers MSCI Europe Hedged Equity ETF |
Xtrackers MSCI Eurozone Hedged Equity ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 4,021,440 | $ | 13,510,669 | $ | 198,072 | $ | 323,977 | ||||||||
| Net realized gain (loss) |
(36,254,928 | ) | 45,709,636 | (525,392 | ) | 1,822,432 | ||||||||||
| Net change in net unrealized appreciation (depreciation) |
86,292,662 | (40,400,909 | ) | 3,514,126 | (2,164,324 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
54,059,174 | 18,819,396 | 3,186,806 | (17,915 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders |
(6,744,240 | ) | (25,632,832 | ) | (209,610 | ) | (871,374 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 93,076,067 | — | — | ||||||||||||
| Value of shares redeemed |
(92,220,578 | ) | (448,670,118 | ) | (7,711,887 | ) | (9,320,761 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(92,220,578 | ) | (355,594,051 | ) | (7,711,887 | ) | (9,320,761 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
(44,905,644 | ) | (362,407,487 | ) | (4,734,691 | ) | (10,210,050 | ) | ||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
487,015,976 | 849,423,463 | 21,077,054 | 31,287,104 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 442,110,332 | $ | 487,015,976 | $ | 16,342,363 | $ | 21,077,054 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
18,100,001 | 30,000,001 | 750,001 | 1,050,001 | ||||||||||||
| Shares sold |
— | 3,100,000 | — | — | ||||||||||||
| Shares redeemed |
(3,250,000 | ) | (15,000,000 | ) | (250,000 | ) | (300,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
14,850,001 | 18,100,001 | 500,001 | 750,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 88 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| Xtrackers MSCI Germany Hedged Equity ETF |
Xtrackers MSCI Japan Hedged Equity ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 249,853 | $ | 163,999 | $ | 1,374,997 | $ | 5,328,423 | ||||||||
| Net realized gain (loss) |
(1,630,821 | ) | 226,042 | (4,459,436 | ) | (14,608,871 | ) | |||||||||
| Net change in net unrealized appreciation (depreciation) |
3,041,630 | 303,366 | 31,251,666 | 39,981,681 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
1,660,662 | 693,407 | 28,167,227 | 30,701,233 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders |
(218,421 | ) | (538,046 | ) | (5,905,753 | ) | (11,391,476 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | — | 4,019,027 | 14,116,878 | ||||||||||||
| Value of shares redeemed |
(3,898,793 | ) | (8,052,872 | ) | (41,005,175 | ) | (226,135,390 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(3,898,793 | ) | (8,052,872 | ) | (36,986,148 | ) | (212,018,512 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
(2,456,552 | ) | (7,897,511 | ) | (14,724,674 | ) | (192,708,755 | ) | ||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
15,313,926 | 23,211,437 | 220,930,303 | 413,639,058 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 12,857,374 | $ | 15,313,926 | $ | 206,205,629 | $ | 220,930,303 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
600,800 | 900,800 | 5,550,800 | 10,900,800 | ||||||||||||
| Shares sold |
— | — | 100,000 | 400,000 | ||||||||||||
| Shares redeemed |
(150,000 | ) | (300,000 | ) | (1,000,000 | ) | (5,750,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
450,800 | 600,800 | 4,650,800 | 5,550,800 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 89 |
DBX ETF Trust
| Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 25.63 | $ | 26.61 | $ | 27.71 | $ | 26.20 | $ | 22.62 | $ | 26.87 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss) (a) |
0.27 | 0.62 | 0.73 | 0.67 | 0.64 | 0.64 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
4.03 | (0.76 | ) | (1.12 | ) | 1.51 | 3.42 | (3.57 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
4.30 | (0.14 | ) | (0.39 | ) | 2.18 | 4.06 | (2.93 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
(0.24 | ) | (0.84 | ) | (0.71 | ) | (0.67 | ) | (0.48 | ) | (0.86 | ) | ||||||||||||
| Net realized gains |
— | — | — | — | — | (0.46 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.24 | ) | (0.84 | ) | (0.71 | ) | (0.67 | ) | (0.48 | ) | (1.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 29.69 | $ | 25.63 | $ | 26.61 | $ | 27.71 | $ | 26.20 | $ | 22.62 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
16.88 | **(b) | (0.78 | )(b) | (1.30 | )(b) | 8.43 | 18.30 | (11.17 | ) | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
104 | 99 | 98 | 127 | 105 | 68 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.40 | * | 0.41 | 0.41 | 0.40 | 0.40 | 0.40 | |||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.40 | * | 0.41 | 0.41 | 0.40 | 0.40 | 0.40 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.87 | * | 2.29 | 2.74 | 2.46 | 2.67 | 2.76 | |||||||||||||||||
| Portfolio turnover rate (%)(c) |
7 | ** | 10 | 13 | 11 | 15 | 24 | |||||||||||||||||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 21.03 | $ | 21.81 | $ | 23.91 | $ | 21.47 | $ | 18.62 | $ | 22.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss) (a) |
0.24 | 0.58 | 0.52 | 0.41 | 0.35 | 0.43 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
5.29 | (0.74 | ) | (2.02 | ) | 2.39 | 2.81 | (3.60 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
5.53 | (0.16 | ) | (1.50 | ) | 2.80 | 3.16 | (3.17 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
(0.11 | ) | (0.62 | ) | (0.60 | ) | (0.36 | ) | (0.31 | ) | (0.64 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.11 | ) | (0.62 | ) | (0.60 | ) | (0.36 | ) | (0.31 | ) | (0.64 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 26.45 | $ | 21.03 | $ | 21.81 | $ | 23.91 | $ | 21.47 | $ | 18.62 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
26.37 | **(b) | (1.01 | )(b) | (6.18 | )(b) | 13.09 | 17.19 | (14.32 | ) | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
112 | 89 | 112 | 195 | 188 | 130 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.65 | * | 0.66 | 0.66 | 0.65 | 0.65 | 0.65 | |||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.65 | * | 0.66 | 0.66 | 0.65 | 0.65 | 0.65 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.85 | * | 2.62 | 2.29 | 1.74 | 1.74 | 2.20 | |||||||||||||||||
| Portfolio turnover rate (%)(c) |
5 | ** | 20 | 13 | 15 | 43 | 32 | |||||||||||||||||
| (a) | Based on average shares outstanding during the period. |
| (b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 90 |
DBX ETF Trust
Financial Highlights (Continued)
| Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 26.91 | $ | 28.31 | $ | 28.71 | $ | 28.29 | $ | 25.65 | $ | 29.47 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss) (a) |
0.25 | 0.52 | 0.75 | 0.68 | 0.76 | 0.79 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
3.00 | (1.06 | )(b) | (0.26 | ) | 0.39 | 4.40 | (3.19 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
3.25 | (0.54 | ) | 0.49 | 1.07 | 5.16 | (2.40 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
(0.39 | ) | (0.86 | ) | (0.89 | ) | (0.65 | ) | (0.85 | ) | (1.28 | ) | ||||||||||||
| Net realized gains |
— | — | — | — | (1.67 | ) | (0.14 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.39 | ) | (0.86 | ) | (0.89 | ) | (0.65 | ) | (2.52 | ) | (1.42 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 29.77 | $ | 26.91 | $ | 28.31 | $ | 28.71 | $ | 28.29 | $ | 25.65 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
12.23 | **(c) | (2.16 | )(c) | 1.88 | (c) | 3.82 | 21.77 | (8.46 | ) | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
442 | 487 | 849 | 1,543 | 2,747 | 3,310 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.45 | * | 0.46 | 0.47 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.45 | * | 0.46 | 0.47 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.55 | * | 1.79 | 2.67 | 2.41 | 2.95 | 3.08 | |||||||||||||||||
| Portfolio turnover rate (%)(d) |
4 | ** | 13 | 7 | 11 | 17 | 18 | |||||||||||||||||
| Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 28.10 | $ | 29.80 | $ | 30.90 | $ | 30.29 | $ | 25.64 | $ | 29.30 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss) (a) |
0.33 | 0.40 | 0.71 | 0.62 | 0.73 | 0.78 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
4.53 | (1.15 | ) | (1.13 | ) | 0.63 | 4.84 | (3.15 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
4.86 | (0.75 | ) | (0.42 | ) | 1.25 | 5.57 | (2.37 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
(0.28 | ) | (0.95 | ) | (0.68 | ) | (0.64 | ) | (0.92 | ) | (1.29 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.28 | ) | (0.95 | ) | (0.68 | ) | (0.64 | ) | (0.92 | ) | (1.29 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 32.68 | $ | 28.10 | $ | 29.80 | $ | 30.90 | $ | 30.29 | $ | 25.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
17.42 | **(c) | (2.80 | )(c) | (1.34 | )(c) | 4.19 | 22.56 | (8.45 | ) | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
16 | 21 | 31 | 42 | 65 | 83 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.45 | * | 0.47 | 0.47 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.45 | * | 0.46 | 0.47 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.82 | * | 1.31 | 2.42 | 2.05 | 2.76 | 3.11 | |||||||||||||||||
| Portfolio turnover rate (%)(d) |
4 | ** | 11 | 5 | 14 | 16 | 22 | |||||||||||||||||
| (a) | Based on average shares outstanding during the period. |
| (b) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 91 |
DBX ETF Trust
Financial Highlights (Continued)
| Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 25.49 | $ | 25.77 | $ | 27.93 | $ | 27.87 | $ | 23.40 | $ | 27.34 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss) (a) |
0.44 | 0.24 | 0.53 | 0.57 | 0.40 | 0.33 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
2.95 | 0.08 | (2.02 | ) | (0.09 | ) | 4.78 | (2.93 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
3.39 | 0.32 | (1.49 | ) | 0.48 | 5.18 | (2.60 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
(0.36 | ) | (0.60 | ) | (0.67 | ) | (0.42 | ) | (0.71 | ) | (1.34 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.36 | ) | (0.60 | ) | (0.67 | ) | (0.42 | ) | (0.71 | ) | (1.34 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 28.52 | $ | 25.49 | $ | 25.77 | $ | 27.93 | $ | 27.87 | $ | 23.40 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
13.45 | **(b) | 1.15 | (b) | (5.48 | )(b) | 1.73 | 22.93 | (9.99 | ) | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
13 | 15 | 23 | 36 | 66 | 110 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.45 | * | 0.45 | 0.46 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.45 | * | 0.45 | 0.46 | 0.45 | 0.45 | 0.45 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
3.17 | * | 0.90 | 2.03 | 2.04 | 1.63 | 1.37 | |||||||||||||||||
| Portfolio turnover rate (%)(c) |
7 | ** | 14 | 11 | 17 | 12 | 16 | |||||||||||||||||
| Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 39.80 | $ | 37.95 | $ | 42.95 | $ | 38.65 | $ | 34.32 | $ | 44.54 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss) (a) |
0.28 | 0.67 | 0.64 | 0.52 | 0.53 | 0.48 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
5.41 | 2.27 | (4.24 | ) | 4.69 | 4.22 | (8.44 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
5.69 | 2.94 | (3.60 | ) | 5.21 | 4.75 | (7.96 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
(1.15 | ) | (1.09 | ) | (1.40 | ) | (0.91 | ) | (0.42 | ) | (1.39 | ) | ||||||||||||
| Net realized gains |
— | — | — | — | — | (0.87 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(1.15 | ) | (1.09 | ) | (1.40 | ) | (0.91 | ) | (0.42 | ) | (2.26 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 44.34 | $ | 39.80 | $ | 37.95 | $ | 42.95 | $ | 38.65 | $ | 34.32 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
14.67 | **(b) | 7.88 | (b) | (8.59 | )(b) | 13.74 | 14.08 | (18.65 | ) | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
206 | 221 | 414 | 1,153 | 1,780 | 1,026 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.45 | * | 0.46 | 0.47 | 0.46 | 0.45 | 0.45 | |||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.45 | * | 0.46 | 0.47 | 0.46 | 0.45 | 0.45 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.36 | * | 1.69 | 1.55 | 1.24 | 1.50 | 1.29 | |||||||||||||||||
| Portfolio turnover rate (%)(c) |
3 | ** | 12 | 15 | 12 | 22 | 15 | |||||||||||||||||
| (a) | Based on average shares outstanding during the period. |
| (b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 92 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2020, the Trust consists of thirty-three investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
| Xtrackers MSCI All World ex US Hedged Equity ETF |
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| Xtrackers MSCI Europe Hedged Equity ETF |
| Xtrackers MSCI Eurozone Hedged Equity ETF |
| Xtrackers MSCI Germany Hedged Equity ETF |
| Xtrackers MSCI Japan Hedged Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
| Fund |
Underlying Index | |
| Xtrackers MSCI All World ex US Hedged Equity ETF | MSCI ACWI ex USA US Dollar Hedged Index | |
| Xtrackers MSCI Emerging Markets Hedged Equity ETF | MSCI EM US Dollar Hedged Index | |
| Xtrackers MSCI Europe Hedged Equity ETF | MSCI Europe US Dollar Hedged Index | |
| Xtrackers MSCI Eurozone Hedged Equity ETF | MSCI EMU IMI US Dollar Hedged Index | |
| Xtrackers MSCI Germany Hedged Equity ETF | MSCI Germany US Dollar Hedged Index | |
| Xtrackers MSCI Japan Hedged Equity ETF | MSCI Japan US Dollar Hedged Index |
The MSCI ACWI ex USA US Dollar Hedged Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
The MSCI EM US Dollar Hedged Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies.
The MSCI Europe US Dollar Hedged Index is designed to provide exposure to the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
The MSCI EMU IMI US Dollar Hedged Index is designed to provide exposure to equity securities in countries in the European Monetary Union, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.
The MSCI Germany US Dollar Hedged Index is designed to provide exposure to German equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.
The MSCI Japan US Dollar Hedged Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.
93
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The MSCI Hedged Underlying Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of the following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF are diversified series of the Trust. Xtrackers MSCI Germany Hedged Equity ETF is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
94
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
95
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2020, the Funds did not incur any interest or penalties.
At May 31, 2020, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| Short-Term | Long-Term | Total Amount | ||||||||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
$ | — | $ | 1,496,679 | $ | 1,496,679 | ||||||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
10,392,893 | 7,998,110 | 18,391,003 | |||||||||
| Xtrackers MSCI Europe Hedged Equity ETF |
— | 83,522,829 | 83,522,829 | |||||||||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
— | 1,307,560 | 1,307,560 | |||||||||
| Xtrackers MSCI Germany Hedged Equity ETF |
1,391,384 | 5,427,698 | 6,819,082 | |||||||||
| Xtrackers MSCI Japan Hedged Equity ETF |
72,266,077 | 95,372,069 | 167,638,146 | |||||||||
As of May 31, 2020, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
| Aggregate Tax Cost |
Net Unrealized Appreciation (Depreciation) |
Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized (Depreciation) |
|||||||||||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
$ | 103,515,665 | $ | (4,460,717 | ) | $ | 13,611,891 | $ | (18,072,608 | ) | ||||||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
88,614,155 | 1,424,075 | 19,587,544 | (18,163,469 | ) | |||||||||||
| Xtrackers MSCI Europe Hedged Equity ETF |
614,442,701 | (119,640,065 | ) | 37,237,135 | (156,877,200 | ) | ||||||||||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
24,795,245 | (3,041,448 | ) | 2,922,037 | (5,963,485 | ) | ||||||||||
| Xtrackers MSCI Germany Hedged Equity ETF |
18,942,505 | (3,554,536 | ) | 1,598,746 | (5,153,282 | ) | ||||||||||
| Xtrackers MSCI Japan Hedged Equity ETF |
241,764,331 | (21,220,832 | ) | 21,699,733 | (42,920,565 | ) | ||||||||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
96
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2020, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of November 30, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
| Remaining Contractual Maturity of the Agreements, as of November 30, 2020 |
||||||||||||||||||||
| Securities Lending Transactions | Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||||||||
| Common Stocks |
$ | 649,126 | $ | 2,071 | $ | 10,222 | $ | 401,739 | $ | 1,063,158 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 1,063,158 | |||||||||||||||||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||||||
| Common Stocks |
$ | 542,972 | $ | 1,558 | $ | 31,711 | $ | 737,895 | $ | 1,314,136 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 1,314,136 | |||||||||||||||||
| Xtrackers MSCI Europe Hedged Equity ETF |
| |||||||||||||||||||
| Common Stocks |
$ | 2,203,405 | $ | 8,017 | $ | — | $ | 1,634,636 | $ | 3,846,058 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 3,846,058 | |||||||||||||||||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||||||||
| Common Stocks |
$ | 190,232 | $ | 837 | $ | 1,326 | $ | 387,536 | $ | 579,931 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 579,931 | |||||||||||||||||
| Xtrackers MSCI Japan Hedged Equity ETF |
| |||||||||||||||||||
| Common Stocks |
$ | 686,954 | $ | — | $ | 8,958 | $ | 308,653 | $ | 1,004,565 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 1,004,565 | |||||||||||||||||
As of November 30, 2020, MSCI Germany Hedged Equity ETF had no securities on loan.
Derivatives
Forward Foreign Currency Contracts Each Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to shareholders.
97
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2020, The Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the euro and the Japanese yen, respectively.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 2020 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2020.
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2020, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investments in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2020 is included in a table following the Funds’ Schedule of Investments.
98
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
| Asset Derivatives |
Liability Derivatives |
|||||||||||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts* | $ | 149,452 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 309,847 | Unrealized depreciation on forward foreign currency contracts | 1,932,328 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 459,299 | Total | $ | 1,932,328 | |||||||||
|
|
|
|
|
|||||||||||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts* | $ | 157,890 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 283,104 | Unrealized depreciation on forward foreign currency contracts | 1,769,611 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 440,994 | Total | $ | 1,769,611 | |||||||||
|
|
|
|
|
|||||||||||
| Xtrackers MSCI Europe Hedged Equity ETF |
| |||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts* | $ | 264,924 | Unrealized depreciation on futures contracts* | $ | 1,030 | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 1,750,715 | Unrealized depreciation on forward foreign currency contracts | 10,968,751 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 2,015,639 | Total | $ | 10,969,781 | |||||||||
|
|
|
|
|
|||||||||||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
| |||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 1,575 | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 72,763 | Unrealized depreciation on forward foreign currency contracts | 408,067 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 72,763 | Total | $ | 409,642 | |||||||||
|
|
|
|
|
|||||||||||
| Xtrackers MSCI Germany Hedged Equity ETF |
| |||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts* | $ | 1,367 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 61,052 | Unrealized depreciation on forward foreign currency contracts | 319,780 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 62,419 | Total | $ | 319,780 | |||||||||
|
|
|
|
|
|||||||||||
| Xtrackers MSCI Japan Hedged Equity ETF |
| |||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts* | $ | 474,172 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 233,769 | Unrealized depreciation on forward foreign currency contracts | 412,608 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 707,941 | $ | 412,608 | ||||||||||
|
|
|
|
|
|||||||||||
| * | Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
99
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2020 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
| Net Realized Gain (Loss) from: |
||||||||||||
| Futures Contracts — Equity Contracts |
Forward Foreign Currency Contracts — Foreign Exchange Contracts |
Total | ||||||||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
$ | 715,456 | $ | (3,795,424 | ) | $ | (3,079,968 | ) | ||||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
475,108 | (2,219,239 | ) | (1,744,131 | ) | |||||||
| Xtrackers MSCI Europe Hedged Equity ETF |
1,756,437 | (24,082,402 | ) | (22,325,965 | ) | |||||||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
66,760 | (1,197,786 | ) | (1,131,026 | ) | |||||||
| Xtrackers MSCI Germany Hedged Equity ETF |
29,177 | (921,815 | ) | (892,638 | ) | |||||||
| Xtrackers MSCI Japan Hedged Equity ETF |
668,978 | (3,939,277 | ) | (3,270,299 | ) | |||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
| Futures Contracts — Equity Contracts |
Forward Foreign Currency Contracts — Foreign Exchange Contracts |
Total | ||||||||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
$ | (267,858 | ) | $ | (1,417,086 | ) | $ | (1,684,944 | ) | |||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
28,495 | (1,355,104 | ) | (1,326,609 | ) | |||||||
| Xtrackers MSCI Europe Hedged Equity ETF |
(387,016 | ) | (7,198,882 | ) | (7,585,898 | ) | ||||||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
(19,866 | ) | (74,223 | ) | (94,089 | ) | ||||||
| Xtrackers MSCI Germany Hedged Equity ETF |
(11,930 | ) | (73,235 | ) | (85,165 | ) | ||||||
| Xtrackers MSCI Japan Hedged Equity ETF |
(181,816 | ) | (2,081,969 | ) | (2,263,785 | ) | ||||||
For the period ended November 30, 2020 the average monthly volume of derivatives was as follows:
| Futures Contracts (Contract Value) |
Forward Foreign Currency Contracts (Contract Value) |
|||||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
$ | 2,439,441 | $ | (96,885,771 | ) | |||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
1,733,762 | (86,299,246 | ) | |||||
| Xtrackers MSCI Europe Hedged Equity ETF |
13,478,429 | (443,929,124 | ) | |||||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
454,739 | (17,433,874 | ) | |||||
| Xtrackers MSCI Germany Hedged Equity ETF |
329,282 | (14,833,121 | ) | |||||
| Xtrackers MSCI Japan Hedged Equity ETF |
5,981,146 | (197,824,127 | ) | |||||
As of November 30, 2020, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Other expenses on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to
100
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
| Fund |
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received(a) |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged(a) |
Net Amount of Derivatives Liabilities |
||||||||||||||||||||||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
| Citigroup Global Markets |
$ | 71,211 | $ | (71,211 | ) | $ | — | $ | — | $ | 456,639 | $ | (71,211 | ) | $ | (360,087 | ) | $ | 25,341 | |||||||||||||
| JP Morgan & Chase Co. |
132,667 | (132,667 | ) | — | — | 805,249 | (132,667 | ) | (672,582 | ) | — | |||||||||||||||||||||
| RBC Capital Markets |
105,969 | (105,969 | ) | — | — | 670,440 | (105,969 | ) | (564,471 | ) | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 309,847 | $ | (309,847 | ) | $ | — | $ | — | $ | 1,932,328 | $ | (309,847 | ) | $ | (1,597,140 | ) | $ | 25,341 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
| Citigroup Global Markets |
$ | 83,895 | $ | (83,895 | ) | $ | — | $ | — | $ | 371,894 | $ | (83,895 | ) | $ | (277,847 | ) | $ | 10,152 | |||||||||||||
| JP Morgan & Chase Co. |
123,193 | (123,193 | ) | — | — | 744,032 | (123,193 | ) | (620,839 | ) | — | |||||||||||||||||||||
| RBC Capital Markets |
76,016 | (76,016 | ) | — | — | 653,685 | (76,016 | ) | (577,669 | ) | — | |||||||||||||||||||||
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| $ | 283,104 | $ | (283,104 | ) | $ | — | $ | — | $ | 1,769,611 | $ | (283,104 | ) | $ | (1,476,355 | ) | $ | 10,152 | ||||||||||||||
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| Citigroup Global Markets |
$ | 401,003 | $ | (401,003 | ) | $ | — | $ | — | $ | 2,344,245 | $ | (401,003 | ) | $ | (1,943,242 | ) | $ | — | |||||||||||||
| JP Morgan & Chase Co. |
476,963 | (476,963 | ) | — | — | 4,237,066 | (476,963 | ) | (3,760,103 | ) | — | |||||||||||||||||||||
| RBC Capital Markets |
872,749 | (872,749 | ) | — | — | 4,387,440 | (872,749 | ) | (3,514,691 | ) | — | |||||||||||||||||||||
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| $ | 1,750,715 | $ | (1,750,715 | ) | $ | — | $ | — | $ | 10,968,751 | $ | (1,750,715 | ) | $ | (9,218,036 | ) | $ | — | ||||||||||||||
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| Xtrackers MSCI Eurozone Hedged Equity ETF |
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| Citigroup Global Markets |
$ | 20,147 | $ | (20,147 | ) | $ | — | $ | — | $ | 135,057 | $ | (20,147 | ) | $ | (7,354 | ) | $ | 107,556 | |||||||||||||
| JP Morgan & Chase Co. |
9,115 | (9,115 | ) | — | — | 88,236 | (9,115 | ) | — | 79,121 | ||||||||||||||||||||||
| RBC Capital Markets |
43,501 | (43,501 | ) | — | — | 184,774 | (43,501 | ) | (20,000 | ) | 121,273 | |||||||||||||||||||||
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| $ | 72,763 | $ | (72,763 | ) | $ | — | $ | — | $ | 408,067 | $ | (72,763 | ) | $ | (27,354 | ) | $ | 307,950 | ||||||||||||||
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| Citigroup Global Markets |
$ | 7,950 | $ | (7,950 | ) | $ | — | $ | — | $ | 44,532 | $ | (7,950 | ) | $ | (27,883 | ) | $ | 8,699 | |||||||||||||
| JP Morgan & Chase Co. |
13,443 | (13,443 | ) | — | — | 130,125 | (13,443 | ) | — | 116,682 | ||||||||||||||||||||||
| RBC Capital Markets |
39,659 | (39,659 | ) | — | — | 145,123 | (39,659 | ) | — | 105,464 | ||||||||||||||||||||||
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| $ | 61,052 | $ | (61,052 | ) | $ | — | $ | — | $ | 319,780 | $ | (61,052 | ) | $ | (27,883 | ) | $ | 230,845 | ||||||||||||||
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| Citigroup Global Markets |
$ | 71,964 | $ | (71,964 | ) | $ | — | $ | — | $ | 135,724 | $ | (71,964 | ) | $ | (63,760 | ) | $ | — | |||||||||||||
| JP Morgan & Chase Co. |
93,719 | (93,719 | ) | — | — | 142,190 | (93,719 | ) | (30,000 | ) | 18,471 | |||||||||||||||||||||
| RBC Capital Markets |
68,086 | (68,086 | ) | — | — | 134,694 | (68,086 | ) | (66,608 | ) | — | |||||||||||||||||||||
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| $ | 233,769 | $ | (233,769 | ) | $ | — | $ | — | $ | 412,608 | $ | (233,769 | ) | $ | (160,368 | ) | $ | 18,471 | ||||||||||||||
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| (a) | The actual collateral received or pledged may be more than amount shown. |
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
101
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| Unitary Advisory Fee | ||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
0.40 | % | ||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
0.65 | % | ||
| Xtrackers MSCI Europe Hedged Equity ETF |
0.45 | % | ||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
0.45 | % | ||
| Xtrackers MSCI Germany Hedged Equity ETF |
0.45 | % | ||
| Xtrackers MSCI Japan Hedged Equity ETF |
0.45 | % | ||
The Advisor for the funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated cash management vehicles. For the period ended November 30, 2020, the Advisor waived expenses of the Funds as follows:
| Expenses Waived | ||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
$ | 411 | ||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
310 | |||
| Xtrackers MSCI Europe Hedged Equity ETF |
2,224 | |||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
99 | |||
| Xtrackers MSCI Germany Hedged Equity ETF |
78 | |||
| Xtrackers MSCI Japan Hedged Equity ETF |
1,168 | |||
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| Purchases | Sales | |||||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
$ | 6,610,866 | $ | 12,569,696 | ||||
| Xtrackers MSCI Emerging Markets Hedged Equity ETF |
5,148,793 | 8,904,908 | ||||||
| Xtrackers MSCI Europe Hedged Equity ETF |
17,737,426 | 56,962,906 | ||||||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
658,310 | 1,967,342 | ||||||
| Xtrackers MSCI Germany Hedged Equity ETF |
1,009,826 | 1,908,569 | ||||||
| Xtrackers MSCI Japan Hedged Equity ETF |
6,176,964 | 15,446,046 | ||||||
102
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For the period ended November 30, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| Purchases | Sales | |||||||
| Xtrackers MSCI All World ex US Hedged Equity ETF |
$ | 2,012,915 | $ | 10,005,799 | ||||
| Xtrackers MSCI Europe Hedged Equity ETF |
— | 89,665,432 | ||||||
| Xtrackers MSCI Eurozone Hedged Equity ETF |
— | 7,684,050 | ||||||
| Xtrackers MSCI Germany Hedged Equity ETF |
— | 3,872,342 | ||||||
| Xtrackers MSCI Japan Hedged Equity ETF |
3,932,842 | 40,078,080 | ||||||
5. Fund Share Transactions
As of November 30, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Payments by Affiliates
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI All World ex US Hedged Equity ETF $82 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI Emerging Markets Hedged Equity ETF $878 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI Europe Hedged Equity ETF $242 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets.
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI Eurozone Hedged Equity ETF $8 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets.
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI Germany Hedged Equity ETF $9 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets.
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers MSCI Japan Hedged Equity ETF $21 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets.
7. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity
103
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; and different and less stringent financial reporting standards. In addition, in November 2020, the President of the United States issued an executive order (“CCMC Order”) prohibiting US persons, including the Funds, from transacting in securities of any Chinese company identified by the Secretary of Defense as a “Communist Chinese military company” (“CCMC”) or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. The prohibition takes effect on January 11, 2021. To the extent that any company in an Underlying Index is identified as CCMC at any time, it may have material adverse effect on a fund’s ability to track its Underlying Index.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2020.
9. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. A Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in a Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on each Fund and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.
104
DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
105
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
106
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. DBGR is non-diversified and can take larger positions in fewer issues, increasing each Fund’s potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
In June 2016, citizens of the United Kingdom approved a referendum to leave the European Union (EU) and in March 2017, the United Kingdom initiated the formal process of withdrawing from the EU. On January 31, 2020, the United Kingdom officially withdrew from the EU pursuant to a withdrawal agreement, providing for a transition period in which the United Kingdom negotiated and finalized a trade deal with the EU, the EU-UK Trade and Cooperation Agreement provisionally applied effective January 1, 2021. As a result, as of January 1, 2021 the United Kingdom is no longer part of the EU customs union and single market, nor is it subject to EU policies and international agreements. The long-term impact of the United Kingdom’s withdrawal from the EU is still unknown and could have adverse economic and political effects on the United Kingdom, the EU and its member countries, and the global economy, including financial markets and asset valuations.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.
Copyright © 2021 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 |
Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 |
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
| Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 |
Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
|||
R-049077-5 (1/21) DBX004705 (1/22)
November 30, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)
Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)
DBX ETF Trust
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our six ETFs tracking the fixed income market for the period ended November 30, 2020.
Globally, economic growth rebounded from the COVID-19-induced slump. The US economy grew at record pace as USD 3 trillion of pandemic relief fund injected by the government fueled consumer spending. Although still below the pre-crisis level, employment numbers globally continued to improve towards the end of the review period. The Eurozone economy grew more than expected in the third quarter. However, the region faces the threat of a second wave of infections, which would pressure economic recovery. On the other hand, the Chinese economy remained on a strong footing, aided by the country’s effective virus-control and policy measures to prop up growth.
Governments and central banks across the globe provided unprecedented stimulus packages to pull economies out of deep recession and catalyze momentum. At its November meeting, the Federal Reserve Board held the target range for interest rates at 0-0.25%. The decision was taken to shore up the economy amid the ongoing public health crisis, expected to keep inflation and employment levels depressed going forward. US investment-grade issuance reached record levels following the Federal Reserve’s unprecedented steps to bolster liquidity. On the high-yield side, bond issuers continued their refinancing, limiting the chances of future defaults. Against this backdrop, the European Central Bank signaled additional quantitative easing and expansion of the pandemic emergency purchase program it had announced in June.
People’s Bank of China shifted to a more steady stance in its recent meeting as the economy rallied. Policymakers in several other countries continued their dovish policies to cushion economies from further downfall owing to the pandemic. The Bank of Japan kept overnight interest rates on hold at its October meeting and hinted it would continue to buy Japanese government bonds, as needed, to keep 10-year bond yields at about 0%. Elsewhere, increased funding needs amid the COVID-19 pandemic sent the emerging market sovereign debt sales to $145 billion, which is at the higher end of historical range.
The International Monetary Fund (IMF) forecast a tough road ahead for emerging markets, together with several countries in the Eurozone including the bloc’s largest economies. Germany and France announced fresh lockdowns to curtail the reach of the virus. China, owing to its dependence on hard hit sectors including tourism, commodities and external financing will increase its focus on inbound growth. As countries across the world took measures to contain the pandemic, economic recovery after the collapse in spring has been quite impressive. Markets have interpreted the COVID-19 vaccine news and the likely U.S. election results as a sign of reduced tail risk for credit. Moreover, fiscal and monetary support remains in place, with central banks and governments ready to provide the required stimulus in case of approaching downside risks.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR)
The Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (the “fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Bloomberg Barclays MSCI US Corpo-rate Sustainability SRI Sector/Credit/Maturity Neutral Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg Barclays US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)
The Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (the “fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)
The Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (the “fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the J.P. Morgan ESG DM Corporate High Yield USD Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market expo-sure with ESG aspects. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)
The Xtrackers Municipal Infrastructure Revenue Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the U.S. long-term tax exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)
The Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.
* As a percent of total investments excluding exchange-traded funds, securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 38.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)
The Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral and cash equivalents.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 44.
7
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds, except for Xtrackers Municipal Infrastructure Revenue Bond ETF, limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value June 1, 2020 |
Ending Account Value November 30, 2020 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
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| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
| |||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,052.40 | 0.15 | % | $ | 0.77 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.32 | 0.15 | % | $ | 0.76 | ||||||||
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
| |||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,095.70 | 0.35 | % | $ | 1.84 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.31 | 0.35 | % | $ | 1.78 | ||||||||
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
| |||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,102.80 | 0.20 | % | $ | 1.05 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 | ||||||||
| Xtrackers Municipal Infrastructure Revenue Bond ETF |
| |||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,057.10 | 0.15 | % | $ | 0.77 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.32 | 0.15 | % | $ | 0.76 | ||||||||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
| |||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,154.10 | 0.20 | % | $ | 1.08 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 | ||||||||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
| |||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,163.80 | 0.20 | % | $ | 1.08 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 | ||||||||
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
8
DBX ETF Trust
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
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| CORPORATE BONDS — 0.1% |
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| Financial — 0.1% |
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| Deutsche Bank AG, 3.70%, 5/30/24 (b) |
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| 10,139 | — | — | — | 605 | 184 | — | 10,000 | 10,744 | ||||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 0.4% |
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| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
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| 10,080 | 33,180 | (e) | — | — | — | 11 | — | 43,260 | 43,260 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.3% |
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| DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
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| 83,235 | 345,823 | (395,125) | — | — | 12 | — | 33,933 | 33,933 | ||||||||||||||||||||||||||||
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| 103,454 | 379,003 | (395,125 | ) | — | 605 | 207 | — | 87,193 | 87,937 | |||||||||||||||||||||||||||
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| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $165,585, which is 1.6% of net assets. |
| (b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $126,153. |
| (e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| GMTN: | Global Medium Term Note |
| MTN: | Medium Term Note |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Bonds (f) |
$ | — | $ | 10,226,002 | $ | — | $ | 10,226,002 | ||||||||
| Short-Term Investments (f) |
77,193 | — | — | 77,193 | ||||||||||||
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| TOTAL |
$ | 77,193 | $ | 10,226,002 | $ | — | $ | 10,303,195 | ||||||||
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| (f) | See Schedule of Investments for additional detailed categorizations. |
| See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
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| SECURITIES LENDING COLLATERAL — 0.5% |
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| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
| |||||||||||||||||||||||||||||||||||
| — | 142,800(e | ) | — | — | — | 14 | — | 142,800 | 142,800 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 4.9% |
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| DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
| |||||||||||||||||||||||||||||||||||
| 127,325 | 3,529,712 | (2,180,101 | ) | — | — | 48 | — | 1,476,936 | 1,476,936 | |||||||||||||||||||||||||||
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| 127,325 | 3,672,512 | (2,180,101 | ) | — | — | 62 | — | 1,619,736 | 1,619,736 | |||||||||||||||||||||||||||
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| See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)
November 30, 2020 (Unaudited)
| * | Non-income producing security. |
| (a) | Defaulted security or security for which income has been deemed uncollectible. |
| (b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $158,045, which is 0.5% of net assets. |
| (c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $19,699. |
| (e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| GMTN: | Global Medium Term Note |
| MTN: | Medium Term Note |
| REGS: | Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Sovereign Bonds (f) |
$ | — | $ | 29,500,005 | $ | — | $ | 29,500,005 | ||||||||
| Short-Term Investments (f) |
1,619,736 | — | — | 1,619,736 | ||||||||||||
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| TOTAL |
$ | 1,619,736 | $ | 29,500,005 | $ | — | $ | 31,119,741 | ||||||||
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| (f) | See Schedule of Investments for additional detailed categorizations. |
| See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
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| SECURITIES LENDING COLLATERAL — 2.0% |
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| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
| |||||||||||||||||||||||||||||||||||
| 102,098 | 191,547 | (e) | — | — | — | 67 | — | 293,645 | 293,645 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 1.8% |
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| DWS Government Money Market Series “Institutional Shares”, 0.04% (c) |
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| 121,095 | 2,639,148 | (2,497,470 | ) | — | — | 60 | — | 262,773 | 262,773 | |||||||||||||||||||||||||||
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| 223,193 | 2,830,695 | (2,497,470 | ) | — | — | 127 | — | 556,418 | 556,418 | |||||||||||||||||||||||||||
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| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $626,531, which is 4.3% of net assets. |
| (b) | Perpetual, callable security with no stated maturity date. |
| (c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $358,002. |
| (e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| MTN: | Medium Term Note |
| PIK: | Denotes that all or a portion of the income is paid in-kind in the form of additional principal. |
| REIT: | Real Estate Investment Trust |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Bonds (f) |
$ | — | $ | 14,191,783 | $ | — | $ | 14,191,783 | ||||||||
| Short-Term Investments (f) |
556,418 | — | — | 556,418 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 556,418 | $ | 14,191,783 | $ | — | $ | 14,748,201 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (f) | See Schedule of Investments for additional detailed categorizations. |
| See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2020 (Unaudited)
| AMT: | Alternative Minimum Tax |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Municipal Bonds (a) |
$ | — | $ | 114,288,287 | $ | — | $ | 114,288,287 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | 114,288,287 | $ | — | $ | 114,288,287 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See Schedule of Investments for additional detailed categorizations. |
| See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
||||||||||||||||||||||||||||
| EXCHANGE-TRADED FUNDS — 0.0% |
|
|||||||||||||||||||||||||||||||||||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF (d) |
|
|||||||||||||||||||||||||||||||||||
| — | 135,070 | (126,758 | ) | 4 | 672 | 737 | — | 400 | 8,988 | |||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 0.5% |
|
|||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (e)(f) |
|
|||||||||||||||||||||||||||||||||||
| 237,415 | — | (134,306 | )(g) | — | — | 77 | — | 103,109 | 103,109 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.4% |
|
|||||||||||||||||||||||||||||||||||
| DWS Government Money Market Series “Institutional Shares”, 0.04% (e) |
|
|||||||||||||||||||||||||||||||||||
| 128,203 | 842,762 | (887,907 | ) | — | — | 12 | — | 83,058 | 83,058 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 365,618 | 977,832 | (1,148,971 | ) | 4 | 672 | 826 | — | 186,567 | 195,155 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $127,431, which is 0.6% of net assets. |
| See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
| (b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (c) | Investment was valued using significant unobservable inputs. |
| (d) | Affiliated fund advised by DBX Advisors LLC. |
| (e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (f) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $33,080. |
| (g) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| ADR: | American Depositary Receipt |
| GDR: | Global Depositary Receipt |
| KSC | Kuwait Shareholding Company |
| NVDR: | Non Voting Depositary Receipt |
| PJSC: | Public Joint Stock Company |
| QPSC: | Qatari Public Shareholders Company |
| QSC: | Qatari Shareholders Company |
| SAE: | Societe Anonyme Egyptienne |
| SAQ: | Societe Anonyme Qatar |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (h) |
$ | 20,674,756 | $ | — | $ | — | $ | 20,674,756 | ||||||||
| Preferred Stocks (h) |
308,284 | — | — | 308,284 | ||||||||||||
| Rights |
— | — | 0 | 0 | ||||||||||||
| Exchange-Traded Funds |
12,925 | — | — | 12,925 | ||||||||||||
| Short-Term Investments (h) |
186,167 | — | — | 186,167 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 21,182,132 | $ | — | $ | 0 | $ | 21,182,132 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (h) | See Schedule of Investments for additional detailed categorizations. |
| See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
||||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 0.1% |
|
|||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) |
|
|||||||||||||||||||||||||||||||||||
| 5,636,041 | — | (5,289,347 | )(f) | — | — | 2,198 | — | 346,694 | 346,694 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.2% |
|
|||||||||||||||||||||||||||||||||||
| DWS Government Money Market Series “Institutional Shares”, 0.04%(d) |
|
|||||||||||||||||||||||||||||||||||
| 802,916 | 18,498,469 | (18,311,876) | — | — | 469 | — | 989,509 | 989,509 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 6,438,957 | 18,498,469 | (23,601,223 | ) | — | — | 2,667 | — | 1,336,203 | 1,336,203 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| * | Non-income producing security. |
| (a) | Company Declared its annual dividend during the 12-month period ended November 30, 2020, the scheduled payment date was subsequent to November 30, 2020. |
| See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)
November 30, 2020 (Unaudited)
| (b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (c) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $329,321, which is 0.1% of net assets. |
| (d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Securities are listed in country of domicile.
At November 30, 2020, open futures contracts purchased were as follows:
| Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||
| MSCI EAFE Futures |
USD | 13 | $ | 1,218,569 | $ | 1,321,450 | 12/18/2020 | $ | 102,881 | |||||||||
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| USD | U.S. Dollar |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (g) |
$ | 509,445,394 | $ | — | $ | — | $ | 509,445,394 | ||||||||
| Short-Term Investments (g) |
1,336,203 | — | — | 1,336,203 | ||||||||||||
| Derivatives (h) |
||||||||||||||||
| Futures Contracts |
102,881 | — | — | 102,881 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 510,884,478 | $ | — | $ | — | $ | 510,884,478 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (g) | See Schedule of Investments for additional detailed categorizations. |
| (h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| See Notes to Financial Statements. | 46 |
DBX ETF Trust
November 30, 2020 (Unaudited)
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
Xtrackers Municipal Infrastructure Revenue Bond ETF |
|||||||||||||
| Assets |
||||||||||||||||
| Investment in non-affiliated securities at value |
$ | 10,215,258 | $ | 29,500,005 | $ | 14,191,783 | $ | 114,288,287 | ||||||||
| Investment in affiliated securities at value |
10,744 | — | — | — | ||||||||||||
| Investment in DWS Government Money Market Series |
33,933 | 1,476,936 | 262,773 | — | ||||||||||||
| Investment in DWS Government & Agency Securities Portfolio* |
43,260 | 142,800 | 293,645 | — | ||||||||||||
| Cash |
— | 8,628 | — | 477,523 | ||||||||||||
| Receivables: |
||||||||||||||||
| Investment securities sold |
95,467 | — | 4,322,875 | — | ||||||||||||
| Interest |
78,906 | 370,765 | 293,376 | 1,274,460 | ||||||||||||
| Securities lending income |
37 | 49 | 440 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total assets |
$ | 10,477,605 | $ | 31,499,183 | $ | 19,364,892 | $ | 116,040,270 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Payable upon return of securities loaned |
$ | 43,260 | $ | 142,800 | $ | 293,645 | $ | — | ||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased |
122,928 | 1,366,069 | 238,174 | 362,110 | ||||||||||||
| Capital shares |
— | — | 4,183,409 | — | ||||||||||||
| Investment advisory fees |
1,255 | 8,064 | 3,049 | 13,830 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total liabilities |
167,443 | 1,516,933 | 4,718,277 | 375,940 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets, at value |
$ | 10,310,162 | $ | 29,982,250 | $ | 14,646,615 | $ | 115,664,330 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets Consist of |
||||||||||||||||
| Paid-in capital |
$ | 10,701,174 | $ | 29,570,572 | $ | 14,958,189 | $ | 109,608,324 | ||||||||
| Distributable earnings (loss) |
(391,012 | ) | 411,678 | (311,574 | ) | 6,056,006 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets, at value |
$ | 10,310,162 | $ | 29,982,250 | $ | 14,646,615 | $ | 115,664,330 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Number of Common Shares outstanding |
450,001 | 1,350,001 | 700,001 | 4,000,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset Value |
$ | 22.91 | $ | 22.21 | $ | 20.92 | $ | 28.92 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in non-affiliated securities at cost |
$ | 9,375,463 | $ | 28,206,304 | $ | 13,074,046 | $ | 108,328,373 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in affiliated securities at cost |
$ | 9,875 | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Value of securities loaned |
$ | 165,585 | $ | 158,045 | $ | 626,531 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in DWS Government Money Market Series at cost |
$ | 33,933 | $ | 1,476,936 | $ | 262,773 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | 43,260 | $ | 142,800 | $ | 293,645 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Non-cash collateral for securities on loan |
$ | 126,153 | $ | 19,699 | $ | 358,002 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 47 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2020 (Unaudited)
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
|||||||
| Assets |
||||||||
| Investment in non-affiliated securities at value |
$ | 20,986,977 | $ | 509,445,394 | ||||
| Investment in affiliated securities at value |
8,988 | — | ||||||
| Investment in DWS Government Money Market Series |
83,058 | 989,509 | ||||||
| Investment in DWS Government & Agency Securities Portfolio* |
103,109 | 346,694 | ||||||
| Foreign currency at value |
37,419 | 324,069 | ||||||
| Deposit with broker for futures contracts |
— | 102,960 | ||||||
| Foreign tax receivable |
264 | — | ||||||
| Receivables: |
||||||||
| Investment securities sold |
5,294,251 | 221,423,675 | ||||||
| Capital shares |
— | 4,195,022 | ||||||
| Variation margin on futures contracts |
9,304 | 79,603 | ||||||
| Dividends |
55,783 | 2,030,911 | ||||||
| Interest |
1 | 14 | ||||||
| Securities lending income |
80 | 821 | ||||||
| Foreign tax reclaim |
22,623 | 302,982 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 26,601,857 | $ | 739,241,654 | ||||
|
|
|
|
|
|||||
| Liabilities |
||||||||
| Payable upon return of securities loaned |
$ | 103,109 | $ | 346,694 | ||||
| Payables: |
||||||||
| Investment securities purchased |
5,465,144 | 160,015,367 | ||||||
| Capital shares |
— | 68,958,462 | ||||||
| Investment advisory fees |
3,330 | 81,205 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
5,571,583 | 229,401,728 | ||||||
|
|
|
|
|
|||||
| Net Assets, at value |
$ | 21,030,274 | $ | 509,839,926 | ||||
|
|
|
|
|
|||||
| Net Assets Consist of |
||||||||
| Paid-in capital |
$ | 24,727,242 | $ | 521,242,604 | ||||
| Distributable earnings (loss) |
(3,696,968 | ) | (11,402,678 | ) | ||||
|
|
|
|
|
|||||
| Net Assets, at value |
$ | 21,030,274 | $ | 509,839,926 | ||||
|
|
|
|
|
|||||
| Number of Common Shares outstanding |
900,001 | 22,550,001 | ||||||
|
|
|
|
|
|||||
| Net Asset Value |
$ | 23.37 | $ | 22.61 | ||||
|
|
|
|
|
|||||
| Investment in non-affiliated securities at cost |
$ | 20,465,467 | $ | 474,509,114 | ||||
|
|
|
|
|
|||||
| Investment in affiliated securities at cost |
$ | 8,316 | $ | — | ||||
|
|
|
|
|
|||||
| Value of securities loaned |
$ | 127,431 | $ | 329,321 | ||||
|
|
|
|
|
|||||
| Investment in DWS Government Money Market Series at cost |
$ | 83,058 | $ | 989,509 | ||||
|
|
|
|
|
|||||
| Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | 103,109 | $ | 346,694 | ||||
|
|
|
|
|
|||||
| Non-cash collateral for securities on loan |
$ | 33,080 | $ | — | ||||
|
|
|
|
|
|||||
| Foreign currency at cost |
$ | 37,194 | $ | 314,578 | ||||
|
|
|
|
|
|||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 48 |
DBX ETF Trust
For the Six Months Ended November 30, 2020 (Unaudited)
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
Xtrackers Municipal Infrastructure Revenue Bond ETF |
|||||||||||||
| Investment Income |
||||||||||||||||
| Unaffiliated interest income |
$ | 126,037 | $ | 474,486 | $ | 612,014 | $ | 1,413,729 | ||||||||
| Affiliated interest income |
184 | — | — | — | ||||||||||||
| Income distributions from affiliated funds |
12 | 48 | 60 | — | ||||||||||||
| Affiliated securities lending income |
11 | 14 | 67 | — | ||||||||||||
| Unaffiliated securities lending income, net of borrower rebates |
220 | 172 | 1,926 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total investment income |
126,464 | 474,720 | 614,067 | 1,413,729 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Expenses |
||||||||||||||||
| Investment advisory fees |
7,640 | 39,222 | 19,089 | 79,101 | ||||||||||||
| Other expenses |
25 | 25 | 25 | 57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses |
7,665 | 39,247 | 19,114 | 79,158 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less fees waived (see note 3): |
||||||||||||||||
| Waiver |
(12 | ) | (64 | ) | (73 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net expenses |
7,653 | 39,183 | 19,041 | 79,158 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net investment income (loss) |
118,811 | 435,537 | 595,026 | 1,334,571 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments |
54,405 | 270,590 | 378,471 | 55,705 | ||||||||||||
| In-kind redemptions |
— | — | 306,637 | — | ||||||||||||
| Payments by Affiliates (see note 6) |
— | — | 138 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized gain (loss) |
54,405 | 270,590 | 685,246 | 55,705 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
| Investments |
343,781 | 1,184,541 | 571,569 | 4,342,764 | ||||||||||||
| Investments in affiliates |
605 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net change in unrealized appreciation (depreciation) |
344,386 | 1,184,541 | 571,569 | 4,342,764 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized and unrealized gain (loss) on investments |
398,791 | 1,455,131 | 1,256,815 | 4,398,469 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 517,602 | $ | 1,890,668 | $ | 1,851,841 | $ | 5,733,040 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 49 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2020 (Unaudited)
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
|||||||
| Investment Income |
||||||||
| Unaffiliated dividend income* |
$ | 423,250 | $ | 8,321,542 | ||||
| Income distributions from affiliated funds |
749 | 469 | ||||||
| Affiliated securities lending income |
77 | 2,198 | ||||||
| Unaffiliated non-cash dividend income |
101,349 | 2,820,962 | ||||||
| Unaffiliated securities lending income, net of borrower rebates |
3,242 | 116,378 | ||||||
|
|
|
|
|
|||||
| Total investment income |
528,667 | 11,261,549 | ||||||
|
|
|
|
|
|||||
| Expenses |
||||||||
| Investment advisory fees |
20,224 | 463,276 | ||||||
| Other expenses |
57 | 401 | ||||||
|
|
|
|
|
|||||
| Total expenses |
20,281 | 463,677 | ||||||
|
|
|
|
|
|||||
| Less fees waived (see note 3): |
||||||||
| Waiver |
(35 | ) | (362 | ) | ||||
|
|
|
|
|
|||||
| Net expenses |
20,246 | 463,315 | ||||||
|
|
|
|
|
|||||
| Net investment income (loss) |
508,421 | 10,798,234 | ||||||
|
|
|
|
|
|||||
| Realized and Unrealized Gain (Loss) |
||||||||
| Net realized gain (loss) from: |
||||||||
| Investments |
(642,191 | ) | (12,037,024 | ) | ||||
| Investments in affiliates |
4 | — | ||||||
| In-kind redemptions |
1,272 | 15,963,356 | ||||||
| Futures contracts |
53,483 | 1,099,069 | ||||||
| Foreign currency transactions |
5,191 | 219,444 | ||||||
|
|
|
|
|
|||||
| Net realized gain (loss) |
(582,241 | ) | 5,244,845 | |||||
|
|
|
|
|
|||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||
| Investments** |
3,007,133 | 53,749,312 | ||||||
| Investments in affiliates |
672 | — | ||||||
| Futures contracts |
(23,266 | ) | (285,966 | ) | ||||
| Foreign currency translations |
3,879 | (32,893 | ) | |||||
|
|
|
|
|
|||||
| Net change in unrealized appreciation (depreciation) |
2,988,418 | 53,430,453 | ||||||
|
|
|
|
|
|||||
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
2,406,177 | 58,675,298 | ||||||
|
|
|
|
|
|||||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 2,914,598 | $ | 69,473,532 | ||||
|
|
|
|
|
|||||
| * Unaffiliated foreign tax withheld |
$ | 40,417 | $ | 460,037 | ||||
| ** Net of change in deferred foreign taxes |
$ | (6 | ) | $ | — | |||
| See Notes to Financial Statements. | 50 |
DBX ETF Trust
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 118,811 | $ | 206,829 | $ | 435,537 | $ | 393,152 | ||||||||
| Net realized gain (loss) |
54,405 | (379,633 | ) | 270,590 | (276,150 | ) | ||||||||||
| Net change in net unrealized appreciation (depreciation) |
344,386 | 442,059 | 1,184,541 | 142,587 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
517,602 | 269,255 | 1,890,668 | 259,589 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders |
(116,181 | ) | (213,862 | ) | (377,873 | ) | (384,666 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 5,325,572 | 14,031,894 | 19,649,326 | ||||||||||||
| Value of shares redeemed |
— | (2,383,293 | ) | — | (12,017,544 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | 2,942,279 | 14,031,894 | 7,631,782 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
401,421 | 2,997,672 | 15,544,689 | 7,506,705 | ||||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
9,908,741 | 6,911,069 | 14,437,561 | 6,930,856 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 10,310,162 | $ | 9,908,741 | $ | 29,982,250 | $ | 14,437,561 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
450,001 | 300,001 | 700,001 | 300,001 | ||||||||||||
| Shares sold |
— | 250,000 | 650,000 | 900,000 | ||||||||||||
| Shares redeemed |
— | (100,000 | ) | — | (500,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
450,001 | 450,001 | 1,350,001 | 700,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 51 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
Xtrackers Municipal Infrastructure Revenue Bond ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 595,026 | $ | 572,901 | $ | 1,334,571 | $ | 2,110,866 | ||||||||
| Net realized gain (loss) |
685,246 | (1,416,344 | ) | 55,705 | 499,255 | |||||||||||
| Net change in net unrealized appreciation (depreciation) |
571,569 | 660,323 | 4,342,764 | (806,061 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
1,851,841 | (183,120 | ) | 5,733,040 | 1,804,060 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders |
(570,484 | ) | (514,773 | ) | (1,486,475 | ) | (1,935,086 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 12,754,870 | 14,280,456 | 33,722,192 | ||||||||||||
| Value of shares redeemed |
(5,206,838 | ) | — | — | (4,325,592 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(5,206,838 | ) | 12,754,870 | 14,280,456 | 29,396,600 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
(3,925,481 | ) | 12,056,977 | 18,527,021 | 29,265,574 | |||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
18,572,096 | 6,515,119 | 97,137,309 | 67,871,735 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 14,646,615 | $ | 18,572,096 | $ | 115,664,330 | $ | 97,137,309 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
950,001 | 300,001 | 3,500,001 | 2,450,001 | ||||||||||||
| Shares sold |
— | 650,000 | 500,000 | 1,200,000 | ||||||||||||
| Shares redeemed |
(250,000 | ) | — | — | (150,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
700,001 | 950,001 | 4,000,001 | 3,500,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 508,421 | $ | 1,044,097 | $ | 10,798,234 | $ | 13,739,487 | ||||||||
| Net realized gain (loss) |
(582,241 | ) | (2,088,893 | ) | 5,244,845 | (44,165,173 | ) | |||||||||
| Net change in net unrealized appreciation (depreciation) |
2,988,418 | (581,521 | ) | 53,430,453 | 2,053,231 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
2,914,598 | (1,626,317 | ) | 69,473,532 | (28,372,455 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders |
(603,131 | ) | (1,173,193 | ) | (10,774,868 | ) | (13,640,273 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 9,841,629 | 120,648,903 | 266,608,659 | ||||||||||||
| Value of shares redeemed |
(1,109,164 | ) | (10,905,892 | ) | (78,179,158 | ) | (60,156,321 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(1,109,164 | ) | (1,064,263 | ) | 42,469,745 | 206,452,338 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
1,202,303 | (3,863,773 | ) | 101,168,409 | 164,439,610 | |||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
19,827,971 | 23,691,744 | 408,671,517 | 244,231,907 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 21,030,274 | $ | 19,827,971 | $ | 509,839,926 | $ | 408,671,517 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
950,001 | 1,000,001 | 20,550,001 | 11,100,001 | ||||||||||||
| Shares sold |
— | 400,000 | 5,500,000 | 12,200,000 | ||||||||||||
| Shares redeemed |
(50,000 | ) | (450,000 | ) | (3,500,000 | ) | (2,750,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
900,001 | 950,001 | 22,550,001 | 20,550,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 53 |
DBX ETF Trust
| Xtrackers Bloomberg Barclays US Investment Grade Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 22.02 | $ | 23.04 | $ | 23.84 | $ | 24.09 | $ | 23.79 | $ | 24.63 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.26 | 0.73 | 0.83 | 0.78 | 0.73 | 0.71 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.89 | (0.98 | )(b) | (0.32 | ) | (0.28 | ) | 0.39 | (0.73 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
1.15 | (0.25 | ) | 0.51 | 0.50 | 1.12 | (0.02 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
||||||||||||||||||||||||
| Net investment income |
(0.26 | ) | (0.77 | ) | (0.83 | ) | (0.75 | ) | (0.82 | ) | (0.82 | ) | ||||||||||||
| Net realized gains |
— | — | (0.48 | ) | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.26 | ) | (0.77 | ) | (1.31 | ) | (0.75 | ) | (0.82 | ) | (0.82 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 22.91 | $ | 22.02 | $ | 23.04 | $ | 23.84 | $ | 24.09 | $ | 23.79 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
5.24 | **(c) | (1.16 | )(c) | 2.28 | (c) | 2.05 | 4.79 | (0.04 | ) | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
10 | 10 | 7 | 10 | 6 | 5 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.15 | * | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.15 | * | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
2.33 | * | 3.18 | 3.53 | 3.22 | 3.04 | 3.00 | |||||||||||||||||
| Portfolio turnover rate (%) (d) |
12 | ** | 57 | 25 | 33 | 26 | 14 | |||||||||||||||||
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 20.63 | $ | 23.10 | $ | 24.36 | $ | 24.91 | $ | 23.96 | $ | 25.03 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.42 | 0.89 | 1.05 | 0.99 | 1.07 | 1.07 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
1.54 | (2.37 | ) | (0.29 | ) | (0.48 | ) | 1.18 | (0.80 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
1.96 | (1.48 | ) | 0.76 | 0.51 | 2.25 | 0.27 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income |
(0.38 | ) | (0.99 | ) | (1.04 | ) | (1.02 | ) | (1.30 | ) | (1.26 | ) | ||||||||||||
| Net realized gains |
— | — | (0.98 | ) | (0.04 | ) | — | (0.08 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.38 | ) | (0.99 | ) | (2.02 | ) | (1.06 | ) | (1.30 | ) | (1.34 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 22.21 | $ | 20.63 | $ | 23.10 | $ | 24.36 | $ | 24.91 | $ | 23.96 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
9.57 | **(c) | (6.79 | )(c) | 3.31 | (c) | 2.03 | 9.61 | 1.22 | |||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
30 | 14 | 7 | 9 | 6 | 6 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.35 | * | 0.44 | 0.45 | 0.45 | 0.47 | 0.50 | |||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.35 | * | 0.44 | 0.45 | 0.45 | 0.47 | 0.50 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
3.89 | * | 3.85 | 4.37 | 3.94 | 4.35 | 4.45 | |||||||||||||||||
| Portfolio turnover rate (%) (d) |
21 | ** | 26 | 31 | 48 | 35 | 15 | |||||||||||||||||
| (a) | Based on average shares outstanding during the period. |
| (b) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 54 |
DBX ETF Trust
Financial Highlights (Continued)
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 19.55 | $ | 21.72 | $ | 22.68 | $ | 23.42 | $ | 22.23 | $ | 24.57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.63 | 1.26 | 1.32 | 1.27 | 1.17 | 1.08 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
1.35 | (2.19 | ) | (0.82 | ) | (0.53 | ) | 1.30 | (2.10 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
1.98 | (0.93 | ) | 0.50 | 0.74 | 2.47 | (1.02 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
||||||||||||||||||||||||
| Net investment income |
(0.61 | ) | (1.24 | ) | (1.46 | ) | (1.48 | ) | (1.28 | ) | (1.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.61 | ) | (1.24 | ) | (1.46 | ) | (1.48 | ) | (1.28 | ) | (1.32 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 20.92 | $ | 19.55 | $ | 21.72 | $ | 22.68 | $ | 23.42 | $ | 22.23 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
10.28 | **(b) | (4.58 | )(b) | 2.18 | (b) | 3.24 | (b) | 11.40 | (4.06 | ) | |||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
15 | 19 | 7 | 3 | 11 | 9 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.20 | * | 0.33 | (c) | 0.35 | (c) | 0.35 | (c) | 0.39 | 0.45 | ||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.20 | * | 0.19 | (c) | 0.14 | (c) | 0.33 | (c) | 0.39 | 0.45 | ||||||||||||||
| Ratio of net investment income (loss) (%) |
6.23 | * | 6.06 | 5.91 | 5.47 | 5.08 | 4.81 | |||||||||||||||||
| Portfolio turnover rate (%) (d) |
32 | ** | 113 | 19 | 50 | 33 | 35 | |||||||||||||||||
| Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 27.75 | $ | 27.70 | $ | 26.52 | $ | 26.71 | $ | 27.17 | $ | 25.49 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.36 | 0.76 | 0.75 | 0.70 | 0.66 | 0.80 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
1.21 | 0.00 | (e) | 1.18 | (0.20 | ) | (0.46 | ) | 1.67 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
1.57 | 0.76 | 1.93 | 0.50 | 0.20 | 2.47 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
||||||||||||||||||||||||
| Net investment income |
(0.40 | ) | (0.71 | ) | (0.75 | ) | (0.69 | ) | (0.66 | ) | (0.79 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.40 | ) | (0.71 | ) | (0.75 | ) | (0.69 | ) | (0.66 | ) | (0.79 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 28.92 | $ | 27.75 | $ | 27.70 | $ | 26.52 | $ | 26.71 | $ | 27.17 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
5.71 | ** | 2.77 | 7.45 | (b) | 1.87 | 0.77 | 9.89 | ||||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
116 | 97 | 68 | 58 | 60 | 37 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.15 | * | 0.15 | 0.25 | 0.30 | 0.30 | 0.30 | |||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.15 | * | 0.15 | 0.22 | 0.30 | 0.30 | 0.30 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
2.53 | * | 2.72 | 2.85 | 2.61 | 2.50 | 3.07 | |||||||||||||||||
| Portfolio turnover rate (%) (d) |
5 | ** | 12 | 25 | 28 | 0 | 13 | |||||||||||||||||
| (a) | Based on average shares outstanding during the period. |
| (b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (c) | The Fund invested in other ETFs and indirectly bore its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund was invested. This ratio did not included these indirect fees and expenses. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (e) | Less than 0.005. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 55 |
DBX ETF Trust
Financial Highlights (Continued)
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | Period Ended 5/31/2016(a) |
|||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 20.87 | $ | 23.69 | $ | 25.42 | $ | 26.14 | $ | 22.96 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b) |
0.55 | 0.94 | 1.21 | 1.35 | 1.02 | 0.70 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
2.60 | (2.78 | ) | (1.92 | ) | (1.20 | ) | 3.07 | (2.38 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
3.15 | (1.84 | ) | (0.71 | ) | 0.15 | 4.09 | (1.68 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
||||||||||||||||||||||||
| Net investment income |
(0.65 | ) | (0.98 | ) | (1.02 | ) | (0.87 | ) | (0.60 | ) | (0.36 | ) | ||||||||||||
| Net realized gains |
— | — | — | — | (0.31 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.65 | ) | (0.98 | ) | (1.02 | ) | (0.87 | ) | (0.91 | ) | (0.36 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 23.37 | $ | 20.87 | $ | 23.69 | $ | 25.42 | $ | 26.14 | $ | 22.96 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
15.41 | **(c) | (8.19 | )(c) | (2.82 | )(c) | 0.54 | 18.17 | (6.67 | )** | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
21 | 20 | 24 | 27 | 4 | 3 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.20 | * | 0.20 | 0.20 | 0.32 | 0.45 | 0.45 | * | ||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.20 | * | 0.20 | 0.20 | 0.32 | 0.45 | 0.45 | * | ||||||||||||||||
| Ratio of net investment income (loss) (%) |
4.53 | * | 3.94 | 4.96 | 5.29 | 4.17 | 3.83 | * | ||||||||||||||||
| Portfolio turnover rate (%) (d) |
32 | ** | 40 | 30 | 76 | 36 | 33 | ** | ||||||||||||||||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | Period Ended 5/31/2016(a) |
|||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 19.89 | $ | 22.00 | $ | 23.69 | $ | 24.99 | $ | 23.16 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b) |
0.49 | 0.85 | 1.36 | 1.50 | 1.06 | 0.88 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
2.72 | (2.00 | ) | (2.25 | ) | (1.99 | ) | 3.03 | (2.17 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
3.21 | (1.15 | ) | (0.89 | ) | (0.49 | ) | 4.09 | (1.29 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
||||||||||||||||||||||||
| Net investment income |
(0.49 | ) | (0.96 | ) | (0.80 | ) | (0.81 | ) | (0.95 | ) | (0.38 | ) | ||||||||||||
| Net realized gains |
— | — | — | — | (1.31 | ) | (0.17 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.49 | ) | (0.96 | ) | (0.80 | ) | (0.81 | ) | (2.26 | ) | (0.55 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 22.61 | $ | 19.89 | $ | 22.00 | $ | 23.69 | $ | 24.99 | $ | 23.16 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
16.38 | **(c) | (5.58 | )(c) | (3.76 | )(c) | (2.02 | ) | 18.93 | (e) | (5.08 | )** | ||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
510 | 409 | 244 | 24 | 5 | 5 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.20 | * | 0.20 | 0.20 | 0.33 | 0.45 | 0.45 | * | ||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.20 | * | 0.20 | 0.20 | 0.33 | 0.45 | 0.45 | * | ||||||||||||||||
| Ratio of net investment income (loss) (%) |
4.05 | * | 3.86 | 6.06 | 6.28 | 4.48 | 4.86 | * | ||||||||||||||||
| Portfolio turnover rate (%) (d) |
38 | ** | 57 | 20 | 56 | 41 | 33 | ** | ||||||||||||||||
| (a) | For the period August 12, 2015 (commencement of operations) through May 31, 2016. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (e) | The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.32%. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 56 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2020, the Trust consists of thirty-three investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | ||
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | ||
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | ||
| Xtrackers Municipal Infrastructure Revenue Bond ETF | ||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | ||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
The Advisor, an indirect, wholly-owned subsidiary of DWS Group GmbH & Co.KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF offer shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, (“NAV”) only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
| Fund |
Underlying Index | |
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF | Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index* | |
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF | J.P. Morgan ESG EMBI Global Diversified Sovereign Index | |
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | J.P. Morgan ESG DM Corporate High Yield USD Index | |
| Xtrackers Municipal Infrastructure Revenue Bond ETF | Solactive Municipal Infrastructure Revenue Bond Index | |
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | MSCI ACWI ex USA High Dividend Yield Index | |
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF | MSCI EAFE High Dividend Yield Index |
The Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg Barclays US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. Under normal circumstances, the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index is reconstituted and rebalanced on a monthly basis.
The J.P. Morgan ESG EMBI Global Diversified Sovereign Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. The J.P. Morgan ESG DM Corporate High Yield USD Index is designed to apply environmental, social and governance (“ESG”) considerations to a
57
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market exposure with ESG aspects. Under normal circumstances, the J.P. Morgan Indices are reconstituted and rebalanced on a monthly basis.
The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). Under normal circumstances, the Solactive Municipal Infrastructure Revenue Bond Index is rebalanced monthly on the last business day of each month.
The MSCI ACWI ex USA High Dividend Yield Index is designed to track the performance of equity securities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. The MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. Under normal circumstances, the MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF are diversified series of the Trust. Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund, with the exception of Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
58
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
59
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from its net investment income monthly and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2020, the Funds did not incur any interest or penalties.
At May 31, 2020, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| Short-Term | Long-Term | Total Amount | ||||||||||||
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
$ | 534,428 | $ | 768,783 | $ | 1,303,211 | ||||||||
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
454,690 | 773,560 | 1,228,250 | |||||||||||
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
722,743 | 1,477,103 | 2,199,846 | |||||||||||
| Xtrackers Municipal Infrastructure Revenue Bond ETF |
118,771 | 22,882 | 141,653 | |||||||||||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
1,036,232 | 2,584,214 | 3,620,446 | |||||||||||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
18,487,982 | 30,160,860 | 48,648,842 | |||||||||||
60
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
As of May 31, 2020, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
| Aggregate Tax Cost |
Net Unrealized Appreciation (Depreciation) |
Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized (Depreciation) |
|||||||||||||
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
$ | 9,407,086 | $ | 494,217 | $ | 497,447 | $ | (3,230 | ) | |||||||
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
14,221,066 | 82,211 | 469,057 | (386,846 | ) | |||||||||||
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
17,923,140 | 543,950 | 592,906 | (48,956 | ) | |||||||||||
| Xtrackers Municipal Infrastructure Revenue Bond ETF |
93,824,302 | 1,617,150 | 2,721,835 | (1,104,685 | ) | |||||||||||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
22,733,654 | (2,650,394 | ) | 587,223 | (3,237,617 | ) | ||||||||||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
437,036,347 | (27,069,717 | ) | 7,157,930 | (34,227,647 | ) | ||||||||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds, except the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2020, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of November 30, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on
61
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
| Remaining Contractual Maturity of the Agreements, as of November 30, 2020 |
||||||||||||||||||||
| Securities Lending Transactions | Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
|
|||||||||||||||||||
| Corporate Bonds |
$ | 43,260 | $ | 1,130 | $ | 15,231 | $ | 109,792 | $ | 169,413 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 169,413 | |||||||||||||||||
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
|
|||||||||||||||||||
| Common Stocks |
$ | 142,800 | $ | 177 | $ | 2,378 | $ | 17,144 | $ | 162,499 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 162,499 | |||||||||||||||||
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
|
|||||||||||||||||||
| Corporate Bonds |
$ | 293,645 | $ | 2,621 | $ | 35,308 | $ | 320,073 | $ | 651,647 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 651,647 | |||||||||||||||||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
|
|||||||||||||||||||
| Common Stocks |
$ | 93,392 | $ | — | $ | 2,516 | $ | 30,564 | $ | 126,472 | ||||||||||
| Exchange-Traded Funds |
9,717 | — | — | — | $ | 9,717 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Borrowings |
$ | 103,109 | $ | — | $ | 2,516 | $ | 30,564 | $ | 136,189 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 136,189 | |||||||||||||||||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
|
|||||||||||||||||||
| Common Stocks |
$ | 346,694 | $ | — | $ | — | $ | — | $ | 346,694 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 346,694 | |||||||||||||||||
Derivatives
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2020, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2020 is included in a table following the Funds’ Schedule of Investments.
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
| Asset Derivatives |
Liability Derivatives |
|||||||||||||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts* | $ | 102,881 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
| * | Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2020 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
| Net Realized Gain (Loss) from: |
||||
| Futures Contracts — Equity Contracts |
||||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
$ | 53,483 | ||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
1,099,069 | |||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||
| Futures Contracts — Equity Contracts |
||||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
$ | (23,266 | ) | |
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
(285,966 | ) | ||
For the period ended November 30, 2020 the average monthly volume of derivatives was as follows:
| Futures Contracts (Contract Value) |
||||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
$ | 139,878 | ||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
3,637,873 | |||
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
63
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| Unitary Advisory Fee |
||||
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
0.15 | % | ||
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
0.35 | % | ||
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
0.20 | % | ||
| Xtrackers Municipal Infrastructure Revenue Bond ETF |
0.15 | % | ||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
0.20 | % | ||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
0.20 | % | ||
The Advisor for Xtrackers MSCI All World ex US High Dividend Yield Equity ETF has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended November 30, 2020, the Advisor waived $24 of the expenses of the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2020, the Advisor waived expenses of the Funds as follows:
| Expenses Waived |
||||
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
$ | 12 | ||
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
64 | |||
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
73 | |||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
11 | |||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
362 | |||
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
64
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
4. Investment Portfolio Transactions
For the period ended November 30, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| Purchases | Sales | |||||||
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
$ | 1,244,574 | $ | 1,191,694 | ||||
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
12,929,935 | 4,532,233 | ||||||
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
5,693,961 | 6,933,998 | ||||||
| Xtrackers Municipal Infrastructure Revenue Bond ETF |
15,385,556 | 5,442,614 | ||||||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
6,213,493 | 6,340,231 | ||||||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
185,564,062 | 172,704,558 | ||||||
For the period ended November 30, 2020, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| Purchases | Sales | |||||||
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
$ | — | $ | — | ||||
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
5,526,590 | — | ||||||
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
— | 4,113,846 | ||||||
| Xtrackers Municipal Infrastructure Revenue Bond ETF |
5,159,514 | — | ||||||
| Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
— | 973,637 | ||||||
| Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
112,038,794 | 77,115,558 | ||||||
5. Fund Share Transactions
As of November 30, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Payments by Affiliates
During the period ended November 30, 2020, the Advisor agreed to reimburse Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF $138 for a loss due to a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
7. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2020, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:
| Approximate Percent of Outstanding Shares Held |
||||
| Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF |
52 | % | ||
| Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF |
33 | % | ||
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF |
54 | % | ||
65
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
8. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
9. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
10. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2020.
11. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. A Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in a Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on each Fund and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price
above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
67
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
68
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. With respect to ESHY, ESCR and ESEB, investing in securities that meet ESG criteria may result in the fund forgoing otherwise attractive opportunities, which may result in underperformance when compared to funds that do not consider ESG factors. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. ESEB and HDEF are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or CBOE BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
ESHY and ESEB are not sponsored, endorsed, or promoted by JP Morgan Chase & Co. (“JP Morgan”) and JP Morgan bears no liability with respect to any index on which such fund is based. The accuracy, completeness or relevance of the information which has been obtained from external sources cannot be guaranteed, although it has been obtained from sources reasonably believed to be reliable. Subject to any applicable law, JP Morgan shall not assume any liability in this respect. The index described herein is a proprietary J.P. Morgan index. The prospectus contains a detailed description of the limited relationship that JP Morgan has with DBX Advisors, LLC. Index provider website: www.jpmorgan.com/country/US/en/jpmorgan/investbk/solutioins/research/indices/composition.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is affiliated with, and neither approves, endorses, reviews or recommends the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index, and neither shall be liable in any way to the DBX Advisors LLC, investors in the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF or other third parties in respect of the use or accuracy of the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index or any data included therein.
RVNU is not sponsored, endorsed, sold or promoted in any other manner by Solactive AG (the “Licensor”) nor does the trade mark or the Index Price at any time or in any other respect.
The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.
Copyright © 2021 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 |
Administrator, custodian, The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 |
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 | ||
| Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 |
Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
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R-049075-5 (1/21) DBX004707 (1/22)
November 30, 2020
Semi-Annual Report
DBX ETF Trust
Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
Xtrackers MSCI All China Equity ETF (CN)
Xtrackers MSCI China A Inclusion Equity ETF (ASHX)
DBX ETF Trust
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| Portfolio Summary |
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| Schedule of Investments |
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To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our flagship ETFs tracking China’s equity market for the period ended November 30, 2020.
The global economy experienced sustained growth during the reporting period, driven by expansive reopening of economies around the world and aggressive monetary stimulus efforts. This rebound in growth follows a sharp decline in activity triggered by the unprecedented impact of the coronavirus pandemic early this year. Economic activity in China has largely normalized, backed by a conducive environment for further reopening following quick control of local second-wave outbreaks. Exports have been one of the driving forces behind the rebound in the region, followed by industrial production, improvement in investment, and slow but recovering consumption. Furthermore, robust global demand and reduced risks of trade tensions boosted China’s manufacturing capital expenditure.
With the pandemic under control, China is the first major economy where supply and demand are close to normalizing. Given the strong growth momentum, the industrial sector has staged an impressive turnaround, aided by resilient exports. The country’s manufacturing Purchasing Managers’ Index1 also steadily increased, driven by demand-side indices, including higher new orders. Moreover, medium- to long-term bank loans to manufacturing firms have risen, providing more support to the sector. As global trade gradually resumed, imports rose as inbound shipments grew, backed by improving domestic demand and higher commodity prices. While infrastructure investment softened, fixed asset investments continued to edge up, largely owing to a recovery in manufacturing activity and a strong property sector. China’s service sector activity also recorded expansionary prints for consecutive months from March, as the easing of coronavirus-related lockdown measures revived consumer demand. However, compared to exports and investments, growth of retail sales lagged, albeit recovering, as consumers remain wary of spending in the midst of the pandemic. Reflecting the momentum in services and consumption, unemployment rates, which hit historic levels in the wake of the COVID-19 outbreak, gradually eased to near pre-pandemic levels.
On the policy front, the People’s Bank of China (PBoC) has maintained a broadly neutral monetary policy by keeping its benchmark loan rate steady since May 2020 and being more prudent with liquidity injections. The PBoC also signaled a gradual exit from accommodative monetary policy and will consider the timely withdrawal of policy tools in advance. Policymakers have adopted a cautious approach, even as consumer prices continued their downward trend and fell sharply in October 2020, marking the lowest rate since 2009, largely due to falling food prices. In addition, China unveiled its 14th five-year plan to guide the country’s development in the next five years, with a focus on productivity and domestic demand, led by technology and innovation, boosting domestic supply chains and broader urbanization.
China’s growth momentum continues to build, as the country weathered the pandemic, relatively better than the developed world and other emerging market economies. The combination of faster-than-expected fadeout of the global virus impact and a cautious approach on monetary and fiscal policies should keep the economy afloat. However, aggressive easing is unlikely unless there is a sharp growth slowdown. The high efficacy of vaccines under development has also come as welcome news, reducing the risk of renewed full-scale lockdowns and likely supporting global growth.
1
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)
The Xtrackers Harvest CSI 300 China A-Shares ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. It is not possible to invest directly into an index.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. It is not possible to invest directly into an index.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 13.
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). The Fund expects to obtain exposure to the A-Share components of the Underlying Index indirectly by investing in the Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors, Inc. (the “Advisor”). The Fund may also invest in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF or other affiliated funds advised by the Advisor and sub-advised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Fund’s investment in Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 21.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Xtrackers MSCI China A Inclusion Equity ETF (ASHX)
The Xtrackers MSCI China A Inclusion Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program. China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. It is not possible to invest directly into an index.
* As a percent of total investments excluding exchange-traded funds and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 26.
6
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other fund expenses. In the most recent six-month period Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. The Underlying Funds’ expenses are not included in Xtrackers MSCI All China Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value June 1, 2020 |
Ending Account Value November 30, 2020 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
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| Xtrackers Harvest CSI 300 China A-Shares ETF |
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| Actual |
$ | 1,000.00 | $ | 1,405.10 | 0.65 | % | $ | 3.92 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
| Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
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| Actual |
$ | 1,000.00 | $ | 1,271.10 | 0.65 | % | $ | 3.70 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
| Xtrackers MSCI All China Equity ETF (2) |
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| Actual |
$ | 1,000.00 | $ | 1,340.20 | 0.25 | % | $ | 1.47 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.82 | 0.25 | % | $ | 1.27 | ||||||||
| Xtrackers MSCI China A Inclusion Equity ETF |
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| Actual |
$ | 1,000.00 | $ | 1,391.40 | 0.60 | % | $ | 3.60 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 | ||||||||
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
7
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2020 (Unaudited)
| * | Non-income producing security. |
| JSC: | Joint Stock Company |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (a) |
$ | 2,432,061,365 | $ | — | $ | — | $ | 2,432,061,365 | ||||||||
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| TOTAL |
$ | 2,432,061,365 | $ | — | $ | — | $ | 2,432,061,365 | ||||||||
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| (a) | See Schedule of Investments for additional detailed categorizations. |
| See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2020 (Unaudited)
| * | Non-income producing security. |
| (a) | Investment was valued using significant unobservable inputs. |
| JSC: | Joint Stock Company |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (b) |
$ | 35,003,662 | $ | — | $ | 10,620 | $ | 35,014,282 | ||||||||
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| TOTAL |
$ | 35,003,662 | $ | — | $ | 10,620 | $ | 35,014,282 | ||||||||
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| (b) | See Schedule of Investments for additional detailed categorizations. |
During the period ended November 30, 2020, the amount of transfers from Level 1 to Level 3 was $9,214 and from Level 3 to Level 1 was $68,258. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.
| See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
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| EXCHANGE-TRADED FUNDS — 41.3% |
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| Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (a)(c) |
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| 1,059,284 | 43,958 | (214,827 | ) | (16,159 | ) | 298,257 | — | — | 33,566 | 1,170,513 | ||||||||||||||||||||||||||
| Xtrackers MSCI China A Inclusion Equity ETF (c) |
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| 6,733,326 | 170,857 | (776,987 | ) | 169,051 | 2,468,454 | — | — | 315,504 | 8,764,701 | |||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 4.9% |
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| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (d)(e) |
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| 1,797,929 | — | (627,432 | )(f) | — | — | 244 | — | 1,170,497 | 1,170,497 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.1% |
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| DWS Government Money Market Series “Institutional Shares”, 0.04% (d) |
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| 11,737 | 180,173 | (159,078 | ) | — | — | 5 | — | 32,832 | 32,832 | |||||||||||||||||||||||||||
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|
|||||||||||||||||||
| 9,602,276 | 394,988 | (1,778,324 | ) | 152,892 | 2,766,711 | 249 | — | 1,552,399 | 11,138,543 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $1,427,622, which is 5.9% of net assets. |
| (b) | Investment was valued using significant unobservable inputs. |
| (c) | Affiliated fund advised by DBX Advisors LLC. |
| (d) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $317,392. |
| (f) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| ADR: | American Depositary Receipt |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2020, open futures contracts purchased were as follows:
| Contract Description |
Currency | Number of Contracts |
Notional Amount |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||
| FTSE China A50 Index Futures |
USD | 2 | $ | 33,224 | $ | 33,434 | 12/30/2020 | $ | 210 | |||||||||
| MSCI China Free Index Futures |
USD | 1 | 54,105 | 57,845 | 12/18/2020 | 3,740 | ||||||||||||
|
|
|
|||||||||||||||||
| Total unrealized appreciation |
$ | 3,950 | ||||||||||||||||
|
|
|
|||||||||||||||||
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Currency Abbreviations
| USD | U.S. Dollar |
| See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
November 30, 2020 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (g) |
$ | 14,042,844 | $ | — | $ | — | $ | 14,042,844 | ||||||||
| Rights (g) |
— | — | 0 | 0 | ||||||||||||
| Exchange-Traded Funds |
9,935,214 | — | — | 9,935,214 | ||||||||||||
| Short-Term Investments (g) |
1,203,329 | — | — | 1,203,329 | ||||||||||||
| Derivatives (h) |
||||||||||||||||
| Futures Contracts |
3,950 | — | — | 3,950 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 25,185,337 | $ | — | $ | 0 | $ | 25,185,337 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (g) | See Schedule of Investments for additional detailed categorizations. |
| (h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
| See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
| See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2020 is as follows:
| Value ($) at 5/31/2020 |
Purchases Cost ($) |
Sales Proceeds ($) |
Net Realized Gain/(Loss) ($) |
Net Change in Unrealized Appreciation (Depreciation) ($) |
Income ($) | Capital Gain Distributions ($) |
Number of Shares at 11/30/2020 |
Value ($) at 11/30/2020 |
||||||||||||||||||||||||||||
| EXCHANGE-TRADED FUNDS — 0.3% |
| |||||||||||||||||||||||||||||||||||
| Xtrackers Harvest CSI 300 China A-Shares ETF (a)(b) |
| |||||||||||||||||||||||||||||||||||
| 2,723 | 72,798 | (51,538 | ) | 3,508 | 8,894 | — | — | 950 | 36,385 | |||||||||||||||||||||||||||
| SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.03% (c)(d) |
| |||||||||||||||||||||||||||||||||||
| 2,613 | — | (2,495 | )(e) | — | — | 6 | — | 118 | 118 | |||||||||||||||||||||||||||
| CASH EQUIVALENTS — 0.0% |
| |||||||||||||||||||||||||||||||||||
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.04% (c) |
| |||||||||||||||||||||||||||||||||||
| 339,973 | 4,957,845 | (5,297,818 | ) | — | — | 39 | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| 345,309 | 5,030,643 | (5,351,851 | ) | 3,508 | 8,894 | 45 | — | 1,068 | 36,503 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| * | Non-income producing security. |
| (a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2020 amounted to $115, which is 0.0% of net assets. |
| (b) | Affiliated fund advised by DBX Advisors LLC. |
| (c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (e) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2020. |
| See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI China A Inclusion Equity ETF (Continued)
November 30, 2020 (Unaudited)
| JSC: | Joint Stock Company |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (f) |
$ | 12,473,133 | $ | — | $ | — | $ | 12,473,133 | ||||||||
| Exchange-Traded Funds |
36,385 | — | — | 36,385 | ||||||||||||
| Short-Term Investments (f) |
118 | — | — | 118 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 12,509,636 | $ | — | $ | — | $ | 12,509,636 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (f) | See Schedule of Investments for additional detailed categorizations. |
| See Notes to Financial Statements. | 33 |
DBX ETF Trust
November 30, 2020 (Unaudited)
| Xtrackers Harvest CSI 300 China A-Shares ETF |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
Xtrackers MSCI All China Equity ETF |
Xtrackers MSCI China A Inclusion Equity ETF |
|||||||||||||
| Assets |
||||||||||||||||
| Investment in non-affiliated securities at value |
$ | 2,432,061,365 | $ | 35,014,282 | $ | 14,042,844 | $ | 12,473,133 | ||||||||
| Investment in affiliated securities at value |
— | — | 9,935,214 | 36,385 | ||||||||||||
| Investment in DWS Government Money Market Series |
— | — | 32,832 | — | ||||||||||||
| Investment in DWS Government & Agency Securities Portfolio* |
— | — | 1,170,497 | 118 | ||||||||||||
| Cash |
14,321,931 | 11,207 | — | — | ||||||||||||
| Foreign currency at value |
8,276,034 | † | 58,326 | † | 56,969 | 10,822 | ||||||||||
| Deposit with broker for futures contracts |
— | — | 7,805 | — | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold |
— | 4,554 | 401,027 | 8,677 | ||||||||||||
| Capital shares |
5,758,058 | — | — | — | ||||||||||||
| Dividends |
— | — | 1,459 | — | ||||||||||||
| Interest |
— | — | — | — | ||||||||||||
| Securities lending income |
— | — | 2,479 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total assets |
$ | 2,460,417,388 | $ | 35,088,369 | $ | 25,651,126 | $ | 12,529,135 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Due to custodian |
$ | — | $ | — | $ | — | $ | 12,337 | ||||||||
| Payable upon return of securities loaned |
— | — | 1,170,497 | 118 | ||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased |
5,750,713 | — | 397,991 | — | ||||||||||||
| Investment advisory fees |
1,173,924 | 18,737 | 5,066 | 6,084 | ||||||||||||
| Variation margin on futures contracts |
— | — | 1,784 | — | ||||||||||||
| Due to authorized participant |
18,593,341 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total liabilities |
25,517,978 | 18,737 | 1,575,338 | 18,539 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets, at value |
$ | 2,434,899,410 | $ | 35,069,632 | $ | 24,075,788 | $ | 12,510,596 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets Consist of |
||||||||||||||||
| Paid-in capital |
$ | 1,915,242,422 | $ | 48,214,397 | $ | 29,776,085 | $ | 11,549,688 | ||||||||
| Distributable earnings (loss) |
519,656,988 | (13,144,765 | ) | (5,700,297 | ) | 960,908 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets, at value |
$ | 2,434,899,410 | $ | 35,069,632 | $ | 24,075,788 | $ | 12,510,596 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Number of Common Shares outstanding |
63,750,001 | 1,000,001 | 550,001 | 450,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset Value |
$ | 38.19 | $ | 35.07 | $ | 43.77 | $ | 27.80 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in non-affiliated securities at cost |
$ | 1,658,798,846 | $ | 26,818,396 | $ | 10,868,706 | $ | 8,102,217 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in affiliated securities at cost |
$ | — | $ | — | $ | 7,830,247 | $ | 26,969 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Value of securities loaned |
$ | — | $ | — | $ | 1,427,622 | $ | 115 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in DWS Government Money Market Series at cost |
$ | — | $ | — | $ | 32,832 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in DWS Government & Agency Securities Portfolio at cost* |
$ | — | $ | — | $ | 1,170,497 | $ | 118 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Non-cash collateral for securities on loan |
$ | — | $ | — | $ | 317,392 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Foreign currency at cost |
$ | 8,285,726 | $ | 57,251 | $ | 57,010 | $ | 10,820 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | Represents collateral on securities loaned. |
| † | Included in foreign currency at value is $55,078 and $4,509 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
| See Notes to Financial Statements. | 34 |
DBX ETF Trust
For the Six Months Ended November 30, 2020 (Unaudited)
| Xtrackers Harvest CSI 300 China A-Shares ETF |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
Xtrackers MSCI All China Equity ETF |
Xtrackers MSCI China A Inclusion Equity ETF |
|||||||||||||
| Investment Income |
||||||||||||||||
| Unaffiliated interest income |
$ | 7,646 | $ | 114 | $ | — | $ | — | ||||||||
| Unaffiliated dividend income* |
27,281,805 | 242,183 | 175,688 | 144,780 | ||||||||||||
| Income distributions from affiliated funds |
— | — | 5 | 39 | ||||||||||||
| Affiliated securities lending income |
— | — | 244 | 6 | ||||||||||||
| Unaffiliated securities lending income, net of borrower rebates |
— | — | 14,919 | 671 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total investment income |
27,289,451 | 242,297 | 190,856 | 145,496 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Expenses |
||||||||||||||||
| Investment advisory fees |
6,190,615 | 109,730 | 59,017 | 34,253 | ||||||||||||
| Other expenses |
57 | 57 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses |
6,190,672 | 109,787 | 59,074 | 34,310 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less fees waived (see note 3): |
||||||||||||||||
| Waiver |
— | — | (28,998 | ) | (167 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net expenses |
6,190,672 | 109,787 | 30,076 | 34,143 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net investment income (loss) |
21,098,779 | 132,510 | 160,780 | 111,353 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments |
1,861,856 | 1,219,198 | (253,879 | ) | 772,076 | |||||||||||
| Investments in affiliates |
— | — | (14,306 | ) | 3,508 | |||||||||||
| In-kind redemptions |
— | — | 334,368 | — | ||||||||||||
| In-kind redemptions in affiliates |
— | — | 167,198 | — | ||||||||||||
| Futures contracts |
— | — | 25,160 | — | ||||||||||||
| Foreign currency transactions |
1,986,434 | 17,171 | (448 | ) | (9,973 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized gain (loss) |
3,848,290 | 1,236,369 | 258,093 | 765,611 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
| Investments |
524,045,325 | 6,213,310 | 3,428,958 | 2,771,853 | ||||||||||||
| Investments in affiliates |
— | — | 2,766,711 | 8,894 | ||||||||||||
| Futures contracts |
— | — | (1,370 | ) | — | |||||||||||
| Foreign currency translations |
(15,031 | ) | 1,585 | 247 | 1,242 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net change in unrealized appreciation (depreciation) |
524,030,294 | 6,214,895 | 6,194,546 | 2,781,989 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
527,878,584 | 7,451,264 | 6,452,639 | 3,547,600 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 548,977,363 | $ | 7,583,774 | $ | 6,613,419 | $ | 3,658,953 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * Unaffiliated foreign tax withheld |
$ | 3,033,486 | $ | 27,646 | $ | 14,838 | $ | 16,262 | ||||||||
| See Notes to Financial Statements. | 35 |
DBX ETF Trust
| Xtrackers Harvest CSI 300 China A-Shares ETF |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 21,098,779 | $ | 17,755,118 | $ | 132,510 | $ | 288,193 | ||||||||
| Net realized gain (loss) |
3,848,290 | (118,536,199 | ) | 1,236,369 | (9,363,413 | ) | ||||||||||
| Net change in net unrealized appreciation (depreciation) |
524,030,294 | 105,330,618 | 6,214,895 | 11,865,278 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
548,977,363 | 4,549,537 | 7,583,774 | 2,790,058 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders |
— | (16,323,622 | ) | — | (267,342 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
1,226,195,798 | 1,688,068,201 | — | 5,744,566 | ||||||||||||
| Value of shares redeemed |
(611,036,569 | ) | (1,854,188,349 | ) | (2,860,940 | ) | (51,817,790 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
615,159,229 | (166,120,148 | ) | (2,860,940 | ) | (46,073,224 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
1,164,136,592 | (177,894,233 | ) | 4,722,834 | (43,550,508 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
1,270,762,818 | 1,448,657,051 | 30,346,798 | 73,897,306 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 2,434,899,410 | $ | 1,270,762,818 | $ | 35,069,632 | $ | 30,346,798 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
46,750,001 | 55,150,001 | 1,100,001 | 2,850,001 | ||||||||||||
| Shares sold |
35,000,000 | 58,350,000 | — | 200,000 | ||||||||||||
| Shares redeemed |
(18,000,000 | ) | (66,750,000 | ) | (100,000 | ) | (1,950,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
63,750,001 | 46,750,001 | 1,000,001 | 1,100,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 36 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| Xtrackers MSCI All China Equity ETF |
Xtrackers MSCI China A Inclusion Equity ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
For the Six Months Ended November 30, 2020 (Unaudited) |
Year Ended May 31, 2020 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 160,780 | $ | 1,014,809 | $ | 111,353 | $ | 376,578 | ||||||||
| Net realized gain (loss) |
258,093 | (17,508,451 | ) | 765,611 | (1,852,711 | ) | ||||||||||
| Net change in net unrealized appreciation (depreciation) |
6,194,546 | 23,027,209 | 2,781,989 | 3,632,894 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
6,613,419 | 6,533,567 | 3,658,953 | 2,156,761 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders |
— | (1,586,476 | ) | — | (280,238 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 8,845,595 | — | — | ||||||||||||
| Value of shares redeemed |
(2,131,569 | ) | (221,424,743 | ) | (5,135,050 | ) | (70,409,971 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(2,131,569 | ) | (212,579,148 | ) | (5,135,050 | ) | (70,409,971 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
4,481,850 | (207,632,057 | ) | (1,476,097 | ) | (68,533,448 | ) | |||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
19,593,938 | 227,225,995 | 13,986,693 | 82,520,141 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 24,075,788 | $ | 19,593,938 | $ | 12,510,596 | $ | 13,986,693 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
600,001 | 7,300,001 | 700,001 | 4,400,001 | ||||||||||||
| Shares sold |
— | 250,000 | — | — | ||||||||||||
| Shares redeemed |
(50,000 | ) | (6,950,000 | ) | (250,000 | ) | (3,700,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
550,001 | 600,001 | 450,001 | 700,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 37 |
DBX ETF Trust
| Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 27.18 | $ | 26.27 | $ | 29.56 | $ | 25.84 | $ | 23.74 | $ | 49.93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.38 | 0.29 | 0.22 | 0.25 | 0.30 | 0.43 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
10.63 | 0.91 | (b) | (3.22 | ) | 3.73 | 1.97 | (18.19 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
11.01 | 1.20 | (3.00 | ) | 3.98 | 2.27 | (17.76 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
— | (0.29 | ) | — | (0.26 | ) | (0.17 | ) | (0.33 | ) | ||||||||||||||
| Net realized gains |
— | — | (0.29 | ) | — | — | (8.10 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
— | (0.29 | ) | (0.29 | ) | (0.26 | ) | (0.17 | ) | (8.43 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 38.19 | $ | 27.18 | $ | 26.27 | $ | 29.56 | $ | 25.84 | $ | 23.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
40.51 | ** | 4.50 | (10.02 | ) | 15.38 | 9.62 | (38.10 | ) | |||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
2,435 | 1,271 | 1,449 | 686 | 367 | 326 | ||||||||||||||||||
| Ratio of expenses (%) |
0.65 | * | 0.65 | 0.65 | 0.66 | 0.67 | 0.80 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
2.22 | * | 1.05 | 0.87 | 0.82 | 1.24 | 1.27 | |||||||||||||||||
| Portfolio turnover rate (%)(c) |
38 | ** | 115 | 81 | 65 | 68 | 159 | |||||||||||||||||
| Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 27.59 | $ | 25.93 | $ | 32.53 | $ | 31.36 | $ | 33.00 | $ | 65.42 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.13 | 0.17 | 0.20 | 0.04 | (0.03 | ) | (0.05 | ) | ||||||||||||||||
| Net realized and unrealized gain (loss) |
7.35 | 1.65 | (6.80 | ) | 1.13 | (1.61 | ) | (28.91 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
7.48 | 1.82 | (6.60 | ) | 1.17 | (1.64 | ) | (28.96 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
— | (0.16 | ) | — | — | — | (0.17 | ) | ||||||||||||||||
| Net realized gains |
— | — | — | — | — | (3.29 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
— | (0.16 | ) | — | — | — | (3.46 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 35.07 | $ | 27.59 | $ | 25.93 | $ | 32.53 | $ | 31.36 | $ | 33.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
27.11 | ** | 7.02 | (20.29 | ) | 3.73 | (4.97 | ) | (45.37 | ) | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
35 | 30 | 74 | 24 | 20 | 21 | ||||||||||||||||||
| Ratio of expenses (%) |
0.65 | * | 0.65 | 0.65 | 0.65 | 0.67 | 0.80 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
0.78 | * | 0.63 | 0.74 | 0.10 | (0.09 | ) | (0.11 | ) | |||||||||||||||
| Portfolio turnover rate (%)(c) |
15 | ** | 48 | 16 | 29 | 51 | 215 | |||||||||||||||||
| (a) | Based on average shares outstanding during the period. |
| (b) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 38 |
DBX ETF Trust
Financial Highlights (Continued)
| Xtrackers MSCI All China Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 32.66 | $ | 31.13 | $ | 37.78 | $ | 30.54 | $ | 28.36 | $ | 46.01 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.27 | 0.76 | 0.36 | 0.79 | 0.91 | 2.15 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
10.84 | 2.21 | (6.42 | ) | 6.75 | 4.26 | (15.46 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
11.11 | 2.97 | (6.06 | ) | 7.54 | 5.17 | (13.31 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
— | (1.44 | ) | (0.59 | ) | (0.30 | ) | (2.99 | ) | (4.34 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
— | (1.44 | ) | (0.59 | ) | (0.30 | ) | (2.99 | ) | (4.34 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 43.77 | $ | 32.66 | $ | 31.13 | $ | 37.78 | $ | 30.54 | $ | 28.36 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%)(b) |
34.02 | ** | 9.35 | (15.89 | ) | 24.71 | 20.03 | (29.80 | ) | |||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
24 | 20 | 227 | 36 | 5 | 7 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%)(c) |
0.50 | * | 0.50 | 0.50 | 0.60 | 0.60 | 0.60 | |||||||||||||||||
| Ratio of expenses after fee waiver (%)(c) |
0.25 | * | 0.26 | 0.28 | 0.36 | 0.35 | 0.26 | |||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.36 | * | 2.27 | 1.07 | 2.10 | 3.10 | 6.46 | |||||||||||||||||
| Portfolio turnover rate (%)(d) |
3 | ** | 14 | 102 | 3 | 7 | 36 | |||||||||||||||||
| Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2020 (Unaudited) |
Years Ended May 31, | Period Ended 5/31/2016(e) |
|||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 19.98 | $ | 18.75 | $ | 20.80 | $ | 19.53 | $ | 21.86 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(a) |
0.25 | 0.41 | 0.15 | 0.52 | 0.29 | 0.40 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
7.57 | 1.19 | (2.03 | ) | 1.30 | 1.05 | (2.80 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
7.82 | 1.60 | (1.88 | ) | 1.82 | 1.34 | (2.40 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: |
| |||||||||||||||||||||||
| Net investment income |
— | (0.37 | ) | (0.17 | ) | (0.55 | ) | (2.82 | ) | (0.74 | ) | |||||||||||||
| Net realized gains |
— | — | — | — | (0.85 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
— | (0.37 | ) | (0.17 | ) | (0.55 | ) | (3.67 | ) | (0.74 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 27.80 | $ | 19.98 | $ | 18.75 | $ | 20.80 | $ | 19.53 | $ | 21.86 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%)(b) |
39.14 | ** | 8.49 | (8.91 | ) | 9.12 | 6.42 | (f) | (10.01 | )** | ||||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net Assets, end of period ($ millions) |
13 | 14 | 83 | 2 | 3 | 2 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%)(c) |
0.60 | * | 0.60 | 0.60 | 0.70 | 0.72 | 1.25 | *** | ||||||||||||||||
| Ratio of expenses after fee waiver (%)(c) |
0.60 | * | 0.60 | 0.60 | 0.05 | 0.05 | 0.45 | *** | ||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.95 | * | 2.03 | 0.75 | 2.38 | 1.41 | 2.92 | * | ||||||||||||||||
| Portfolio turnover rate (%)(d) |
7 | ** | 27 | 180 | 3 | 6 | 4 | ** | ||||||||||||||||
| (a) | Based on average shares outstanding during the period. |
| (b) | Total Return would have been lower if certain expenses had not been reimbursed by the Advisor. |
| (c) | The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included these indirect fees and expenses. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (e) | For the period October 20, 2015 (commencement of operations) through May 31, 2016. |
| (f) | The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.41%. |
| * | Annualized. |
| ** | Not Annualized. |
| *** | Annualized. Includes excise tax expense that is not annualized. |
| See Notes to Financial Statements. | 39 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2020, the Trust consists of thirty-three investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
| Xtrackers Harvest CSI 300 China A-Shares ETF |
| Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
| Xtrackers MSCI All China Equity ETF |
| Xtrackers MSCI China A Inclusion Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
| Fund |
Underlying Index | |
| Xtrackers Harvest CSI 300 China A-Shares ETF | CSI 300 Index | |
| Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | CSI 500 Index | |
| Xtrackers MSCI All China Equity ETF | MSCI China All Shares Index | |
| Xtrackers MSCI China A Inclusion Equity ETF | MSCI China A Inclusion Index |
CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 300 largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.
CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.
MSCI China All Shares Index and MSCI China A Inclusion Equity Index are each calculated and maintained by MSCI, Inc. (“MSCI”). The MSCI China All Share Index is a rules-based, free-float adjusted market capitalization index comprised of equity securities that are listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis.
The MSCI China A Inclusion Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together “Stock Connect”). “A-Shares” are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. Certain eligible A-Shares are traded on the Shanghai or
40
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Shenzhen Stock Exchanges. The Underlying Index is designed to track the inclusion of A-Shares in the MSCI Emerging Markets Index over time and is constructed by MSCI by applying eligibility criteria for the MSCI Global Investable Market Indexes, and then excluding mid- and small-capitalization A-Shares (as determined by MSCI), A-Shares suspended for trading for more than 50 days in the past 12 months and A-Shares that are not accessible through Stock Connect. The Underlying Index is weighted by each issuer’s free float-adjusted market capitalization (i.e., includes only shares that are readily available for trading in the market) available to foreign investors and includes only large-capitalization companies, as determined by MSCI. The Underlying Index is rebalanced on a quarterly basis.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements. Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are diversified series of the Trust. Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund, with the exception of Xtrackers MSCI All China Equity ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
Investments in open-end investment companies are valued at their NAV each business day and are categorized as a Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
41
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.
Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds’ recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2020, the Funds did not incur any interest or penalties.
42
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
At May 31, 2020, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| Short-Term | Long-Term | Total Amount | ||||||||||
| Xtrackers Harvest CSI 300 China A-Shares ETF |
$ | 98,419,937 | $ | 97,830,125 | $ | 196,250,062 | ||||||
| Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
14,804,329 | 6,589,912 | 21,394,241 | |||||||||
| Xtrackers MSCI All China Equity ETF |
7,274,409 | 3,923,083 | 11,197,492 | |||||||||
| Xtrackers MSCI China A Inclusion Equity ETF |
3,952,636 | 190,488 | 4,143,124 | |||||||||
As of May 31, 2020, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:
| Aggregate Tax Cost |
Net Unrealized Appreciation (Depreciation) |
Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized (Depreciation) |
|||||||||||||
| Xtrackers Harvest CSI 300 China A-Shares ETF |
$ | 1,106,488,011 | $ | 160,571,384 | $ | 275,333,053 | $ | (114,761,669 | ) | |||||||
| Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
29,740,388 | 513,359 | 5,429,178 | (4,915,819 | ) | |||||||||||
| Xtrackers MSCI All China Equity ETF |
22,526,399 | (1,181,524 | ) | 1,339,731 | (2,521,255 | ) | ||||||||||
| Xtrackers MSCI China A Inclusion Equity ETF |
12,865,367 | 1,444,357 | 2,466,060 | (1,021,703 | ) | |||||||||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2020, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (“WHT”) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non People’s Republic of China (“PRC”) enterprises including Qualified Foreign Institutional Investors (“QFII”) and renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.
With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises refer to companies whose value of immovable property in the PRC is greater than 50% of the value of their total assets at any time during the three-year period before the alienation of the PRC companies’ shares. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has
43
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
been paid by the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.
The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2020, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.07% annualized effective rate as of November 30, 2020) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2020, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.
| Remaining Contractual Maturity of the Agreements, as of November 30, 2020 |
||||||||||||||||||||
| Securities Lending Transactions Xtrackers MSCI All China Equity ETF |
Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
| Common Stocks |
$ | 57,622 | $ | 1,014 | $ | 10,955 | $ | 305,423 | $ | 375,014 | ||||||||||
| Exchange-Traded Funds |
1,112,875 | — | — | — | 1,112,875 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Borrowings |
$ | 1,170,497 | $ | 1,014 | $ | 10,955 | $ | 305,423 | $ | 1,487,889 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 1,487,889 | |||||||||||||||||
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
| Securities Lending Transactions Xtrackers MSCI China A Inclusion Equity ETF |
Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | |||||||||||||||
| Exchange-Traded Funds |
$ | 118 | $ | — | $ | — | $ | — | $ | 118 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross amount of recognized liabilities and non-cash collateral for securities lending transactions |
|
$ | 118 | |||||||||||||||||
Derivatives
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2020, Xtrackers MSCI All China Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2020 is included in a table following the Funds’ Schedule of Investments.
The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2020 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
| Asset Derivatives |
Liability Derivatives |
|||||||||||||
| Xtrackers MSCI All China Equity ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts* | $ | 3,950 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
| * | Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2020 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
| Net Realized Gain (Loss) from: |
||||
| Futures Contracts — Equity Contracts |
||||
| Xtrackers MSCI All China Equity ETF |
$ | 25,160 | ||
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DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||
| Futures Contracts —Equity Contracts |
||||
| Xtrackers MSCI All China Equity ETF |
$ | (1,370 | ) | |
For the period ended November 30, 2020 the average monthly volume of derivatives was as follows:
| Futures Contracts (Contract Value) |
||||
| Xtrackers MSCI All China Equity ETF |
$ | 86,758 | ||
Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
Harvest Global Investments Limited serves as investment sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| Unitary Advisory Fee |
||||
| Xtrackers Harvest CSI 300 China A-Shares ETF |
0.65 | % | ||
| Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
0.65 | % | ||
| Xtrackers MSCI All China Equity ETF |
0.50 | % | ||
| Xtrackers MSCI China A Inclusion Equity ETF |
0.60 | % | ||
The Advisor for Xtrackers MSCI All China Equity ETF has contractually agreed, until November 14, 2021, to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. In addition, the Advisor has contractually agreed, until September 30, 2021, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the period ended November 30, 2020, the Advisor waived $28,991 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.
The Advisor for Xtrackers MSCI China A Inclusion Equity ETF has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended November 30, 2020, the Advisor waived $145 of the expenses of the Fund.
The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired funds’ fees and expenses attributable to the Funds’ investments in affiliated cash
46
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
management vehicles. For the period ended November 30, 2020, the Advisor waived expenses of the Funds as follows:
| Expenses Waived | ||||
| Xtrackers MSCI All China Equity ETF |
$ | 7 | ||
| Xtrackers MSCI China A Inclusion Equity ETF |
22 | |||
Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 2020, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| Purchases | Sales | |||||||
| Xtrackers Harvest CSI 300 China A-Shares ETF |
$ | 1,346,512,003 | $ | 707,417,216 | ||||
| Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF |
5,059,960 | 7,731,961 | ||||||
| Xtrackers MSCI All China Equity ETF |
865,112 | 722,660 | ||||||
| Xtrackers MSCI China A Inclusion Equity ETF |
828,373 | 5,842,323 | ||||||
For the period ended November 30, 2020, the cost of in-kind purchases and proceeds from in-kind sale were as follows:
| Purchases | Sales | |||||||
| Xtrackers MSCI All China Equity ETF |
$ | — | $ | 2,128,467 | ||||
5. Fund Share Transactions
As of November 30, 2020, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of Xtrackers MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Investing in China
Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity
47
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; and different and less stringent financial reporting standards. In addition, in November 2020, the President of the United States issued an executive order (“CCMC Order”) prohibiting US persons, including the Funds, from transacting in securities of any Chinese company identified by the Secretary of Defense as a “Communist Chinese military company” (“CCMC”) or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. The prohibition takes effect on January 11, 2021. To the extent that any company in an Underlying Index is identified as CCMC at any time, it may have material adverse effect on a fund’s ability to track its Underlying Index.
7. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI China A Inclusion Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2020.
8. Other — COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. A Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in a Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on each Fund and reflect the consequences as appropriate in each Fund’s accounting and financial reporting.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Portfolio Holdings Information
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.
49
DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards, the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. CN and ASHX are currently non-diversified and can take larger positions in fewer issues, increasing the Fund’s potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
The CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.
The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.
Copyright © 2021 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022 |
Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong |
Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 | ||
| Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203 |
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 |
Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 | ||
R-049076-5 (1/21) DBX004704 (1/22)
Item 1 (continued)
(b) Not applicable.
| Item 2. | Code of Ethics. |
Not applicable.
| Item 3. | Audit Committee Financial Expert. |
Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
| Item 4. | Principal Accountant Fees and Services. |
Not applicable.
| Item 5. | Audit Committee of Listed Registrants. |
The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.
| Item 6. | Investments. |
| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
| (b) | Not applicable. |
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
| Item 11. | Controls and Procedures. |
| (a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
| Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 13. | Exhibits. |
| (a)(1) | Not applicable. | |||
| (a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |||
| (a)(3) | Not applicable. | |||
| (a)(4) | Not applicable. | |||
| (b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | DBX ETF Trust | |
| By (Signature and Title) | /s/ Freddi Klassen | |
| Freddi Klassen | ||
| President and Chief Executive Officer | ||
Date February 4, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Freddi Klassen | |
| Freddi Klassen | ||
| President and Chief Executive Officer |
Date February 4, 2021
| By (Signature and Title) | /s/ Diane Kenneally | |
| Diane Kenneally | ||
| Treasurer and Chief Financial Officer |
Date February 4, 2021