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August 31, 2022

Annual Report

DBX ETF Trust

 

Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)

Xtrackers MSCI Kokusai Equity ETF (KOKU)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)

Xtrackers Russell US Multifactor ETF (DEUS)

 

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DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Management’s Discussion of Fund Performance

     3  

Performance Summary

  

Xtrackers FTSE Developed ex US Multifactor ETF

     5  

Xtrackers MSCI Kokusai Equity ETF

     7  

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

     9  

Xtrackers Russell US Multifactor ETF

     11  

Fees and Expenses

     13  

Schedule of Investments

  

Xtrackers FTSE Developed ex US Multifactor ETF

     14  

Xtrackers MSCI Kokusai Equity ETF

     32  

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

     42  

Xtrackers Russell US Multifactor ETF

     47  

Statements of Assets and Liabilities

     57  

Statements of Operations

     58  

Statements of Changes in Net Assets

     59  

Financial Highlights

     61  

Notes to Financial Statements

     63  

Report of Independent Registered Public Accounting Firm

     72  

Board Members and Officers

     74  

Additional Information

     77  


To our Shareholders: (Unaudited)

 

 

Dear shareholder,

We are pleased to provide this annual report for four of our equity ETFs for the period ended August 31, 2022.

The global economy slowed down as high inflation with soaring energy and food prices, fueled by Russia’s military invasion on Ukraine, rising interest rates, supply chain disruptions and COVID-19-led lockdowns took a heavy toll on the markets. Higher-than-expected inflation in most parts of the world was pronounced particularly in developed economies like the US and Europe. The global output contracted in the second quarter of the year, with major economies reeling under inflationary pressure. China’s slowdown was spurred by a resurgence in COVID-19 cases, strict lockdowns, and negative spillovers from the Russia-Ukraine conflict. Amid fears of a global economic recession, central banks implemented aggressive monetary policies as a measure to curb high inflation.

U.S. equities witnessed heightened volatility in 2022 amid a slowdown in economic growth, weakness in consumer confidence and a less favorable long-term economic outlook. High inflation readings, tepid personal consumption expenditure, supply chain disruptions, the Federal Reserve’s aggressive monetary policy and impacts of the Russia-Ukraine war weighed on market sentiments. Central bank officials incrementally raised rates in each of their meetings from 25 to 75 basis points1 (bps) as inflation jumped to its highest level in 40 years. The 75-bps rate hike in July 2022 for a second successive month marked the fastest pace of policy tightening in the past four decades. However, healthy corporate earnings results, a robust job market and strong labor force participation were some of the positives during the reporting period.

The Eurozone was mired in high inflation, rising interest rates and supply chain disruptions, fueled by the Russia-Ukraine war. However, the region sustained its growth in Q2 2022, supported by the easing out of COVID-19 restrictions and the summer tourism season in southern countries. Italy and Spain, the Eurozone’s third and fourth largest economies, respectively, were the major contributors to growth, while the bloc’s largest economy, Germany stalled. France, Eurozone’s second-largest economy posted growth, backed by a positive contribution from net trade, as exports grew. The import reduction of oil and gas from Russia raised gas and commodity prices in Europe, leading to higher inflation and a bearing on the overall demand environment. Although the labor market remained robust, consumer confidence dipped significantly. In line with many central banks, the European Central Bank (ECB) raised interest rates by 50 bps in July 2022 — its first-rate hike in more than a decade — to prevent high inflation. Furthermore, the ECB approved the Transmission Protection Instrument mechanism for the smooth transmission of its monetary policy across all euro area countries.

The UK economy witnessed a slowdown in GDP growth, as household spending and business activity were hit by rising inflation levels. The Bank of England raised the interest rate in a similar move with the central banks of other countries. The employment market remains strong with the unemployment rate falling to pre-pandemic levels. Japan’s economy faced a resurgence in COVID-19 cases amid persistent supply chain disruptions and inflationary pressure.

The war in Ukraine is expected to contribute to a significant slowdown in global economic growth in 2022 and add to inflation. Central banks across the world are likely to maintain a hawkish stance, as controlling high inflation has become the primary objective. Consumer confidence has remained weak owing to a less favorable long-term economic outlook and as a fragmented recovery is anticipated. Investors would need to keep an eye on potential sanctions on Russian energy by the European Union, as any further supply crunch on oil and gas could sustain the record-high inflation rates.

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 Basis points are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

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.

 

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This Page is Intentionally Left Blank

 

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DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited)

 

Xtrackers FTSE Developed ex-US Multifactor Factor ETF

The Xtrackers FTSE Developed ex-US Multifactor Factor ETF (DEEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex-US Comprehensive Factor Index (the DEEF Index). The DEEF Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the DEEF Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). For the 12-month period ended August 31, 2022, DEEF shares returned -19.75%, compared to the DEEF Index return of -19.42%.

All sectors contributed negatively to performance during the period with the Industrials, Materials, and Real Estate sectors detracting the most from performance. From a geographical perspective, Israel, Singapore, and Canada were the major positive contributors, while Japan, Great Britain, and Sweden contributed negatively to performance.

Xtrackers MSCI Kokusai Equity ETF

The Xtrackers MSCI Kokusai Equity ETF (KOKU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Kokusai Index (the KOKU Index). The KOKU Index is also known as the MSCI World ex-Japan Index. The KOKU Index is designed to track the performance of equity markets in developed markets (excluding Japan). The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure developed-market equity performance throughout the world. For the 12-month period ended August 31, 2022, KOKU shares returned -14.55%, compared to the KOKU Index return of -14.80%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Information Technology, Communication Services, and Consumer Discretionary. The Energy and Utilities sectors were the positive contributors to performance. From a geographical perspective, Singapore, Israel, and Norway were the major positive contributors, while the US, Germany and France contributed negatively to performance.

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

The Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the QARP Index). The QARP Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the QARP Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. For the 12-month period ended August 31, 2022, QARP shares returned -9.84%, compared to the QARP Index return of -9.65%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Communication Services, Information Technology and Consumer Discretionary. The Energy, Health Care and Materials sectors were the positive contributors to performance.

Xtrackers Russell US Multifactor ETF

The Xtrackers Russell US Multifactor ETF (DEUS) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the DEUS Index). The DEUS Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the DEUS Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. For the 12-month period ended August 31, 2022, DEUS shares returned -8.80%, compared to the DEUS Index return of -8.64%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Information Technology, Industrials, and Consumer Discretionary. The Energy, Utilities, and Consumer Staples sectors contributed positively to performance.

*************************

 

3


DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited) (Continued)

 

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 5-11 of this report for additional performance information, including performance data based on market value.

The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)

Xtrackers FTSE Developed ex US Multifactor 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 FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). It is not possible to invest directly into an index.

 

Performance as of August 31, 2022

 

Average Annual Total Returns
      Net Asset Value    Market Value    FTSE Developed ex US
Comprehensive
Factor Index
   FTSE Developed ex US
Net Tax (US RIC) Index

One Year

   -19.75%    -20.05%    -19.42%    -19.24%

Five Year

   1.26%    1.01%    1.65%    2.28%

Since Inception1

   3.53%    3.43%    4.05%    4.26%
Cumulative Total Returns
      Net Asset Value    Market Value    FTSE Developed ex US
Comprehensive
Factor Index
   FTSE Developed ex US
Net Tax (US RIC) Index

One Year

   -19.75%    -20.05%    -19.42%    -19.24%

Five Year

   6.44%    5.15%    8.52%    11.95%

Since Inception1

   26.51%    25.66%    30.89%    32.70%

1 Total returns are calculated based on the commencement of operations, November 24, 2015 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

 

5


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers FTSE Developed ex US Multifactor ETF (DEEF) (Continued)

 

Growth of an Assumed $10,000 Investment

LOGO

1 Based on Net Asset Value from commencement of operations, November 24, 2015.

Sector Diversification* as of August 31, 2022

 

Industrials

    19.6%  

Consumer Staples

    13.1%  

Materials

    11.8%  

Financials

    11.5%  

Utilities

    8.3%  

Real Estate

    8.1%  

Consumer Discretionary

    7.7%  

Communication Services

    6.9%  

Information Technology

    4.9%  

Health Care

    4.6%  

Energy

    3.5%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of August 31, 2022 (6.0% of Net Assets)

 

Description   % of Net Assets  

Segro PLC (United Kingdom)

    0.7%  

Imperial Brands PLC (United Kingdom)

    0.7%  

Ampol Ltd. (Australia)

    0.7%  

Sonic Healthcare Ltd. (Australia)

    0.6%  

Tesco PLC (United Kingdom)

    0.6%  

Rio Tinto Ltd. (Australia)

    0.6%  

Medibank Pvt Ltd. (Australia)

    0.6%  

Woodside Energy Group Ltd. (Australia)

    0.5%  

Metro, Inc. (Canada)

    0.5%  

Elia Group SA/NV (Belgium)

    0.5%  
Country Diversification* as of August 31, 2022

 

Japan

    25.4%  

Australia

    13.7%  

United Kingdom

    10.5%  

Canada

    5.6%  

Sweden

    4.8%  

South Korea

    4.2%  

Switzerland

    3.9%  

France

    3.6%  

Germany

    3.5%  

Singapore

    3.4%  

Israel

    3.0%  

Netherlands

    2.3%  

Hong Kong

    2.3%  

Finland

    2.1%  

Other

    11.7%  
 

 

 

 

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 14.

 

6


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Kokusai Equity ETF (KOKU)

Xtrackers MSCI Kokusai 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 Kokusai Index (the “Underlying Index”). The MSCI Kokusai Index is also known as the MSCI World ex Japan Index. The Underlying Index is designed to track the performance of equity markets in developed markets (excluding Japan). The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure developed-market equity performance throughout the world. It is not possible to invest directly into an index.

 

Performance as of August 31, 2022

 

Average Annual Total Returns
      Net Asset Value    Market Value    MSCI Kokusai Index    MSCI World Index

One Year

   -14.55%    -14.53%    -14.80%    -15.08%

Since Inception1

   17.49%    17.44%    17.15%    16.32%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI Kokusai Index    MSCI World Index

One Year

   -14.55%    -14.53%    -14.80%    -15.08%

Since Inception1

   47.24%    47.07%    46.20%    43.74%

1 Total returns are calculated based on the commencement of operations, April 8, 2020 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

 

7


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Kokusai Equity ETF (KOKU) (Continued)

 

Growth of an Assumed $10,000 Investment

LOGO

1 Based on Net Asset Value from commencement of operations, April 8, 2020.

Sector Diversification* as of August 31, 2022

 

Information Technology

    22.2%  

Financials

    13.6%  

Health Care

    13.5%  

Consumer Discretionary

    10.7%  

Industrials

    9.3%  

Consumer Staples

    7.7%  

Communication Services

    7.2%  

Energy

    5.5%  

Materials

    4.2%  

Utilities

    3.3%  

Real Estate

    2.8%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of August 31, 2022 (20.2% of Net Assets)

 

Description   % of Net Assets  

Apple, Inc. (United States)

    5.3%  

Microsoft Corp. (United States)

    3.9%  

Alphabet, Inc. (United States)

    2.7%  

Amazon.com, Inc. (United States)

    2.4%  

Tesla, Inc. (United States)

    1.5%  

UnitedHealth Group, Inc. (United States)

    1.0%  

Johnson & Johnson (United States)

    0.9%  

Exxon Mobil Corp. (United States)

    0.9%  

Meta Platforms, Inc. (United States)

    0.8%  

NVIDIA Corp. (United States)

    0.8%  
Country Diversification* as of August 31, 2022

 

United States

    72.5%  

United Kingdom

    4.7%  

Canada

    3.8%  

Switzerland

    3.3%  

France

    3.1%  

Australia

    2.3%  

Germany

    2.1%  

Other

    8.2%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.

 

8


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)

Xtrackers Russell 1000 US Quality at a Reasonable Price 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 Russell 1000 2Qual/Val 5% Capped Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

 

Performance as of August 31, 2022

 

Average Annual Total Returns
      Net Asset Value    Market Value    Russell 1000 2Qual/Val
5% Capped Factor Index
   Russell 1000 Index
Total Return

One Year

   -9.84%    -9.81%    -9.65%    -12.96%

Since Inception1

   11.28%    11.27%    11.53%    11.24%
Cumulative Total Returns
      Net Asset Value    Market Value    Russell 1000 2Qual/Val
5% Capped Factor Index
   Russell 1000 Index
Total Return

One Year

   -9.84%    -9.81%    -9.65%    -12.96%

Since Inception1

   60.19%    60.19%    61.84%    60.00%

1 Total returns are calculated based on the commencement of operations, April 5, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.19%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

 

9


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP) (Continued)

 

Growth of an Assumed $10,000 Investment

LOGO

1 Based on Net Asset Value from commencement of operations, April 5, 2018.

Sector Diversification as of August 31, 2022

 

Information Technology

    16.4%  

Industrials

    15.9%  

Financials

    13.4%  

Health Care

    11.4%  

Consumer Discretionary

    9.0%  

Materials

    8.2%  

Consumer Staples

    7.9%  

Utilities

    7.0%  

Real Estate

    4.7%  

Energy

    3.8%  

Communication Services

    2.3%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of August 31, 2022 (8.3% of Net Assets)

 

Description   % of Net Assets  

HP, Inc.

    1.3%  

McKesson Corp.

    1.2%  

Archer-Daniels-Midland Co.

    1.0%  

Nucor Corp.

    0.9%  

Molina Healthcare, Inc.

    0.7%  

Cognizant Technology Solutions Corp.

    0.7%  

Quest Diagnostics, Inc.

    0.7%  

Reliance Steel & Aluminum Co.

    0.6%  

Kroger Co.

    0.6%  

AutoZone, Inc.

    0.6%  

 

 

* 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 42.

 

10


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Russell US Multifactor ETF (DEUS)

Xtrackers Russell US Multifactor 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 Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

 

Performance as of August 31, 2022

 

Average Annual Total Returns
      Net Asset Value    Market Value    Russell 1000
Comprehensive Factor Index
   Russell 1000 Index
Total Return

One Year

   -8.80%    -8.86%    -8.64%    -12.96%

Five Year

   8.92%    8.91%    9.05%    11.61%

Since Inception1

   9.66%    9.65%    9.83%    11.78%
Cumulative Total Returns
      Net Asset Value    Market Value    Russell 1000
Comprehensive Factor Index
   Russell 1000 Index
Total Return

One Year

   -8.80%    -8.86%    -8.64%    -12.96%

Five Year

   53.27%    53.19%    54.19%    73.16%

Since Inception1

   86.74%    86.64%    88.73%    112.62%

1 Total returns are calculated based on the commencement of operations, November 24, 2015 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated December 17, 2021, was 0.17%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

 

11


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Russell US Multifactor ETF (DEUS) (Continued)

 

Growth of an Assumed $10,000 Investment

LOGO

1 Based on Net Asset Value from commencement of operations, November 24, 2015.

Sector Diversification* as of August 31, 2022

 

Information Technology

    24.9%  

Health Care

    14.7%  

Consumer Discretionary

    12.3%  

Communication Services

    10.6%  

Energy

    9.9%  

Financials

    8.7%  

Consumer Staples

    8.4%  

Industrials

    5.9%  

Materials

    3.3%  

Real Estate

    0.9%  

Utilities

    0.4%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of August 31, 2022 (35.3% of Net Assets)

 

Description   % of Net Assets  

Apple, Inc.

    5.6%  

Microsoft Corp.

    5.1%  

Alphabet, Inc.

    4.9%  

Berkshire Hathaway, Inc.

    4.3%  

Exxon Mobil Corp.

    3.6%  

Meta Platforms, Inc.

    3.3%  

Costco Wholesale Corp.

    2.2%  

Chevron Corp.

    2.1%  

UnitedHealth Group, Inc.

    2.1%  

Home Depot, Inc.

    2.1%  

 

 

* 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 47.

 

12


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most recent six-month period the Funds 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 period and held for the entire period (March 1, 2022 to August 31, 2022).

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
March 1, 2022
     Ending
Account Value
August 31, 2022
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers FTSE Developed ex US Multifactor ETF

 

 

Actual

   $ 1,000.00      $ 864.70        0.24   $ 1.13  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.00        0.24   $ 1.22  
Xtrackers MSCI Kokusai Equity ETF

 

 

Actual

   $ 1,000.00      $ 893.30        0.09   $ 0.43  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.75        0.09   $ 0.46  
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

 

 

Actual

   $ 1,000.00      $ 923.80        0.19   $ 0.92  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.25        0.19   $ 0.97  
Xtrackers Russell US Multifactor ETF

 

 

Actual

   $ 1,000.00      $ 940.30        0.17   $ 0.83  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.35        0.17   $ 0.87  

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (the number of days in the most recent six-month period), then divided by 365.

 

13


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF

August 31, 2022

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 98.9%    
Australia — 13.5%            

Adbri Ltd.

    4,457     $ 6,753  

AGL Energy Ltd.

    4,288       22,576  

ALS Ltd.

    7,233       59,007  

Altium Ltd.

    515       12,978  

Alumina Ltd.

    74,751       77,637  

Ampol Ltd.

    18,471       437,880  

Ansell Ltd.

    1,179       21,492  

APA Group (a)

    9,801       74,515  

Aristocrat Leisure Ltd.

    4,706       115,175  

ASX Ltd.

    5,505       296,067  

Atlas Arteria Ltd. (a)

    10,220       56,051  

Aurizon Holdings Ltd.

    82,587       211,183  

Australia & New Zealand Banking Group Ltd.

    2,436       38,126  

Bank of Queensland Ltd.

    3,094       14,911  

Beach Energy Ltd.

    4,401       5,159  

Bendigo & Adelaide Bank Ltd.

    7,290       45,179  

BHP Group Ltd.

    1,084       30,171  

BlueScope Steel Ltd.

    11,220       128,608  

Boral Ltd.

    8,896       17,991  

Brambles Ltd.

    39,408       334,460  

carsales.com Ltd.

    4,573       70,851  

Challenger Ltd.

    4,433       19,450  

Charter Hall Group REIT

    10,345       95,813  

Cleanaway Waste Management Ltd.

    31,154       59,801  

Cochlear Ltd.

    525       77,130  

Coles Group Ltd.

    23,541       283,393  

Commonwealth Bank of Australia

    677       45,238  

Computershare Ltd.

    8,796       148,943  

CSL Ltd.

    291       58,560  

CSR Ltd.

    23,213       72,089  

Deterra Royalties Ltd.

    15,227       43,739  

Dexus REIT

    41,894       250,729  

Domino’s Pizza Enterprises Ltd.

    744       32,414  

Downer EDI Ltd.

    20,763       71,882  

EBOS Group Ltd.

    6,716       159,103  

Endeavour Group Ltd.

    17,910       89,263  

Evolution Mining Ltd.

    15,276       25,029  

Fortescue Metals Group Ltd.

    5,406       68,266  

Goodman Group REIT

    15,069       203,202  

GPT Group REIT

    95,442       275,461  

Harvey Norman Holdings Ltd.

    13,378       38,795  

IDP Education Ltd.

    496       9,864  

IGO Ltd.

    1,216       11,204  

Iluka Resources Ltd.

    20,803       150,316  

Incitec Pivot Ltd.

    31,032       83,394  

Insurance Australia Group Ltd.

    6,069       19,347  

JB Hi-Fi Ltd.

    4,717       131,581  

Lendlease Corp. Ltd. (a)

    2,504       17,630  

Lottery Corp. Ltd.*

    30,323       91,883  

Macquarie Group Ltd.

    447       54,320  

Medibank Pvt Ltd.

    146,664       373,024  

Metcash Ltd.

    74,601       210,708  

Mineral Resources Ltd.*

    2,651       116,259  

Mirvac Group REIT

    98,532       141,852  

National Australia Bank Ltd.

    410       8,598  
   

Number
of Shares

   

Value

 
Australia (Continued)            

Newcrest Mining Ltd.

    10,459     $ 127,127  

NEXTDC Ltd.*

    290       2,086  

Northern Star Resources Ltd.

    2,018       10,902  

Nufarm Ltd/Australia

    2,266       8,295  

Orica Ltd.

    4,305       45,657  

Origin Energy Ltd.

    4,623       19,998  

Orora Ltd.

    67,457       153,534  

OZ Minerals Ltd.

    3,145       55,454  

Perpetual Ltd. (b)

    1,529       28,742  

QBE Insurance Group Ltd.

    23,757       196,579  

Qube Holdings Ltd.

    13,708       27,159  

Ramsay Health Care Ltd.

    1,551       76,248  

REA Group Ltd.

    306       26,757  

Reece Ltd.

    3,367       36,955  

Rio Tinto Ltd.

    6,162       399,202  

Santos Ltd.

    1,495       8,086  

SEEK Ltd.

    675       9,653  

Seven Group Holdings Ltd.

    1,012       12,890  

Shopping Centres Australasia Property Group REIT

    87,120       163,050  

Sierra Rutile Holdings Ltd.*(b)

    20,803       4,278  

Sims Ltd.

    2,794       29,478  

Sonic Healthcare Ltd.

    18,163       423,356  

South32 Ltd.

    43,657       124,206  

Star Entertainment Group Ltd.*

    2,517       4,797  

Stockland REIT

    38,122       94,607  

Suncorp Group Ltd.

    30,573       228,457  

Tabcorp Holdings Ltd. (b)

    30,323       19,956  

Telstra Corp. Ltd.

    29,801       81,107  

TPG Telecom Ltd.

    1,630       5,978  

Transurban Group (a)

    3,984       38,128  

Treasury Wine Estates Ltd.

    6,003       54,282  

Vicinity Centres REIT

    4,047       5,369  

Washington H Soul Pattinson & Co. Ltd.

    2,006       35,343  

Wesfarmers Ltd.

    4,745       152,920  

Westpac Banking Corp.

    3,834       56,800  

Woodside Energy Group Ltd.

    15,019       352,648  

Woolworths Group Ltd.

    7,658       189,470  

Worley Ltd.

    585       5,827  
   

 

 

 

(Cost $9,394,214)

      8,930,431  
   

 

 

 
Austria — 0.3%            

ANDRITZ AG

    2,040       94,320  

Erste Group Bank AG

    357       8,070  

OMV AG

    621       25,153  

Raiffeisen Bank International AG

    558       7,092  

Telekom Austria AG*

    8,951       55,984  

Verbund AG

    148       14,190  

voestalpine AG

    732       14,810  
   

 

 

 

(Cost $235,642)

      219,619  
   

 

 

 
Belgium — 1.6%            

Ackermans & van Haaren NV

    438       64,215  

Ageas SA/NV

    410       16,693  

Anheuser-Busch InBev SA/NV

    91       4,424  

D’ieteren Group

    172       26,064  

Elia Group SA/NV

    2,373       345,756  

Etablissements Franz Colruyt NV

    559       15,559  

 

See Notes to Financial Statements.   14  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
Belgium (Continued)            

Groupe Bruxelles Lambert SA

    259     $ 19,663  

KBC Group NV

    154       7,337  

Proximus SADP

    4,452       56,765  

Sofina SA

    424       85,356  

Solvay SA

    517       41,922  

Telenet Group Holding NV

    1,575       22,442  

UCB SA

    921       64,920  

Umicore SA (b)

    2,279       72,760  

Warehouses De Pauw CVA REIT

    6,800       207,730  
   

 

 

 

(Cost $1,313,835)

      1,051,606  
   

 

 

 
Bermuda — 0.0%            

Hiscox Ltd.
(Cost $11,439)

    934       9,757  
   

 

 

 
Canada — 5.6%            

Agnico Eagle Mines Ltd.

    460       19,024  

Alimentation Couche-Tard, Inc.

    2,172       93,607  

Bank of Montreal

    188       17,406  

Bank of Nova Scotia (b)

    87       4,824  

Barrick Gold Corp.

    2,588       38,535  

BCE, Inc. (b)

    1,078       52,171  

Brookfield Asset Management, Inc., Class A

    200       9,649  

Canadian Imperial Bank of Commerce

    510       24,188  

Canadian National Railway Co.

    532       63,449  

Canadian Pacific Railway Ltd.

    113       8,484  

Canadian Tire Corp. Ltd., Class A

    1,157       136,471  

Canadian Utilities Ltd., Class A

    3,303       101,340  

CGI, Inc.*

    2,172       172,486  

Constellation Software, Inc.

    50       75,482  

Dollarama, Inc.

    2,306       140,832  

Enbridge, Inc.

    1,581       65,384  

Fairfax Financial Holdings Ltd.

    187       93,491  

Fortis, Inc.

    3,641       161,087  

Franco-Nevada Corp.

    764       92,116  

George Weston Ltd.

    2,228       255,448  

Great-West Lifeco, Inc.

    912       21,484  

Hydro One Ltd., 144A

    4,067       110,433  

IGM Financial, Inc.

    2,690       73,433  

Imperial Oil Ltd.

    464       22,839  

Intact Financial Corp.

    1,300       188,855  

Loblaw Cos. Ltd.

    2,697       239,035  

Magna International, Inc.

    652       37,773  

Manulife Financial Corp.

    2,065       35,825  

Metro, Inc.

    6,601       348,196  

National Bank of Canada

    1,023       67,874  

Nutrien Ltd.

    863       79,453  

Power Corp. of Canada

    2,882       74,317  

Restaurant Brands International, Inc.

    299       17,701  

Rogers Communications, Inc., Class B

    2,657       114,732  

Royal Bank of Canada

    133       12,403  

Saputo, Inc.

    1,906       48,538  

Shaw Communications, Inc., Class B

    4,675       120,231  

Sun Life Financial, Inc.

    1,452       64,151  

Suncor Energy, Inc.

    2,350       76,246  

TC Energy Corp.

    1,502       72,588  

Teck Resources Ltd., Class B

    523       17,763  
   

Number
of Shares

   

Value

 
Canada (Continued)            

TELUS Corp.

    1,976     $ 44,632  

Thomson Reuters Corp.

    954       105,351  

Toronto-Dominion Bank

    226       14,581  

Wheaton Precious Metals Corp.

    1,747       53,480  
   

 

 

 

(Cost $3,318,102)

      3,687,388  
   

 

 

 
Chile — 0.0%            

Antofagasta PLC
(Cost $15,315)

    1,071       13,721  
   

 

 

 
China — 0.3%            

Lenovo Group Ltd.

    51,620       42,749  

Tingyi Cayman Islands Holding Corp.

    29,809       53,019  

Uni-President China Holdings Ltd.

    12,678       10,935  

Want Want China Holdings Ltd.

    108,513       76,592  
   

 

 

 

(Cost $197,413)

      183,295  
   

 

 

 
Czech Republic — 0.1%            

Avast PLC, 144A
(Cost $30,523)

    4,060       33,400  
   

 

 

 
Denmark — 1.1%            

A.P. Moller — Maersk A/S, Class A

    25       58,678  

A.P. Moller — Maersk A/S, Class B

    23       55,212  

Carlsberg A/S, Class B

    1,202       156,956  

Chr Hansen Holding A/S

    173       10,109  

Coloplast A/S, Class B

    453       51,950  

Danske Bank A/S

    1,179       15,810  

Demant A/S*

    824       25,456  

DSV A/S

    170       25,202  

Genmab A/S*

    110       39,263  

GN Store Nord AS

    172       4,890  

Novo Nordisk A/S, Class B

    316       33,859  

Novozymes A/S, Class B

    1,339       77,049  

Pandora A/S

    215       12,997  

ROCKWOOL A/S, Class B

    83       17,175  

Royal Unibrew A/S

    1,160       87,294  

SimCorp A/S

    206       15,129  

Tryg A/S

    1,654       37,491  

Vestas Wind Systems A/S

    176       4,436  
   

 

 

 

(Cost $800,234)

      728,956  
   

 

 

 
Finland — 2.1%            

Elisa OYJ

    2,631       140,905  

Fortum OYJ

    7,123       73,380  

Huhtamaki OYJ

    413       14,502  

Kesko OYJ, Class B

    8,481       178,919  

Kojamo OYJ

    15,228       255,872  

Kone OYJ, Class B

    960       38,536  

Metso Outotec OYJ

    634       4,985  

Neste OYJ

    190       9,409  

Nokia OYJ

    7,714       38,877  

Nokian Renkaat OYJ

    3,984       41,543  

Nordea Bank Abp

    2,185       20,363  

Orion OYJ, Class B

    2,319       105,331  

Sampo OYJ, Class A

    3,048       138,228  

Stora Enso OYJ, Class R

    5,306       79,365  

UPM-Kymmene OYJ

    3,234       110,209  

 

See Notes to Financial Statements.   15  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
Finland (Continued)            

Valmet OYJ (b)

    3,318     $ 84,411  

Wartsila OYJ Abp

    4,618       38,236  
   

 

 

 

(Cost $1,838,507)

      1,373,071  
   

 

 

 
France — 3.6%            

Air Liquide SA

    298       37,517  

Airbus SE

    45       4,430  

ALD SA, 144A

    1,205       13,159  

Amundi SA, 144A

    361       18,404  

Arkema SA

    1,395       118,363  

AXA SA

    507       11,993  

BioMerieux

    223       20,464  

BNP Paribas SA

    153       7,152  

Bollore SE

    12,105       58,134  

Bouygues SA

    2,500       73,657  

Bureau Veritas SA

    2,134       53,153  

Capgemini SE

    252       43,838  

Carrefour SA

    14,015       234,504  

Cie de L’Odet SE

    14       16,077  

Cie de Saint-Gobain

    2,616       106,141  

Cie Generale des Etablissements Michelin SCA

    5,244       128,163  

Credit Agricole SA

    478       4,417  

Danone SA

    1,316       69,487  

Dassault Systemes SE

    407       15,787  

Edenred

    549       27,878  

Eiffage SA

    1,422       125,630  

Engie SA

    7,279       86,867  

EssilorLuxottica SA

    134       20,111  

Euroapi SA*

    13       203  

Gecina SA REIT

    193       17,263  

Getlink SE

    663       12,527  

Hermes International

    6       7,738  

ICADE REIT

    131       5,791  

Ipsen SA

    413       39,681  

JCDecaux SA*

    375       5,215  

Kering SA

    27       13,656  

La Francaise des Jeux SAEM, 144A

    207       6,738  

Legrand SA

    1,163       84,528  

L’Oreal SA

    25       8,629  

LVMH Moet Hennessy Louis Vuitton SE

    10       6,511  

Orange SA

    17,867       181,422  

Pernod Ricard SA

    230       42,451  

Publicis Groupe SA

    1,875       91,914  

Remy Cointreau SA

    130       24,223  

Renault SA*

    331       9,522  

Rexel SA*

    1,504       24,500  

Sanofi

    302       24,956  

Sartorius Stedim Biotech

    14       5,148  

Schneider Electric SE

    221       26,396  

SCOR SE

    421       6,989  

SEB SA

    356       26,490  

Societe Generale SA

    548       12,167  

Sodexo SA

    286       21,983  

Somfy SA

    125       13,851  

Teleperformance

    225       64,323  

Thales SA

    241       29,117  

TotalEnergies SE (b)

    685       34,915  
   

Number
of Shares

   

Value

 
France (Continued)            

Ubisoft Entertainment SA*

    241     $ 11,150  

Veolia Environnement SA

    3,800       85,134  

Vinci SA

    642       59,553  

Vivendi SE

    4,496       40,933  
   

 

 

 

(Cost $2,697,722)

      2,340,943  
   

 

 

 
Germany — 3.4%            

1&1 AG

    255       4,103  

adidas AG

    51       7,604  

Allianz SE

    38       6,442  

BASF SE

    1,344       56,856  

Bayer AG

    446       23,590  

Bayerische Motoren Werke AG

    488       36,052  

Bechtle AG

    603       23,181  

Beiersdorf AG

    657       66,461  

Brenntag SE

    2,504       164,721  

Carl Zeiss Meditec AG

    146       18,234  

Continental AG

    115       6,647  

Covestro AG, 144A

    3,321       100,584  

Daimler Truck Holding AG*

    1,049       26,924  

Deutsche Bank AG (c)

    490       4,101  

Deutsche Boerse AG

    94       15,922  

Deutsche Post AG

    2,037       74,548  

Deutsche Telekom AG

    3,420       64,612  

Deutsche Wohnen SE

    179       4,075  

E.ON SE

    31,127       266,361  

Evonik Industries AG

    1,750       32,722  

Fielmann AG

    79       2,941  

Fresenius Medical Care AG & Co. KGaA

    1,540       52,945  

Fresenius SE & Co. KGaA

    2,016       49,990  

FUCHS PETROLUB SE

    574       13,391  

GEA Group AG

    3,205       111,798  

Hannover Rueck SE

    134       19,794  

HeidelbergCement AG

    1,420       64,397  

Hella GmbH & Co. KGaA

    191       13,502  

Henkel AG & Co. KGaA

    269       16,852  

HOCHTIEF AG

    84       4,162  

Infineon Technologies AG

    138       3,372  

KION Group AG

    111       4,446  

Knorr-Bremse AG

    274       13,321  

LANXESS AG

    1,032       34,920  

LEG Immobilien SE

    1,730       131,027  

Mercedes-Benz Group AG

    491       27,708  

Merck KGaA

    614       105,824  

METRO AG*

    2,639       21,070  

MTU Aero Engines AG

    94       16,631  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    78       18,683  

Nemetschek SE

    100       5,923  

Puma SE

    191       11,719  

Rational AG

    13       7,039  

Rheinmetall AG

    435       69,286  

RWE AG

    4,269       163,466  

SAP SE

    79       6,747  

Scout24 SE, 144A

    114       6,596  

Siemens AG

    100       10,164  

Siemens Healthineers AG, 144A

    193       9,457  

 

See Notes to Financial Statements.   16  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
Germany (Continued)            

Symrise AG

    224     $ 23,504  

Talanx AG

    237       8,412  

Telefonica Deutschland Holding AG

    28,841       74,968  

Uniper SE (b)

    3,943       21,351  

United Internet AG

    1,202       27,255  

Vantage Towers AG

    157       4,076  

Vonovia SE

    848       23,023  

Wacker Chemie AG

    73       10,427  

Zalando SE, 144A*

    64       1,487  
   

 

 

 

(Cost $2,926,324)

      2,215,414  
   

 

 

 
Hong Kong — 2.3%            

AIA Group Ltd.

    1,932       18,695  

ASMPT Ltd.

    1,600       12,445  

Bank of East Asia Ltd.

    7,585       9,567  

BOC Hong Kong Holdings Ltd.

    8,121       28,040  

Cafe de Coral Holdings Ltd.

    1,846       2,648  

Chow Tai Fook Jewellery Group Ltd.

    12,864       25,994  

CK Asset Holdings Ltd.

    12,942       87,557  

CK Hutchison Holdings Ltd.

    23,641       152,861  

CK Infrastructure Holdings Ltd.

    6,589       40,127  

CLP Holdings Ltd.

    11,173       96,372  

Dah Sing Financial Holdings Ltd.

    1,898       5,066  

ESR Group Ltd., 144A*

    1,724       4,843  

First Pacific Co. Ltd.

    33,838       13,063  

Haitong International Securities Group Ltd.

    9,084       1,007  

Hang Lung Group Ltd.

    6,039       10,233  

Hang Seng Bank Ltd.

    1,383       21,673  

Henderson Land Development Co. Ltd.

    6,439       21,576  

Hong Kong & China Gas Co. Ltd.

    39,836       39,334  

Hong Kong Exchanges & Clearing Ltd.

    514       20,812  

Hutchison Port Holdings Trust, Class U

    240,600       51,729  

Hutchison Telecommunications Hong Kong Holdings Ltd.

    92,544       13,677  

Jardine Matheson Holdings Ltd.

    400       21,240  

Kerry Logistics Network Ltd.

    14,502       31,928  

Kerry Properties Ltd.

    27,641       63,813  

Link REIT

    3,075       23,840  

MTR Corp. Ltd.

    1,551       7,954  

New World Development Co. Ltd.

    3,521       11,507  

NWS Holdings Ltd.

    10,783       10,386  

PCCW Ltd.

    100,964       50,554  

Power Assets Holdings Ltd.

    33,400       200,004  

Sino Land Co. Ltd.

    70,505       103,303  

SITC International Holdings Co. Ltd.

    9,461       24,108  

Sun Hung Kai Properties Ltd.

    2,772       32,598  

Swire Pacific Ltd., Class A

    1,908       13,212  

Swire Pacific Ltd., Class B

    2,738       3,181  

Swire Properties Ltd.

    1,769       4,089  

Techtronic Industries Co. Ltd.

    2,522       29,947  

Towngas Smart Energy Co. Ltd.*

    47,385       20,828  

Vinda International Holdings Ltd.

    1,877       5,249  

VTech Holdings Ltd.

    9,227       62,835  

WH Group Ltd., 144A

    62,212       42,485  

Wharf Holdings Ltd.

    10,591       39,941  
   

Number
of Shares

   

Value

 
Hong Kong (Continued)            

Xinyi Glass Holdings Ltd.

    12,562     $ 23,303  

Yue Yuen Industrial Holdings Ltd.

    3,191       4,765  
   

 

 

 

(Cost $1,591,059)

      1,508,389  
   

 

 

 
Ireland — 0.9%            

CRH PLC

    2,003       74,011  

DCC PLC

    1,067       61,619  

Experian PLC

    2,128       64,949  

Glanbia PLC

    5,235       66,696  

James Hardie Industries PLC CDI

    4,577       105,146  

Kerry Group PLC, Class A

    601       62,156  

Kingspan Group PLC

    560       31,895  

Smurfit Kappa Group PLC

    3,632       122,306  
   

 

 

 

(Cost $662,828)

      588,778  
   

 

 

 
Israel — 3.0%            

Airport City Ltd.*

    1,161       24,428  

Alony Hetz Properties & Investments Ltd.

    1,915       31,081  

Amot Investments Ltd.

    3,370       24,213  

Ashtrom Group Ltd.

    197       5,034  

Azrieli Group Ltd.

    182       15,183  

Bank Hapoalim BM

    11,700       122,049  

Bank Leumi Le-Israel BM

    15,683       166,710  

Bezeq The Israeli Telecommunication Corp. Ltd.

    101,543       171,861  

Big Shopping Centers Ltd.

    45       6,464  

Elbit Systems Ltd.

    514       110,188  

Elco Ltd. (b)

    494       34,899  

Electra Ltd.

    81       51,623  

Energix-Renewable Energies Ltd.

    1,349       6,193  

Enlight Renewable Energy Ltd.*

    2,635       6,465  

First International Bank Of Israel Ltd.

    1,362       63,710  

Fox Wizel Ltd.

    65       9,473  

Gav-Yam Lands Corp. Ltd.

    7,330       75,075  

Harel Insurance Investments & Financial Services Ltd.

    3,457       39,491  

ICL Group Ltd.

    15,905       153,004  

Israel Corp. Ltd.*

    30       14,610  

Israel Discount Bank Ltd., Class A

    30,924       190,111  

Maytronics Ltd.

    1,059       15,300  

Mivne Real Estate KD Ltd.

    23,051       85,096  

Mizrahi Tefahot Bank Ltd.

    3,691       150,904  

Nice Ltd.*

    435       94,455  

Nova Ltd.*

    246       24,286  

Paz Oil Co. Ltd.*

    48       6,307  

Phoenix Holdings Ltd.

    5,385       65,239  

Sapiens International Corp NV

    195       4,425  

Shapir Engineering and Industry Ltd.

    2,632       25,232  

Shufersal Ltd.

    9,503       65,221  

Strauss Group Ltd.

    2,035       53,438  

Tower Semiconductor Ltd.*

    1,258       59,223  
   

 

 

 

(Cost $1,651,884)

      1,970,991  
   

 

 

 
Italy — 1.7%            

A2A SpA

    47,011       52,921  

Amplifon SpA

    550       14,407  

Assicurazioni Generali SpA

    2,109       31,047  

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
Italy (Continued)            

Atlantia SpA

    412     $ 9,458  

Banca Mediolanum SpA

    986       6,324  

Buzzi Unicem SpA

    1,287       21,645  

Davide Campari-Milano NV

    3,981       39,262  

De’ Longhi SpA

    650       11,418  

DiaSorin SpA

    94       12,378  

Enel SpA

    3,091       14,594  

Eni SpA

    10,446       124,031  

Ferrari NV

    216       41,963  

FinecoBank Banca Fineco SpA

    1,440       15,660  

Hera SpA

    32,594       81,937  

Infrastrutture Wireless Italiane SpA, 144A

    1,356       12,626  

Interpump Group SpA

    905       32,160  

Intesa Sanpaolo SpA

    7,935       13,748  

Italgas SpA

    17,988       92,881  

Leonardo SpA

    505       4,147  

Mediobanca Banca di Credito Finanziario SpA

    968       7,697  

Moncler SpA

    966       43,362  

Pirelli & C SpA, 144A

    8,421       32,008  

Poste Italiane SpA, 144A

    1,173       9,427  

Prysmian SpA

    4,348       133,831  

Recordati Industria Chimica e Farmaceutica SpA

    1,085       44,448  

Reply SpA

    267       31,627  

Snam SpA

    12,906       61,462  

Telecom Italia SpA*

    73,984       15,325  

Telecom Italia SpA-RSP*

    55,952       11,129  

Terna — Rete Elettrica Nazionale

    14,424       102,979  

UniCredit SpA

    508       5,005  

UnipolSai Assicurazioni SpA (b)

    3,792       8,450  
   

 

 

 

(Cost $1,451,351)

      1,139,357  
   

 

 

 
Japan — 25.2%            

ABC-Mart, Inc. (b)

    263       10,643  

Acom Co. Ltd.

    2,000       4,790  

Activia Properties, Inc. REIT

    4       12,480  

Advance Residence Investment Corp. REIT

    9       23,892  

Advantest Corp.

    100       5,771  

Aeon Co. Ltd. (b)

    1,049       20,602  

AEON REIT Investment Corp. REIT

    15       17,010  

AGC, Inc.

    8,954       306,810  

Aica Kogyo Co. Ltd.

    914       20,340  

Ain Holdings, Inc.

    500       28,747  

Air Water, Inc.

    3,600       45,446  

Aisin Corp.

    3,193       95,704  

Ajinomoto Co., Inc.

    3,300       91,912  

Alfresa Holdings Corp.

    300       3,612  

Amada Co. Ltd.

    4,243       33,577  

Amano Corp.

    1,000       18,676  

Anritsu Corp.

    200       2,381  

Aozora Bank Ltd.

    1,000       19,398  

Ariake Japan Co. Ltd.

    200       6,839  

As One Corp.

    200       9,277  

Asahi Group Holdings Ltd.

    1,592       53,666  

Asahi Intecc Co. Ltd.

    216       3,903  

Asahi Kasei Corp.

    5,419       39,990  
   

Number
of Shares

   

Value

 
Japan (Continued)            

Asics Corp.

    400     $ 7,393  

ASKUL Corp.

    400       5,330  

Astellas Pharma, Inc.

    6,983       99,966  

Azbil Corp.

    1,113       32,035  

Bandai Namco Holdings, Inc.

    800       60,509  

Benesse Holdings, Inc.

    1,000       15,805  

Bic Camera, Inc.

    1,700       13,980  

BIPROGY, Inc.

    600       13,418  

Bridgestone Corp.

    3,824       147,664  

Brother Industries Ltd.

    2,042       39,419  

Calbee, Inc.

    1,080       21,510  

Canon Marketing Japan, Inc.

    1,400       31,964  

Canon, Inc.

    13,422       322,903  

Capcom Co. Ltd.

    408       11,214  

Chiba Bank Ltd.

    3,700       20,071  

Chubu Electric Power Co., Inc.

    11,831       120,678  

Chugai Pharmaceutical Co. Ltd.

    400       10,414  

Chugoku Bank Ltd.

    800       5,390  

Chugoku Electric Power Co., Inc.

    3,283       19,751  

Coca-Cola Bottlers Japan Holdings, Inc.

    400       4,123  

COMSYS Holdings Corp.

    2,734       51,160  

Concordia Financial Group Ltd.

    2,900       9,247  

Cosmo Energy Holdings Co. Ltd.

    200       5,980  

Cosmos Pharmaceutical Corp.

    190       20,134  

Credit Saison Co. Ltd.

    2,000       25,277  

CyberAgent, Inc.

    800       7,900  

Dai Nippon Printing Co. Ltd.

    5,407       114,556  

Daicel Corp.

    12,527       79,341  

Daido Steel Co. Ltd.

    255       7,211  

Daifuku Co. Ltd.

    126       7,444  

Dai-ichi Life Holdings, Inc.

    2,800       48,617  

Daiichi Sankyo Co. Ltd.

    200       6,055  

Daikin Industries Ltd.

    184       32,499  

Daio Paper Corp.

    2,600       24,495  

Daito Trust Construction Co. Ltd.

    2,285       226,481  

Daiwa House Industry Co. Ltd.

    5,602       126,729  

Daiwa House REIT Investment Corp. REIT (b)

    15       34,842  

Daiwa Office Investment Corp. REIT

    1       5,078  

Daiwa Securities Group, Inc.

    17,145       75,271  

DeNA Co. Ltd.

    500       6,882  

Denka Co. Ltd.

    600       14,478  

Denso Corp.

    344       18,986  

Dentsu Group, Inc.

    2,800       91,196  

DIC Corp.

    1,600       28,913  

Disco Corp.

    133       32,812  

DMG Mori Co. Ltd.

    700       9,210  

Dowa Holdings Co. Ltd.

    700       26,611  

Ebara Corp.

    3,000       115,131  

Electric Power Development Co. Ltd.

    8,976       138,824  

ENEOS Holdings, Inc.

    21,320       80,528  

EXEO Group, Inc.

    1,372       21,200  

Ezaki Glico Co. Ltd.

    900       23,535  

Fancl Corp.

    200       4,083  

FANUC Corp.

    96       15,606  

Food & Life Cos. Ltd.

    184       2,935  

FP Corp.

    400       9,479  

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
Japan (Continued)            

Fuji Electric Co. Ltd.

    888     $ 38,883  

Fuji Media Holdings, Inc.

    800       6,377  

FUJIFILM Holdings Corp.

    2,151       110,339  

Fujitsu General Ltd.

    700       14,957  

Fujitsu Ltd.

    642       76,716  

Fukuoka Financial Group, Inc.

    900       16,140  

Fukuyama Transporting Co. Ltd.

    600       13,764  

Fuyo General Lease Co. Ltd.

    200       11,888  

GLP J REIT

    18       22,061  

GS Yuasa Corp.

    638       11,704  

GungHo Online Entertainment, Inc.

    800       13,354  

H.U. Group Holdings, Inc.

    700       14,316  

Hachijuni Bank Ltd.

    4,500       15,517  

Hakuhodo DY Holdings, Inc.

    569       5,135  

Hamamatsu Photonics KK

    850       36,483  

Hankyu Hanshin Holdings, Inc.

    167       5,042  

Haseko Corp.

    5,797       66,909  

Heiwa Corp.

    400       6,117  

Hino Motors Ltd.

    3,059       14,079  

Hirogin Holdings, Inc.

    1,600       7,075  

Hirose Electric Co. Ltd.

    340       48,685  

Hitachi Construction Machinery Co. Ltd.

    200       4,154  

Hitachi Ltd.

    2,546       128,489  

Hitachi Metals Ltd.*

    1,100       16,608  

Hitachi Transport System Ltd.

    1,680       106,405  

Honda Motor Co. Ltd.

    2,445       65,682  

Horiba Ltd.

    600       27,657  

Hoshizaki Corp.

    426       12,753  

House Foods Group, Inc.

    857       18,287  

Hoya Corp.

    500       51,398  

Hulic Co. Ltd.

    3,548       27,130  

Idemitsu Kosan Co. Ltd.

    1,225       32,254  

IHI Corp.

    300       8,083  

Iida Group Holdings Co. Ltd.

    3,400       52,070  

Industrial & Infrastructure Fund Investment Corp. REIT

    15       19,888  

INFRONEER Holdings, Inc.*

    10,284       73,963  

Inpex Corp.

    17,399       201,320  

Internet Initiative Japan, Inc.

    1,300       47,546  

Isetan Mitsukoshi Holdings Ltd.

    700       5,565  

Isuzu Motors Ltd.

    7,800       97,398  

Ito En Ltd.

    100       4,429  

ITOCHU Corp.

    4,536       125,748  

Itochu Techno-Solutions Corp.

    500       12,750  

Itoham Yonekyu Holdings, Inc.

    7,000       34,034  

Iwatani Corp.

    1,000       41,118  

Iyo Bank Ltd.

    1,000       4,674  

Izumi Co. Ltd.

    300       6,514  

J. Front Retailing Co. Ltd. (b)

    1,065       8,497  

Japan Aviation Electronics Industry Ltd.

    600       10,128  

Japan Exchange Group, Inc.

    500       7,519  

Japan Logistics Fund, Inc. REIT

    6       14,305  

Japan Metropolitan Fund Invest REIT (b)

    18       14,361  

Japan Post Holdings Co. Ltd.

    3,500       24,271  

Japan Post Insurance Co. Ltd.

    700       10,766  

Japan Prime Realty Investment Corp. REIT

    7       20,830  
   

Number
of Shares

   

Value

 
Japan (Continued)            

Japan Real Estate Investment Corp. REIT

    6     $ 27,917  

Japan Steel Works Ltd.

    200       4,318  

Japan Tobacco, Inc.

    9,564       162,821  

JFE Holdings, Inc. (b)

    4,200       45,446  

JSR Corp.

    1,032       23,301  

JTEKT Corp.

    700       4,974  

Kadokawa Corp.

    400       8,772  

Kagome Co. Ltd.

    365       8,096  

Kajima Corp.

    15,600       165,312  

Kakaku.com, Inc.

    386       7,209  

Kaken Pharmaceutical Co. Ltd.

    647       18,062  

Kamigumi Co. Ltd.

    5,632       110,791  

Kandenko Co. Ltd.

    5,292       32,029  

Kaneka Corp.

    1,122       30,352  

Kansai Electric Power Co., Inc.

    18,411       178,764  

Kansai Paint Co. Ltd.

    1,088       16,859  

Kao Corp.

    553       24,154  

Kawasaki Heavy Industries Ltd.

    243       4,756  

KDDI Corp.

    4,129       127,392  

Keisei Electric Railway Co. Ltd.

    100       2,813  

Kenedix Office Investment Corp. REIT

    3       15,582  

Kewpie Corp.

    3,759       62,124  

Keyence Corp.

    28       10,673  

Kikkoman Corp.

    773       47,732  

Kinden Corp.

    4,800       50,969  

Kirin Holdings Co. Ltd.

    3,712       61,440  

Kobayashi Pharmaceutical Co. Ltd.

    426       24,369  

Kobe Bussan Co. Ltd.

    600       15,452  

Kobe Steel Ltd.

    1,300       5,964  

Koei Tecmo Holdings Co. Ltd.

    162       5,487  

Koito Manufacturing Co. Ltd.

    300       10,355  

Kokuyo Co. Ltd.

    4,400       57,133  

Komatsu Ltd.

    1,170       24,729  

Konami Group Corp.

    682       34,832  

Kose Corp.

    100       9,551  

K’s Holdings Corp.

    6,211       57,574  

Kubota Corp.

    1,900       29,818  

Kuraray Co. Ltd.

    6,981       53,431  

Kurita Water Industries Ltd.

    1,828       71,999  

Kyocera Corp.

    972       54,537  

Kyowa Kirin Co. Ltd.

    1,100       24,876  

Kyudenko Corp.

    499       10,119  

Kyushu Electric Power Co., Inc.

    10,564       63,708  

LaSalle Logiport REIT (b)

    16       19,864  

Lawson, Inc. (b)

    1,100       36,581  

Lintec Corp.

    3,713       62,354  

Lion Corp.

    906       10,653  

Lixil Corp.

    1,411       24,825  

Mabuchi Motor Co. Ltd.

    400       11,455  

Makita Corp.

    1,218       29,004  

Marubeni Corp.

    19,791       207,297  

Marui Group Co. Ltd.

    779       14,094  

Maruichi Steel Tube Ltd.

    3,450       74,139  

MatsukiyoCocokara & Co.

    697       27,855  

Mazda Motor Corp.

    3,800       33,744  

Mebuki Financial Group, Inc.

    5,900       11,364  

Medipal Holdings Corp.

    4,851       66,733  

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
Japan (Continued)            

MEIJI Holdings Co. Ltd.

    2,669     $ 127,650  

MINEBEA MITSUMI, Inc.

    1,471       25,658  

MISUMI Group, Inc.

    2,140       53,259  

Mitsubishi Chemical Group Corp.

    22,402       118,454  

Mitsubishi Corp.

    3,436       113,125  

Mitsubishi Electric Corp.

    9,374       95,921  

Mitsubishi Estate Co. Ltd.

    1,900       25,767  

Mitsubishi Gas Chemical Co., Inc.

    1,067       16,018  

Mitsubishi HC Capital, Inc.

    2,950       14,386  

Mitsubishi Heavy Industries Ltd.

    1,213       47,024  

Mitsubishi Logistics Corp.

    1,100       28,804  

Mitsubishi Materials Corp.

    1,600       24,019  

Mitsubishi UFJ Financial Group, Inc.

    1,200       6,242  

Mitsui & Co. Ltd.

    10,225       240,901  

Mitsui Chemicals, Inc.

    2,800       63,524  

Mitsui Fudosan Co. Ltd.

    1,100       22,405  

Mitsui Fudosan Logistics Park, Inc. REIT

    3       11,794  

Mitsui Mining & Smelting Co. Ltd.

    300       7,142  

Mitsui OSK Lines Ltd. (b)

    1,274       33,590  

Mizuho Financial Group, Inc.

    1,980       22,760  

Mori Hills REIT Investment Corp. REIT

    11       12,410  

Morinaga & Co. Ltd.

    500       14,355  

Morinaga Milk Industry Co. Ltd.

    800       24,613  

MS&AD Insurance Group Holdings, Inc. (b)

    1,300       39,021  

Murata Manufacturing Co. Ltd.

    317       17,274  

Nabtesco Corp.

    400       9,594  

Nagase & Co. Ltd.

    5,465       79,082  

Nagoya Railroad Co. Ltd.

    300       4,670  

Nankai Electric Railway Co. Ltd.

    718       14,378  

NEC Corp.

    200       7,358  

NEC Networks & System Integration Corp.

    1,900       23,903  

NGK Insulators Ltd.

    3,477       50,139  

NGK Spark Plug Co. Ltd.

    3,402       70,335  

NH Foods Ltd.

    800       23,026  

NHK Spring Co. Ltd.

    3,800       25,904  

Nichirei Corp.

    1,400       25,157  

Nifco, Inc.

    861       19,627  

Nihon Kohden Corp.

    1,700       39,181  

Nikon Corp.

    600       6,895  

Nintendo Co. Ltd.

    150       61,666  

Nippon Accommodations Fund, Inc. REIT (b)

    4       19,708  

Nippon Building Fund, Inc. REIT

    11       55,069  

Nippon Electric Glass Co. Ltd.

    4,600       87,338  

NIPPON EXPRESS HOLDINGS, Inc.

    1,136       63,018  

Nippon Kayaku Co. Ltd.

    7,800       68,364  

Nippon Prologis REIT, Inc. REIT

    9       22,756  

Nippon Sanso Holdings Corp.

    1,259       23,105  

Nippon Shinyaku Co. Ltd.

    400       22,074  

Nippon Shokubai Co. Ltd.

    300       11,989  

Nippon Steel Corp.

    2,913       46,408  

Nippon Telegraph & Telephone Corp.

    1,891       51,413  

Nippon Television Holdings, Inc.

    700       5,989  

Nippon Yusen KK (b)

    500       38,557  

Nipro Corp.

    600       4,917  
   

Number
of Shares

   

Value

 
Japan (Continued)            

Nissan Chemical Corp.

    1,283     $ 65,434  

Nissan Motor Co. Ltd.

    8,100       32,131  

Nisshin Seifun Group, Inc.

    2,578       29,197  

Nissin Foods Holdings Co. Ltd.

    1,384       99,438  

Nitori Holdings Co. Ltd.

    232       22,409  

Nitto Denko Corp.

    1,243       77,292  

Noevir Holdings Co. Ltd.

    300       12,509  

NOF Corp.

    1,107       42,324  

NOK Corp.

    500       4,483  

Nomura Holdings, Inc.

    3,800       13,810  

Nomura Real Estate Holdings, Inc.

    586       14,478  

Nomura Real Estate Master Fund, Inc. REIT (b)

    15       18,417  

Nomura Research Institute Ltd.

    430       11,756  

NS Solutions Corp.

    300       8,234  

NTT Data Corp.

    1,417       20,178  

Obayashi Corp.

    7,362       51,302  

Obic Co. Ltd.

    200       29,966  

Oji Holdings Corp.

    12,088       48,570  

Olympus Corp.

    200       4,343  

Omron Corp.

    300       15,993  

Ono Pharmaceutical Co. Ltd.

    2,377       57,065  

Open House Group Co. Ltd.

    680       26,832  

ORIX Corp.

    7,036       116,535  

Orix JREIT, Inc. REIT (b)

    13       17,959  

Osaka Gas Co. Ltd.

    14,929       252,433  

OSG Corp.

    2,000       27,845  

Otsuka Corp.

    808       26,404  

Otsuka Holdings Co. Ltd.

    1,534       50,471  

PALTAC Corp.

    382       11,091  

Pan Pacific International Holdings Corp.

    699       12,631  

Panasonic Holdings Corp.

    3,772       30,829  

Penta-Ocean Construction Co. Ltd.

    1,720       9,144  

Persol Holdings Co. Ltd.

    1,229       25,001  

Recruit Holdings Co. Ltd.

    326       10,543  

Relo Group, Inc.

    200       3,252  

Rengo Co. Ltd.

    6,212       36,835  

Resona Holdings, Inc.

    10,500       38,804  

Resorttrust, Inc.

    500       8,083  

Ricoh Co. Ltd.

    4,000       31,654  

Rinnai Corp.

    517       39,980  

Rohm Co. Ltd.

    114       8,651  

Rohto Pharmaceutical Co. Ltd.

    1,911       57,968  

Ryohin Keikaku Co. Ltd.

    500       4,689  

Sankyo Co. Ltd.

    1,209       35,670  

Sankyu, Inc.

    700       21,688  

Santen Pharmaceutical Co. Ltd.

    1,600       11,611  

Sanwa Holdings Corp.

    5,500       54,950  

Sapporo Holdings Ltd.

    1,100       24,242  

Sawai Group Holdings Co. Ltd.

    300       8,905  

SCREEN Holdings Co. Ltd.

    100       6,766  

SCSK Corp.

    600       9,868  

Secom Co. Ltd.

    1,735       111,666  

Sega Sammy Holdings, Inc.

    600       8,972  

Seiko Epson Corp.

    2,351       37,243  

Seino Holdings Co. Ltd.

    2,700       21,619  

Sekisui Chemical Co. Ltd.

    3,901       53,636  

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
Japan (Continued)            

Sekisui House Ltd.

    10,736     $ 183,858  

Sekisui House Reit, Inc. REIT

    23       14,003  

Seven & i Holdings Co. Ltd. (b)

    2,500       99,784  

Seven Bank Ltd.

    7,800       14,854  

SG Holdings Co. Ltd.

    4,260       71,264  

Shikoku Electric Power Co., Inc.

    5,500       32,216  

Shimadzu Corp.

    2,496       73,642  

Shimamura Co. Ltd.

    500       45,591  

Shimano, Inc.

    400       71,618  

Shimizu Corp.

    4,746       26,225  

Shin-Etsu Chemical Co. Ltd.

    300       35,307  

Shinko Electric Industries Co. Ltd.

    300       8,505  

Shionogi & Co. Ltd.

    1,800       88,348  

Shiseido Co. Ltd.

    400       15,279  

Shizuoka Bank Ltd.

    2,100       12,210  

SHO-BOND Holdings Co. Ltd.

    1,149       49,980  

Showa Denko KK

    500       7,773  

Skylark Holdings Co. Ltd.*

    2,100       23,238  

SMC Corp.

    67       32,189  

SMS Co. Ltd.

    300       6,958  

SoftBank Corp.

    4,405       48,602  

Sohgo Security Services Co. Ltd.

    887       23,131  

Sojitz Corp.

    10,220       173,252  

Sompo Holdings, Inc.

    2,700       116,336  

Sony Group Corp.

    408       32,772  

Square Enix Holdings Co. Ltd.

    400       17,515  

Stanley Electric Co. Ltd.

    1,331       24,839  

Subaru Corp.

    5,264       96,280  

Sugi Holdings Co. Ltd.

    335       14,306  

Sumitomo Bakelite Co. Ltd.

    600       19,131  

Sumitomo Chemical Co. Ltd.

    32,500       128,945  

Sumitomo Corp.

    6,632       94,008  

Sumitomo Electric Industries Ltd.

    4,426       51,164  

Sumitomo Forestry Co. Ltd.

    4,183       71,545  

Sumitomo Heavy Industries Ltd.

    2,449       51,921  

Sumitomo Metal Mining Co. Ltd.

    1,169       37,147  

Sumitomo Mitsui Financial Group, Inc.

    500       15,127  

Sumitomo Mitsui Trust Holdings, Inc.

    800       25,023  

Sumitomo Realty & Development Co. Ltd.

    771       19,021  

Sumitomo Rubber Industries Ltd.

    6,600       57,133  

Sundrug Co. Ltd.

    788       19,384  

Suntory Beverage & Food Ltd.

    2,574       94,697  

Suzuken Co. Ltd.

    1,584       38,107  

Suzuki Motor Corp.

    2,242       78,909  

Sysmex Corp.

    127       7,882  

T&D Holdings, Inc.

    3,741       41,046  

Taiheiyo Cement Corp.

    1,700       25,618  

Taisei Corp.

    2,134       65,194  

Taisho Pharmaceutical Holdings Co. Ltd.

    200       7,488  

Taiyo Yuden Co. Ltd.

    100       3,138  

Takara Bio, Inc.

    300       4,233  

Takara Holdings, Inc.

    500       3,823  

Takashimaya Co. Ltd.

    1,300       14,470  

Takeda Pharmaceutical Co. Ltd.

    500       13,886  

TDK Corp.

    330       11,700  

TechnoPro Holdings, Inc.

    1,087       24,779  

Teijin Ltd.

    2,720       28,941  
   

Number
of Shares

   

Value

 
Japan (Continued)            

Terumo Corp.

    416     $ 13,522  

TIS, Inc.

    1,300       37,417  

Tobu Railway Co. Ltd.

    700       16,638  

Toda Corp.

    900       4,467  

Toho Co. Ltd.

    1,359       52,056  

Tohoku Electric Power Co., Inc.

    5,919       29,547  

Tokio Marine Holdings, Inc.

    1,100       61,830  

Tokyo Electric Power Co. Holdings, Inc.*

    35,604       139,719  

Tokyo Electron Ltd.

    50       15,928  

Tokyo Gas Co. Ltd.

    9,159       172,576  

Tokyo Ohka Kogyo Co. Ltd.

    900       44,667  

Tokyo Tatemono Co. Ltd.

    2,000       30,225  

Tokyu Corp.

    1,900       22,738  

Tokyu Fudosan Holdings Corp.

    2,222       12,038  

TOPPAN, Inc.

    11,165       176,465  

Toray Industries, Inc.

    10,500       60,512  

Toshiba Corp.

    2,000       74,546  

Toshiba TEC Corp.

    391       11,748  

Tosoh Corp.

    5,141       67,014  

TOTO Ltd.

    380       13,254  

Toyo Seikan Group Holdings Ltd.

    6,121       73,165  

Toyo Suisan Kaisha Ltd.

    3,100       127,690  

Toyo Tire Corp.

    1,000       12,220  

Toyoda Gosei Co. Ltd.

    584       10,241  

Toyota Boshoku Corp.

    1,900       27,906  

Toyota Industries Corp.

    298       16,811  

Toyota Motor Corp.

    500       7,580  

Toyota Tsusho Corp.

    1,123       39,735  

Trend Micro, Inc.

    1,539       95,698  

TS Tech Co. Ltd.

    3,358       37,886  

Tsumura & Co.

    300       6,914  

Tsuruha Holdings, Inc.

    128       7,156  

UBE Corp.

    3,293       48,816  

Ulvac, Inc.

    400       15,784  

Unicharm Corp.

    1,077       37,688  

United Urban Investment Corp. REIT

    14       14,967  

Ushio, Inc.

    1,701       20,897  

USS Co. Ltd.

    3,000       53,324  

Welcia Holdings Co. Ltd.

    842       17,754  

Yakult Honsha Co. Ltd.

    1,100       65,306  

Yamada Holdings Co. Ltd.

    8,857       30,796  

Yamaguchi Financial Group, Inc.

    1,800       9,920  

Yamaha Corp.

    481       18,945  

Yamaha Motor Co. Ltd.

    5,100       106,654  

Yamato Holdings Co. Ltd.

    2,400       37,742  

Yamato Kogyo Co. Ltd.

    1,600       57,017  

Yamazaki Baking Co. Ltd.

    1,753       20,714  

Yaoko Co. Ltd.

    500       23,300  

Yaskawa Electric Corp.

    300       9,912  

Yokogawa Electric Corp.

    1,200       21,165  

Yokohama Rubber Co. Ltd.

    2,900       47,885  

Zenkoku Hosho Co. Ltd.

    838       27,898  

Zensho Holdings Co. Ltd.

    400       10,546  

Zeon Corp.

    1,459       14,135  
   

 

 

 

(Cost $18,396,334)

      16,622,362  
   

 

 

 

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
Jordan — 0.0%            

Hikma Pharmaceuticals PLC
(Cost $41,045)

    1,547     $ 23,635  
   

 

 

 
Luxembourg — 0.2%            

ArcelorMittal SA

    409       9,770  

Aroundtown SA

    1,862       5,445  

Eurofins Scientific SE

    542       37,660  

L’Occitane International SA

    11,326       35,714  

RTL Group SA

    848       31,550  

Tenaris SA

    1,392       19,246  
   

 

 

 

(Cost $163,880)

      139,385  
   

 

 

 
Netherlands — 2.3%            

Aalberts NV

    1,768       64,997  

Akzo Nobel NV

    965       61,171  

ASM International NV

    61       16,629  

ASML Holding NV

    19       9,259  

ASR Nederland NV

    1,021       41,755  

BE Semiconductor Industries NV

    304       14,487  

CTP NV, 144A

    314       4,281  

Euronext NV, 144A

    96       7,124  

EXOR NV

    129       7,817  

Heineken Holding NV

    550       39,156  

Heineken NV

    263       23,733  

IMCD NV

    463       64,155  

ING Groep NV

    511       4,504  

JDE Peet’s NV

    471       14,549  

Koninklijke Ahold Delhaize NV

    7,848       216,229  

Koninklijke DSM NV

    923       118,196  

Koninklijke KPN NV

    70,999       226,316  

Koninklijke Philips NV

    714       11,953  

Koninklijke Vopak NV

    377       8,317  

NN Group NV

    880       36,254  

QIAGEN NV*

    1,590       72,347  

Randstad NV

    3,667       171,425  

Signify NV, 144A

    1,678       47,869  

Stellantis NV

    3,403       45,696  

Universal Music Group NV

    666       13,264  

Wolters Kluwer NV

    1,773       173,720  
   

 

 

 

(Cost $1,694,298)

      1,515,203  
   

 

 

 
New Zealand — 1.1%            

Auckland International Airport Ltd.*

    3,549       16,450  

Contact Energy Ltd.

    29,156       140,859  

Fisher & Paykel Healthcare Corp. Ltd.

    5,028       60,605  

Fletcher Building Ltd.

    27,573       94,668  

Infratil Ltd.

    2,340       12,984  

Kiwi Property Group Ltd.

    56,095       35,080  

Mainfreight Ltd.

    2,700       123,325  

Mercury NZ Ltd.

    4,670       16,606  

Meridian Energy Ltd.

    8,708       26,721  

Ryman Healthcare Ltd.

    791       4,457  

SKYCITY Entertainment Group Ltd.

    8,900       15,551  

Spark New Zealand Ltd.

    58,464       194,276  

Xero Ltd.*

    92       5,535  
   

 

 

 

(Cost $825,242)

      747,117  
   

 

 

 
   

Number
of Shares

   

Value

 
Norway — 1.2%            

Aker BP ASA

    1,091     $ 38,224  

DNB Bank ASA

    255       4,882  

Equinor ASA

    1,839       70,916  

Gjensidige Forsikring ASA

    2,636       53,654  

Leroy Seafood Group ASA

    6,456       43,326  

Mowi ASA

    6,117       125,926  

Nordic Semiconductor ASA*

    648       9,990  

Norsk Hydro ASA

    7,967       54,991  

Orkla ASA

    13,803       116,025  

Salmar ASA

    528       35,088  

Telenor ASA

    5,249       57,651  

TOMRA Systems ASA

    3,322       76,103  

Yara International ASA

    2,885       122,503  
   

 

 

 

(Cost $849,633)

      809,279  
   

 

 

 
Poland — 0.6%            

Cyfrowy Polsat SA

    14,914       61,658  

Dino Polska SA, 144A*

    393       28,785  

KGHM Polska Miedz SA

    617       11,637  

Polski Koncern Naftowy ORLEN SA

    13,779       179,061  

Polskie Gornictwo Naftowe i Gazownictwo SA*

    54,130       64,483  

Powszechna Kasa Oszczednosci Bank Polski SA

    2,367       11,864  

Powszechny Zaklad Ubezpieczen SA

    3,807       22,846  

Santander Bank Polska SA

    117       5,341  
   

 

 

 

(Cost $555,620)

      385,675  
   

 

 

 
Portugal — 0.3%            

EDP — Energias de Portugal SA

    4,387       21,007  

Galp Energia SGPS SA

    1,366       14,828  

Jeronimo Martins SGPS SA

    7,972       177,159  
   

 

 

 

(Cost $207,184)

      212,994  
   

 

 

 
Singapore — 3.4%            

Ascendas Real Estate Investment Trust REIT

    65,336       132,068  

Ascott Residence Trust (a)

    45,200       35,315  

BOC Aviation Ltd., 144A

    1,544       12,403  

CapitaLand Integrated Commercial Trust REIT

    78,174       115,992  

Capitaland Investment Ltd.

    17,800       47,080  

City Developments Ltd.

    2,800       16,317  

ComfortDelGro Corp. Ltd.

    109,244       110,411  

DBS Group Holdings Ltd.

    2,826       66,036  

Frasers Logistics & Commercial Trust REIT

    124,500       121,368  

Genting Singapore Ltd.

    48,600       26,998  

Golden Agri-Resources Ltd.

    331,800       66,593  

Jardine Cycle & Carriage Ltd.

    5,605       132,019  

Kenon Holdings Ltd.

    241       9,846  

Keppel REIT

    35,000       27,095  

Keppel Corp. Ltd.

    11,662       60,772  

Keppel DC REIT

    21,800       30,315  

Mapletree Industrial Trust REIT

    19,378       35,142  

Mapletree Logistics Trust REIT

    46,767       55,982  

Mapletree Pan Asia Commercial Trust REIT

    13,791       18,189  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
Singapore (Continued)            

NETLINK NBN MANAGEMENT PTE Ltd.

    87,600     $ 58,710  

Olam Group Ltd.

    44,964       47,378  

Oversea-Chinese Banking Corp. Ltd.

    11,362       98,464  

SATS Ltd.*

    2,065       5,980  

Sembcorp Industries Ltd.

    70,153       170,467  

SIA Engineering Co. Ltd.*

    8,100       14,399  

Singapore Exchange Ltd.

    21,880       148,836  

Singapore Post Ltd.

    56,800       23,614  

Singapore Technologies Engineering Ltd.

    45,928       122,795  

Singapore Telecommunications Ltd.

    38,666       72,615  

StarHub Ltd.

    42,400       37,382  

Suntec Real Estate Investment Trust REIT

    77,100       87,318  

United Overseas Bank Ltd.

    4,300       84,237  

UOL Group Ltd.

    6,229       30,897  

Venture Corp. Ltd.

    4,562       59,809  

Wilmar International Ltd.

    13,900       40,252  

Wing Tai Holdings Ltd.

    6,900       8,260  
   

 

 

 

(Cost $2,227,250)

      2,231,354  
   

 

 

 
South Korea — 4.1%            

AMOREPACIFIC Group

    96       2,505  

BGF retail Co. Ltd.

    107       12,840  

BNK Financial Group, Inc.

    9,818       49,253  

Cheil Worldwide, Inc.

    2,991       48,972  

CJ CheilJedang Corp.

    165       50,269  

CJ Corp.

    328       19,177  

CJ ENM Co. Ltd.

    51       3,748  

CJ Logistics Corp.*

    91       8,062  

Coway Co. Ltd.

    991       47,196  

Daewoo Engineering & Construction Co. Ltd.*

    1,453       5,649  

DB Insurance Co. Ltd.

    1,438       64,183  

DGB Financial Group, Inc.

    5,218       29,064  

DL E&C Co. Ltd.

    516       15,798  

Doosan Bobcat, Inc.

    370       9,599  

E-MART, Inc.

    209       15,282  

F&F Co. Ltd. / New

    200       21,308  

GS Engineering & Construction Corp.

    877       19,769  

GS Holdings Corp.

    2,188       75,330  

GS Retail Co. Ltd.

    174       3,304  

Hana Financial Group, Inc.

    3,481       102,149  

Hankook Tire & Technology Co. Ltd.

    933       26,472  

Hanwha Aerospace Co. Ltd.

    200       12,172  

Hanwha Corp.

    908       21,621  

HD Hyundai Co. Ltd.

    107       5,056  

Hite Jinro Co. Ltd.

    417       9,509  

Hotel Shilla Co. Ltd.

    112       6,180  

Hyundai Department Store Co. Ltd.

    146       6,757  

Hyundai Engineering & Construction Co. Ltd.

    1,197       43,135  

Hyundai Glovis Co. Ltd.

    157       20,717  

Hyundai Marine & Fire Insurance Co. Ltd.

    2,000       47,101  

Hyundai Mobis Co. Ltd.

    162       26,040  

Hyundai Steel Co.

    126       3,099  

Industrial Bank of Korea

    5,760       41,212  

Kakao Corp.

    37       2,030  

KB Financial Group, Inc.

    3,007       111,171  
   

Number
of Shares

   

Value

 
South Korea (Continued)            

KCC Corp.

    89     $ 19,596  

KEPCO Plant Service & Engineering Co. Ltd.

    744       23,001  

Kia Corp.

    818       49,415  

Korea Aerospace Industries Ltd.

    407       18,562  

Korea Electric Power Corp.*

    3,868       60,584  

Korea Gas Corp.

    424       13,789  

Korea Investment Holdings Co. Ltd.

    342       14,523  

Korea Zinc Co. Ltd.

    236       118,569  

Krafton, Inc.*

    141       25,985  

KT&G Corp.

    4,072       253,292  

LG Corp.

    743       45,550  

LG Display Co. Ltd.

    1,035       12,071  

LG Electronics, Inc.

    321       24,239  

LG H&H Co. Ltd.

    9       4,791  

LG Innotek Co. Ltd.

    118       30,348  

LG Uplus Corp.

    10,652       91,584  

Lotte Chemical Corp.

    28       3,663  

Lotte Chilsung Beverage Co. Ltd.

    42       4,851  

LOTTE Fine Chemical Co. Ltd.

    249       13,124  

Meritz Financial Group, Inc.

    411       9,464  

Mirae Asset Securities Co. Ltd.

    2,210       10,839  

NH Investment & Securities Co. Ltd.

    3,804       28,298  

NHN Corp.*

    266       5,041  

NongShim Co. Ltd.

    245       54,951  

Orion Corp.

    153       11,256  

Ottogi Corp.

    15       5,372  

Pan Ocean Co. Ltd.

    820       3,157  

POSCO Holdings, Inc.

    413       78,737  

Posco International Corp.

    542       10,880  

S-1 Corp.

    550       23,932  

Samsung C&T Corp.

    335       30,180  

Samsung Card Co. Ltd.

    1,105       25,899  

Samsung Electro-Mechanics Co. Ltd.

    215       22,504  

Samsung Electronics Co. Ltd.

    200       8,927  

Samsung Engineering Co. Ltd.*

    760       13,324  

Samsung Fire & Marine Insurance Co. Ltd.

    810       118,089  

Samsung Life Insurance Co. Ltd.

    216       10,012  

Samsung SDS Co. Ltd.

    107       10,280  

Samsung Securities Co. Ltd.

    193       4,892  

SD Biosensor, Inc.

    739       19,420  

Shinhan Financial Group Co. Ltd.

    1,590       43,508  

Shinsegae, Inc.

    38       6,350  

SK Bioscience Co. Ltd.*

    43       3,633  

SK Hynix, Inc.

    220       15,658  

SK Square Co. Ltd.*

    1,152       34,882  

SK Telecom Co. Ltd.

    2,957       115,181  

SK, Inc.

    56       9,755  

S-Oil Corp.

    70       5,312  

SSANGYONG C&E Co. Ltd.

    771       3,937  

Woori Financial Group, Inc.

    12,924       117,882  

Yuhan Corp.

    187       7,941  
   

 

 

 

(Cost $2,959,951)

      2,682,759  
   

 

 

 

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
Spain — 1.8%            

Acciona SA

    164     $ 32,174  

ACS Actividades de Construccion y Servicios SA (b)

    480       10,720  

Aena SME SA, 144A*

    72       8,858  

Amadeus IT Group SA*

    89       4,709  

Banco Bilbao Vizcaya Argentaria SA

    1,939       8,757  

Banco Santander SA

    2,751       6,686  

Bankinter SA

    2,075       10,650  

CaixaBank SA

    4,039       12,200  

Corp ACCIONA Energias Renovables SA

    164       6,834  

EDP Renovaveis SA

    324       7,875  

Enagas SA

    5,085       93,010  

Endesa SA

    1,964       33,771  

Ferrovial SA

    4,007       100,650  

Fluidra SA

    1,066       17,097  

Iberdrola SA

    2,913       30,419  

Industria de Diseno Textil SA

    201       4,356  

Mapfre SA (b)

    10,852       18,038  

Merlin Properties Socimi SA REIT

    3,906       35,820  

Naturgy Energy Group SA

    1,522       42,057  

Red Electrica Corp. SA

    14,424       264,481  

Repsol SA

    15,626       204,030  

Telefonica SA (b)

    63,456       262,635  
   

 

 

 

(Cost $1,341,353)

      1,215,827  
   

 

 

 
Sweden — 4.7%            

Alfa Laval AB

    2,405       64,574  

Alleima AB*

    451       1,815  

Assa Abloy AB, Class B

    4,961       101,103  

Atlas Copco AB, Class A

    3,088       31,579  

Atlas Copco AB, Class B

    1,696       15,554  

Beijer Ref AB

    524       6,820  

Boliden AB

    7,193       232,399  

Castellum AB

    6,505       91,856  

Electrolux AB, Class B

    2,316       29,456  

Elekta AB, Class B (b)

    1,263       7,276  

Epiroc AB, Class A

    3,828       58,914  

Epiroc AB, Class B

    2,286       31,280  

Essity AB, Class B

    3,939       87,832  

Fastighets AB Balder, Class B*

    12,480       69,411  

Getinge AB, Class B

    3,278       61,085  

H & M Hennes & Mauritz AB, Class B (b)

    1,205       12,586  

Hexagon AB, Class B

    2,135       21,976  

Holmen AB, Class B

    2,393       103,207  

Husqvarna AB, Class B

    3,095       20,957  

Industrivarden AB, Class A

    5,793       129,227  

Industrivarden AB, Class C

    4,648       102,636  

Indutrade AB

    2,077       38,715  

Investment AB Latour, Class B (b)

    1,603       31,809  

Investor AB, Class A

    3,485       58,273  

Investor AB, Class B

    10,413       165,206  

Kinnevik AB, Class B*

    5,880       84,302  

L E Lundbergforetagen AB, Class B

    1,579       65,635  

Lifco AB, Class B

    1,383       21,649  

Nibe Industrier AB, Class B

    4,171       39,324  

Orron Energy ab

    999       1,909  

Sagax AB, Class B

    2,987       64,666  
   

Number
of Shares

   

Value

 
Sweden (Continued)            

Sagax AB, Class D

    5,932     $ 15,509  

Samhallsbyggnadsbolaget i Norden AB (b)

    12,170       19,692  

Sandvik AB

    2,256       35,421  

Securitas AB, Class B (b)

    3,879       34,145  

Skandinaviska Enskilda Banken AB, Class A

    2,345       23,520  

Skanska AB, Class B

    3,723       55,373  

SKF AB, Class B

    964       14,555  

Svenska Cellulosa AB SCA, Class B

    4,732       71,359  

Svenska Handelsbanken AB, Class A

    1,378       11,350  

Sweco AB, Class B

    1,814       17,179  

Swedbank AB, Class A

    1,952       25,388  

Swedish Match AB

    30,051       302,679  

Swedish Orphan Biovitrum AB*

    1,942       43,029  

Tele2 AB, Class B

    15,389       164,408  

Telefonaktiebolaget LM Ericsson, Class B

    7,346       55,254  

Telia Co. AB

    42,699       150,907  

Thule Group AB, 144A

    2,394       58,830  

Trelleborg AB, Class B

    4,760       99,558  

Volvo AB, Class A

    718       12,013  

Volvo AB, Class B

    3,267       52,010  
   

 

 

 

(Cost $3,533,964)

      3,115,210  
   

 

 

 
Switzerland — 3.9%            

ABB Ltd.

    3,106       85,833  

Adecco Group AG

    1,194       37,987  

Alcon, Inc.

    578       38,235  

Baloise Holding AG

    134       19,414  

Barry Callebaut AG

    32       65,708  

Belimo Holding AG

    224       85,381  

BKW AG

    444       53,956  

Chocoladefabriken Lindt & Spruengli AG Participation Certificates

    10       105,948  

Cie Financiere Richemont SA, Class A

    330       37,144  

Clariant AG*

    2,067       38,356  

Coca-Cola HBC AG*

    3,261       74,752  

DKSH Holding AG

    1,726       128,661  

Emmi AG

    77       68,010  

EMS-Chemie Holding AG

    62       43,739  

Flughafen Zurich AG*

    57       9,637  

Geberit AG

    256       118,800  

Georg Fischer AG

    1,360       74,135  

Givaudan SA

    15       48,092  

Glencore PLC*

    17,660       97,259  

Helvetia Holding AG

    122       13,513  

Holcim AG*

    2,198       98,059  

Julius Baer Group Ltd.

    182       8,849  

Kuehne + Nagel International AG

    331       76,649  

Logitech International SA

    557       27,886  

Lonza Group AG

    58       31,105  

Nestle SA

    196       23,011  

Novartis AG

    335       27,162  

Partners Group Holding AG

    79       76,608  

PSP Swiss Property AG

    963       109,330  

Roche Holding AG

    66       21,329  

Schindler Holding AG

    56       9,479  

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

August 31, 2022

 

   

Number
of Shares

   

Value

 
Switzerland (Continued)            

Schindler Holding AG Participation Certificates

    111     $ 19,415  

SGS SA

    33       72,901  

SIG Group AG*

    1,370       32,258  

Sika AG

    176       39,746  

Sonova Holding AG

    254       67,329  

STMicroelectronics NV

    295       10,307  

Straumann Holding AG

    520       57,384  

Swatch Group AG — Bearer

    329       80,333  

Swatch Group AG — Registered

    579       26,495  

Swiss Life Holding AG

    62       32,552  

Swiss Prime Site AG

    763       65,906  

Swiss Re AG

    365       28,491  

Swisscom AG

    252       130,706  

Tecan Group AG

    134       49,566  

Temenos AG

    84       6,901  

UBS Group AG

    1,261       20,066  

VAT Group AG, 144A

    193       46,394