May 31, 2023

Annual Report

DBX ETF Trust

 

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Management’s Discussion of Fund Performance

     2  

Performance Summary

     4  

Fees and Expenses

     6  

Schedule of Investments

     7  

Statement of Assets and Liabilities

     22  

Statement of Operations

     23  

Statements of Changes in Net Assets

     24  

Financial Highlights

     25  

Notes to Financial Statements

     26  

Report of Independent Registered Public Accounting Firm

     34  

Other Information

     35  

Liquidity Risk Management

     36  

Board Considerations in Approval of Investment Advisory Contracts

     37  

Board Members and Officers

     40  

Additional Information

     43  


To our Shareholders: (Unaudited)

 

 

Dear shareholder,

We are pleased to provide this annual report for our Xtrackers MSCI EAFE Hedged Equity ETF for the period ended May 31, 2023.

Globally, economic recovery was the main priority for all economies amid elevated inflation, hawkish monetary policies of central banks, and escalating geopolitical tensions across the globe. Growing inflation in both developed and emerging economies affected the cost of living, prompting major central banks to resort to aggressive interest rate hikes. Market sentiment turned positive during the latter half of the year, as China’s reopening lent hope industrial productivity issues and supply chain bottlenecks in recent years would soon end. Toward the end of the reporting period, concerns around the U.S. defaulting on its debt and negotiations to increase the debt ceiling dominated the headlines.

The U.S. economy expanded during the reporting period, driven by robust consumer spending and solid government investments. The labor market remained resilient even though wage growth slowed, as hiring shifted from the industries that had grown rapidly during the pandemic-induced lockdowns to in-person service industries. Consumer confidence has been dipping since the start of the year amid worries about the near-term trajectory of the economy. Inflation peaked in June 2022 before cooling in second half of 2022, but core CPI1 remained elevated, due to high energy prices, which partially influenced the U.S. Federal Reserve Board’s decision to hike interest rates. Consequently, U.S. equity markets witnessed heightened volatility, but still advanced over the reporting period.

As the war in Ukraine entered its second year, the Eurozone economy continued its battle with heightened inflation in the region. The Eurozone CPI numbers continued to surpass wage growth rate, weighing on consumption demand. The European Central Bank (ECB), like other developed central banks, continued to hike lending rates, which took a toll on the economy. GDP2 numbers were negative quarter-over-quarter in three of the four quarters during the reporting period. Eurozone GDP expanded 0.1% during Q1 2023 on budgetary support measures from the ECB and retreating energy prices. Plans to move to a sustainable mix of fossil fuels and sustainable energy could play a major role in stabilizing the heavily-energy-reliant economy in the months to come.

In the Pacific, the Bank of Japan (BoJ) remained accommodative to prop up economic recovery, while the rest of the developed world’s central banks maintained their tightening stance. The BoJ used yield curve control, the practice of buying bonds at a variable rate to control interest rates, to control the shape of the yield curve and suppress short- to medium-term rates to spur healthy inflation in the country. Consumer confidence in Japan rose significantly since the start of the reporting period. Australia’s CPI peaked and reached the highest level in 20 years. The Reserve Bank of Australia (RBA) announced it wanted to keep inflation within its 2-3% target band. However, it also said it would not raise interest rates too quickly, as this could derail the economic recovery. The RBA has kept the interest rate unchanged since November 2022 — the lowest in the RBA’s history — and plans to maintain it for a while as it assesses the impact of accelerating inflation on the economy.

Central banks worldwide remain cautious about global developments and how they could affect the economic recovery. Given the lag in the effects of interest rate hikes, economies are treading carefully to assess the effects of their decisions on ordinary citizens. The recent banking crisis in the U.S. and Europe has added to worries the Fed and the ECB may not be done with their tightening stance just yet. China’s recovery will likely play an integral role in the recovery, as industrial productivity growth and increased income could buoy further investments.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

1 The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer.

2 Gross domestic product (GDP) is the monetary value of all finished goods and services produced within a country’s borders within a specific time period.

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.

 

1


DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited)

 

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

The Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the DBEF Index). The DBEF Index is designed to provide exposure to equity securities in developed international stock markets while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2023, DBEF returned 9.62%, compared to the DBEF Index return of 9.82%.

The majority of the sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Discretionary, Industrials and Information Technology, while Materials, Real Estate and Communication Services sectors detracted most from the performance. From a geographical perspective, most countries contributed positively to performance with the greatest contributions coming from France, Japan and Germany. However, Australia, Hong Kong and Norway contributed negatively to the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to 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 4-5 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.

 

2


This Page is Intentionally Left Blank

 

3


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

The Xtrackers MSCI EAFE Hedged 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 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track developed market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE Index is an equity index which captures large- and mid-cap representation across developed markets countries around the world, excluding the United States and Canada. It is not possible to invest directly into an index.

 

Performance as of May 31, 2023

 

Average Annual Total Return
      Net Asset Value    Market Value   

MSCI EAFE

US Dollar
Hedged Index

   MSCI EAFE Index

One Year

   9.62%    9.93%    9.82%    3.06%

Five Year

   7.52%    7.61%    7.72%    3.21%

Ten Year

   7.91%    7.99%    8.20%    4.56%
Cumulative Total Returns
      Net Asset Value    Market Value   

MSCI EAFE

US Dollar
Hedged Index

   MSCI EAFE Index

One Year

   9.62%    9.93%    9.82%    3.06%

Five Year

   43.71%    44.28%    45.02%    17.11%

Ten Year

   114.04%    115.75%    120.02%    56.22%

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 October 1, 2022, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

4


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

Sector Diversification* as of May 31, 2023

 

Financials

    17.9%  

Industrials

    15.9%  

Health Care

    13.6%  

Consumer Discretionary

    12.2%  

Consumer Staples

    10.2%  

Information Technology

    8.5%  

Materials

    7.3%  

Communication Services

    4.3%  

Energy

    4.2%  

Utilities

    3.5%  

Real Estate

    2.4%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of May 31, 2023 (14.8% of Net Assets)

 

Description   % of Net Assets  

Nestle SA (Switzerland)

    2.1%  

ASML Holding NV (Netherlands)

    1.9%  

Novo Nordisk A/S (Denmark)

    1.7%  

LVMH Moet Hennessy Louis Vuitton SE (France)

    1.6%  

Roche Holding AG (Switzerland)

    1.5%  

AstraZeneca PLC (United Kingdom)

    1.5%  

Novartis AG (Switzerland)

    1.3%  

Shell PLC (United Kingdom)

    1.2%  

HSBC Holdings PLC (United Kingdom)

    1.0%  

Toyota Motor Corp. (Japan)

    1.0%  
Country Diversification* as of May 31, 2023

 

Japan

    22.4%  

United Kingdom

    14.1%  

France

    11.8%  

Switzerland

    11.0%  

Germany

    8.5%  

Australia

    7.2%  

Netherlands

    4.8%  

Denmark

    3.1%  

Sweden

    3.1%  

Hong Kong

    2.7%  

Spain

    2.6%  

Italy

    2.0%  

Other

    6.7%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.

 

5


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

As a shareholder of the Fund, 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 unitary advisory fees and other Fund expenses. In the most recent six-month period the Fund limited these expenses; had it 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 Fund 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 six-month period and held for the entire period (December 1, 2022 to May 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 Fund’s 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
December 1, 2022
     Ending
Account Value
May 31, 2023
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers MSCI EAFE Hedged Equity ETF

 

Actual

   $  1,000.00      $  1,064.50        0.35   $ 1.80  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.19        0.35   $ 1.77  

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

 

6


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF

May 31, 2023

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 97.0%    
Australia — 7.0%            

Ampol Ltd.

    59,679     $ 1,219,280  

ANZ Group Holdings Ltd.

    794,629       11,846,584  

APA Group (a)

    315,217       2,058,531  

Aristocrat Leisure Ltd.

    152,872       3,694,034  

ASX Ltd.

    51,507       2,259,090  

Aurizon Holdings Ltd.

    455,910       1,055,707  

BHP Group Ltd.

    1,340,505       36,638,577  

BlueScope Steel Ltd.

    120,184       1,447,777  

Brambles Ltd.

    366,879       3,278,866  

Cochlear Ltd.

    17,408       2,756,141  

Coles Group Ltd.

    354,316       4,143,760  

Commonwealth Bank of Australia

    446,641       28,116,310  

Computershare Ltd.

    151,631       2,205,332  

CSL Ltd.

    127,688       25,447,129  

Dexus REIT

    269,854       1,441,074  

EBOS Group Ltd.

    40,855       1,035,461  

Endeavour Group Ltd.

    387,098       1,553,532  

Fortescue Metals Group Ltd.

    449,618       5,620,969  

Goodman Group REIT

    441,920       5,642,584  

GPT Group REIT

    490,451       1,336,669  

IDP Education Ltd.

    66,330       941,410  

IGO Ltd.

    180,775       1,676,764  

Insurance Australia Group Ltd.

    626,511       2,114,999  

Lendlease Corp. Ltd. (a)

    190,050       976,583  

Lottery Corp. Ltd.

    607,365       1,967,403  

Macquarie Group Ltd.

    97,158       10,790,162  

Medibank Pvt Ltd.

    702,175       1,630,526  

Mineral Resources Ltd.

    46,003       2,118,225  

Mirvac Group REIT

    996,829       1,491,292  

National Australia Bank Ltd.

    830,487       14,028,748  

Newcrest Mining Ltd.

    236,640       3,954,270  

Northern Star Resources Ltd.

    303,408       2,547,812  

Orica Ltd.

    112,059       1,114,470  

Origin Energy Ltd.

    442,945       2,399,987  

Pilbara Minerals Ltd.

    714,515       2,049,576  

Qantas Airways Ltd. *

    224,759       972,194  

QBE Insurance Group Ltd.

    393,885       3,745,682  

Ramsay Health Care Ltd.

    46,996       1,753,718  

REA Group Ltd.

    13,204       1,181,183  

Reece Ltd.

    62,817       742,006  

Rio Tinto Ltd.

    98,205       6,834,889  

Santos Ltd.

    878,270       4,164,565  

Scentre Group REIT

    1,372,236       2,418,868  

SEEK Ltd.

    89,616       1,371,581  

Sonic Healthcare Ltd.

    115,921       2,653,356  

South32 Ltd.

    1,211,853       3,058,411  

Stockland REIT

    630,253       1,746,380  

Suncorp Group Ltd.

    338,353       2,927,088  

Telstra Group Ltd.

    1,065,302       3,021,157  

Transurban Group (a)

    815,067       7,867,583  

Treasury Wine Estates Ltd.

    182,670       1,380,662  

Vicinity Ltd. REIT

    978,918       1,181,148  

Washington H Soul Pattinson & Co. Ltd.

    62,352       1,302,687  

Wesfarmers Ltd.

    299,836       9,297,004  
   

Number
of Shares

   

Value

 
Australia (Continued)            

Westpac Banking Corp.

    928,603     $ 12,490,929  

WiseTech Global Ltd.

    43,881       2,135,828  

Woodside Energy Group Ltd.

    502,898       11,219,878  

Woolworths Group Ltd.

    322,429       7,873,040  
   

 

 

 

(Cost $287,413,148)

      283,939,471  
   

 

 

 
Austria — 0.2%            

Erste Group Bank AG

    89,817       2,906,085  

OMV AG

    38,871       1,731,773  

Verbund AG

    18,185       1,371,348  

voestalpine AG

    29,649       918,430  
   

 

 

 

(Cost $6,291,105)

      6,927,636  
   

 

 

 
Belgium — 0.8%            

Ageas SA/NV (b)

    41,442       1,653,622  

Anheuser-Busch InBev SA/NV

    230,273       12,284,797  

D’ieteren Group

    5,823       1,006,455  

Elia Group SA/NV

    8,259       998,453  

Groupe Bruxelles Lambert NV

    25,328       1,951,431  

KBC Group NV

    66,433       4,344,409  

Sofina SA

    3,885       801,467  

Solvay SA

    19,041       1,987,668  

UCB SA

    33,243       2,896,688  

Umicore SA (b)

    53,911       1,498,263  

Warehouses De Pauw CVA REIT

    44,326       1,243,254  
   

 

 

 

(Cost $39,007,755)

      30,666,507  
   

 

 

 
Chile — 0.0%            

Antofagasta PLC

(Cost $1,347,939)

    101,206       1,683,849  
   

 

 

 
Denmark — 3.1%            

A.P. Moller — Maersk A/S, Class A

    829       1,391,057  

A.P. Moller — Maersk A/S, Class B

    1,313       2,207,918  

Carlsberg A/S, Class B

    26,069       3,927,198  

Chr Hansen Holding A/S

    27,913       2,024,165  

Coloplast A/S, Class B

    31,477       3,962,497  

Danske Bank A/S *

    182,605       3,714,142  

Demant A/S *

    24,572       933,973  

DSV A/S

    49,318       9,503,767  

Genmab A/S *

    17,499       6,844,721  

Novo Nordisk A/S, Class B

    437,959       70,170,001  

Novozymes A/S, Class B

    52,448       2,527,297  

Orsted AS, 144A

    50,135       4,389,822  

Pandora A/S

    23,249       1,852,138  

ROCKWOOL A/S, Class B

    2,379       567,205  

Tryg A/S

    95,677       2,176,771  

Vestas Wind Systems A/S *

    267,335       7,611,007  
   

 

 

 

(Cost $67,997,166)

      123,803,679  
   

 

 

 
Finland — 1.1%            

Elisa OYJ

    37,906       2,123,130  

Fortum OYJ

    124,319       1,651,757  

Kesko OYJ, Class B

    74,656       1,411,261  

Kone OYJ, Class B

    90,585       4,596,348  

Metso Corp. (b)

    175,823       1,923,539  

Neste OYJ

    109,633       4,144,897  

Nokia OYJ

    1,420,836       5,763,591  

 

See Notes to Financial Statements.   7  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

   

Number
of Shares

   

Value

 
Finland (Continued)            

Nordea Bank Abp

    859,474     $ 8,449,168  

Orion OYJ, Class B

    27,343       1,157,095  

Sampo OYJ, Class A

    120,812       5,555,433  

Stora Enso OYJ, Class R

    154,971       1,962,108  

UPM-Kymmene OYJ

    138,385       4,152,110  

Wartsila OYJ Abp

    121,686       1,377,444  
   

 

 

 

(Cost $46,958,051)

      44,267,881  
   

 

 

 
France — 11.5%            

Accor SA

    48,895       1,618,613  

Aeroports de Paris *

    7,505       1,139,941  

Air Liquide SA

    138,617       23,209,008  

Airbus SE

    156,921       20,554,000  

Alstom SA (b)

    84,031       2,311,988  

Amundi SA, 144A

    15,411       866,471  

Arkema SA

    14,700       1,280,597  

AXA SA

    482,165       13,613,936  

BioMerieux

    10,317       1,032,648  

BNP Paribas SA (b)

    294,202       16,984,674  

Bollore SE

    219,968       1,408,393  

Bouygues SA

    55,327       1,771,807  

Bureau Veritas SA

    78,192       1,983,341  

Capgemini SE

    43,699       7,604,371  

Carrefour SA (b)

    152,725       2,805,415  

Cie de Saint-Gobain

    129,823       7,188,178  

Cie Generale des Etablissements Michelin SCA

    180,114       5,113,437  

Covivio SA REIT

    12,626       617,304  

Credit Agricole SA (b)

    315,412       3,604,745  

Danone SA

    170,059       10,059,495  

Dassault Aviation SA

    6,306       1,066,345  

Dassault Systemes SE

    176,883       7,772,683  

Edenred

    65,870       4,230,142  

Eiffage SA

    19,725       2,100,395  

Engie SA

    483,567       7,258,101  

EssilorLuxottica SA

    77,016       13,866,396  

Eurazeo SE

    11,746       802,284  

Gecina SA REIT

    11,634       1,190,708  

Getlink SE

    98,125       1,665,588  

Hermes International

    8,381       17,037,195  

Ipsen SA *

    9,611       1,110,534  

Kering SA

    19,707       10,497,657  

Klepierre SA REIT

    58,897       1,333,388  

La Francaise des Jeux SAEM, 144A

    26,473       1,020,390  

Legrand SA *

    70,751       6,689,858  

L’Oreal SA

    63,734       27,182,004  

LVMH Moet Hennessy Louis Vuitton SE

    73,044       63,546,700  

Orange SA

    493,713       5,895,802  

Pernod Ricard SA

    54,634       11,802,302  

Publicis Groupe SA

    60,583       4,488,970  

Remy Cointreau SA

    5,887       904,564  

Renault SA

    49,533       1,656,411  

Safran SA

    90,559       13,110,401  

Sanofi (b)

    300,279       30,453,488  

Sartorius Stedim Biotech

    7,082       1,859,181  

Schneider Electric SE

    143,594       24,763,712  
   

Number
of Shares

   

Value

 
France (Continued)            

SEB SA

    6,479     $ 608,051  

Societe Generale SA (b)

    193,117       4,464,928  

Sodexo SA

    22,494       2,429,632  

Teleperformance

    15,153       2,265,968  

Thales SA

    27,409       3,817,465  

TotalEnergies SE (b)

    626,017       35,518,486  

Unibail-Rodamco-Westfield REIT * (b)

    30,872       1,412,362  

Valeo

    55,516       1,065,766  

Veolia Environnement SA

    179,908       5,296,047  

Vinci SA

    140,653       15,984,585  

Vivendi SE

    190,601       1,688,951  

Wendel SE

    7,500       788,047  

Worldline SA, 144A *

    61,204       2,378,054  
   

 

 

 

(Cost $351,938,655)

      465,791,903  
   

 

 

 
Germany — 7.7%            

adidas AG

    42,896       6,946,513  

Allianz SE

    106,602       22,787,114  

BASF SE

    236,783       11,241,327  

Bayer AG

    260,032       14,492,230  

Bayerische Motoren Werke AG

    87,404       9,521,999  

Bechtle AG

    20,654       809,787  

Beiersdorf AG

    26,703       3,400,882  

Brenntag SE

    40,989       3,215,011  

Carl Zeiss Meditec AG

    10,388       1,164,227  

Commerzbank AG *

    273,333       2,746,359  

Continental AG

    28,426       1,892,351  

Covestro AG, 144A *

    49,757       1,917,862  

Daimler Truck Holding AG *

    131,600       3,980,886  

Delivery Hero SE, 144A *

    43,695       1,634,697  

Deutsche Bank AG (c)

    513,857       5,204,808  

Deutsche Boerse AG

    50,268       8,677,638  

Deutsche Lufthansa AG *

    151,828       1,486,568  

Deutsche Post AG

    266,593       11,982,630  

Deutsche Telekom AG

    857,594       19,016,587  

E.ON SE

    593,870       7,179,454  

Evonik Industries AG *

    57,690       1,155,908  

Fresenius Medical Care AG & Co. KGaA

    54,106       2,310,466  

Fresenius SE & Co. KGaA

    109,082       2,983,739  

GEA Group AG

    40,940       1,719,362  

Hannover Rueck SE

    15,966       3,416,627  

Heidelberg Materials AG

    38,620       2,760,870  

HelloFresh SE *

    45,918       1,091,088  

Henkel AG & Co. KGaA

    27,906       2,002,106  

Infineon Technologies AG

    345,864       12,839,483  

Knorr-Bremse AG

    18,440       1,261,080  

LEG Immobilien SE *

    18,892       979,595  

Mercedes-Benz Group AG

    226,575       16,897,331  

Merck KGaA

    34,250       5,958,254  

MTU Aero Engines AG

    14,218       3,279,649  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    37,056       13,229,469  

Nemetschek SE

    14,182       1,110,256  

Puma SE

    26,788       1,274,773  

Rational AG

    1,266       849,151  

Rheinmetall AG

    11,216       2,834,150  

 

See Notes to Financial Statements.   8  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

   

Number
of Shares

   

Value

 
Germany (Continued)            

RWE AG

    165,860     $ 6,935,502  

SAP SE

    276,237       36,076,083  

Scout24 SE, 144A

    19,907       1,276,717  

Siemens AG

    201,659       33,052,969  

Siemens Energy AG *

    137,747       3,495,427  

Siemens Healthineers AG, 144A

    74,719       4,224,975  

Symrise AG

    35,399       3,783,045  

Talanx AG

    16,816       937,377  

Telefonica Deutschland Holding AG

    261,738       737,199  

Volkswagen AG

    7,887       1,183,631  

Vonovia SE

    190,209       3,488,878  

Wacker Chemie AG

    4,886       648,653  

Zalando SE, 144A *

    59,299       1,713,924  
   

 

 

 

(Cost $308,923,299)

      314,806,667  
   

 

 

 
Hong Kong — 2.6%  

AIA Group Ltd.

    3,081,289       29,551,916  

BOC Hong Kong Holdings Ltd.

    956,375       2,839,648  

Budweiser Brewing Co. APAC Ltd., 144A

    418,131       1,050,874  

CK Asset Holdings Ltd.

    521,646       2,811,264  

CK Hutchison Holdings Ltd.

    699,512       4,229,884  

CK Infrastructure Holdings Ltd.

    167,096       923,990  

CLP Holdings Ltd.

    434,766       3,167,557  

ESR Group Ltd., 144A

    517,395       763,824  

Futu Holdings Ltd., ADR *

    15,098       556,512  

Galaxy Entertainment Group Ltd. *

    575,467       3,567,984  

Hang Lung Properties Ltd.

    500,193       792,086  

Hang Seng Bank Ltd.

    197,589       2,641,939  

Henderson Land Development Co. Ltd.

    362,162       1,149,324  

HKT Trust & HKT Ltd. (a)

    1,016,024       1,297,530  

Hong Kong & China Gas Co. Ltd.

    2,951,899       2,661,457  

Hong Kong Exchanges & Clearing Ltd.

    318,960       11,674,161  

Hongkong Land Holdings Ltd.

    286,500       1,229,085  

Jardine Matheson Holdings Ltd.

    41,657       1,999,953  

Link REIT

    656,265       3,813,326  

MTR Corp. Ltd.

    406,402       1,871,003  

New World Development Co. Ltd.

    412,961       986,198  

Power Assets Holdings Ltd.

    359,161       1,933,303  

Prudential PLC

    728,446       9,568,952  

Sino Land Co. Ltd.

    973,604       1,265,737  

SITC International Holdings Co. Ltd.

    331,593       575,914  

Sun Hung Kai Properties Ltd.

    375,866       4,785,656  

Swire Pacific Ltd., Class A

    122,500       818,184  

Swire Properties Ltd.

    344,397       820,700  

Techtronic Industries Co. Ltd.

    379,551       3,521,430  

WH Group Ltd., 144A

    2,061,658       1,076,845  

Wharf Real Estate Investment Co. Ltd.

    440,310       2,173,308  

Xinyi Glass Holdings Ltd.

    442,666       654,633  
   

 

 

 

(Cost $114,354,067)

      106,774,177  
   

 

 

 
Ireland — 1.2%  

AerCap Holdings NV *

    43,304       2,471,792  

AIB Group PLC

    353,179       1,446,631  

Bank of Ireland Group PLC

    275,250       2,587,326  

CRH PLC

    195,851       9,232,127  

DCC PLC

    25,425       1,453,914  
   

Number
of Shares

   

Value

 
Ireland (Continued)  

Experian PLC

    243,363     $ 8,573,357  

Flutter Entertainment PLC *

    46,674       9,112,386  

James Hardie Industries PLC CDI *

    113,721       2,802,718  

Kerry Group PLC, Class A

    42,233       4,116,129  

Kingspan Group PLC

    39,786       2,640,094  

Smurfit Kappa Group PLC

    69,054       2,452,769  
   

 

 

 

(Cost $35,914,079)

      46,889,243  
   

 

 

 
Israel — 0.6%  

Azrieli Group Ltd.

    11,664       613,278  

Bank Hapoalim BM

    325,935       2,622,119  

Bank Leumi Le-Israel BM

    396,867       2,781,169  

Check Point Software Technologies Ltd. *

    25,786       3,218,351  

CyberArk Software Ltd. *

    10,341       1,600,063  

Elbit Systems Ltd.

    7,045       1,439,188  

ICL Group Ltd.

    205,868       1,121,045  

Israel Discount Bank Ltd., Class A

    313,132       1,507,948  

Mizrahi Tefahot Bank Ltd.

    39,216       1,257,964  

Monday.com Ltd. *

    6,033       1,087,147  

Nice Ltd. *

    16,350       3,288,797  

Teva Pharmaceutical Industries Ltd., ADR *

    285,594       2,056,277  

Tower Semiconductor Ltd. *

    27,994       1,158,305  

Wix.com Ltd. *

    14,618       1,114,184  
   

 

 

 

(Cost $26,625,908)

      24,865,835  
   

 

 

 
Italy — 2.0%  

Amplifon SpA

    33,181       1,144,881  

Assicurazioni Generali SpA

    273,434       5,177,631  

Davide Campari-Milano NV

    134,679       1,757,733  

DiaSorin SpA

    6,296       647,407  

Enel SpA

    2,153,392       13,483,725  

Eni SpA

    615,226       8,187,314  

Ferrari NV

    33,383       9,513,119  

FinecoBank Banca Fineco SpA

    156,005       2,069,416  

Infrastrutture Wireless Italiane SpA, 144A

    85,607       1,088,914  

Intesa Sanpaolo SpA

    4,275,336       9,850,441  

Mediobanca Banca di Credito Finanziario SpA

    152,610       1,679,371  

Moncler SpA

    54,673       3,700,422  

Nexi SpA, 144A *

    162,031       1,269,173  

Poste Italiane SpA, 144A

    132,334       1,371,518  

Prysmian SpA

    65,154       2,414,528  

Recordati Industria Chimica e Farmaceutica SpA

    26,497       1,150,467  

Snam SpA

    520,147       2,718,769  

Telecom Italia SpA *(b)

    2,664,075       705,643  

Terna — Rete Elettrica Nazionale

    373,344       3,125,498  

UniCredit SpA

    491,596       9,413,222  
   

 

 

 

(Cost $71,419,051)

      80,469,192  
   

 

 

 
Japan — 21.9%  

Advantest Corp.

    50,700       6,517,402  

Aeon Co. Ltd.

    173,700       3,440,962  

AGC, Inc. (b)

    54,300       1,983,757  

 

See Notes to Financial Statements.   9  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

   

Number
of Shares

   

Value

 
Japan (Continued)  

Aisin Corp.

    40,054     $ 1,152,819  

Ajinomoto Co., Inc.

    118,847       4,624,221  

ANA Holdings, Inc. *(b)

    43,600       968,541  

Asahi Group Holdings Ltd.

    127,565       4,952,443  

Asahi Intecc Co. Ltd.

    57,800       1,101,446  

Asahi Kasei Corp.

    345,800       2,354,145  

Astellas Pharma, Inc.

    479,432       7,596,240  

Azbil Corp.

    28,900       915,798  

Bandai Namco Holdings, Inc.

    158,800       3,728,224  

BayCurrent Consulting, Inc.

    34,900       1,280,022  

Bridgestone Corp.

    151,276       6,165,047  

Brother Industries Ltd.

    59,300       861,462  

Canon, Inc. (b)

    266,086       6,609,895  

Capcom Co. Ltd.

    46,000       1,796,088  

Central Japan Railway Co.

    38,354       4,675,706  

Chiba Bank Ltd.

    143,700       898,351  

Chubu Electric Power Co., Inc.

    163,900       1,956,330  

Chugai Pharmaceutical Co. Ltd.

    178,100       4,800,039  

Concordia Financial Group Ltd.

    287,715       1,115,134  

CyberAgent, Inc.

    117,400       832,523  

Dai Nippon Printing Co. Ltd.

    58,000       1,654,764  

Daifuku Co. Ltd.

    77,663       1,576,951  

Dai-ichi Life Holdings, Inc.

    250,638       4,307,574  

Daiichi Sankyo Co. Ltd.

    489,593       15,953,721  

Daikin Industries Ltd.

    69,688       13,284,861  

Daito Trust Construction Co. Ltd.

    15,813       1,503,838  

Daiwa House Industry Co. Ltd.

    156,136       4,081,445  

Daiwa House REIT Investment Corp. REIT

    622       1,305,832  

Daiwa Securities Group, Inc.

    337,187       1,531,953  

Denso Corp.

    114,753       7,092,324  

Dentsu Group, Inc.

    53,700       1,726,725  

Disco Corp.

    24,300       3,549,291  

East Japan Railway Co.

    80,053       4,417,351  

Eisai Co. Ltd.

    66,752       4,248,747  

ENEOS Holdings, Inc.

    780,728       2,598,971  

FANUC Corp.

    254,285       8,756,931  

Fast Retailing Co. Ltd. (b)

    46,351       10,872,067  

Fuji Electric Co. Ltd.

    32,300       1,360,854  

FUJIFILM Holdings Corp.

    98,854       6,054,342  

Fujitsu Ltd.

    46,602       5,927,059  

GLP J REIT

    1,246       1,321,793  

GMO Payment Gateway, Inc.

    10,700       846,323  

Hakuhodo DY Holdings, Inc.

    62,259       653,312  

Hamamatsu Photonics KK

    36,700       1,872,866  

Hankyu Hanshin Holdings, Inc.

    58,040       1,847,532  

Hikari Tsushin, Inc.

    4,900       709,370  

Hirose Electric Co. Ltd.

    7,866       1,068,184  

Hitachi Construction Machinery Co. Ltd.

    29,100       720,581  

Hitachi Ltd.

    248,001       14,322,024  

Honda Motor Co. Ltd.

    407,699       11,719,609  

Hoshizaki Corp.

    29,500       1,062,910  

Hoya Corp.

    94,574       11,923,146  

Hulic Co. Ltd.

    95,200       794,671  

Ibiden Co. Ltd.

    29,600       1,618,891  

Idemitsu Kosan Co. Ltd.

    52,884       1,027,884  
   

Number
of Shares

   

Value

 
Japan (Continued)  

Iida Group Holdings Co. Ltd.

    42,500     $ 702,817  

Inpex Corp.

    266,517       2,831,115  

Isuzu Motors Ltd.

    149,500       1,742,602  

ITOCHU Corp.

    314,654       10,661,988  

Itochu Techno-Solutions Corp.

    23,800       620,090  

Japan Airlines Co. Ltd.

    34,873       667,299  

Japan Exchange Group, Inc.

    132,578       2,170,064  

Japan Metropolitan Fund Invest REIT

    1,952       1,381,426  

Japan Post Bank Co. Ltd.

    390,558       2,918,147  

Japan Post Holdings Co. Ltd.

    580,013       4,098,495  

Japan Post Insurance Co. Ltd.

    53,000       797,710  

Japan Real Estate Investment Corp. REIT

    354       1,346,636  

Japan Tobacco, Inc. (b)

    317,541       6,928,582  

JFE Holdings, Inc.

    125,085       1,547,795  

JSR Corp.

    48,100       1,161,719  

Kajima Corp.

    107,100       1,502,821  

Kansai Electric Power Co., Inc.

    179,567       2,056,981  

Kao Corp.

    123,704       4,330,195  

Kawasaki Kisen Kaisha Ltd.

    36,700       825,799  

KDDI Corp.

    396,233       12,203,379  

Keio Corp.

    25,860       911,341  

Keisei Electric Railway Co. Ltd.

    32,928       1,264,416  

Keyence Corp.

    51,470       25,046,948  

Kikkoman Corp.

    37,182       2,196,360  

Kintetsu Group Holdings Co. Ltd.

    48,440       1,604,526  

Kirin Holdings Co. Ltd.

    207,123       3,091,421  

Kobayashi Pharmaceutical Co. Ltd.

    13,400       757,883  

Kobe Bussan Co. Ltd.

    38,100       1,051,459  

Koei Tecmo Holdings Co. Ltd.

    26,100       439,668  

Koito Manufacturing Co. Ltd.

    52,300       984,250  

Komatsu Ltd.

    245,273       5,795,361  

Konami Group Corp.

    26,866       1,425,012  

Kose Corp.

    8,600       864,167  

Kubota Corp.

    264,781       3,662,178  

Kurita Water Industries Ltd.

    26,200       1,073,763  

Kyocera Corp.

    85,200       4,846,906  

Kyowa Kirin Co. Ltd.

    68,200       1,311,868  

Lasertec Corp.

    19,900       3,092,302  

Lixil Corp.

    76,500       988,337  

M3, Inc.

    114,942       2,564,075  

Makita Corp.

    57,300       1,554,595  

Marubeni Corp.

    404,400       5,781,911  

MatsukiyoCocokara & Co.

    30,300       1,624,554  

Mazda Motor Corp.

    145,800       1,249,490  

McDonald’s Holdings Co. Japan Ltd.

    22,522       926,259  

MEIJI Holdings Co. Ltd.

    57,680       1,293,738  

MINEBEA MITSUMI, Inc.

    92,420       1,783,724  

MISUMI Group, Inc.

    72,700       1,591,495  

Mitsubishi Chemical Group Corp.

    343,200       1,929,507  

Mitsubishi Corp.

    328,025       13,151,607  

Mitsubishi Electric Corp.

    511,379       6,676,464  

Mitsubishi Estate Co. Ltd.

    290,051       3,337,174  

Mitsubishi HC Capital, Inc.

    235,900       1,281,725  

Mitsubishi Heavy Industries Ltd.

    88,299       3,743,003  

Mitsubishi UFJ Financial Group, Inc.

    3,020,852       20,218,514  

Mitsui & Co. Ltd.

    347,260       10,976,731  

 

See Notes to Financial Statements.   10  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

   

Number
of Shares

   

Value

 
Japan (Continued)  

Mitsui Chemicals, Inc.

    44,400     $ 1,123,345  

Mitsui Fudosan Co. Ltd.

    240,126       4,588,807  

Mitsui OSK Lines Ltd.

    90,500       2,062,354  

Mizuho Financial Group, Inc.

    637,858       9,399,049  

MonotaRO Co. Ltd.

    63,900       889,761  

MS&AD Insurance Group Holdings, Inc.

    111,021       3,823,282  

Murata Manufacturing Co. Ltd.

    152,277       8,961,200  

NEC Corp.

    65,059       3,058,579  

Nexon Co. Ltd.

    103,445       2,113,077  

NGK Insulators Ltd.

    63,900       771,891  

Nidec Corp.

    110,746       5,516,435  

Nintendo Co. Ltd.

    274,910       11,712,656  

Nippon Building Fund, Inc. REIT

    406       1,626,040  

NIPPON EXPRESS HOLDINGS, Inc.

    19,600       1,101,511  

Nippon Paint Holdings Co. Ltd.

    251,910       1,936,448  

Nippon Prologis REIT, Inc. REIT (b)

    594       1,245,769  

Nippon Sanso Holdings Corp.

    46,200       948,373  

Nippon Shinyaku Co. Ltd.

    14,200       650,249  

Nippon Steel Corp.

    214,109       4,173,070  

Nippon Telegraph & Telephone Corp.

    316,202       8,975,984  

Nippon Yusen KK

    128,300       2,737,282  

Nissan Chemical Corp.

    32,049       1,393,985  

Nissan Motor Co. Ltd.

    613,442       2,302,306  

Nisshin Seifun Group, Inc.

    46,700       586,243  

Nissin Foods Holdings Co. Ltd.

    15,800       1,348,373  

Nitori Holdings Co. Ltd.

    20,601       2,512,930  

Nitto Denko Corp.

    39,824       2,838,344  

Nomura Holdings, Inc.

    772,554       2,711,494  

Nomura Real Estate Holdings, Inc.

    27,636       669,453  

Nomura Real Estate Master Fund, Inc. REIT

    1,060       1,246,969  

Nomura Research Institute Ltd.

    104,043       2,621,144  

NTT Data Corp.

    166,534       2,386,997  

Obayashi Corp.

    161,700       1,304,510  

Obic Co. Ltd.

    18,300       2,967,142  

Odakyu Electric Railway Co. Ltd.

    74,350       1,084,365  

Oji Holdings Corp.

    225,668       869,792  

Olympus Corp.

    313,816       4,769,463  

Omron Corp.

    46,592       2,817,424  

Ono Pharmaceutical Co. Ltd.

    103,706       1,941,626  

Open House Group Co. Ltd.

    19,600       754,036  

Oracle Corp. (b)

    9,700       743,556  

Oriental Land Co. Ltd.

    288,500       10,823,539  

ORIX Corp.

    305,746       5,212,989  

Osaka Gas Co. Ltd.

    99,100       1,571,232  

Otsuka Corp.

    28,600       1,079,749  

Otsuka Holdings Co. Ltd.

    103,767       3,852,766  

Pan Pacific International Holdings Corp.

    97,272       1,660,937  

Panasonic Holdings Corp.

    585,085       6,133,261  

Persol Holdings Co. Ltd.

    45,300       857,067  

Rakuten Group, Inc. (b)

    254,486       1,052,101  

Recruit Holdings Co. Ltd.

    381,653       11,751,598  

Renesas Electronics Corp. *

    337,100       5,540,707  

Resona Holdings, Inc.

    564,325       2,565,942  

Ricoh Co. Ltd.

    141,400       1,183,366  
   

Number
of Shares

   

Value

 
Japan (Continued)  

Rohm Co. Ltd.

    22,100     $ 1,873,325  

SBI Holdings, Inc.

    62,325       1,167,545  

SCSK Corp.

    40,300       638,668  

Secom Co. Ltd.

    55,700       3,652,433  

Seiko Epson Corp.

    71,059       1,080,739  

Sekisui Chemical Co. Ltd.

    91,200       1,260,075  

Sekisui House Ltd.

    158,551       3,099,326  

Seven & i Holdings Co. Ltd.

    199,676       8,376,861  

SG Holdings Co. Ltd.

    85,600       1,258,272  

Sharp Corp. *

    51,273       294,408  

Shimadzu Corp.

    61,000       1,891,405  

Shimano, Inc.

    20,394       3,207,124  

Shimizu Corp.

    132,200       802,736  

Shin-Etsu Chemical Co. Ltd.

    482,420       14,878,584  

Shionogi & Co. Ltd.

    69,295       3,121,446  

Shiseido Co. Ltd.

    106,057       4,829,942  

Shizuoka Financial Group, Inc.

    108,300       797,530  

SMC Corp.

    15,082       8,127,447  

SoftBank Corp.

    759,700       8,100,013  

SoftBank Group Corp.

    272,528       10,709,426  

Sompo Holdings, Inc.

    81,435       3,325,786  

Sony Group Corp.

    333,716       31,521,282  

Square Enix Holdings Co. Ltd.

    21,000       942,042  

Subaru Corp.

    157,834       2,717,702  

SUMCO Corp. (b)

    89,100       1,273,268  

Sumitomo Chemical Co. Ltd.

    395,722       1,181,556  

Sumitomo Corp.

    298,076       5,640,606  

Sumitomo Electric Industries Ltd.

    184,400       2,189,109  

Sumitomo Metal Mining Co. Ltd.

    63,200       1,918,794  

Sumitomo Mitsui Financial Group, Inc.

    345,315       14,072,841  

Sumitomo Mitsui Trust Holdings, Inc.

    87,781       3,090,370  

Sumitomo Realty & Development Co. Ltd.

    78,903       1,907,943  

Suntory Beverage & Food Ltd.

    35,000       1,288,713  

Suzuki Motor Corp.

    96,426       3,185,017  

Sysmex Corp.

    43,107       2,824,502  

T&D Holdings, Inc.

    137,100       1,871,625  

Taisei Corp.

    45,815       1,458,385  

Takeda Pharmaceutical Co. Ltd.

    419,011       13,295,874  

TDK Corp.

    103,072       3,950,508  

Terumo Corp.

    178,144       5,429,029  

TIS, Inc.

    57,800       1,622,092  

Tobu Railway Co. Ltd.

    50,379       1,319,816  

Toho Co. Ltd.

    27,500       1,083,617  

Tokio Marine Holdings, Inc.

    477,150       10,767,340  

Tokyo Electric Power Co. Holdings, Inc. *

    397,900       1,373,694  

Tokyo Electron Ltd.

    118,592       16,440,728  

Tokyo Gas Co. Ltd.

    100,380       2,139,086  

Tokyu Corp.

    149,810       1,937,611  

TOPPAN, Inc.

    66,389       1,421,413  

Toray Industries, Inc.

    353,343       1,869,618  

Toshiba Corp.

    110,016       3,552,571  

Tosoh Corp.

    63,340       729,666  

TOTO Ltd.

    36,115       1,097,772  

Toyota Industries Corp.

    39,400       2,437,667  

Toyota Motor Corp.

    2,807,020       38,451,087  

 

See Notes to Financial Statements.   11  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

   

Number
of Shares

   

Value

 
Japan (Continued)  

Toyota Tsusho Corp.

    54,511     $ 2,402,279  

Trend Micro, Inc.

    35,776       1,705,025  

Unicharm Corp.

    107,000       4,077,251  

USS Co. Ltd.

    53,700       874,540  

Welcia Holdings Co. Ltd.

    23,200       490,893  

West Japan Railway Co.

    56,206       2,356,356  

Yakult Honsha Co. Ltd.

    32,679       2,122,698  

Yamaha Corp.

    35,781       1,420,197  

Yamaha Motor Co. Ltd.

    77,074       1,902,993  

Yamato Holdings Co. Ltd.

    71,771       1,315,136  

Yaskawa Electric Corp.

    61,420       2,600,955  

Yokogawa Electric Corp.

    62,044       1,172,078  

Z Holdings Corp.

    683,000       1,701,556  

ZOZO, Inc.

    33,397       681,723  
   

 

 

 

(Cost $766,128,608)

      886,119,967  
   

 

 

 
Jordan — 0.0%            

Hikma Pharmaceuticals PLC

   

(Cost $1,202,209)

    40,538       903,404  
   

 

 

 
Luxembourg — 0.2%            

ArcelorMittal SA

    128,585       3,192,838  

Eurofins Scientific SE (b)

    34,703       2,286,478  

Tenaris SA

    122,350       1,526,203  
   

 

 

 

(Cost $6,530,199)

      7,005,519  
   

 

 

 
Macau — 0.1%            

Sands China Ltd. *

   

(Cost $2,444,564)

    613,590       1,986,413  
   

 

 

 
Netherlands — 4.7%            

ABN AMRO Bank NV, 144A

    105,893       1,539,938  

Adyen NV, 144A *

    5,744       9,374,195  

Aegon NV

    456,738       2,008,974  

Akzo Nobel NV

    46,031       3,465,829  

Argenx SE *

    14,783       5,761,249  

ASM International NV

    12,420       5,381,988  

ASML Holding NV

    106,569       76,491,700  

Euronext NV, 144A

    21,906       1,455,264  

EXOR NV *

    27,903       2,316,251  

Heineken Holding NV

    30,021       2,552,718  

Heineken NV

    68,679       6,935,875  

IMCD NV

    15,179       2,280,402  

ING Groep NV

    958,354       11,788,627  

JDE Peet’s NV

    33,652       977,682  

Just Eat Takeaway.com NV, 144A *

    55,806       839,171  

Koninklijke Ahold Delhaize NV

    258,415       8,192,685  

Koninklijke KPN NV

    854,333       2,938,669  

Koninklijke Philips NV *

    246,874       4,656,494  

NN Group NV (b)

    66,566       2,399,261  

OCI NV

    26,802       595,606  

Prosus NV *

    212,110       13,959,431  

QIAGEN NV *

    59,080       2,665,589  

Randstad NV

    30,369       1,488,682  

Stellantis NV

    596,130       9,036,825  

Universal Music Group NV

    217,025       4,291,597  

Wolters Kluwer NV

    68,143       7,779,110  
   

 

 

 

(Cost $132,049,322)

      191,173,812  
   

 

 

 
   

Number
of Shares

   

Value

 
New Zealand — 0.2%            

Auckland International Airport Ltd. *

    319,314     $ 1,706,865  

Fisher & Paykel Healthcare Corp. Ltd.

    153,782       2,153,482  

Mercury NZ Ltd.

    177,035       699,481  

Meridian Energy Ltd.

    323,146       1,033,490  

Spark New Zealand Ltd.

    515,043       1,600,686  

Xero Ltd. *

    38,055       2,721,580  
   

 

 

 

(Cost $8,675,775)

      9,915,584  
   

 

 

 
Norway — 0.6%            

Adevinta ASA *

    69,156       484,083  

Aker BP ASA

    81,560       1,772,245  

DNB Bank ASA

    245,432       4,108,148  

Equinor ASA

    253,213       6,472,783  

Gjensidige Forsikring ASA

    47,799       803,095  

Kongsberg Gruppen ASA

    22,512       901,681  

Mowi ASA

    117,497       2,016,466  

Norsk Hydro ASA

    357,437       2,160,040  

Orkla ASA

    192,940       1,388,100  

Salmar ASA (b)

    19,443       856,528  

Telenor ASA

    182,063       1,869,803  

Yara International ASA (b)

    42,383       1,581,506  
   

 

 

 

(Cost $27,944,280)

      24,414,478  
   

 

 

 
Portugal — 0.2%            

EDP — Energias de Portugal SA

    771,608       3,762,612  

Galp Energia SGPS SA

    133,933       1,416,722  

Jeronimo Martins SGPS SA

    73,138       1,765,243  
   

 

 

 

(Cost $6,076,900)

      6,944,577  
   

 

 

 
Singapore — 1.4%            

CapitaLand Ascendas REIT

    860,999       1,719,069  

CapitaLand Integrated Commercial Trust REIT

    1,418,534       2,097,958  

CapitaLand Investment Ltd.

    672,200       1,645,332  

City Developments Ltd.

    140,500       701,305  

DBS Group Holdings Ltd.

    479,387       10,741,275  

Genting Singapore Ltd.

    1,634,278       1,220,602  

Grab Holdings Ltd., Class A * (b)

    496,220       1,478,736  

Jardine Cycle & Carriage Ltd.

    26,500       633,547  

Keppel Corp. Ltd.

    369,000       1,721,800  

Mapletree Logistics Trust REIT

    883,575       1,084,622  

Mapletree Pan Asia Commercial Trust REIT

    628,100       766,372  

Oversea-Chinese Banking Corp. Ltd.

    895,687       8,126,954  

Sea Ltd., ADR *

    96,593       5,545,404  

Seatrium Ltd. *

    10,095,160       918,217  

Singapore Airlines Ltd.

    370,150       1,754,538  

Singapore Exchange Ltd.

    214,900       1,474,726  

Singapore Technologies Engineering Ltd.

    445,800       1,206,558  

Singapore Telecommunications Ltd.

    2,146,589       3,952,530  

United Overseas Bank Ltd.

    334,754       6,918,860  

UOL Group Ltd.

    115,281       541,325  

Venture Corp. Ltd.

    75,100       842,466  

Wilmar International Ltd.

    490,166       1,417,251  
   

 

 

 

(Cost $61,444,487)

      56,509,447  
   

 

 

 

 

See Notes to Financial Statements.   12  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

   

Number
of Shares

   

Value

 
Spain — 2.5%            

Acciona SA

    6,327     $ 1,023,232  

ACS Actividades de Construccion y Servicios SA

    54,025       1,797,098  

Aena SME SA, 144A

    19,956       3,118,590  

Amadeus IT Group SA *

    119,271       8,529,005  

Banco Bilbao Vizcaya Argentaria SA

    1,597,418       10,449,786  

Banco Santander SA

    4,357,935       14,184,220  

CaixaBank SA

    1,093,185       4,004,471  

Cellnex Telecom SA, 144A *

    150,039       6,079,885  

Corp ACCIONA Energias Renovables SA *(b)

    17,845       593,600  

EDP Renovaveis SA

    69,612       1,382,507  

EDP Renovaveis SA *

    913       18,132  

Enagas SA

    63,078       1,203,858  

Endesa SA

    81,906       1,771,124  

Ferrovial SA

    135,146       4,182,049  

Grifols SA *(b)

    79,488       921,443  

Iberdrola SA

    1,540,566       18,772,520  

Industria de Diseno Textil SA (b)

    288,677       9,655,064  

Naturgy Energy Group SA

    33,457       951,990  

Red Electrica Corp. SA

    104,389       1,768,009  

Repsol SA

    353,243       4,791,512  

Telefonica SA

    1,380,265       5,857,205  
   

 

 

 

(Cost $112,765,014)

      101,055,300  
   

 

 

 
Sweden — 3.0%            

Alfa Laval AB (b)

    74,644       2,681,236  

Assa Abloy AB, Class B

    265,858       5,899,354  

Atlas Copco AB, Class A

    715,973       10,427,720  

Atlas Copco AB, Class B

    411,109       5,174,947  

Beijer Ref AB

    89,716       1,326,915  

Boliden AB

    71,231       2,169,067  

Boliden AB *

    70,097       74,155  

Embracer Group AB *(b)

    163,943       377,006  

Epiroc AB, Class A

    169,893       2,974,591  

Epiroc AB, Class B

    104,239       1,574,372  

EQT AB (b)

    91,861       1,736,181  

Essity AB, Class B

    161,836       4,300,992  

Evolution AB, 144A

    48,512       6,373,017  

Fastighets AB Balder, Class B *(b)

    187,714       630,338  

Getinge AB, Class B

    58,611       1,347,559  

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

    174,370       2,176,291  

Hexagon AB, Class B

    552,165       6,400,999  

Holmen AB, Class B (b)

    25,260       955,298  

Husqvarna AB, Class B

    108,363       799,856  

Industrivarden AB, Class A

    33,406       898,888  

Industrivarden AB, Class C (b)

    44,454       1,188,384  

Indutrade AB

    70,396       1,655,491  

Investment AB Latour, Class B (b)

    35,999       712,894  

Investor AB, Class A

    115,609       2,376,783  

Investor AB, Class B (b)

    459,138       9,335,668  

Kinnevik AB, Class B *

    59,265       850,598  

L E Lundbergforetagen AB, Class B (b)

    21,164       880,354  

Lifco AB, Class B

    60,789       1,283,359  

Nibe Industrier AB, Class B

    401,401       3,830,247  

Saab AB, Class B

    21,236       1,156,143  
   

Number
of Shares

   

Value

 
Sweden (Continued)            

Sagax AB, Class B (b)

    47,236     $ 930,634  

Sandvik AB

    284,545       4,999,033  

Securitas AB, Class B

    123,786       911,644  

Skandinaviska Enskilda Banken AB, Class A

    428,692       4,481,755  

Skanska AB, Class B (b)

    87,195       1,149,015  

SKF AB, Class B

    99,080       1,569,496  

Svenska Cellulosa AB SCA, Class B

    155,180       2,057,760  

Svenska Handelsbanken AB, Class A

    375,639       2,967,921  

Swedbank AB, Class A

    225,093       3,444,285  

Swedish Orphan Biovitrum AB *

    43,064       865,106  

Tele2 AB, Class B (b)

    147,404       1,339,320  

Telefonaktiebolaget LM Ericsson, Class B

    775,000       4,007,907  

Telia Co. AB (b)

    686,928       1,599,612  

Volvo AB, Class A

    53,420       1,029,826  

Volvo AB, Class B

    403,015       7,436,900  

Volvo Car AB, Class B *(b)

    142,032       487,933  
   

 

 

 

(Cost $116,152,150)

      120,846,850  
   

 

 

 
Switzerland — 10.7%            

ABB Ltd.

    415,703       15,181,204  

Adecco Group AG

    40,357       1,203,509  

Alcon, Inc.

    132,265       10,261,702  

Bachem Holding AG

    9,002       944,926  

Baloise Holding AG

    12,287       1,887,402  

Banque Cantonale Vaudoise (b)

    8,132       818,334  

Barry Callebaut AG

    957       1,934,490  

BKW AG

    5,508       987,600  

Chocoladefabriken Lindt & Spruengli AG

    28       3,387,977  

Chocoladefabriken Lindt & Spruengli AG Participation Certificates

    267       3,192,567  

Cie Financiere Richemont SA, Class A

    138,115       21,920,970  

Clariant AG *

    52,771       760,783  

Coca-Cola HBC AG *

    58,434       1,735,813  

DSM-Firmenich AG *

    46,032       5,119,147  

Dufry AG *

    26,273       1,187,658  

EMS-Chemie Holding AG

    1,795       1,389,487  

Geberit AG

    8,978       4,755,407  

Givaudan SA

    2,476       8,145,041  

Glencore PLC

    2,826,330       14,465,819  

Helvetia Holding AG

    10,557       1,498,787  

Holcim AG *

    146,657       9,040,158  

Julius Baer Group Ltd.

    56,173       3,431,749  

Kuehne + Nagel International AG

    14,093       4,009,329  

Logitech International SA

    44,580       2,856,644  

Lonza Group AG

    19,728       12,333,926  

Nestle SA

    727,584       86,199,631  

Novartis AG

    542,350       51,903,624  

Partners Group Holding AG

    6,030       5,434,449  

Roche Holding AG

    185,910       58,829,824  

Roche Holding AG

    8,478       2,857,805  

Schindler Holding AG

    6,091       1,221,210  

Schindler Holding AG Participation Certificates

    10,849       2,246,633  

SGS SA

    39,766       3,529,710  

 

See Notes to Financial Statements.   13  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

   

Number
of Shares

   

Value

 
Switzerland (Continued)            

SIG Group AG *

    78,621     $ 2,144,327  

Sika AG

    38,891       10,607,219  

Sonova Holding AG

    13,780       3,531,432  

STMicroelectronics NV

    181,105       7,858,513  

Straumann Holding AG

    29,616       4,328,180  

Swatch Group AG — Bearer

    7,705       2,289,292  

Swatch Group AG — Registered

    13,681       767,608  

Swiss Life Holding AG (b)

    8,154       4,709,310  

Swiss Prime Site AG

    19,204       1,620,453  

Swiss Re AG

    79,900       8,002,721  

Swisscom AG

    6,853       4,340,171  

Temenos AG

    16,429       1,384,311  

UBS Group AG

    839,537       15,891,977  

VAT Group AG, 144A (b)

    7,176       2,957,071  

Zurich Insurance Group AG

    39,734       18,585,434  
   

 

 

 

(Cost $340,978,735)

      433,691,334  
   

 

 

 
United Kingdom — 13.7%  

3i Group PLC

    257,600       6,266,237  

abrdn PLC

    524,586       1,295,330  

Admiral Group PLC

    56,324       1,628,994  

Anglo American PLC

    336,838       9,316,683  

Ashtead Group PLC

    116,182       7,081,708  

Associated British Foods PLC

    92,055       2,090,414  

AstraZeneca PLC

    410,077       59,479,467  

Auto Trader Group PLC, 144A

    246,215       1,929,559  

Aviva PLC

    726,716       3,563,563  

BAE Systems PLC

    807,525       9,323,965  

Barclays PLC

    4,117,415       7,751,424  

Barratt Developments PLC

    250,798       1,443,845  

Berkeley Group Holdings PLC

    30,397       1,484,513  

BP PLC

    4,682,575       26,404,234  

British American Tobacco PLC

    562,291       17,867,761  

British Land Co. PLC REIT

    233,522       996,380  

BT Group PLC

    1,791,204       3,272,066  

Bunzl PLC

    89,570       3,503,065  

Burberry Group PLC

    101,543       2,720,814  

Centrica PLC

    1,506,801       2,205,215  

CNH Industrial NV

    268,969       3,435,639  

Coca-Cola Europacific Partners PLC

    54,561       3,404,061  

Compass Group PLC

    461,403       12,638,654  

Croda International PLC

    36,591       2,776,561  

Diageo PLC

    596,734       24,845,034  

Endeavour Mining PLC

    49,528       1,325,855  

Entain PLC

    156,886       2,574,140  

GSK PLC

    1,083,917       18,154,038  

Haleon PLC

    1,345,959       5,327,643  

Halma PLC

    100,807       3,020,860  

Hargreaves Lansdown PLC

    88,701       885,145  

HSBC Holdings PLC

    5,286,624       38,833,043  

Imperial Brands PLC

    232,058       4,892,934  

Informa PLC

    363,544       3,152,048  

InterContinental Hotels Group PLC

    46,520       3,048,517  

Intertek Group PLC

    42,739       2,208,482  

J Sainsbury PLC

    425,409       1,431,982  

JD Sports Fashion PLC

    689,780       1,304,239  
   

Number
of Shares

   

Value

 
United Kingdom (Continued)  

Johnson Matthey PLC

    46,349     $ 997,446  

Kingfisher PLC

    496,167       1,425,749  

Land Securities Group PLC REIT

    181,025       1,355,621  

Legal & General Group PLC

    1,582,698       4,490,828  

Lloyds Banking Group PLC

    17,530,124       9,631,978  

London Stock Exchange Group PLC

    106,273       11,302,959  

M&G PLC

    604,000       1,489,168  

Mondi PLC

    123,770       1,916,849  

National Grid PLC

    972,695       13,382,428  

NatWest Group PLC

    1,517,919       4,901,809  

Next PLC

    33,190       2,620,055  

Ocado Group PLC *(b)

    147,128       675,344  

Pearson PLC

    169,745       1,685,434  

Persimmon PLC

    81,590       1,219,449  

Phoenix Group Holdings PLC

    201,190       1,382,494  

Reckitt Benckiser Group PLC

    189,539       14,726,640  

RELX PLC

    503,369       15,716,770  

Rentokil Initial PLC

    658,317       5,229,583  

Rio Tinto PLC

    298,006       17,727,100  

Rolls-Royce Holdings PLC *

    2,215,379       3,949,093  

Sage Group PLC

    271,204       2,938,444  

Schroders PLC

    218,324       1,237,338  

Segro PLC REIT

    338,283       3,356,359  

Severn Trent PLC

    65,879       2,272,479  

Shell PLC

    1,812,019       50,051,446  

Smith & Nephew PLC

    231,477       3,461,110  

Smiths Group PLC

    98,349       1,964,801  

Spirax-Sarco Engineering PLC

    18,923       2,571,666  

SSE PLC

    288,373       6,749,350  

St James’s Place PLC

    143,965       1,996,801  

Standard Chartered PLC

    634,210       4,998,634  

Taylor Wimpey PLC

    952,741       1,353,456  

Tesco PLC

    1,941,066       6,297,251  

Unilever PLC

    668,338       33,496,276  

United Utilities Group PLC

    173,829       2,189,376  

Vodafone Group PLC

    6,085,776       5,781,518  

Whitbread PLC

    54,764       2,238,545  

Wise PLC, Class A *

    162,920       1,176,264  

WPP PLC

    284,348       3,020,017  
   

 

 

 

(Cost $578,884,029)

      555,862,040  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $3,519,466,495)

      3,927,314,765  
   

 

 

 
PREFERRED STOCKS — 0.5%

 

Germany — 0.5%  

Bayerische Motoren Werke AG

    16,009       1,645,322  

Dr Ing hc F Porsche AG, 144A *

    30,165       3,745,070  

Henkel AG & Co. KGaA

    44,613       3,554,579  

Porsche Automobil Holding SE *

    39,356       2,183,312  

Sartorius AG (b)

    6,956       2,330,958  

Volkswagen AG

    54,661       6,811,442  
   

 

 

 

(Cost $23,840,985)

      20,270,683  
   

 

 

 

 

See Notes to Financial Statements.   14  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

   

Number
of Shares

   

Value

 
WARRANTS — 0.0%

 

Switzerland — 0.0%  

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

    255,836     $ 316,020  
   

 

 

 
SECURITIES LENDING COLLATERAL — 1.8%  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e)
(Cost $72,167,804)

    72,167,804       72,167,804  
   

 

 

 
   

Number
of Shares

   

Value

 
CASH EQUIVALENTS — 1.3%  

DWS ESG Liquidity Fund “Capital Shares”, 5.20% (d)

    11,809,080     $ 11,805,537  

DWS Government Money Market Series “Institutional Shares”, 5.04% (d)

    42,151,828       42,151,828  
   

 

 

 

TOTAL CASH EQUIVALENTS

   

(Cost $53,960,908)

      53,957,365  
   

 

 

 

TOTAL INVESTMENTS — 100.6%

   

(Cost $3,669,436,192)

    $ 4,074,026,637  

Other assets and liabilities, net — (0.6%)

      (24,840,980
   

 

 

 

NET ASSETS — 100.0%

    $ 4,049,185,657  
   

 

 

 

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

 

    Value ($) at
5/31/2022
    Purchases
Cost ($)
    Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
    Net Change
in Unrealized
Appreciation
(Depreciation)
($)
    Income ($)     Capital Gain
Distributions
($)
    Number of
Shares at
5/31/2023
    Value ($) at
5/31/2023
 

COMMON STOCKS0.1%

 

           

Germany0.1%

 

         

Deutsche Bank AG (c)

 

    6,384,048       1,103,479       (1,851,999     (3,604,957     3,174,237       170,231           —       513,857       5,204,808  

SECURITIES LENDING COLLATERAL1.8%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.03% (d)(e)

 

    87,362,002           —       (15,194,198 ) (f)          —           —       906,067           —       72,167,804       72,167,804  

CASH EQUIVALENTS1.3%

 

DWS ESG Liquidity Fund “Capital Shares”, 5.20% (d)

 

    11,386,377       415,867           —           —       3,293       417,075           —       11,809,080       11,805,537  

DWS Government Money Market Series “Institutional Shares”, 5.04% (d)

 

        —       2,078,936,348       (2,036,784,520         —           —       1,962,811           —       42,151,828       42,151,828  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
      105,132,427         2,080,455,694         (2,053,830,717       (3,604,957       3,177,530         3,456,184           —         126,642,569         131,329,977  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

*

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)

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 May 31, 2023 amounted to $114,405,535, which is 2.8% of net assets.

(c)

Affiliated issuer. This security is owned in proportion with its representation in the index.

(d)

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

(e)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $63,336,398.

(f)

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

 

ADR:   American Depositary Receipt
CDI:   Chess Depositary Interests
CVA:   Credit Valuation Adjustment
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.

 

See Notes to Financial Statements.   15  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

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

 

Contract Description

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

AMSTERDAM Index Futures

   EUR    35    $ 5,665,947      $ 5,606,791      6/16/2023    $ (59,156

CAC40 10 EURO Futures

   EUR    135      10,642,049        10,244,693      6/16/2023      (397,356

DAX Index Futures

   EUR    22      9,139,121        9,209,382      6/16/2023      70,261  

EURO STOXX 50 Futures

   EUR    225      10,317,887        10,141,998      6/16/2023      (175,889

FTSE 100 Index Futures

   GBP    135      12,778,717        12,514,391      6/16/2023      (264,326

FTSE/MIB Index Futures

   EUR    6      853,814        836,725      6/16/2023      (17,089

IBEX 35 Index Futures

   EUR    30      2,959,826        2,897,929      6/16/2023      (61,897

MSCI EAFE Futures

   USD    215      21,697,800        22,074,050      6/16/2023      376,250  

MSCI Singapore Index Futures

   SGD    65      1,399,217        1,366,764      6/28/2023      (32,453

OMXS30 Index Futures

   SEK    115      2,382,828        2,373,005      6/16/2023      (9,823

SPI 200 Futures

   AUD    65      7,560,623        7,504,570      6/15/2023      (56,053

SWISS MID CAP Futures

   CHF    200      5,938,002        5,889,651      6/16/2023      (48,351

TOPIX Index Futures

   JPY    115      16,761,498        17,548,179      6/08/2023      786,681  
                 

 

 

 

Total net unrealized appreciation

                  $ 110,799  
                 

 

 

 

As of May 31, 2023, the Fund had the following forward foreign currency contracts outstanding:

 

Counterparty

   Settlement
Date
   Currency To
Deliver
     Currency To
Receive
     Unrealized
Appreciation
     Unrealized
Depreciation
 

Goldman Sachs & Co.

   6/2/2023    AUD      149,559,842      USD      98,967,486      $ 1,686,244      $  

Goldman Sachs & Co.

   6/2/2023    AUD      1,562,100      USD      1,059,369        43,301         

JP Morgan & Chase Co.

   6/2/2023    AUD      135,550,200      USD      89,693,567        1,524,900                        —  

JP Morgan & Chase Co.

   6/2/2023    AUD      1,562,100      USD      1,016,163        95         

JP Morgan & Chase Co.

   6/2/2023    AUD      1,562,100      USD      1,032,866        16,798         

RBC Capital Markets

   6/2/2023    AUD      1,562,100      USD      1,042,464        26,396         

RBC Capital Markets

   6/2/2023    AUD      9,055,000      USD      5,991,829        102,002         

RBC Capital Markets

   6/2/2023    AUD      143,216,500      USD      94,769,580        1,614,366         

Goldman Sachs & Co.

   6/2/2023    CHF      1,301,600      USD      1,466,901        37,749         

Goldman Sachs & Co.

   6/2/2023    CHF      123,905,300      USD      139,690,304        3,642,761         

JP Morgan & Chase Co.

   6/2/2023    CHF      1,301,600      USD      1,444,251        15,099         

JP Morgan & Chase Co.

   6/2/2023    CHF      113,188,500      USD      127,604,633        3,324,095         

JP Morgan & Chase Co.

   6/2/2023    CHF      1,301,600      USD      1,436,853        7,701         

RBC Capital Markets

   6/2/2023    CHF      1,301,600      USD      1,462,894        33,742         

RBC Capital Markets

   6/2/2023    CHF      116,976,200      USD      131,874,750        3,435,332         

RBC Capital Markets

   6/2/2023    CHF      10,390,000      USD      11,713,140        304,960         

Goldman Sachs & Co.

   6/2/2023    DKK      2,973,800      USD      439,177        12,315         

Goldman Sachs & Co.

   6/2/2023    DKK      247,309,300      USD      36,706,390        1,207,362         

Goldman Sachs & Co.

   6/2/2023    DKK      2,973,800      USD      439,911        13,049         

Goldman Sachs & Co.

   6/2/2023    DKK      16,946,000      USD      2,515,139        82,692         

JP Morgan & Chase Co.

   6/2/2023    DKK      2,973,800      USD      428,089        1,227         

JP Morgan & Chase Co.

   6/2/2023    DKK      2,973,800      USD      430,208        3,346         

JP Morgan & Chase Co.

   6/2/2023    DKK      242,684,400      USD      36,016,741        1,181,576         

RBC Capital Markets

   6/2/2023    DKK      325,728,400      USD      48,345,588        1,590,204         

Goldman Sachs & Co.

   6/2/2023    EUR      394,013,900      USD      435,739,972        14,578,194         

Goldman Sachs & Co.

   6/2/2023    EUR      4,365,600      USD      4,800,060        133,667         

Goldman Sachs & Co.

   6/2/2023    EUR      19,042,000      USD      21,058,243        704,234         

JP Morgan & Chase Co.

   6/2/2023    EUR      4,365,600      USD      4,703,615        37,222         

JP Morgan & Chase Co.

   6/2/2023    EUR      345,210,100      USD      381,781,658        12,786,302         

JP Morgan & Chase Co.

   6/2/2023    EUR      4,365,600      USD      4,681,748        15,355         

RBC Capital Markets

   6/2/2023    EUR      464,113,100      USD      513,285,883          17,195,014         

RBC Capital Markets

   6/2/2023    EUR      4,365,600      USD      4,812,921        146,528         

Goldman Sachs & Co.

   6/2/2023    GBP      11,363,000      USD      14,291,268        156,258         

Goldman Sachs & Co.

   6/2/2023    GBP      129,163,700      USD      162,452,415        1,779,164         

Goldman Sachs & Co.

   6/2/2023    GBP      1,705,500      USD      2,154,357        32,799         

JP Morgan & Chase Co.

   6/2/2023    GBP      1,705,500      USD      2,117,014               (4,543

JP Morgan & Chase Co.

   6/2/2023    GBP      1,705,500      USD      2,100,840               (20,718

 

See Notes to Financial Statements.   16  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

Counterparty

   Settlement
Date
   Currency To
Deliver
     Currency To
Receive
     Unrealized
Appreciation
     Unrealized
Depreciation
 

JP Morgan & Chase Co.

   6/2/2023    GBP      140,458,700      USD      176,657,716      $ 1,934,044      $  

RBC Capital Markets

   6/2/2023    GBP      1,705,500      USD      2,129,228        7,670         

RBC Capital Markets

   6/2/2023    GBP      196,561,300      USD      247,219,078            2,706,548         

Goldman Sachs & Co.

   6/2/2023    HKD      2,838,100      USD      362,223               (221

Goldman Sachs & Co.

   6/2/2023    HKD      2,838,100      USD      362,583        139                        —  

Goldman Sachs & Co.

   6/2/2023    HKD      234,266,900      USD      29,880,982               (36,443

JP Morgan & Chase Co.

   6/2/2023    HKD      2,838,100      USD      362,248               (196

JP Morgan & Chase Co.

   6/2/2023    HKD      239,832,000      USD      30,592,143               (35,982

RBC Capital Markets

   6/2/2023    HKD      320,571,400      USD      40,890,983               (48,095

RBC Capital Markets

   6/2/2023    HKD      2,838,100      USD      361,942               (502

Goldman Sachs & Co.

   6/2/2023    ILS      19,812,600      USD      5,452,834        143,351         

JP Morgan & Chase Co.

   6/2/2023    ILS      20,482,700      USD      5,637,570        148,510         

RBC Capital Markets

   6/2/2023    ILS      227,400      USD      62,484        1,544         

RBC Capital Markets

   6/2/2023    ILS      23,374,200      USD      6,433,414        169,475         

Goldman Sachs & Co.

   6/2/2023    JPY      406,321,900      USD      2,987,683        71,323         

Goldman Sachs & Co.

   6/2/2023    JPY      33,715,322,200      USD      248,757,311        6,766,842         

Goldman Sachs & Co.

   6/2/2023    JPY      406,321,900      USD      3,033,928        117,568         

JP Morgan & Chase Co.

   6/2/2023    JPY      406,321,900      USD      2,900,184               (16,177

JP Morgan & Chase Co.

   6/2/2023    JPY      406,321,900      USD      2,934,963        18,603         

JP Morgan & Chase Co.

   6/2/2023    JPY      31,752,149,800      USD      234,273,560        6,373,687         

RBC Capital Markets

   6/2/2023    JPY      3,060,400,000      USD      22,579,805        613,898         

RBC Capital Markets

   6/2/2023    JPY      45,242,273,200      USD      333,805,092        9,080,361         

Goldman Sachs & Co.

   6/2/2023    NOK      74,833,200      USD      7,010,070        268,462         

JP Morgan & Chase Co.

   6/2/2023    NOK      77,011,200      USD      7,214,096        276,275         

RBC Capital Markets

   6/2/2023    NOK      115,015,300      USD      10,774,166        412,614         

RBC Capital Markets

   6/2/2023    NOK      953,100      USD      88,356        2,492         

Goldman Sachs & Co.

   6/2/2023    NZD      6,422,400      USD      3,966,487        98,275         

JP Morgan & Chase Co.

   6/2/2023    NZD      3,786,300      USD      2,338,426        57,938         

RBC Capital Markets

   6/2/2023    NZD      50,300      USD      31,227        932         

RBC Capital Markets

   6/2/2023    NZD      3,882,000      USD      2,397,531        59,402         

Goldman Sachs & Co.

   6/2/2023    SEK      422,788,300      USD      41,282,276        2,322,076         

Goldman Sachs & Co.

   6/2/2023    SEK      40,835,000      USD      3,987,188        224,218         

Goldman Sachs & Co.

   6/2/2023    SEK      4,951,600      USD      485,085        28,792         

JP Morgan & Chase Co.

   6/2/2023    SEK      377,830,100      USD      36,889,905        2,072,631         

JP Morgan & Chase Co.

   6/2/2023    SEK      4,951,600      USD      457,488        1,195         

JP Morgan & Chase Co.

   6/2/2023    SEK      4,951,600      USD      466,044        9,751         

RBC Capital Markets

   6/2/2023    SEK      544,989,100      USD      53,214,316        2,993,238         

RBC Capital Markets

   6/2/2023    SEK      4,951,600      USD      480,979        24,686         

Goldman Sachs & Co.

   6/2/2023    USD      97,798,565      AUD      151,121,942        498,746         

JP Morgan & Chase Co.

   6/2/2023    USD      89,743,138      AUD      138,674,400        457,666         

RBC Capital Markets

   6/2/2023    USD      99,553,414      AUD      153,833,600        507,696         

Goldman Sachs & Co.

   6/2/2023    USD      136,965,378      CHF      125,206,900        511,317         

JP Morgan & Chase Co.

   6/2/2023    USD      126,665,974      CHF      115,791,700        472,868         

RBC Capital Markets

   6/2/2023    USD      140,751,299      CHF      128,667,800        525,451         

Goldman Sachs & Co.

   6/2/2023    USD      38,682,200      DKK      270,202,900        102,998         

JP Morgan & Chase Co.

   6/2/2023    USD      35,594,113      DKK      248,632,000        94,776         

RBC Capital Markets

   6/2/2023    USD      46,631,220      DKK      325,728,400        124,164         

Goldman Sachs & Co.

   6/2/2023    USD      445,013,061      EUR      417,421,500        1,169,119         

JP Morgan & Chase Co.

   6/2/2023    USD      377,336,820      EUR      353,941,300        991,323         

RBC Capital Markets

   6/2/2023    USD      499,445,142      EUR      468,478,700        1,312,121         

Goldman Sachs & Co.

   6/2/2023    USD      176,282,589      GBP      142,232,200        647,229         

JP Morgan & Chase Co.

   6/2/2023    USD      178,312,106      GBP      143,869,700        654,681         

RBC Capital Markets

   6/2/2023    USD      245,731,872      GBP      198,266,800        902,216         

Goldman Sachs & Co.

   6/2/2023    USD      30,650,925      HKD      239,943,100               (8,612

JP Morgan & Chase Co.

   6/2/2023    USD      30,999,278      HKD      242,670,100               (8,709

RBC Capital Markets

   6/2/2023    USD      41,260,422      HKD      323,409,500        41,100         

Goldman Sachs & Co.

   6/2/2023    USD      5,304,649      ILS      19,812,600        4,833         

JP Morgan & Chase Co.

   6/2/2023    USD      5,484,063      ILS      20,482,700        4,997         

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

Counterparty

   Settlement
Date
   Currency To
Deliver
     Currency To Receive      Unrealized
Appreciation
     Unrealized
Depreciation
 

RBC Capital Markets

   6/2/2023    USD      6,319,121      ILS      23,601,600      $ 5,758      $  

Goldman Sachs & Co.

   6/2/2023    USD      247,131,418      JPY      34,527,966,000        691,773         

JP Morgan & Chase Co.

   6/2/2023    USD      233,080,153      JPY      32,564,793,600        652,440         

RBC Capital Markets

   6/2/2023    USD      345,722,887      JPY      48,302,673,200               967,751         

RBC Capital Markets

   6/2/2023    USD      10,407,334      NOK      115,968,400        40,082         

RBC Capital Markets

   6/2/2023    USD      6,911,204      NOK      77,011,200        26,617         

RBC Capital Markets

   6/2/2023    USD      6,715,744      NOK      74,833,200        25,864         

Goldman Sachs & Co.

   6/2/2023    USD      3,849,265      NZD      6,422,400        18,946         

Goldman Sachs & Co.

   6/2/2023    USD      2,269,319      NZD      3,786,300        11,170         

Goldman Sachs & Co.

   6/2/2023    USD      2,356,824      NZD      3,932,300        11,600                        —  

Goldman Sachs & Co.

   6/2/2023    USD      43,053,300      SEK      468,574,900        126,163         

JP Morgan & Chase Co.

   6/2/2023    USD      35,625,464      SEK      387,733,300        104,396         

RBC Capital Markets

   6/2/2023    USD      50,529,301      SEK      549,940,700        148,070         

Goldman Sachs & Co.

   6/5/2023    SGD      236,600      USD      174,653               (338

Goldman Sachs & Co.

   6/5/2023    SGD      236,600      USD      175,676        684         

Goldman Sachs & Co.

   6/5/2023    SGD      236,600      USD      178,723        3,732         

Goldman Sachs & Co.

   6/5/2023    SGD      21,008,600      USD      15,764,707        226,528         

JP Morgan & Chase Co.

   6/5/2023    SGD      22,513,300      USD      16,893,823        242,752         

RBC Capital Markets

   6/5/2023    SGD      236,600      USD      177,474        2,482         

RBC Capital Markets

   6/5/2023    SGD      22,737,200      USD      17,061,836        245,167         

Goldman Sachs & Co.

   6/5/2023    USD      16,030,114      SGD      21,718,400        33,040         

JP Morgan & Chase Co.

   6/5/2023    USD      16,616,821      SGD      22,513,300        34,250         

RBC Capital Markets

   6/5/2023    USD      16,956,711      SGD      22,973,800        34,950         

Goldman Sachs & Co.

   7/5/2023    AUD      151,121,942      USD      97,918,707               (511,331

JP Morgan & Chase Co.

   7/5/2023    AUD      2,401,900      USD      1,564,216               (210

JP Morgan & Chase Co.

   7/5/2023    AUD      138,674,400      USD      89,853,107               (469,491

JP Morgan & Chase Co.

   7/5/2023    AUD      11,121,000      USD      7,205,663               (37,762

RBC Capital Markets

   7/5/2023    AUD      153,833,600      USD      99,675,712               (520,506

Goldman Sachs & Co.

   7/5/2023    CHF      125,206,900      USD      137,488,772               (558,900

JP Morgan & Chase Co.

   7/5/2023    CHF      115,791,700      USD      127,150,709               (516,175

JP Morgan & Chase Co.

   7/5/2023    CHF      1,988,600      USD      2,191,722               (821

JP Morgan & Chase Co.

   7/5/2023    CHF      6,844,000      USD      7,515,296               (30,600

RBC Capital Markets

   7/5/2023    CHF      128,667,800      USD      141,289,161               (574,349

Goldman Sachs & Co.

   7/5/2023    DKK      270,202,900      USD      38,768,225               (111,842

Goldman Sachs & Co.

   7/5/2023    DKK      4,621,500      USD      664,806               (192

JP Morgan & Chase Co.

   7/5/2023    DKK      30,436,000      USD      4,366,649               (12,851

JP Morgan & Chase Co.

   7/5/2023    DKK      248,632,000      USD      35,671,736               (104,449

RBC Capital Markets

   7/5/2023    DKK      325,728,400      USD      46,734,924               (134,825

Goldman Sachs & Co.

   7/5/2023    EUR      417,421,500      USD      445,879,211               (1,228,420

JP Morgan & Chase Co.

   7/5/2023    EUR      353,941,300      USD      378,067,709               (1,045,145

JP Morgan & Chase Co.

   7/5/2023    EUR      6,594,600      USD      7,062,296               (1,298

JP Morgan & Chase Co.

   7/5/2023    EUR      8,734,000      USD      9,329,170               (25,974

RBC Capital Markets

   7/5/2023    EUR      468,478,700      USD      500,415,830               (1,380,080

Goldman Sachs & Co.

   7/5/2023    GBP      142,232,200      USD      176,410,598               (651,950

Goldman Sachs & Co.

   7/5/2023    GBP      2,534,800      USD      3,155,273               (258

JP Morgan & Chase Co.

   7/5/2023    GBP      143,869,700      USD      178,440,870               (660,175

RBC Capital Markets

   7/5/2023    GBP      198,266,800      USD      245,910,312               (908,796

Goldman Sachs & Co.

   7/5/2023    HKD      239,943,100      USD      30,675,612        5,771         

Goldman Sachs & Co.

   7/5/2023    HKD      4,081,700      USD      521,650               (78

JP Morgan & Chase Co.

   7/5/2023    HKD      242,670,100      USD      31,024,246        5,837         

RBC Capital Markets

   7/5/2023    HKD      323,409,500      USD      41,293,611               (45,013

Goldman Sachs & Co.

   7/5/2023    ILS      19,812,600      USD      5,312,615               (5,825

JP Morgan & Chase Co.

   7/5/2023    ILS      20,482,700      USD      5,492,298               (6,022

RBC Capital Markets

   7/5/2023    ILS      23,601,600      USD      6,328,610               (6,939

Goldman Sachs & Co.

   7/5/2023    JPY      34,527,966,000      USD      248,402,633               (801,788

Goldman Sachs & Co.

   7/5/2023    JPY      667,651,400      USD      4,816,432               (2,319

JP Morgan & Chase Co.

   7/5/2023    JPY      32,564,793,600      USD      234,279,091               (756,200

JP Morgan & Chase Co.

   7/5/2023    JPY      11,013,229,000      USD      79,230,666               (256,940

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 31, 2023

 

Counterparty

   Settlement
Date
   Currency To
Deliver
     Currency To
Receive
     Unrealized
Appreciation
     Unrealized
Depreciation
 

RBC Capital Markets

   7/5/2023    JPY      48,302,673,200      USD      347,499,996      $      $ (1,122,906

JP Morgan & Chase Co.

   7/5/2023    NOK      1,414,500      USD      127,629               (22

RBC Capital Markets

   7/5/2023    NOK      74,833,200      USD      6,726,640               (26,649

RBC Capital Markets

   7/5/2023    NOK      77,011,200      USD      6,922,417               (27,425

RBC Capital Markets

   7/5/2023    NOK      115,968,400      USD      10,424,220               (41,298

Goldman Sachs & Co.

   7/5/2023    NZD      3,786,300      USD      2,268,978               (11,128

Goldman Sachs & Co.

   7/5/2023    NZD      6,422,400      USD      3,848,687               (18,875

Goldman Sachs & Co.

   7/5/2023    NZD      3,932,300      USD      2,356,470               (11,557

Goldman Sachs & Co.

   7/5/2023    SEK      468,574,900      USD      43,131,156               (133,025

JP Morgan & Chase Co.

   7/5/2023    SEK      14,795,000      USD      1,361,811               (4,233

JP Morgan & Chase Co.

   7/5/2023    SEK      7,505,500      USD      692,868               (126

JP Morgan & Chase Co.

   7/5/2023    SEK      387,733,300      USD      35,689,888               (110,075

RBC Capital Markets

   7/5/2023    SEK      549,940,700      USD      50,620,676               (156,124

Goldman Sachs & Co.

   7/5/2023    SGD      355,000      USD      262,762               (84

Goldman Sachs & Co.

   7/5/2023    SGD      21,718,400      USD      16,046,458               (34,097

JP Morgan & Chase Co.

   7/5/2023    SGD      22,513,300      USD      16,634,095               (35,013

RBC Capital Markets

   7/5/2023    SGD      22,973,800      USD      16,974,339               (35,729

RBC Capital Markets

   7/5/2023    USD      5,510,808      GBP      4,443,000        20,210                        —  

RBC Capital Markets

   7/5/2023    USD      4,247,311      HKD      33,219,000               (1,215

RBC Capital Markets

   7/5/2023    USD      1,184,825      ILS      4,418,000        1,131         

Goldman Sachs & Co.

   7/5/2023    USD      136,022      NZD      227,000        677         
                 

 

 

    

 

 

 

Total unrealized appreciation (depreciation)

                  $ 117,189,731      $ (13,317,641
                 

 

 

    

 

 

 

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

Currency Abbreviations

 

AUD   Australian Dollar
CHF   Swiss Franc
DKK   Danish Krone
EUR   Euro
GBP   Pound Sterling
HKD   Hong Kong Dollar
ILS   Israeli Shekel
JPY   Japanese Yen
NOK   Norwegian Krone
NZD   New Zealand Dollar
SEK   Swedish Krona
SGD   Singapore Dollar
USD   U.S. Dollar

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

May 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 May 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)

     $ 3,927,314,765      $      $        $ 3,927,314,765  

Preferred Stocks

       20,270,683                        20,270,683  

Warrants

       316,020                        316,020  

Short-Term Investments (a)

       126,125,169                        126,125,169  

Derivatives (b)

               

Forward Foreign Currency Contracts

              117,189,731                 117,189,731  

Futures Contracts

       1,233,192                        1,233,192  
    

 

 

    

 

 

    

 

 

      

 

 

 

TOTAL

     $ 4,075,259,829      $ 117,189,731      $        $ 4,192,449,560  
    

 

 

    

 

 

    

 

 

      

 

 

 

Liabilities

     Level 1      Level 2      Level 3        Total  

Derivatives (b)

               

Forward Foreign Currency Contracts

     $      $ (13,317,641    $        $ (13,317,641

Futures Contracts

       (1,122,393                      (1,122,393
    

 

 

    

 

 

    

 

 

      

 

 

 

TOTAL

     $ (1,122,393    $ (13,317,641    $   —        $ (14,440,034
    

 

 

    

 

 

    

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

 

See Notes to Financial Statements.   20  


This Page is Intentionally Left Blank


DBX ETF Trust

 

Statements of Assets and Liabilities

 

May 31, 2023

 

     Xtrackers MSCI
EAFE Hedged
Equity ETF
 

Assets

  

Investment in non-affiliated securities at value

   $ 3,942,696,660  

Investment in affiliated securities at value

     5,204,808  

Investment in DWS ESG Liquidity Fund

     11,805,537  

Investment in DWS Government Money Market Series

     42,151,828  

Investment in DWS Government & Agency Securities Portfolio*

     72,167,804  

Cash

     3,217  

Foreign currency at value

     24,223,346  

Unrealized appreciation on forward foreign currency contracts

     117,189,731  

Deposit with broker for futures contracts

     6,690,701  
Receivables:   

Investment securities sold

     16,284,322  

Capital shares

     21,283,395  

Dividends

     16,387,875  

Interest

     180,356  

Securities lending income

     258,010  

Foreign tax reclaim

     9,331,005  
  

 

 

 

Total assets

   $ 4,285,858,595  
  

 

 

 

Liabilities

  

Payable upon return of securities loaned

   $ 72,167,804  

Unrealized depreciation on forward foreign currency contracts

     13,317,641  
Payables:   

Investment securities purchased

     148,184,287  

Investment advisory fees

     1,201,816  

Variation margin on futures contracts

     1,801,390  
  

 

 

 

Total liabilities

     236,672,938