August 31, 2022

Annual Report

DBX ETF Trust

 

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

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)

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

Xtrackers S&P 500 ESG ETF (SNPE)

Xtrackers S&P MidCap 400 ESG ETF (MIDE)

Xtrackers S&P SmallCap 600 ESG ETF (SMLE)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     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  


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.

 

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DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited)

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

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

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

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

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

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

 

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DBX ETF Trust

 

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

 

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

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

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

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.

 

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5


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

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

 

Performance as of August 31, 2022

 

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%

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.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

LOGO

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

Sector Diversification* as of August 31, 2022

 

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%  
Ten Largest Equity Holdings
as of August 31, 2022 (27.6% of Net Assets)

 

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%  
Country Diversification* as of August 31, 2022

 

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%  

 

* 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.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

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

 

Performance as of August 31, 2022

 

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%

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.

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.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2022

 

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)

 

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%  
Country Diversification* as of August 31, 2022

 

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%  

 

* 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.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

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

 

Performance as of August 31, 2022

 

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

One Year

   -25.55%    -26.42%    -25.29%    -21.80%

Since Inception1

   1.55%    1.23%    1.88%    1.97%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI Emerging
Markets ESG Leaders
Index
   MSCI Emerging
Markets Index

One Year

   -25.55%    -26.42%    -25.29%    -21.80%

Since Inception1

   5.90%    4.67%    7.23%    7.56%

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.

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.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

LOGO

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

Sector Diversification* as of August 31, 2022

 

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%  
Ten Largest Equity Holdings
as of August 31, 2022 (37.6% of Net Assets)

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

    11.9%  

Tencent Holdings Ltd. (China)

    7.6%  

Alibaba Group Holding Ltd. (China)

    5.3%  

Meituan (China)

    3.1%  

Reliance Industries Ltd. (India)

    2.6%  

Infosys Ltd. (India)

    1.7%  

China Construction Bank Corp. (China)

    1.7%  

Housing Development Finance Corp. Ltd. (India)

    1.4%  

Baidu, Inc. (China)

    1.2%  

NetEase, Inc. (China)

    1.1%  
Country Diversification* as of August 31, 2022

 

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%  

 

* 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.

 

11


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)

Xtrackers MSCI USA ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market. 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.

 

Performance as of August 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI USA ESG
Leaders Index
   MSCI USA Index2    S&P 500 Index

One Year

   -13.29%    -13.33%    -13.22%    -13.08%    -11.23%

Since Inception1

   12.48%    12.46%    12.56%    12.55%    12.88%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI USA ESG
Leaders Index
   MSCI USA Index2    S&P 500 Index

One Year

   -13.29%    -13.33%    -13.22%    -13.08%    -11.23%

Since Inception1

   50.70%    50.66%    51.14%    52.30%    52.61%

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.

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

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

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

 

12


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2022

 

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%  

 

Ten Largest Equity Holdings
as of August 31, 2022 (35.4% of Net Assets)

 

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%  

 

* 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.

 

13


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

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

 

Performance as of August 31, 2022

 

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

Since Inception1

   0.84%    1.00%    0.84%    1.71%

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.

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

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

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

 

14


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

LOGO

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

Sector Diversification* as of August 31, 2022

 

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%  

 

Ten Largest Equity Holdings
as of August 31, 2022 (30.5% of Net Assets)

 

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%  

 

* As a percent of total investments excluding cash equivalents.

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

 

15


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P 500 ESG ETF (SNPE)

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.

 

Performance as of August 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    S&P 500 ESG Index    S&P 500 Index

One Year

   -9.59%    -9.59%    -9.50%    -11.23%

Since Inception1

   13.51%    13.50%    13.63%    11.87%
Cumulative Total Returns
      Net Asset Value    Market Value    S&P 500 ESG Index    S&P 500 Index

One Year

   -9.59%    -9.59%    -9.50%    -11.23%

Since Inception1

   49.71%    49.71%    50.24%    42.95%

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.

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

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

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

 

16


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P 500 ESG ETF (SNPE) (Continued)

 

Growth of an Assumed $10,000 Investment

LOGO

1 Based on Net Asset Value from commencement of operations, June 26, 2019.

Sector Diversification* as of August 31, 2022

 

Information Technology

    30.4%  

Health Care

    15.2%  

Financials

    10.8%  

Consumer Discretionary

    9.5%  

Communication Services

    8.8%  

Consumer Staples

    6.8%  

Industrials

    6.3%  

Energy

    5.0%  

Real Estate

    2.8%  

Materials

    2.6%  

Utilities

    1.8%  
 

 

 

 

Total

    100.0%  

 

Ten Largest Equity Holdings
as of August 31, 2022 (37.4% of Net Assets)

 

Description   % of Net Assets  

Apple, Inc.

    10.0%  

Microsoft Corp.

    8.1%  

Alphabet, Inc.

    5.2%  

Amazon.com, Inc.

    4.6%  

UnitedHealth Group, Inc.

    2.0%  

Exxon Mobil Corp.

    1.7%  

NVIDIA Corp.

    1.6%  

JPMorgan Chase & Co.

    1.4%  

Procter & Gamble Co.

    1.4%  

Visa, Inc.

    1.4%  

 

* As a percent of total investments excluding cash equivalents.

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

 

17


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P MidCap 400 ESG ETF (MIDE)

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.

 

Performance as of August 31, 2021

 

Average Annual Total Return
      Net Asset Value    Market Value    S&P MidCap 400 ESG
Index
   S&P MidCap 400 Index

One Year

   -9.64%    -9.64%    -9.52%    -10.37%

Since Inception1

   -0.45%    -0.45%    -0.31%    -1.24%
Cumulative Total Returns
      Net Asset Value    Market Value    S&P MidCap 400 ESG
Index
   S&P MidCap 400 Index

One Year

   -9.64%    -9.64%    -9.52%    -10.37%

Since Inception1

   -0.68%    -0.68%    -0.46%    -1.87%

1 Total returns are calculated based on the commencement of operations, February 24, 2021 (“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 0.15%, 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.

 

18


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P MidCap 400 ESG ETF (MIDE) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, February 24, 2021.

Sector Diversification* as of August 31, 2022

 

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%  
Ten Largest Equity Holdings
as of August 31, 2022 (9.4% of Net Assets)

 

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%  

 

* 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.

 

19


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P SmallCap 600 ESG ETF (SMLE)

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.

 

Performance as of August 31, 2021

 

Average Annual Total Return
      Net Asset Value    Market Value    S&P SmallCap 600
ESG Index
   S&P SmallCap 600
Index

One Year

   -10.43%    -10.39%    -10.28%    -12.12%

Since Inception1

   -2.76%    -2.73%    -2.60%    -4.14%
Cumulative Total Returns
      Net Asset Value    Market Value    S&P SmallCap 600
ESG Index
   S&P SmallCap 600
Index

One Year

   -10.43%    -10.39%    -10.28%    -12.12%

Since Inception1

   -4.15%    -4.11%    -3.92%    -6.21%

1 Total returns are calculated based on the commencement of operations, February 24, 2021 (“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 0.15%, 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.

 

20


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P SmallCap 600 ESG ETF (SMLE) (Continued)

 

Growth of an Assumed $10,000 Investment

LOGO

1 Based on Net Asset Value from commencement of operations, February 24, 2021.

Sector Diversification* as of August 31, 2022

 

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%  
Ten Largest Equity Holdings
as of August 31, 2022 (8.1% of Net Assets)

 

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%  

 

* 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.

 

21


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022) 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).

Actual expenses

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

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

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

 

      Beginning
Account Value
March 1, 2022
     Ending
Account Value
August 31, 2022
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers 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  

 

22


DBX ETF Trust

 

Fees and Expenses (Unaudited) (Continued)

 

      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 S&P MidCap 400 ESG ETF

 

Actual

   $ 1,000.00      $ 923.60        0.15   $ 0.73  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.45        0.15   $ 0.77  
Xtrackers S&P SmallCap 600 ESG ETF

 

Actual

   $ 1,000.00      $ 911.40        0.15   $ 0.72  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.45        0.15   $ 0.77  

(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.

 

23


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

August 31, 2022

 

   

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  

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2022

 

   

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  

 

See Notes to Financial Statements.   25  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2022

 

   

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  

 

See Notes to Financial Statements.   26  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2022

 

   

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  

 

See Notes to Financial Statements.   27  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2022

 

   

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  

 

See Notes to Financial Statements.   28  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2022

 

   

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  

 

See Notes to Financial Statements.   29  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2022

 

   

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  

 

See Notes to Financial Statements.   30  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2022

 

   

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  
   

 

 

 

 

See Notes to Financial Statements.   31  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2022

 

   

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  

 

See Notes to Financial Statements.   32  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2022

 

   

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  

 

See Notes to Financial Statements.   33  


DBX ETF Trust

 

Schedule of Investments

 

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

August 31, 2022

 

   

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