DBX ETF Trust

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report for eight of our equity ETFs tracking the environmental, social and governance (ESG) market for the period ended August 31, 2022.

The global economy’s recovery, supported by accommodative fiscal and monetary policies and rapid vaccination rollouts, was stalled by the emergence of the highly infectious Omicron variant of the coronavirus towards the end of 2021. Global equity markets started 2022 on a rough note as central banks shifted to a more hawkish stance in the face of rising inflation. The U.S. Federal Reserve emphasized on multiple rate hikes and mentioned the possibility of shrinking its balance sheet as a next step. The European Central Bank maintained its accommodative stance initially, but it has pivoted to a more hawkish tone lately as it made its first-rate hike since 2011 in July 2022. The sanctions placed on Russia following the ongoing Russia-Ukraine crisis pushed fuel prices to record levels.

ESG-focused funds’ flows and assets fell globally in 2022; meanwhile, global sustainable fund assets, which had expanded in Q4 2021, fell in the subsequent two quarters. Europe accounted for the lion’s share of the sustainable fund landscape, with 82% of global sustainable fund assets¹. U.S.-domiciled sustainable funds bled USD1.6bn, their first quarter of outflows in more than five years. In the U.S., the Department of Labor proposed rules to permit fiduciaries of retirement plans to make allowances on ESG matters in their investment mandates. The Securities and Exchange Commission’s (SEC’s) semiannual regulatory agenda published in December 2021 included disclosure requirements on climate change, human capital management and corporate board diversity. The SEC also considered policies on cybersecurity governance, strategy and risk management.

The UK introduced a series of ESG-related rules and regulations, where all companies are currently required to include climate-related disclosures on a ‘comply or explain’ basis. In the European Union (EU), the sustainable finance disclosure regulation hastened the mainstreaming of ESG more than any other catalyst in the past year, designating funds that promote ESG characteristics, along with a sustainable investment objective. The EU started its implementation of the EU Taxonomy Regulation, which covers environmentally sustainable economic activities. Once fully implemented, it will cover 80% of all greenhouse gas emissions in the EU². European authorities drafted a new Corporate Sustainability Reporting Directive (CSRD), which emphasizes on ‘double materiality,’ requiring companies to detail both their environmental impact and climate-related risks. To end the use of Russian natural gas by 2027, the EU acknowledged the need to burn more coal over the next decade³. However, EU officials believe that the block will achieve its targets to cut emissions by 55% by 2030².

We believe 2022 will be viewed as year of sudden and pivotal change, in both macroeconomic and financial conditions, affecting the global investment landscape, including ESG and the green transition. The positive ESG investment spree of the last decade might have taken a pause, as we can see by looking at global macroeconomic dynamics and the slowing down of institutional and retail investment flows observable in the market. Meanwhile, global record-high inflation levels and subsequent aggressive rate hikes by central banks have made investors jittery as expectations of a global slowdown and impending recession are on the rise.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Source: Morningstar

² Source: CNBC

³ Source: Conventus Law

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.

The Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the EMCR Index). The EMCR Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. For the period ended August 31, 2022, EMCR shares returned -20.81%, compared to the EMCR Index return of -20.65%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Information Technology, Consumer Discretionary and Communication Services. The Utilities and Energy sectors were the positive contributors to performance. From a geographical perspective, United Arab Emirates, South Africa and Qatar were the major positive contributors, while Hong Kong, the United States and South Korea contributed negatively to performance.

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index. (the EASG Index). The EASG Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. For the period ended August 31, 2022 EASG shares returned -21.40%, compared to the EASG Index return of -21.50%.

The majority of the sectors contributed negatively to performance during the period with the greatest contribution coming from Industrials, Information Technology and Consumer Discretionary. The Energy sector was the only positive contributor to performance. From a geographical perspective, Norway, Singapore, and Israel were the major positive contributors, while Japan, Germany and Netherlands contributed negatively to performance.

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG), seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index (the EMSG Index). The EMSG Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across emerging markets countries. For the period ended August 31, 2022, EMSG shares returned -25.55%, compared to the EMSG Index return of -25.29%.

All sectors contributed negatively to performance during the period with the Consumer Discretionary, Information Technology and Communication Services sectors detracting the most from performance. From a geographical perspective, Indonesia, United Arab Emirates and Chile were the major positive contributors, while Hong Kong, Taiwan and South Korea contributed negatively to performance.

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA ESG Leaders Index (the USSG Index). The USSG Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market. For the period ended August 31, 2022, USSG shares returned -13.29%, compared to the USSG Index return of -13.22%.

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

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the “USNZ Index”) .The USNZ Index which is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (“ESG “) criteria. The

constituents of the USNZ Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. For the period June 28, 2022, to August 31, 2022, USNZ shares returned 0.84%, compared to the USNZ Index return of 0.84%.

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

Xtrackers S&P 500 ESG ETF (SNPE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 ESG Index (the SNPE Index). The SNPE Index is a broadbased, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Index. For the period ended August 31, 2022 SNPE shares returned -9.59%, compared to the SNPE Index return of -9.50%.

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

Xtrackers S&P MidCap 400 ESG ETF (MIDE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P MidCap 400 ESG Index (the MIDE Index). The MIDE Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. For the period ending August 31, 2022 MIDE shares returned -9.64%, compared to the MIDE Index return of -9.52%.

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

Xtrackers S&P SmallCap 600 ESG ETF (SMLE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P SmallCap 600 ESG Index (the SMLE Index). The SMLE Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. For the period ending August 31, 2022 MIDE shares returned -10.43%, compared to the MIDE Index return of -10.28%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contributions coming from Consumer Discretionary, Health Care and Information Technology. The Energy, Consumer Staples, and Utilities sectors 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 6-21 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.

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

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

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

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

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

* 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 24.

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

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.14%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.

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

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

* As a percent of total investments excluding exchange-traded funds and securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 46.

Xtrackers MSCI USA ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market. The S&P 500 Index or the Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, March 7, 2019 (“Inception”).

² Effective June 30, 2022, the MSCI USA Index replaces the S&P 500 Index as the fund’s broad-based securities market benchmark index because the Advisor believes the MSCI USA Index more accurately reflects the fund’s current invest-ment strategies.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.10%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

* 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 54.

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

¹ Total returns are calculated based on the commencement of operations, June 28, 2022 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated June 22, 2022, was 0.10%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 59.

Xtrackers S&P 500 ESG 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 S&P 500 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Index. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, June 26, 2019 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.11%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 64.

Xtrackers S&P MidCap 400 ESG 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 S&P MidCap 400 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, February 24, 2021 (“Inception”).

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 69.

Xtrackers S&P SmallCap 600 ESG 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 S&P SmallCap 600 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, February 24, 2021 (“Inception”).

* As a percent of total investments excluding exchange traded funds, securities lending collateral, and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 73.

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022) except Xtrackers Net Zero Pathway Paris Aligned US Equity ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to August 31, 2022).

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.

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 65 (the number of days in the period June 28, 2022 (commencement of operations) to August 31, 2022), then divided by 365.


	Number of Shares		Value
COMMON STOCKS — 97.2%
Brazil — 2.9%
Ambev SA		290,410	$	855,928
Americanas SA		69,115		217,977
Atacadao SA		56,149		214,040
B3 SA — Brasil Bolsa Balcao		663,893		1,518,458
Banco Bradesco SA		158,213		483,709
Banco BTG Pactual SA		158,615		779,145
Banco do Brasil SA		93,804		754,813
Banco Santander Brasil SA		43,374		245,878
BB Seguridade Participacoes SA		74,320		405,669
BRF SA*		42,849		131,086
CCR SA		119,806		318,881
Centrais Eletricas Brasileiras SA		63,494		565,086
Cia de Saneamento Basico do Estado de Sao Paulo		21,059		199,778
Cia Energetica de Minas Gerais, Class A		25,731		91,084
Cia Siderurgica Nacional SA		29,795		79,361
CPFL Energia SA		11,601		78,303
Energisa SA		23,093		188,497
Engie Brasil Energia SA		18,815		147,077
Equatorial Energia SA		40,610		189,529
Hapvida Participacoes e Investimentos SA, 144A		301,047		423,011
Hypera SA		28,527		237,147
Itau Unibanco Holding SA		46,529		198,833
Klabin SA		50,093		182,060
Localiza Rent a Car SA		39,183		459,971
Lojas Renner SA		102,598		524,179
Magazine Luiza SA*		205,832		169,640
Multiplan Empreendimentos Imobiliarios SA		17,634		82,026
Natura & Co. Holding SA		92,809		258,310
Neoenergia SA		20,444		65,227
Pagseguro Digital Ltd., Class A*		15,542		241,523
Porto Seguro SA		19,374		78,939
Raia Drogasil SA		127,371		534,953
Rede D’Or Sao Luiz SA, 144A		47,481		305,451
Rumo SA		136,429		532,181
Sendas Distribuidora SA		66,496		236,028
StoneCo Ltd., Class A*		24,741		234,545
Suzano SA		51,259		437,893
Telefonica Brasil SA		45,178		358,738
TIM SA		85,684		195,646
TOTVS SA		45,231		249,246
WEG SA		97,183		530,652
XP, Inc.*		7,107		136,420
XP, Inc., Class A* (a)		15,694		301,953

(Cost $16,192,798)				14,438,871

Chile — 0.3%
Banco de Chile		2,903,192		276,561
Banco de Credito e Inversiones SA		7,264		214,844
Banco Santander Chile		6,993,460		282,058
Cencosud SA		139,513		195,843
Cencosud Shopping SA		36,524		51,967
Cia Sud Americana de Vapores SA		1,454,900		137,487
Empresas CMPC SA		80,465		153,249


	Number of Shares		Value
Chile (Continued)
Enel Americas SA		1,233,149	$	134,146
Falabella SA		45,611		107,921

(Cost $1,703,296)				1,554,076

China — 30.2%
360 Security Technology, Inc., Class A		33,054		35,099
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		17,936		53,000
AAC Technologies Holdings, Inc.		32,826		61,145
Agricultural Bank of China Ltd., Class A		620,639		256,591
Agricultural Bank of China Ltd., Class H		3,335,888		1,092,291
Aier Eye Hospital Group Co. Ltd., Class A		31,520		134,520
Air China Ltd., Class A*		17,096		25,569
Air China Ltd., Class H*		69,821		56,132
Airtac International Group*		7,969		215,736
Alibaba Group Holding Ltd., ADR*		122,629		11,700,033
Aluminum Corp. of China Ltd., Class A		57,672		37,731
Aluminum Corp. of China Ltd., Class H		197,031		72,799
Angang Steel Co. Ltd., Class A		34,600		14,556
Angang Steel Co. Ltd., Class H		113,112		35,452
Angel Yeast Co. Ltd., Class A		6,112		43,055
Anhui Conch Cement Co. Ltd., Class A		12,732		58,954
Anhui Conch Cement Co. Ltd., Class H		45,325		173,242
Anjoy Foods Group Co. Ltd., Class A		1,900		42,754
ANTA Sports Products Ltd.		79,797		964,821
Apeloa Pharmaceutical Co. Ltd., Class A		6,900		18,057
Asymchem Laboratories Tianjin Co. Ltd., Class A		2,452		61,019
Autohome, Inc., ADR		7,755		276,156
Avary Holding Shenzhen Co. Ltd., Class A		4,836		20,807
Baidu, Inc., ADR*		29,949		4,311,758
Bank of Beijing Co. Ltd., Class A		91,802		55,000
Bank of China Ltd., Class A		149,013		65,714
Bank of China Ltd., Class H		5,467,752		1,922,701
Bank of Communications Co. Ltd., Class A		224,214		148,965
Bank of Communications Co. Ltd., Class H		838,680		478,705
Bank of Hangzhou Co. Ltd., Class A		35,743		74,301
Bank of Jiangsu Co. Ltd., Class A		62,276		65,496
Bank of Nanjing Co. Ltd., Class A		52,895		81,488
Bank of Ningbo Co. Ltd., Class A		31,455		136,113
Bank of Shanghai Co. Ltd., Class A		65,639		56,274
Bank of Zhengzhou Co. Ltd., Class A*		73,100		27,147
Baoshan Iron & Steel Co. Ltd., Class A		64,956		50,223
BBMG Corp., Class A		45,480		17,285
BeiGene Ltd., ADR* (a)		5,173		887,997
Beijing Dabeinong Technology Group Co. Ltd., Class A*		19,038		23,889
Beijing New Building Materials PLC, Class A		8,000		30,510
Beijing Shiji Information Technology Co. Ltd., Class A		8,680		16,407
Beijing United Information Technology Co. Ltd., Class A		4,990		71,721

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


	Number of Shares		Value
China (Continued)
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		2,684	$	49,700
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		198,928		133,608
BGI Genomics Co. Ltd., Class A		3,200		28,029
Bilibili, Inc., ADR* (a)		25,521		637,004
Bloomage Biotechnology Corp. Ltd., Class A		2,107		43,723
Blue Moon Group Holdings Ltd., 144A		121,938		93,215
BOC International China Co. Ltd., Class A		14,455		26,232
BOE Technology Group Co. Ltd., Class A		123,687		66,387
BYD Co. Ltd., Class A		6,878		287,330
BYD Co. Ltd., Class H		57,115		1,762,456
By-health Co. Ltd., Class A		4,800		12,986
CanSino Biologics, Inc., Class H, 144A		4,744		29,768
CGN Power Co. Ltd., Class A		122,190		49,808
CGN Power Co. Ltd., Class H, 144A		1,178,547		280,791
Changchun High & New Technology Industry Group, Inc., Class A		1,512		38,840
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		1,412		28,733
Chaozhou Three-Circle Group Co. Ltd., Class A		11,300		44,423
Chengxin Lithium Group Co. Ltd., Class A		5,100		39,344
China Baoan Group Co. Ltd., Class A		13,549		29,010
China Bohai Bank Co. Ltd., Class H, 144A (a)		245,802		40,712
China Cinda Asset Management Co. Ltd., Class H		529,076		72,801
China CITIC Bank Corp. Ltd., Class H		641,557		275,460
China Conch Venture Holdings Ltd.		94,009		192,357
China Construction Bank Corp., Class A		59,021		47,261
China Construction Bank Corp., Class H		10,092,383		6,262,052
China CSSC Holdings Ltd., Class A		8,613		31,286
China Eastern Airlines Corp. Ltd., Class A*		56,408		40,177
China Eastern Airlines Corp. Ltd., Class H* (a)		105,864		36,552
China Everbright Bank Co. Ltd., Class A		169,415		70,533
China Everbright Bank Co. Ltd., Class H		466,999		143,393
China Evergrande Group* (b)		185,090		38,910
China Feihe Ltd., 144A*		112,982		93,710
China Galaxy Securities Co. Ltd., Class H		297,996		163,257
China Great Wall Securities Co. Ltd., Class A		33,500		45,146
China Greatwall Technology Group Co. Ltd., Class A		13,749		18,110
China Hongqiao Group Ltd.		175,112		170,899
China International Capital Corp. Ltd., Class A		10,188		61,629
China International Capital Corp. Ltd., Class H, 144A		174,169		307,559
China International Marine Containers Group Co. Ltd., Class H		25,316		21,062


	Number of Shares		Value
China (Continued)
China Jushi Co. Ltd., Class A		19,600	$	40,971
China Lesso Group Holdings Ltd.		71,198		84,906
China Life Insurance Co. Ltd., Class A		6,829		30,413
China Life Insurance Co. Ltd., Class H		496,331		713,304
China Literature Ltd., 144A*		32,996		134,526
China Meidong Auto Holdings Ltd.		50,698		103,865
China Merchants Bank Co. Ltd., Class A		78,760		400,452
China Merchants Bank Co. Ltd., Class H		268,985		1,381,106
China Merchants Securities Co. Ltd., Class A		55,344		106,376
China Merchants Securities Co. Ltd., Class H, 144A		25,675		23,552
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		34,643		73,472
China Minsheng Banking Corp. Ltd., Class A		143,963		75,181
China Minsheng Banking Corp. Ltd., Class H		449,954		143,318
China National Building Material Co. Ltd., Class H		233,957		221,770
China National Chemical Engineering Co. Ltd., Class A		52,701		65,900
China National Nuclear Power Co. Ltd., Class A		109,672		101,343
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		13,154		57,512
China Pacific Insurance Group Co. Ltd., Class A		29,460		89,617
China Pacific Insurance Group Co. Ltd., Class H		156,129		331,400
China Railway Group Ltd., Class A		73,124		60,994
China Railway Group Ltd., Class H		267,460		153,343
China Railway Signal & Communication Corp. Ltd., Class H, 144A		194,842		61,316
China Reinsurance Group Corp., Class H		663,791		49,052
China Resources Mixc Lifestyle Services Ltd., 144A		45,989		209,178
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		7,800		44,683
China Southern Airlines Co. Ltd., Class H*		116,493		63,079
China State Construction Engineering Corp. Ltd., Class A		142,259		106,072
China Tower Corp. Ltd., Class H, 144A		2,780,741		347,201
China United Network Communications Ltd., Class A		141,167		72,697
China Vanke Co. Ltd., Class A		33,752		81,423
China Vanke Co. Ltd., Class H		119,922		234,684
China Yangtze Power Co. Ltd., Class A		177,818		618,560
China Zhenhua Group Science & Technology Co. Ltd., Class A		3,284		53,446
China Zheshang Bank Co. Ltd., Class A*		90,700		42,761
Chongqing Brewery Co. Ltd., Class A		3,100		50,231
Chongqing Changan Automobile Co. Ltd., Class A		25,670		54,069
Chongqing Rural Commercial Bank Co. Ltd., Class H		250,913		86,953

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


	Number of Shares		Value
China (Continued)
Chongqing Zhifei Biological Products Co. Ltd., Class A		7,540	$	102,870
CIFI Holdings Group Co. Ltd. (a)		300,749		76,635
CITIC Securities Co. Ltd., Class A		46,746		132,367
CITIC Securities Co. Ltd., Class H		151,543		308,150
CMOC Group Ltd., Class H		169,141		75,855
Contemporary Amperex Technology Co. Ltd., Class A*		15,756		1,103,952
COSCO SHIPPING Development Co. Ltd., Class H		219,713		33,312
COSCO SHIPPING Holdings Co. Ltd., Class A		36,076		74,313
COSCO SHIPPING Holdings Co. Ltd., Class H		222,523		333,975
Country Garden Holdings Co. Ltd.		617,482		183,305
Country Garden Services Holdings Co. Ltd.		206,295		408,971
CRRC Corp. Ltd., Class A		110,900		80,598
CRRC Corp. Ltd., Class H		204,213		76,494
CSC Financial Co. Ltd., Class A		14,300		55,262
CSC Financial Co. Ltd., Class H, 144A		57,366		54,012
Dali Foods Group Co. Ltd., 144A		140,667		64,340
DaShenLin Pharmaceutical Group Co. Ltd., Class A		5,739		27,789
Dong-E-E-Jiao Co. Ltd., Class A		5,400		26,837
Dongfang Electric Corp. Ltd., Class A		10,172		29,069
Dongfang Electric Corp. Ltd., Class H		25,040		33,370
Dongfeng Motor Group Co. Ltd., Class H		122,828		78,089
East Money Information Co. Ltd., Class A		59,756		192,438
Ecovacs Robotics Co. Ltd., Class A		1,965		23,260
Eve Energy Co. Ltd., Class A		6,482		89,319
Everbright Securities Co. Ltd., Class A		43,488		101,188
Evergrande Property Services Group Ltd., 144A* (b)		362,957		106,360
Fangda Carbon New Material Co. Ltd., Class A*		29,300		29,625
Flat Glass Group Co. Ltd., Class A*		9,482		55,061
Flat Glass Group Co. Ltd., Class H*		59,696		197,368
Focus Media Information Technology Co. Ltd., Class A		28,042		24,651
Foshan Haitian Flavouring & Food Co. Ltd., Class A		9,259		108,203
Founder Securities Co. Ltd., Class A		44,118		44,479
Foxconn Industrial Internet Co. Ltd., Class A		26,457		35,654
Fujian Sunner Development Co. Ltd., Class A		8,260		26,744
Fuyao Glass Industry Group Co. Ltd., Class A		12,131		68,736
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		36,813		175,884
Gan & Lee Pharmaceuticals Co. Ltd., Class A		5,100		27,151
Ganfeng Lithium Co. Ltd., Class A		7,847		97,553
Ganfeng Lithium Co. Ltd., Class H, 144A (a)		22,995		203,177
GDS Holdings Ltd., ADR* (a)		19,702		536,682


	Number of Shares		Value
China (Continued)
GEM Co. Ltd., Class A		26,341	$	31,906
Gemdale Corp., Class A		13,396		22,658
Genscript Biotech Corp.*		108,205		350,856
GF Securities Co. Ltd., Class A		40,163		95,782
GF Securities Co. Ltd., Class H		140,265		183,712
GigaDevice Semiconductor, Inc., Class A		1,804		30,349
GoerTek, Inc., Class A		10,488		49,416
Gotion High-tech Co. Ltd., Class A		9,419		46,948
Great Wall Motor Co. Ltd., Class A		7,101		34,467
Great Wall Motor Co. Ltd., Class H		126,094		190,856
Gree Electric Appliances, Inc. of Zhuhai, Class A		22,370		103,615
Greentown China Holdings Ltd.		38,013		72,066
Guangdong Haid Group Co. Ltd., Class A		6,070		53,713
Guangdong Kinlong Hardware Products Co. Ltd., Class A		1,171		16,217
Guangzhou Automobile Group Co. Ltd., Class H		122,828		106,101
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		7,832		30,903
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		27,363		65,960
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		2,871		27,766
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		4,300		42,167
Guangzhou Tinci Materials Technology Co. Ltd., Class A		11,210		77,324
Guosen Securities Co. Ltd., Class A		21,556		28,925
Guotai Junan Securities Co. Ltd., Class A		21,291		45,680
Guotai Junan Securities Co. Ltd., Class H, 144A		61,314		72,885
Guoyuan Securities Co. Ltd., Class A		46,400		49,270
H World Group Ltd., ADR		6,224		234,209
Haidilao International Holding Ltd., 144A*		94,340		223,564
Haier Smart Home Co. Ltd., Class A		23,907		89,718
Haier Smart Home Co. Ltd., Class H		149,827		492,497
Haitong Securities Co. Ltd., Class A		49,036		67,434
Haitong Securities Co. Ltd., Class H		197,837		129,810
Hangzhou First Applied Material Co. Ltd., Class A		11,644		109,590
Hangzhou Robam Appliances Co. Ltd., Class A		10,200		37,213
Hangzhou Silan Microelectronics Co. Ltd., Class A		9,789		56,318
Hangzhou Tigermed Consulting Co. Ltd., Class A		2,805		44,088
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		7,661		76,231
Hansoh Pharmaceutical Group Co. Ltd., 144A		77,868		155,759
Hengan International Group Co. Ltd.		36,388		174,317
Hithink RoyalFlush Information Network Co. Ltd., Class A		3,742		46,211
Hongfa Technology Co. Ltd., Class A		7,890		43,127
Hua Hong Semiconductor Ltd., 144A*		60,442		178,657

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


	Number of Shares		Value
China (Continued)
Huadong Medicine Co. Ltd., Class A		6,850	$	41,904
Huafon Chemical Co. Ltd., Class A		39,300		42,871
Huaneng Lancang River Hydropower, Inc., Class A		63,742		67,223
Huatai Securities Co. Ltd., Class A		35,679		68,009
Huatai Securities Co. Ltd., Class H, 144A		65,814		88,212
Huaxia Bank Co. Ltd., Class A		87,452		65,206
Huayu Automotive Systems Co. Ltd., Class A		21,406		57,974
Huizhou Desay Sv Automotive Co. Ltd., Class A		3,670		81,454
Hunan Valin Steel Co. Ltd., Class A		35,305		22,842
Hundsun Technologies, Inc., Class A		8,183		39,932
Iflytek Co. Ltd., Class A		12,131		65,973
Industrial & Commercial Bank of China Ltd., Class A		449,792		285,787
Industrial & Commercial Bank of China Ltd., Class H		8,465,025		4,314,021
Industrial Bank Co. Ltd., Class A		80,490		199,779
Industrial Securities Co. Ltd., Class A*		68,416		61,632
Ingenic Semiconductor Co. Ltd., Class A		3,880		45,900
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		147,163		42,909
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		27,518		142,669
Innovent Biologics, Inc., 144A*		50,178		213,847
Inspur Electronic Information Industry Co. Ltd., Class A		7,671		25,828
Intco Medical Technology Co. Ltd., Class A		5,196		16,552
iQIYI, Inc., ADR*		23,415		85,699
JA Solar Technology Co. Ltd., Class A		18,294		174,009
Jafron Biomedical Co. Ltd., Class A		5,198		35,410
Jason Furniture Hangzhou Co. Ltd., Class A		4,100		28,786
JCET Group Co. Ltd., Class A		8,792		31,617
JD Health International, Inc., 144A* (a)		44,285		308,348
JD.com, Inc., ADR		63,281		4,017,711
JD.com, Inc., Class A		25,217		792,926
Jiangsu Eastern Shenghong Co. Ltd., Class A		23,742		66,333
Jiangsu Hengrui Medicine Co. Ltd., Class A		30,512		153,411
Jiangsu Yangnong Chemical Co. Ltd., Class A		2,600		42,925
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		11,000		43,531
Jiangsu Zhongtian Technology Co. Ltd., Class A		15,525		50,132
Jiangxi Copper Co. Ltd., Class A		9,112		21,651
Jiangxi Copper Co. Ltd., Class H		59,850		73,889
Jiangxi Zhengbang Technology Co. Ltd., Class A*		21,900		18,998
Joinn Laboratories China Co. Ltd., Class H, 144A		11,628		62,223
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		5,489		27,391


	Number of Shares		Value
China (Continued)
KE Holdings, Inc., ADR*		37,964	$	684,871
Kingdee International Software Group Co. Ltd.*		301,997		589,461
Kingfa Sci & Tech Co. Ltd., Class A		4,300		6,706
Kingsoft Corp. Ltd.		88,406		270,325
Kuaishou Technology, 144A*		77,417		678,608
Kuang-Chi Technologies Co. Ltd., Class A*		9,700		25,581
LB Group Co. Ltd., Class A		7,201		18,364
Legend Holdings Corp., Class H, 144A		111,158		126,611
Lenovo Group Ltd.		753,219		623,776
Lens Technology Co. Ltd., Class A		11,938		18,842
Li Auto, Inc., ADR*		59,671		1,716,735
Li Ning Co. Ltd.		152,196		1,396,142
Lingyi iTech Guangdong Co., Class A*		39,435		31,463
Livzon Pharmaceutical Group, Inc., Class H		20,431		57,788
Logan Group Co. Ltd. (a)		162,655		17,822
Longfor Group Holdings Ltd., 144A		137,016		446,895
LONGi Green Energy Technology Co. Ltd., Class A		59,333		440,680
Lufax Holding Ltd., ADR		198,886		869,132
Luxshare Precision Industry Co. Ltd., Class A		29,353		159,762
Mango Excellent Media Co. Ltd., Class A		7,960		32,101
Maxscend Microelectronics Co. Ltd., Class A		2,174		32,085
Meituan, Class B, 144A*		456,299		11,034,171
Metallurgical Corp. of China Ltd., Class A		56,242		26,189
Metallurgical Corp. of China Ltd., Class H		220,909		41,937
Microport Scientific Corp.*		72,502		145,210
Ming Yang Smart Energy Group Ltd., Class A		11,834		46,058
Ming Yuan Cloud Group Holdings Ltd.		34,205		28,370
Montage Technology Co. Ltd., Class A		3,022		24,330
Muyuan Foods Co. Ltd., Class A		15,550		132,231
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		15,500		40,338
NARI Technology Co. Ltd., Class A		26,736		106,462
NAURA Technology Group Co. Ltd., Class A		2,163		88,484
NavInfo Co. Ltd., Class A		11,031		20,930
NetEase, Inc., ADR (a)		26,773		2,369,678
New China Life Insurance Co. Ltd., Class A		4,480		18,723
New China Life Insurance Co. Ltd., Class H		71,713		169,030
New Hope Liuhe Co. Ltd., Class A*		10,878		24,790
Ninestar Corp., Class A		7,759		49,794
Ningbo Tuopu Group Co. Ltd., Class A		3,500		40,140
NIO, Inc., ADR*		162,258		3,230,557
Nongfu Spring Co. Ltd., Class H, 144A (a)		114,619		684,164
Offcn Education Technology Co. Ltd., Class A*		26,339		17,499
Oppein Home Group, Inc., Class A		2,766		52,362
Orient Securities Co. Ltd., Class A		23,380		29,371
Ovctek China, Inc., Class A		3,677		22,771

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


	Number of Shares		Value
China (Continued)
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		47,342	$	39,351
People’s Insurance Co. Group of China Ltd., Class A		39,304		28,451
People’s Insurance Co. Group of China Ltd., Class H		584,409		180,933
Pharmaron Beijing Co. Ltd., Class A		5,505		54,343
Pharmaron Beijing Co. Ltd., Class H, 144A		10,945		72,722
PICC Property & Casualty Co. Ltd., Class H		443,475		480,266
Pinduoduo, Inc., ADR*		50,063		3,569,492
Ping An Bank Co. Ltd., Class A		93,433		172,809
Ping An Healthcare and Technology Co. Ltd., 144A*		35,301		96,249
Ping An Insurance Group Co. of China Ltd., Class A		69,167		439,872
Ping An Insurance Group Co. of China Ltd., Class H		676,497		3,994,934
Poly Developments and Holdings Group Co. Ltd., Class A		43,488		109,137
Poly Property Services Co. Ltd., Class H		10,741		63,155
Pop Mart International Group Ltd., 144A (a)		18,980		49,452
Postal Savings Bank of China Co. Ltd., Class A		100,873		65,995
Postal Savings Bank of China Co. Ltd., Class H, 144A (a)		828,114		495,886
Qinghai Salt Lake Industry Co. Ltd., Class A*		28,100		113,320
Rongsheng Petrochemical Co. Ltd., Class A		23,842		48,974
SAIC Motor Corp. Ltd., Class A		18,888		42,387
Sangfor Technologies, Inc., Class A		3,812		53,401
Sany Heavy Industry Co. Ltd., Class A		30,512		69,712
Satellite Chemical Co. Ltd., Class A		19,821		63,055
Seazen Group Ltd.*		145,728		48,645
Seazen Holdings Co. Ltd., Class A*		10,115		30,549
SF Holding Co. Ltd., Class A		17,931		128,574
SG Micro Corp., Class A		1,209		28,096
Shandong Gold Mining Co. Ltd., Class H, 144A		49,319		83,949
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		18,550		78,494
Shandong Linglong Tyre Co. Ltd., Class A		4,844		15,986
Shandong Nanshan Aluminum Co. Ltd., Class A		107,584		52,906
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		149,410		203,684
Shanghai Baosight Software Co. Ltd., Class A		3,947		21,763
Shanghai Baosight Software Co. Ltd., Class B		31,434		95,496
Shanghai Electric Group Co. Ltd., Class H*		303,875		72,786


	Number of Shares		Value
China (Continued)
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		13,471	$	78,869
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		48,230		155,772
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		25,376		118,816
Shanghai International Airport Co. Ltd., Class A*		7,184		58,797
Shanghai International Port Group Co. Ltd., Class A		42,100		33,040
Shanghai Jinjiang International Hotels Co. Ltd., Class A		5,632		47,157
Shanghai Junshi Biosciences Co. Ltd., Class A*		4,474		34,320
Shanghai Junshi Biosciences Co. Ltd., Class H, 144A* (a)		6,944		25,480
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		65,381		54,528
Shanghai M&G Stationery, Inc., Class A		4,400		28,327
Shanghai MicroPort MedBot Group Co. Ltd.* (a)		19,404		61,434
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		17,000		42,614
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		47,085		68,628
Shanghai Pudong Development Bank Co. Ltd., Class A		112,261		118,391
Shanghai Putailai New Energy Technology Co. Ltd., Class A		3,732		34,312
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		18,885		21,971
Shanxi Taigang Stainless Steel Co. Ltd., Class A		44,671		31,753
Shenwan Hongyuan Group Co. Ltd., Class A		74,927		45,433
Shenzhen Capchem Technology Co. Ltd., Class A		3,357		20,477
Shenzhen Dynanonic Co. Ltd., Class A		900		41,843
Shenzhen Inovance Technology Co. Ltd., Class A		8,818		76,712
Shenzhen Kangtai Biological Products Co. Ltd., Class A		3,624		17,711
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		7,791		337,361
Shenzhen Overseas Chinese Town Co. Ltd., Class A		36,464		28,299
Shenzhou International Group Holdings Ltd.		51,631		541,712
Sichuan Chuantou Energy Co. Ltd., Class A		27,600		52,809
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		5,800		18,064
Sichuan Road & Bridge Co. Ltd., Class A		41,752		64,625
Sichuan Swellfun Co. Ltd., Class A		3,800		40,229
Sinoma Science & Technology Co. Ltd., Class A		5,182		17,425
Sinopharm Group Co. Ltd., Class H		90,678		201,947

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


	Number of Shares		Value
China (Continued)
Sinotrans Ltd., Class H		140,207	$	40,193
Sinotruk Hong Kong Ltd.		43,975		44,093
Sunac China Holdings Ltd.* (b)		230,518		0
Sungrow Power Supply Co. Ltd., Class A		8,089		130,719
Sunny Optical Technology Group Co. Ltd.		43,884		603,284
Sunwoda Electronic Co. Ltd., Class A		10,172		40,283
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		8,700		32,637
Suzhou Maxwell Technologies Co. Ltd., Class A		1,290		87,578
TCL Technology Group Corp., Class A		94,768		57,051
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		24,262		169,324
Tencent Holdings Ltd.		653,961		27,262,088
Tencent Music Entertainment Group, ADR*		64,633		330,275
Thunder Software Technology Co. Ltd., Class A		2,871		51,214
Tingyi Cayman Islands Holding Corp.		68,291		121,463
Tongcheng Travel Holdings Ltd.*		101,331		208,889
Tongwei Co. Ltd., Class A		18,550		142,296
Topchoice Medical Corp., Class A*		1,965		33,177
Topsports International Holdings Ltd., 144A		135,291		107,042
TravelSky Technology Ltd., Class H		98,588		172,586
Trina Solar Co. Ltd., Class A		11,239		116,555
Trip.com Group Ltd., ADR*		69,652		1,791,449
Unigroup Guoxin Microelectronics Co. Ltd., Class A		3,428		77,580
Uni-President China Holdings Ltd.		78,694		67,877
Universal Scientific Industrial Shanghai Co. Ltd., Class A		18,400		44,388
Vipshop Holdings Ltd., ADR*		35,685		414,303
Walvax Biotechnology Co. Ltd., Class A		6,070		38,435
Wanhua Chemical Group Co. Ltd., Class A		12,131		155,862
Want Want China Holdings Ltd.		261,042		184,253
Weibo Corp., ADR*		6,593		136,409
Weichai Power Co. Ltd., Class A		13,688		23,093
Weichai Power Co. Ltd., Class H		147,188		197,280
Wens Foodstuffs Group Co. Ltd., Class A*		15,686		53,974
Western Securities Co. Ltd., Class A		44,956		42,259
Will Semiconductor Co. Ltd., Class A		4,218		57,357
Wingtech Technology Co. Ltd., Class A		6,070		56,882
WuXi AppTec Co. Ltd., Class A		16,850		219,133
WuXi AppTec Co. Ltd., Class H, 144A		37,321		424,856
Wuxi Biologics Cayman, Inc., 144A*		387,505		3,441,154
Wuxi Shangji Automation Co. Ltd., Class A		1,900		37,173
XCMG Construction Machinery Co. Ltd., Class A*		133,389		100,813
Xiamen C & D, Inc., Class A		24,800		42,235
Xiaomi Corp., Class B, 144A*		960,913		1,415,259
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		27,287		50,785


	Number of Shares		Value
China (Continued)
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		100,138	$	149,782
Xinyi Solar Holdings Ltd.		547,680		756,398
XPeng, Inc., ADR*		64,654		1,197,392
Yealink Network Technology Corp. Ltd., Class A		4,533		47,003
Yifeng Pharmacy Chain Co. Ltd., Class A		495		3,834
Yihai International Holding Ltd.*		33,109		83,607
Yihai Kerry Arawana Holdings Co. Ltd., Class A		7,184		47,605
Yonyou Network Technology Co. Ltd., Class A		20,100		58,578
YTO Express Group Co. Ltd., Class A		14,655		41,710
Yunda Holding Co. Ltd., Class A		8,618		21,053
Yunnan Aluminium Co. Ltd., Class A		18,868		27,617
Yunnan Baiyao Group Co. Ltd., Class A		7,847		59,602
Yunnan Energy New Material Co. Ltd., Class A		4,177		116,944
Yunnan Tin Co. Ltd., Class A		19,600		39,464
Zai Lab Ltd., ADR*		5,333		246,438
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		3,056		133,433
Zhejiang Century Huatong Group Co. Ltd., Class A*		78,886		52,411
Zhejiang Chint Electrics Co. Ltd., Class A		7,554		34,660
Zhejiang Dahua Technology Co. Ltd., Class A		33,468		71,562
Zhejiang Dingli Machinery Co. Ltd., Class A		2,700		15,361
Zhejiang Expressway Co. Ltd., Class H		70,040		53,363
Zhejiang Huayou Cobalt Co. Ltd., Class A		3,273		35,486
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		9,175		101,153
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		4,030		23,998
Zhejiang Juhua Co. Ltd., Class A		18,500		42,134
Zhejiang NHU Co. Ltd., Class A		13,516		44,056
Zhejiang Supor Co. Ltd., Class A		6,300		41,902
Zhejiang Weiming Environment Protection Co. Ltd., Class A		9,700		35,825
Zheshang Securities Co. Ltd., Class A		16,722		26,513
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		85,669		252,679
Zhongji Innolight Co. Ltd., Class A		8,800		37,429
Zhongsheng Group Holdings Ltd.		26,588		126,184
Zhuzhou CRRC Times Electric Co. Ltd.		30,023		145,738
Zhuzhou CRRC Times Electric Co. Ltd., Class A		2,832		25,380
Zhuzhou Kibing Group Co. Ltd., Class A		23,980		39,413
Zijin Mining Group Co. Ltd., Class A		87,452		111,637
Zijin Mining Group Co. Ltd., Class H		366,661		417,634
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		34,900		29,212
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		73,661		33,317
ZTE Corp., Class A		18,512		65,793
ZTE Corp., Class H		40,095		85,004

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


	Number of Shares		Value
China (Continued)
ZTO Express Cayman, Inc., ADR (a)		31,117	$	810,598

(Cost $198,527,763)				148,854,566

Colombia — 0.1%
Bancolombia SA		24,943		192,857
Ecopetrol SA		160,799		82,050
Interconexion Electrica SA ESP		32,351		140,207

(Cost $480,123)				415,114

Cyprus — 0.0%
Polymetal International PLC (b) (Cost $548,412)		28,889		0

Czech Republic — 0.2%
CEZ AS		10,205		413,272
Komercni Banka AS		8,419		198,452
Moneta Money Bank AS, 144A (a)		38,464		121,994

(Cost $948,185)				733,718

Egypt — 0.1%
Commercial International Bank Egypt SAE		179,216		355,913
Egyptian Financial Group-Hermes Holding Co.*		72,041		48,040

(Cost $580,780)				403,953

Greece — 0.3%
Alpha Services and Holdings SA*		226,654		210,636
Eurobank Ergasias Services and Holdings SA*		267,923		250,551
Hellenic Telecommunications Organization SA		23,668		377,458
JUMBO SA		6,968		99,775
Mytilineos SA		8,644		135,769
National Bank of Greece SA*		55,185		178,904
Piraeus Financial Holdings SA*		72,432		76,330
Star Bulk Carriers Corp.		5,762		112,647
Terna Energy SA		4,772		85,077

(Cost $1,818,161)				1,527,147

Hong Kong — 0.7%
Beijing Enterprises Water Group Ltd.		245,438		63,167
BOC Hong Kong Holdings Ltd.		389,217		1,343,863
China Everbright Environment Group Ltd.		255,131		126,447
China Jinmao Holdings Group Ltd.		498,520		105,435
China Merchants Port Holdings Co. Ltd.		80,561		121,116
China Overseas Land & Investment Ltd.		314,986		850,787
China Resources Cement Holdings Ltd.		58,571		36,192
China Resources Land Ltd.		126,066		517,990
China State Construction International Holdings Ltd.		100,213		115,932
China Taiping Insurance Holdings Co. Ltd.		100,681		103,133
Guangdong Investment Ltd.		127,454		116,918
Orient Overseas International Ltd.		6,394		179,058

(Cost $3,875,096)				3,680,038


	Number of Shares		Value
Hungary — 0.1%
OTP Bank Nyrt		23,371	$	496,345
Richter Gedeon Nyrt		8,891		178,885

(Cost $1,639,461)				675,230

India — 14.5%
Aarti Industries Ltd.		16,436		171,831
ABB India Ltd.		3,116		127,951
ACC Ltd.		6,089		176,230
Adani Green Energy Ltd.*		61,057		1,872,018
Adani Ports & Special Economic Zone Ltd.		76,389		809,621
Adani Transmission Ltd.*		25,064		1,249,349
Alkem Laboratories Ltd.		1,851		69,295
Ambuja Cements Ltd.		41,360		214,066
Apollo Hospitals Enterprise Ltd.		7,754		421,854
Ashok Leyland Ltd.		118,617		229,895
Asian Paints Ltd.		40,735		1,738,737
Astral Ltd.		6,452		169,903
AU Small Finance Bank Ltd., 144A		25,346		202,205
Aurobindo Pharma Ltd.		21,631		148,475
Avenue Supermarts Ltd., 144A*		14,980		854,281
Axis Bank Ltd.		202,118		1,911,593
Axis Bank Ltd., GDR		8,874		421,515
Bajaj Auto Ltd.		3,500		179,931
Bajaj Finance Ltd.		16,073		1,477,927
Bajaj Finserv Ltd.		2,395		511,267
Bajaj Holdings & Investment Ltd.		2,609		179,453
Balkrishna Industries Ltd.		6,765		174,199
Bandhan Bank Ltd., 144A*		69,084		242,139
Bank of Baroda		84,525		139,194
Berger Paints India Ltd.		27,192		230,552
Bharat Forge Ltd.		25,335		236,218
Bharti Airtel Ltd.		230,304		2,106,000
Biocon Ltd.		35,317		137,742
Bosch Ltd.		255		56,290
Britannia Industries Ltd.		4,327		204,089
Canara Bank		30,287		91,900
Cholamandalam Investment and Finance Co. Ltd.		37,973		377,708
Cipla Ltd.		49,572		647,864
Colgate-Palmolive India Ltd.		10,482		220,957
Container Corp. Of India Ltd.		19,022		166,752
Dabur India Ltd.		46,634		342,515
Dalmia Bharat Ltd.		8,311		160,696
Deepak Nitrite Ltd.		7,381		183,837
Divi’s Laboratories Ltd.		12,422		566,999
DLF Ltd.		39,961		196,138
Dr. Reddy’s Laboratories Ltd.		12,728		679,993
Eicher Motors Ltd.		5,119		216,384
Embassy Office Parks REIT		83,442		381,347
Gland Pharma Ltd., 144A*		5,501		163,943
Godrej Consumer Products Ltd.*		39,921		464,357
Godrej Properties Ltd.*		7,592		134,502
Grasim Industries Ltd.		22,477		474,854
Havells India Ltd.		14,828		259,673
HCL Technologies Ltd.		104,660		1,236,758
HDFC Asset Management Co. Ltd., 144A		2,651		69,226

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


	Number of Shares		Value
India (Continued)
HDFC Life Insurance Co. Ltd., 144A		80,730	$	584,407
Hero MotoCorp Ltd.		8,649		308,883
Hindalco Industries Ltd.		80,210		443,154
Hindustan Unilever Ltd.		84,068		2,814,164
Honeywell Automation India Ltd.		156		84,815
Housing Development Finance Corp. Ltd.		108,320		3,335,014
ICICI Bank Ltd.		335,790		3,749,728
ICICI Lombard General Insurance Co. Ltd., 144A		20,537		332,978
ICICI Prudential Life Insurance Co. Ltd., 144A		31,501		235,728
IDFC First Bank Ltd.*		271,652		168,034
Indian Railway Catering & Tourism Corp. Ltd.		21,352		190,993
Indus Towers Ltd.		52,599		132,262
IndusInd Bank Ltd.		48,277		672,862
Info Edge India Ltd.		5,921		323,725
Infosys Ltd., ADR		145,546		2,663,492
Infosys Ltd.		281,313		5,285,628
InterGlobe Aviation Ltd., 144A*		4,009		101,756
JSW Energy Ltd.		44,367		190,432
JSW Steel Ltd.		57,633		483,719
Jubilant Foodworks Ltd.		35,352		274,200
Kansai Nerolac Paints Ltd.		11,187		71,142
Kotak Mahindra Bank Ltd.		71,343		1,719,823
L&T Technology Services Ltd., 144A		2,360		110,310
Larsen & Toubro Infotech Ltd., 144A		3,665		214,098
Laurus Labs Ltd., 144A		30,967		225,672
Linde India Ltd.		2,038		87,952
Lupin Ltd.		15,662		131,886
Macrotech Developers Ltd., 144A*		6,261		86,439
Mahindra & Mahindra Ltd.		65,107		1,072,332
Marico Ltd.		54,315		359,283
Maruti Suzuki India Ltd.		7,586		867,097
Max Financial Services Ltd.*		22,969		238,281
Max Healthcare Institute Ltd.*		29,603		144,647
Mindtree Ltd.		5,223		217,345
Mphasis Ltd.		5,326		142,835
MRF Ltd.		254		272,882
Muthoot Finance Ltd.		11,564		153,555
Nestle India Ltd.		2,217		555,961
NHPC Ltd.		230,042		111,173
NMDC Ltd.		52,600		80,928
Oberoi Realty Ltd.		9,399		119,099
Oracle Financial Services Software Ltd.		2,341		93,390
Page Industries Ltd.		374		240,254
Persistent Systems Ltd.		3,389		150,045
PI Industries Ltd.		6,519		281,917
Pidilite Industries Ltd.		9,910		341,271
Piramal Enterprises Ltd.		8,258		110,534
Piramal Pharma Ltd.* (b)		33,032		91,094
Polycab India Ltd.		3,340		103,832
Power Finance Corp. Ltd.		67,521		101,632
Power Grid Corp. of India Ltd.		174,065		502,973
Punjab National Bank		164,143		74,058
REC Ltd.		90,522		123,892
Samvardhana Motherson International Ltd.		56,750		87,777


	Number of Shares		Value
India (Continued)
SBI Cards & Payment Services Ltd.		17,072	$	198,140
SBI Life Insurance Co. Ltd., 144A		34,441		576,096
Shree Cement Ltd.		616		171,122
Shriram Transport Finance Co. Ltd.		11,601		197,781
Siemens Ltd.		4,477		162,474
SRF Ltd.		11,293		361,481
State Bank of India		193,503		1,293,744
Steel Authority of India Ltd.		96,449		98,685
Sun Pharmaceutical Industries Ltd.		64,255		722,178
Tata Communications Ltd.		9,401		142,243
Tata Consultancy Services Ltd.		114,135		4,612,549
Tata Consumer Products Ltd.		51,391		523,656
Tata Elxsi Ltd.		3,075		349,042
Tata Motors Ltd.*		107,230		635,757
Tata Motors Ltd., Class A*		21,074		62,102
Tata Power Co. Ltd.		88,674		264,432
Tata Steel Ltd.		443,690		604,741
Tech Mahindra Ltd.		59,529		806,200
Titan Co. Ltd.		23,628		774,529
Torrent Pharmaceuticals Ltd.		8,064		157,361
Trent Ltd.		15,318		271,291
UltraTech Cement Ltd.		7,106		597,205
United Spirits Ltd.*		18,570		189,736
UPL Ltd.		27,331		264,597
Varun Beverages Ltd.		19,654		255,797
Vedanta Ltd.		47,386		161,167
Voltas Ltd.		18,068		227,663
Wipro Ltd.		167,532		871,941
Yes Bank Ltd.*		1,736,925		359,591
Zydus Lifesciences Ltd.		16,885		80,368

(Cost $74,522,762)				71,355,275

Indonesia — 2.1%
Aneka Tambang Tbk		377,938		50,672
PT Bank Central Asia Tbk		6,021,917		3,326,914
PT Bank Jago Tbk*		526,609		298,917
PT Bank Mandiri Persero Tbk		1,934,520		1,153,478
PT Bank Negara Indonesia Persero Tbk		467,346		268,427
PT Bank Rakyat Indonesia Persero Tbk		7,577,515		2,215,692
PT Barito Pacific Tbk		2,007,064		110,884
PT Chandra Asri Petrochemical Tbk		1,428,337		234,808
PT Charoen Pokphand Indonesia Tbk		468,846		185,580
PT Elang Mahkota Teknologi Tbk*		1,714,556		220,637
PT Indah Kiat Pulp & Paper Tbk		193,631		108,606
PT Indocement Tunggal Prakarsa Tbk		113,471		72,245
PT Indofood CBP Sukses Makmur Tbk		73,522		41,114
PT Indofood Sukses Makmur Tbk		276,048		115,776
PT Kalbe Farma Tbk		1,440,897		163,093
PT Merdeka Copper Gold Tbk*		1,059,411		305,493
PT Sarana Menara Nusantara Tbk		2,263,248		189,081
PT Semen Indonesia Persero Tbk		148,797		66,165
PT Telkom Indonesia Persero Tbk		3,120,898		958,821
PT Tower Bersama Infrastructure Tbk		151,700		28,822
PT Unilever Indonesia Tbk		567,860		175,609
PT Vale Indonesia Tbk*		164,188		67,478

(Cost $10,027,831)				10,358,312

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


	Number of Shares		Value
Kuwait — 0.8%
Agility Public Warehousing Co. KSC		116,136	$	317,540
Boubyan Bank KSCP		94,771		256,970
Gulf Bank KSCP		154,371		175,450
Kuwait Finance House KSCP		332,054		970,445
Mabanee Co KPSC		40,423		108,819
Mobile Telecommunications Co. KSCP		217,049		426,415
National Bank of Kuwait SAKP		467,942		1,601,594

(Cost $3,461,420)				3,857,233

Malaysia — 0.9%
AMMB Holdings Bhd		162,900		152,144
Axiata Group Bhd		151,452		102,874
CIMB Group Holdings Bhd		442,458		530,890
DiGi.Com Bhd		88,800		74,405
Gamuda Bhd		72,322		61,729
Greatech Technology Bhd*		24,600		19,953
Hartalega Holdings Bhd		74,400		27,596
Hong Leong Bank Bhd		44,000		205,474
Hong Leong Financial Group Bhd		10,300		44,694
IHH Healthcare Bhd		74,700		103,483
Inari Amertron Bhd		223,700		135,455
IOI Corp. Bhd		87,400		82,606
Kuala Lumpur Kepong Bhd		15,700		81,175
Malayan Banking Bhd		275,257		551,683
Malaysia Airports Holdings Bhd*		40,700		53,381
Malaysian Pacific Industries Bhd		8,000		54,984
Maxis Bhd		87,200		75,013
MISC Bhd		67,700		107,400
MR DIY Group M Bhd, 144A		189,350		91,809
Nestle Malaysia Bhd		2,419		71,886
Petronas Chemicals Group Bhd		89,000		174,997
PPB Group Bhd		25,300		99,493
Press Metal Aluminium Holdings Bhd		205,500		219,482
Public Bank Bhd		701,200		737,940
QL Resources Bhd		53,600		61,079
RHB Bank Bhd		154,378		197,996
Sime Darby Bhd		121,400		62,117
Sime Darby Plantation Bhd		74,900		74,641
Telekom Malaysia Bhd		76,800		102,446
TIME dotCom Bhd		74,700		79,615
Top Glove Corp. Bhd		254,400		45,758
Westports Holdings Bhd		19,900		15,474

(Cost $4,830,903)				4,499,672

Mexico — 2.3%
Alfa SAB de CV, Class A		308,902		196,904
America Movil SAB de CV, Series L		2,991,763		2,554,125
Arca Continental SAB de CV		32,107		218,948
Cemex SAB de CV, Series CPO*		912,082		338,766
Coca-Cola Femsa SAB de CV		59,429		363,985
El Puerto de Liverpool SAB de CV, Class C1		12,703		56,744
Fibra Uno Administracion SA de CV REIT		189,921		199,156
Fomento Economico Mexicano SAB de CV		143,164		898,832
Gruma SAB de CV, Class B		6,359		69,411
Grupo Aeroportuario del Pacifico SAB de CV, Class B		24,440		348,567


	Number of Shares		Value
Mexico (Continued)
Grupo Aeroportuario del Sureste SAB de CV, Class B		7,158	$	151,869
Grupo Bimbo SAB de CV, Series A		80,272		264,301
Grupo Elektra SAB DE CV		5,492		285,228
Grupo Financiero Banorte SAB de CV, Class O		315,653		1,867,362
Grupo Financiero Inbursa SAB de CV, Class O*		106,781		168,518
Grupo Mexico SAB de CV, Series B		209,205		793,464
Grupo Televisa SAB, Series CPO		283,642		358,078
Industrias Penoles SAB de CV		9,514		78,332
Kimberly-Clark de Mexico SAB de CV, Class A		176,864		239,987
Orbia Advance Corp. SAB de CV		77,359		146,241
Wal-Mart de Mexico SAB de CV		564,196		1,846,990

(Cost $13,300,123)				11,445,808

Peru — 0.2%
Credicorp Ltd. (c)		2,738		352,901
Credicorp Ltd.		1,733		224,129
InRetail Peru Corp., 144A		4,448		137,710
Intercorp Financial Services, Inc.		3,220		69,423

(Cost $739,095)				784,163

Philippines — 0.6%
ACEN Corp.		59,410		7,935
Ayala Land, Inc.		419,100		213,823
Bank of the Philippine Islands		204,310		345,459
BDO Unibank, Inc.		204,290		468,570
Globe Telecom, Inc.		3,035		113,390
International Container Terminal Services, Inc.		58,370		188,347
JG Summit Holdings, Inc.		130,540		119,021
Jollibee Foods Corp.		32,860		140,206
Metropolitan Bank & Trust Co.		109,300		102,381
PLDT, Inc.		8,645		258,480
SM Investments Corp.		29,490		436,403
SM Prime Holdings, Inc.		700,500		472,156
Universal Robina Corp.		58,400		126,877

(Cost $3,388,533)				2,993,048

Qatar — 1.3%
Commercial Bank PSQC		263,842		531,053
Industries Qatar QSC		198,080		987,205
Masraf Al Rayan QSC		491,221		609,820
Mesaieed Petrochemical Holding Co.		411,067		293,478
Ooredoo QPSC		72,339		180,363
Qatar International Islamic Bank QSC		64,615		211,317
Qatar Islamic Bank SAQ		143,788		1,011,165
Qatar National Bank QPSC		481,841		2,730,884

(Cost $5,834,245)				6,555,285

Russia — 0.0%
Alrosa PJSC (b)		246,725		0
MMC Norilsk Nickel PJSC (b)		5,593		0
Mobile TeleSystems PJSC, ADR (b)		25,457		0
Mobile TeleSystems PJSC (b)		32,151		0
Novolipetsk Steel PJSC (b)		121,611		0

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


	Number of Shares		Value
Russia (Continued)
PIK Group PJSC* (b)		21,692	$	0
Polyus PJSC (b)		2,793		0
Sberbank of Russia PJSC* (b)		989,954		0
United Co RUSAL International PJSC* (b)		255,320		0
Yandex NV, Class A* (b)		28,401		0

(Cost $9,710,782)				0

Saudi Arabia — 3.3%
Advanced Petrochemical Co.		12,976		172,599
Al Rajhi Bank*		127,324		3,055,234
Alinma Bank		84,098		850,153
Almarai Co. JSC		34,317		483,852
Arab National Bank		56,331		449,569
Bank AlBilad*		43,962		591,774
Banque Saudi Fransi		52,328		692,556
Bupa Arabia for Cooperative Insurance Co.		5,594		244,654
Dr Sulaiman Al Habib Medical Services Group Co.		7,223		384,304
Etihad Etisalat Co.		32,021		311,777
Jarir Marketing Co.		5,195		237,707
Mouwasat Medical Services Co.		4,203		270,361
National Industrialization Co.*		34,215		145,088
Riyad Bank		97,193		917,891
Sahara International Petrochemical Co.		31,068		394,652
Saudi Basic Industries Corp.		57,475		1,532,055
Saudi British Bank		62,407		663,251
Saudi Industrial Investment Group		30,403		207,054
Saudi Kayan Petrochemical Co.*		62,131		242,970
Saudi National Bank		143,258		2,663,936
Saudi Telecom Co.		116,842		1,299,280
Savola Group		21,441		186,233
Yanbu National Petrochemical Co.		17,305		230,641

(Cost $14,600,336)				16,227,591

Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $87,313)		10,949		87,954

South Africa — 3.0%
Absa Group Ltd.		65,364		682,693
Anglo American Platinum Ltd.		3,027		212,890
AngloGold Ashanti Ltd. (a)		39,314		529,656
Aspen Pharmacare Holdings Ltd.		38,794		335,718
Bid Corp. Ltd.		35,691		680,655
Bidvest Group Ltd.		15,002		189,193
Capitec Bank Holdings Ltd.		4,029		483,060
Clicks Group Ltd.		15,285		267,257
Discovery Ltd.*		39,315		283,346
FirstRand Ltd.		407,398		1,533,802
Gold Fields Ltd.		76,339		621,348
Harmony Gold Mining Co. Ltd.		45,394		114,947
Impala Platinum Holdings Ltd.		53,020		561,108
Investec Ltd.		18,164		85,852
Kumba Iron Ore Ltd. (a)		2,409		53,780
MTN Group Ltd.		148,878		1,085,288
MultiChoice Group		30,304		205,548
Naspers Ltd., Class N		14,336		2,040,309


	Number of Shares		Value
South Africa (Continued)
Nedbank Group Ltd. (a)		42,752	$	508,678
Northam Platinum Holdings Ltd.*		22,803		215,663
Old Mutual Ltd.		500,456		298,611
Pepkor Holdings Ltd., 144A		83,264		98,240
Rand Merchant Investment Holdings Ltd.		72,599		115,217
Sanlam Ltd.		183,541		574,171
Shoprite Holdings Ltd.		44,376		605,899
Sibanye Stillwater Ltd.		295,724		667,810
Standard Bank Group Ltd.		115,780		1,040,868
Vodacom Group Ltd.		62,462		462,297
Woolworths Holdings Ltd.		114,580		376,457

(Cost $17,946,436)				14,930,361

South Korea — 10.0%
Alteogen, Inc.*		2,238		106,583
Amorepacific Corp.		1,867		171,688
AMOREPACIFIC Group		1,617		42,192
BNK Financial Group, Inc.		19,948		100,072
Celltrion Healthcare Co. Ltd.		5,633		303,644
Celltrion Pharm, Inc.*		829		48,592
Celltrion, Inc.		5,798		821,443
Cheil Worldwide, Inc.		5,593		91,575
Chong Kun Dang Pharmaceutical Corp.		856		54,974
Chunbo Co. Ltd.		379		64,350
CJ CheilJedang Corp.		421		128,262
CJ Corp.		808		47,240
CJ ENM Co. Ltd.		544		39,980
Coway Co. Ltd.		3,295		156,922
CS Wind Corp.		1,866		95,843
Daewoo Engineering & Construction Co. Ltd.*		13,124		51,022
DB HiTek Co. Ltd.		2,758		95,882
DB Insurance Co. Ltd.		3,889		173,581
DL E&C Co. Ltd.		2,302		70,477
Dongsuh Cos., Inc.		2,983		54,528
Doosan Bobcat, Inc.		2,609		67,685
Doosan Fuel Cell Co. Ltd.*		3,358		96,154
Douzone Bizon Co. Ltd.		588		15,914
Ecopro BM Co. Ltd.		3,124		262,056
E-MART, Inc.		1,120		81,893
F&F Co. Ltd. / New		1,002		106,751
Fila Holdings Corp.		3,728		86,960
Genexine, Inc.*		2,018		45,941
Green Cross Corp.		405		49,658
GS Engineering & Construction Corp.		2,982		67,218
Hana Financial Group, Inc.		27,263		800,025
Hanjin Kal Corp.*		1,293		51,041
Hankook Tire & Technology Co. Ltd.		3,897		110,569
Hanmi Pharm. Co. Ltd.		381		87,734
Hanmi Science Co. Ltd.		1,892		61,249
Hanon Systems		11,187		86,147
Hansol Chemical Co. Ltd.		747		122,029
Hanssem Co. Ltd.		940		37,809
Hanwha Life Insurance Co. Ltd.*		28,391		49,032
Hanwha Solutions Corp.*		7,086		278,661
Helixmith Co. Ltd.*		1,045		12,930
HLB, Inc.*		4,850		178,763

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


	Number of Shares		Value
South Korea (Continued)
HMM Co. Ltd.		15,910	$	264,661
Hugel, Inc.*		306		27,934
HYBE Co. Ltd.*		860		116,698
Hyosung Advanced Materials Corp.		152		48,184
Hyosung TNC Corp.		182		42,658
Hyundai Autoever Corp.		542		48,829
Hyundai Department Store Co. Ltd.		968		44,798
Hyundai Doosan Infracore Co. Ltd.*		11,988		55,300
Hyundai Elevator Co. Ltd.		2,611		57,196
Hyundai Engineering & Construction Co. Ltd.		6,315		227,568
Hyundai Glovis Co. Ltd.		1,121		147,925
Hyundai Marine & Fire Insurance Co. Ltd.		3,346		78,800
Hyundai Mipo Dockyard Co. Ltd.*		1,214		97,116
Hyundai Mobis Co. Ltd.		3,609		580,117
Hyundai Motor Co.		7,382		1,081,733
Hyundai Steel Co.		4,263		104,858
Iljin Materials Co. Ltd.		736		40,829
Industrial Bank of Korea		16,782		120,073
Kakao Corp.		17,554		963,301
Kakao Games Corp.*		2,226		87,872
KakaoBank Corp.*		10,271		209,636
Kakaopay Corp.*		1,811		84,217
KB Financial Group, Inc.		33,955		1,255,336
KCC Corp.		267		58,788
KEPCO Engineering & Construction Co., Inc.		906		49,854
KEPCO Plant Service & Engineering Co. Ltd.		1,770		54,719
Kia Corp.		14,295		863,546
KIWOOM Securities Co. Ltd.		1,489		95,292
KMW Co. Ltd.*		2,610		62,638
Korea Gas Corp.		2,008		65,304
Korea Investment Holdings Co. Ltd.		2,240		95,123
Korea Zinc Co. Ltd.		554		278,336
Korean Air Lines Co. Ltd.*		11,271



Average Annual Total Return

	Net Asset Value	Market Value	Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR²	MSCI Emerging Markets Index
One Year	-20.81%	-21.11%	-20.65%	-21.80%
Since Inception¹	4.31%	4.18%	4.54%	1.97%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR²	MSCI Emerging Markets Index
One Year	-20.81%	-21.11%	-20.65%	-21.80%
Since Inception¹	17.10%	16.56%	18.06%	7.56%


Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		8.9%
Tencent Holdings Ltd. (China)		5.5%
Samsung Electronics Co. Ltd. (South Korea)		2.8%
Alibaba Group Holding Ltd. (China)		2.4%
Meituan (China)		2.3%
Infosys Ltd. (India)		1.6%
China Construction Bank Corp. (China)		1.3%
JD.com, Inc. (China)		1.0%
Tata Consultancy Services Ltd. (India)		0.9%
Hon Hai Precision Industry Co. Ltd. (Taiwan)		0.9%



Average Annual Total Return

	Net Asset Value	Market Value	MSCI EAFE ESG Leaders Index	MSCI EAFE Index
One Year	-21.40%	-21.92%	-21.50%	-19.80%
Since Inception¹	1.82%	1.72%	1.78%	1.45%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI EAFE ESG Leaders Index	MSCI EAFE Index
One Year	-21.40%	-21.92%	-21.50%	-19.80%
Since Inception¹	7.46%	7.04%	7.31%	5.92%



Description	% of Net Assets
Roche Holding AG (Switzerland)		3.3%
ASML Holding NV (Netherlands)		2.9%
AstraZeneca PLC (United Kingdom)		2.8%
Novo Nordisk A/S (Denmark)		2.6%
TotalEnergies SE (France)		1.8%
HSBC Holdings PLC (United Kingdom)		1.8%
Unilever PLC (United Kingdom)		1.7%
AIA Group Ltd. (Hong Kong)		1.7%
Commonwealth Bank of Australia (Australia)		1.7%
Sony Group Corp. (Japan)		1.5%


Japan			23.5%
United Kingdom			16.2%
France			10.5%
Switzerland			8.7%
Australia			8.5%
Netherlands			6.0%
Germany			5.6%
Denmark			4.5%
Sweden			3.2%
Hong Kong			2.8%
Spain			2.1%
Other			8.4%

Total			100.0%


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		6
Xtrackers MSCI EAFE ESG Leaders Equity ETF		8
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		10
Xtrackers MSCI USA ESG Leaders Equity ETF		12
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		14
Xtrackers S&P 500 ESG ETF		16
Xtrackers S&P MidCap 400 ESG ETF		18
Xtrackers S&P SmallCap 600 ESG ETF		20
Fees and Expenses		22
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		24
Xtrackers MSCI EAFE ESG Leaders Equity ETF		40
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		46
Xtrackers MSCI USA ESG Leaders Equity ETF		54
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		59
Xtrackers S&P 500 ESG ETF		64
Xtrackers S&P MidCap 400 ESG ETF		69
Xtrackers S&P SmallCap 600 ESG ETF		73
Statements of Assets and Liabilities		78
Statements of Operations		80
Statements of Changes in Net Assets		82
Financial Highlights		86
Notes to Financial Statements		90
Report of Independent Registered Public Accounting Firm		103
Board Considerations in Approval of Investment Advisory Contracts		105
Board Members and Officers		107
Additional Information		110


Financials			26.1%
Information Technology			24.1%
Consumer Discretionary			13.3%
Communication Services			12.6%
Materials			6.1%
Industrials			5.6%
Consumer Staples			4.6%
Health Care			4.0%
Utilities			1.8%
Real Estate			1.6%
Energy			0.2%

Total			100.0%


China			30.4%
Taiwan			18.9%
India			14.6%
South Korea			10.5%
Brazil			4.3%
Saudi Arabia			3.3%
South Africa			3.1%
Mexico			2.3%
Indonesia			2.1%
United Arab Emirates			2.1%
Other			8.4%

Total			100.0%


Financials			17.4%
Industrials			15.3%
Health Care			15.2%
Consumer Discretionary			11.2%
Consumer Staples			9.5%
Materials			8.0%
Information Technology			7.9%
Communication Services			4.7%
Energy			4.5%
Utilities			3.3%
Real Estate			3.0%

Total			100.0%


Ten Largest Equity Holdings as of August 31, 2022 (21.8% of Net Assets)


Financials			20.7%
Information Technology			19.0%
Communication Services			14.9%
Consumer Discretionary			14.0%
Materials			7.3%
Consumer Staples			5.7%
Industrials			5.4%
Energy			4.9%
Health Care			3.9%
Utilities			2.5%
Real Estate			1.7%

Total			100.0%


China			30.2%
Taiwan			20.9%
India			12.9%
South Korea			7.1%
South Africa			5.6%
Brazil			4.2%
Thailand			2.7%
United Arab Emirates			2.1%
Saudi Arabia			2.0%
Other			12.3%

Total			100.0%


Information Technology			28.0%
Health Care			14.5%
Consumer Discretionary			11.5%
Financials			11.1%
Communication Services			10.2%
Industrials			8.3%
Consumer Staples			7.0%
Real Estate			2.9%
Materials			2.9%
Energy			2.4%
Utilities			1.2%

Total			100.0%


Description	% of Net Assets
Microsoft Corp.		10.7%
Alphabet, Inc.		7.3%
Tesla, Inc.		4.2%
Johnson & Johnson		2.4%
NVIDIA Corp.		2.2%
Procter & Gamble Co.		1.9%
Visa, Inc.		1.9%
Home Depot, Inc.		1.7%
Mastercard, Inc.		1.6%
Coca-Cola Co.		1.5%


Information Technology			34.3%
Health Care			19.6%
Communication Services			9.3%
Financials			9.2%
Consumer Discretionary			7.5%
Consumer Staples			6.3%
Industrials			5.3%
Real Estate			5.2%
Materials			2.1%
Utilities			1.2%

Total			100.0%


*Sector Diversification as of August 31, 2022**


*Country Diversification as of August 31, 2022**


*Sector Diversification as of August 31, 2022**


*Country Diversification as of August 31, 2022**


Description	% of Net Assets
Apple, Inc.		9.8%
Microsoft Corp.		7.7%
Alphabet, Inc.		4.6%
Johnson & Johnson		1.5%
UnitedHealth Group, Inc.		1.5%
NVIDIA Corp.		1.2%
Meta Platforms, Inc.		1.1%
Procter & Gamble Co.		1.1%
JPMorgan Chase & Co.		1.0%
Home Depot, Inc.		1.0%


Industrials			19.2%
Financials			16.0%
Consumer Discretionary			15.0%
Information Technology			12.6%
Health Care			9.8%
Real Estate			8.6%
Materials			7.0%
Energy			4.6%
Consumer Staples			3.4%
Utilities			2.2%
Communication Services			1.6%

Total			100.0%



Description	% of Net Assets
Targa Resources Corp.		1.1%
Carlisle Cos., Inc.		1.1%
Steel Dynamics, Inc.		1.0%
EQT Corp.		1.0%
Wolfspeed, Inc.		1.0%
First Solar, Inc.		0.9%
Darling Ingredients, Inc.		0.9%
First Horizon Corp.		0.8%
Fair Isaac Corp.		0.8%
Alleghany Corp.		0.8%


Financials			19.8%
Industrials			16.0%
Information Technology			14.5%
Consumer Discretionary			12.1%
Health Care			11.2%
Real Estate			8.2%
Materials			5.8%
Consumer Staples			4.6%
Energy			4.0%
Utilities			2.5%
Communication Services			1.3%

Total			100.0%



Description	% of Net Assets
Agree Realty Corp.		0.9%
ExlService Holdings, Inc.		0.9%
SM Energy Co.		0.9%
Livent Corp.		0.9%
UFP Industries, Inc.		0.8%
Rogers Corp.		0.8%
AMN Healthcare Services, Inc.		0.8%
Cytokinetics, Inc.		0.7%
Helmerich & Payne, Inc.		0.7%
Ensign Group, Inc.		0.7%


	Beginning Account Value March 1, 2022		Ending Account Value August 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Actual	$	1,000.00	$	868.70		0.15	%	$	0.71
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.77
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Actual	$	1,000.00	$	855.00		0.14	%	$	0.65
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.50		0.14	%	$	0.71
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Actual	$	1,000.00	$	846.70		0.20	%	$	0.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20		0.20	%	$	1.02
Xtrackers MSCI USA ESG Leaders Equity ETF
Actual	$	1,000.00	$	897.50		0.09	%	$	0.43
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.75		0.09	%	$	0.46
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Actual ⁽²⁾	$	1,000.00	$	1,008.40		0.10	%	$	0.18
Hypothetical (5% return before expenses)	$	1,000.00	$	1,008.73		0.10	%	$	0.51
Xtrackers S&P 500 ESG ETF
Actual	$	1,000.00	$	907.70		0.10	%	$	0.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.70		0.10	%	$	0.51