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  

MTN Group Ltd.

    167,232       1,062,654  

MultiChoice Group

    22,070       91,240  

Naspers Ltd., Class N

    20,881       3,547,609  

Nedbank Group Ltd.

    44,934       512,131  

Northam Platinum Holdings Ltd.*

    20,747       136,414  

Old Mutual Ltd.

    446,478       299,224  

OUTsurance Group Ltd.

    88,530       187,019  

Pepkor Holdings Ltd., 144A

    112,643       96,968  

Sanlam Ltd.

    164,851       593,324  

Sasol Ltd.

    24,854       320,615  

Shoprite Holdings Ltd.

    42,132       587,044  

Sibanye Stillwater Ltd.

    156,084       236,908  

Standard Bank Group Ltd.

    134,045       1,367,776  

Vodacom Group Ltd.

    61,234       348,809  

Woolworths Holdings Ltd.

    88,863       348,131  
   

 

 

 

(Cost $19,858,108)

      17,469,541  
   

 

 

 
South Korea — 11.3%            

Alteogen, Inc.*

    2,685       91,921  

Amorepacific Corp.

    1,648       166,951  

AMOREPACIFIC Group

    1,617       41,167  

BNK Financial Group, Inc.

    30,011       154,852  

Celltrion Healthcare Co. Ltd.

    5,858       286,751  

Celltrion Pharm, Inc.*

    1,353       70,324  

Celltrion, Inc.

    10,984       1,195,837  

Cheil Worldwide, Inc.

    7,773       110,854  

Chunbo Co. Ltd.

    379       43,183  

CJ CheilJedang Corp.

    421       95,237  

CJ Corp.

    808       42,975  

CJ ENM Co. Ltd.*

    1,000       44,032  

CJ Logistics Corp.

    462       27,578  

CosmoAM&T Co. Ltd.*

    1,766       210,704  

Coway Co. Ltd.

    3,295       107,694  

CS Wind Corp.

    1,400       67,259  

Daewoo Engineering & Construction Co. Ltd.*

    2,244       7,810  

DB HiTek Co. Ltd.

    2,197       88,927  

DB Insurance Co. Ltd.

    4,323       267,213  

DL E&C Co. Ltd.

    604       14,166  

Dongsuh Cos., Inc.

    2,199       29,797  

Doosan Co. Ltd.

    666       59,256  

Doosan Enerbility Co. Ltd.*

    24,982       344,371  

Doosan Fuel Cell Co. Ltd.*

    3,358       62,879  

Ecopro BM Co. Ltd.

    2,756       676,620  

Ecopro Co. Ltd.

    1,549       1,473,117  

E-MART, Inc.

    1,120       62,535  

F&F Co. Ltd. / New

    1,002       78,083  

Fila Holdings Corp.

    4,598       131,844  

Green Cross Corp.

    405       35,452  

 

See Notes to Financial Statements.   30  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2023

 

   

Number
of Shares

   

Value

 
South Korea (Continued)            

GS Engineering & Construction Corp.

    2,982     $ 32,781  

Hana Financial Group, Inc.

    28,811       862,096  

Hanjin Kal Corp.

    1,293       43,483  

Hankook Tire & Technology Co. Ltd.

    47       1,378  

Hanmi Pharm. Co. Ltd.

    690       153,739  

Hanmi Science Co. Ltd.

    2,084       56,761  

Hanon Systems

    11,187       77,105  

Hansol Chemical Co. Ltd.

    747       91,273  

Hanssem Co. Ltd.

    940       42,102  

Hanwha Life Insurance Co. Ltd.*

    28,391       54,022  

HL Mando Co. Ltd.

    2,686       85,147  

HLB, Inc.*

    4,741       103,482  

HMM Co. Ltd.

    14,398       181,480  

Hugel, Inc.*

    524       44,560  

HYBE Co. Ltd.*

    1,135       216,824  

Hyosung Advanced Materials Corp.

    152       51,980  

Hyosung TNC Corp.

    182       45,577  

Hyundai Autoever Corp.

    542       72,048  

Hyundai Department Store Co. Ltd.

    968       50,826  

Hyundai Doosan Infracore Co. Ltd.

    4,330       34,496  

Hyundai Elevator Co. Ltd.

    1,580       53,792  

Hyundai Engineering & Construction Co. Ltd.

    6,315       169,610  

Hyundai Glovis Co. Ltd.

    1,081       141,080  

Hyundai Marine & Fire Insurance Co. Ltd.

    3,346       76,578  

Hyundai Mipo Dockyard Co. Ltd.*

    86       5,921  

Hyundai Mobis Co. Ltd.

    3,642       636,506  

Hyundai Motor Co.

    7,942       1,136,245  

Hyundai Steel Co.

    2,743       75,125  

Industrial Bank of Korea

    25,974       211,447  

Kakao Corp.

    30,399       1,106,254  

Kakao Games Corp.*

    3,327       71,612  

KakaoBank Corp.

    13,716       273,438  

Kakaopay Corp.*

    2,370       81,137  

KB Financial Group, Inc.

    37,054       1,516,642  

KCC Corp.

    109       18,019  

KEPCO Engineering & Construction Co., Inc.

    1,355       67,865  

KEPCO Plant Service & Engineering Co. Ltd.

    1,770       44,928  

Kia Corp.

    13,427       814,712  

KIWOOM Securities Co. Ltd.

    843       65,884  

Korea Investment Holdings Co. Ltd.

    3,119       122,707  

Korea Zinc Co. Ltd.

    486       193,775  

Korean Air Lines Co. Ltd.

    11,271       194,423  

Krafton, Inc.*

    1,848       216,713  

KT Corp.

    13,108       327,266  

KT&G Corp.

    11,262       740,433  

Kum Yang Co. Ltd.*

    2,485       242,531  

Kumho Petrochemical Co. Ltd.

    26       2,455  

L&F Co. Ltd.

    1,969       320,284  

LEENO Industrial, Inc.

    906       115,225  

LG Chem Ltd.

    2,780       1,226,208  

LG Corp.

    8,554       531,328  

LG Display Co. Ltd.*

    20,061       203,380  

LG Electronics, Inc.

    9,942       740,902  

LG Energy Solution Ltd.*

    2,757       1,134,714  
   

Number
of Shares

   

Value

 
South Korea (Continued)            

LG H&H Co. Ltd.

    596     $ 209,451  

LG Innotek Co. Ltd.

    1,445       295,177  

LG Uplus Corp.

    22,570       178,443  

Lotte Chemical Corp.

    820       84,745  

Lotte Energy Materials Corp.

    1,265       46,609  

Lotte Shopping Co. Ltd.

    602       32,337  

Meritz Financial Group, Inc.*

    8,633       357,273  

Mirae Asset Securities Co. Ltd.

    27,701       139,579  

NAVER Corp.

    13,480       2,187,600  

NCSoft Corp.

    813       154,696  

Netmarble Corp., 144A*

    1,489       48,272  

NH Investment & Securities Co. Ltd.

    16,098       125,447  

OCI Holdings Co. Ltd.

    348       24,249  

Orion Corp.

    1,385       127,628  

Pan Ocean Co. Ltd.

    4,830       16,298  

Pearl Abyss Corp.*

    2,239       81,819  

POSCO Future M Co. Ltd.

    1,670       567,933  

S-1 Corp.

    961       40,570  

Samsung Biologics Co. Ltd., 144A*

    1,794       1,000,324  

Samsung C&T Corp.

    4,626       366,440  

Samsung Card Co. Ltd.

    2,740       62,087  

Samsung Electro-Mechanics Co. Ltd.

    5,527       566,186  

Samsung Electronics Co. Ltd.

    287,333       14,543,278  

Samsung Engineering Co. Ltd.*

    9,658       248,437  

Samsung Fire & Marine Insurance Co. Ltd.

    3,074       573,286  

Samsung Life Insurance Co. Ltd.

    7,072       361,693  

Samsung SDI Co. Ltd.

    5,083       2,361,235  

Samsung SDS Co. Ltd.

    3,533       379,562  

Samsung Securities Co. Ltd.

    6,758       190,967  

SD Biosensor, Inc.

    4,198       39,733  

Seegene, Inc.

    2,986       50,153  

Shinhan Financial Group Co. Ltd.

    45,297       1,218,315  

Shinsegae, Inc.

    375       57,594  

SK Biopharmaceuticals Co. Ltd.*

    3,104       201,258  

SK Bioscience Co. Ltd.*

    2,782       154,491  

SK Chemicals Co. Ltd.

    193       9,185  

SK Hynix, Inc.

    53,116       4,894,669  

SK IE Technology Co. Ltd., 144A*

    2,795       190,950  

SK Innovation Co. Ltd.*

    2,396       321,763  

SK Square Co. Ltd.*

    10,250       349,745  

SK Telecom Co. Ltd.

    5,747       208,922  

SKC Co. Ltd.

    766       53,027  

Solus Advanced Materials Co. Ltd.

    1,344       33,250  

Soulbrain Co. Ltd.

    376       64,717  

SSANGYONG C&E Co. Ltd.

    5,733       23,856  

Studio Dragon Corp.*

    733       28,616  

Wemade Co. Ltd.

    2,333       63,720  

WONIK IPS Co. Ltd.

    2,298       53,636  

Woori Financial Group, Inc.

    62,551       563,633  

Yuhan Corp.

    3,365       185,339  
   

 

 

 

(Cost $67,801,736)

      55,407,881  
   

 

 

 
Taiwan — 18.7%            

Accton Technology Corp.

    40,554       608,695  

Acer, Inc.

    276,579       317,862  

Advantech Co. Ltd.

    26,008       280,934  

 

See Notes to Financial Statements.   31  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2023

 

   

Number
of Shares

   

Value

 
Taiwan (Continued)            

Airtac International Group

    9,969     $ 287,990  

Alchip Technologies Ltd.

    6,000       465,357  

ASE Technology Holding Co. Ltd.

    357,078       1,323,072  

Asia Cement Corp.

    134,498       168,511  

ASMedia Technology, Inc.

    2,611       80,593  

ASPEED Technology, Inc.

    3,000       254,345  

Asustek Computer, Inc.

    68,533       866,172  

AUO Corp.*

    566,444       316,603  

Catcher Technology Co. Ltd.

    25,107       142,302  

Cathay Financial Holding Co. Ltd.*

    1,228,261       1,758,708  

Chailease Holding Co. Ltd.

    152,044       847,434  

Chang Hwa Commercial Bank Ltd.

    602,952       327,542  

China Airlines Ltd.

    141,772       100,609  

China Development Financial Holding Corp.*

    1,625,524       604,853  

China Steel Corp.

    683,259       568,551  

Chroma ATE, Inc.

    23,496       206,581  

Chunghwa Telecom Co. Ltd.

    377,883       1,376,428  

Compal Electronics, Inc.

    367,992       368,610  

CTBC Financial Holding Co. Ltd.

    1,795,037       1,344,312  

Delta Electronics, Inc.

    190,634       2,071,165  

E Ink Holdings, Inc.

    73,000       418,335  

E.Sun Financial Holding Co. Ltd.

    1,392,090       1,068,771  

Eclat Textile Co. Ltd.

    23,253       371,651  

eMemory Technology, Inc.

    5,605       319,441  

Eva Airways Corp.

    142,224       140,677  

Evergreen Marine Corp. Taiwan Ltd.

    49,968       167,101  

Far Eastern New Century Corp.

    192,409       170,076  

Far EasTone Telecommunications Co. Ltd.

    163,364       362,159  

Feng TAY Enterprise Co. Ltd.

    47,998       253,204  

First Financial Holding Co. Ltd.

    1,072,561       885,760  

Formosa Chemicals & Fibre Corp.

    247,640       482,115  

Formosa Plastics Corp.

    315,624       787,908  

Formosa Sumco Technology Corp.

    6,070       27,447  

Formosa Taffeta Co. Ltd.

    36,000       28,826  

Foxconn Technology Co. Ltd.

    91,613       160,232  

Fubon Financial Holding Co. Ltd.

    796,698       1,591,069  

Giant Manufacturing Co. Ltd.

    17,709       108,990  

Global Unichip Corp.

    7,000       320,914  

Globalwafers Co. Ltd.

    12,663       182,510  

Highwealth Construction Corp.

    111,717       150,843  

Hiwin Technologies Corp.

    11,964       77,014  

Hon Hai Precision Industry Co. Ltd.

    1,158,938       3,875,682  

Hotai Motor Co. Ltd.

    20,001       426,442  

Hua Nan Financial Holdings Co. Ltd.

    1,002,480       645,309  

Innolux Corp.*

    117,571       53,347  

Inventec Corp.

    316,515       560,547  

Largan Precision Co. Ltd.

    5,568       358,419  

Lite-On Technology Corp.

    205,169       882,614  

Lotes Co. Ltd.

    8,155       221,502  

Macronix International Co. Ltd.

    88,937       94,113  

MediaTek, Inc.

    88,881       1,967,598  

Mega Financial Holding Co. Ltd.

    1,076,533       1,213,557  

Merida Industry Co. Ltd.

    20,073       121,649  

Micro-Star International Co. Ltd.

    66,482       332,968  

momo.com, Inc.

    6,778       110,673  
   

Number
of Shares

   

Value

 
Taiwan (Continued)            

Nan Ya Plastics Corp.

    323,138     $ 670,699  

Nan Ya Printed Circuit Board Corp.

    14,944       113,324  

Nanya Technology Corp.

    116,457       243,544  

Nien Made Enterprise Co. Ltd.

    9,562       89,776  

Novatek Microelectronics Corp.

    57,386       719,882  

Oneness Biotech Co. Ltd.

    26,849       167,350  

Pegatron Corp.

    174,548       427,511  

PharmaEssentia Corp.*

    19,000       213,289  

Phison Electronics Corp.

    10,051       133,660  

Polaris Group*

    27,000       73,251  

Pou Chen Corp.

    215,283       193,337  

Powerchip Semiconductor Manufacturing Corp.

    242,897       212,415  

Powertech Technology, Inc.

    68,856       215,564  

Quanta Computer, Inc.

    228,331       1,817,528  

Realtek Semiconductor Corp.

    26,578       348,849  

Ruentex Development Co. Ltd.*

    77,613       89,807  

Ruentex Industries Ltd.*

    46,838       91,627  

Shanghai Commercial & Savings Bank Ltd.

    372,996       498,944  

Shin Kong Financial Holding Co. Ltd.*

    1,349,777       401,375  

Silicon Motion Technology Corp., ADR*

    2,459       133,548  

Sino-American Silicon Products, Inc.

    30,611       150,429  

SinoPac Financial Holdings Co. Ltd.

    1,081,056       580,474  

Synnex Technology International Corp.

    68,635       131,682  

TA Chen Stainless Pipe

    140,400       160,034  

Taishin Financial Holding Co. Ltd.

    1,157,137       646,760  

Taiwan Business Bank

    636,602       266,862  

Taiwan Cement Corp.

    189,828       208,327  

Taiwan Cooperative Financial Holding Co. Ltd.

    610,147       502,924  

Taiwan Fertilizer Co. Ltd.

    33,080       61,908  

Taiwan High Speed Rail Corp.

    229,877       214,744  

Taiwan Mobile Co. Ltd.

    207,984       608,673  

Taiwan Semiconductor Manufacturing Co. Ltd.

    2,362,032       40,718,935  

Tatung Co. Ltd.*

    123,942       196,928  

Teco Electric and Machinery Co. Ltd.

    4,051       6,347  

Tripod Technology Corp.

    25,616       152,024  

Unimicron Technology Corp.

    103,796       604,593  

Uni-President Enterprises Corp.

    272,953       605,962  

United Microelectronics Corp.

    1,139,385       1,627,872  

Vanguard International Semiconductor Corp.

    90,426       193,933  

VisEra Technologies Co. Ltd.

    10,000       66,726  

Voltronic Power Technology Corp.

    5,343       243,272  

Walsin Lihwa Corp.

    624       745  

Walsin Technology Corp.

    18,937       58,631  

Wan Hai Lines Ltd.

    94,509       134,434  

Win Semiconductors Corp.

    37,837       161,582  

Winbond Electronics Corp.*

    154,514       127,846  

Wistron Corp.

    257,505       946,041  

Wiwynn Corp.

    7,697       377,037  

WPG Holdings Ltd.

    87,190       150,306  

Yageo Corp.

    23,754       361,757  

Yang Ming Marine Transport Corp.

    102,850       136,449  

Yuanta Financial Holding Co. Ltd.

    1,105,657       847,127  

 

See Notes to Financial Statements.   32  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2023

 

   

Number
of Shares

   

Value

 
Taiwan (Continued)            

Yulon Finance Corp.

    32,000     $ 178,858  

Yulon Motor Co. Ltd.

    22,176       58,075  

Zhen Ding Technology Holding Ltd.

    63,962       194,217  
   

 

 

 

(Cost $105,139,297)

      92,164,486  
   

 

 

 
Thailand — 1.9%            

Advanced Info Service PCL, NVDR

    114,300       705,042  

Airports of Thailand PCL, NVDR*

    263,600       545,756  

Asset World Corp. PCL, NVDR

    820,500       102,160  

Bangkok Bank PCL

    54,500       263,804  

Bangkok Bank PCL, NVDR

    53,000       256,543  

Bangkok Commercial Asset Management PCL, NVDR

    197,200       67,014  

Bangkok Dusit Medical Services PCL, NVDR

    387,100       309,525  

Bangkok Expressway & Metro PCL

    161,300       39,844  

Bangkok Expressway & Metro PCL, NVDR

    732,600       180,966  

Bangkok Life Assurance PCL, NVDR

    43,400       30,365  

Berli Jucker PCL, NVDR

    59,900       57,732  

BTS Group Holdings PCL, NVDR

    874,300       183,511  

Bumrungrad Hospital PCL, NVDR

    36,800       272,184  

Carabao Group PCL, NVDR

    36,700       90,132  

Central Pattana PCL, NVDR

    107,100       210,270  

Central Retail Corp. PCL

    75,100       88,466  

Central Retail Corp. PCL, NVDR

    183,800       216,513  

Charoen Pokphand Foods PCL, NVDR

    222,300       131,409  

Com7 PCL, NVDR

    98,600       90,807  

CP ALL PCL, NVDR

    541,600       1,009,193  

CP Axtra PCL

    19,600       20,290  

CP Axtra PCL, NVDR

    126,200       130,642  

Delta Electronics Thailand PCL, NVDR

    41,000       127,036  

Energy Absolute PCL, NVDR

    182,400       329,458  

Home Product Center PCL, NVDR

    322,000       125,977  

Indorama Ventures PCL, NVDR

    19,800       16,397  

Intouch Holdings PCL, Class F

    3,400       7,064  

Intouch Holdings PCL, NVDR

    83,400       173,266  

JMT Network Services PCL, NVDR

    64,700       85,916  

Kasikornbank PCL, NVDR

    152,900       569,814  

KCE Electronics PCL, NVDR

    48,800       71,073  

Krung Thai Bank PCL, NVDR

    489,900       270,010  

Krungthai Card PCL

    59,000       81,716  

Krungthai Card PCL, NVDR

    37,100       51,384  

Land & Houses PCL, NVDR

    387,400       91,823  

Minor International PCL, NVDR

    197,083       187,135  

Muangthai Capital PCL

    600       698  

Muangthai Capital PCL, NVDR

    65,400       76,106  

Ngern Tid Lor PCL, NVDR

    145,700       98,194  

Osotspa PCL, NVDR

    110,300       94,496  

PSG Corp. PCL, NVDR*

    790,200       22,566  

PTT Global Chemical PCL, NVDR

    41,000       43,614  

SCB X PCL, NVDR

    115,700       389,879  

SCG Packaging PCL

    38,700       45,312  

SCG Packaging PCL, NVDR

    58,900       68,963  

Siam Cement PCL, NVDR

    17,700       158,209  

Siam Global House PCL, NVDR

    113,659       61,021  

Srisawad Corp. PCL, NVDR

    71,100       103,551  
   

Number
of Shares

   

Value

 
Thailand (Continued)            

Thai Beverage PCL

    557,200     $ 235,175  

Thai Life Insurance PCL

    182,600       61,532  

Thai Life Insurance PCL, NVDR

    168,700       56,848  

Thai Union Group PCL, NVDR

    93,200       38,060  

Thonburi Healthcare Group PCL, NVDR

    28,300       52,935  

Tisco Financial Group PCL, NVDR

    49,900       146,775  

TMBThanachart Bank PCL, NVDR

    4,502,677       219,878  

TOA Paint Thailand PCL

    58,500       44,271  

True Corp. PCL, NVDR.

    1,222,469       240,881  

VGI PCL, NVDR

    835,300       70,607  
   

 

 

 

(Cost $9,930,810)

      9,519,808  
   

 

 

 
Turkey — 0.9%            

Akbank TAS

    326,899       352,926  

Aksa Akrilik Kimya Sanayii AS

    5,766       17,358  

Arcelik AS*

    3,371       20,587  

Aselsan Elektronik Sanayi Ve Ticaret AS

    70,792       102,294  

Aydem Yenilenebilir Enerji AS*

    38,869       26,902  

Bera Holding AS*

    62,280       31,517  

BIM Birlesik Magazalar AS

    43,415       410,738  

Borusan Mannesmann Boru Sanayi VE Ticaret AS*

    3       86  

Borusan Yatirim ve Pazarlama AS

    580       43,452  

Celebi Hava Servisi AS

    820       26,746  

Coca-Cola Icecek AS

    4,088       60,283  

Deva Holding AS

    11,651       39,204  

Dogus Otomotiv Servis Ve Ticaret AS

    3,848       41,197  

Eczacibasi Yatirim Holding Ortakligi AS

    3,197       25,905  

Ege Endustri Ve Ticaret AS

    106       28,590  

Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS

    16,850       31,731  

Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT

    132,971       42,848  

Eregli Demir Ve Celik Fabrikalari TAS*

    37,603       60,684  

Ford Otomotiv Sanayi AS

    85       2,751  

GEN Ilac Ve Saglik Urunleri Sanayi Ve Ticaret AS

    10,054       24,515  

Girisim Elektrik Taahhut Ticaret VE Sanayi AS*

    10,454       36,392  

Gubre Fabrikalari TAS*

    4,243       56,854  

Haci Omer Sabanci Holding AS

    53,009       118,913  

Hektas Ticaret TAS*

    81,446       78,398  

Is Gayrimenkul Yatirim Ortakligi AS REIT*

    53,629       38,324  

Is Yatirim Menkul Degerler AS

    55,242       88,114  

Kardemir Karabuk Demir Celik Sanayi Ve Ticaret AS, Class D

    14,695       13,781  

Kiler Holding AS*

    49,761       41,664  

KOC Holding AS

    42,565       226,417  

Kontrolmatik Enerji Ve Muhendislik AS

    1,486       15,330  

Koza Altin Isletmeleri AS

    82,887       88,491  

Koza Anadolu Metal Madencilik Isletmeleri AS*

    739       1,817  

Logo Yazilim Sanayi Ve Ticaret AS

    8,139       22,639  

Migros Ticaret AS

    553       7,196  

MLP Saglik Hizmetleri AS, 144A*

    8,586       40,905  

Pegasus Hava Tasimaciligi AS*

    3,558       116,773  

 

See Notes to Financial Statements.   33  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2023

 

   

Number
of Shares

   

Value

 
Turkey (Continued)            

Penta Teknoloji Urunleri Dagitim Ticaret AS*

    11,533     $ 9,985  

Petkim Petrokimya Holding AS*

    68,019       52,154  

Qua Granite Hayal*

    91,098       23,751  

Sarkuysan Elektrolitik Bakir Sanayi Ve Ticaret AS

    36,426       51,488  

Sasa Polyester Sanayi AS*

    99,158       196,214  

Selcuk Ecza Deposu Ticaret Ve Sanayi A.S.

    11,953       26,500  

Smart Gunes Enerjisi Teknolojileri ArGe Uretim Sanayi VE Ticaret AS*

    13,371       38,020  

Sok Marketler Ticaret AS

    19,937       46,482  

Tekfen Holding AS

    1,372       2,455  

Tofas Turk Otomobil Fabrikasi AS

    4,353       44,073  

Torunlar Gayrimenkul Yatirim Ortakligi AS REIT

    28,744       27,496  

Turk Hava Yollari AO*

    39,529       363,297  

Turk Telekomunikasyon AS*

    59,507       57,325  

Turkcell Iletisim Hizmetleri AS*

    126,936       265,704  

Turkiye Halk Bankasi AS*

    87,240       43,657  

Turkiye Is Bankasi AS, Class C

    361,847       285,866  

Turkiye Sigorta AS*

    43,289       43,845  

Turkiye Sinai Kalkinma Bankasi AS*

    137,997       36,806  

Turkiye Sise Ve Cam Fabrikalari AS

    56,338       108,312  

Turkiye Vakiflar Bankasi TAO, Class D*

    138,579       70,596  

Ulker Biskuvi Sanayi AS*

    9,264       21,199  

Verusa Holding AS

    4,170       26,045  

Vestel Elektronik Sanayi Ve Ticaret AS*

    8,501       21,940  

Yapi Ve Kredi Bankasi AS

    153,741       91,699  
   

 

 

 

(Cost $2,828,130)

      4,337,231  
   

 

 

 
United Arab Emirates — 2.2%            

Abu Dhabi Commercial Bank PJSC

    300,820       706,790  

Abu Dhabi Islamic Bank PJSC

    116,182       329,594  

Aldar Properties PJSC

    233,601       334,529  

Alpha Dhabi Holding PJSC*

    115,151       630,140  

Borouge PLC

    251,187       186,695  

Dubai Islamic Bank PJSC

    175,980       270,219  

Emaar Properties PJSC

    368,451       708,203  

Emirates NBD Bank PJSC

    243,752       1,085,023  

Emirates Telecommunications Group Co. PJSC

    345,423       1,865,804  

First Abu Dhabi Bank PJSC

    439,904       1,638,390  

International Holding Co. PJSC*

    28,293       3,150,471  
   

 

 

 

(Cost $9,401,799)

      10,905,858  
   

 

 

 
United States — 0.2%            

BeiGene Ltd., ADR *

    3,256       675,783  

Parade Technologies Ltd.

    6,000       169,186  
   

 

 

 

(Cost $911,422)

      844,969  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $568,464,823)

      480,823,788  
   

 

 

 
   

Number
of Shares

   

Value

 
PREFERRED STOCKS — 1.8%    
Brazil — 1.1%            

Banco Bradesco SA

    522,652     $ 1,578,212  

Centrais Eletricas Brasileiras SA, Class B

    21,867       171,104  

Cia Energetica de Minas Gerais

    127,748       318,147  

Gerdau SA

    51,509       268,940  

Itau Unibanco Holding SA

    477,405       2,644,991  

Itausa SA

    297,849       555,878  
   

 

 

 

(Cost $5,349,183)

      5,537,272  
   

 

 

 
Chile — 0.1%            

Sociedad Quimica y Minera de Chile SA, Class B
(Cost $430,453)

    8,340       514,040  
   

 

 

 
Colombia — 0.1%            

Bancolombia SA
(Cost $357,244)

    44,019       292,349  
   

 

 

 
Russia — 0.0%            

Sberbank of Russia PJSC *(a)
(Cost $275,893)

    71,636       0  
   

 

 

 
South Korea — 0.5%            

Hyundai Motor Co.

    1,139       87,725  

Hyundai Motor Co. — 2nd Preferred

    1,914       150,745  

LG Chem Ltd.

    521       134,611  

Samsung Electronics Co. Ltd.

    48,828       1,994,864  

Samsung SDI Co. Ltd.

    188       42,671  
   

 

 

 

(Cost $3,319,936)

      2,410,616  
   

 

 

 

TOTAL PREFERRED STOCKS
(Cost $9,732,709)

      8,754,277  
   

 

 

 
   

Principal
Amount

       
CORPORATE BONDS — 0.0%    
India — 0.0%            

Britannia Industries Ltd. Series N3, 5.50%, 6/3/24
(Cost $0)

  INR 2,494       30  
   

 

 

 
   

Number
of Shares

       
RIGHTS — 0.0%    
Brazil — 0.0%            

Itausa SA* , expires 10/6/23
(Cost $0)

    4,142       2,317  
   

 

 

 
South Korea — 0.0%            

SK Innovation Co. Ltd.* , expires 9/26/23
(Cost $0)

    177       5,069  
   

 

 

 

TOTAL RIGHTS
(Cost $0)

      7,386  
   

 

 

 

 

See Notes to Financial Statements.   34  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2023

 

   

Number
of Shares

   

Value

 
WARRANTS — 0.0%    
Switzerland — 0.0%            

Cie Financiere Richemont SA*, expires 11/22/23
(Cost $0)

    746     $ 714  
   

 

 

 
Thailand — 0.0%            

BTS Group Holdings PCL*, expires 11/7/24

    400       1  

BTS Group Holdings PCL*, expires 11/20/26

    800       4  
   

 

 

 

(Cost $0)

      5  
   

 

 

 

TOTAL WARRANTS
(Cost $0)

      719  
   

 

 

 
   

Number
of Shares

   

Value

 
CASH EQUIVALENTS — 0.3%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $1,488,084)

    1,488,084     $ 1,488,084  
   

 

 

 

TOTAL INVESTMENTS — 99.8%

   

(Cost $579,685,616)

    $ 491,074,284  

Other assets and liabilities, net — 0.2%

      1,170,552  
   

 

 

 

NET ASSETS — 100.0%

    $ 492,244,836  
   

 

 

 

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:

 

     Value ($) at
8/31/2022
     Purchases
Cost ($)
     Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
8/31/2023
     Value ($) at
8/31/2023
 

SECURITIES LENDING COLLATERAL0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)

 

     1,366,731         —        (1,366,731 )(d)       —         —        64,464         —         —         —  

CASH EQUIVALENTS0.3%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)

 

     1,859,521        20,144,248        (20,515,685      —         —        56,357         —        1,488,084        1,488,084  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      3,226,252         20,144,248         (21,882,416      —         —         120,821         —         1,488,084         1,488,084  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

Investment was valued using significant unobservable inputs.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

 

ADR:   American Depositary Receipt
CPO:   Ordinary Participation Certificates
GDR:   Global Depositary Receipt
JSC:   Joint Stock Company
KSC:   Kuwait Shareholding Company
KSCP:   Kuwait Shareholding Company Public
NVDR:   Non Voting Depositary Receipt
PJSC:   Public Joint Stock Company
PSQC:   Public Shareholders Qatari Company
QPSC:   Qatari Public Shareholders Company
QSC:   Qatari Shareholders Company
REIT:   Real Estate Investment Trust
SAE:   Societe Anonyme Egyptienne
SAQ:   Societe Anonyme Qatar
144A:   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Securities are listed in country of domicile.

 

See Notes to Financial Statements.   35  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2023

 

At August 31, 2023, open futures contracts purchased were as follows: 

 

Contract Description

   Currency    Number of
Contracts
   Notional
Amount
     Contract
Value
     Expiration
Date
   Unrealized
Depreciation
 

MSCI Emerging Markets Index Future

   USD    58    $ 2,882,958      $ 2,839,970      9/15/2023    $ (42,988

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Currency Abbreviations

 

INR   Indian Rupee
USD   U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1      Level 2        Level 3        Total  

Common Stocks (a)

     $ 480,756,520      $  —        $ 67,268        $ 480,823,788  

Preferred Stocks (a)

       8,754,277                 0          8,754,277  

Corporate Bonds

              30                   30  

Rights (a)

       7,386                          7,386  

Warrants (a)

       719                          719  

Short-Term Investments (a)

       1,488,084                          1,488,084  
    

 

 

    

 

 

      

 

 

      

 

 

 

TOTAL

     $ 491,006,986      $ 30        $ 67,268        $ 491,074,284  
    

 

 

    

 

 

      

 

 

      

 

 

 

Liabilities

     Level 1      Level 2        Level 3        Total  

Derivatives (b)

                 

Futures Contracts

     $ (42,988    $        $        $ (42,988
    

 

 

    

 

 

      

 

 

      

 

 

 

TOTAL

     $ (42,988    $        $        $ (42,988
    

 

 

    

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

During the year ended August 31, 2023, the amount of transfers from Level 1 to Level 3 was $ 64,340. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

 

See Notes to Financial Statements.   36  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE ESG Leaders Equity ETF

August 31, 2023

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.2%    
Australia — 6.1%            

ANZ Group Holdings Ltd.

    16,955     $ 278,146  

APA Group (a)

    6,625       38,573  

Aristocrat Leisure Ltd.

    3,353       88,817  

ASX Ltd.

    1,078       40,207  

Aurizon Holdings Ltd.

    10,168       24,036  

BlueScope Steel Ltd.

    2,614       35,569  

Brambles Ltd.

    7,854       76,147  

Cochlear Ltd.

    371       65,233  

Coles Group Ltd.

    7,666       80,779  

Computershare Ltd.

    3,180       51,859  

Dexus REIT

    6,181       31,024  

EBOS Group Ltd.

    858       19,389  

Endeavour Group Ltd.

    8,246       29,373  

Fortescue Metals Group Ltd.

    9,570       132,823  

Goodman Group REIT

    9,422       142,546  

GPT Group REIT

    10,254       27,892  

IDP Education Ltd.

    1,463       23,337  

IGO Ltd.

    3,838       34,601  

Lendlease Corp. Ltd. (a)

    3,662       18,523  

Macquarie Group Ltd.

    2,030       233,404  

Mineral Resources Ltd.

    978       45,307  

Mirvac Group REIT

    21,343       33,451  

Newcrest Mining Ltd.

    5,077       85,590  

Northern Star Resources Ltd.

    6,539       50,439  

Orica Ltd.

    2,515       25,589  

Pilbara Minerals Ltd.

    15,208       45,997  

QBE Insurance Group Ltd.

    8,449       81,971  

Ramsay Health Care Ltd.

    1,015       33,821  

REA Group Ltd.

    305       32,609  

Scentre Group REIT

    28,190       50,208  

SEEK Ltd.

    1,985       29,710  

Sonic Healthcare Ltd.

    2,522       52,529  

Stockland REIT

    14,078       38,659  

Suncorp Group Ltd.

    7,184       63,417  

Telstra Group Ltd.

    22,935       59,564  

Transurban Group (a)

    16,851       144,714  

Vicinity Ltd. REIT

    20,849       25,250  

Woodside Energy Group Ltd.

    10,568       253,379  
   

 

 

 

(Cost $2,650,735)

      2,624,482  
   

 

 

 
Austria — 0.2%            

OMV AG

    838       38,900  

Verbund AG

    395       32,411  
   

 

 

 

(Cost $77,744)

      71,311  
   

 

 

 
Belgium — 0.3%            

KBC Group NV

    1,410       92,678  

Umicore SA

    1,193       31,684  
   

 

 

 

(Cost $147,018)

      124,362  
   

 

 

 
Chile — 0.1%            

Antofagasta PLC
(Cost $42,770)

    2,163       39,687  
   

 

 

 
Denmark — 5.9%            

A.P. Moller — Maersk A/S, Class A

    19       34,088  

A.P. Moller — Maersk A/S, Class B

    28       50,989  
   

Number
of Shares

   

Value

 
Denmark (Continued)            

Chr Hansen Holding A/S

    593     $ 38,808  

Coloplast A/S, Class B

    668       76,382  

DSV A/S

    1,029       195,927  

Genmab A/S*

    370       142,247  

Novo Nordisk A/S, Class B

    9,208       1,708,326  

Novozymes A/S, Class B

    1,155       50,207  

Orsted AS, 144A

    1,073       69,143  

Pandora A/S

    461       47,920  

ROCKWOOL A/S, Class B

    53       13,572  

Vestas Wind Systems A/S*

    5,703       132,033  
   

 

 

 

(Cost $1,818,631)

      2,559,642  
   

 

 

 
Finland — 1.6%            

Elisa OYJ

    762       37,440  

Kesko OYJ, Class B

    1,574       30,784  

Metso Corp.

    3,692       42,576  

Neste OYJ

    2,391       87,662  

Nokia OYJ

    30,437       121,799  

Nordea Bank Abp

    18,430       202,277  

Stora Enso OYJ, Class R

    3,208       40,929  

UPM-Kymmene OYJ

    2,996       102,819  

Wartsila OYJ Abp

    2,709       34,474  
   

 

 

 

(Cost $731,911)

      700,760  
   

 

 

 
France — 13.2%            

Aeroports de Paris

    164       21,645  

AXA SA

    10,315       310,952  

BNP Paribas SA

    5,937       384,755  

Bouygues SA

    1,114       38,570  

Carrefour SA

    3,344       64,132  

Cie Generale des Etablissements Michelin SCA

    3,821       119,893  

Credit Agricole SA

    6,736       85,216  

Danone SA

    3,607       210,737  

Dassault Systemes SE

    3,771       149,839  

Eiffage SA

    389       38,555  

Gecina SA REIT

    257       27,573  

Getlink SE

    1,988       33,347  

Hermes International SCA

    178       367,220  

Kering SA

    419       224,743  

Klepierre SA REIT

    1,250       33,103  

L’Oreal SA

    1,359       598,551  

LVMH Moet Hennessy Louis Vuitton SE

    1,557       1,321,832  

Orange SA

    10,359       116,456  

Schneider Electric SE

    3,069       528,221  

Societe Generale SA

    4,082       116,143  

Teleperformance SE

    332       46,069  

TotalEnergies SE

    12,728       802,199  

Valeo SE

    1,159       22,643  

Worldline SA, 144A*

    1,338       43,682  
   

 

 

 

(Cost $5,325,686)

      5,706,076  
   

 

 

 
Germany — 4.8%            

adidas AG

    918       183,747  

Bayerische Motoren Werke AG

    1,698       179,077  

Beiersdorf AG

    559       73,291  

Brenntag SE

    868       70,411  

 

See Notes to Financial Statements.   37  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Germany (Continued)            

Commerzbank AG

    6,017     $ 66,285  

Covestro AG, 144A*

    1,099       58,531  

Deutsche Boerse AG

    1,071       190,461  

Deutsche Lufthansa AG*

    3,399       30,424  

DHL Group

    5,546       259,344  

Evonik Industries AG

    1,187       22,810  

GEA Group AG

    841       33,225  

Heidelberg Materials AG

    829       66,834  

HelloFresh SE*

    933       30,197  

Henkel AG & Co. KGaA

    586       40,565  

Knorr-Bremse AG

    401       27,463  

LEG Immobilien SE*

    416       30,070  

Merck KGaA

    729       131,343  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    772       300,132  

Puma SE

    601       40,442  

Symrise AG

    750       78,275  

Telefonica Deutschland Holding AG

    4,911       9,349  

Vonovia SE

    4,150       99,588  

Zalando SE, 144A*

    1,270       39,601  
   

 

 

 

(Cost $2,001,212)

      2,061,465  
   

 

 

 
Hong Kong — 2.5%            

AIA Group Ltd.

    64,967       589,875  

BOC Hong Kong Holdings Ltd.

    20,863       57,999  

Hang Seng Bank Ltd.

    4,281       54,592  

HKT Trust & HKT Ltd. (a)

    20,672       22,038  

Hong Kong & China Gas Co. Ltd.

    63,476       46,706  

MTR Corp. Ltd.

    8,940       37,337  

Prudential PLC

    15,118       185,093  

Sino Land Co. Ltd.

    18,803       21,556  

Swire Pacific Ltd., Class A

    2,163       17,846  

Swire Properties Ltd.

    5,685       11,890  

WH Group Ltd., 144A

    47,870       24,662  
   

 

 

 

(Cost $1,258,844)

      1,069,594  
   

 

 

 
Ireland — 1.3%            

CRH PLC

    4,068       234,536  

DCC PLC

    539       29,553  

James Hardie Industries PLC CDI*

    2,513       75,730  

Kerry Group PLC, Class A

    902       84,330  

Kingspan Group PLC

    871       73,812  

Smurfit Kappa Group PLC

    1,450       61,030  
   

 

 

 

(Cost $500,645)

      558,991  
   

 

 

 
Israel — 0.1%            

Bank Leumi Le-Israel BM
(Cost $69,276)

    8,621       67,115  
   

 

 

 
Italy — 1.8%            

Assicurazioni Generali SpA

    5,735       119,074  

Enel SpA

    45,142       304,258  

FinecoBank Banca Fineco SpA

    3,438       47,240  

Mediobanca Banca di Credito Finanziario SpA

    3,075       40,283  

Moncler SpA

    1,111       75,533  

Nexi SpA, 144A*

    3,297       23,732  

Poste Italiane SpA, 144A

    2,990       33,280  
   

Number
of Shares

   

Value

 
Italy (Continued)            

Prysmian SpA

    1,434     $ 58,816  

Terna—Rete Elettrica Nazionale

    7,996       66,130  
   

 

 

 

(Cost $757,964)

      768,346  
   

 

 

 
Japan — 24.6%            

Advantest Corp.

    1,100       138,345  

Aeon Co. Ltd.

    3,700       76,727  

Ajinomoto Co., Inc.

    2,600       110,243  

ANA Holdings, Inc.*

    800       18,079  

Asahi Kasei Corp.

    7,000       45,283  

Astellas Pharma, Inc.

    10,100       153,632  

Azbil Corp.

    600       20,030  

Bridgestone Corp.

    3,200       124,430  

Brother Industries Ltd.

    1,400       23,738  

Dai Nippon Printing Co. Ltd.

    1,165       31,873  

Daifuku Co. Ltd.

    1,748       32,340  

Daiichi Sankyo Co. Ltd.

    10,300       304,150  

Daikin Industries Ltd.

    1,471       254,875  

Daiwa House Industry Co. Ltd.

    3,300       91,757  

Daiwa Securities Group, Inc.

    7,600       43,276  

Eisai Co. Ltd.

    1,408       89,537  

FANUC Corp.

    5,425       154,755  

Fast Retailing Co. Ltd.

    992       228,129  

Fuji Electric Co. Ltd.

    700       33,056  

FUJIFILM Holdings Corp.

    2,150       127,212  

Fujitsu Ltd.

    1,001       125,172  

Hankyu Hanshin Holdings, Inc.

    1,400       50,294  

Hirose Electric Co. Ltd.

    221       26,801  

Hitachi Construction Machinery Co. Ltd.

    600       18,715  

Hitachi Ltd.

    5,300       352,909  

Hoya Corp.

    2,049       227,370  

Hulic Co. Ltd.

    2,200       19,766  

Ibiden Co. Ltd.

    600       36,234  

Inpex Corp.

    5,500       76,879  

Isuzu Motors Ltd.

    3,200       41,103  

ITOCHU Corp.

    6,600       248,070  

Itochu Techno-Solutions Corp.

    500       14,854  

JFE Holdings, Inc.

    2,800       44,303  

JSR Corp.

    900       25,161  

Kao Corp.

    2,684       103,960  

KDDI Corp.

    8,302       246,634  

Keio Corp.

    539       18,660  

Kikkoman Corp.

    800       46,301  

Komatsu Ltd.

    5,300       151,080  

Kubota Corp.

    5,800       93,025  

Kurita Water Industries Ltd.

    500       19,518  

Kyowa Kirin Co. Ltd.

    1,600       29,349  

Lixil Corp.

    1,800       22,558  

Marubeni Corp.

    8,300       135,944  

MatsukiyoCocokara & Co.

    600       35,340  

Mazda Motor Corp.

    3,100       32,632  

McDonald’s Holdings Co. Japan Ltd.

    500       19,885  

MEIJI Holdings Co. Ltd.

    1,400       35,119  

Mitsubishi Chemical Group Corp.

    6,800       40,650  

Mitsubishi Estate Co. Ltd.

    6,300       80,597  

Mitsui Chemicals, Inc.

    900       24,456  

Mitsui Fudosan Co. Ltd.

    5,100       111,819  

 

See Notes to Financial Statements.   38  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Japan (Continued)            

Mizuho Financial Group, Inc.

    13,600     $ 225,133  

MS&AD Insurance Group Holdings, Inc.

    2,400       86,383  

NEC Corp.

    1,400       73,911  

Nintendo Co. Ltd.

    5,820       250,534  

NIPPON EXPRESS HOLDINGS, Inc.

    350       18,197  

Nippon Paint Holdings Co. Ltd.

    5,350       41,379  

Nippon Prologis REIT, Inc. REIT

    14       28,166  

Nissin Foods Holdings Co. Ltd.

    350       30,580  

Nitori Holdings Co. Ltd.

    442       50,459  

Nitto Denko Corp.

    750       51,254  

Nomura Holdings, Inc.

    16,600       64,332  

Nomura Real Estate Holdings, Inc.

    700       17,636  

Nomura Research Institute Ltd.

    2,200       63,241  

NTT Data Group Corp.

    3,400       45,797  

Omron Corp.

    913       44,137  

Ono Pharmaceutical Co. Ltd.

    2,200       41,730  

Open House Group Co. Ltd.

    400       13,534  

Oriental Land Co. Ltd.

    6,125       220,834  

ORIX Corp.

    6,600       123,309  

Osaka Gas Co. Ltd.

    2,200       35,210  

Pan Pacific International Holdings Corp.

    2,200       43,891  

Panasonic Holdings Corp.

    12,500       144,203  

Rakuten Group, Inc.

    8,500       33,180  

Recruit Holdings Co. Ltd.

    8,200       294,014  

Renesas Electronics Corp.*

    7,000       117,825  

Ricoh Co. Ltd.

    3,100       25,297  

SCSK Corp.

    800       13,881  

Secom Co. Ltd.

    1,200       84,033  

Seiko Epson Corp.

    1,700       26,653  

Sekisui Chemical Co. Ltd.

    2,100       32,253  

Sekisui House Ltd.

    3,500       71,414  

Seven & i Holdings Co. Ltd.

    4,200       172,547  

SG Holdings Co. Ltd.

    1,900       27,459  

Sharp Corp.*

    1,500       9,241  

Shimadzu Corp.

    1,340       39,449  

Shimizu Corp.

    3,000       20,188  

Shin-Etsu Chemical Co. Ltd.

    10,175       325,620  

Shionogi & Co. Ltd.

    1,400       61,708  

SoftBank Corp.

    16,100       184,682  

Sompo Holdings, Inc.

    1,640       71,498  

Sony Group Corp.

    7,083       590,878  

Sumitomo Chemical Co. Ltd.

    7,900       21,890  

Sumitomo Electric Industries Ltd.

    4,000       49,057  

Sumitomo Metal Mining Co. Ltd.

    1,453       45,112  

Sumitomo Mitsui Financial Group, Inc.

    7,153       328,256  

Sumitomo Mitsui Trust Holdings, Inc.

    1,900       71,140  

Suntory Beverage & Food Ltd.

    700       22,666  

Sysmex Corp.

    900       47,916  

T&D Holdings, Inc.

    2,800       44,495  

TDK Corp.

    2,225       81,215  

Terumo Corp.

    3,750       113,671  

TIS, Inc.

    1,400       33,051  

Tobu Railway Co. Ltd.

    1,000       27,427  

Tokio Marine Holdings, Inc.

    10,100       223,874  

Tokyo Electron Ltd.

    2,625       389,012  

Tokyo Gas Co. Ltd.

    2,300       53,351  

Tokyu Corp.

    3,100       39,191  
   

Number
of Shares

   

Value

 
Japan (Continued)            

Toray Industries, Inc.

    8,000     $ 43,197  

TOTO Ltd.

    700       19,209  

Unicharm Corp.

    2,300       91,820  

USS Co. Ltd.

    1,100       19,226  

West Japan Railway Co.

    1,150       49,796  

Yamaha Corp.

    719       22,219  

Yamaha Motor Co. Ltd.

    1,800       46,723  

Yamato Holdings Co. Ltd.

    1,700       31,954  

Yaskawa Electric Corp.

    1,372       53,915  

Yokogawa Electric Corp.

    1,279       25,376  

Z Holdings Corp.

    15,300       46,010  

ZOZO, Inc.

    900       17,986  
   

 

 

 

(Cost $10,179,965)

      10,631,050  
   

 

 

 
Luxembourg — 0.1%            

Tenaris SA
(Cost $33,102)

    2,647       42,404  
   

 

 

 
Netherlands — 6.4%            

Akzo Nobel NV

    970       79,001  

ASML Holding NV

    2,275       1,501,010  

ING Groep NV

    20,175       286,850  

JDE Peet’s NV

    716       19,956  

Koninklijke Ahold Delhaize NV

    5,525       180,946  

Koninklijke KPN NV

    18,081       63,327  

NN Group NV

    1,423       54,921  

Prosus NV*

    3,966       274,541  

Universal Music Group NV

    4,622       114,828  

Wolters Kluwer NV

    1,453       175,364  
   

 

 

 

(Cost $2,273,541)

      2,750,744  
   

 

 

 
New Zealand — 0.3%            

Mercury NZ Ltd.

    3,640       13,449  

Meridian Energy Ltd.

    6,932       22,145  

Spark New Zealand Ltd.

    10,388       31,391  

Xero Ltd.*

    798       64,655  
   

 

 

 

(Cost $133,449)

      131,640  
   

 

 

 
Norway — 1.2%            

Aker BP ASA

    1,770       48,023  

DNB Bank ASA

    5,061       100,201  

Equinor ASA

    5,167       159,423  

Gjensidige Forsikring ASA

    1,105       17,192  

Mowi ASA

    2,535       45,995  

Norsk Hydro ASA

    7,610       42,281  

Orkla ASA

    4,149       31,703  

Salmar ASA

    416       20,336  

Telenor ASA

    3,972       42,531  
   

 

 

 

(Cost $542,720)

      507,685  
   

 

 

 
Portugal — 0.2%            

Galp Energia SGPS SA

    2,777       38,293  

Jeronimo Martins SGPS SA

    1,638       41,779  
   

 

 

 

(Cost $67,845)

      80,072  
   

 

 

 
Singapore — 0.7%            

CapitaLand Integrated Commercial Trust REIT

    28,565       40,399  

CapitaLand Investment Ltd.

    14,600       35,027  

 

See Notes to Financial Statements.   39  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Singapore (Continued)            

City Developments Ltd.

    2,800     $ 13,850  

Keppel Corp. Ltd.

    8,400       43,166  

Singapore Exchange Ltd.

    4,900       34,941  

United Overseas Bank Ltd.

    7,100       149,518  
   

 

 

 

(Cost $313,410)

      316,901  
   

 

 

 
Spain — 1.8%            

ACS Actividades de Construccion y Servicios SA

    1,245       43,767  

Amadeus IT Group SA

    2,543       174,711  

Iberdrola SA

    34,406       409,275  

Naturgy Energy Group SA

    678       19,677  

Redeia Corp. SA

    2,259       36,789  

Repsol SA

    7,098       109,548  
   

 

 

 

(Cost $743,756)

      793,767  
   

 

 

 
Sweden — 2.9%            

Alfa Laval AB

    1,628       57,270  

Assa Abloy AB, Class B

    5,683       128,141  

Atlas Copco AB, Class A

    15,202       201,237  

Atlas Copco AB, Class B

    8,731       100,746  

Beijer Ref AB

    1,908       21,920  

Boliden AB

    1,537       40,924  

Epiroc AB, Class A

    3,712       71,393  

Epiroc AB, Class B

    2,195       36,002  

EQT AB

    2,004       40,410  

Essity AB, Class B

    3,455       80,681  

H & M Hennes & Mauritz AB, Class B

    3,724       56,959  

Holmen AB, Class B

    520       19,732  

Husqvarna AB, Class B

    2,294       19,798  

Nibe Industrier AB, Class B

    8,591       64,476  

Sandvik AB

    6,027       114,156  

SKF AB, Class B

    1,926       31,265  

Svenska Cellulosa AB SCA, Class B

    3,448       45,974  

Svenska Handelsbanken AB, Class A

    8,243       68,775  

Tele2 AB, Class B

    3,052       21,557  

Telia Co. AB

    13,937       28,142  
   

 

 

 

(Cost $1,335,164)

      1,249,558  
   

 

 

 
Switzerland — 9.5%            

ABB Ltd.

    9,097       346,989  

Baloise Holding AG

    264       41,307  

Banque Cantonale Vaudoise

    168       18,222  

Chocoladefabriken Lindt & Spruengli AG Participation Certificates

    11       131,639  

Clariant AG*

    1,187       19,809  

Coca-Cola HBC AG*

    1,263       36,457  

DSM-Firmenich AG

    1,072       99,072  

Geberit AG

    195       101,248  

Givaudan SA

    52       173,559  

Julius Baer Group Ltd.

    1,217       84,684  

Kuehne + Nagel International AG

    310       93,325  

Logitech International SA

    932       64,641  

Lonza Group AG

    415       229,712  

Novartis AG

    11,569       1,169,802  

SGS SA

    851       77,445  

SIG Group AG*

    1,737       45,782  

Sika AG

    837       237,288  
   

Number
of Shares

   

Value

 
Switzerland (Continued)            

Sonova Holding AG

    296     $ 78,319  

STMicroelectronics NV

    3,870       183,406  

Swiss Life Holding AG

    174       109,256  

Swiss Re AG

    1,710       166,305  

Swisscom AG

    146       88,931  

Temenos AG

    365       29,035  

VAT Group AG, 144A

    152       60,989  

Zurich Insurance Group AG

    852       400,317  
   

 

 

 

(Cost $3,899,693)

      4,087,539  
   

 

 

 
United Kingdom — 13.6%            

3i Group PLC

    5,460       137,923  

abrdn PLC

    11,376       23,799  

Admiral Group PLC

    1,193       37,642  

Anglo American PLC

    7,159       190,548  

Ashtead Group PLC

    2,473       173,104  

Associated British Foods PLC

    2,010       50,748  

AstraZeneca PLC

    8,753       1,182,562  

Auto Trader Group PLC, 144A

    5,079       39,027  

Barratt Developments PLC

    5,506       31,626  

Berkeley Group Holdings PLC

    616       31,699  

BT Group PLC

    39,371       57,672  

Burberry Group PLC

    2,150       59,500  

CNH Industrial NV

    5,787       80,270  

Coca-Cola Europacific Partners PLC

    1,159       74,303  

Croda International PLC

    787       55,068  

Endeavour Mining PLC

    1,001       20,460  

HSBC Holdings PLC

    111,533       824,090  

Informa PLC

    7,797       72,203  

Intertek Group PLC

    908       47,634  

J Sainsbury PLC

    9,385       32,121  

Johnson Matthey PLC

    1,074       22,183  

Kingfisher PLC

    10,755       31,890  

Legal & General Group PLC

    33,916       93,990  

Lloyds Banking Group PLC

    363,686       195,191  

Mondi PLC

    2,746       45,722  

National Grid PLC

    20,808       261,085  

Ocado Group PLC*

    3,467       38,291  

Phoenix Group Holdings PLC

    4,249       28,051  

Reckitt Benckiser Group PLC

    4,000       289,012  

RELX PLC

    10,536       344,181  

Sage Group PLC

    5,826       71,683  

Schroders PLC

    3,961       20,669  

Segro PLC REIT

    6,648       62,119  

Spirax-Sarco Engineering PLC

    412       52,911  

St James’s Place PLC

    3,021       33,871  

Taylor Wimpey PLC

    20,407       29,557  

Tesco PLC

    40,372       135,925  

Unilever PLC

    14,208       727,709  

Vodafone Group PLC

    129,657       120,280  

WPP PLC

    6,080       58,999  
   

 

 

 

(Cost $5,959,971)

      5,885,318  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $40,865,052)

      42,828,509  
   

 

 

 

 

See Notes to Financial Statements.   40  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
PREFERRED STOCKS — 0.3%    
Germany — 0.3%            

Bayerische Motoren Werke AG

    328     $ 31,594  

Henkel AG & Co. KGaA

    956       73,379  
   

 

 

 

(Cost $108,963)

      104,973  
   

 

 

 
WARRANTS — 0.0%    
Switzerland — 0.0%            

Cie Financiere Richemont SA*,
expires 11/22/23
(Cost $0)

    1,880       1,799  
   

 

 

 
   

Number
of Shares

   

Value

 
EXCHANGE-TRADED FUNDS — 0.1%            

iShares ESG Aware MSCI EAFE ETF
(Cost $42,061)

    600     $ 43,098  
   

 

 

 
CASH EQUIVALENTS — 0.0%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $11,252)

    11,252       11,252  
   

 

 

 

TOTAL INVESTMENTS — 99.6%
(Cost $41,027,328)

    $ 42,989,631  

Other assets and liabilities, net — 0.4%

      193,924  
   

 

 

 

NET ASSETS — 100.0%

    $ 43,183,555  
   

 

 

 

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:

 

   

Value ($) at
8/31/2022

   Purchases
Cost ($)
     Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
8/31/2023
     Value ($) at
8/31/2023
 

SECURITIES LENDING COLLATERAL0.0%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)

 

  
  112,126             (112,126 ) (d)                    5,064                       

CASH EQUIVALENTS0.0%

 

  

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)

 

  
  29,931      1,349,956        (1,368,635                   1,183               11,252        11,252  
 

 

  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   142,057       1,349,956         (1,480,761      —         —         6,247         —         11,252         11,252  
 

 

  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

Stapled Security—A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

 

CDI:   Chess Depositary Interests
REIT:   Real Estate Investment Trust
144A:   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Securities are listed in country of domicile.

At August 31, 2023, open futures contracts purchased were as follows: 

 

Contract Description

   Currency    Number of
Contracts
   Notional
Amount
     Contract
Value
     Expiration
Date
   Unrealized
Appreciation
(Depreciation)
 

EURO STOXX 50 Futures

   EUR    3    $ 141,506      $ 140,433      9/15/2023    $ (1,073

MINI TOPIX Index Futures

   JPY    4      61,303        64,031      9/07/2023      2,728  
                 

 

 

 

Total net unrealized appreciation

                  $ 1,655  
                 

 

 

 

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Currency Abbreviations

EUR   Euro
JPY   Japanese Yen

 

See Notes to Financial Statements.   41  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

August 31, 2023

 

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1      Level 2        Level 3        Total  

Common Stocks (a)

     $ 42,828,509      $        $        $ 42,828,509  

Preferred Stocks

       104,973                          104,973  

Warrants

       1,799                          1,799  

Exchange-Traded Funds

       43,098                          43,098  

Short-Term Investments (a)

       11,252                          11,252  

Derivatives (b)

                 

Futures Contracts

       2,728                          2,728  
    

 

 

    

 

 

      

 

 

      

 

 

 

TOTAL

     $ 42,992,359      $        $        $ 42,992,359  
    

 

 

    

 

 

      

 

 

      

 

 

 

Liabilities

     Level 1      Level 2        Level 3        Total  

Derivatives (b)

                 

Futures Contracts

     $ (1,073    $        $        $ (1,073
    

 

 

    

 

 

      

 

 

      

 

 

 

TOTAL

     $ (1,073    $        $        $ (1,073
    

 

 

    

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

 

See Notes to Financial Statements.   42  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

August 31, 2023

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 98.0%    
Brazil — 2.7%            

Atacadao SA

    4,126     $ 8,550  

Banco Santander Brasil SA

    2,487       13,618  

CCR SA

    7,060       17,768  

Cia de Saneamento Basico do Estado de Sao Paulo

    2,443       28,580  

Cia Siderurgica Nacional SA

    4,500       11,007  

Cosan SA

    8,349       29,545  

Energisa SA

    1,404       13,073  

Equatorial Energia SA

    7,217       46,151  

Hapvida Participacoes e Investimentos SA, 144A*

    34,150       29,384  

Klabin SA

    5,472       25,155  

Localiza Rent a Car SA

    6,219       79,450  

Lojas Renner SA

    6,576       21,292  

Natura & Co. Holding SA*

    6,237       19,123  

PRIO SA*

    5,193       48,689  

Raia Drogasil SA

    9,006       49,987  

Rede D’Or Sao Luiz SA, 144A

    4,083       23,636  

Rumo SA

    9,072       40,954  

Telefonica Brasil SA

    2,834       23,669  

TIM SA

    5,043       14,678  

TOTVS SA

    3,923       21,980  

Ultrapar Participacoes SA

    4,964       18,208  

WEG SA

    11,735       85,045  
   

 

 

 

(Cost $629,285)

      669,542  
   

 

 

 
Chile — 0.3%            

Cencosud SA

    8,783       18,711  

Empresas CMPC SA

    7,977       14,415  

Empresas Copec SA

    2,896       20,818  

Enel Americas SA*

    161,583       19,111  

Falabella SA

    5,724       14,033  
   

 

 

 

(Cost $90,423)

      87,088  
   

 

 

 
China — 29.7%            

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

    1,000       3,391  

3SBio, Inc., 144A*

    11,138       9,317  

AAC Technologies Holdings, Inc.

    4,879       9,457  

Agricultural Bank of China Ltd., Class A

    35,800       17,018  

Agricultural Bank of China Ltd., Class H

    202,144       69,343  

Air China Ltd., Class A*

    2,300       2,733  

Air China Ltd., Class H*

    13,956       10,340  

Alibaba Group Holding Ltd.*

    113,405       1,304,445  

Angel Yeast Co. Ltd., Class A

    200       911  

Anhui Conch Cement Co. Ltd., Class A

    1,700       5,998  

Anhui Conch Cement Co. Ltd., Class H

    7,471       20,769  

Anjoy Foods Group Co. Ltd., Class A

    100       1,793  

Baidu, Inc., Class A*

    15,534       276,142  

Beijing Capital International Airport Co. Ltd., Class H*

    12,614       6,611  

Beijing Easpring Material Technology Co. Ltd., Class A

    200       1,218  

Beijing Tongrentang Co. Ltd., Class A

    600       4,634  

BYD Co. Ltd., Class A

    777       26,624  

BYD Co. Ltd., Class H

    7,164       224,556  
   

Number
of Shares

   

Value

 
China (Continued)            

By-health Co. Ltd., Class A

    300     $ 797  

CECEP Solar Energy Co. Ltd., Class A

    1,600       1,326  

China Baoan Group Co. Ltd., Class A

    900       1,318  

China Communications Services Corp. Ltd., Class H

    16,044       7,222  

China Conch Venture Holdings Ltd.

    9,969       9,802  

China Construction Bank Corp., Class H

    665,772       356,584  

China Eastern Airlines Corp. Ltd., Class A*

    4,800       2,862  

China Feihe Ltd., 144A

    27,466       16,532  

China Jushi Co. Ltd., Class A

    1,828       3,506  

China Literature Ltd., 144A*

    2,801       11,252  

China Mengniu Dairy Co. Ltd.*

    22,102       74,409  

China Merchants Bank Co. Ltd., Class A

    8,134       35,258  

China Merchants Bank Co. Ltd., Class H

    27,268       107,796  

China Resources Pharmaceutical Group Ltd., 144A

    11,070       7,397  

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

    400       2,615  

China Southern Airlines Co. Ltd., Class A*

    3,674       3,190  

China Southern Airlines Co. Ltd., Class H*

    12,905       6,863  

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

    12,810       8,659  

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

    800       11,972  

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

    569       7,641  

China Vanke Co. Ltd., Class A

    4,385       8,218  

China Vanke Co. Ltd., Class H

    15,367       17,931  

CITIC Ltd.

    40,649       40,381  

CMOC Group Ltd., Class A

    8,624       6,789  

CMOC Group Ltd., Class H

    25,630       15,329  

Contemporary Amperex Technology Co. Ltd., Class A

    1,895       61,587  

COSCO SHIPPING Holdings Co. Ltd., Class A

    5,600       7,540  

COSCO SHIPPING Holdings Co. Ltd., Class H

    23,486       24,110  

Country Garden Services Holdings Co. Ltd.

    15,205       17,490  

CSPC Pharmaceutical Group Ltd.

    62,144       46,756  

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

    15,813       7,562  

East Buy Holding Ltd., 144A*

    2,796       14,173  

Ecovacs Robotics Co. Ltd., Class A

    200       1,457  

ENN Energy Holdings Ltd.

    5,489       43,048  

ENN Natural Gas Co. Ltd., Class A

    1,200       2,879  

Fosun International Ltd.

    19,653       12,305  

Ganfeng Lithium Group Co. Ltd., Class A

    664       4,325  

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

    2,798       13,380  

GEM Co. Ltd., Class A

    1,200       1,032  

Genscript Biotech Corp.*

    7,910       18,540  

Ginlong Technologies Co. Ltd., Class A

    200       2,062  

Goldwind Science & Technology Co. Ltd., Class A

    1,700       2,219  

Greentown China Holdings Ltd.

    6,985       8,302  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    300       1,274  

 

See Notes to Financial Statements.   43  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
China (Continued)            

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

    200     $ 1,639  

Haier Smart Home Co. Ltd., Class A

    2,700       8,721  

Haier Smart Home Co. Ltd., Class H

    16,975       52,494  

Haitian International Holdings Ltd.

    3,835       8,236  

Hangzhou Robam Appliances Co. Ltd., Class A

    400       1,511  

Hangzhou Tigermed Consulting Co. Ltd., Class A

    200       1,830  

Hansoh Pharmaceutical Group Co. Ltd., 144A

    7,839       10,196  

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

    1,642       6,060  

Huadong Medicine Co. Ltd., Class A

    600       3,132  

Huatai Securities Co. Ltd., Class A

    3,356       7,322  

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

    9,778       12,868  

Industrial & Commercial Bank of China Ltd., Class A

    26,500       16,821  

Industrial & Commercial Bank of China Ltd., Class H

    443,104       203,421  

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

    2,650       9,466  

JD Logistics, Inc., 144A*

    13,209       17,619  

JD.com, Inc., Class A

    16,175       265,673  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    1,600       2,530  

Jiangsu Expressway Co. Ltd., Class H

    7,064       6,378  

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A

    2,700       15,499  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    1,500       3,003  

Jiumaojiu International Holdings Ltd., 144A

    6,524       10,466  

Joincare Pharmaceutical Group Industry Co. Ltd., Class A

    800       1,253  

Jointown Pharmaceutical Group Co. Ltd., Class A

    1,192       1,692  

Kanzhun Ltd., ADR*

    1,249       18,485  

Kingdee International Software Group Co. Ltd.*

    19,946       30,828  

Kuaishou Technology, 144A*

    16,208       132,694  

Kuang-Chi Technologies Co. Ltd., Class A

    1,100       2,252  

Lenovo Group Ltd.

    50,276       56,868  

Li Auto, Inc., Class A*

    7,854       161,852  

Livzon Pharmaceutical Group, Inc., Class A

    300       1,418  

Longfor Group Holdings Ltd., 144A

    13,294       28,006  

Microport Scientific Corp.*

    4,949       8,469  

Ming Yang Smart Energy Group Ltd., Class A

    900       1,846  

MINISO Group Holding Ltd., ADR*

    657       17,016  

NetEase, Inc.

    13,319       278,210  

NIO, Inc., ADR*

    9,477       97,329  

Nongfu Spring Co. Ltd., Class H, 144A

    12,158       68,296  

Perfect World Co. Ltd., Class A

    1,000       1,900  

Pharmaron Beijing Co. Ltd., Class A

    750       3,071  

Ping An Healthcare and Technology Co. Ltd., 144A*

    4,153       10,359  
   

Number
of Shares

   

Value

 
China (Continued)            

Pop Mart International Group Ltd., 144A

    2,626     $ 8,539  

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

    12,284       8,202  

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

    55,065       27,175  

SF Holding Co. Ltd., Class A

    2,188       13,071  

Shandong Nanshan Aluminum Co. Ltd., Class A

    4,300       1,843  

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

    17,011       16,920  

Shanghai Electric Group Co. Ltd., Class A*

    4,200       2,579  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    826       3,170  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    3,817       8,985  

Shanghai M&G Stationery, Inc., Class A

    400       2,072  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    1,278       3,139  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    5,091       8,375  

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

    1,052       4,729  

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

    1,600       1,618  

Shenzhen Inovance Technology Co. Ltd., Class A

    624       5,854  

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

    548       20,328  

Sinopharm Group Co. Ltd., Class H

    9,458       27,439  

Sinotruk Hong Kong Ltd.

    4,708       8,729  

Skshu Paint Co. Ltd., Class A*

    196       2,029  

Sungrow Power Supply Co. Ltd., Class A

    670       9,182  

Sunwoda Electronic Co. Ltd., Class A

    800       1,741  

TCL Technology Group Corp., Class A*

    7,900       4,450  

Tencent Holdings Ltd.

    46,258       1,917,155  

Tianqi Lithium Corp., Class A

    600       4,746  

Titan Wind Energy Suzhou Co. Ltd., Class A*

    700       1,251  

Tongcheng Travel Holdings Ltd.*

    8,927       20,013  

Topchoice Medical Corp., Class A*

    100       1,282  

Uni-President China Holdings Ltd.

    9,964       7,370  

Vipshop Holdings Ltd., ADR*

    2,456       38,780  

Weichai Power Co. Ltd., Class A

    2,700       4,377  

Weichai Power Co. Ltd., Class H

    13,000       16,876  

WuXi AppTec Co. Ltd., Class A

    1,088       12,183  

WuXi AppTec Co. Ltd., Class H, 144A

    2,489       27,265  

Wuxi Biologics Cayman, Inc., 144A*

    26,349       148,348  

XPeng, Inc., Class A*

    7,134       66,912  

Yadea Group Holdings Ltd., 144A

    8,450       16,250  

Yihai International Holding Ltd.*

    3,141       5,888  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

    700       3,430  

Yum China Holdings, Inc.

    2,922       156,882  

Yunnan Baiyao Group Co. Ltd., Class A

    806       6,052  

Yunnan Energy New Material Co. Ltd., Class A

    358       3,265  

 

See Notes to Financial Statements.   44  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
China (Continued)            

Zai Lab Ltd., ADR*

    645     $ 16,428  

Zangge Mining Co. Ltd., Class A

    800       2,470  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    300       11,390  

Zhejiang Chint Electrics Co. Ltd., Class A

    912       3,105  

Zhejiang Expressway Co. Ltd., Class H

    8,654       6,467  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    699       3,832  

Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A

    300       1,120  

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

    800       2,221  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

    3,800       3,373  

ZTO Express Cayman, Inc., ADR

    2,954       74,264  
   

 

 

 

(Cost $9,010,646)

      7,410,883  
   

 

 

 
Colombia — 0.1%            

Bancolombia SA

    1,897       13,479  

Interconexion Electrica SA ESP

    2,679       9,799  
   

 

 

 

(Cost $33,177)

      23,278  
   

 

 

 
Czech Republic — 0.1%            

Komercni Banka AS

    454       14,199  

Moneta Money Bank AS, 144A

    2,257       8,416  
   

 

 

 

(Cost $22,282)

      22,615  
   

 

 

 
Egypt — 0.1%            

Commercial International Bank Egypt SAE
(Cost $26,611)

    17,245       31,811  
   

 

 

 
Greece — 0.5%            

Alpha Services and Holdings SA*

    14,485       24,470  

Eurobank Ergasias Services and Holdings SA*

    17,815       30,995  

Hellenic Telecommunications Organization SA

    1,363       20,415  

Motor Oil Hellas Corinth Refineries SA

    446       11,375  

Mytilineos SA

    739       30,030  
   

 

 

 

(Cost $76,367)

      117,285  
   

 

 

 
Hong Kong — 1.6%            

Alibaba Health Information Technology Ltd.*

    34,090       20,128  

Beijing Enterprises Water Group Ltd.

    28,772       6,641  

Bosideng International Holdings Ltd.

    26,391       10,365  

China Everbright Environment Group Ltd.

    21,059       7,680  

China Jinmao Holdings Group Ltd.

    40,771       5,771  

China Medical System Holdings Ltd.

    9,958       14,375  

China Overseas Land & Investment Ltd.

    26,559       56,019  

China Resources Cement Holdings Ltd.

    17,635       5,847  

China Resources Gas Group Ltd.

    6,347       17,847  

China Resources Land Ltd.

    22,268       94,135  

China Ruyi Holdings Ltd.*

    41,857       11,102  

Chow Tai Fook Jewellery Group Ltd.

    13,756       20,875  

Far East Horizon Ltd.

    10,270       7,020  

Geely Automobile Holdings Ltd.

    41,613       51,686  

Kunlun Energy Co. Ltd.

    26,615       19,482  

Shenzhen International Holdings Ltd.

    8,929       6,354  

Sino Biopharmaceutical Ltd.

    71,983       27,355  
   

Number
of Shares

   

Value

 
Hong Kong (Continued)            

Vinda International Holdings Ltd.

    2,496     $ 5,780  

Want Want China Holdings Ltd.

    32,681       21,630  
   

 

 

 

(Cost $538,743)

      410,092  
   

 

 

 
Hungary — 0.5%            

MOL Hungarian Oil & Gas PLC

    2,959       22,396  

OTP Bank Nyrt

    1,674       68,372  

Richter Gedeon Nyrt

    973       24,415  
   

 

 

 

(Cost $115,993)

      115,183  
   

 

 

 
India — 13.4%            

ABB India Ltd.

    366       19,371  

Adani Green Energy Ltd.*

    2,144       24,050  

Ashok Leyland Ltd.

    9,600       21,320  

Asian Paints Ltd.

    2,680       105,408  

Astral Ltd.

    795       18,765  

AU Small Finance Bank Ltd., 144A

    1,191       10,409  

Axis Bank Ltd.

    15,872       186,642  

Bajaj Finance Ltd.

    1,867       161,540  

Berger Paints India Ltd.

    1,796       15,590  

Bharti Airtel Ltd.

    15,526       160,612  

Britannia Industries Ltd.

    747       40,314  

Colgate-Palmolive India Ltd.

    919       21,558  

Cummins India Ltd.

    884       18,236  

Dabur India Ltd.

    4,232       28,274  

DLF Ltd.

    4,313       26,263  

Eicher Motors Ltd.

    942       37,966  

GAIL India Ltd.

    14,638       20,334  

Grasim Industries Ltd.

    1,865       40,346  

Havells India Ltd.

    1,700       28,432  

HCL Technologies Ltd.

    6,623       93,773  

Hero MotoCorp Ltd.

    824       29,023  

Hindalco Industries Ltd.

    8,530       47,381  

Hindustan Unilever Ltd.

    5,624       170,178  

ICICI Prudential Life Insurance Co. Ltd., 144A

    2,296       15,639  

Indian Hotels Co. Ltd.

    5,952       30,261  

Indraprastha Gas Ltd.

    2,296       12,971  

Info Edge India Ltd.

    483       25,271  

Infosys Ltd., ADR

    7,818       135,799  

Infosys Ltd.

    15,255       264,510  

Kotak Mahindra Bank Ltd.

    7,627       162,032  

Lupin Ltd.

    1,463       19,401  

Mahindra & Mahindra Ltd.

    6,405       121,885  

Marico Ltd.

    3,537       24,355  

Nestle India Ltd.

    238       63,208  

PI Industries Ltd.

    528       23,141  

Pidilite Industries Ltd.

    1,000       30,379  

Reliance Industries Ltd.

    21,133       614,439  

Shree Cement Ltd.

    63       18,113  

Shriram Finance Ltd.

    1,899       44,233  

Siemens Ltd.

    617       29,231  

Supreme Industries Ltd.

    429       23,100  

Tata Consultancy Services Ltd.

    6,303       255,573  

Torrent Pharmaceuticals Ltd.

    733       16,314  

TVS Motor Co. Ltd.

    1,672       28,677  

UPL Ltd.

    3,228       23,050  

Vedanta Ltd.

    5,089       14,280  

 

See Notes to Financial Statements.   45  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
India (Continued)            

Zomato Ltd.*

    29,494     $ 34,772  
   

 

 

 

(Cost $2,997,028)

      3,356,419  
   

 

 

 
Indonesia — 2.3%            

Aneka Tambang Tbk

    64,114       8,377  

PT Bank Central Asia Tbk

    381,796       230,005  

PT Bank Rakyat Indonesia Persero Tbk

    476,719       173,722  

PT Barito Pacific Tbk

    202,106       14,199  

PT Kalbe Farma Tbk

    142,363       16,966  

PT Merdeka Copper Gold Tbk*

    73,258       16,258  

PT Sarana Menara Nusantara Tbk

    140,658       9,513  

PT Telkom Indonesia Persero Tbk

    343,306       84,080  

PT Unilever Indonesia Tbk

    51,759       12,473  
   

 

 

 

(Cost $544,953)

      565,593  
   

 

 

 
Kazakhstan — 0.0%            

Polymetal International PLC* (a)
(Cost $40,174)

    2,070       0  
   

 

 

 
Kuwait — 0.5%            

Kuwait Finance House KSCP
(Cost $129,338)

    56,735       137,121  
   

 

 

 
Malaysia — 2.1%            

AMMB Holdings Bhd

    11,100       8,923  

Axiata Group Bhd

    20,983       10,672  

Celcomdigi Bhd

    24,900       23,505  

CIMB Group Holdings Bhd

    44,273       53,719  

Dialog Group Bhd

    22,400       9,897  

Gamuda Bhd

    12,688       12,305  

Hong Leong Financial Group Bhd

    1,600       6,283  

IHH Healthcare Bhd

    15,200       19,491  

Kuala Lumpur Kepong Bhd

    3,500       16,248  

Malayan Banking Bhd

    37,653       73,926  

Malaysia Airports Holdings Bhd

    4,428       7,033  

Maxis Bhd

    17,000       14,692  

MISC Bhd

    7,600       11,793  

MR DIY Group M Bhd, 144A

    23,100       7,717  

Nestle Malaysia Bhd

    500       14,062  

Petronas Chemicals Group Bhd

    18,300       28,081  

Petronas Dagangan Bhd

    1,900       9,091  

Petronas Gas Bhd

    5,300       19,555  

PPB Group Bhd

    4,700       15,923  

Press Metal Aluminium Holdings Bhd

    25,400       26,550  

Public Bank Bhd

    101,775       92,782  

QL Resources Bhd

    7,400       8,612  

RHB Bank Bhd

    11,057       13,368  

Sime Darby Bhd

    20,200       10,013  

Telekom Malaysia Bhd

    8,500       9,343  
   

 

 

 

(Cost $535,449)

      523,584  
   

 

 

 
Mexico — 2.8%            

America Movil SAB de CV, Series B

    130,929       124,848  

Arca Continental SAB de CV

    3,394       33,473  

Cemex SAB de CV, Series CPO*

    105,016       83,917  

Fomento Economico Mexicano SAB de CV

    13,587       154,035  

Gruma SAB de CV, Class B

    1,247       21,087  
   

Number
of Shares

   

Value

 
Mexico (Continued)            

Grupo Aeroportuario del Sureste SAB de CV, Class B

    1,277     $ 35,247  

Grupo Bimbo SAB de CV, Series A

    8,796       43,834  

Grupo Financiero Banorte SAB de CV, Class O

    18,139       155,636  

Grupo Televisa SAB, Series CPO

    17,939       16,125  

Industrias Penoles SAB de CV*

    1,366       19,572  

Orbia Advance Corp. SAB de CV

    7,389       16,660  
   

 

 

 

(Cost $580,469)

      704,434  
   

 

 

 
Netherlands — 0.1%            

NEPI Rockcastle NV
(Cost $22,962)

    3,448       20,639  
   

 

 

 
Peru — 0.3%            

Credicorp Ltd.
(Cost $64,240)

    466       65,906  
   

 

 

 
Philippines — 0.5%            

Ayala Corp.

    1,710       18,604  

JG Summit Holdings, Inc.

    17,770       11,471  

PLDT, Inc.

    515       10,460  

SM Investments Corp.

    1,632       24,010  

SM Prime Holdings, Inc.

    69,500       35,843  

Universal Robina Corp.

    6,530       12,882  
   

 

 

 

(Cost $141,829)

      113,270  
   

 

 

 
Poland — 1.1%            

Allegro.eu SA, 144A*

    3,390       27,161  

CD Projekt SA

    496       17,758  

KGHM Polska Miedz SA

    926       25,637  

mBank SA*

    103       10,722  

ORLEN SA

    4,057       62,067  

Powszechna Kasa Oszczednosci Bank Polski SA*

    6,004       54,413  

Powszechny Zaklad Ubezpieczen SA

    4,227       42,390  

Santander Bank Polska SA*

    250       22,542  
   

 

 

 

(Cost $253,049)

      262,690  
   

 

 

 
Qatar — 0.7%            

Qatar Fuel QSC

    4,285       18,835  

Qatar Gas Transport Co. Ltd.

    17,822       18,150  

Qatar National Bank QPSC

    32,169       137,867  
   

 

 

 

(Cost $204,119)

      174,852  
   

 

 

 
Russia — 0.0%            

Gazprom PJSC* (a)

    68,905       0  

LUKOIL PJSC* (a)

    2,408       0  

Mobile TeleSystems PJSC, ADR* (a)

    2,662       0  

Moscow Exchange MICEX-RTS PJSC* (a)

    8,602       0  

Novatek PJSC* (a)

    5,300       0  

Novolipetsk Steel PJSC* (a)

    8,462       0  

PhosAgro PJSC* (a)

    267       0  

PhosAgro PJSC, GDR* (a)

    300       0  

PhosAgro PJSC, GDR* (a)

    4       0  

Polyus PJSC* (a)

    193       0  
   

 

 

 

(Cost $634,818)

      0  
   

 

 

 

 

See Notes to Financial Statements.   46  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Saudi Arabia — 2.3%            

ACWA Power Co.

    590     $ 30,360  

Alinma Bank

    6,806       66,959  

Bank AlBilad

    3,183       36,407  

Dr Sulaiman Al Habib Medical Services Group Co.

    611       39,586  

National Industrialization Co.*

    2,220       7,541  

Sahara International Petrochemical Co.

    2,442       23,732  

Saudi Arabian Oil Co., 144A

    18,543       172,544  

Saudi Basic Industries Corp.

    6,269       147,756  

Saudi Electricity Co.

    5,739       31,674  

Savola Group

    1,773       17,916  
   

 

 

 

(Cost $569,654)

      574,475  
   

 

 

 
Singapore — 0.0%            

BOC Aviation Ltd., 144A
(Cost $11,623)

    1,457       10,934  
   

 

 

 
South Africa — 5.0%            

Absa Group Ltd.

    5,881       56,617  

Anglo American Platinum Ltd.

    454       15,851  

Aspen Pharmacare Holdings Ltd.

    2,580       23,463  

Bid Corp. Ltd.

    2,334       52,366  

Bidvest Group Ltd.

    2,117       31,858  

Capitec Bank Holdings Ltd.

    600       50,215  

Clicks Group Ltd.

    1,683       24,309  

Discovery Ltd.*

    3,532       27,370  

FirstRand Ltd.

    35,031       135,795  

Gold Fields Ltd.

    6,199       79,512  

Growthpoint Properties Ltd. REIT

    21,296       13,283  

Impala Platinum Holdings Ltd.

    5,889       30,311  

Kumba Iron Ore Ltd.

    500       10,969  

MTN Group Ltd.

    11,771       74,797  

Naspers Ltd., Class N

    1,346       228,681  

Nedbank Group Ltd.

    3,039       34,637  

Northam Platinum Holdings Ltd.*

    2,561       16,839  

Old Mutual Ltd.

    35,509       23,798  

Sanlam Ltd.

    12,433       44,748  

Sasol Ltd.

    3,929       50,684  

Shoprite Holdings Ltd.

    3,426       47,736  

Sibanye Stillwater Ltd.

    19,424       29,482  

Standard Bank Group Ltd.

    9,400       95,916  

Vodacom Group Ltd.

    4,310       24,551  

Woolworths Holdings Ltd.

    6,649       26,048  
   

 

 

 

(Cost $1,428,243)

      1,249,836  
   

 

 

 
South Korea — 6.6%            

Amorepacific Corp.

    202       20,464  

BGF retail Co. Ltd.

    55       6,508  

Celltrion Healthcare Co. Ltd.

    744       36,419  

CJ CheilJedang Corp.

    47       10,632  

Coway Co. Ltd.

    411       13,433  

Doosan Bobcat, Inc.

    313       12,740  

Doosan Enerbility Co. Ltd.*

    3,022       41,658  

Hana Financial Group, Inc.

    2,109       63,106  

Hanon Systems

    1,245       8,581  

Hanwha Solutions Corp.*

    701       19,332  

HD Hyundai Co. Ltd.

    305       13,638  

HMM Co. Ltd.

    1,658       20,898  
   

Number
of Shares

   

Value

 
South Korea (Continued)            

Hyundai Engineering & Construction Co. Ltd.

    524     $ 14,074  

Hyundai Glovis Co. Ltd.

    144       18,793  

Hyundai Mipo Dockyard Co. Ltd.*

    143       9,845  

Kakao Corp.

    2,209       80,388  

KB Financial Group, Inc.

    2,695       110,308  

Korea Zinc Co. Ltd.

    55       21,929  

Korean Air Lines Co. Ltd.

    1,331       22,960  

Kumho Petrochemical Co. Ltd.

    119       11,236  

LG Chem Ltd.

    345       152,173  

LG Corp.

    651       40,437  

LG Display Co. Ltd.*

    1,750       17,742  

LG Electronics, Inc.

    736       54,848  

LG H&H Co. Ltd.

    67       23,546  

LG Uplus Corp.

    1,461       11,551  

Lotte Chemical Corp.

    154       15,916  

Mirae Asset Securities Co. Ltd.

    1,883       9,488  

NAVER Corp.

    917       148,815  

NCSoft Corp.

    98       18,647  

Netmarble Corp., 144A*

    150       4,863  

POSCO Future M Co. Ltd.

    215       73,117  

Samsung Engineering Co. Ltd.*

    992       25,518  

Samsung SDI Co. Ltd.

    384       178,382  

Samsung SDS Co. Ltd.

    270       29,007  

Samsung Securities Co. Ltd.

    477       13,479  

Shinhan Financial Group Co. Ltd.

    2,981       80,177  

SK Biopharmaceuticals Co. Ltd.*

    211       13,681  

SK Bioscience Co. Ltd.*

    184       10,218  

SK IE Technology Co. Ltd., 144A*

    164       11,204  

SK Innovation Co. Ltd.*

    385       51,702  

SK Square Co. Ltd.*

    688       23,476  

SK, Inc.

    243       26,566  

SKC Co. Ltd.

    130       8,999  

Woori Financial Group, Inc.

    4,215       37,980  

Yuhan Corp.

    359       19,773  
   

 

 

 

(Cost $1,913,872)

      1,658,247  
   

 

 

 
Taiwan — 19.6%            

Acer, Inc.

    21,941       25,216  

Airtac International Group

    1,106       31,951  

AUO Corp.*

    43,513       24,321  

Cathay Financial Holding Co. Ltd.*

    66,095       94,639  

China Airlines Ltd.

    21,022       14,918  

China Steel Corp.

    81,930       68,175  

Chunghwa Telecom Co. Ltd.

    26,058       94,915  

CTBC Financial Holding Co. Ltd.

    123,403       92,417  

Delta Electronics, Inc.

    13,377       145,336  

E.Sun Financial Holding Co. Ltd.

    95,725       73,492  

Eva Airways Corp.

    19,784       19,569  

Evergreen Marine Corp. Taiwan Ltd.

    6,987       23,366  

Far Eastern New Century Corp.

    20,050       17,723  

Far EasTone Telecommunications Co. Ltd.

    11,313       25,080  

First Financial Holding Co. Ltd.

    72,930       60,228  

Fubon Financial Holding Co. Ltd.

    51,846       103,541  

Hotai Motor Co. Ltd.

    2,140       45,627  

Hua Nan Financial Holdings Co. Ltd.

    62,065       39,952  

Lite-On Technology Corp.

    14,000       60,226  

 

See Notes to Financial Statements.   47  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Taiwan (Continued)            

MediaTek, Inc.

    10,034     $ 222,127  

Mega Financial Holding Co. Ltd.

    77,897       87,812  

momo.com, Inc.

    465       7,593  

Nan Ya Plastics Corp.

    33,034       68,565  

President Chain Store Corp.

    4,406       37,009  

SinoPac Financial Holdings Co. Ltd.

    73,005       39,200  

Taishin Financial Holding Co. Ltd.

    77,541       43,340  

Taiwan Cement Corp.

    40,314       44,243  

Taiwan Cooperative Financial Holding Co. Ltd.

    71,274       58,749  

Taiwan High Speed Rail Corp.

    13,623       12,726  

Taiwan Mobile Co. Ltd.

    12,023       35,186  

Taiwan Semiconductor Manufacturing Co. Ltd.

    170,722       2,943,067  

Uni-President Enterprises Corp.

    33,748       74,921  

United Microelectronics Corp.

    78,869       112,682  

Voltronic Power Technology Corp.

    425       19,351  

Wan Hai Lines Ltd.

    5,523       7,856  

Yang Ming Marine Transport Corp.

    13,041       17,301  
   

 

 

 

(Cost $4,197,495)

      4,892,420  
   

 

 

 
Thailand — 2.6%            

Advanced Info Service PCL, NVDR

    8,200       50,580  

Airports of Thailand PCL, NVDR*

    28,400       58,799  

Asset World Corp. PCL, NVDR

    57,700       7,184  

B Grimm Power PCL, NVDR

    6,200       6,020  

Bangkok Dusit Medical Services PCL, NVDR

    78,000       62,369  

Bangkok Expressway & Metro PCL

    51,100       12,623  

Berli Jucker PCL, NVDR

    8,000       7,710  

BTS Group Holdings PCL, NVDR

    46,900       9,844  

Bumrungrad Hospital PCL, NVDR

    4,100       30,325  

Central Retail Corp. PCL, NVDR

    12,600       14,843  

Charoen Pokphand Foods PCL, NVDR

    21,200       12,532  

CP ALL PCL, NVDR

    40,900       76,211  

Delta Electronics Thailand PCL, NVDR

    21,700       67,236  

Energy Absolute PCL, NVDR

    12,200       22,036  

Home Product Center PCL, NVDR

    44,000       17,214  

Indorama Ventures PCL, NVDR

    12,500       10,352  

Intouch Holdings PCL, NVDR

    7,300       15,166  

Kasikornbank PCL, NVDR

    4,200       15,652  

Minor International PCL, NVDR

    21,054       19,991  

Muangthai Capital PCL, NVDR

    5,200       6,051  

Osotspa PCL

    2,600       2,228  

Osotspa PCL, NVDR

    6,200       5,312  

PTT Exploration & Production PCL, NVDR

    9,200       41,642  

PTT Global Chemical PCL, NVDR

    17,000       18,084  

PTT Oil & Retail Business PCL, NVDR

    20,200       11,768  

SCG Packaging PCL, NVDR

    8,900       10,421  

Siam Cement PCL, NVDR

    5,500       49,161  
   

 

 

 

(Cost $688,130)

      661,354  
   

 

 

 
Turkey — 0.5%            

Haci Omer Sabanci Holding AS

    7,273       16,315  

KOC Holding AS

    5,324       28,320  

Turk Hava Yollari AO*

    3,870       35,568  

Turkiye Is Bankasi AS, Class C

    23,133       18,275  
   

Number
of Shares

   

Value

 
Turkey (Continued)            

Turkiye Sise ve Cam Fabrikalari AS

    8,198     $ 15,761  

Yapi ve Kredi Bankasi AS

    20,980       12,514  
   

 

 

 

(Cost $71,997)

      126,753  
   

 

 

 
United Arab Emirates — 2.0%            

Abu Dhabi Commercial Bank PJSC

    20,564       48,316  

Abu Dhabi Islamic Bank PJSC

    9,395       26,652  

Aldar Properties PJSC

    26,719       38,263  

Emaar Properties PJSC

    46,322       89,036  

Emirates NBD Bank PJSC

    13,300       59,203  

Emirates Telecommunications Group Co. PJSC

    24,295       131,230  

First Abu Dhabi Bank PJSC

    30,997       115,446  
   

 

 

 

(Cost $491,081)

      508,146  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $26,064,050)

      24,494,450  
   

 

 

 
PREFERRED STOCKS — 1.9%    
Brazil — 1.5%    

Banco Bradesco SA

    37,129       112,116  

Cia Energetica de Minas Gerais

    9,478       23,604  

Gerdau SA

    8,124       42,417  

Itau Unibanco Holding SA

    33,227       184,089  
   

 

 

 

(Cost $357,097)

      362,226  
   

 

 

 
Chile — 0.2%            

Sociedad Quimica y Minera de Chile SA, Class B
(Cost $63,251)

    998       61,512  
   

 

 

 
Colombia — 0.1%            

Bancolombia SA
(Cost $23,135)

    3,336       22,156  
   

 

 

 
South Korea — 0.1%            

LG Chem Ltd.
(Cost $11,393)

    53       13,694  
   

 

 

 

TOTAL PREFERRED STOCKS
(Cost $454,876)

      459,588  
   

 

 

 
   

Principal
Amount

       
CORPORATE BONDS — 0.0%    
India — 0.0%            

Britannia Industries Ltd. Series N3, 5.50%, 6/3/24
(Cost $0)

    INR 12,383       147  
   

 

 

 
   

Number
of Shares

       
RIGHTS — 0.0%    
South Korea — 0.0%            

SK Innovation Co. Ltd.*, expires 9/26/23
(Cost $0)

    28       802  
   

 

 

 

 

See Notes to Financial Statements.   48  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
WARRANTS — 0.0%    
Thailand — 0.0%            

BTS Group Holdings PCL*,
expires 11/7/24

    3,050     $ 13  

BTS Group Holdings PCL*,
expires 11/20/26

    6,100       30  
   

 

 

 

TOTAL WARRANTS
(Cost $0)

      43  
   

 

 

 
EXCHANGE-TRADED FUNDS — 0.0%            

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (b)
(Cost $2,658)

    100       2,689  
   

 

 

 
   

Number
of Shares

   

Value

 
CASH EQUIVALENTS — 0.8%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
(Cost $191,969)

    191,969     $ 191,969  
   

 

 

 

TOTAL INVESTMENTS — 100.7%

(Cost $26,713,553)

    $ 25,149,688  

Other assets and liabilities, net — (0.7%)

      (162,684
   

 

 

 

NET ASSETS — 100.0%

    $ 24,987,004  
   

 

 

 

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:

 

Value ($) at
8/31/2022

     Purchases
Cost ($)
     Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
    Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
8/31/2023
     Value ($) at
8/31/2023
 

EXCHANGE-TRADED FUNDS0.0%

 

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

 

            157,419        (151,810     (2,951     31        665               100        2,689  

Xtrackers MSCI China A Inclusion Equity ETF (b)

 

            20,190        (20,364     174              346                       

SECURITIES LENDING COLLATERAL0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)

 

     43,257               (43,257 ) (e)                   1,748                       

CASH EQUIVALENTS0.8%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (c)

 

            5,614,648        (5,422,679                  1,946               191,969        191,969  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      43,257         5,792,257         (5,638,110      (2,777      31         4,705         —         192,069         194,658  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

Investment was valued using significant unobservable inputs.

(b)

Affiliated fund advised by DBX Advisors LLC.

(c)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(d)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(e)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

 

ADR:   American Depositary Receipt
CPO:   Ordinary Participation Certificates
GDR:   Global Depositary Receipt
KSCP:   Kuwait Shareholding Company Public
NVDR:   Non Voting Depositary Receipt
PJSC:   Public Joint Stock Company
QPSC:   Qatari Public Shareholders Company
QSC:   Qatari Shareholders Company
REIT:   Real Estate Investment Trust
SAE:   Societe Anonyme Egyptienne
144A:   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Securities are listed in country of domicile.

 

See Notes to Financial Statements.   49  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

August 31, 2023

 

At August 31, 2023, open futures contracts purchased were as follows:

 

Contract Description

   Currency    Number of
Contracts
   Notional
Amount
     Contract
Value
     Expiration
Date
   Unrealized
Appreciation
 

MSCI Emerging Markets Index Future

   USD    1    $ 48,430      $ 48,965      9/15/2023    $ 535  

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Currency Abbreviations

 

INR   Indian Rupee
USD   U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 24,486,888        $        $ 7,562        $ 24,494,450  

Preferred Stocks (a)

       459,588                            459,588  

Corporate Bonds

                147                   147  

Rights

       802                            802  

Warrants

       43                            43  

Exchange-Traded Funds

       2,689                            2,689  

Short-Term Investments (a)

       191,969                            191,969  

Derivatives (b)

                   

Futures Contracts

       535                            535  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 25,142,514        $ 147        $ 7,562        $ 25,150,223  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

During the year ended August 31, 2023, the amount of transfers from Level 1 to Level 3 was $6,542. The investments were transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity. Transfers between price levels are recognized at the beginning of the reporting period.

 

See Notes to Financial Statements.   50  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI USA Climate Action Equity ETF

August 31, 2023

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.6%    
Communication Services — 11.9%            

Activision Blizzard, Inc.

    72,668     $ 6,684,729  

Alphabet, Inc., Class A*

    444,281       60,497,744  

Alphabet, Inc., Class C*

    396,472       54,455,429  

AT&T, Inc.

    646,180       9,557,002  

Charter Communications, Inc., Class A*

    8,906       3,901,897  

Comcast Corp., Class A

    378,810       17,713,156  

Electronic Arts, Inc.

    23,928       2,870,881  

Liberty Global PLC, Class C*

    20,638       409,458  

Liberty Media Corp.-Liberty Formula One, Class C*

    17,445       1,200,042  

Match Group, Inc.*

    26,165       1,226,354  

Meta Platforms, Inc., Class A*

    201,355       59,578,931  

Netflix, Inc.*

    40,362       17,504,192  

Snap, Inc., Class A*

    90,214       933,715  

T-Mobile US, Inc.*

    49,911       6,800,374  

Verizon Communications, Inc.

    380,635       13,314,612  

Walt Disney Co.*

    165,562       13,854,228  
   

 

 

 

(Cost $228,813,888)

      270,502,744  
   

 

 

 
Consumer Discretionary — 9.1%            

Airbnb, Inc., Class A*

    37,466       4,928,652  

Aramark

    21,248       790,001  

Best Buy Co., Inc.

    17,785       1,359,663  

Booking Holdings, Inc.*

    3,376       10,482,581  

Caesars Entertainment, Inc.*

    19,189       1,060,384  

Carnival Corp.*

    92,452       1,462,591  

Chipotle Mexican Grill, Inc.*

    2,506       4,828,160  

Darden Restaurants, Inc.

    10,957       1,703,923  

Deckers Outdoor Corp.*

    2,387       1,262,938  

Domino’s Pizza, Inc.

    3,210       1,243,554  

eBay, Inc.

    48,657       2,178,860  

Etsy, Inc.*

    11,297       831,120  

Ford Motor Co.

    356,096       4,319,445  

Garmin Ltd.

    13,957       1,479,721  

General Motors Co.

    126,396       4,235,530  

Hilton Worldwide Holdings, Inc.

    24,090       3,580,979  

Home Depot, Inc.

    91,437       30,201,641  

Hyatt Hotels Corp., Class A

    4,304       483,813  

Las Vegas Sands Corp.

    31,397       1,722,439  

Lucid Group, Inc.* (a)

    81,760       513,453  

Lululemon Athletica, Inc.*

    10,464       3,989,505  

Marriott International, Inc., Class A

    23,797       4,842,928  

McDonald’s Corp.

    66,164       18,602,009  

MercadoLibre, Inc.*

    4,122       5,656,868  

MGM Resorts International

    27,038       1,189,131  

NIKE, Inc., Class B

    111,665       11,357,447  

Starbucks Corp.

    104,159       10,149,253  

Tesla, Inc.*

    259,616       67,001,697  

Vail Resorts, Inc.

    3,654       826,973  

VF Corp.

    31,397       620,405  

Wynn Resorts Ltd.

    9,274       940,198  

Yum! Brands, Inc.

    25,388       3,284,699  
   

 

 

 

(Cost $185,864,479)

      207,130,561  
   

 

 

 
Consumer Staples — 3.0%            

Bunge Ltd.

    13,587       1,553,266  
   

Number
of Shares

   

Value

 
Consumer Staples (Continued)            

Campbell Soup Co.

    17,642     $ 735,671  

Church & Dwight Co., Inc.

    22,120       2,140,552  

Clorox Co.

    11,196       1,751,614  

Conagra Brands, Inc.

    43,610       1,303,067  

Constellation Brands, Inc., Class A

    15,048       3,920,907  

Estee Lauder Cos., Inc., Class A

    20,933       3,360,375  

General Mills, Inc.

    53,233       3,601,745  

Hershey Co.

    13,339       2,866,018  

J M Smucker Co.

    9,664       1,400,797  

Kellogg Co.

    24,421       1,490,169  

Keurig Dr Pepper, Inc.

    82,852       2,787,970  

Kimberly-Clark Corp.

    30,584       3,940,137  

McCormick & Co., Inc.

    22,677       1,861,328  

Molson Coors Beverage Co., Class B

    17,445       1,107,583  

Sysco Corp.

    46,002       3,204,039  

Target Corp.

    41,866       5,298,142  

Tyson Foods, Inc., Class A

    25,885       1,378,894  

Walgreens Boots Alliance, Inc.

    66,466       1,682,254  

Walmart, Inc.

    134,369       21,849,743  
   

 

 

 

(Cost $70,340,576)

      67,234,271  
   

 

 

 
Energy — 3.8%            

Baker Hughes Co.

    92,452       3,345,838  

Chevron Corp.

    165,614       26,680,415  

ConocoPhillips

    109,834       13,073,541  

Devon Energy Corp.

    59,274       3,028,309  

Diamondback Energy, Inc.

    15,701       2,383,098  

EOG Resources, Inc.

    53,271       6,851,716  

Halliburton Co.

    81,830       3,160,275  

Hess Corp.

    25,043       3,869,143  

Kinder Morgan, Inc.

    183,315       3,156,684  

Marathon Oil Corp.

    56,450       1,487,457  

ONEOK, Inc.

    40,551       2,643,925  

Pioneer Natural Resources Co.

    21,183       5,040,071  

Schlumberger NV

    128,709       7,588,683  

Williams Cos., Inc.

    110,435       3,813,321  
   

 

 

 

(Cost $81,104,132)

      86,122,476  
   

 

 

 
Financials — 13.1%            

American Express Co.

    57,318       9,055,671  

American International Group, Inc.

    66,492       3,891,112  

Ameriprise Financial, Inc.

    9,530       3,217,137  

Annaly Capital Management, Inc. REIT

    43,610       883,975  

Aon PLC, Class A

    18,590       6,197,720  

Arch Capital Group Ltd.*

    33,762       2,594,947  

Ares Management Corp., Class A

    14,358       1,485,191  

Bank of America Corp.

    652,478       18,706,544  

Bank of New York Mellon Corp.

    72,884       3,270,305  

BlackRock, Inc.

    13,583       9,515,435  

Blackstone, Inc.

    64,021       6,809,914  

Block, Inc.*

    48,842       2,815,741  

Capital One Financial Corp.

    34,130       3,494,571  

Cboe Global Markets, Inc.

    9,584       1,434,821  

Charles Schwab Corp.

    136,184       8,055,284  

Chubb Ltd.

    37,533       7,539,254  

CME Group, Inc.

    32,602       6,607,773  

Discover Financial Services

    23,508       2,117,366  

FactSet Research Systems, Inc.

    3,488       1,522,198  

 

See Notes to Financial Statements.   51  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Financials (Continued)            

Fidelity National Information Services, Inc.

    54,074     $ 3,020,574  

Fiserv, Inc.*

    56,477       6,855,743  

Global Payments, Inc.

    23,908       3,028,904  

Goldman Sachs Group, Inc.

    30,253       9,914,211  

Intercontinental Exchange, Inc.

    50,725       5,985,043  

Invesco Ltd.

    31,397       499,840  

Jack Henry & Associates, Inc.

    6,615       1,037,100  

JPMorgan Chase & Co.

    265,181       38,803,936  

KeyCorp

    85,476       968,443  

Mastercard, Inc., Class A

    77,142       31,831,875  

Moody’s Corp.

    14,948       5,034,486  

Morgan Stanley

    113,674       9,679,341  

Nasdaq, Inc.

    31,397       1,647,715  

Northern Trust Corp.

    18,870       1,435,441  

PayPal Holdings, Inc.*

    96,673       6,043,029  

PNC Financial Services Group, Inc.

    36,160       4,365,597  

Progressive Corp.

    53,056       7,081,384  

S&P Global, Inc.

    29,720       11,616,359  

SEI Investments Co.

    10,464       649,396  

State Street Corp.

    30,494       2,096,158  

T. Rowe Price Group, Inc.

    20,350       2,283,880  

Tradeweb Markets, Inc., Class A

    10,464       904,403  

US Bancorp

    138,827       5,071,350  

Visa, Inc., Class A

    147,270       36,181,294  

W.R. Berkley Corp.

    19,189       1,187,031  

Willis Towers Watson PLC

    9,649       1,995,027  
   

 

 

 

(Cost $279,560,255)

      298,432,519  
   

 

 

 
Health Care — 16.4%            

Abbott Laboratories

    157,509       16,207,676  

AbbVie, Inc.

    159,886       23,496,846  

Agilent Technologies, Inc.

    26,802       3,244,918  

Alnylam Pharmaceuticals, Inc.*

    11,223       2,220,134  

Amgen, Inc.

    48,416       12,410,957  

Biogen, Inc.*

    13,094       3,500,812  

Boston Scientific Corp.*

    130,261       7,026,278  

Bristol-Myers Squibb Co.

    190,624       11,751,970  

Catalent, Inc.*

    15,701       784,579  

Charles River Laboratories International, Inc.*

    4,510       932,758  

Cigna Group

    26,922       7,437,472  

CVS Health Corp.

    115,993       7,559,264  

Danaher Corp.

    64,154       17,000,810  

DaVita, Inc.*

    5,232       535,861  

Edwards Lifesciences Corp.*

    54,931       4,200,573  

Elevance Health, Inc.

    21,502       9,504,099  

Eli Lilly & Co.

    73,545       40,758,639  

Gilead Sciences, Inc.

    113,181       8,656,083  

Humana, Inc.

    11,335       5,232,576  

Illumina, Inc.*

    14,403       2,379,664  

Incyte Corp.*

    17,445       1,125,726  

IQVIA Holdings, Inc.*

    16,868       3,755,323  

Johnson & Johnson

    219,530       35,493,610  

McKesson Corp.

    12,412       5,117,716  

Merck & Co., Inc.

    231,654       25,245,653  

Mettler-Toledo International, Inc.*

    2,018       2,448,803  
   

Number
of Shares

   

Value

 
Health Care (Continued)            

Pfizer, Inc.

    511,553     $ 18,098,745  

Regeneron Pharmaceuticals, Inc.*

    9,743       8,052,492  

Repligen Corp.*

    4,791       833,203  

Revvity, Inc.

    11,456       1,340,696  

Seagen, Inc.*

    12,719       2,621,004  

STERIS PLC

    9,000       2,066,310  

Thermo Fisher Scientific, Inc.

    34,958       19,475,102  

UnitedHealth Group, Inc.

    84,543       40,291,503  

Vertex Pharmaceuticals, Inc.*

    23,343       8,131,301  

Waters Corp.*

    5,232       1,469,146  

West Pharmaceutical Services, Inc.

    6,730       2,738,437  

Zimmer Biomet Holdings, Inc.

    18,761       2,234,810  

Zoetis, Inc.

    41,922       7,986,560  
   

 

 

 

(Cost $366,025,279)

      373,368,109  
   

 

 

 
Industrials — 7.6%            

3M Co.

    49,980       5,331,367  

A O Smith Corp.

    11,329       821,353  

AECOM

    11,961       1,049,578  

Allegion PLC

    7,964       906,383  

AMETEK, Inc.

    20,933       3,339,023  

Automatic Data Processing, Inc.

    37,552       9,561,115  

Booz Allen Hamilton Holding Corp.

    12,213       1,383,855  

Broadridge Financial Solutions, Inc.

    10,464       1,948,501  

Ceridian HCM Holding, Inc.*

    13,267       962,123  

Cintas Corp.

    8,295       4,182,090  

Clarivate PLC*

    33,678       250,228  

Copart, Inc.*

    77,748       3,485,443  

CSX Corp.

    185,651       5,606,660  

Cummins, Inc.

    12,828       2,950,953  

Deere & Co.

    25,514       10,484,723  

Dover Corp.

    12,668       1,878,664  

Eaton Corp. PLC

    36,069       8,309,216  

Emerson Electric Co.

    51,786       5,087,974  

Equifax, Inc.

    11,115       2,297,470  

Expeditors International of Washington, Inc.

    13,957       1,628,921  

FedEx Corp.

    21,639       5,648,212  

Fortive Corp.

    32,011       2,524,067  

Graco, Inc.

    15,223       1,201,704  

Hubbell, Inc.

    4,866       1,586,559  

IDEX Corp.

    6,847       1,550,161  

Ingersoll Rand, Inc.

    36,634       2,550,093  

JB Hunt Transport Services, Inc.

    7,584       1,424,882  

Johnson Controls International PLC

    62,280       3,678,257  

Norfolk Southern Corp.

    20,631       4,229,561  

Old Dominion Freight Line, Inc.

    8,971       3,833,936  

Owens Corning

    8,232       1,184,667  

PACCAR, Inc.

    47,358       3,897,090  

Paychex, Inc.

    29,734       3,634,387  

Quanta Services, Inc.

    13,155       2,760,840  

Republic Services, Inc.

    20,061       2,891,392  

Robert Half, Inc.

    9,773       722,811  

Rockwell Automation, Inc.

    10,464       3,265,605  

Stanley Black & Decker, Inc.

    13,873       1,309,334  

Trane Technologies PLC

    20,933       4,296,708  

TransUnion

    17,445       1,416,883  

 

See Notes to Financial Statements.   52  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Industrials (Continued)            

Uber Technologies, Inc.*

    165,763     $ 7,828,986  

Union Pacific Corp.

    55,306       12,198,844  

United Parcel Service, Inc., Class B

    65,955       11,172,777  

Verisk Analytics, Inc.

    13,092       3,171,144  

Waste Connections, Inc.

    23,339       3,197,210  

Waste Management, Inc.

    36,867       5,780,008  

Westinghouse Air Brake Technologies Corp.

    16,312       1,835,426  

Xylem, Inc.

    21,690       2,245,783  
   

 

 

 

(Cost $153,434,793)

      172,502,967  
   

 

 

 
Information Technology — 27.3%            

Accenture PLC, Class A

    57,234       18,530,652  

Adobe, Inc.*

    41,574       23,254,001  

Advanced Micro Devices, Inc.*

    145,947       15,429,517  

Akamai Technologies, Inc.*

    13,957       1,466,741  

Amphenol Corp., Class A

    53,946       4,767,748  

Analog Devices, Inc.

    45,844       8,333,522  

ANSYS, Inc.*

    7,868       2,508,869  

Apple, Inc.

    592,326       111,280,286  

Aspen Technology, Inc.*

    2,673       518,562  

Autodesk, Inc.*

    19,466       4,320,284  

BILL Holdings, Inc.*

    8,720       1,005,416  

Broadcom, Inc.

    37,596       34,696,972  

Cadence Design Systems, Inc.*

    24,759       5,953,054  

Cisco Systems, Inc.

    371,203       21,288,492  

Cloudflare, Inc., Class A*

    24,421       1,588,098  

Cognizant Technology Solutions Corp., Class A

    46,160       3,305,518  

Datadog, Inc., Class A*

    22,677       2,187,877  

Dell Technologies, Inc., Class C

    23,445       1,318,547  

Dropbox, Inc., Class A*

    23,755       660,151  

Enphase Energy, Inc.*

    12,414       1,570,743  

EPAM Systems, Inc.*

    5,232       1,355,036  

Fortinet, Inc.*

    60,400       3,636,684  

Gartner, Inc.*

    7,163       2,504,758  

Gen Digital, Inc.

    52,131       1,055,653  

Hewlett Packard Enterprise Co.

    118,739       2,017,376  

HubSpot, Inc.*

    4,254       2,324,896  

International Business Machines Corp.

    82,212       12,071,188  

Intuit, Inc.

    25,427       13,776,603  

Marvell Technology, Inc.

    77,763       4,529,695  

Microsoft Corp.

    327,122       107,217,507  

NVIDIA Corp.

    224,675       110,888,346  

Okta, Inc.*

    13,957       1,165,549  

Oracle Corp.

    148,019       17,820,007  

Palo Alto Networks, Inc.*

    28,265       6,876,875  

PTC, Inc.*

    10,181       1,498,338  

Roper Technologies, Inc.

    9,629       4,805,449  

Salesforce, Inc.*

    89,064       19,724,113  

ServiceNow, Inc.*

    18,463       10,871,568  

Snowflake, Inc., Class A*

    23,566       3,696,327  

Splunk, Inc.*

    14,250       1,727,955  

Texas Instruments, Inc.

    82,234       13,820,246  

Trimble, Inc.*

    22,677       1,242,473  

Tyler Technologies, Inc.*

    3,777       1,504,870  

VeriSign, Inc.*

    8,509       1,768,085  
   

Number
of Shares

   

Value

 
Information Technology (Continued)            

VMware, Inc., Class A*

    21,357     $ 3,604,634  

Wolfspeed, Inc.* (a)

    11,276       539,218  

Workday, Inc., Class A*

    18,491       4,521,050  

Zscaler, Inc.*

    7,988       1,246,527  
   

 

 

 

(Cost $508,176,977)

      621,796,076  
   

 

 

 
Materials — 2.3%            

Avery Dennison Corp.

    7,353       1,385,158  

Ball Corp.

    28,496       1,551,607  

Crown Holdings, Inc.

    10,887       1,008,789  

DuPont de Nemours, Inc.

    41,602       3,198,778  

Ecolab, Inc.

    23,218       4,267,701  

FMC Corp.

    11,342       978,021  

International Paper Co.

    30,082       1,050,463  

Linde PLC

    44,437       17,198,896  

Newmont Corp.

    72,009       2,838,595  

Nucor Corp.

    22,833       3,929,559  

Packaging Corp. of America

    8,146       1,214,569  

PPG Industries, Inc.

    21,330       3,023,741  

Reliance Steel & Aluminum Co.

    5,331       1,519,122  

RPM International, Inc.

    11,682       1,165,163  

Sealed Air Corp.

    13,085       484,930  

Sherwin-Williams Co.

    22,253       6,046,585  

Steel Dynamics, Inc.

    14,772       1,574,547  

Westrock Co.

    22,677       741,765  
   

 

 

 

(Cost $49,570,027)

      53,177,989  
   

 

 

 
Real Estate — 2.5%            

Alexandria Real Estate Equities, Inc. REIT

    14,895       1,732,884  

American Tower Corp. REIT

    42,236       7,658,231  

AvalonBay Communities, Inc. REIT

    12,863       2,364,477  

Boston Properties, Inc. REIT

    13,957       931,909  

CBRE Group, Inc., Class A*

    28,165       2,395,433  

Digital Realty Trust, Inc. REIT

    26,165       3,446,454  

Equinix, Inc. REIT

    8,474       6,621,414  

Equity Residential REIT

    33,141       2,148,531  

Essex Property Trust, Inc. REIT

    5,898       1,406,024  

Healthpeak Properties, Inc. REIT

    50,586       1,041,060  

Kimco Realty Corp. REIT

    56,166       1,063,784  

Prologis, Inc. REIT

    83,694       10,394,795  

Realty Income Corp. REIT

    63,171       3,540,103  

Regency Centers Corp. REIT

    13,957       868,125  

Simon Property Group, Inc. REIT

    29,653       3,365,319  

UDR, Inc. REIT

    28,344       1,130,926  

VICI Properties, Inc. REIT

    91,009       2,806,718  

Welltower, Inc. REIT

    44,980       3,727,942  
   

 

 

 

(Cost $54,657,206)

      56,644,129  
   

 

 

 
Utilities — 2.6%            

AES Corp.

    61,055       1,094,716  

Alliant Energy Corp.

    22,677       1,137,705  

American Electric Power Co., Inc.

    46,622       3,655,165  

American Water Works Co., Inc.

    17,445       2,420,319  

Consolidated Edison, Inc.

    31,396       2,792,988  

Dominion Energy, Inc.

    75,700       3,674,478  

Duke Energy Corp.

    69,843       6,202,058  

 

See Notes to Financial Statements.   53  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Utilities (Continued)            

Edison International

    34,890     $ 2,402,177  

Eversource Energy

    31,397       2,003,757  

Exelon Corp.

    90,115       3,615,414  

FirstEnergy Corp.

    49,318       1,778,900  

NextEra Energy, Inc.

    183,378       12,249,650  

Public Service Enterprise Group, Inc.

    45,354       2,770,222  

Sempra

    57,038       4,005,208  

Southern Co.

    98,924       6,700,123  

Xcel Energy, Inc.

    49,868       2,848,959  
   

 

 

 

(Cost $65,360,676)

      59,351,839  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $2,042,908,288)

      2,266,263,680  
   

 

 

 
   

Number
of Shares

   

Value

 
SECURITIES LENDING COLLATERAL — 0.0%        

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $565,175)

    565,175     $ 565,175  
   

 

 

 
CASH EQUIVALENTS — 0.3%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $6,190,253)

    6,190,253       6,190,253  
   

 

 

 

TOTAL INVESTMENTS — 99.9%
(Cost $2,049,663,716)

    $ 2,273,019,108  

Other assets and liabilities, net — 0.1%

      2,105,345  
   

 

 

 

NET ASSETS — 100.0%

    $ 2,275,124,453  
   

 

 

 

A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2023 is as follows:

 

     Value ($) at
4/5/2023
(Commencement
of Operations)
     Purchases
Cost ($)
    Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
8/31/2023
     Value ($) at
8/31/2023
 

SECURITIES LENDING COLLATERAL0.0%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)

 

            565,175  (d)                          41,859               565,175        565,175  

CASH EQUIVALENTS0.3%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)

 

            14,261,951       (8,071,698                   40,591               6,190,253        6,190,253  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      —         14,827,126        (8,071,698      —         —         82,450         —         6,755,428         6,755,428  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2023 amounted to $546,550, which is 0.0% of net assets.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended August 31, 2023.

 

REIT:   Real Estate Investment Trust

At August 31, 2023, open futures contracts purchased were as follows:

 

Contract Description

   Currency    Number of
Contracts
   Notional
Amount
     Contract
Value
     Expiration
Date
   Unrealized
Appreciation
 

E-Mini S&P 500 ESG Futures

   USD    34    $ 6,700,039      $ 6,818,700      9/15/2023    $ 118,661  

S&P 500 E-Mini Futures

   USD    8      1,781,873        1,806,400      9/15/2023      24,527  
                 

 

 

 

Total unrealized appreciation

                  $ 143,188  
                 

 

 

 

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Currency Abbreviations

 

USD   U.S. Dollar

 

See Notes to Financial Statements.   54  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI USA Climate Action Equity ETF (Continued)

August 31, 2023

 

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 2,266,263,680        $        $        $ 2,266,263,680  

Short-Term Investments (a)

       6,755,428                            6,755,428  

Derivatives (b)

                   

Futures Contracts

       143,188                            143,188  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 2,273,162,296        $        $        $ 2,273,162,296  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

 

See Notes to Financial Statements.   55  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI USA ESG Leaders Equity ETF

August 31, 2023

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.6%    
Communication Services — 10.5%            

Alphabet, Inc., Class A*

    372,385     $ 50,707,665  

Alphabet, Inc., Class C*

    332,006       45,601,024  

Comcast Corp., Class A

    261,200       12,213,712  

Electronic Arts, Inc.

    16,370       1,964,073  

Fox Corp., Class A

    18,363       607,081  

Fox Corp., Class B

    8,897       271,536  

Interpublic Group of Cos., Inc.

    24,907       812,217  

Liberty Global PLC, Class C*

    16,109       319,603  

Omnicom Group, Inc.

    12,580       1,019,106  

Sirius XM Holdings, Inc.

    48,744       214,474  

Snap, Inc., Class A*

    61,548       637,022  

Take-Two Interactive Software, Inc.*

    10,728       1,525,522  

Verizon Communications, Inc.

    262,580       9,185,048  

Walt Disney Co.*

    114,235       9,559,185  

ZoomInfo Technologies, Inc.*

    16,176       291,491  
   

 

 

 

(Cost $128,881,914)

      134,928,759  
   

 

 

 
Consumer Discretionary — 11.2%            

Aptiv PLC*

    17,935       1,819,506  

Aramark

    14,492       538,813  

AutoZone, Inc.*

    1,146       2,900,904  

Best Buy Co., Inc.

    12,293       939,800  

Booking Holdings, Inc.*

    2,321       7,206,775  

BorgWarner, Inc.

    15,148       617,281  

Burlington Stores, Inc.*

    4,266       692,201  

CarMax, Inc.*

    9,906       809,122  

Deckers Outdoor Corp.*

    1,621       857,655  

eBay, Inc.

    33,361       1,493,906  

Genuine Parts Co.

    8,818       1,355,591  

Hasbro, Inc.

    7,500       540,000  

Hilton Worldwide Holdings, Inc.

    16,706       2,483,347  

Home Depot, Inc.

    63,107       20,844,242  

Lear Corp.

    3,827       551,432  

LKQ Corp.

    16,328       857,710  

Lowe’s Cos., Inc.

    36,817       8,485,582  

Lululemon Athletica, Inc.*

    7,255       2,766,041  

McDonald’s Corp.

    45,630       12,828,875  

MercadoLibre, Inc.*

    2,815       3,863,193  

NIKE, Inc., Class B

    77,026       7,834,314  

NVR, Inc.*

    212       1,351,994  

Pool Corp.

    2,447       894,623  

PulteGroup, Inc.

    13,863       1,137,598  

Rivian Automotive, Inc., Class A*

    40,327       916,633  

Tesla, Inc.*

    178,952       46,183,932  

TJX Cos., Inc.

    72,051       6,663,276  

Tractor Supply Co.

    6,889       1,505,247  

Ulta Beauty, Inc.*

    3,143       1,304,439  

Vail Resorts, Inc.

    2,616       592,053  

VF Corp.

    21,245       419,801  

Whirlpool Corp.

    3,352       469,146  

Yum! Brands, Inc.

    17,491       2,262,986  
   

 

 

 

(Cost $145,065,727)

      143,988,018  
   

 

 

 
Consumer Staples — 6.3%            

Bunge Ltd.

    9,442       1,079,409  

Campbell Soup Co.

    12,189       508,281  
   

Number
of Shares

   

Value

 
Consumer Staples (Continued)            

Church & Dwight Co., Inc.

    15,260     $ 1,476,710  

Clorox Co.

    7,805       1,221,092  

Coca-Cola Co.

    256,955       15,373,618  

Colgate-Palmolive Co.

    49,725       3,653,296  

Conagra Brands, Inc.

    29,816       890,902  

Darling Ingredients, Inc.*

    9,894       611,053  

General Mills, Inc.

    36,951       2,500,105  

Hormel Foods Corp.

    18,476       712,989  

J M Smucker Co.

    6,703       971,600  

Kellogg Co.

    16,412       1,001,460  

Keurig Dr Pepper, Inc.

    57,134       1,922,559  

Kimberly-Clark Corp.

    21,191       2,730,036  

Kroger Co.

    42,681       1,979,972  

Lamb Weston Holdings, Inc.

    9,221       898,218  

McCormick & Co., Inc.

    15,701       1,288,738  

PepsiCo, Inc.

    86,101       15,319,090  

Procter & Gamble Co.

    148,047       22,849,574  

Target Corp.

    28,783       3,642,489  
   

 

 

 

(Cost $80,813,574)

      80,631,191  
   

 

 

 
Energy — 2.4%            

Baker Hughes Co.

    63,285       2,290,284  

Cheniere Energy, Inc.

    15,226       2,484,883  

Halliburton Co.

    55,339       2,137,192  

HF Sinclair Corp.

    10,456       576,021  

Kinder Morgan, Inc.

    126,716       2,182,050  

Marathon Petroleum Corp.

    26,630       3,801,965  

ONEOK, Inc.

    28,368       1,849,594  

Phillips 66

    28,999       3,310,526  

Schlumberger NV

    88,753       5,232,877  

Targa Resources Corp.

    13,463       1,161,184  

Valero Energy Corp.

    23,128       3,004,327  

Williams Cos., Inc.

    76,210       2,631,531  
   

 

 

 

(Cost $25,270,820)

      30,662,434  
   

 

 

 
Financials — 11.9%            

Aflac, Inc.

    36,500       2,721,805  

Allstate Corp.

    16,534       1,782,531  

Ally Financial, Inc.

    16,579       459,073  

American Express Co.

    39,530       6,245,345  

Ameriprise Financial, Inc.

    6,600       2,228,028  

Annaly Capital Management, Inc. REIT

    30,895       626,242  

Arch Capital Group Ltd.*

    23,334       1,793,451  

Assurant, Inc.

    3,064       426,907  

Bank of New York Mellon Corp.

    48,822       2,190,643  

BlackRock, Inc.

    9,380       6,571,065  

Cboe Global Markets, Inc.

    6,867       1,028,059  

Charles Schwab Corp.

    93,990       5,559,508  

Citizens Financial Group, Inc.

    28,800       810,144  

Discover Financial Services

    16,063       1,446,794  

Equitable Holdings, Inc.

    22,481       647,453  

FactSet Research Systems, Inc.

    2,398       1,046,511  

Fidelity National Information Services, Inc.

    37,038       2,068,943  

Fiserv, Inc.*

    39,050       4,740,279  

Franklin Resources, Inc.

    19,673       526,056  

Hartford Financial Services Group, Inc.

    19,538       1,403,219  

 

See Notes to Financial Statements.   56  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Financials (Continued)            

Huntington Bancshares, Inc.

    92,588     $ 1,026,801  

Intercontinental Exchange, Inc.

    35,181       4,151,006  

Invesco Ltd.

    22,060       351,195  

LPL Financial Holdings, Inc.

    4,926       1,135,886  

MarketAxess Holdings, Inc.

    2,310       556,548  

Marsh & McLennan Cos., Inc.

    30,849       6,015,247  

Mastercard, Inc., Class A

    53,125       21,921,500  

Moody’s Corp.

    10,341       3,482,849  

Morgan Stanley

    78,422       6,677,633  

Nasdaq, Inc.

    21,905       1,149,574  

Northern Trust Corp.

    13,006       989,366  

PNC Financial Services Group, Inc.

    25,093       3,029,478  

Principal Financial Group, Inc.

    15,206       1,181,658  

Progressive Corp.

    36,616       4,887,138  

Prudential Financial, Inc.

    22,976       2,175,138  

Raymond James Financial, Inc.

    12,568       1,314,487  

Regions Financial Corp.

    60,116       1,102,527  

S&P Global, Inc.

    20,471       8,001,295  

State Street Corp.

    21,126       1,452,201  

Synchrony Financial

    26,559       857,325  

T. Rowe Price Group, Inc.

    14,042       1,575,934  

Travelers Cos., Inc.

    14,503       2,338,319  

Truist Financial Corp.

    82,732       2,527,463  

US Bancorp

    95,783       3,498,953  

Visa, Inc., Class A

    101,593       24,959,368  

Webster Financial Corp.

    11,838       502,050  

Willis Towers Watson PLC

    6,583       1,361,101  
   

 

 

 

(Cost $149,816,408)

      152,544,096  
   

 

 

 
Health Care — 12.8%            

Agilent Technologies, Inc.

    18,502       2,240,037  

Align Technology, Inc.*

    4,584       1,696,722  

Amgen, Inc.

    33,387       8,558,424  

Avantor, Inc.*

    41,756       904,017  

Biogen, Inc.*

    9,073       2,425,757  

Bio-Techne Corp.

    9,828       770,515  

Bristol-Myers Squibb Co.

    131,495       8,106,667  

Cencora, Inc.

    10,772       1,895,657  

Cigna Group

    18,580       5,132,911  

Cooper Cos., Inc.

    3,093       1,144,379  

Danaher Corp.

    44,025       11,666,625  

DaVita, Inc.*

    3,396       347,818  

DENTSPLY SIRONA, Inc.

    14,167       525,454  

Dexcom, Inc.*

    24,259       2,449,674  

Edwards Lifesciences Corp.*

    38,128       2,915,648  

Elevance Health, Inc.

    14,840       6,559,428  

Eli Lilly & Co.

    50,522       27,999,292  

Gilead Sciences, Inc.

    78,112       5,974,006  

HCA Healthcare, Inc.

    13,026       3,612,110  

Hologic, Inc.*

    15,448       1,154,584  

Humana, Inc.

    7,862       3,629,335  

IDEXX Laboratories, Inc.*

    5,153       2,635,296  

Illumina, Inc.*

    9,887       1,633,530  

Insulet Corp.*

    4,489       860,586  

Jazz Pharmaceuticals PLC*

    3,981       570,716  

Johnson & Johnson

    151,322       24,465,741  

Laboratory Corp. of America Holdings

    5,542       1,153,290  
   

Number
of Shares

   

Value

 
Health Care (Continued)            

Merck & Co., Inc.

    158,664     $ 17,291,203  

Mettler-Toledo International, Inc.*

    1,394       1,691,591  

Molina Healthcare, Inc.*

    3,666       1,136,900  

Quest Diagnostics, Inc.

    7,007       921,420  

Repligen Corp.*

    3,278       570,077  

STERIS PLC

    6,246       1,434,019  

Teleflex, Inc.

    2,936       624,605  

Waters Corp.*

    3,697       1,038,118  

West Pharmaceutical Services, Inc.

    4,641       1,888,423  

Zimmer Biomet Holdings, Inc.

    13,133       1,564,403  

Zoetis, Inc.

    28,926       5,510,692  
   

 

 

 

(Cost $151,657,982)

      164,699,670  
   

 

 

 
Industrials — 9.4%            

3M Co.

    34,636       3,694,622  

AECOM

    8,173       717,181  

Allegion PLC

    5,315       604,900  

Automatic Data Processing, Inc.

    25,917       6,598,727  

Axon Enterprise, Inc.*

    4,281       911,468  

Broadridge Financial Solutions, Inc.

    7,411       1,380,002  

Builders FirstSource, Inc.*

    7,967       1,155,534  

C.H. Robinson Worldwide, Inc.

    7,317       661,676  

Carrier Global Corp.

    52,309       3,005,152  

Caterpillar, Inc.

    32,275       9,073,471  

Ceridian HCM Holding, Inc.*

    9,048       656,161  

Cintas Corp.

    5,729       2,888,390  

Clarivate PLC*

    23,216       172,495  

CSX Corp.

    130,200       3,932,040  

Cummins, Inc.

    8,880       2,042,755  

Delta Air Lines, Inc.

    9,384       402,386  

Dover Corp.

    8,762       1,299,405  

Eaton Corp. PLC

    25,000       5,759,250  

Emerson Electric Co.

    35,715       3,508,999  

Expeditors International of Washington, Inc.

    9,700       1,132,087  

Fastenal Co.

    35,729       2,057,276  

Ferguson PLC

    12,821       2,071,361  

Fortive Corp.

    21,680       1,709,468  

Fortune Brands Innovations, Inc.

    8,076       557,405  

Generac Holdings, Inc.*

    3,775       448,508  

Graco, Inc.

    10,389       820,108  

IDEX Corp.

    4,719       1,068,382  

Illinois Tool Works, Inc.

    19,069       4,716,717  

Ingersoll Rand, Inc.

    25,836       1,798,444  

JB Hunt Transport Services, Inc.

    5,500       1,033,340  

Johnson Controls International PLC

    43,160       2,549,030  

Knight-Swift Transportation Holdings, Inc.

    10,131       555,381  

L3Harris Technologies, Inc.

    11,880       2,115,709  

Lennox International, Inc.

    2,076       782,258  

Masco Corp.

    14,118       833,103  

Norfolk Southern Corp.

    14,326       2,936,973  

Old Dominion Freight Line, Inc.

    6,078       2,597,555  

Otis Worldwide Corp.

    25,854       2,211,810  

Owens Corning

    5,800       834,678  

Paychex, Inc.

    20,277       2,478,458  

Paylocity Holding Corp.*

    2,593       519,896  

 

See Notes to Financial Statements.   57  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Industrials (Continued)            

Pentair PLC

    10,710     $ 752,485  

Quanta Services, Inc.

    9,015       1,891,978  

Robert Half, Inc.

    6,743       498,712  

Rockwell Automation, Inc.

    7,182       2,241,359  

Toro Co.

    6,437       658,634  

Trane Technologies PLC

    14,355       2,946,507  

TransUnion

    11,932       969,117  

Union Pacific Corp.

    38,164       8,417,833  

United Parcel Service, Inc., Class B

    45,217       7,659,760  

United Rentals, Inc.

    4,347       2,071,519  

W.W. Grainger, Inc.

    2,832       2,022,444  

Waste Management, Inc.

    25,484       3,995,381  

Xylem, Inc.

    15,011       1,554,239  
   

 

 

 

(Cost $109,847,151)

      119,972,529  
   

 

 

 
Information Technology — 28.6%            

Accenture PLC, Class A

    39,505       12,790,534  

Adobe, Inc.*

    28,674       16,038,515  

Akamai Technologies, Inc.*

    9,661       1,015,274  

ANSYS, Inc.*

    5,425       1,729,870  

Applied Materials, Inc.

    52,847       8,072,908  

Autodesk, Inc.*

    13,433       2,981,320  

Black Knight, Inc.*

    9,692       734,266  

Cadence Design Systems, Inc.*

    17,166       4,127,393  

DocuSign, Inc.*

    12,499       628,700  

Fair Isaac Corp.*

    1,561       1,412,065  

Gartner, Inc.*

    4,945       1,729,168  

Gen Digital, Inc.

    37,123       751,741  

Hewlett Packard Enterprise Co.

    83,629       1,420,857  

HP, Inc.

    55,418       1,646,469  

HubSpot, Inc.*

    2,933       1,602,943  

Intel Corp.

    260,806       9,164,723  

International Business Machines Corp.

    56,703       8,325,701  

Intuit, Inc.

    17,577       9,523,394  

Keysight Technologies, Inc.*

    11,199       1,492,827  

Lam Research Corp.

    8,430       5,921,232  

Marvell Technology, Inc.

    53,698       3,127,908  

Microsoft Corp.

    443,148       145,246,188  

NetApp, Inc.

    13,218       1,013,821  

NVIDIA Corp.

    154,959       76,480,014  

NXP Semiconductors NV

    16,250       3,342,950  

PTC, Inc.*

    6,958       1,024,009  

Salesforce, Inc.*

    61,191       13,551,359  

Seagate Technology Holdings PLC

    11,487       813,165  

ServiceNow, Inc.*

    12,740       7,501,694  

Splunk, Inc.*

    9,849       1,194,290  

Synopsys, Inc.*

    9,534       4,375,057  

Texas Instruments, Inc.

    56,718       9,532,027  

Trimble, Inc.*

    16,176       886,283  

Twilio, Inc., Class A*

    10,986       699,918  

VMware, Inc., Class A*

    14,725       2,485,285  

Western Digital Corp.*

    19,755       888,975  

Workday, Inc., Class A*

    12,742       3,115,419  

Zscaler, Inc.*

    5,379       839,393  
   

 

 

 

(Cost $286,112,684)

      367,227,655  
   

 

 

 
   

Number
of Shares

   

Value

 
Materials — 2.8%            

Amcor PLC

    96,835     $ 943,173  

Avery Dennison Corp.

    5,021       945,856  

Ball Corp.

    19,695       1,072,393  

Ecolab, Inc.

    16,052       2,950,518  

International Flavors & Fragrances, Inc.

    15,282       1,076,617  

International Paper Co.

    20,823       727,139  

Linde PLC

    30,638       11,858,132  

LyondellBasell Industries NV, Class A

    16,272       1,607,185  

Martin Marietta Materials, Inc.

    3,885       1,734,303  

Newmont Corp.

    49,770       1,961,933  

Nucor Corp.

    15,824       2,723,310  

PPG Industries, Inc.

    14,743       2,089,968  

Sherwin-Williams Co.

    15,430       4,192,640  

Steel Dynamics, Inc.

    10,570       1,126,656  

Westrock Co.

    16,822       550,248  
   

 

 

 

(Cost $35,259,574)

      35,560,071  
   

 

 

 
Real Estate — 2.5%            

American Tower Corp. REIT

    29,126       5,281,126  

Boston Properties, Inc. REIT

    9,322       622,430  

CBRE Group, Inc., Class A*

    19,891       1,691,729  

Crown Castle, Inc. REIT

    27,230       2,736,615  

Digital Realty Trust, Inc. REIT

    18,205       2,397,963  

Equinix, Inc. REIT

    5,864       4,582,012  

Healthpeak Properties, Inc. REIT

    34,750       715,155  

Iron Mountain, Inc. REIT

    18,222       1,157,826  

Prologis, Inc. REIT

    57,744       7,171,805  

SBA Communications Corp. REIT

    6,786       1,523,661  

Welltower, Inc. REIT

    31,279       2,592,403  

Weyerhaeuser Co. REIT

    45,901       1,503,258  
   

 

 

 

(Cost $36,844,001)

      31,975,983  
   

 

 

 
Utilities — 1.2%            

American Water Works Co., Inc.

    12,188       1,690,963  

Atmos Energy Corp.

    9,264       1,074,161  

CMS Energy Corp.

    18,408       1,034,345  

Consolidated Edison, Inc.

    21,753       1,935,147  

Edison International

    23,936       1,647,994  

Essential Utilities, Inc.

    16,726       617,189  

Eversource Energy

    21,794       1,390,893  

Exelon Corp.

    62,472       2,506,377  

Sempra

    39,552       2,777,341  
   

 

 

 

(Cost $15,698,634)

      14,674,410  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $1,165,268,469)

      1,276,864,816  
   

 

 

 
CASH EQUIVALENTS — 0.3%    

DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
(Cost $4,273,305)

    4,273,305       4,273,305  
   

 

 

 

TOTAL INVESTMENTS — 99.9%
(Cost $1,169,541,774)

    $ 1,281,138,121  

Other assets and liabilities, net — 0.1%

      1,753,970  
   

 

 

 

NET ASSETS — 100.0%

    $ 1,282,892,091  
   

 

 

 

 

See Notes to Financial Statements.   58  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

August 31, 2023

 

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:

 

Value ($) at
 8/31/2022 

   Purchases
Cost ($)
     Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
8/31/2023
     Value ($) at
8/31/2023
 

SECURITIES LENDING COLLATERAL 0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (a)(b)

 

804,200             (804,200 ) (c)                    17,836                       

CASH EQUIVALENTS 0.3%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (a)

 

 8,312,422       51,245,673        (55,284,790                   229,238               4,273,305        4,273,305  
    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
 9,116,622       51,245,673         (56,088,990      —         —         247,074         —         4,273,305         4,273,305  
    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(b)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(c)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

 

REIT:   Real Estate Investment Trust

At August 31, 2023, open futures contracts purchased were as follows:

 

Contract Description

   Currency    Number of
Contracts
   Notional
Amount
     Contract
Value
     Expiration
Date
   Unrealized
Appreciation
 

E-Mini S&P 500 ESG Futures

   USD    26    $ 5,119,064      $ 5,214,300      9/15/2023    $ 95,236  

MSCI USA ESG Leaders GTR Index Futures

   USD    2      97,400        101,320      9/15/2023      3,920  

S&P 500 E-Mini Futures

   USD    1      219,414        225,800      9/15/2023      6,386  

S&P Mid 400 E-Mini Futures

   USD    1      258,145        264,870      9/15/2023      6,725  
                 

 

 

 

Total unrealized appreciation

                  $ 112,267  
                 

 

 

 

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Currency Abbreviations

 

USD   U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 1,276,864,816        $        $        $ 1,276,864,816  

Short-Term Investments (a)

       4,273,305                            4,273,305  

Derivatives (b)

                   

Futures Contracts

       112,267                            112,267  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 1,281,250,388        $  —        $  —        $ 1,281,250,388  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

 

See Notes to Financial Statements.   59  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

August 31, 2023

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.7%    
Communication Services — 9.1%            

Activision Blizzard, Inc.

    2,954     $ 271,738  

Alphabet, Inc., Class A*

    23,324       3,176,029  

Alphabet, Inc., Class C*

    20,062       2,755,516  

AT&T, Inc.

    28,778       425,627  

Charter Communications, Inc., Class A*

    410       179,629  

Comcast Corp., Class A

    16,189       756,998  

Electronic Arts, Inc.

    1,153       138,337  

Fox Corp., Class A

    1,163       38,449  

Fox Corp., Class B

    504       15,382  

Liberty Broadband Corp., Class A*

    193       18,072  

Liberty Broadband Corp., Class C*

    609       56,978  

Live Nation Entertainment, Inc.*

    660       55,790  

Match Group, Inc.*

    1,339       62,759  

Meta Platforms, Inc., Class A*

    8,645       2,557,969  

Netflix, Inc.*

    1,719       745,496  

Omnicom Group, Inc.

    802       64,970  

Paramount Global, Class B (a)

    2,380       35,914  

Pinterest, Inc., Class A*

    2,442       67,130  

ROBLOX Corp., Class A*

    1,686       47,697  

Sirius XM Holdings, Inc. (a)

    4,094       18,014  

Snap, Inc., Class A*

    4,663       48,262  

Spotify Technology SA*

    598       92,074  

Take-Two Interactive Software, Inc.*

    717       101,957  

T-Mobile US, Inc.*

    2,229       303,701  

Trade Desk, Inc., Class A*

    1,851       148,135  

Verizon Communications, Inc.

    16,617       581,263  

Walt Disney Co.*

    7,200       602,496  

Warner Bros Discovery, Inc.*

    9,347       122,820  

Warner Music Group Corp., Class A

    696       23,177  
   

 

 

 

(Cost $11,295,539)

      13,512,379  
   

 

 

 
Consumer Discretionary — 6.5%            

Airbnb, Inc., Class A*

    1,637       215,347  

Aptiv PLC*

    2,404       243,886  

AutoZone, Inc.*

    129       326,542  

Best Buy Co., Inc.

    2,122       162,227  

Booking Holdings, Inc.*

    149       462,649  

Chipotle Mexican Grill, Inc.*

    109       210,004  

D.R. Horton, Inc.

    2,305       274,341  

Domino’s Pizza, Inc.

    155       60,047  

DoorDash, Inc., Class A*

    1,138       95,740  

eBay, Inc.

    5,282       236,528  

Etsy, Inc.*

    2,235       164,429  

Expedia Group, Inc.*

    628       68,069  

Ford Motor Co.

    21,078       255,676  

Garmin Ltd.

    2,007       212,782  

General Motors Co.

    7,888       264,327  

Genuine Parts Co.

    1,408       216,452  

Hasbro, Inc.

    2,731       196,632  

Home Depot, Inc.

    4,344       1,434,823  

Lennar Corp., Class A

    2,037       242,586  

Lennar Corp., Class B

    1,014       108,153  

LKQ Corp.

    3,463       181,911  

Lowe’s Cos., Inc.

    2,902       668,853  

Lululemon Athletica, Inc.*

    839       319,877  

McDonald’s Corp.

    2,851       801,559  

MercadoLibre, Inc.*

    296       406,219  

NIKE, Inc., Class B

    6,143       624,805  
   

Number
of Shares

   

Value

 
Consumer Discretionary (Continued)            

NVR, Inc.*

    35     $ 223,207  

PulteGroup, Inc.

    2,484       203,837  

Tractor Supply Co.

    1,032       225,492  

Ulta Beauty, Inc.*

    504       209,175  

Whirlpool Corp.

    201       28,132  

Yum China Holdings, Inc.

    1,767       94,870  

Yum! Brands, Inc.

    961       124,334  
   

 

 

 

(Cost $8,492,453)

      9,563,511  
   

 

 

 
Consumer Staples — 5.9%            

Archer-Daniels-Midland Co.

    2,087       165,499  

Campbell Soup Co.

    3,740       155,958  

Church & Dwight Co., Inc.

    2,447       236,796  

Clorox Co.

    1,412       220,907  

Coca-Cola Co.

    17,623       1,054,384  

Colgate-Palmolive Co.

    4,936       362,648  

Conagra Brands, Inc.

    5,729       171,183  

Estee Lauder Cos., Inc., Class A

    1,605       257,651  

General Mills, Inc.

    4,186       283,225  

Hershey Co.

    1,175       252,460  

Hormel Foods Corp.

    4,450       171,725  

J M Smucker Co.

    1,302       188,725  

Kellogg Co.

    3,088       188,430  

Keurig Dr Pepper, Inc.

    8,206       276,132  

Kimberly-Clark Corp.

    2,342       301,720  

Kraft Heinz Co.

    6,839       226,302  

McCormick & Co., Inc.

    2,803       230,070  

Mondelez International, Inc., Class A

    7,269       517,989  

PepsiCo, Inc.

    6,142       1,092,785  

Procter & Gamble Co.

    10,158       1,567,786  

Sysco Corp.

    3,989       277,834  

Target Corp.

    2,757       348,898  

Tyson Foods, Inc., Class A

    2,637       140,473  
   

 

 

 

(Cost $9,007,925)

      8,689,580  
   

 

 

 
Financials — 11.2%            

Aflac, Inc.

    2,329       173,674  

Allstate Corp.

    1,061       114,386  

Ally Financial, Inc.

    1,242       34,391  

American Express Co.

    2,350       371,276  

American International Group, Inc.

    2,936       171,815  

Ameriprise Financial, Inc.

    440       148,535  

Aon PLC, Class A

    815       271,713  

Apollo Global Management, Inc.

    1,752       153,020  

Arch Capital Group Ltd.*

    1,540       118,364  

Arthur J Gallagher & Co.

    870       200,518  

Bank of America Corp.

    27,359       784,383  

Bank of New York Mellon Corp.

    3,139       140,847  

BlackRock, Inc.

    588       411,917  

Block, Inc.*

    2,287       131,846  

Capital One Financial Corp.

    1,559       159,626  

Cboe Global Markets, Inc.

    440       65,872  

Charles Schwab Corp.

    5,575       329,761  

Chubb Ltd.

    1,641       329,628  

Cincinnati Financial Corp.

    645       68,235  

Citigroup, Inc.

    7,518       310,418  

Citizens Financial Group, Inc.

    2,188       61,548  

CME Group, Inc.

    1,462       296,318  

Discover Financial Services

    1,049       94,483  

 

See Notes to Financial Statements.   60  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2023

 

   

Number
of Shares

   

Value

 
Financials (Continued)            

Everest Group Ltd.

    182     $ 65,644  

Fidelity National Financial, Inc.

    1,067       44,174  

Fidelity National Information Services, Inc.

    2,432       135,852  

Fifth Third Bancorp

    2,956       78,482  

Fiserv, Inc.*

    2,462       298,862  

FleetCor Technologies, Inc.*

    319       86,682  

Franklin Resources, Inc.

    1,437       38,425  

Global Payments, Inc.

    1,147       145,313  

Globe Life, Inc.

    417       46,525  

Goldman Sachs Group, Inc.

    1,321       432,905  

Hartford Financial Services Group, Inc.

    1,272       91,355  

Huntington Bancshares, Inc.

    6,263       69,457  

Interactive Brokers Group, Inc., Class A

    465       42,352  

Intercontinental Exchange, Inc.

    2,241       264,416  

JPMorgan Chase & Co.

    11,386       1,666,113  

KeyCorp

    4,553       51,585  

KKR & Co., Inc.

    2,705       169,901  

M&T Bank Corp.

    709       88,660  

Markel Group, Inc.*

    59       87,256  

Marsh & McLennan Cos., Inc.

    1,970       384,130  

Mastercard, Inc., Class A

    3,304       1,363,363  

MetLife, Inc.

    2,558       162,024  

Moody’s Corp.

    640       215,552  

Morgan Stanley

    5,137       437,416  

MSCI, Inc.

    324       176,133  

Nasdaq, Inc.

    1,534       80,504  

Northern Trust Corp.

    912       69,376  

PayPal Holdings, Inc.*

    4,481       280,107  

PNC Financial Services Group, Inc.

    1,618       195,341  

Principal Financial Group, Inc.

    1,018       79,109  

Progressive Corp.

    2,331       311,119  

Prudential Financial, Inc.

    1,481       140,206  

Raymond James Financial, Inc.

    852       89,111  

Regions Financial Corp.

    3,998       73,323  

Rocket Cos., Inc., Class A*(a)

    1,273       13,596  

S&P Global, Inc.

    1,280       500,301  

State Street Corp.

    1,417       97,405  

Synchrony Financial

    2,017       65,109  

T. Rowe Price Group, Inc.

    944       105,945  

Travelers Cos., Inc.

    923       148,815  

Truist Financial Corp.

    5,468       167,047  

US Bancorp

    5,985       218,632  

Visa, Inc., Class A

    6,371       1,565,227  

W.R. Berkley Corp.

    925       57,220  

Wells Fargo & Co.

    14,758       609,358  

Willis Towers Watson PLC

    452       93,456  
   

 

 

 

(Cost $15,532,856)

      16,545,458  
   

 

 

 
Health Care — 18.3%            

Abbott Laboratories

    8,145       838,120  

AbbVie, Inc.

    8,029       1,179,942  

Agilent Technologies, Inc.

    2,406       291,294  

Align Technology, Inc.*

    725       268,352  

Alnylam Pharmaceuticals, Inc.*

    1,270       251,231  

Amgen, Inc.

    2,744       703,397  

Avantor, Inc.*

    9,525       206,216  

Baxter International, Inc.

    5,209       211,485  

Becton Dickinson and Co.

    1,703       475,903  
   

Number
of Shares

   

Value

 
Health Care (Continued)            

Biogen, Inc.*

    1,089     $ 291,155  

BioMarin Pharmaceutical, Inc.*

    2,442       223,150  

Boston Scientific Corp.*

    8,512       459,137  

Bristol-Myers Squibb Co.

    10,501       647,387  

Cardinal Health, Inc.

    1,661       145,055  

Catalent, Inc.*

    4,031       201,429  

Cencora, Inc.

    1,309       230,358  

Centene Corp.*

    2,007       123,732  

Cigna Group

    1,173       324,053  

Cooper Cos., Inc.

    586       216,814  

CVS Health Corp.

    7,134       464,923  

Danaher Corp.

    3,298       873,970  

Dexcom, Inc.*

    2,697       272,343  

Edwards Lifesciences Corp.*

    4,016       307,104  

Elevance Health, Inc.

    937       414,163  

Eli Lilly & Co.

    3,636       2,015,071  

Gilead Sciences, Inc.

    6,831       522,435  

HCA Healthcare, Inc.

    819       227,109  

Henry Schein, Inc.*

    2,294       175,583  

Hologic, Inc.*

    2,826       211,215  

Horizon Therapeutics PLC*

    2,399       270,463  

Humana, Inc.

    514       237,278  

IDEXX Laboratories, Inc.*

    627       320,654  

Illumina, Inc.*

    1,427       235,769  

Incyte Corp.*

    3,091       199,462  

Intuitive Surgical, Inc.*

    1,816       567,827  

IQVIA Holdings, Inc.*

    738       164,301  

Johnson & Johnson

    11,111       1,796,426  

Laboratory Corp. of America Holdings

    343       71,378  

McKesson Corp.

    701       289,036  

Medtronic PLC

    7,019       572,049  

Merck & Co., Inc.

    11,242       1,225,153  

Mettler-Toledo International, Inc.*

    201       243,909  

Moderna, Inc.*

    2,487       281,205  

Pfizer, Inc.

    26,172       925,965  

Quest Diagnostics, Inc.

    441       57,992  

Regeneron Pharmaceuticals, Inc.*

    619       511,597  

ResMed, Inc.

    1,252       199,807  

Royalty Pharma PLC, Class A

    6,432       191,802  

Seagen, Inc.*

    1,332       274,485  

STERIS PLC

    1,067       244,973  

Stryker Corp.

    1,748       495,645  

Teleflex, Inc.

    805       171,256  

Thermo Fisher Scientific, Inc.

    1,795       999,995  

UnitedHealth Group, Inc.

    3,636       1,732,845  

Veeva Systems, Inc., Class A*

    621       129,603  

Vertex Pharmaceuticals, Inc.*

    1,447       504,048  

Viatris, Inc.

    19,156       205,927  

Waters Corp.*

    782       219,586  

West Pharmaceutical Services, Inc.

    684       278,320  

Zimmer Biomet Holdings, Inc.

    1,874       223,231  

Zoetis, Inc.

    2,705       515,330  
   

 

 

 

(Cost $26,361,486)

      27,129,443  
   

 

 

 
Industrials — 5.5%            

A O Smith Corp.

    929       67,353  

Automatic Data Processing, Inc.

    1,658       422,143  

Broadridge Financial Solutions, Inc.

    441       82,119  

C.H. Robinson Worldwide, Inc.

    1,753       158,524  

 

See Notes to Financial Statements.   61  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2023

 

   

Number
of Shares

   

Value

 
Industrials (Continued)            

Carrier Global Corp.

    6,060     $ 348,147  

Cintas Corp.

    358       180,493  

Copart, Inc.*

    6,744       302,334  

Deere & Co.

    1,364       560,522  

Delta Air Lines, Inc.

    5,030       215,686  

Dover Corp.

    1,397       207,175  

Equifax, Inc.

    509       105,210  

Expeditors International of Washington, Inc.

    1,721       200,858  

Fastenal Co.

    4,842       278,802  

FedEx Corp.

    1,447       377,696  

JB Hunt Transport Services, Inc.

    1,121       210,614  

Johnson Controls International PLC

    3,282       193,835  

Masco Corp.

    3,059       180,512  

Old Dominion Freight Line, Inc.

    785       335,485  

Otis Worldwide Corp.

    3,200       273,760  

PACCAR, Inc.

    3,040       250,162  

Paychex, Inc.

    1,345       164,399  

Paycom Software, Inc.

    223       65,749  

Rollins, Inc.

    1,150       45,506  

Snap-on, Inc.

    689       185,065  

Southwest Airlines Co.

    5,486       173,358  

SS&C Technologies Holdings, Inc.

    942       54,090  

Stanley Black & Decker, Inc.

    1,995       188,288  

Trane Technologies PLC

    5       1,026  

TransUnion

    864       70,174  

Uber Technologies, Inc.*

    10,980       518,585  

United Airlines Holdings, Inc.*

    3,506       174,634  

United Parcel Service, Inc., Class B

    3,661       620,173  

Verisk Analytics, Inc.

    606       146,785  

W.W. Grainger, Inc.

    322       229,953  

Waste Management, Inc.

    2,424       380,035  

Westinghouse Air Brake Technologies Corp.

    1,642       184,758  
   

 

 

 

(Cost $7,165,522)

      8,154,008  
   

 

 

 
Information Technology — 35.3%            

Accenture PLC, Class A

    2,622       848,925  

Adobe, Inc.*

    1,801       1,007,371  

Advanced Micro Devices, Inc.*

    7,575       800,829  

Akamai Technologies, Inc.*

    725       76,190  

Amdocs Ltd.

    561       50,041  

Analog Devices, Inc.

    2,670       485,353  

Apple, Inc.

    73,220       13,755,841  

Applied Materials, Inc.

    4,327       660,993  

Arista Networks, Inc.*

    1,881       367,228  

Atlassian Corp., Class A*

    647       132,027  

Autodesk, Inc.*

    927       205,738  

Broadcom, Inc.

    1,755       1,619,672  

Cadence Design Systems, Inc.*

    1,101       264,724  

CDW Corp.

    545       115,077  

Cisco Systems, Inc.

    18,765       1,076,173  

Cloudflare, Inc., Class A*

    1,267       82,393  

Cognizant Technology Solutions Corp., Class A

    2,070       148,233  

Corning, Inc.

    6,815       223,668  

Crowdstrike Holdings, Inc., Class A*

    908       148,031  

Datadog, Inc., Class A*

    1,215       117,223  

DocuSign, Inc.*

    943       47,433  
   

Number
of Shares

   

Value

 
Information Technology (Continued)            

Enphase Energy, Inc.*

    1,424     $ 180,179  

EPAM Systems, Inc.*

    257       66,560  

Fair Isaac Corp.*

    103       93,173  

Fortinet, Inc.*

    2,768       166,661  

Gartner, Inc.*

    312       109,100  

Gen Digital, Inc.

    2,959       59,920  

GLOBALFOUNDRIES, Inc.*

    2,445       135,086  

HP, Inc.

    7,726       229,539  

HubSpot, Inc.*

    203       110,944  

Intel Corp.

    20,859       732,985  

Intuit, Inc.

    1,091       591,115  

Keysight Technologies, Inc.*

    1,595       212,613  

KLA Corp.

    855       429,099  

Lam Research Corp.

    762       535,229  

Marvell Technology, Inc.

    5,913       344,432  

Microchip Technology, Inc.

    3,775       308,946  

Micron Technology, Inc.

    6,608       462,164  

Microsoft Corp.

    37,306       12,227,415  

MongoDB, Inc.*

    291       110,958  

Motorola Solutions, Inc.

    1,173       332,628  

NetApp, Inc.

    2,811       215,604  

NVIDIA Corp.

    11,756       5,802,174  

Okta, Inc.*

    736       61,463  

ON Semiconductor Corp.*

    3,131       308,278  

Oracle Corp.

    6,161       741,723  

Palo Alto Networks, Inc.*

    1,216       295,853  

QUALCOMM, Inc.

    5,630       644,804  

Salesforce, Inc.*

    3,727       825,381  

Seagate Technology Holdings PLC

    2,895       204,937  

ServiceNow, Inc.*

    812       478,130  

Skyworks Solutions, Inc.

    1,963       213,457  

Snowflake, Inc., Class A*

    1,151       180,534  

Splunk, Inc.*

    685       83,063  

Synopsys, Inc.*

    612       280,841  

TE Connectivity Ltd.

    2,358       312,176  

Teradyne, Inc.

    1,973       212,828  

Texas Instruments, Inc.

    4,381       736,271  

Twilio, Inc., Class A*

    778       49,566  

Unity Software, Inc.*

    1,190       44,113  

VeriSign, Inc.*

    401       83,324  

VMware, Inc., Class A*

    925       156,121  

Western Digital Corp.*

    4,107       184,815  

Workday, Inc., Class A*

    837       204,646  

Zoom Video Communications, Inc., Class A*

    1,106       78,559  

Zscaler, Inc.*

    419       65,385  
   

 

 

 

(Cost $41,046,841)

      52,135,955  
   

 

 

 
Materials — 2.1%            

Ball Corp.

    3,676       200,158  

Corteva, Inc.

    5,336       269,521  

Ecolab, Inc.

    1,786       328,285  

FMC Corp.

    1,907       164,441  

International Flavors & Fragrances, Inc.

    2,767       194,935  

International Paper Co.

    4,205       146,839  

Martin Marietta Materials, Inc.

    549       245,079  

Mosaic Co.

    4,732       183,838  

Nucor Corp.

    1,480       254,708  

Packaging Corp. of America

    1,385       206,504  

 

See Notes to Financial Statements.   62  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2023

 

   

Number
of Shares

   

Value

 
Materials (Continued)            

PPG Industries, Inc.

    1,840     $ 260,838  

Sherwin-Williams Co.

    1,470       399,428  

Southern Copper Corp.

    2,348       189,390  
   

 

 

 

(Cost $3,000,660)

      3,043,964  
   

 

 

 
Real Estate — 4.7%            

Alexandria Real Estate Equities, Inc. REIT

    1,948       226,630  

American Tower Corp. REIT

    2,574       466,718  

AvalonBay Communities, Inc. REIT

    1,352       248,525  

CBRE Group, Inc., Class A*

    1,578       134,209  

CoStar Group, Inc.*

    1,697       139,137  

Crown Castle, Inc. REIT

    2,962       297,681  

Digital Realty Trust, Inc. REIT

    2,490       327,983  

Equinix, Inc. REIT

    557       435,229  

Equity Residential REIT

    3,726       241,557  

Essex Property Trust, Inc. REIT

    894       213,121  

Extra Space Storage, Inc. REIT

    1,542       198,424  

Healthpeak Properties, Inc. REIT

    9,224       189,830  

Invitation Homes, Inc. REIT

    6,606       225,198  

Iron Mountain, Inc. REIT

    3,722       236,496  

Mid-America Apartment Communities, Inc. REIT

    1,426       207,098  

Prologis, Inc. REIT

    4,815       598,023  

Public Storage REIT

    1,137       314,244  

Realty Income Corp. REIT

    5,088       285,131  

SBA Communications Corp. REIT

    1,071       240,472  

Simon Property Group, Inc. REIT

    2,531       287,243  

UDR, Inc. REIT

    5,006       199,739  

Ventas, Inc. REIT

    4,625       202,020  

VICI Properties, Inc. REIT

    8,734       269,357  
   

Number
of Shares

   

Value

 
Real Estate (Continued)            

Welltower, Inc. REIT

    3,888     $ 322,237  

Weyerhaeuser Co. REIT

    7,156       234,359  

WP Carey, Inc. REIT

    3,005       195,475  
   

 

 

 

(Cost $7,384,305)

      6,936,136  
   

 

 

 
Utilities — 1.1%            

American Water Works Co., Inc.

    6,150       853,251  

Edison International

    11,721       806,991  
   

 

 

 

(Cost $1,672,220)

      1,660,242  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $130,959,807)

      147,370,676  
   

 

 

 
EXCHANGE-TRADED FUNDS — 0.0%    

Vanguard Russell 1000 ETF
(Cost $61,500)

    300       61,467  
   

 

 

 
SECURITIES LENDING COLLATERAL — 0.1%        

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $67,850)

    67,850       67,850  
   

 

 

 
CASH EQUIVALENTS — 0.2%        

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $334,935)

    334,935       334,935  
   

 

 

 

TOTAL INVESTMENTS — 100.0%
(Cost $131,424,092)

    $ 147,834,928  

Other assets and liabilities, net — 0.0%

      61,036  
   

 

 

 

NET ASSETS — 100.0%

    $ 147,895,964  
   

 

 

 

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:

 

Value ($) at
 8/31/2022 

   Purchases
Cost ($)
    Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
8/31/2023
     Value ($) at
8/31/2023
 

SECURITIES LENDING COLLATERAL 0.1%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)

 

     67,850 (d                         2,972               67,850        67,850  

CASH EQUIVALENTS 0.2%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)

 

 349,061      2,600,936       (2,615,062                   6,721               334,935        334,935  
    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
 349,061       2,668,786        (2,615,062      —         —         9,693         —         402,785         402,785  
    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2023 amounted to $65,123, which is 0.0% of net assets.

(b)

Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d)

Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended August 31, 2023.

 

REIT:   Real Estate Investment Trust

 

See Notes to Financial Statements.   63  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2023

 

At August 31, 2023, open futures contracts purchased were as follows:

 

Contract Description

   Currency    Number of
Contracts
   Notional
Amount
     Contract
Value
     Expiration
Date
   Unrealized
Appreciation
 

E-Mini S&P 500 ESG Futures

   USD    2    $ 399,870      $ 401,100      9/15/2023    $ 1,230  

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Currency Abbreviations

 

USD   U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 147,370,676        $        $        $ 147,370,676  

Exchange-Traded Funds

       61,467                            61,467  

Short-Term Investments (a)

       402,785                            402,785  

Derivatives (b)

                   

Futures Contracts

       1,230                            1,230  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $  147,836,158        $  —        $  —        $  147,836,158  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

 

See Notes to Financial Statements.   64  


DBX ETF Trust

 

Statements of Assets and Liabilities

 

August 31, 2023

 

    Xtrackers
Emerging Markets
Carbon Reduction
and Climate
Improvers ETF
    Xtrackers MSCI
EAFE ESG
Leaders Equity
ETF
    Xtrackers MSCI
Emerging Markets
ESG Leaders
Equity ETF
    Xtrackers MSCI
USA Climate Action
Equity ETF
 

Assets

       

Investment in non-affiliated securities at value

  $ 489,586,200     $ 42,978,379     $ 24,955,030     $ 2,266,263,680  

Investment in affiliated securities at value

                2,689        

Investment in DWS Government Money Market Series

    1,488,084       11,252       191,969       6,190,253  

Investment in DWS Government & Agency Securities Portfolio*

                      565,175  

Foreign currency at value

    1,057,353       89,291       50,681        

Deposit with broker for futures contracts

    90,788       12,466       1,721       472,560  

Receivables:

       

Investment securities sold

          199,459       236,027       2,643,112  

Variation margin on futures contracts

          97       3,594        

Dividends

    498,456       84,199       22,332       3,210,150  

Interest

    4,394       58       311       13,722  

Securities lending income

          4             1,805  

Foreign tax reclaim

    4,151       65,664              
 

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 492,729,426     $ 43,440,869     $ 25,464,354     $ 2,279,360,457  
 

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities

       

Payable upon return of securities loaned

  $     $     $     $ 565,175  

Payables:

       

Investment securities purchased

    1,498       252,178       448,271       3,518,661  

Investment advisory fees

    63,356       5,136       4,373       132,888  

Variation margin on futures contracts

    36,777                   19,280  

Deferred foreign tax payable

    382,959             24,706        
 

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    484,590       257,314       477,350       4,236,004  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets, at value

  $ 492,244,836     $ 43,183,555     $ 24,987,004     $ 2,275,124,453  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets Consist of

       

Paid-in capital

  $ 636,268,497     $ 43,609,663     $ 29,794,589     $ 2,043,278,750  

Distributable earnings (loss)

    (144,023,661     (426,108     (4,807,585     231,845,703  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets, at value

  $ 492,244,836     $ 43,183,555     $ 24,987,004     $ 2,275,124,453  
 

 

 

   

 

 

   

 

 

   

 

 

 

Number of Common Shares outstanding

    18,400,001       1,550,001       1,050,001       81,100,001  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value

  $ 26.75     $ 27.86     $ 23.80     $ 28.05  
 

 

 

   

 

 

   

 

 

   

 

 

 

Investment in non-affiliated securities at cost

  $ 578,197,532     $ 41,016,076     $ 26,518,926     $ 2,042,908,288  
 

 

 

   

 

 

   

 

 

   

 

 

 

Investment in affiliated securities at cost

  $     $     $ 2,658     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Value of securities loaned

  $     $     $     $ 546,550  
 

 

 

   

 

 

   

 

 

   

 

 

 

Investment in DWS Government Money Market Series at cost

  $ 1,488,084     $ 11,252     $ 191,969     $ 6,190,253  
 

 

 

   

 

 

   

 

 

   

 

 

 

Investment in DWS Government & Agency Securities Portfolio at cost*

  $     $     $     $ 565,175  
 

 

 

   

 

 

   

 

 

   

 

 

 

Foreign currency at cost

  $ 1,100,104     $ 89,464     $ 79,956     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   65  


DBX ETF Trust

 

Statements of Assets and Liabilities (Continued)

 

August 31, 2023

 

     Xtrackers MSCI
USA ESG Leaders
Equity ETF
     Xtrackers Net Zero
Pathway Paris
Aligned US Equity
ETF
 

Assets

     

Investment in non-affiliated securities at value

   $ 1,276,864,816      $ 147,432,143  

Investment in DWS Government Money Market Series

     4,273,305        334,935  

Investment in DWS Government & Agency Securities Portfolio*

            67,850  

Deposit with broker for futures contracts

     317,791        22,000  

Receivables:

     

Investment securities sold

     2,138,700         

Dividends

     1,875,851        179,977  

Interest

     10,801        1,414  

Securities lending income

            181  
  

 

 

    

 

 

 

Total assets

   $ 1,285,481,264      $ 148,038,500  
  

 

 

    

 

 

 

Liabilities

     

Payable upon return of securities loaned

   $      $ 67,850  

Payables:

     

Investment securities purchased

     2,480,641        61,500  

Investment advisory fees

     95,770        12,246  

Variation margin on futures contracts

     12,762        940  
  

 

 

    

 

 

 

Total liabilities

     2,589,173        142,536  
  

 

 

    

 

 

 

Net Assets, at value

   $ 1,282,892,091      $ 147,895,964  
  

 

 

    

 

 

 

Net Assets Consist of

     

Paid-in capital

   $ 1,253,246,682      $ 131,756,547  

Distributable earnings (loss)

     29,645,409        16,139,417  
  

 

 

    

 

 

 

Net Assets, at value

   $ 1,282,892,091      $ 147,895,964  
  

 

 

    

 

 

 

Number of Common Shares outstanding

     30,650,001        5,100,001  
  

 

 

    

 

 

 

Net Asset Value

   $ 41.86      $ 29.00  
  

 

 

    

 

 

 

Investment in non-affiliated securities at cost

   $ 1,165,268,469      $ 131,021,307  
  

 

 

    

 

 

 

Value of securities loaned

   $      $ 65,123  
  

 

 

    

 

 

 

Investment in DWS Government Money Market Series at cost

   $ 4,273,305      $ 334,935  
  

 

 

    

 

 

 

Investment in DWS Government & Agency Securities Portfolio at cost*

   $      $ 67,850  
  

 

 

    

 

 

 

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   66  


DBX ETF Trust

 

Statements of Operations

 

For the Year Ended August 31, 2023

 

    Xtrackers
Emerging Markets
Carbon Reduction
and Climate
Improvers ETF
    Xtrackers MSCI
EAFE ESG
Leaders Equity
ETF
    Xtrackers MSCI
Emerging Markets
ESG Leaders
Equity ETF
    Xtrackers MSCI
USA Climate

Action Equity
ETF(1)
 

Investment Income

       

Unaffiliated dividend income*

  $ 9,985,196     $ 1,088,972     $ 405,444     $ 14,255,030  

Affiliated dividend income

                1,011        

Income distributions from affiliated funds

    56,357       1,183       1,946       40,591  

Affiliated securities lending income

    64,464       5,064       1,748       41,859  

Unaffiliated non-cash dividend income

    1,727,969             178,573        

Unaffiliated securities lending income, net of borrower rebates

    4,670                   7,424  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    11,838,656       1,095,219       588,722       14,344,904  
 

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

       

Investment advisory fees

    724,132       50,145       48,872       612,669  

Other expenses

    153       115       58        
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    724,285       50,260       48,930       612,669  
 

 

 

   

 

 

   

 

 

   

 

 

 

Less fees waived (see note 3):

       

Waiver

    (1,110     (27     (77     (761
 

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

    723,175       50,233       48,853       611,908  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income (loss)

    11,115,481       1,044,986       539,869       13,732,996  
 

 

 

   

 

 

   

 

 

   

 

 

 

Realized and Unrealized Gain (Loss)

       

Net realized gain (loss) from:

       

Investments**

    (18,489,716     (1,480,961     (1,942,509     1,549,476  

Investments in affiliates

                (2,777      

In-kind redemptions

          718,241       4,986       22,960,654  

Futures contracts

    50,975       35,580       (5,919     213,403  

Foreign currency transactions

    (48,314     (8,166     6,876        
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain (loss)

    (18,487,055     (735,306     (1,939,343     24,723,533  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments***

    17,295,655       5,015,024       1,436,858       223,355,392  

Investments in affiliates

                31        

Futures contracts

    (843     4,243       2,970       143,188  

Foreign currency translations

    14,491       7,427       (28,038      
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

    17,309,303       5,026,694       1,411,821       223,498,580  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

    (1,177,752     4,291,388       (527,522     248,222,113  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

  $ 9,937,729     $ 5,336,374     $ 12,347     $ 261,955,109  
 

 

 

   

 

 

   

 

 

   

 

 

 

*   Unaffiliated foreign tax withheld

  $ 1,821,352     $ 131,598     $ 91,241     $ 893  

** Including foreign taxes

  $ 20,453     $     $ 16,648     $  

*** Including (Net of) change in deferred foreign taxes

  $ 382,667     $     $ (24,239   $  

 

(1)

For the period April 4, 2023 (commencement of operations) through August 31, 2023.

 

See Notes to Financial Statements.   67  


DBX ETF Trust

 

Statements of Operations (Continued)

 

For the Year Ended August 31, 2023

 

     Xtrackers MSCI
USA ESG Leaders
Equity ETF
    Xtrackers Net Zero
Pathway Paris
Aligned US Equity
ETF
 

Investment Income

    

Unaffiliated dividend income*

   $ 37,947,336     $ 1,563,899  

Income distributions from affiliated funds

     229,238       6,721  

Affiliated securities lending income

     17,836       2,972  

Unaffiliated securities lending income, net of borrower rebates

     56,199       1,778  
  

 

 

   

 

 

 

Total investment income

     38,250,609       1,575,370  
  

 

 

   

 

 

 

Expenses

    

Investment advisory fees

     2,318,895       99,299  

Other expenses

     58       30  
  

 

 

   

 

 

 

Total expenses

     2,318,953       99,329  
  

 

 

   

 

 

 

Less fees waived (see note 3):

    

Waiver

     (235,968     (120
  

 

 

   

 

 

 

Net expenses

     2,082,985       99,209  
  

 

 

   

 

 

 

Net investment income (loss)

     36,167,624       1,476,161  
  

 

 

   

 

 

 

Realized and Unrealized Gain (Loss)

    

Net realized gain (loss) from:

    

Investments

     (38,742,237     (655,983

In-kind redemptions

     541,836,218       2,086,391  

Futures contracts

     (358,699     (13,869
  

 

 

   

 

 

 

Net realized gain (loss)

     502,735,282       1,416,539  
  

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

    

Investments

     (225,781,091     14,846,153  

Futures contracts

     167,736       13,960  
  

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

     (225,613,355     14,860,113  
  

 

 

   

 

 

 

Net realized and unrealized gain (loss) on investments and futures

     277,121,927       16,276,652  
  

 

 

   

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   $ 313,289,551     $ 17,752,813  
  

 

 

   

 

 

 

*   Unaffiliated foreign tax withheld

   $ 21,304     $ 33  

 

See Notes to Financial Statements.   68  


DBX ETF Trust

 

Statements of Changes in Net Assets

 

     Xtrackers Emerging Markets
Carbon Reduction and Climate
Improvers ETF
    Xtrackers MSCI EAFE ESG Leaders
Equity ETF
 
     Year Ended
August 31, 2023
    Year Ended
August 31, 2022
    Year Ended
August 31, 2023
    Year Ended
August 31, 2022
 

Increase (Decrease) in Net Assets from Operations

        

Net investment income (loss)

   $ 11,115,481     $ 12,906,765     $ 1,044,986     $ 775,286  

Net realized gain (loss)

     (18,487,055     (47,552,026     (735,306     (828,340

Net change in net unrealized appreciation (depreciation)

     17,309,303       (122,838,645     5,026,694       (6,754,362
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     9,937,729       (157,483,906     5,336,374       (6,807,416
  

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to Shareholders

     (12,833,632     (9,660,140     (957,399     (738,856
  

 

 

   

 

 

   

 

 

   

 

 

 

Fund Shares Transactions

        

Proceeds from shares sold

     2,359,527       304,205,924       13,833,465       17,576,378  

Value of shares redeemed

           (140,382,770     (4,135,077      
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from fund share transactions

     2,359,527       163,823,154       9,698,388       17,576,378  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total net increase (decrease) in Net Assets

     (536,376     (3,320,892     14,077,363       10,030,106  

Net Assets

        

Beginning of year

     492,781,212       496,102,104       29,106,192       19,076,086  
  

 

 

   

 

 

   

 

 

   

 

 

 

End of year

   $ 492,244,836     $ 492,781,212     $ 43,183,555     $ 29,106,192  
  

 

 

   

 

 

   

 

 

   

 

 

 

Changes in Shares Outstanding

        

Shares outstanding, beginning of year

     18,300,001       14,300,001       1,200,001       600,001  

Shares sold

     100,000       9,050,000       500,000       600,000  

Shares redeemed

           (5,050,000     (150,000      
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding, end of year

     18,400,001       18,300,001       1,550,001       1,200,001  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.   69  


DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

    Xtrackers MSCI Emerging Markets
ESG Leaders Equity ETF
    Xtrackers MSCI
USA Climate
Action Equity

ETF
    Xtrackers MSCI USA ESG Leaders
Equity ETF
 
    Year Ended
August 31, 2023
    Year Ended
August 31, 2022
    For the Period
April 4, 2023(1) to
August 31, 2023
    Year Ended
August 31, 2023
    Year Ended
August 31, 2022
 

Increase (Decrease) in Net Assets from Operations

         

Net investment income (loss)

  $ 539,869     $ 494,259     $ 13,732,996     $ 36,167,624     $ 45,489,454  

Net realized gain (loss)

    (1,939,343     (879,835     24,723,533       502,735,282       502,947,305  

Net change in net unrealized appreciation (depreciation)

    1,411,821       (6,114,670     223,498,580       (225,613,355     (947,734,755
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

    12,347       (6,500,246     261,955,109       313,289,551       (399,297,996
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to Shareholders

    (495,191     (519,666     (6,700,040     (41,345,101     (45,094,920
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund Shares Transactions

         

Proceeds from shares sold

    4,573,005       9,159,408       2,206,770,268       240,179,457       858,929,738  

Value of shares redeemed

    (2,277,610     (4,168,383     (186,900,909     (2,288,923,620     (1,244,247,484
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from fund share transactions

    2,295,395       4,991,025       2,019,869,359       (2,048,744,163     (385,317,746
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net increase (decrease) in Net Assets

    1,812,551       (2,028,887     2,275,124,428       (1,776,799,713     (829,710,662

Net Assets

         

Beginning of year

    23,174,453       25,203,340       25       3,059,691,804       3,889,402,466  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of year

  $ 24,987,004     $ 23,174,453     $ 2,275,124,453     $ 1,282,892,091     $ 3,059,691,804  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Changes in Shares Outstanding

         

Shares outstanding, beginning of year

    950,001       750,001       1       85,300,001       92,850,001  

Shares sold

    200,000       350,000       88,350,000       6,650,000       21,800,000  

Shares redeemed

    (100,000     (150,000     (7,250,000     (61,300,000     (29,350,000
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding, end of year

    1,050,001       950,001       81,100,001       30,650,001       85,300,001  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Commencement of Operations.

 

See Notes to Financial Statements.   70  


DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

     Xtrackers Net Zero Pathway Paris
Aligned US Equity ETF
 
     Year Ended
August 31, 2023
    For the Period
June 28, 2022(1) to
August 31, 2022
 

Increase (Decrease) in Net Assets from Operations

    

Net investment income (loss)

   $ 1,476,161     $ 196,738  

Net realized gain (loss)

     1,416,539       830,386  

Net change in net unrealized appreciation (depreciation)

     14,860,113       1,551,953  
  

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     17,752,813       2,579,077  
  

 

 

   

 

 

 

Distributions to Shareholders

     (1,268,208      
  

 

 

   

 

 

 

Fund Shares Transactions

    

Proceeds from shares sold

     64,054,316       77,058,253  

Value of shares redeemed

     (8,280,393     (3,999,919
  

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from fund share transactions

     55,773,923       73,058,334  
  

 

 

   

 

 

 

Total net increase (decrease) in Net Assets

     72,258,528       75,637,411  

Net Assets

    

Beginning of period

     75,637,436       25  
  

 

 

   

 

 

 

End of period

   $ 147,895,964     $ 75,637,436  
  

 

 

   

 

 

 

Changes in Shares Outstanding

    

Shares outstanding, beginning of period

     3,000,001       1  

Shares sold

     2,400,000       3,150,000  

Shares redeemed

     (300,000     (150,000
  

 

 

   

 

 

 

Shares outstanding, end of period

     5,100,001       3,000,001  
  

 

 

   

 

 

 

 

(1)

Commencement of Operations.

 

See Notes to Financial Statements.   71  


DBX ETF Trust

 

Financial Highlights

 

Xtrackers Emerging Markets Carbon Reduction and
Climate Improvers ETF
Selected Per Share Data
  Years Ended August 31,     Period Ended
8/31/2019(a)
 
  2023     2022     2021     2020  

Net Asset Value, beginning of period

  $ 26.93     $ 34.69     $ 27.90     $ 25.42     $ 25.00  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

         

Net investment income (loss)(b)

    0.60       0.70       0.57       0.68       0.60  

Net realized and unrealized gain (loss)

    (0.08     (7.88     6.86       2.53       0.27  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.52       (7.18     7.43       3.21       0.87  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Less distributions from:          

Net investment income

    (0.70     (0.58     (0.64     (0.73     (0.45
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (0.70     (0.58     (0.64     (0.73     (0.45
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

  $ 26.75     $ 26.93     $ 34.69     $ 27.90     $ 25.42  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)(c)

    2.01       (20.81     26.80       12.74       3.44 ** 

Ratios to Average Net Assets and Supplemental Data

         

Net Assets, end of period ($ millions)

    492       493       496       8       8  

Ratio of expenses before fee waiver (%)

    0.15       0.15       0.16       0.16       0.16

Ratio of expenses after fee waiver (%)

    0.15       0.15       0.16       0.16       0.16

Ratio of net investment income (loss) (%)

    2.30       2.30       1.97       2.61       3.17

Portfolio turnover rate (%)(d)

    16       33       17       13       10 ** 
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Selected Per Share Data
  Years Ended August 31,     Period Ended
8/31/2019(e)
 
  2023     2022     2021     2020  

Net Asset Value, beginning of period

  $ 24.26     $ 31.79     $ 25.96     $ 24.10     $ 25.00  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

         

Net investment income (loss)(b)

    0.78       0.85       0.72       0.59       0.78  

Net realized and unrealized gain (loss)

    3.51       (7.57     5.80       1.83       (1.01
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    4.29       (6.72     6.52       2.42       (0.23
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Less distributions from:          

Net investment income

    (0.69     (0.81     (0.69     (0.56     (0.66

Net realized gains

                            (0.01
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (0.69     (0.81     (0.69     (0.56     (0.67
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

  $ 27.86     $ 24.26     $ 31.79     $ 25.96     $ 24.10  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)(c)

    17.79       (21.40     25.28       10.12       (0.91 )** 

Ratios to Average Net Assets and Supplemental Data

         

Net Assets, end of period ($ millions)

    43       29       19       12       7  

Ratio of expenses before fee waiver (%)

    0.14       0.14       0.14       0.14       0.14

Ratio of expenses after fee waiver (%)

    0.14       0.14       0.14       0.14       0.14

Ratio of net investment income (loss) (%)

    2.92       3.04       2.45       2.39       3.25

Portfolio turnover rate (%)(d)

    25       22       22       16       10 ** 

 

(a)

For the period December 6, 2018 (commencement of operations) through August 31, 2019.

(b)

Based on average shares outstanding during the period.

(c)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(d)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

(e)

For the period September 6, 2018 (commencement of operations) through August 31, 2019.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   72  


DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Selected Per Share Data
   Years Ended August 31,     Period Ended
8/31/2019(a)
 
   2023     2022     2021     2020  

Net Asset Value, beginning of period

   $ 24.39     $ 33.60     $ 28.57     $ 24.70     $ 25.00  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

          

Net investment income (loss)(b)

     0.53       0.64       0.49       0.86       0.50  

Net realized and unrealized gain (loss)

     (0.65     (9.14     4.77       4.07       (0.53
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     (0.12     (8.50     5.26       4.93       (0.03
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Less distributions from:           

Net investment income

     (0.47     (0.71     (0.23     (1.06     (0.27

Net realized gains

                       (0.00 )(c)       
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (0.47     (0.71     (0.23     (1.06     (0.27
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

   $ 23.80     $ 24.39     $ 33.60     $ 28.57     $ 24.70  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)(d)

     (0.51     (25.55     18.43       20.32       (0.17 )** 

Ratios to Average Net Assets and Supplemental Data

          

Net Assets, end of period ($ millions)

     25       23       25       9       7  

Ratio of expenses before fee waiver (%)

     0.20       0.20       0.20       0.20       0.20

Ratio of expenses after fee waiver (%)

     0.20       0.20       0.20       0.20       0.20

Ratio of net investment income (loss) (%)

     2.21       2.22       1.48       3.38       2.68

Portfolio turnover rate (%)(e)

     23       24       26       17       16 ** 
Xtrackers MSCI USA Climate Action Equity ETF
Selected Per Share Data
   Period Ended
8/31/2023(f)
                         

Net Asset Value, beginning of period

   $ 25.00          
  

 

 

         
Income (loss) from investment operations:           

Net investment income (loss)(b)

     0.17          

Net realized and unrealized gain (loss)

     2.96          
  

 

 

         

Total from investment operations

     3.13          
  

 

 

         
Less distributions from:           

Net investment income

     (0.08        
  

 

 

         

Total distributions

     (0.08        
  

 

 

         

Net Asset Value, end of period

   $ 28.05          
  

 

 

         

Total Return (%)(d)

     12.55 **         

Ratios to Average Net Assets and Supplemental Data

          

Net Assets, end of period ($ millions)

     2,275          

Ratio of expenses before fee waiver (%)

     0.07        

Ratio of expenses after fee waiver (%)

     0.07        

Ratio of net investment income (loss) (%)

     1.57        

Portfolio turnover rate (%)(e)

     7 **         

 

(a)

For the period December 6, 2018 (commencement of operations) through August 31, 2019.

(b)

Based on average shares outstanding during the period.

(c)

Amount represents less than $0.005.

(d)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(e)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

(f)

For the period April 4, 2023 (commencement of operations) through August 31, 2023.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   73  


DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers MSCI USA ESG Leaders Equity ETF
Selected Per Share Data
   Years Ended August 31,     Period Ended
8/31/2019(a)
 
   2023     2022     2021     2020  

Net Asset Value, beginning of period

   $ 35.87     $ 41.89     $ 31.84     $ 26.69     $ 25.00  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

          

Net investment income (loss)(b)

     0.57       0.53       0.50       0.51       0.24  

Net realized and unrealized gain (loss)

     6.04       (6.04     10.05       5.10       1.57  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     6.61       (5.51     10.55       5.61       1.81  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions from:

          

Net investment income

     (0.62     (0.51     (0.50     (0.46     (0.12
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (0.62     (0.51     (0.50     (0.46     (0.12
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

   $ 41.86     $ 35.87     $ 41.89     $ 31.84     $ 26.69  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)(c)

     18.68       (13.29     33.48       21.42       7.23 ** 

Ratios to Average Net Assets and Supplemental Data

          

Net Assets, end of period ($ millions)

     1,283       3,060       3,889       2,666       1,341  

Ratio of expenses before fee waiver (%)

     0.10       0.10       0.10       0.10       0.10

Ratio of expenses after fee waiver (%)

     0.09       0.09       0.09       0.09       0.10

Ratio of net investment income (loss) (%)

     1.56       1.32       1.39       1.83       1.89

Portfolio turnover rate (%)(d)

     6       6       12       9       5 ** 
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Selected Per Share Data
   Year Ended
8/31/2023
    Period Ended
8/31/2022(e)
                   

Net Asset Value, beginning of period

   $ 25.21     $ 25.00        
  

 

 

   

 

 

       

Income (loss) from investment operations:

          

Net investment income (loss)(b)

     0.39       0.07        

Net realized and unrealized gain (loss)

     3.74       0.14        
  

 

 

   

 

 

       

Total from investment operations

     4.13       0.21        
  

 

 

   

 

 

       

Less distributions from:

          

Net investment income

     (0.34            

Net realized gains

     (0.00 )(f)             
  

 

 

   

 

 

       

Total distributions

     (0.34            
  

 

 

   

 

 

       

Net Asset Value, end of period

   $ 29.00     $ 25.21        
  

 

 

   

 

 

       

Total Return (%)(c)

     16.60       0.84 **       

Ratios to Average Net Assets and Supplemental Data

          

Net Assets, end of period ($ millions)

     148       76        

Ratio of expenses before fee waiver (%)

     0.10       0.10      

Ratio of expenses after fee waiver (%)

     0.10       0.10      

Ratio of net investment income (loss) (%)

     1.49       1.50      

Portfolio turnover rate (%)(d)

     8       11 **       

 

(a)

For the period March 7, 2019 (commencement of operations) through August 31, 2019.

(b)

Based on average shares outstanding during the period.

(c)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(d)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

(e)

For the period June 28, 2022 (commencement of operations) through August 31, 2022.

(f)

Amount represents less than $0.005.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   74  


DBX ETF Trust

 

Notes to Financial Statements

 

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of August 31, 2023, the Trust consists of forty-two investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Xtrackers MSCI USA Climate Action Equity ETF
Xtrackers MSCI USA ESG Leaders Equity ETF
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

 

Fund

 

Underlying Index

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF   Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR
Xtrackers MSCI EAFE ESG Leaders Equity ETF   MSCI EAFE ESG Leaders Index
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF   MSCI Emerging Markets ESG Leaders Index
Xtrackers MSCI USA Climate Action Equity ETF   MSCI USA Climate Action Index
Xtrackers MSCI USA ESG Leaders Equity ETF   MSCI USA ESG Leaders Index
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF   Solactive ISS ESG United States Net Zero Pathway Enhanced Index

The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR. 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 constituents companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI EAFE ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI Emerging Markets ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across emerging markets countries, as defined by the index provider. The annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

 

75


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

The MSCI USA Climate Action Index 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. Under normal circumstances, the Underlying Index is rebalanced on a semi-annual basis, and reviewed and reweighted on an ongoing basis. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

The MSCI USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies in the U.S. market. Under normal circumstances, the annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The Solactive ISS ESG United States Net Zero Pathway Enhanced Index is comprised of large and mid-capitalization companies in the United States that meet certain 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. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between its respective index provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.

The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values

 

76


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Cash Cash consists of cash held at banks and is on deposit with major financial institutions.

Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

 

77


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF to pay out dividends from its net investment income, if any, to investors semi-annually. It is the policy of Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2023, the Funds did not incur any interest or penalties.

As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:

 

     Undistributed
Ordinary
Income*
     Undistributed
Long-Term
Capital Gains*
     Capital and
Other Gains
(Losses)
     Unrealized
Appreciation
(Depreciation)
     Total
Accumulated
Earnings (Losses)
 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

   $ 5,257,480      $      $ (54,601,369    $ (94,679,772    $ (144,023,661

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     190,744               (1,639,615      1,022,763        (426,108

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     361,011               (2,573,902      (2,594,694      (4,807,585

Xtrackers MSCI USA Climate Action Equity ETF

     9,593,277        218,687               222,033,739        231,845,703  

Xtrackers MSCI USA ESG Leaders Equity ETF

     3,535,199               (65,280,983      91,391,193        29,645,409  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     416,084               (473,338      16,196,671        16,139,417  

The tax character of dividends and distributions declared for the period ended August 31, 2023 and year ended August 31, 2022 were as follows:

 

     Period Ended
August 31, 2023
 
     Ordinary Income*  

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

   $ 12,833,632  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     957,399  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     495,191  

Xtrackers MSCI USA Climate Action Equity ETF

     6,700,040  

Xtrackers MSCI USA ESG Leaders Equity ETF

     41,345,101  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     1,268,208  

 

78


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

     Year Ended
August 31, 2022
 
     Ordinary Income*  

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

   $ 9,660,140  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     738,856  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     519,666  

Xtrackers MSCI USA ESG Leaders Equity ETF

     45,094,920  

 

*

For tax purposes short-term capital gain distributions are considered ordinary income distributions.

At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

 

     Short-Term      Long-Term      Total Amount  

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

   $ 36,954,462      $ 17,646,907      $ 54,601,369  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     564,063        1,075,552        1,639,615  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     883,141        1,690,761        2,573,902  

Xtrackers MSCI USA ESG Leaders Equity ETF

     16,442,851        48,838,132        65,280,983  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     327,541        145,797        473,338  

For the period ended August 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind and equalization.

 

     Distributable
earnings (loss)
     Paid-In Capital  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

   $ (637,860    $ 637,860  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     17,456        (17,456

Xtrackers MSCI USA Climate Action Equity ETF

     (23,409,366      23,409,366  

Xtrackers MSCI USA ESG Leaders Equity ETF

     (528,529,100      528,529,100  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     (2,071,106      2,071,106  

As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

 

     Aggregate Tax
Cost
     Net Unrealized
Appreciation
(Depreciation)
     Aggregate
Gross
Unrealized
Appreciation
     Aggregate Gross
Unrealized
(Depreciation)
 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

   $ 585,327,607      $ (94,253,323    $ 30,786,427      $ (125,039,750

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     41,969,941        1,022,418        3,464,406        (2,441,988

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     27,678,329        (2,528,641      1,978,563        (4,507,204

Xtrackers MSCI USA Climate Action Equity ETF

     2,050,985,369        222,033,739        273,621,602        (51,587,863

Xtrackers MSCI USA ESG Leaders Equity ETF

     1,189,746,928        91,391,193        172,814,725        (81,423,532

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     131,638,257        16,196,671        20,425,088        (4,228,417

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of August 31, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

 

79


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending The Bank of New York Mellon, as securities lending agent, lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2023, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.08% annualized effective rate as of August 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of August 31, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

 

Remaining Contractual Maturity of the Agreements, as of August 31, 2023

 
Securities Lending Transactions    Overnight and
Continuous
     <30 Days      Between 30
& 90 days
     >90 days      Total  

Xtrackers MSCI USA Climate Action Equity ETF

              

Common Stocks

   $ 565,175      $      $      $      $ 565,175  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities for securities lending transactions

 

   $ 565,175  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

              

Common Stocks

   $ 67,850      $      $      $      $ 67,850  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities for securities lending transactions

 

   $ 67,850  

As of August 31, 2023, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders Equity ETF had no securities on loan.

 

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DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

Derivatives

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended August 31, 2023, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

A summary of the open futures contracts as of August 31, 2023 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of August 31, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

 

       

Asset Derivatives

   

Liability Derivatives

 
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF      
        Equity contracts   Unrealized appreciation on futures contracts*   $     Unrealized depreciation on futures contracts*   $ 42,988  
Xtrackers MSCI EAFE ESG Leaders Equity ETF      
        Equity contracts   Unrealized appreciation on futures contracts*   $ 2,728     Unrealized depreciation on futures contracts*   $ 1,073  
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF      
        Equity contracts   Unrealized appreciation on futures contracts*   $ 535     Unrealized depreciation on futures contracts*   $  
Xtrackers MSCI USA Climate Action Equity ETF      
        Equity contracts   Unrealized appreciation on futures contracts*   $ 143,188     Unrealized depreciation on futures contracts*   $  
Xtrackers MSCI USA ESG Leaders Equity ETF      
        Equity contracts   Unrealized appreciation on futures contracts*   $ 112,267     Unrealized depreciation on futures contracts*   $  
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF      
        Equity contracts   Unrealized appreciation on futures contracts*   $ 1,230     Unrealized depreciation on futures contracts*   $  

* Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

 

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Notes to Financial Statements (Continued)

 

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended August 31, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

 

Net Realized Gain (Loss) from:

 
     Futures Contracts —
Equity Contracts
 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

   $ 50,975  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     35,580  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     (5,919

Xtrackers MSCI USA Climate Action Equity ETF

     213,403  

Xtrackers MSCI USA ESG Leaders Equity ETF

     (358,699

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     (13,869

 

Net Change in Unrealized Appreciation (Depreciation) on:

 
     Futures Contracts —
Equity Contracts
 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

   $ (843

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     4,243  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     2,970  

Xtrackers MSCI USA Climate Action Equity ETF

     143,188  

Xtrackers MSCI USA ESG Leaders Equity ETF

     167,736  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     13,960  

For the period ended August 31, 2023 the average monthly volume of derivatives was as follows:

 

     Futures Contracts
(Contract Value)
 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

   $ 2,967,514  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     197,638  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     75,794  

Xtrackers MSCI USA Climate Action Equity ETF

     3,800,193  

Xtrackers MSCI USA ESG Leaders Equity ETF

     7,275,575  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     194,595  

Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

 

82


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

 

     Unitary
Advisory
Fee
 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

     0.15

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     0.14

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     0.20

Xtrackers MSCI USA Climate Action Equity ETF

     0.07

Xtrackers MSCI USA ESG Leaders Equity ETF

     0.10

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     0.10

The Advisor for the Xtrackers MSCI USA ESG Leaders Equity ETF has voluntarily elected to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the Fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at nine basis points of the Fund’s average daily net assets. Any voluntary waiver or reimbursement implemented by the Advisor may be eliminated by the Advisor at any time. For the year ended August 31, 2023, the Advisor waived $231,889 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the year ended August 31, 2023, the Advisor waived expenses of the Funds as follows:

 

     Expenses
Waived
 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

   $ 1,110  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     27  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     77  

Xtrackers MSCI USA Climate Action Equity ETF

     761  

Xtrackers MSCI USA ESG Leaders Equity ETF

     4,079  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     120  

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.

The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

 

83


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

4. Investment Portfolio Transactions

For the year ended August 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

     Purchases      Sales  

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

   $ 79,480,104      $ 77,487,878  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     10,006,375        8,788,223  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     8,652,849        5,639,674  

Xtrackers MSCI USA Climate Action Equity ETF

     131,406,711        133,156,870  

Xtrackers MSCI USA ESG Leaders Equity ETF

     148,079,325        146,477,543  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     7,777,306        7,509,280  

For the year ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

     Purchases      Sales  

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

   $ 470,446      $  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     12,796,391        4,128,186  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     851,332        982,966  

Xtrackers MSCI USA Climate Action Equity ETF

     2,206,791,352        186,614,716  

Xtrackers MSCI USA ESG Leaders Equity ETF

     240,080,910        2,288,122,639  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     64,054,339        8,294,124  

5. Fund Share Transactions

As of August 31, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform

 

84


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, an RQFII or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers. In addition, in June 2021, the President of the United States issued an executive order (“CMIC Order”) prohibiting U.S. persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company” (“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designated as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at August 31, 2023.

 

85


DBX ETF Trust

 

Report of Independent Registered Public Accounting Firm

 

To the Shareholders of

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers MSCI USA Climate Action Equity ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF, and Xtrackers MSCI USA Climate Action Equity ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2023, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at August 31, 2023, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

 

Individual fund constituting the DBX ETF Trust   Statement of operations   Statements of changes in net assets   Financial highlights

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

  For the year ended August 31, 2023   For each of the two years in the period ended August 31, 2023   For each of the four years in the period ended August 31, 2023 and the period from December 6, 2018 (commencement of operations) through August 31, 2019
Xtrackers MSCI EAFE ESG Leaders Equity ETF   For the year ended August 31, 2023   For each of the two years in the period ended August 31, 2023   For each of the four years in the period ended August 31, 2023 and the period from September 6, 2018 (commencement of operations) through August 31, 2019
Xtrackers MSCI USA ESG Leaders Equity ETF   For the year ended August 31, 2023   For each of the two years in the period ended August 31, 2023   For each of the four years in the period ended August 31, 2023 and the period from March 7, 2019 (commencement of operations) through August 31, 2019
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF   For the year ended August 31, 2023   For the year ended August 31, 2023 and the period from June 28, 2022 (commencement of operations) through August 31, 2022
Xtrackers MSCI USA Climate Action Equity ETF   For the period from April 4, 2023 (commencement of operations) through August 31, 2023

 

86


DBX ETF Trust

 

Report of Independent Registered Public Accounting Firm (Continued)

 

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

LOGO

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2023

 

87


DBX ETF Trust

 

Other Information (Unaudited)

 

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

 

88


DBX ETF Trust

 

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)

 

Xtrackers MSCI USA Climate Action Equity ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”) of DBX ETF Trust (the “Trust”) or its service providers, unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Adviser”) and the Trust, with respect to Xtrackers MSCI USA Climate Action Equity ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) the financial resources of the Adviser and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated profits to be realized, by the Adviser from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.

The Board reached a determination, with the assistance of Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.

The Board considered that the Adviser will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly, the Adviser will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fee to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Adviser’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Adviser, which supports the compliance program of the Adviser’s currently managed funds (which would also cover the Fund).

 

89


DBX ETF Trust

 

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited) (Continued)

 

Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Fund’s peer groups and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolios will be managed on a day-to-day basis by the Adviser and that the Adviser will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.

Costs of Services and Profitability. The Board considered the anticipated expenses of the Adviser in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Adviser at this time. The Board considered whether the Adviser would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund.

Economies of Scale. The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

 

90


DBX ETF Trust

 

Board Members and Officers (Unaudited)

 

Identification and Background

The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.

The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.

Shareholder Communications to the Board. Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.

 

Independent Board Members

Name, Year of Birth, Position with
the Trust and Length of Time Served(1)
  Business Experience and
Directorships During the Past 5 Years
  Number of
Portfolios in
Fund Complex
Overseen
  Other Directorships
Held by Board Member
Stephen R. Byers (1953)
Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)
  Independent Director (2011- present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).   42   The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964)
Board Member since 2011, Chairperson of the Audit Committee since 2015
  Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); Chief Executive Officer, 2X Oncology, Inc. (2017- 2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).   42  

 

91


DBX ETF Trust

 

Board Members and Officers (Unaudited) (Continued)

 

Name, Year of Birth, Position with
the Trust and Length of Time Served(1)
  Business Experience and
Directorships During the Past 5 Years
  Number of
Portfolios in
Fund Complex
Overseen
  Other Directorships
Held by Board Member
J. David Officer (1948)
Board Member since 2011, Chairperson of the Nominating Committee since 2015
  Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).   42   (Chairman of) Ilex Management Ltd; Old Westbury Funds

 

Officers(2)

     
Name, Year of Birth, Position
with the Trust and Length of Time Served(3)
  Business Experience and
Directorships During the Past 5 Years
Freddi Klassen(4) (1975)
President and Chief Executive Officer, 2016- present
  Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014- 2020); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Diane Kenneally(4) (1966)
Treasurer, Chief Financial Officer and Controller, 2019-present
  Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018- present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi(4) (1967)
Chief Compliance Officer, 2010-present
  AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016- present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(4) (1978)
Vice President, 2016-present
  Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).

 

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DBX ETF Trust

 

Board Members and Officers (Unaudited) (Continued)

 

Name, Year of Birth, Position
with the Trust and Length of Time Served(3)
  Business Experience and
Directorships During the Past 5 Years
John Millette(5) (1962)
Secretary, 2020-present
  Legal (Associate General Counsel), DWS US Retail Legal (2003- present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015- present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011- present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020).
Caroline Pearson(5) (1962)
Assistant Secretary, 2020-present
  Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020- present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021).
Jeffrey Berry(5) (1959)
Assistant Treasurer, 2019-present
  Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan(5) (1966)
Assistant Treasurer, 2019-present
  Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018- present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018- present).
Christina A. Morse(6) (1964)
Assistant Secretary, 2017-present
  Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Christian Rijs(4) (1980)
Anti-Money Laundering Compliance Officer, since October 21, 2021
  Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.

 

(1)

The length of time served is represented by the year in which the Board Member joined the Board.

(2)

As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.

(3)

The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity.

(4)

Address: 875 Third Avenue, New York, New York 10022.

(5)

Address: 100 Summer Street, Boston, MA 02110.

(6)

Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286.

The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.

 

93


DBX ETF Trust

 

Additional Information (Unaudited)

 

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

Portfolio Holdings Information

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount & Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e.,at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended August 31, 2023.

 

     Qualified Dividend
Income*
     Dividends
Received Deduction*
 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

     76%        0%  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     90%        0%  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     69%        0%  

Xtrackers MSCI USA Climate Action Equity ETF

     82%        79%  

Xtrackers MSCI USA ESG Leaders Equity ETF

     100%        98%  

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

     100%        94%  

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

 

     Gross Foreign
Income
     Foreign Taxes
Income
 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

     $15,111,149        $1,776,209  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     1,215,294        103,805  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     851,328        87,210  

 

94


DBX ETF Trust

 

This report is intended for the shareholders of the DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Incorporation of ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on a fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the fund. The Underlying Index’s methodology for identifying companies attempting to reduce their carbon footprint limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not follow a carbon reduction strategy. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. EMSG, USCA and USNZ are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.

Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.

The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.

EMCR and USNZ (the “Funds”) are not sponsored, endorsed, sold or promoted by Solactive. Neither Solactive nor any other party makes any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding advisability of investing in funds generally or in these Funds particularly or the ability of the Underlying Indexes to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Indexes or any data included therein. The prospectus contains a more detailed description of the limited relationship Solactive has with DBX Advisors LLC and any related funds.

Copyright © 2023 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

 

Not FDIC Insured | No Bank Guarantee | May Lose Value


DBX ETF Trust

 

Investment advisor

DBX Advisors LLC

875 Third Avenue

New York, NY 10022

 

Administrator, custodian,
fund accounting agent &
transfer agent

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

 

Distributor

ALPS Distributors, Inc.

1290 Broadway

Suite 1000

Denver, CO 80203

Independent registered public

accounting firm

Ernst & Young LLP

One Manhattan West

New York, NY 10001

 

Legal counsel

Vedder Price P.C.

1633 Broadway

New York, NY 10019

 

 

R-070013-5 (10/23) DBX005647 (10/24)