Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) tracks the CSI 500 Index. The index covers 500 mostly small-cap companies whose A-shares trade in mainland China in renminbi. As of May 29, 2026, the fund held 775 positions and its 10 largest made up under 9% of assets, so no single company dominates. Its 0.65% expense ratio is above the 0.61% average for similar funds. It paid no income in the past year, and its price has swung sharply.

• Over the year to Oct 27, 2026, ASHS returned -4.2%, 1st of 4 among similar funds.
• Its 5-year annualized return was -1.4% and its 10-year +0.8%.
• In the 2020 COVID crash it fell 15.9% and regained its old high 3.3 months after the low.
• Its worst full calendar year was 2018 (-35.9%); its best was 2025 (+39.5%).
• The deepest fall in its price history was 69.9% (Jun 12, 2015 to Oct 18, 2018), not yet recovered.

As of May 29, 2026, the fund held 775 securities; the ten largest made up 8.93% of assets.

• Over the three months to May 29, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -12.38%, +10.55%, +1.74%.

ASHS is an index fund. It does not pick stocks. It tries to match the CSI 500 Index before fees. That index tracks 500 predominantly small-cap companies in China's A-share market. A-shares are stocks of companies incorporated in mainland China. They are priced in renminbi and listed on the Shanghai, Shenzhen and Beijing exchanges. DWS is the issuer, DBX Advisors LLC is the advisor and Harvest Global Investments is the subadvisor. Over time, the advisor expects the fund's results to track the index with a correlation of 95% or better.

Foreign investors face limits on buying A-shares. The fund buys them through Stock Connect, a trading link between Hong Kong and the Shanghai and Shenzhen exchanges. Stock Connect has a daily cap on net purchases. The fund can also buy through Harvest's QFI license, a Chinese government permit for foreign institutions. If that license were revoked, the fund's ability to invest could suffer.

Harvest plans to own every index stock in roughly the index's weights. If it can't buy some shares, it may hold a representative sample instead. The fund may use derivatives, but as of May 29, 2026, it held none, and stocks made up 99.8% of assets. Portfolio turnover of 97% means heavy trading, and trading costs are not included in the expense ratio. The index is priced in renminbi, so exchange rates affect returns in dollars.

• ASHS charges 0.65% a year, versus an average of 0.61% for the similar funds below (3rd of 4, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).

It is a narrow, volatile bet on small mainland Chinese companies that has suffered deep, long-lasting losses.

ASHS could add a small, focused stake in smaller mainland Chinese companies, but the ride has been rough. It launched in 2014, so it has no 2008 record. In the 2020 COVID crash it fell 15.9% and recovered in about 3.3 months. In the 2022 bear market it dropped 31.2% and took 44.4 months to recover, finally doing so on January 6, 2026. Its worst calendar year was 2018, at -36.32%. Its deepest drop, 69.9% from June 2015 to October 2018, still had not been made up as of October 27, 2026. Anyone forced to sell during a stretch like that could lock in heavy losses. The fund paid no income in the past year. Under the SEC's standard example, costs on $10,000 come to about $66 after one year and $810 after 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).