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Semi-Annual Report DBX ETF Trust

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Semi-Annual Report DBX ETF Trust 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 Table of Contents Page Shareholder Letter ....................................................................... 1 Portfolio Summary Xtrackers Harvest CSI 300 China A-Shares ETF ........................................... 3 Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF .................................. 4 Xtrackers MSCI All China Equity ETF .................................................... 5 Xtrackers MSCI China A Inclusion Equity ETF ............................................ 6 Fees and Expenses ....................................................................... 7 Schedule of Investments Xtrackers Harvest CSI 300 China A-Shares ETF ........................................... 8 Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF .................................. 13 Xtrackers MSCI All China Equity ETF .................................................... 21 Xtrackers MSCI China A Inclusion Equity ETF ............................................ 26 Statements of Assets and Liabilities ........................................................ 34 Statements of Operations ................................................................. 35 Statements of Changes in Net Assets ....................................................... 36 Financial Highlights ...................................................................... 38 Notes to Financial Statements ............................................................. 40 Additional Information .................................................................... 49 Privacy Policy Notice ..................................................................... 50 This Page is Intentionally Left Blank To our Shareholders: (Unaudited) Dear Shareholder, We are pleased to provide this semi-annual report for our flagship ETFs tracking China’s equity market for the period ended November 30, 2020. The global economy experienced sustained growth during the reporting period, driven by expansive reopening of economies around the world and aggressive monetary stimulus efforts. This rebound in growth follows a sharp decline in activity triggered by the unprecedented impact of the coronavirus pandemic early this year. Economic activity in China has largely normalized, backed by a conducive environment for further reopening following quick control of local second- wave outbreaks. Exports have been one of the driving forces behind the rebound in the region, followed by industrial production, improvement in investment, and slow but recovering consumption. Furthermore, robust global demand and reduced risks of trade tensions boosted China’s manufacturing capital expenditure. With the pandemic under control, China is the first major economy where supply and demand are close to normalizing. Given the strong growth momentum, the industrial sector has staged an impressive turnaround, aided by resilient exports. The country’s manufacturing Purchasing Managers’ Index1 also steadily increased, driven by demand-side indices, including higher new orders. Moreover, medium- to long-term bank loans to manufacturing firms have risen, providing more support to the sector. As global trade gradually resumed, imports rose as inbound shipments grew, backed by improving domestic demand and higher commodity prices. While infrastructure investment softened, fixed asset investments continued to edge up, largely owing to a recovery in manufacturing activity and a strong property sector. China’s service sector activity also recorded expansionary prints for consecutive months from March, as the easing of coronavirus-related lockdown measures revived consumer demand. However, compared to exports and investments, growth of retail sales lagged, albeit recovering, as consumers remain wary of spending in the midst of the pandemic. Reflecting the momentum in services and consumption, unemployment rates, which hit historic levels in the wake of the COVID-19 outbreak, gradually eased to near pre-pandemic levels. On the policy front, the People’s Bank of China (PBoC) has maintained a broadly neutral monetary policy by keeping its benchmark loan rate steady since May 2020 and being more prudent with liquidity injections. The PBoC also signaled a gradual exit from accommodative monetary policy and will consider the timely withdrawal of policy tools in advance. Policymakers have adopted a cautious approach, even as consumer prices continued their downward trend and fell sharply in October 2020, marking the lowest rate since 2009, largely due to falling food prices. In addition, China unveiled its 14th five-year plan to guide the country’s development in the next five years, with a focus on productivity and domestic demand, led by technology and innovation, boosting domestic supply chains and broader urbanization. China’s growth momentum continues to build, as the country weathered the pandemic, relatively better than the developed world and other emerging market economies. The combination of faster- than-expected fadeout of the global virus impact and a cautious approach on monetary and fiscal policies should keep the economy afloat. However, aggressive easing is unlikely unless there is a sharp growth slowdown. The high efficacy of vaccines under development has also come as welcome news, reducing the risk of renewed full-scale lockdowns and likely supporting global growth. 1 Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies. Sincerely, /s/ Freddi Klassen Freddi Klassen President and Chief Executive Officer 1 Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. 2 DBX ETF Trust Portfolio Summary (Unaudited) Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) The Xtrackers Harvest CSI 300 China A-Shares ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. It is not possible to invest directly into an index. Ten Largest Equity Holdings Sector Diversification* as of November 30, 2020 as of November 30, 2020 (26.10% of Net Assets) Financials 28.9% Description % of Net Assets Consumer Staples 14.9% Ping An Insurance Group Co. of China Ltd. 5.5% Information Technology 11.7% Kweichow Moutai Co. Ltd. 4.9% Industrials 11.2% Wuliangye Yibin Co. Ltd. 2.8% Consumer Discretionary 10.2% China Merchants Bank Co. Ltd. 2.6% Health Care 8.0% Midea Group Co. Ltd. 2.4% Materials 6.5% Gree Electric Appliances, Inc., of Zhuhai 1.8% Real Estate 3.4% Jiangsu Hengrui Medicine Co. Ltd. 1.8% Communication Services 1.9% Industrial Bank Co. Ltd. 1.5% Utilities 1.9% CITIC Securities Co. Ltd. 1.5% Energy 1.4% Inner Mongolia Yili Industrial Group Co. Ltd. 1.3% Total 100.0% * As a percent of total investments. Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8. 3 DBX ETF Trust Portfolio Summary (Unaudited) Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. It is not possible to invest directly into an index. Ten Largest Equity Holdings Sector Diversification* as of November 30, 2020 as of November 30, 2020 (6.6% of Net Assets) Materials 18.7% Description % of Net Assets Industrials 17.7% Sungrow Power Supply Co. Ltd. 0.9% Information Technology 15.8% Shandong Hualu Hengsheng Chemical Co. Ltd. 0.8% Health Care 12.6% Humanwell Healthcare Group Co. Ltd. 0.7% Consumer Discretionary 10.1% Tianshui Huatian Technology Co. Ltd. 0.7% Consumer Staples 7.2% Liaoning Cheng Da Co. Ltd. 0.6% Financials 5.0% Asymchem Laboratories Tianjin Co. Ltd. 0.6% Communication Services 4.7% Centre Testing International Group Co. Ltd. 0.6% Real Estate 3.7% Kingfa Sci & Tech Co. Ltd. 0.6% Utilities 2.3% Sunwoda Electronic Co. Ltd. 0.6% Energy 2.2% Shandong Sinocera Functional Material Co. Ltd. 0.5% Total 100.0% * As a percent of total investments. Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 13. 4 DBX ETF Trust Portfolio Summary (Unaudited) Xtrackers MSCI All China Equity ETF (CN) The Xtrackers MSCI
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