August 31, 2023

Annual Report

DBX ETF Trust

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

Xtrackers MSCI USA Climate Action Equity ETF (USCA)

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Management’s Discussion on Fund Performance

     3  

Performance Summary

     6  

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

     6  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     8  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     10  

Xtrackers MSCI USA Climate Action Equity ETF

     12  

Xtrackers MSCI USA ESG Leaders Equity ETF

     14  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     16  

Fees and Expenses

     18  

Schedule of Investments

     19  

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

     19  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     37  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     43  

Xtrackers MSCI USA Climate Action Equity ETF

     51  

Xtrackers MSCI USA ESG Leaders Equity ETF

     56  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     60  

Statements of Assets and Liabilities

     65  

Statements of Operations

     67  

Statements of Changes in Net Assets

     69  

Financial Highlights

     72  

Notes to Financial Statements

     75  

Report of Independent Registered Public Accounting Firm

     86  

Other Information

     88  

Board Considerations in Approval of Investment Advisory Contracts

     89  

Board Members and Officers

     91  

Additional Information

     94  


To our Shareholders: (Unaudited)

 

 

Dear shareholder,

We are pleased to provide this annual report on six of our equity ETFs tracking the environmental, social and governance (ESG) market for the period ended August 31, 2023.

The global economy faced several headwinds resulting from high inflation, rising interest rates, and increased economic and geopolitical unpredictability. The U.S. Federal Reserve (Fed) and other major central banks, except for the Bank of Japan, raised interest rates in response to elevated inflation that wiped out real incomes in both developed and developing countries. By February 2023, Russia’s invasion of Ukraine had lasted a year and no meaningful steps had been taken to resolve the crisis. The global financial markets have largely remained stable despite the turmoil in the U.S. and European banking sectors. The U.S. labor market performed reasonably well, with the unemployment rate remaining constant and wage growth slowing. As soon as China began trading after the COVID-19-related restrictions were lifted, the mood of the global markets improved. However, worries that U.S. interest rates will continue to climb for a while and China’s economic slowdown because of the worsening real estate crisis, had a negative influence on investor sentiment.

European stocks rose as the rate of inflation started to slow during the reporting period. The outcome was influenced by better-than-expected economic data, lower gas prices, and a larger tilt toward China, where confidence improved for most of the period. Beijing relaxed its zero-COVID policy sooner than the market had anticipated, triggering speculation about a strong economic recovery. To increase corporate responsibility and transparency, several nations have implemented new legislation or made new rule proposals. Germany and the Netherlands have implemented due diligence laws, requiring businesses to disclose ESG risks and consequences in their supply chains.

While the European Union (EU) has enacted explicit conduct-based directives on ESG, the U.K.’s Financial Conduct Authority has made it mandatory for listed firms to disclose information about the environment. The Corporate Sustainability Reporting Directive (CSRD), one of the most significant ESG disclosure regulations, was passed by the European Parliament. The CSRD is part of the European Green Deal, a package of laws and programs intended to move the EU toward a sustainable and digital economy. The European Sustainability Reporting Standards (ESRS) were adopted by the European Commission in July 2023. The ESRS aim to standardize how businesses in the EU report on ESG-related issues such as climate change. Although sustainable themes face challenges from a value perspective, there is a positive competitive atmosphere between significant parts of the world regarding green technology and infrastructure.

Our analysts believe that investor preference will generally continue to shift toward net zero, along with increased demand for disclosures, and global sustainability standards are expected to broaden in scope during 2023 and beyond. Even if concerns surrounding high inflation, Fed rate hikes, and tougher lending rules exist, we maintain a positive outlook on global stocks, as they have returned to a more favorable environment. We anticipate the equity markets to exhibit resilience despite the possibility of volatility in upcoming months. While mega-cap, technology, and AI-related equities saw large returns in H1 2023, a more upbeat narrative of a global economic recovery with inflation more under control may surface in H2 2023. Given deteriorating climate conditions and large tax incentives, we expect green investment capital flows to continue growing despite the market’s shift toward growth equities.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

 

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DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited)

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

The Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “EMCR Index”). The EMCR Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituent companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. For the period ended August 31, 2023, EMCR shares returned 2.01%, compared to the EMCR Index return of 2.27%.

Information Technology, Financials and Consumer Staples were the major positive contributors, while Consumer Discretionary, Utilities and Health Care sectors detracted most from the performance. From a geographical perspective, Hong Kong, China, and Saudi Arabia are the most significant detractors. However, Taiwan, Mexico and South Korea contributed positively to the performance.

Xtrackers MSCI EAFE ESG Leaders Equity ETF

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index (the EASG Index). The EASG Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers. The EASG Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. For the period ended August 31, 2023, EASG shares returned 17.79%, compared to the EASG Index return of 17.69%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Financials, Industrials and Health Care. From a geographical perspective Hong Kong, Norway and Israel are the most significant detractors. However, France, Japan and United Kingdom contributed positively to the performance.

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG), seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index (the EMSG Index). The EMSG Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers. The EMSG Index consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. For the period ended August 31, 2023, EMSG shares returned -0.51%, compared to the EMSG Index return of -0.30%.

Information Technology, Financials and Consumer Staples were the major positive contributors, while Consumer Discretionary, Utilities and Health Care sectors detracted most from the performance. From a geographical perspective Hong Kong, China and India are the most significant detractors. However, Mexico, Taiwan and Poland contributed positively to the performance.

Xtrackers MSCI USA Climate Action Equity ETF

Xtrackers MSCI USA Climate Action Equity ETF (USCA) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA Climate Action Index (the USCA Index). The USCA Index consists of large and mid-capitalization companies in the United States that the USCA Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. The USCA Index targets a coverage of 50% of the companies from each Global Industry Classification Standard (“GICS”) sector in the MSCI USA Index (the “Parent Index”). The USCA Index uses MSCI Impact Solutions, MSCI ESG Ratings, MSCI ESG Controversies, MSCI Business Involvement Screening Research and MSCI Climate Change Metrics (collectively, “MSCI ESG Research”) to determine index components for the USCA Index. For the period April 04, 2023 (commencement of operations), to August 31, 2023, USCA shares returned 12.55%, compared to the USCA Index return of 12.60%.

 

3


DBX ETF Trust

 

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

 

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Communication Services and Consumer Discretionary. The Utilities and Consumer Staples sectors were the only negative contributors to performance.

Xtrackers MSCI USA ESG Leaders Equity ETF

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA ESG Leaders Index (the USSG Index). The USSG Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (ESG) performance relative to their sector peers. The USSG Index consists of large- and medium- capitalization companies in the U.S. market. For the period ended August 31, 2023, USSG shares returned 18.68%, compared to the USSG Index return of 18.79%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Health Care, and Industrials. The Real Estate and Utilities sectors were the only negative contributors to performance.

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the USNZ Index). The USNZ Index is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (“ESG”) criteria. The constituents of the USNZ Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. In constructing the USNZ Index, Solactive AG (“Solactive”) begins with the universe of securities comprising the parent index, the Solactive GBS United States Large & Mid Cap Index, which is designed to track the performance of the large and mid-capitalization segment covering approximately the largest 85% of the free-float market capitalization in the United States. From this universe of securities, Solactive first seeks to identify only those companies operating in accordance with certain established standards for responsible ESG conduct. Selected constituents are then weighted in a manner designed to align with the objectives of the Net Zero Investment Framework and such that the resulting portfolio’s greenhouse gas emissions are consistent with the long-term global warming target of the Paris Climate Agreement. For the period ending August 31, 2023, USNZ shares returned 16.60%, compared to the USNZ Index return of 16.71%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Communication Services and Health Care. The Real Estate and Consumer Staples sectors detracted from performance.

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

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 5-16 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 Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)

The Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “Underlying Index”). The Underlying Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The Underlying Index is then weighted in such a manner seeking to align its constituent companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. It is not possible to invest directly into an index.

 

Performance as of August 31, 2023

 

Average Annual Total Return
      Net Asset Value    Market Value    Solactive ISS
Emerging Markets
Carbon Reduction &
Climate Improvers
Index NTR2
   MSCI Emerging
Markets Index

One Year

   2.01%    2.44%    2.27%    1.25%

Since Inception1

   3.82%    3.81%    4.05%    1.82%
Cumulative Total Returns
      Net Asset Value    Market Value    Solactive ISS
Emerging Markets
Carbon Reduction &
Climate Improvers
Index NTR2
   MSCI Emerging
Markets Index

One Year

   2.01%    2.44%    2.27%    1.25%

Since Inception1

   19.46%    19.40%    20.74%    8.91%

1 Total returns are calculated based on the commencement of operations, December 6, 2018 (“Inception”).

2 On August 18, 2021, the Fund changed its underlying index from MSCI ACWI ex USA ESG Leaders Index to the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR. Returns reflect performance for the MSCI ACWI ex USA ESG Leaders Index through August 17, 2021.

Prior to August 18, 2021, the Fund was known as Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ASCG) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

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 22, 2022, was 0.15%, 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.

 

6


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, December 6, 2018.

2 On August 18, 2021, the Fund changed its underlying index from MSCI ACWI ex USA ESG Leaders Index to the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR. Returns reflect performance for the MSCI ACWI ex USA ESG Leaders Index through August 17, 2021.

Sector Diversification* as of August 31, 2023

 

Financials

    26.2%  

Information Technology

    24.4%  

Communication Services

    12.6%  

Consumer Discretionary

    12.6%  

Industrials

    5.8%  

Materials

    5.4%  

Consumer Staples

    5.3%  

Health Care

    4.6%  

Real Estate

    1.6%  

Utilities

    1.4%  

Energy

    0.1%  
 

 

 

 

Total

    100.0%  

Ten Largest Equity Holdings as of August 31, 2023

(26.1% of Net Assets)

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

    8.3%  

Tencent Holdings Ltd. (China)

    5.1%  

Samsung Electronics Co. Ltd. (South Korea)

    3.0%  

Alibaba Group Holding Ltd. (China)

    2.5%  

Infosys Ltd. (India)

    1.5%  

Meituan (China)

    1.5%  

PDD Holdings, Inc. (Ireland)

    1.2%  

China Construction Bank Corp. (China)

    1.0%  

SK Hynix, Inc. (South Korea)

    1.0%  

Tata Consultancy Services Ltd. (India)

    1.0%  
Country Diversification* as of August 31, 2023

 

China

    26.5%  

Taiwan

    18.8%  

India

    14.2%  

South Korea

    11.8%  

Brazil

    4.6%  

South Africa

    3.6%  

Mexico

    3.0%  

Saudi Arabia

    2.9%  

Indonesia

    2.3%  

United Arab Emirates

    2.2%  

Other

    10.1%  
 

 

 

 

Total

    100.0%  

 

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

The Xtrackers MSCI EAFE ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. It is not possible to invest directly into an index.

 

Performance as of August 31, 2023

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI EAFE ESG
Leaders Index
   MSCI EAFE Index

One Year

   17.79%    18.56%    17.69%    17.92%

Since Inception1

   4.84%    4.89%    4.79%    4.56%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI EAFE ESG
Leaders Index
   MSCI EAFE Index

One Year

   17.79%    18.56%    17.69%    17.92%

Since Inception1

   26.57%    26.90%    26.29%    24.90%

1 Total returns are calculated based on the commencement of operations, September 6, 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 22, 2022, was 0.14%, 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.

 

8


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, September 6, 2018.

Sector Diversification* as of August 31, 2023

 

Financials

    18.5%  

Industrials

    16.1%  

Health Care

    13.9%  

Consumer Discretionary

    12.3%  

Consumer Staples

    9.2%  

Information Technology

    8.6%  

Materials

    7.5%  

Communication Services

    4.1%  

Energy

    3.9%  

Utilities

    3.3%  

Real Estate

    2.6%  
 

 

 

 

Total

    100.0%  

Ten Largest Equity Holdings as of August 31, 2023

(24.3% of Net Assets)

 

Description   % of Net Assets  

Novo Nordisk A/S (Denmark)

    4.0%  

ASML Holding NV (Netherlands)

    3.5%  

LVMH Moet Hennessy Louis Vuitton SE (France)

    3.1%  

AstraZeneca PLC (United Kingdom)

    2.7%  

Novartis AG (Switzerland)

    2.7%  

HSBC Holdings PLC (United Kingdom)

    1.9%  

TotalEnergies SE (France)

    1.9%  

Unilever PLC (United Kingdom)

    1.7%  

L’Oreal SA (France)

    1.4%  

Sony Group Corp. (Japan)

    1.4%  
Country Diversification* as of August 31, 2023

 

Japan

    24.8%  

United Kingdom

    13.7%  

France

    13.3%  

Switzerland

    9.5%  

Netherlands

    6.4%  

Australia

    6.1%  

Denmark

    6.0%  

Germany

    5.0%  

Sweden

    2.9%  

Hong Kong

    2.5%  

Other

    9.8%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 37.

 

9


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

The Xtrackers MSCI Emerging Markets ESG Leaders 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 Emerging Markets ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. It is not possible to invest directly into an index.

 

Performance as of August 31, 2023

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI Emerging
Markets ESG Leaders
Index
   MSCI Emerging
Markets Index

One Year

   -0.51%    0.36%    -0.30%    1.25%

Since Inception1

   1.12%    1.04%    1.42%    1.82%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI Emerging
Markets ESG Leaders
Index
   MSCI Emerging
Markets Index

One Year

   -0.51%    0.36%    -0.30%    1.25%

Since Inception1

   5.40%    5.05%    6.92%    8.91%

1 Total returns are calculated based on the commencement of operations, December 6, 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 22, 2022, was 0.20%, 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.

 

10


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, December 6, 2018.

Sector Diversification* as of August 31, 2023

 

Financials

    20.7%  

Information Technology

    18.8%  

Communication Services

    15.8%  

Consumer Discretionary

    13.7%  

Materials

    6.8%  

Industrials

    6.7%  

Consumer Staples

    5.8%  

Energy

    4.7%  

Health Care

    3.5%  

Real Estate

    1.9%  

Utilities

    1.6%  
 

 

 

 

Total

    100.0%  

Ten Largest Equity Holdings as of August 31, 2023

(34.0% of Net Assets)

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

    11.8%  

Tencent Holdings Ltd. (China)

    7.7%  

Alibaba Group Holding Ltd. (China)

    5.2%  

Reliance Industries Ltd. (India)

    2.5%  

China Construction Bank Corp. (China)

    1.4%  

NetEase, Inc. (China)

    1.1%  

Baidu, Inc. (China)

    1.1%  

JD.com, Inc. (China)

    1.1%  

Infosys Ltd. (India)

    1.1%  

Tata Consultancy Services Ltd. (India)

    1.0%  
Country Diversification * as of August 31, 2023

 

China

    29.7%  

Taiwan

    19.6%  

India

    13.5%  

South Korea

    6.7%  

South Africa

    5.0%  

Brazil

    4.1%  

Mexico

    2.8%  

Thailand

    2.7%  

Saudi Arabia

    2.3%  

Indonesia

    2.3%  

Malaysia

    2.1%  

United Arab Emirates

    2.0%  

Other

    7.2%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 43.

 

11


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI USA Climate Action Equity ETF (USCA)

Xtrackers MSCI USA Climate Action 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 USA Climate Action Index (the “Underlying Index”) which is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. It is not possible to invest directly into an index.

 

Performance as of August 31, 2023

 

Cumulative Total Returns
      Net Asset Value    Market Value    MSCI USA Climate
Action Index
   MSCI USA Index

Since Inception1

   12.55%    12.59%    12.60%    10.22%

1 Total returns are calculated based on the commencement of operations, April 4, 2023 (“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 June 9, 2023, was 0.07%, 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.

 

12


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI USA Climate Action Equity ETF (USCA) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, April 4, 2023.

Sector Diversification* as of August 31, 2023

 

Information Technology

    27.4%  

Health Care

    16.5%  

Financials

    13.2%  

Communication Services

    11.9%  

Consumer Discretionary

    9.1%  

Industrials

    7.6%  

Energy

    3.8%  

Consumer Staples

    3.0%  

Utilities

    2.6%  

Real Estate

    2.5%  

Materials

    2.4%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings as of August 31, 2023 (32.0% of
Net Assets)

 

Description   % of Net Assets  

Alphabet, Inc.

    5.1%  

Apple, Inc.

    4.9%  

NVIDIA Corp.

    4.9%  

Microsoft Corp.

    4.7%  

Tesla, Inc.

    2.9%  

Meta Platforms, Inc.

    2.6%  

Eli Lilly & Co.

    1.8%  

UnitedHealth Group, Inc.

    1.8%  

JPMorgan Chase & Co.

    1.7%  

Visa, Inc.

    1.6%  

 

* 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 51.

 

13


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)

Xtrackers MSCI USA ESG Leaders 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 USA ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market. It is not possible to invest directly into an index.

 

Performance as of August 31, 2023

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI USA ESG
Leaders Index
   MSCI USA Index

One Year

   18.68%    18.69%    18.79%    15.77%

Since Inception1

   13.83%    13.82%    13.92%    13.47%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI USA ESG
Leaders Index
   MSCI USA Index

One Year

   18.68%    18.69%    18.79%    15.77%

Since Inception1

   78.85%    78.81%    79.53%    76.31%

1 Total returns are calculated based on the commencement of operations, March 7, 2019 (“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 22, 2022, was 0.10%, 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.

 

14


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, March 7, 2019.

Sector Diversification* as of August 31, 2023

 

Information Technology

    28.8%  

Health Care

    12.9%  

Financials

    11.9%  

Consumer Discretionary

    11.3%  

Communication Services

    10.6%  

Industrials

    9.4%  

Consumer Staples

    6.3%  

Materials

    2.8%  

Real Estate

    2.5%  

Energy

    2.4%  

Utilities

    1.1%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings as of August 31, 2023 (39.5% of
Net Assets)

 

Description   % of Net Assets  

Microsoft Corp.

    11.3%  

Alphabet, Inc.

    7.5%  

NVIDIA Corp.

    6.0%  

Tesla, Inc.

    3.6%  

Eli Lilly & Co.

    2.2%  

Visa, Inc.

    1.9%  

Johnson & Johnson

    1.9%  

Procter & Gamble Co.

    1.8%  

Mastercard, Inc.

    1.7%  

Home Depot, Inc.

    1.6%  

 

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 56.

 

15


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ)

Xtrackers Net Zero Pathway Paris Aligned US 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 Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the “Underlying Index”), which is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (“ ESG “) criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. It is not possible to invest directly into an index.

 

Performance as of August 31, 2023

 

Average Annual Total Return
      Net Asset Value    Market Value    Solactive ISS ESG
United States Net Zero
Pathway Enhanced
Index
   S&P 500 Index

One Year

   16.60%    16.54%    16.71%    15.94%

Since Inception1

   14.74%    14.84%    14.83%    15.03%
Cumulative Total Returns
      Net Asset Value    Market Value    Solactive ISS ESG
United States Net Zero
Pathway Enhanced
Index
   S&P 500 Index

One Year

   16.60%    16.54%    16.71%    15.94%

Since Inception1

   17.58%    17.70%    17.69%    17.93%

1 Total returns are calculated based on the commencement of operations, June 28, 2022 (“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 22, 2022, was 0.10%, 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.

 

16


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, June 28, 2022.

Sector Diversification* as of August 31, 2023

 

Information Technology

    35.4%  

Health Care

    18.4%  

Financials

    11.2%  

Communication Services

    9.2%  

Consumer Discretionary

    6.5%  

Consumer Staples

    5.9%  

Industrials

    5.5%  

Real Estate

    4.7%  

Materials

    2.1%  

Utilities

    1.1%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings as of August 31, 2023 (39.5% of
Net Assets)

 

Description   % of Net Assets  

Apple, Inc.

    9.3%  

Microsoft Corp.

    8.3%  

Alphabet, Inc.

    4.0%  

NVIDIA Corp.

    3.9%  

Meta Platforms, Inc.

    1.7%  

Eli Lilly & Co.

    1.4%  

Johnson & Johnson

    1.2%  

UnitedHealth Group, Inc.

    1.2%  

JPMorgan Chase & Co.

    1.1%  

Broadcom, Inc.

    1.1%  

 

* 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 60.

.

 

17


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, 2023 to August 31, 2023) except Xtrackers MSCI USA Climate Action Equity ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to August 31, 2023).

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, 2023
    Ending
Account Value
August 31, 2023
    Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

 

Actual

  $ 1,000.00     $ 1,039.80       0.15   $ 0.77  

Hypothetical (5% return before expenses)

  $ 1,000.00     $ 1,024.45       0.15   $ 0.77  
Xtrackers MSCI EAFE ESG Leaders Equity ETF        

Actual

  $ 1,000.00     $ 1,047.90       0.14   $ 0.72  

Hypothetical (5% return before expenses)

  $ 1,000.00     $ 1,024.50       0.14   $ 0.71  
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

 

Actual

  $ 1,000.00     $ 1,012.20       0.20   $ 1.01  

Hypothetical (5% return before expenses)

  $ 1,000.00     $ 1,024.20       0.20   $ 1.02  
Xtrackers MSCI USA Climate Action Equity ETF        

Actual(2)

  $ 1,000.00     $ 1,125.50       0.07   $ 0.31  

Hypothetical (5% return before expenses)

  $ 1,000.00     $ 1,020.26       0.07   $ 0.29  
Xtrackers MSCI USA ESG Leaders Equity ETF        

Actual

  $ 1,000.00     $ 1,165.10       0.09   $ 0.49  

Hypothetical (5% return before expenses)

  $ 1,000.00     $ 1,024.75       0.09   $ 0.46  
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

 

Actual

  $ 1,000.00     $ 1,141.90       0.10   $ 0.54  

Hypothetical (5% return before expenses)

  $ 1,000.00     $ 1,024.70       0.10   $ 0.51  

(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.

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 150 (the number of days in the period April 4, 2023 (commencement of operations) to August 31, 2023), then divided by 365.

 

18


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

August 31, 2023

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 97.7%    
Brazil — 3.5%            

Ambev SA

    436,554     $ 1,220,353  

Atacadao SA

    56,149       116,359  

B3 SA — Brasil Bolsa Balcao

    561,333       1,465,989  

Banco Bradesco SA

    140,580       375,944  

Banco BTG Pactual SA

    149,290       979,094  

Banco do Brasil SA

    85,463       813,037  

Banco Santander Brasil SA

    39,436       215,940  

BB Seguridade Participacoes SA

    70,636       433,436  

Caixa Seguridade Participacoes S/A

    48,444       105,676  

CCR SA

    100,859       253,831  

Centrais Eletricas Brasileiras SA

    118,239       842,082  

Cia de Saneamento Basico do Estado de Sao Paulo

    21,059       246,364  

Cia Energetica de Minas Gerais

    19,067       75,830  

Cia Siderurgica Nacional SA

    12,156       29,734  

CPFL Energia SA

    2,429       16,754  

CSN Mineracao SA

    26,255       22,697  

Energisa SA

    19,907       185,361  

Engie Brasil Energia SA

    18,815       160,068  

Equatorial Energia SA

    37,089       237,174  

Hapvida Participacoes e Investimentos SA, 144A*

    301,047       259,033  

Hypera SA

    42,276       332,934  

Itau Unibanco Holding SA

    48,719       229,378  

Klabin SA

    82,683       380,102  

Localiza Rent a Car SA

    52,149       666,221  

Lojas Renner SA

    96,020       310,890  

Magazine Luiza SA*

    205,832       114,745  

Multiplan Empreendimentos Imobiliarios SA

    17,634       88,118  

Natura & Co. Holding SA*

    79,043       242,352  

Neoenergia SA

    14,300       52,683  

NU Holdings Ltd., Class A*

    183,351       1,255,954  

Pagseguro Digital Ltd., Class A*

    18,425       165,457  

Porto Seguro SA

    13,880       73,171  

Raia Drogasil SA

    124,592       691,542  

Rede D’Or Sao Luiz SA, 144A

    110,424       639,221  

Rumo SA

    120,721       544,969  

Sendas Distribuidora SA

    77,835       182,523  

StoneCo Ltd., Class A*

    24,952       305,912  

Suzano SA

    69,509       704,082  

Telefonica Brasil SA

    41,245       344,475  

TIM SA

    85,684       249,388  

TOTVS SA

    45,231       253,428  

WEG SA

    86,126       624,163  

XP, Inc., Series BDR*

    10,295       261,339  

XP, Inc., Class A*

    20,549       520,712  
   

 

 

 

(Cost $17,343,441)

      17,288,515  
   

 

 

 
Chile — 0.4%            

Banco de Chile

    4,429,284       480,854  

Banco de Credito e Inversiones SA

    8,198       234,719  

Banco Santander Chile

    6,477,294       308,497  

Cencosud SA

    120,967       257,707  

Cia Sud Americana de Vapores SA

    1,454,900       96,637  

Empresas CMPC SA

    104,193       188,281  
   

Number
of Shares

   

Value

 
Chile (Continued)            

Enel Americas SA*

    1,233,149     $ 145,850  

Falabella SA

    73,434       180,025  
   

 

 

 

(Cost $1,879,947)

      1,892,570  
   

 

 

 
China — 26.4%            

360 Security Technology, Inc., Class A*

    33,054       50,772  

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A

    9,736       33,013  

3peak, Inc., Class A

    1,230       31,072  

Advanced Micro-Fabrication Equipment Inc China, Class A*

    3,681       77,044  

AECC Aero-Engine Control Co. Ltd., Class A

    7,000       21,553  

Agricultural Bank of China Ltd., Class A

    554,839       263,755  

Agricultural Bank of China Ltd., Class H

    2,812,328       964,729  

Aier Eye Hospital Group Co. Ltd., Class A

    40,977       101,450  

Air China Ltd., Class A*

    17,096       20,317  

Air China Ltd., Class H*

    69,821       51,731  

Aisino Corp., Class A

    15,000       26,523  

Akeso, Inc., 144A*

    39,785       174,782  

Alibaba Group Holding Ltd.*

    139,107       1,600,083  

Alibaba Group Holding Ltd., ADR*

    114,069       10,597,010  

Amlogic Shanghai Co. Ltd., Class A*

    2,722       32,753  

Angang Steel Co. Ltd., Class A

    34,600       13,120  

Angang Steel Co. Ltd., Class H

    35,410       9,076  

Angel Yeast Co. Ltd., Class A

    6,112       27,846  

Anhui Conch Cement Co. Ltd., Class H

    1,537       4,273  

Anjoy Foods Group Co. Ltd., Class A

    1,900       34,066  

ANTA Sports Products Ltd.

    76,513       862,043  

Apeloa Pharmaceutical Co. Ltd., Class A

    6,900       16,637  

Asymchem Laboratories Tianjin Co. Ltd., Class A

    3,352       61,274  

Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A

    4,083       51,443  

Autobio Diagnostics Co. Ltd., Class A

    4,900       30,867  

Autohome, Inc., ADR

    7,101       205,219  

Avary Holding Shenzhen Co. Ltd., Class A

    4,836       14,212  

AVIC Industry-Finance Holdings Co. Ltd., Class A

    47,600       24,067  

Baidu, Inc., ADR*

    27,875       3,981,386  

Bank of Beijing Co. Ltd., Class A

    91,802       56,379  

Bank of Changsha Co. Ltd., Class A

    36,400       40,658  

Bank of Chengdu Co. Ltd., Class A

    16,300       30,658  

Bank of China Ltd., Class A

    149,013       76,774  

Bank of China Ltd., Class H

    4,996,482       1,694,857  

Bank of Communications Co. Ltd., Class A

    259,714       198,037  

Bank of Communications Co. Ltd., Class H

    757,242       433,579  

Bank of Hangzhou Co. Ltd., Class A

    35,743       55,001  

Bank of Jiangsu Co. Ltd., Class A

    62,276       61,005  

Bank of Nanjing Co. Ltd., Class A

    52,895       57,557  

Bank of Ningbo Co. Ltd., Class A

    25,655       92,243  

Bank of Shanghai Co. Ltd., Class A

    65,639       53,658  

Bank of Zhengzhou Co. Ltd., Class A*

    80,410       23,642  

Bank of Zhengzhou Co. Ltd., Class H, 144A*

    202,473       24,529  

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
China (Continued)            

Baoshan Iron & Steel Co. Ltd., Class A

    7,256     $ 6,041  

BBMG Corp., Class A

    45,480       13,747  

Beijing Dabeinong Technology Group Co. Ltd., Class A

    19,038       16,976  

Beijing Easpring Material Technology Co. Ltd., Class A

    2,700       16,441  

Beijing E-Hualu Information Technology Co. Ltd., Class A*

    6,600       27,348  

Beijing Enlight Media Co. Ltd., Class A

    20,500       26,306  

Beijing Kingsoft Office Software, Inc., Class A

    2,364       128,163  

Beijing New Building Materials PLC, Class A

    1,200       4,930  

Beijing Roborock Technology Co. Ltd., Class A

    967       38,992  

Beijing Shiji Information Technology Co. Ltd., Class A*

    11,284       21,069  

Beijing Tiantan Biological Products Corp. Ltd., Class A

    15,200       52,417  

Beijing Tongrentang Co. Ltd., Class A

    6,200       47,890  

Beijing United Information Technology Co. Ltd., Class A

    4,770       23,665  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A

    5,777       39,598  

Beijing-Shanghai High Speed Railway Co. Ltd., Class A

    283,500       198,647  

Bethel Automotive Safety Systems Co. Ltd., Class A

    2,700       27,955  

Betta Pharmaceuticals Co. Ltd., Class A

    2,800       19,015  

BGI Genomics Co. Ltd., Class A

    3,200       23,618  

Bilibili, Inc., ADR*

    21,876       330,984  

Bilibili, Inc., Class Z*

    1,920       28,720  

Bloomage Biotechnology Corp. Ltd., Class A

    3,223       40,987  

BOC International China Co. Ltd., Class A

    14,455       23,594  

BOE Technology Group Co. Ltd., Class A

    146,587       80,760  

BTG Hotels Group Co. Ltd., Class A*

    11,200       26,729  

By-health Co. Ltd., Class A

    13,700       36,384  

Caitong Securities Co. Ltd., Class A

    27,800       30,594  

Canmax Technologies Co. Ltd., Class A

    4,160       15,432  

CanSino Biologics, Inc., Class A*

    1,485       14,967  

CanSino Biologics, Inc., Class H, 144A*

    11,318       33,196  

CECEP Wind-Power Corp., Class A

    44,100       20,358  

CETC Cyberspace Security Technology Co. Ltd., Class A

    5,300       18,212  

CGN Power Co. Ltd., Class A

    122,190       52,714  

CGN Power Co. Ltd., Class H, 144A

    1,028,586       257,089  

Changchun High & New Technology Industry Group, Inc., Class A

    1,512       28,564  

Changjiang Securities Co. Ltd., Class A

    29,600       24,319  

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A

    1,412       28,682  

Chaozhou Three-Circle Group Co. Ltd., Class A

    11,300       49,851  

Chengxin Lithium Group Co. Ltd., Class A

    5,100       16,011  

Chifeng Jilong Gold Mining Co. Ltd., Class A*

    15,900       33,052  
   

Number
of Shares

   

Value

 
China (Continued)            

China Baoan Group Co. Ltd., Class A

    13,549     $ 19,844  

China Bohai Bank Co. Ltd., Class H, 144A*

    245,802       37,928  

China Cinda Asset Management Co. Ltd., Class H

    529,076       51,951  

China CITIC Bank Corp. Ltd., Class A

    34,100       25,580  

China CITIC Bank Corp. Ltd., Class H

    641,557       285,527  

China Conch Venture Holdings Ltd.

    94,009       92,430  

China Construction Bank Corp., Class A

    87,421       72,065  

China Construction Bank Corp., Class H

    9,287,097       4,974,120  

China Eastern Airlines Corp. Ltd., Class A*

    11,908       7,100  

China Eastern Airlines Corp. Ltd., Class H*

    105,864       37,395  

China Energy Engineering Corp. Ltd., Class A

    76,500       24,069  

China Energy Engineering Corp. Ltd., Class H

    322,106       37,379  

China Everbright Bank Co. Ltd., Class A

    169,415       70,061  

China Everbright Bank Co. Ltd., Class H

    466,999       134,590  

China Evergrande Group*

    185,090       6,491  

China Feihe Ltd., 144A

    208,628       125,575  

China Film Co. Ltd., Class A*

    17,600       35,884  

China Galaxy Securities Co. Ltd., Class A

    18,000       28,514  

China Galaxy Securities Co. Ltd., Class H

    243,905       131,256  

China Great Wall Securities Co. Ltd., Class A

    33,500       40,411  

China Greatwall Technology Group Co. Ltd., Class A

    13,749       20,571  

China Hongqiao Group Ltd.

    1,087       1,084  

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

    1,070,463       49,143  

China International Capital Corp. Ltd., Class A

    15,088       80,845  

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

    152,514       293,291  

China Jushi Co. Ltd., Class A

    19,600       37,592  

China Lesso Group Holdings Ltd.

    31,497       17,352  

China Life Insurance Co. Ltd., Class A

    13,829       67,696  

China Life Insurance Co. Ltd., Class H

    734,807       1,115,083  

China Literature Ltd., 144A*

    37,988       152,596  

China Merchants Bank Co. Ltd., Class A

    128,460       556,834  

China Merchants Bank Co. Ltd., Class H

    374,959       1,482,288  

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A

    23,900       31,884  

China Merchants Securities Co. Ltd., Class A

    55,344       108,049  

China Merchants Securities Co. Ltd., Class H, 144A

    57,061       52,610  

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

    34,643       65,017  

China Minsheng Banking Corp. Ltd., Class A

    143,963       74,765  

China Minsheng Banking Corp. Ltd., Class H

    449,954       144,596  

China National Chemical Engineering Co. Ltd., Class A

    10,701       11,438  

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
China (Continued)            

China National Medicines Corp. Ltd., Class A

    6,100     $ 27,280  

China National Nuclear Power Co. Ltd., Class A

    109,672       108,489  

China National Software & Service Co. Ltd., Class A

    6,300       37,392  

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

    2,854       8,658  

China Pacific Insurance Group Co. Ltd., Class A

    29,460       112,117  

China Pacific Insurance Group Co. Ltd., Class H

    147,800       338,507  

China Railway Group Ltd., Class A

    43,224       39,789  

China Railway Group Ltd., Class H

    167,526       88,658  

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

    35,744       27,550  

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

    89,745       29,756  

China Rare Earth Resources And Technology Co. Ltd., Class A

    5,900       23,175  

China Resources Microelectronics Ltd., Class A

    6,121       49,222  

China Resources Mixc Lifestyle Services Ltd., 144A

    45,989       198,518  

China Resources Pharmaceutical Group Ltd., 144A

    96,281       64,337  

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

    4,300       28,109  

China Southern Airlines Co. Ltd., Class A*

    22,000       19,103  

China Southern Airlines Co. Ltd., Class H*

    80,834       42,985  

China State Construction Engineering Corp. Ltd., Class A

    109,359       84,590  

China Three Gorges Renewables Group Co. Ltd., Class A

    151,000       102,070  

China Tourism Group Duty Free Corp. Ltd., Class A

    8,400       125,703  

China Tourism Group Duty Free Corp. Ltd., Class H, 144A

    6,017       80,797  

China Tower Corp. Ltd., Class H, 144A

    2,595,134       251,513  

China United Network Communications Ltd., Class A

    198,767       142,279  

China Vanke Co. Ltd., Class A

    24,452       45,823  

China Vanke Co. Ltd., Class H

    83,774       97,750  

China Yangtze Power Co. Ltd., Class A

    140,718       426,494  

China Zhenhua Group Science & Technology Co. Ltd., Class A

    3,284       41,365  

China Zheshang Bank Co. Ltd., Class A

    186,110       65,714  

Chongqing Brewery Co. Ltd., Class A

    3,100       38,920  

Chongqing Changan Automobile Co. Ltd., Class A

    12,870       22,173  

Chongqing Hongjiu Fruit Co. Ltd., Class H*

    33,128       25,939  

Chongqing Rural Commercial Bank Co. Ltd., Class A

    48,100       24,848  
   

Number
of Shares

   

Value

 
China (Continued)            

Chongqing Rural Commercial Bank Co. Ltd., Class H

    163,645     $ 57,806  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    11,310       68,682  

CITIC Securities Co. Ltd., Class A

    82,646       252,077  

CITIC Securities Co. Ltd., Class H

    196,708       384,298  

CMOC Group Ltd., Class A

    2,800       2,204  

CMOC Group Ltd., Class H

    72,524       43,375  

CNGR Advanced Material Co. Ltd., Class A

    2,900       21,866  

CNPC Capital Co. Ltd., Class A

    22,800       21,082  

Contemporary Amperex Technology Co. Ltd., Class A

    24,480       795,596  

COSCO SHIPPING Development Co. Ltd., Class A

    68,400       22,366  

COSCO SHIPPING Holdings Co. Ltd., Class A

    13,776       18,548  

COSCO SHIPPING Holdings Co. Ltd., Class H

    103,919       106,679  

Country Garden Holdings Co. Ltd.*

    822,932       93,399  

Country Garden Services Holdings Co. Ltd.

    223,570       257,162  

CRRC Corp. Ltd., Class A

    8,100       6,610  

CRRC Corp. Ltd., Class H

    132,329       65,137  

CSC Financial Co. Ltd., Class A

    25,700       91,028  

CSC Financial Co. Ltd., Class H, 144A

    102,746       109,405  

Dali Foods Group Co. Ltd., 144A (a)

    140,667       67,268  

DaShenLin Pharmaceutical Group Co. Ltd., Class A

    6,886       25,156  

DHC Software Co. Ltd., Class A

    28,000       25,851  

Do-Fluoride New Materials Co. Ltd., Class A

    6,720       15,142  

Dong-E-E-Jiao Co. Ltd., Class A

    5,400       38,453  

Dongfeng Motor Group Co. Ltd., Class H

    65,388       24,015  

Dongxing Securities Co. Ltd., Class A

    22,800       25,969  

East Money Information Co. Ltd., Class A

    64,167       139,909  

Eastroc Beverage Group Co. Ltd., Class A

    1,800       48,546  

Ecovacs Robotics Co. Ltd., Class A

    4,365       31,803  

ENN Energy Holdings Ltd.

    74,142       581,469  

Eve Energy Co. Ltd., Class A

    6,482       43,994  

Everbright Securities Co. Ltd., Class A

    32,088       75,652  

Fangda Carbon New Material Co. Ltd., Class A*

    29,300       23,469  

First Capital Securities Co. Ltd., Class A

    28,400       23,489  

Flat Glass Group Co. Ltd., Class A

    14,282       60,593  

Flat Glass Group Co. Ltd., Class H

    50,873       126,376  

Focus Media Information Technology Co. Ltd., Class A

    60,942       64,471  

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

    11,110       59,683  

Founder Securities Co. Ltd., Class A

    65,000       64,478  

Foxconn Industrial Internet Co. Ltd., Class A

    39,157       117,872  

Fujian Sunner Development Co. Ltd., Class A

    8,260       22,107  

Full Truck Alliance Co. Ltd., ADR*

    65,076       436,009  

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
China (Continued)            

Fuyao Glass Industry Group Co. Ltd., Class A

    7,431     $ 38,796  

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

    41,924       189,792  

Ganfeng Lithium Group Co. Ltd., Class A

    7,847       51,113  

Ganfeng Lithium Group Co. Ltd., Class H, 144A

    23,236       111,117  

G-bits Network Technology Xiamen Co. Ltd., Class A

    500       28,694  

GDS Holdings Ltd., ADR*

    10,589       126,644  

GEM Co. Ltd., Class A

    26,341       22,655  

Gemdale Corp., Class A

    13,396       13,252  

Genscript Biotech Corp.*

    98,230       230,238  

GF Securities Co. Ltd., Class A

    40,163       83,102  

GF Securities Co. Ltd., Class H

    108,675       155,215  

GigaDevice Semiconductor, Inc., Class A

    3,204       41,370  

Ginlong Technologies Co. Ltd., Class A

    2,000       20,620  

GoerTek, Inc., Class A

    10,488       22,075  

Goldwind Science & Technology Co. Ltd., Class A

    5,487       7,162  

Goldwind Science & Technology Co. Ltd., Class H

    39,942       20,985  

GoodWe Technologies Co. Ltd., Class A

    1,173       22,308  

Gotion High-tech Co. Ltd., Class A*

    2,119       7,051  

Great Wall Motor Co. Ltd., Class A

    401       1,439  

Great Wall Motor Co. Ltd., Class H

    57,213       67,852  

Gree Electric Appliances, Inc. of Zhuhai, Class A

    14,070       69,185  

Greenland Holdings Corp. Ltd., Class A*

    57,700       23,227  

Greentown China Holdings Ltd.

    56,013       66,572  

GRG Banking Equipment Co. Ltd., Class A

    21,900       37,761  

Guangdong Haid Group Co. Ltd., Class A

    3,270       21,673  

Guangdong Kinlong Hardware Products Co. Ltd., Class A

    3,171       24,833  

Guangzhou Automobile Group Co. Ltd., Class H

    40,662       21,415  

Guangzhou Baiyun International Airport Co. Ltd., Class A*

    19,400       31,425  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    7,832       33,271  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H

    27,363       76,941  

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

    2,871       23,533  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

    4,300       31,483  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    11,210       50,563  

Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A

    25,700       24,293  

Guolian Securities Co. Ltd., Class A*

    23,100       34,467  

Guosen Securities Co. Ltd., Class A

    21,556       27,484  

Guotai Junan Securities Co. Ltd., Class A

    33,191       66,396  

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

    61,314       71,934  

Guoyuan Securities Co. Ltd., Class A

    22,400       21,389  
   

Number
of Shares

   

Value

 
China (Continued)            

H World Group Ltd., ADR*

    11,635     $ 468,658  

Haidilao International Holding Ltd., 144A

    104,734       285,149  

Haier Smart Home Co. Ltd., Class A

    23,907       77,221  

Haier Smart Home Co. Ltd., Class H

    134,225       415,080  

Hainan Airlines Holding Co. Ltd., Class A*

    226,600       48,567  

Haitian International Holdings Ltd.

    32,639       70,092  

Haitong Securities Co. Ltd., Class A

    49,036       66,226  

Haitong Securities Co. Ltd., Class H

    197,837       122,864  

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A

    27,600       39,778  

Hangzhou Chang Chuan Technology Co. Ltd., Class A

    5,600       28,752  

Hangzhou First Applied Material Co. Ltd., Class A

    16,301       69,629  

Hangzhou Lion Electronics Co. Ltd., Class A

    3,800       17,218  

Hangzhou Oxygen Plant Group Co. Ltd., Class A

    5,300       22,289  

Hangzhou Robam Appliances Co. Ltd., Class A

    4,600       17,374  

Hangzhou Silan Microelectronics Co. Ltd., Class A

    9,789       34,094  

Hangzhou Tigermed Consulting Co. Ltd., Class A

    2,805       25,659  

Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A

    7,661       41,765  

Hansoh Pharmaceutical Group Co. Ltd., 144A

    114,879       149,427  

Haohua Chemical Science & Technology Co. Ltd., Class A

    6,100       28,151  

Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A

    9,900       33,392  

Hefei Meiya Optoelectronic Technology, Inc., Class A

    8,200       26,396  

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

    7,800       28,784  

Hengan International Group Co. Ltd.

    29,960       111,179  

Hengdian Group DMEGC Magnetics Co. Ltd., Class A

    9,500       21,419  

Hengtong Optic-electric Co. Ltd., Class A

    11,400       22,147  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    2,642       60,746  

Hongta Securities Co. Ltd., Class A

    33,500       36,775  

Hoshine Silicon Industry Co. Ltd., Class A

    3,100       26,304  

Hoyuan Green Energy Co. Ltd., Class A

    6,055       34,674  

Hua Hong Semiconductor Ltd., 144A*

    62,501       163,391  

Huadong Medicine Co. Ltd., Class A

    6,850       35,753  

Huafon Chemical Co. Ltd., Class A

    11,000       10,579  

Huagong Tech Co. Ltd., Class A

    6,100       26,358  

Hualan Biological Engineering, Inc., Class A

    8,100       23,626  

Huaneng Lancang River Hydropower, Inc., Class A

    38,942       38,790  

Huatai Securities Co. Ltd., Class A

    35,679       77,843  

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

    85,391       112,377  

Huaxi Securities Co. Ltd., Class A

    20,900       24,465  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
China (Continued)            

Huaxia Bank Co. Ltd., Class A

    54,452     $ 41,446  

Huayu Automotive Systems Co. Ltd., Class A

    11,706       30,220  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    3,670       73,370  

Humanwell Healthcare Group Co. Ltd., Class A

    7,800       25,034  

Hundsun Technologies, Inc., Class A

    8,183       40,474  

Hygeia Healthcare Holdings Co. Ltd., 144A

    30,285       153,129  

Iflytek Co. Ltd., Class A

    9,631       72,552  

Imeik Technology Development Co. Ltd., Class A

    1,200       72,295  

Industrial & Commercial Bank of China Ltd., Class A

    379,592       240,945  

Industrial & Commercial Bank of China Ltd., Class H

    6,840,996       3,140,573  

Industrial Bank Co. Ltd., Class A

    80,490       174,836  

Industrial Securities Co. Ltd., Class A

    67,716       59,636  

Ingenic Semiconductor Co. Ltd., Class A

    1,680       17,044  

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

    22,218       79,366  

Innovent Biologics, Inc., 144A*

    124,983       559,429  

Inspur Electronic Information Industry Co. Ltd., Class A

    7,671       41,240  

iQIYI, Inc., ADR*

    29,295       147,647  

iRay Technology Co. Ltd., Class A

    1,064       35,971  

JA Solar Technology Co. Ltd., Class A

    21,071       80,567  

Jafron Biomedical Co. Ltd., Class A

    5,198       15,276  

Jason Furniture Hangzhou Co. Ltd., Class A

    4,100       23,456  

JCET Group Co. Ltd., Class A

    8,792       39,379  

JD Health International, Inc., 144A*

    83,642       451,182  

JD Logistics, Inc., 144A*

    141,515       188,765  

JD.com, Inc., ADR

    63,520       2,109,499  

JD.com, Inc., Class A

    19,475       319,875  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    23,742       37,545  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    3,900       33,302  

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A

    25,012       143,574  

Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A

    18,100       27,180  

Jiangsu Yangnong Chemical Co. Ltd., Class A

    3,380       29,683  

Jiangsu Yoke Technology Co. Ltd., Class A

    3,700       34,532  

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A

    5,500       25,624  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    2,925       5,855  

Jiangxi Special Electric Motor Co. Ltd., Class A*

    9,000       11,228  

Joinn Laboratories China Co. Ltd., Class A

    3,920       12,926  
   

Number
of Shares

   

Value

 
China (Continued)            

Joinn Laboratories China Co. Ltd., Class H, 144A

    10,189     $ 20,399  

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A*

    5,489       25,490  

Juewei Food Co. Ltd., Class A

    3,700       18,143  

Juneyao Airlines Co. Ltd., Class A*

    11,100       24,202  

Kanzhun Ltd., ADR*

    22,061       326,503  

KE Holdings, Inc., ADR*

    53,565       921,318  

Keda Industrial Group Co. Ltd., Class A

    11,000       15,204  

Kingdee International Software Group Co. Ltd.*

    177,017       273,593  

Kingsoft Corp. Ltd.

    59,768       238,561  

Kuaishou Technology, 144A*

    162,284       1,328,611  

Kuang-Chi Technologies Co. Ltd., Class A

    9,700       19,857  

Kunlun Tech Co. Ltd., Class A*

    8,500       42,252  

LB Group Co. Ltd., Class A

    7,201       17,937  

Lenovo Group Ltd.

    829,451       938,213  

Lens Technology Co. Ltd., Class A

    11,938       20,174  

Lepu Medical Technology Beijing Co. Ltd., Class A

    7,400       16,460  

Li Auto, Inc., ADR*

    53,601       2,232,482  

Li Auto, Inc., Class A*

    3,600       74,188  

Li Ning Co. Ltd.

    142,430       672,941  

Liaoning Port Co. Ltd., Class A

    106,100       23,032  

Livzon Pharmaceutical Group, Inc., Class A

    5,000       23,631  

Livzon Pharmaceutical Group, Inc., Class H

    14,716       46,634  

Longfor Group Holdings Ltd., 144A

    113,022       238,100  

LONGi Green Energy Technology Co. Ltd., Class A

    59,333       216,431  

Lufax Holding Ltd., ADR

    67,395       81,548  

Luxshare Precision Industry Co. Ltd., Class A

    20,553       93,185  

Mango Excellent Media Co. Ltd., Class A

    10,460       42,452  

Maxscend Microelectronics Co. Ltd., Class A

    2,174       37,067  

MeiHua Holdings Group Co. Ltd., Class A

    27,700       34,746  

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*

    26,100       24,384  

Meituan, Class B, 144A*

    450,641       7,384,496  

Metallurgical Corp. of China Ltd., Class A

    56,242       28,127  

Metallurgical Corp. of China Ltd., Class H

    100,722       21,964  

Microport Scientific Corp.*

    45,063       77,119  

Ming Yang Smart Energy Group Ltd., Class A

    11,834       24,274  

Montage Technology Co. Ltd., Class A

    6,436       45,309  

Muyuan Foods Co. Ltd., Class A

    15,550       86,696  

Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A

    15,500       25,193  

Nanjing Securities Co. Ltd., Class A

    30,900       35,024  

NARI Technology Co. Ltd., Class A

    32,083       104,997  

National Silicon Industry Group Co. Ltd., Class A*

    19,827       55,462  

NAURA Technology Group Co. Ltd., Class A

    2,163       80,612  

NavInfo Co. Ltd., Class A*

    11,031       15,610  

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
China (Continued)            

NetEase, Inc., ADR

    35,237     $ 3,646,325  

New China Life Insurance Co. Ltd., Class A

    5,580       31,049  

New China Life Insurance Co. Ltd., Class H

    58,721       147,069  

New Hope Liuhe Co. Ltd., Class A*

    10,878       17,441  

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

    9,145       496,025  

Ninestar Corp., Class A

    7,759       29,827  

Ningbo Deye Technology Co. Ltd., Class A

    2,340       29,645  

Ningbo Orient Wires & Cables Co. Ltd., Class A

    3,000       15,250  

Ningbo Ronbay New Energy Technology Co. Ltd., Class A

    2,814       19,694  

Ningbo Shanshan Co. Ltd., Class A

    13,500       25,244  

Ningbo Tuopu Group Co. Ltd., Class A

    3,500       37,464  

Ningbo Zhoushan Port Co. Ltd., Class A

    77,800       36,129  

NIO, Inc., ADR*

    132,967       1,365,571  

Nongfu Spring Co. Ltd., Class H, 144A

    180,207       1,012,289  

Offcn Education Technology Co. Ltd., Class A*

    26,339       15,452  

Onewo, Inc., Class H

    12,673       44,927  

Oppein Home Group, Inc., Class A

    2,766       37,208  

Orient Securities Co. Ltd., Class A

    41,280       56,488  

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

    82,219       45,714  

Ovctek China, Inc., Class A

    3,677       13,337  

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

    71,904       57,693  

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

    901,113       306,816  

Perfect World Co. Ltd., Class A

    12,100       22,991  

Pharmaron Beijing Co. Ltd., Class A

    8,257       33,806  

Pharmaron Beijing Co. Ltd., Class H, 144A

    30,912       72,138  

PICC Property & Casualty Co. Ltd., Class H

    406,083       467,098  

Ping An Bank Co. Ltd., Class A

    81,233       124,218  

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

    65,567       439,516  

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

    612,121       3,664,881  

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

    32,388       62,208  

Poly Property Services Co. Ltd., Class H

    5,802       26,969  

Pop Mart International Group Ltd., 144A

    60,167       195,653  

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

    173,473       115,831  

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

    1,116,551       551,032  

Pylon Technologies Co. Ltd., Class A

    839       15,954  

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

    28,100       69,106  

Raytron Technology Co. Ltd., Class A

    4,700       33,068  

Red Star Macalline Group Corp. Ltd., Class A

    35,800       23,413  

Remegen Co. Ltd., Class A*

    3,838       32,429  
   

Number
of Shares

   

Value

 
China (Continued)            

Remegen Co. Ltd., Class H, 144A*

    11,366     $ 53,049  

Rockchip Electronics Co. Ltd., Class A

    2,300       20,692  

SAIC Motor Corp. Ltd., Class A

    6,388       12,603  

Sanan Optoelectronics Co. Ltd., Class A

    23,900       51,586  

Sangfor Technologies, Inc., Class A*

    3,812       57,129  

Sany Heavy Industry Co. Ltd., Class A

    3,412       7,261  

Satellite Chemical Co. Ltd., Class A

    14,949       31,424  

SDIC Capital Co. Ltd., Class A

    49,500       49,850  

Seazen Holdings Co. Ltd., Class A*

    10,115       20,151  

Seres Group Co. Ltd., Class A*

    9,600       47,535  

SF Holding Co. Ltd., Class A

    14,131       84,415  

SG Micro Corp., Class A

    1,571       16,713  

Shandong Gold Mining Co. Ltd., Class A

    13,900       50,092  

Shandong Gold Mining Co. Ltd., Class H, 144A

    49,319       99,748  

Shandong Hi-speed Co. Ltd., Class A

    28,200       26,230  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    10,250       46,613  

Shandong Linglong Tyre Co. Ltd., Class A

    4,844       14,495  

Shandong Nanshan Aluminum Co. Ltd., Class A

    6,684       2,865  

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

    148,342       147,552  

Shanghai Baosight Software Co. Ltd., Class A

    8,816       58,055  

Shanghai Baosight Software Co. Ltd., Class B

    39,321       89,298  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    21,671       83,159  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    58,136       136,856  

Shanghai Friendess Electronic Technology Corp. Ltd., Class A

    860       31,119  

Shanghai Fudan Microelectronics Group Co. Ltd., Class A

    2,507       18,204  

Shanghai Fudan Microelectronics Group Co. Ltd., Class H

    25,376       60,837  

Shanghai International Airport Co. Ltd., Class A*

    10,084       54,351  

Shanghai International Port Group Co. Ltd., Class A

    42,100       29,499  

Shanghai Jinjiang International Hotels Co. Ltd., Class A

    5,632       29,814  

Shanghai Junshi Biosciences Co. Ltd., Class A*

    4,474       23,364  

Shanghai Junshi Biosciences Co. Ltd., Class H, 144A*

    11,583       31,610  

Shanghai Lingang Holdings Corp. Ltd., Class A

    22,800       37,214  

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

    65,381       26,806  

Shanghai M&G Stationery, Inc., Class A

    4,400       22,790  

Shanghai Medicilon, Inc., Class A

    1,041       10,484  

Shanghai MicroPort MedBot Group Co. Ltd.*

    28,978       68,881  

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
China (Continued)            

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    6,300     $ 15,476  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    47,085       77,457  

Shanghai Pudong Development Bank Co. Ltd., Class A

    185,361       177,759  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

    9,911       44,554  

Shanghai RAAS Blood Products Co. Ltd., Class A

    27,100       26,473  

Shanghai Rural Commercial Bank Co. Ltd., Class A

    76,800       61,410  

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A

    18,885       19,096  

Shengyi Technology Co. Ltd., Class A

    11,100       22,601  

Shennan Circuits Co. Ltd., Class A

    2,600       23,637  

Shenwan Hongyuan Group Co. Ltd., Class A

    74,927       44,883  

Shenzhen Capchem Technology Co. Ltd., Class A

    3,357       22,129  

Shenzhen Dynanonic Co. Ltd., Class A

    1,440       18,556  

Shenzhen Goodix Technology Co. Ltd., Class A*

    3,800       30,944  

Shenzhen Inovance Technology Co. Ltd., Class A

    8,818       82,722  

Shenzhen Kaifa Technology Co. Ltd., Class A

    9,500       23,311  

Shenzhen Kangtai Biological Products Co. Ltd., Class A*

    8,224       31,490  

Shenzhen Kedali Industry Co. Ltd., Class A

    1,400       22,383  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

    7,791       289,011  

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A

    5,900       49,269  

Shenzhen Overseas Chinese Town Co. Ltd., Class A*

    67,864       40,559  

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A

    10,200       38,748  

Shenzhen SC New Energy Technology Corp., Class A

    3,600       43,812  

Shenzhen Transsion Holdings Co. Ltd., Class A

    3,965       79,981  

Shenzhou International Group Holdings Ltd.

    47,056       483,056  

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A

    9,800       31,331  

Shuangliang Eco-Energy Systems Co. Ltd., Class A

    16,000       22,378  

Sichuan Chuantou Energy Co. Ltd., Class A

    27,600       56,728  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

    5,800       21,595  

Sichuan Road & Bridge Group Co. Ltd., Class A

    23,172       28,366  

Sichuan Swellfun Co. Ltd., Class A

    3,800       34,541  

Sichuan Yahua Industrial Group Co. Ltd., Class A

    7,000       15,070  
   

Number
of Shares

   

Value

 
China (Continued)            

Sinolink Securities Co. Ltd., Class A

    42,700     $ 55,087  

Sinoma Science & Technology Co. Ltd., Class A

    5,182       15,628  

Sinomine Resource Group Co. Ltd., Class A

    4,200       21,466  

Sinopharm Group Co. Ltd., Class H

    129,038       374,357  

Sinotrans Ltd., Class H

    68,376       27,728  

Skshu Paint Co. Ltd., Class A*

    2,100       21,734  

Smoore International Holdings Ltd., 144A

    117,772       119,097  

Songcheng Performance Development Co. Ltd., Class A

    11,400       19,422  

SooChow Securities Co. Ltd., Class A

    31,000       34,882  

Spring Airlines Co. Ltd., Class A*

    3,500       28,174  

StarPower Semiconductor Ltd., Class A

    1,000       27,214  

Sungrow Power Supply Co. Ltd., Class A

    7,489       102,635  

Sunny Optical Technology Group Co. Ltd.

    42,016       343,447  

Sunwoda Electronic Co. Ltd., Class A

    10,172       22,137  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

    8,700       22,472  

Suzhou Maxwell Technologies Co. Ltd., Class A

    2,204       46,197  

TAL Education Group, ADR*

    27,607       194,629  

TCL Technology Group Corp., Class A*

    27,024       15,223  

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A

    30,327       106,875  

Tencent Holdings Ltd.

    606,114       25,120,292  

Tencent Music Entertainment Group, ADR*

    53,224       362,988  

Thunder Software Technology Co. Ltd., Class A

    2,871       31,584  

Tianqi Lithium Corp., Class A

    5,700       45,085  

Tianqi Lithium Corp., Class H

    6,629       36,350  

Tianshui Huatian Technology Co. Ltd., Class A

    20,800       25,662  

Tingyi Cayman Islands Holding Corp.

    68,291       100,324  

Toly Bread Co. Ltd., Class A

    12,840       15,383  

Tongcheng Travel Holdings Ltd.*

    102,104       228,902  

TongFu Microelectronics Co. Ltd., Class A

    8,500       23,812  

Tongwei Co. Ltd., Class A

    18,550       81,759  

Topchoice Medical Corp., Class A*

    2,665       34,169  

Topsports International Holdings Ltd., 144A

    161,124       131,090  

TravelSky Technology Ltd., Class H

    98,588       176,765  

Trina Solar Co. Ltd., Class A

    12,114       56,555  

Trip.com Group Ltd., ADR*

    55,471       2,180,565  

Tsinghua Tongfang Co. Ltd., Class A*

    27,800       27,386  

Unigroup Guoxin Microelectronics Co. Ltd., Class A*

    3,428       43,674  

Uni-President China Holdings Ltd.

    48,383       35,786  

Unisplendour Corp. Ltd., Class A*

    300       1,110  

Universal Scientific Industrial Shanghai Co. Ltd., Class A

    8,200       16,617  

Venustech Group, Inc., Class A

    9,100       36,483  

Vipshop Holdings Ltd., ADR*

    24,814       391,813  

Walvax Biotechnology Co. Ltd., Class A

    6,070       19,740  

 

See Notes to Financial Statements.   25  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
China (Continued)            

Wanda Film Holding Co. Ltd., Class A*

    20,900     $ 38,621  

Wangfujing Group Co. Ltd., Class A

    11,200       31,822  

Wanhua Chemical Group Co. Ltd., Class A

    9,831       126,627  

Weibo Corp., ADR

    7,202       92,906  

Weichai Power Co. Ltd., Class A

    29,288       47,482  

Weichai Power Co. Ltd., Class H

    122,393       158,888  

Weihai Guangwei Composites Co. Ltd., Class A

    5,280       20,290  

Wens Foodstuffs Group Co. Ltd., Class A

    15,686       35,904  

Western Mining Co. Ltd., Class A

    14,800       25,987  

Western Securities Co. Ltd., Class A

    44,956       41,692  

Western Superconducting Technologies Co. Ltd., Class A

    3,719       24,235  

Will Semiconductor Co. Ltd., Class A

    5,918       74,820  

Wingtech Technology Co. Ltd., Class A*

    5,401       34,268  

Winning Health Technology Group Co. Ltd., Class A

    26,600       26,350  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    13,600       39,482  

WuXi AppTec Co. Ltd., Class A

    16,850       188,676  

WuXi AppTec Co. Ltd., Class H, 144A

    37,321       408,821  

Wuxi Autowell Technology Co. Ltd., Class A

    1,092       25,252  

Wuxi Biologics Cayman, Inc., 144A*

    363,835       2,048,435  

Wuxi Lead Intelligent Equipment Co. Ltd., Class A

    5,500       22,299  

Xiamen C & D, Inc., Class A

    24,800       37,003  

Xiamen Faratronic Co. Ltd., Class A

    1,400       21,860  

Xiaomi Corp., Class B, 144A*

    932,318       1,469,500  

Xinyi Solar Holdings Ltd.

    512,893       428,406  

XPeng, Inc., ADR*

    57,960       1,031,108  

Yadea Group Holdings Ltd., 144A

    93,620       180,035  

Yangzhou Yangjie Electronic Technology Co. Ltd., Class A

    3,400       16,686  

Yealink Network Technology Corp. Ltd., Class A

    6,346       32,277  

Yifeng Pharmacy Chain Co. Ltd., Class A

    4,753       23,221  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

    7,184       35,197  

Yintai Gold Co. Ltd., Class A

    15,400       30,574  

Yonghui Superstores Co. Ltd., Class A*

    54,200       23,978  

YongXing Special Materials Technology Co. Ltd., Class A

    2,080       14,246  

Yonyou Network Technology Co. Ltd., Class A

    19,000       47,379  

Youngor Group Co. Ltd., Class A

    42,000       40,104  

YTO Express Group Co. Ltd., Class A

    14,655       30,403  

Yunda Holding Co. Ltd., Class A

    8,618       11,663  

Yunnan Aluminium Co. Ltd., Class A

    5,168       10,253  

Yunnan Baiyao Group Co. Ltd., Class A

    14,747       110,727  

Yunnan Botanee Bio-Technology Group Co. Ltd., Class A

    2,000       27,970  

Yunnan Energy New Material Co. Ltd., Class A

    4,177       38,100  

Yunnan Tin Co. Ltd., Class A

    1,600       3,078  

Yunnan Yuntianhua Co. Ltd., Class A

    8,300       19,660  
   

Number
of Shares

   

Value

 
China (Continued)            

Zai Lab Ltd., ADR*

    5,246     $ 133,616  

Zangge Mining Co. Ltd., Class A

    9,300       28,711  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    2,356       89,449  

Zhaojin Mining Industry Co. Ltd., Class H

    91,199       128,860  

Zhejiang Century Huatong Group Co. Ltd., Class A*

    34,986       26,053  

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

    39,700       44,835  

Zhejiang Chint Electrics Co. Ltd., Class A

    14,554       49,550  

Zhejiang Dahua Technology Co. Ltd., Class A

    19,868       58,907  

Zhejiang Dingli Machinery Co. Ltd., Class A

    2,700       19,709  

Zhejiang Expressway Co. Ltd., Class H

    101,490       75,842  

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A

    9,900       22,851  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    3,273       17,942  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

    6,575       50,885  

Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A

    4,030       15,049  

Zhejiang Juhua Co. Ltd., Class A

    5,100       11,484  

Zhejiang NHU Co. Ltd., Class A

    13,516       30,232  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

    13,700       55,903  

Zhejiang Supcon Technology Co. Ltd., Class A

    5,022       34,802  

Zhejiang Supor Co. Ltd., Class A

    2,900       18,969  

Zhejiang Weiming Environment Protection Co. Ltd., Class A

    9,700       23,842  

Zhejiang Weixing New Building Materials Co. Ltd., Class A

    9,000       24,990  

Zheshang Securities Co. Ltd., Class A

    38,622       54,655  

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

    73,167       217,399  

Zhongji Innolight Co. Ltd., Class A

    3,900       61,416  

Zhongsheng Group Holdings Ltd.

    30,982       94,427  

Zhongtai Securities Co. Ltd., Class A

    38,900       39,068  

Zhuzhou CRRC Times Electric Co. Ltd., Class A

    8,281       49,651  

Zhuzhou CRRC Times Electric Co. Ltd., Class H

    30,023       104,712  

Zhuzhou Kibing Group Co. Ltd., Class A

    10,180       12,210  

Zijin Mining Group Co. Ltd., Class A

    72,952       123,884  

Zijin Mining Group Co. Ltd., Class H

    332,751       523,626  

ZTE Corp., Class A

    13,712       66,784  

ZTE Corp., Class H

    43,252       139,269  

ZTO Express Cayman, Inc., ADR

    24,831       624,251  
   

 

 

 

(Cost $183,182,932)

      129,974,977  
   

 

 

 
Colombia — 0.1%            

Bancolombia SA

    24,943       177,229  

Ecopetrol SA

    29,070       16,730  

Interconexion Electrica SA ESP

    26,185       95,776  
   

 

 

 

(Cost $374,310)

      289,735  
   

 

 

 

 

See Notes to Financial Statements.   26  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Czech Republic — 0.1%            

CEZ AS

    9,501     $ 404,322  

Komercni Banka AS

    7,680       240,192  
   

 

 

 

(Cost $727,110)

      644,514  
   

 

 

 
Egypt — 0.1%            

Abou Kir Fertilizers & Chemical Industries

    19,352       33,036  

Commercial International Bank Egypt SAE

    236,358       436,000  

EFG Holding S.A.E.*

    90,051       46,454  

Telecom Egypt Co.

    52,301       44,515  
   

 

 

 

(Cost $585,384)

      560,005  
   

 

 

 
Greece — 0.5%            

Alpha Services and Holdings SA*

    201,615       340,598  

Eurobank Ergasias Services and Holdings SA*

    246,101       428,171  

Hellenic Telecommunications Organization SA

    17,866       267,594  

JUMBO SA

    7,006       216,865  

Mytilineos SA

    4,852       197,163  

National Bank of Greece SA*

    55,431       377,457  

Piraeus Financial Holdings SA*

    66,031       228,760  

Star Bulk Carriers Corp.

    4,606       81,020  

Terna Energy SA

    6,954       125,289  
   

 

 

 

(Cost $1,589,045)

      2,262,917  
   

 

 

 
Hong Kong — 0.7%            

Beijing Enterprises Water Group Ltd.

    149,433       34,492  

BOC Hong Kong Holdings Ltd.

    356,993       992,438  

C&D International Investment Group Ltd.

    48,067       122,347  

China Everbright Environment Group Ltd.

    200,120       72,987  

China Jinmao Holdings Group Ltd.

    432,031       61,154  

China Medical System Holdings Ltd.

    131,200       189,394  

China Merchants Port Holdings Co. Ltd.

    80,561       96,364  

China Overseas Land & Investment Ltd.

    226,479       477,695  

China Overseas Property Holdings Ltd.

    68,822       82,234  

China Resources Land Ltd.

    173,649       734,079  

China State Construction International Holdings Ltd.

    100,213       111,564  

China Taiping Insurance Holdings Co. Ltd.

    147,385       155,246  

Guangdong Investment Ltd.

    127,454       99,632  

Orient Overseas International Ltd.

    4,242       56,908  

Want Want China Holdings Ltd.

    261,042       172,769  

Yuexiu Property Co. Ltd.

    97,143       120,411  
   

 

 

 

(Cost $4,327,828)

      3,579,714  
   

 

 

 
Hungary — 0.3%            

OTP Bank Nyrt

    22,655       925,314  

Richter Gedeon Nyrt

    14,383       360,897  
   

 

 

 

(Cost $1,717,041)

      1,286,211  
   

 

 

 
India — 14.2%            

Aarti Industries Ltd.

    16,436       97,640  

ABB India Ltd.

    3,576       189,264  

ACC Ltd.

    38       921  
   

Number
of Shares

   

Value

 
India (Continued)            

Adani Energy Solutions Ltd.*

    23,635     $ 231,807  

Adani Green Energy Ltd.*

    37,200       417,289  

Adani Ports & Special Economic Zone Ltd.

    73,103       699,539  

Adani Wilmar Ltd.*

    13,525       58,732  

Aditya Birla Capital Ltd.*

    33,756       73,864  

Alkem Laboratories Ltd.

    2,723       119,820  

Ambuja Cements Ltd.

    27,739       143,543  

Apollo Hospitals Enterprise Ltd.

    6,226       362,048  

Ashok Leyland Ltd.

    76,424       169,721  

Asian Paints Ltd.

    24,357       957,995  

Astral Ltd.

    9,985       235,682  

AU Small Finance Bank Ltd., 144A

    37,761       330,030  

Aurobindo Pharma Ltd.

    28,825       288,994  

Avenue Supermarts Ltd., 144A*

    14,662       658,908  

Axis Bank Ltd., GDR

    5,239       308,053  

Axis Bank Ltd.

    199,748       2,348,877  

Bajaj Auto Ltd.

    2,829       157,664  

Bajaj Finance Ltd.

    15,977       1,382,394  

Bajaj Finserv Ltd.

    38,534       693,029  

Bajaj Holdings & Investment Ltd.

    2,291       205,829  

Balkrishna Industries Ltd.

    2,691       75,515  

Bandhan Bank Ltd., 144A

    51,352       142,420  

Bank of Baroda

    84,525       191,081  

Berger Paints India Ltd.

    17,713       153,752  

Bharat Forge Ltd.

    15,041       194,466  

Bharti Airtel Ltd.

    235,794       2,439,221  

Biocon Ltd.

    52,860       165,598  

Bosch Ltd.

    576       129,231  

Britannia Industries Ltd.

    4,769       257,370  

Canara Bank

    30,287       117,217  

CG Power & Industrial Solutions Ltd.

    44,974       233,246  

Cholamandalam Investment and Finance Co. Ltd.

    24,854       336,801  

Cipla Ltd.

    54,130       822,285  

Colgate-Palmolive India Ltd.

    13,539       317,606  

Container Corp. Of India Ltd.

    19,022       154,499  

Cummins India Ltd.

    7,966       164,326  

Dabur India Ltd.

    36,697       245,175  

Dalmia Bharat Ltd.

    3,507       88,327  

Deepak Nitrite Ltd.

    6,063       162,586  

Delhivery Ltd.*

    25,569       135,124  

Divi’s Laboratories Ltd.

    12,888       559,211  

DLF Ltd.

    39,961       243,330  

Dr. Reddy’s Laboratories Ltd.

    14,601       989,056  

Eicher Motors Ltd.

    7,712       310,823  

Embassy Office Parks REIT

    53,703       197,962  

FSN E-Commerce Ventures Ltd.*

    89,168       143,845  

Gland Pharma Ltd., 144A*

    5,501       115,716  

Godrej Consumer Products Ltd.*

    37,838       459,410  

Godrej Properties Ltd.*

    10,029       199,378  

Grasim Industries Ltd.

    14,439       312,365  

Gujarat Fluorochemicals Ltd.

    3,350       123,283  

Havells India Ltd.

    10,573       176,827  

HCL Technologies Ltd.

    105,389       1,492,177  

HDFC Asset Management Co. Ltd., 144A

    5,303       161,691  

HDFC Life Insurance Co. Ltd., 144A

    59,420       462,771  

 

See Notes to Financial Statements.   27  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
India (Continued)            

Hero MotoCorp Ltd.

    7,070     $ 249,024  

Hindalco Industries Ltd.

    77,994       433,231  

Hindustan Unilever Ltd.

    88,587       2,680,576  

Honeywell Automation India Ltd.

    156       74,703  

ICICI Bank Ltd.

    307,428       3,560,333  

ICICI Lombard General Insurance Co. Ltd., 144A

    23,926       379,672  

ICICI Prudential Life Insurance Co. Ltd., 144A

    40,223       273,980  

IDBI Bank Ltd.

    62,819       45,377  

IDFC First Bank Ltd.*

    181,219       204,343  

Indian Hotels Co. Ltd.

    67,787       344,641  

Indian Railway Catering & Tourism Corp. Ltd.

    25,591       207,730  

Indus Towers Ltd.*

    40,374       85,443  

IndusInd Bank Ltd.

    57,520       957,540  

Info Edge India Ltd.

    5,921       309,796  

Infosys Ltd., ADR

    50,916       884,411  

Infosys Ltd.

    375,073       6,503,478  

InterGlobe Aviation Ltd., 144A*

    4,584       134,830  

Jindal Steel & Power Ltd.

    8,847       73,149  

JSW Energy Ltd.

    16,395       69,502  

JSW Steel Ltd.

    53,721       505,924  

Jubilant Foodworks Ltd.

    25,597       158,323  

Kotak Mahindra Bank Ltd.

    65,409       1,389,580  

L&T Technology Services Ltd., 144A

    2,360       125,553  

Life Insurance Corp. Of India

    19,767       154,079  

Linde India Ltd.

    2,032       153,855  

LTIMindtree Ltd., 144A

    7,439       466,668  

Lupin Ltd.

    24,597       326,187  

Macrotech Developers Ltd., 144A*

    18,836       152,522  

Mahindra & Mahindra Ltd.

    49,055       933,503  

Marico Ltd.

    53,766       370,222  

Maruti Suzuki India Ltd.

    7,628       921,759  

Max Financial Services Ltd.*

    18,394       207,456  

Max Healthcare Institute Ltd.*

    62,111       442,314  

Mphasis Ltd.

    5,326       156,255  

Muthoot Finance Ltd.

    7,880       119,966  

Nestle India Ltd.

    2,179       578,700  

NHPC Ltd.

    162,103       98,296  

NMDC Ltd.

    83,477       124,077  

Oberoi Realty Ltd.

    9,399       127,254  

One 97 Communications Ltd.*

    17,362       179,081  

Oracle Financial Services Software Ltd.

    2,341       116,201  

Page Industries Ltd.

    543       263,367  

Patanjali Foods Ltd.

    4,658       69,040  

PB Fintech Ltd.*

    20,920       195,753  

Persistent Systems Ltd.

    4,301       279,024  

PI Industries Ltd.

    6,519       285,710  

Pidilite Industries Ltd.

    9,438       286,721  

Polycab India Ltd.

    2,679       165,784  

Power Finance Corp. Ltd.

    75,870       238,462  

Power Grid Corp. of India Ltd.

    204,059       602,789  

Punjab National Bank

    198,622       151,151  

REC Ltd.

    78,838       227,268  

Samvardhana Motherson International Ltd.

    113,361       131,181  
   

Number
of Shares

   

Value

 
India (Continued)            

SBI Cards & Payment Services Ltd.

    17,072     $ 168,387  

SBI Life Insurance Co. Ltd., 144A

    26,650       416,089  

Schaeffler India Ltd.

    3,207       118,241  

Shree Cement Ltd.

    502       144,326  

Shriram Finance Ltd.

    14,941       348,013  

Siemens Ltd.

    5,717       270,850  

Sona Blw Precision Forgings Ltd., 144A

    22,601       162,601  

SRF Ltd.

    11,293       321,454  

State Bank of India

    177,250       1,201,882  

Sun Pharmaceutical Industries Ltd.

    107,328       1,441,131  

Tata Communications Ltd.

    9,401       203,166  

Tata Consultancy Services Ltd.

    120,302       4,877,981  

Tata Consumer Products Ltd.

    48,407       487,863  

Tata Elxsi Ltd.

    3,075       269,185  

Tata Motors Ltd.

    102,085       741,102  

Tata Motors Ltd., Class A

    30,661       147,960  

Tata Power Co. Ltd.

    26,259       77,743  

Tata Steel Ltd.

    406,589       603,600  

Tech Mahindra Ltd.

    74,687       1,084,359  

Titan Co. Ltd.

    22,641       849,028  

Torrent Pharmaceuticals Ltd.

    10,386       231,152  

Trent Ltd.

    15,318       379,054  

Tube Investments of India Ltd.

    7,668       268,656  

TVS Motor Co. Ltd.

    17,039       292,243  

UltraTech Cement Ltd.

    6,077       609,082  

Union Bank of India Ltd.

    96,828       100,470  

United Spirits Ltd.*

    18,109       220,396  

UPL Ltd.

    31,452       224,589  

Varun Beverages Ltd.

    38,626       419,684  

Vedant Fashions Ltd.

    3,419       52,055  

Vedanta Ltd.

    31,885       89,470  

Voltas Ltd.

    18,068       189,855  

Wipro Ltd.

    178,255       879,365  

WNS Holdings Ltd., ADR*

    3,513       229,575  

Yes Bank Ltd.*

    1,324,024       268,687  

Zomato Ltd.*

    316,170       372,745  

Zydus Lifesciences Ltd.

    16,558       125,176  
   

 

 

 

(Cost $69,692,802)

      69,668,333  
   

 

 

 
Indonesia — 2.2%            

Aneka Tambang Tbk

    180,049       23,526  

GoTo Gojek Tokopedia Tbk PT*

    61,311,344       386,467  

PT Bank Central Asia Tbk

    5,176,147       3,118,263  

PT Bank Jago Tbk*

    391,516       59,897  

PT Bank Mandiri Persero Tbk

    3,606,070       1,426,564  

PT Bank Negara Indonesia Persero Tbk

    782,086       471,151  

PT Bank Rakyat Indonesia Persero Tbk

    6,962,347       2,537,165  

PT Barito Pacific Tbk

    2,024,948       142,265  

PT Chandra Asri Petrochemical Tbk

    430,154       61,572  

PT Charoen Pokphand Indonesia Tbk*

    392,413       133,338  

PT Dayamitra Telekomunikasi

    1,727,020       85,047  

PT Elang Mahkota Teknologi Tbk

    1,491,098       55,806  

PT Indah Kiat Pulp & Paper Tbk

    113,331       67,716  

PT Indocement Tunggal Prakarsa Tbk

    7,289       5,121  

PT Indofood CBP Sukses Makmur Tbk

    98,928       72,751  

PT Indofood Sukses Makmur Tbk

    221,804       103,402  

PT Indosat Tbk

    125,053       78,825  

PT Kalbe Farma Tbk

    1,230,197       146,606  

 

See Notes to Financial Statements.   28  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Indonesia (Continued)            

PT Merdeka Copper Gold Tbk*

    975,882     $ 216,578  

PT Sarana Menara Nusantara Tbk

    1,693,340       114,520  

PT Sumber Alfaria Trijaya Tbk

    1,575,748       300,044  

PT Telkom Indonesia Persero Tbk

    4,734,231       1,159,467  

PT Tower Bersama Infrastructure Tbk

    536,511       73,977  

PT Unilever Indonesia Tbk

    570,997       137,594  

PT Vale Indonesia Tbk

    165,095       63,957  
   

 

 

 

(Cost $10,081,280)

      11,041,619  
   

 

 

 
Ireland — 1.2%            

PDD Holdings, Inc., ADR*
(Cost $4,846,368)

    58,928       5,832,104  
   

 

 

 
Kazakhstan — 0.0%            

Polymetal International PLC* (a)
(Cost $548,412)

    28,889       0  
   

 

 

 
Kuwait — 0.8%            

Agility Public Warehousing Co. KSC*

    116,136       216,636  

Boubyan Bank KSCP

    81,430       161,143  

Gulf Bank KSCP

    190,189       155,483  

Kuwait Finance House KSCP

    617,296       1,491,924  

Mabanee Co KPSC

    54,995       149,151  

Mobile Telecommunications Co. KSCP

    170,221       281,631  

National Bank of Kuwait SAKP

    445,419       1,329,393  
   

 

 

 

(Cost $3,879,759)

      3,785,361  
   

 

 

 
Malaysia — 1.2%            

AMMB Holdings Bhd

    206,500       166,001  

Axiata Group Bhd

    448,752       228,244  

Celcomdigi Bhd

    188,300       177,749  

CIMB Group Holdings Bhd

    673,604       817,325  

Gamuda Bhd

    117,630       114,081  

Hong Leong Bank Bhd

    59,200       254,662  

Hong Leong Financial Group Bhd

    25,600       100,524  

IHH Healthcare Bhd

    246,900       316,607  

Inari Amertron Bhd

    189,400       128,580  

IOI Corp. Bhd

    125,100       108,654  

Kuala Lumpur Kepong Bhd

    23,900       110,950  

Malayan Banking Bhd

    484,556       951,359  

Malaysia Airports Holdings Bhd

    58,162       92,382  

Maxis Bhd

    143,000       123,584  

MR DIY Group M Bhd, 144A

    189,350       63,253  

Nestle Malaysia Bhd

    2,419       68,034  

Petronas Chemicals Group Bhd

    108,300       166,184  

PPB Group Bhd

    25,300       85,715  

Press Metal Aluminium Holdings Bhd

    205,500       214,801  

Public Bank Bhd

    1,218,100       1,110,466  

QL Resources Bhd

    35,300       41,082  

RHB Bank Bhd

    212,575       257,014  

Sime Darby Bhd

    121,400       60,177  

Sime Darby Plantation Bhd

    102,400       96,883  

Telekom Malaysia Bhd

    164,100       180,368  

TIME dotCom Bhd

    74,700       88,545  
   

 

 

 

(Cost $6,541,298)

      6,123,224  
   

 

 

 
Mexico — 3.0%            

Alfa SAB de CV, Class A

    310,609       207,974  

America Movil SAB de CV, Series B

    3,198,336       3,049,789  
   

Number
of Shares

   

Value

 
Mexico (Continued)            

Arca Continental SAB de CV

    27,903     $ 275,188  

Cemex SAB de CV, Series CPO*

    751,161       600,242  

Coca-Cola Femsa SAB de CV

    51,934       445,759  

El Puerto de Liverpool SAB de CV, Class C1

    12,773       80,531  

Fibra Uno Administracion SA de CV REIT

    190,970       281,830  

Fomento Economico Mexicano SAB de CV

    128,167       1,453,018  

Gruma SAB de CV, Class B

    6,395       108,141  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

    23,195       431,688  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    11,154       307,866  

Grupo Bimbo SAB de CV, Series A

    80,716       402,243  

Grupo Carso SAB de CV, Series A1

    30,033       242,505  

Grupo Comercial Chedraui SA de CV

    35,044       198,749  

Grupo Elektra SAB DE CV

    4,101       285,846  

Grupo Financiero Banorte SAB de CV, Class O

    286,377       2,457,176  

Grupo Financiero Inbursa SAB de CV, Class O*

    122,155       267,291  

Grupo Mexico SAB de CV, Series B

    183,500       885,353  

Grupo Televisa SAB, Series CPO

    247,504       222,481  

Industrias Penoles SAB de CV*

    10,447       149,681  

Kimberly-Clark de Mexico SAB de CV, Class A

    153,607       350,074  

Operadora De Sites Mexicanos SAB de CV, Class A-1

    105,536       99,819  

Orbia Advance Corp. SAB de CV

    2,698       6,083  

Wal-Mart de Mexico SAB de CV

    495,767       1,978,444  
   

 

 

 

(Cost $12,880,903)

      14,787,771  
   

 

 

 
Philippines — 0.6%            

ACEN Corp.

    59,410       5,257  

Ayala Land, Inc.

    376,800       180,680  

Bank of the Philippine Islands

    199,174       386,951  

BDO Unibank, Inc.

    218,298       537,070  

Globe Telecom, Inc.

    4,004       127,432  

International Container Terminal Services, Inc.

    51,820       189,635  

JG Summit Holdings, Inc.

    130,540       84,268  

Jollibee Foods Corp.

    32,860       137,546  

Metropolitan Bank & Trust Co.

    109,300       106,559  

Monde Nissin Corp., 144A

    621,100       78,981  

PLDT, Inc.

    8,645       175,587  

SM Investments Corp.

    29,490       433,860  

SM Prime Holdings, Inc.

    700,500       361,261  

Universal Robina Corp.

    49,330       97,318  
   

 

 

 

(Cost $3,379,021)

      2,902,405  
   

 

 

 
Qatar — 0.8%            

Commercial Bank PSQC

    208,424       325,233  

Industries Qatar QSC

    82,821       281,227  

Masraf Al Rayan QSC

    415,275       253,272  

Mesaieed Petrochemical Holding Co.

    365,594       184,806  

Ooredoo QPSC

    42,194       125,191  

Qatar International Islamic Bank QSC

    94,696       257,318  

 

See Notes to Financial Statements.   29  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Qatar (Continued)            

Qatar Islamic Bank SAQ

    100,987     $ 536,008  

Qatar National Bank QPSC

    441,868       1,893,720  
   

 

 

 

(Cost $4,634,975)

      3,856,775  
   

 

 

 
Russia — 0.0%            

Alrosa PJSC* (a)

    246,725       0  

MMC Norilsk Nickel PJSC* (a)

    5,593       0  

Mobile TeleSystems PJSC, ADR* (a)

    25,457       0  

Mobile TeleSystems PJSC* (a)

    32,151       0  

Novolipetsk Steel PJSC* (a)

    121,611       0  

PIK Group PJSC* (a)

    21,692       0  

Polyus PJSC* (a)

    2,793       0  

Sberbank of Russia PJSC* (a)

    989,954       0  

United Co. RUSAL International PJSC* (a)

    255,320       0  

Yandex NV, Class A* (a)

    28,401       0  
   

 

 

 

(Cost $9,710,782)

      0  
   

 

 

 
Saudi Arabia — 2.9%            

Advanced Petrochemical Co.

    10,671       121,059  

Al Rajhi Bank

    117,019       2,252,615  

Alinma Bank

    78,613       773,418  

Almarai Co. JSC

    19,521       329,978  

Arab National Bank

    54,647       375,906  

Arabian Internet & Communications Services Co.

    2,069       194,728  

Bank AlBilad

    41,158       470,766  

Banque Saudi Fransi

    47,443       485,100  

Bupa Arabia for Cooperative Insurance Co.

    6,305       338,898  

Dr Sulaiman Al Habib Medical Services Group Co.

    5,095       330,099  

Etihad Etisalat Co.

    32,021       385,466  

Jarir Marketing Co.

    51,950       204,440  

Mouwasat Medical Services Co.

    6,154       180,814  

Nahdi Medical Co.

    3,250       131,537  

Riyad Bank

    88,546       718,869  

Sahara International Petrochemical Co.

    28,542       277,380  

Saudi Awwal Bank

    60,022       573,711  

Saudi Basic Industries Corp.

    86,540       2,039,683  

Saudi Industrial Investment Group

    26,205       180,259  

Saudi Kayan Petrochemical Co.*

    54,289       176,300  

Saudi National Bank

    175,961       1,677,204  

Saudi Telecom Co.

    177,591       1,884,506  

Savola Group

    18,751       189,477  
   

 

 

 

(Cost $14,558,374)

      14,292,213  
   

 

 

 
Singapore — 0.0%            

BOC Aviation Ltd., 144A
(Cost $112,509)

    13,998       105,051  
   

 

 

 
South Africa — 3.5%            

Absa Group Ltd.

    77,280       743,986  

Anglo American Platinum Ltd.

    3,420       119,403  

AngloGold Ashanti Ltd.

    25,150       428,686  

Aspen Pharmacare Holdings Ltd.

    36,579       332,659  

Bid Corp. Ltd.

    33,134       743,402  

Bidvest Group Ltd.

    20,944       315,183  
   

Number
of Shares

   

Value

 
South Africa (Continued)            

Capitec Bank Holdings Ltd.

    9,813     $ 821,265  

Clicks Group Ltd.

    24,730       357,204  

Discovery Ltd.*

    53,554       414,997  

FirstRand Ltd.

    492,758       1,910,137  

Gold Fields Ltd.

    87,286       1,119,575  

Impala Platinum Holdings Ltd.

    49,612       255,357  

Investec Ltd.

    22,648       132,575  

Kumba Iron Ore Ltd.

    1,789       39,246