May 31, 2022

Annual Report

DBX ETF Trust

 

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Management’s Discussion of Fund Performance

     3  

Performance Summary

  

Xtrackers MSCI All World ex US Hedged Equity ETF

     6  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

     8  

Xtrackers MSCI Europe Hedged Equity ETF

     10  

Xtrackers MSCI Eurozone Hedged Equity ETF

     12  

Xtrackers MSCI Germany Hedged Equity ETF

     14  

Xtrackers MSCI Japan Hedged Equity ETF

     16  

Fees and Expenses

     18  

Schedule of Investments

  

Xtrackers MSCI All World ex US Hedged Equity ETF

     19  

Xtrackers MSCI Emerging Markets Hedged Equity ETF

     48  

Xtrackers MSCI Europe Hedged Equity ETF

     69  

Xtrackers MSCI Eurozone Hedged Equity ETF

     77  

Xtrackers MSCI Germany Hedged Equity ETF

     86  

Xtrackers MSCI Japan Hedged Equity ETF

     89  

Statements of Assets and Liabilities

     94  

Statements of Operations

     96  

Statements of Changes in Net Assets

     98  

Financial Highlights

     101  

Notes to Financial Statements

     104  

Report of Independent Registered Public Accounting Firm

     117  

Liquidity Risk Management

     118  

Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts

     119  

Board Members and Officers

     122  

Additional Information

     125  


To our Shareholders: (Unaudited)

 

 

Dear shareholder,

We are pleased to provide this annual report for our six currency hedged equity ETFs for the period ended May 31, 2022.

Globally, economic recovery had been underway, aided by accelerated vaccinations and high levels of post-infection immunity. However, developments around fast-spreading new variants, like Omicron, in Q1 2022 resulted in strict lockdowns, and the subsequent resurgence in cases raised concerns over the growth outlook and supply chain constraints. Geopolitical tensions stemming from the war in Ukraine amplified uncertainties and added to the woes of economies globally. Central banks pivoted to higher interest rates in the face of high inflation only to be challenged by slowing growth.

Recent economic data revealed the U.S. economy had contracted in Q1 2022, weighed down by trade imbalances and weaker inventory growth. The labor market remained tight, although consumer confidence had been ebbing amid high inflation concerns. U.S. equity markets witnessed heightened volatility over the period, due to escalating energy prices, coupled with concerns over the U.S. Federal Reserve’s (the Fed’s) tightening monetary policy, slowing growth, and geopolitical tensions. With inflation treading over highs unseen in over 40 years, the Fed indicated a hawkish stance and concluded its bond purchases in March 2022. The Fed subsequently raised rates twice over the period and announced it would commence pruning its balance sheet in June. Markets remained muted over this expected development. Taming inflation while keeping the U.S. economy’s recovery afloat evolved as a major challenge for the Fed.

Elevated inflation, slower economic growth, and a strong labor market highlighted Eurozone’s economic backdrop, alongside the war unfolding in Ukraine. Latest GDP1 data revealed the Euro Area economy had matched growth in Q4 2021. Developments around the Omicron variant and associated restrictions and the impact of the war in Ukraine on commodity prices and supply chains were the predominant factors weighing on growth. Eurozone’s inflation treaded higher over the period amid rising geopolitical risks and gas supply concerns but stabilized in April 2022. Although the labor market remained a bright spot, consumer confidence dropped significantly over the period amid prevalent uncertainties. The accommodative European Central Bank (ECB) pivoted to a more hawkish tone lately. President Lagarde noted the ECB could end the bond-buying program in July 2022 and steer away from negative interest rates by the end of the third quarter, chalking out plans to incorporate further hikes.

Emerging economies were weighed down by a multitude of factors including high inflation alongside slowing growth, a hawkish Fed, the war in Ukraine, and heavyweight China facing a slowdown. Although the economies were better equipped to handle the pandemic, bouts of surging COVID-19 cases, a weak and pressurized property sector, and decelerating economic growth rattled China. A zero-tolerance COVID-19 policy entailed strict lockdowns and restrictions, impacting demand, mobility, and production, and unnerving global supply chains. Against this backdrop, emerging markets significantly underperformed developed markets over the reporting period.

Developments around the pandemic, central banks’ pivoting towards higher interest rates, sticky inflation alongside risks of recession, and geopolitics-fueled uncertainties are major themes for investors to digest. Although labor markets have recovered, and the number of Omicron infections receded, consumer confidence remained weak owing to a less favorable long-term economic outlook. The economic impairment from the war in Ukraine is expected to contribute to a significant slowdown in global growth in 2022. However, a fragmented recovery is anticipated, as policy responses based on the region’s needs would influence growth. Investors remain wary of further actions from central banks as they balance the task of taming inflation and supporting slowing growth.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

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

 

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DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited)

 

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

The Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the DBAW Index). The DBAW Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the U.S.), while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2022, DBAW returned -3.94%, compared to the DBAW Index return of -3.80%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Discretionary, Information Technology and Industrials. The Energy sector was the only positive contributor to performance. From a geographical perspective, Saudi Arabia, Canada and United Kingdom were the major positive contributors, while Hong Kong, Japan and Germany contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

The Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the DBEM Index). The DBEM Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the currencies of countries included in the underlying index. For the 12-month period ended May 31, 2022, DBEM returned -16.88%, compared to the DBEM Index return of -16.32%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Discretionary, Information Technology and Communication Services. The Utilities sector was the only positive contributor to performance. From a geographical perspective, Saudi Arabia, Indonesia and United Arab Emirates were the major positive contributors, while Hong Kong, Korea and Russia contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

The Xtrackers MSCI Europe Hedged Equity ETF (DBEU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the DBEU Index). The DBEU index is designed to provide exposure to equity securities in 15 developed European stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. For the 12-month period ended May 31, 2022, DBEU returned 2.37%, compared to the DBEU Index return of 2.49%.

The majority of sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Discretionary, Industrials and Information Technology. The Energy and Health Care sectors were the only positive contributors to performance. From a geographical perspective Germany, France and Netherlands were the major detractors, while United Kingdom and Norway were the only positive contributors to the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

The Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI U.S. Dollar Hedged Index (the DBEZ Index). The DBEZ Index is designed to provide exposure to equities in countries in the European Monetary Union, or the “Eurozone” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating exposure to the fluctuations between the value of the U.S. dollar and the euro. For the 12-month period ended May 31, 2022, DBEZ returned -3.33%, compared to the DBEZ Index return of -3.18%.

 

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DBX ETF Trust

 

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

 

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Discretionary, Industrials and Information Technology. The Energy sector was the only positive contributor to performance. From a geographical perspective Germany, France and Netherlands were the major negative contributors, while Portugal was the only positive contributors to the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the euro. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

The Xtrackers MSCI Germany Hedged Equity ETF (DBGR) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the DBGR Index). The DBGR Index is designed to provide exposure to Germany’s equity market, while at the same time mitigating exposure to fluctuations between the value of the US dollar and euro. For the 12-month period ended May 31, 2022, DBGR returned -10.08%, compared to the DBGR Index return of -10.03%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from, Consumer Discretionary, Industrials and Information Technology. The Communication Services sector was the only positive contributor to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed positively to performance.

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

The Xtrackers MSCI Japan Hedged Equity ETF (DBJP) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the DBJP Index). The DBJP Index is designed to track the performance of the Japanese equity market, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. For the 12-month period ended May 31, 2022, DBJP returned 0.66%, compared to the DBJP Index return of 1.15%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Industrials, Consumer Discretionary and Communications. The Energy sector was the only positive contributor to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the Japanese yen. The currency hedging strategy contributed positively to performance.

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

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-17 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

The Xtrackers MSCI All World ex US Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI ACWI ex USA
US Dollar Hedged
Index
   MSCI ACWI ex USA
Index

One Year

   -3.94%    -4.31%    -3.80%    -12.31%

Five Year

   6.34%    6.27%    6.71%    4.42%

Since Inception1

   6.21%    6.21%    6.63%    3.59%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI ACWI ex USA
US Dollar Hedged
Index
   MSCI ACWI ex USA
Index

One Year

   -3.94%    -4.31%    -3.80%    -12.31%

Five Year

   35.97%    35.52%    38.35%    24.16%

Since Inception1

   65.41%    65.41%    71.02%    34.24%

1 Total returns are calculated based on the commencement of operations, January 23, 2014 (“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 October 1, 2021, was 0.40%, 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 All World ex US Hedged Equity ETF (DBAW) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, January 23, 2014.

Sector Diversification* as of May 31, 2022

 

Financials

    20.4%  

Industrials

    12.0%  

Information Technology

    11.8%  

Consumer Discretionary

    11.0%  

Health Care

    9.3%  

Materials

    8.6%  

Consumer Staples

    8.5%  

Communication Services

    6.4%  

Energy

    6.1%  

Utilities

    3.4%  

Real Estate

    2.5%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of May 31, 2022 (11.5% of Net Assets)

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

    2.0%  

Nestle SA (Switzerland)

    1.4%  

Samsung Electronics Co. Ltd. (South Korea)

    1.3%  

Tencent Holdings Ltd. (China)

    1.2%  

Roche Holding AG (Switzerland)

    1.1%  

ASML Holding NV (Netherlands)

    1.0%  

Shell PLC (United Kingdom)

    1.0%  

AstraZeneca PLC (United Kingdom)

    0.9%  

Novartis AG (Switzerland)

    0.8%  

Novo Nordisk A/S (Denmark)

    0.8%  
Country Diversification* as of May 31, 2022

 

Japan

    13.7%  

United Kingdom

    9.5%  

China

    8.4%  

Canada

    8.3%  

France

    6.9%  

Switzerland

    6.9%  

Germany

    5.0%  

Australia

    4.9%  

Taiwan

    4.6%  

India

    3.7%  

South Korea

    3.7%  

Netherlands

    2.8%  

Hong Kong

    2.5%  

Sweden

    2.1%  

Other

    17.0%  
 

 

 

 

Total

    100.0%  

 

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

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

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

The Xtrackers MSCI Emerging Markets Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track emerging market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into and index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI EM US Dollar
Hedged Index
   MSCI EM Index

One Year

   -16.88%    -18.07%    -16.32%    -18.90%

Five Year

   4.22%    3.90%    5.01%    3.80%

Ten Year

   3.43%    3.30%    4.98%    4.17%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI EM US Dollar
Hedged Index
   MSCI EM Index

One Year

   -16.88%    -18.07%    -16.32%    -18.90%

Five Year

   22.96%    21.09%    27.66%    20.51%

Ten Year

   40.13%    38.41%    62.57%    50.45%

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

8


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

Sector Diversification* as of May 31, 2022

 

Financials

    21.7%  

Information Technology

    20.9%  

Consumer Discretionary

    12.9%  

Communication Services

    10.5%  

Materials

    9.0%  

Consumer Staples

    5.9%  

Industrials

    5.7%  

Energy

    5.0%  

Health Care

    3.6%  

Utilities

    2.8%  

Real Estate

    2.0%  
 

 

 

 

Total

    100.00%  
Ten Largest Equity Holdings
as of May 31, 2022 (24.5% of Net Assets)

 

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

    6.8%  

Samsung Electronics Co. Ltd. (South Korea)

    4.3%  

Tencent Holdings Ltd. (China)

    4.1%  

Alibaba Group Holding Ltd. (China)

    2.7%  

Reliance Industries Ltd. (India)

    1.5%  

Meituan (China)

    1.4%  

Vale SA (Brazil)

    1.0%  

China Construction Bank Corp. (China)

    1.0%  

Infosys Ltd. (India)

    0.9%  

JD.com, Inc. (China)

    0.8%  
Country Diversification* as of May 31, 2022

 

China

    29.0%  

Taiwan

    15.6%  

India

    12.7%  

South Korea

    12.6%  

Brazil

    5.5%  

Saudi Arabia

    4.4%  

South Africa

    3.7%  

Mexico

    2.2%  

Hong Kong

    2.1%  

Other

    12.2%  
 

 

 

 

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 48.

 

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DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

The X-trackers MSCI Europe Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI Europe
US Dollar Hedged
Index
   MSCI Europe Index

One Year

   2.37%    2.42%    2.49%    -9.89%

Five Year

   6.66%    6.66%    6.92%    4.10%

Since Inception1

   7.76%    7.75%    8.05%    3.92%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI Europe
US Dollar Hedged
Index
   MSCI Europe Index

One Year

   2.37%    2.42%    2.49%    -9.89%

Five Year

   38.04%    38.01%    39.71%    22.24%

Since Inception1

   91.15%    91.07%    95.75%    39.63%

1 Total returns are calculated based on the commencement of operations, October 1, 2013 (“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 October 1, 2021, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

10


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Europe Hedged Equity ETF (DBEU) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, October 1, 2013.

Sector Diversification* as of May 31, 2022

 

Financials

    16.0%  

Health Care

    15.8%  

Industrials

    14.2%  

Consumer Staples

    13.0%  

Consumer Discretionary

    9.9%  

Materials

    7.8%  

Information Technology

    7.1%  

Energy

    6.6%  

Utilities

    4.5%  

Communication Services

    3.9%  

Real Estate

    1.2%  
 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of May 31, 2022 (21.1% of Net Assets)

 

Nestle SA (Switzerland)

    3.4%  

Roche Holding AG (Switzerland)

    2.5%  

ASML Holding NV (Netherlands)

    2.3%  

Shell PLC (United Kingdom)

    2.3%  

AstraZeneca PLC (United Kingdom)

    2.0%  

Novartis AG (Switzerland)

    2.0%  

Novo Nordisk A/S (Denmark)

    1.9%  

LVMH Moet Hennessy Louis Vuitton SE (France)

    1.8%  

TotalEnergies SE (France)

    1.5%  

HSBC Holdings PLC (United Kingdom)

    1.4%  
Country Diversification* as of May 31, 2022

 

United Kingdom

    23.5%  

France

    16.9%  

Switzerland

    16.7%  

Germany

    12.4%  

Netherlands

    7.0%  

Sweden

    5.2%  

Denmark

    4.1%  

Spain

    4.0%  

Italy

    3.1%  

Other

    7.1%  
 

 

 

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 69.

 

11


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

The Xtrackers MSCI Eurozone Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI EMU IMI
US Dollar Hedged
Index
   MSCI EMU Index

One Year

   -3.33%    -2.83%    -3.18%    -15.97%

Five Year

   6.01%    6.05%    6.21%    2.98%

Since Inception1

   7.86%    7.90%    8.03%    4.19%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI EMU IMI
US Dollar Hedged
Index
   MSCI EMU Index

One Year

   -3.33%    -2.83%    -3.18%    -15.97%

Five Year

   33.86%    34.12%    35.14%    15.80%

Since Inception1

   76.03%    76.58%    78.20%    35.95%

1 Total returns are calculated based on the commencement of operations, December 10, 2014 (“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 October 1, 2021, as revised March 2, 2022 was 0.45%, 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 Eurozone Hedged Equity ETF (DBEZ) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, December 10, 2014.

Sector Diversification* as of May 31, 2022

 

Industrials

    16.3%  

Financials

    15.1%  

Consumer Discretionary

    14.5%  

Information Technology

    12.4%  

Health Care

    8.0%  

Consumer Staples

    7.4%  

Materials

    7.5%  

Utilities

    6.5%  

Energy

    5.1%  

Communication Services

    5.0%  

Real Estate

    2.2%  
 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of May 31, 2022 (22.5% of Net Assets)

 

Description   % of Net Assets  

ASML Holding NV (Netherlands)

    4.3%  

LVMH Moet Hennessy Louis Vuitton SE (France)

    3.3%  

TotalEnergies SE (France)

    2.7%  

Sanofi (France)

    2.3%  

SAP SE (Germany)

    1.9%  

Siemens AG (Germany)

    1.9%  

Allianz SE (Germany)

    1.6%  

L’Oreal SA (France)

    1.6%  

Air Liquide SA (France)

    1.5%  

Schneider Electric SE (France)

    1.4%  
Country Diversification* as of May 31, 2022

 

France

    32.7%  

Germany

    25.1%  

Netherlands

    13.9%  

Spain

    8.2%  

Italy

    7.2%  

Finland

    3.6%  

Belgium

    3.2%  

Ireland

    2.2%  

Other

    3.9%  
 

 

 

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 77.

 

13


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

The Xtrackers MSCI Germany Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI Germany
US Dollar Hedged
Index
   MSCI Germany Index

One Year

   -10.08%    -9.81%    -10.03%    -22.04%

Five Year

   2.91%    2.94%    3.14%    -0.05%

Ten Year

   6.81%    6.87%    7.07%    3.80%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI Germany
US Dollar Hedged
Index
   MSCI Germany Index

One Year

   -10.08%    -9.81%    -10.03%    -22.04%

Five Year

   15.44%    15.57%    16.72%    -0.23%

Ten Year

   93.19%    94.25%    98.04%    45.19%

Prior to May 31, 2013, this Fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) 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 October 1, 2021, as revised March 2, 2022 was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

14


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Germany Hedged Equity ETF (DBGR) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

Sector Diversification* as of May 31, 2022

 

Industrials

    17.8%  

Consumer Discretionary

    16.8%  

Financials

    15.7%  

Health Care

    13.4%  

Information Technology

    12.4%  

Materials

    7.2%  

Communication Services

    6.3%  

Utilities

    4.3%  

Real Estate

    3.2%  

Consumer Staples

    2.9%  
 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of May 31, 2022 (52.4% of Net Assets)

 

Description   % of Net Assets  

SAP SE

    8.4%  

Siemens AG

    8.1%  

Allianz SE

    6.9%  

Bayer AG

    5.6%  

Deutsche Telekom AG

    5.3%  

Mercedes-Benz Group AG

    4.6%  

BASF SE

    4.0%  

Deutsche Post AG

    3.3%  

Infineon Technologies AG

    3.2%  

Volkswagen AG

    3.0%  

 

* As a percent of total investments excluding exchange-traded fund, 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 86.

 

15


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

The Xtrackers MSCI Japan Hedged Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. It is not possible to invest directly into an index.

 

Performance as of May 31, 2022

 

Average Annual Total Return
      Net Asset Value    Market Value    MSCI Japan US Dollar
Hedged Index
   MSCI Japan Index

One Year

   0.66%    0.96%    1.15%    -13.91%

Five Year

   7.72%    7.70%    8.22%    3.67%

Ten Year

   12.20%    12.15%    12.84%    6.99%
Cumulative Total Returns
      Net Asset Value    Market Value    MSCI Japan US Dollar
Hedged Index
   MSCI Japan Index

One Year

   0.66%    0.96%    1.15%    -13.91%

Five Year

   45.05%    44.88%    48.43%    19.74%

Ten Year

   216.09%    214.80%    234.78%    96.62%

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, as revised March 2, 2022 was 0.45%, 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 MSCI Japan Hedged Equity ETF (DBJP) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

Sector Diversification* as of May 31, 2022

 

Industrials

    22.2%  

Consumer Discretionary

    18.7%  

Information Technology

    14.4%  

Financials

    10.2%  

Health Care

    9.4%  

Communication Services

    8.7%  

Consumer Staples

    6.1%  

Materials

    4.9%  

Real Estate

    3.5%  

Utilities

    1.0%  

Energy

    0.9%  
 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of May 31, 2022 (22.9% of Net Assets)

 

Description   % of Net Assets  

Toyota Motor Corp.

    5.2%  

Sony Group Corp.

    3.5%  

Keyence Corp.

    2.3%  

Tokyo Electron Ltd.

    2.0%  

Mitsubishi UFJ Financial Group, Inc.

    2.0%  

KDDI Corp.

    1.7%  

Shin-Etsu Chemical Co. Ltd.

    1.6%  

Recruit Holdings Co. Ltd.

    1.6%  

Hitachi Ltd.

    1.5%  

SoftBank Group Corp.

    1.5%  

 

* As a percent of total investments excluding exchange-traded fund, 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 89.

 

17


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds, except Xtrackers MSCI Eurozone Hedged Equity ETF, 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 six-month period and held for the entire period (December 1, 2021 to May 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
December 1, 2021
     Ending
Account Value
May 31, 2022
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers MSCI All World ex US Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 969.70        0.40   $ 1.96  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.94        0.40   $ 2.02  
Xtrackers MSCI Emerging Markets Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 903.30        0.65   $ 3.08  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,021.69        0.65   $ 3.28  
Xtrackers MSCI Europe Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 991.30        0.45   $ 2.23  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.69        0.45   $ 2.27  
Xtrackers MSCI Eurozone Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 951.10        0.45   $ 2.19  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.69        0.45   $ 2.27  
Xtrackers MSCI Germany Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 924.90        0.45   $ 2.16  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.69        0.45   $ 2.27  
Xtrackers MSCI Japan Hedged Equity ETF

 

Actual

   $ 1,000.00      $ 1,001.20        0.45   $ 2.25  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.69        0.45   $ 2.27  

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

 

18


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF

May 31, 2022

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 97.8%    
Australia — 4.9%            

Ampol Ltd.

    1,874     $ 44,865  

APA Group (a)

    7,310       59,700  

Aristocrat Leisure Ltd.

    3,882       94,136  

ASX Ltd.

    1,213       70,337  

Aurizon Holdings Ltd.

    12,577       36,284  

Australia & New Zealand Banking Group Ltd.

    17,327       311,366  

BHP Group Ltd.

    32,360       1,035,985  

BlueScope Steel Ltd.

    3,663       47,843  

Brambles Ltd.

    9,155       71,483  

Cochlear Ltd.

    415       66,406  

Coles Group Ltd.

    8,420       105,927  

Commonwealth Bank of Australia

    11,063       828,552  

Computershare Ltd.

    3,390       56,442  

Crown Resorts Ltd. *

    2,576       23,737  

CSL Ltd.

    3,107       606,110  

Dexus REIT

    6,565       49,375  

Domino’s Pizza Enterprises Ltd.

    390       19,264  

Endeavour Group Ltd.

    8,326       43,380  

Evolution Mining Ltd.

    13,688       37,721  

Fortescue Metals Group Ltd.

    10,765       155,360  

Goodman Group REIT

    10,670       157,358  

GPT Group REIT

    11,874       40,988  

IDP Education Ltd. (b)

    1,338       23,112  

Insurance Australia Group Ltd.

    15,844       49,689  

Lendlease Corp. Ltd. (a)

    4,217       32,594  

Lottery Corp. Ltd. *

    14,436       49,106  

Macquarie Group Ltd.

    2,386       318,456  

Medibank Pvt Ltd.

    16,772       38,757  

Mineral Resources Ltd.

    1,041       47,701  

Mirvac Group REIT

    24,449       39,654  

MMG Ltd. *

    18,714       7,965  

National Australia Bank Ltd.

    20,554       461,103  

Newcrest Mining Ltd.

    5,893       105,897  

Northern Star Resources Ltd.

    7,506       48,211  

Orica Ltd.

    2,762       32,091  

Origin Energy Ltd.

    11,585       56,951  

Qantas Airways Ltd. *

    5,803       22,947  

QBE Insurance Group Ltd.

    9,346       80,687  

Ramsay Health Care Ltd.

    1,161       65,131  

REA Group Ltd.

    354       28,608  

Reece Ltd.

    1,890       21,742  

Rio Tinto Ltd.

    2,370       194,660  

Santos Ltd.

    21,491       126,469  

Scentre Group REIT

    32,659       67,266  

SEEK Ltd.

    2,088       36,337  

Sonic Healthcare Ltd.

    2,888       75,981  

South32 Ltd.

    31,772       114,006  

Stockland REIT

    15,347       44,055  

Suncorp Group Ltd.

    7,961       64,845  

Telstra Corp. Ltd.

    26,204       72,965  

Transurban Group (a)

    19,642       202,561  

Treasury Wine Estates Ltd.

    4,846       41,385  

Vicinity Centres REIT

    27,968       37,935  

Washington H Soul Pattinson & Co. Ltd.

    1,272       23,460  

Wesfarmers Ltd.

    7,437       251,861  
   

Number
of Shares

   

Value

 
Australia (Continued)            

Westpac Banking Corp.

    22,757     $ 389,834  

WiseTech Global Ltd.

    1,050       31,724  

Woodside Energy Group Ltd.

    6,164       131,646  

Woolworths Group Ltd.

    7,890       196,197  
   

 

 

 

(Cost $7,061,272)

      7,596,208  
   

 

 

 
Austria — 0.1%            

Erste Group Bank AG

    2,207       68,734  

OMV AG

    964       56,299  

Verbund AG

    429       42,670  

voestalpine AG

    798       23,371  
   

 

 

 

(Cost $193,185)

      191,074  
   

 

 

 
Belgium — 0.5%            

Ageas SA/NV (b)

    1,149       57,839  

Anheuser-Busch InBev SA/NV

    5,681       318,177  

Elia Group SA/NV

    193       31,763  

Groupe Bruxelles Lambert SA

    675       62,291  

KBC Group NV

    1,608       100,296  

Proximus SADP

    985       16,998  

Sofina SA

    100       23,554  

Solvay SA

    480       46,944  

UCB SA

    838       73,914  

Umicore SA (b)

    1,316       58,475  

Warehouses De Pauw CVA REIT

    755       27,834  
   

 

 

 

(Cost $1,021,002)

      818,085  
   

 

 

 
Brazil — 1.2%            

Ambev SA

    28,898       86,283  

Americanas SA

    4,105       17,361  

Atacadao SA

    2,964       12,068  

B3 SA — Brasil Bolsa Balcao

    38,673       103,914  

Banco Bradesco SA

    10,413       36,985  

Banco BTG Pactual SA

    7,416       39,541  

Banco do Brasil SA

    5,385       41,493  

Banco Inter SA

    1,197       3,171  

Banco Santander Brasil SA

    2,049       14,465  

BB Seguridade Participacoes SA

    5,271       29,812  

BRF SA *

    4,509       14,848  

CCR SA

    9,551       26,809  

Centrais Eletricas Brasileiras SA

    1,047       9,284  

Cia de Saneamento Basico do Estado de Sao Paulo

    2,544       24,506  

Cia Siderurgica Nacional SA

    4,258       19,567  

Cosan SA

    6,035       27,441  

Energisa SA

    1,284       12,001  

Engie Brasil Energia SA

    1,304       12,045  

Equatorial Energia SA

    6,323       31,638  

Hapvida Participacoes e Investimentos SA, 144A

    28,872       40,824  

Hypera SA

    1,860       15,181  

JBS SA

    5,496       41,169  

Klabin SA

    4,243       19,945  

Localiza Rent a Car SA

    3,972       48,073  

Lojas Renner SA

    6,540       36,604  

Magazine Luiza SA

    19,206       15,033  

Natura & Co. Holding SA

    6,457       22,377  

Petro Rio SA *

    3,970       23,381  

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2022

 

   

Number
of Shares

   

Value

 
Brazil (Continued)            

Petroleo Brasileiro SA

    23,681     $ 165,728  

Raia Drogasil SA

    8,527       37,050  

Rede D’Or Sao Luiz SA, 144A

    2,408       18,149  

Rumo SA

    10,097       37,562  

Suzano SA

    4,770       53,697  

Telefonica Brasil SA

    4,211       45,233  

TIM SA

    4,993       15,129  

TOTVS SA

    4,554       27,185  

Ultrapar Participacoes SA

    3,444       10,413  

Vale SA

    25,953       470,781  

Vibra Energia SA

    8,440       34,523  

WEG SA

    11,542       61,613  
   

 

 

 

(Cost $1,556,981)

      1,802,882  
   

 

 

 
Canada — 8.2%            

Agnico Eagle Mines Ltd.

    2,907       154,078  

Air Canada *

    1,095       19,210  

Algonquin Power & Utilities Corp.

    5,107       74,292  

Alimentation Couche-Tard, Inc.

    5,422       246,355  

AltaGas Ltd.

    2,251       54,351  

ARC Resources Ltd.

    3,920       59,039  

Bank of Montreal

    4,198       456,657  

Bank of Nova Scotia

    7,879       534,340  

Barrick Gold Corp.

    2,794       57,367  

Barrick Gold Corp.

    8,533       174,795  

BCE, Inc.

    490       26,696  

BlackBerry Ltd. *

    3,063       18,453  

Brookfield Asset Management, Inc., Class A

    9,156       462,994  

CAE, Inc. *

    1,946       48,602  

Cameco Corp.

    2,536       62,134  

Canadian Apartment Properties REIT

    471       18,433  

Canadian Imperial Bank of Commerce

    5,836       321,041  

Canadian National Railway Co.

    3,734       424,575  

Canadian Natural Resources Ltd.

    7,535       498,680  

Canadian Pacific Railway Ltd.

    6,033       430,469  

Canadian Tire Corp. Ltd., Class A

    453       62,238  

Canadian Utilities Ltd., Class A

    858       27,222  

CCL Industries, Inc., Class B

    976       46,854  

Cenovus Energy, Inc.

    8,326       193,002  

CGI, Inc. *

    1,384       118,250  

Constellation Software, Inc.

    135       212,476  

Dollarama, Inc.

    1,885       109,328  

Emera, Inc.

    1,721       85,543  

Empire Co. Ltd., Class A

    1,098       35,982  

Enbridge, Inc.

    13,131       606,589  

Fairfax Financial Holdings Ltd.

    163       90,462  

First Quantum Minerals Ltd.

    3,852       111,523  

FirstService Corp.

    272       34,831  

Fortis, Inc.

    2,975       150,038  

Franco-Nevada Corp.

    1,200       169,756  

George Weston Ltd.

    483       59,280  

GFL Environmental, Inc.

    1,164       35,522  

Gildan Activewear, Inc.

    1,458       45,924  

Great-West Lifeco, Inc. (b)

    1,693       46,459  

Hydro One Ltd., 144A

    1,979       55,200  

iA Financial Corp., Inc.

    687       35,674  
   

Number
of Shares

   

Value

 
Canada (Continued)            

IGM Financial, Inc.

    703     $ 21,654  

Imperial Oil Ltd. (b)

    1,500       82,160  

Intact Financial Corp.

    1,116       161,244  

Ivanhoe Mines Ltd., Class A *

    3,918       29,861  

Keyera Corp.

    1,392       37,099  

Kinross Gold Corp.

    7,922       35,575  

Lightspeed Commerce, Inc. *

    652       16,954  

Loblaw Cos. Ltd.

    1,046       96,500  

Lundin Mining Corp.

    4,259       37,915  

Magna International, Inc.

    1,816       117,846  

Manulife Financial Corp.

    12,613       233,642  

Metro, Inc.

    1,595       88,095  

National Bank of Canada

    2,151       165,094  

Northland Power, Inc.

    1,617       49,040  

Nutrien Ltd.

    3,530       344,976  

Nuvei Corp., 144A *

    425       21,763  

Onex Corp.

    497       29,655  

Open Text Corp.

    1,731       70,945  

Pan American Silver Corp.

    1,336       29,385  

Parkland Corp.

    941       28,018  

Pembina Pipeline Corp.

    3,655       147,373  

Power Corp. of Canada

    3,485       100,650  

Quebecor, Inc., Class B

    1,082       24,551  

Restaurant Brands International, Inc.

    1,926       101,138  

RioCan Real Estate Investment Trust REIT

    1,649       29,659  

Ritchie Bros Auctioneers, Inc.

    695       41,831  

Rogers Communications, Inc., Class B

    2,260       115,908  

Royal Bank of Canada

    8,988       939,197  

Saputo, Inc.

    1,558       31,324  

Shaw Communications, Inc., Class B

    2,888       81,833  

Shopify, Inc., Class A *

    742       278,562  

Sun Life Financial, Inc. (b)

    3,696       180,526  

Suncor Energy, Inc.

    9,492       381,901  

TC Energy Corp.

    6,351       367,598  

Teck Resources Ltd., Class B

    2,983       123,674  

TELUS Corp.

    2,846       71,215  

TFI International, Inc.

    549       45,084  

Thomson Reuters Corp.

    1,088       107,686  

TMX Group Ltd.

    365       39,716  

Toromont Industries Ltd.

    557       49,405  

Toronto-Dominion Bank

    11,805       902,140  

Tourmaline Oil Corp.

    1,965       121,301  

West Fraser Timber Co. Ltd.

    472       43,549  

Wheaton Precious Metals Corp.

    2,768       114,322  

WSP Global, Inc.

    785       86,652  
   

 

 

 

(Cost $10,090,593)

      12,698,930  
   

 

 

 
Chile — 0.1%            

Antofagasta PLC

    2,677       49,840  

Banco de Chile

    278,478       28,986  

Banco de Credito e Inversiones SA

    205       7,615  

Banco Santander Chile

    388,669       19,440  

Cencosud SA

    8,433       13,518  

Cia Cervecerias Unidas SA

    667       4,761  

Empresas CMPC SA

    8,070       13,951  

Empresas Copec SA

    2,394       19,007  

Enel Americas SA

    168,740       18,266  

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2022

 

   

Number
of Shares

   

Value

 
Chile (Continued)            

Enel Chile SA

    123,794     $ 3,173  

Falabella SA

    4,372       12,802  
   

 

 

 

(Cost $225,156)

      191,359  
   

 

 

 
China — 8.3%            

360 DigiTech, Inc., ADR

    557       8,762  

360 Security Technology, Inc., Class A *

    3,700       4,589  

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

    200       649  

3SBio, Inc., 144A *

    10,314       7,663  

AAC Technologies Holdings, Inc. (b)

    3,840       8,348  

Advanced Micro-Fabrication Equipment Inc China, Class A *

    350       6,053  

AECC Aviation Power Co. Ltd., Class A

    1,000       5,922  

Agricultural Bank of China Ltd., Class A

    28,900       13,118  

Agricultural Bank of China Ltd., Class H

    194,050       73,938  

Aier Eye Hospital Group Co. Ltd., Class A

    2,405       13,388  

Air China Ltd., Class A *

    7,800       11,322  

Air China Ltd., Class H *

    10,682       7,786  

Airtac International Group

    527       17,249  

Alibaba Group Holding Ltd. *

    97,165       1,191,779  

A-Living Smart City Services Co. Ltd., 144A *

    1,722       2,747  

Aluminum Corp. of China Ltd., Class A *

    7,300       5,632  

Aluminum Corp. of China Ltd., Class H *

    20,085       9,163  

Anhui Conch Cement Co. Ltd., Class A

    1,200       6,621  

Anhui Conch Cement Co. Ltd., Class H

    8,857       44,922  

Anhui Gujing Distillery Co. Ltd., Class A

    300       10,246  

Anhui Gujing Distillery Co. Ltd., Class B

    1,210       17,774  

ANTA Sports Products Ltd.

    7,289       83,134  

Asymchem Laboratories Tianjin Co. Ltd., Class A

    200       7,839  

Autohome, Inc., ADR

    408       14,827  

AviChina Industry & Technology Co. Ltd., Class H

    23,574       13,579  

Baidu, Inc., ADR *

    1,780       249,823  

Bank of Beijing Co. Ltd., Class A

    11,100       7,350  

Bank of China Ltd., Class A

    16,800       8,028  

Bank of China Ltd., Class H *

    505,261       202,820  

Bank of Communications Co. Ltd., Class A

    13,200       9,709  

Bank of Communications Co. Ltd., Class H

    53,531       36,496  

Bank of Hangzhou Co. Ltd., Class A

    4,400       8,977  

Bank of Jiangsu Co. Ltd., Class A

    13,000       12,502  

Bank of Nanjing Co. Ltd., Class A

    8,600       13,914  

Bank of Ningbo Co. Ltd., Class A

    2,910       14,276  

Bank of Shanghai Co. Ltd., Class A

    5,590       5,368  

Baoshan Iron & Steel Co. Ltd., Class A

    10,200       9,779  

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

    6,998       4,102  

Beijing Kingsoft Office Software, Inc., Class A

    256       7,858  

Beijing Tiantan Biological Products Corp. Ltd., Class A

    1,000       3,377  

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

    145       2,767  
   

Number
of Shares

   

Value

 
China (Continued)            

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

    13,800     $ 10,068  

Betta Pharmaceuticals Co. Ltd., Class A

    400       2,810  

BGI Genomics Co. Ltd., Class A

    500       4,922  

Bilibili, Inc., ADR *(b)

    1,212       27,088  

BOE Technology Group Co. Ltd., Class A

    15,500       8,800  

BYD Co. Ltd., Class A

    700       31,029  

BYD Co. Ltd., Class H

    5,253       187,435  

BYD Electronic International Co. Ltd. (b)

    3,118       6,922  

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

    480       4,835  

CGN Power Co. Ltd., Class H, 144A

    50,581       13,278  

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

    200       4,970  

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

    1,100       4,881  

China Cinda Asset Management Co. Ltd., Class H

    58,864       9,977  

China CITIC Bank Corp. Ltd., Class H

    56,322       27,274  

China Coal Energy Co. Ltd., Class H *

    17,636       16,181  

China Communications Services Corp. Ltd., Class H

    15,319       7,184  

China Conch Venture Holdings Ltd.

    11,284       29,334  

China Construction Bank Corp., Class H

    620,630       461,882  

China CSSC Holdings Ltd., Class A

    2,400       6,694  

China Energy Engineering Corp. Ltd. *

    17,700       6,178  

China Everbright Bank Co. Ltd., Class A

    14,000       6,543  

China Everbright Bank Co. Ltd., Class H

    14,526       4,776  

China Evergrande Group (c)

    8,123       1,708  

China Feihe Ltd., 144A

    23,315       23,591  

China Galaxy Securities Co. Ltd., Class A

    7,370       9,760  

China Galaxy Securities Co. Ltd., Class H

    23,460       12,945  

China Hongqiao Group Ltd. (b)

    15,761       19,563  

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

    38,726       1,727  

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

    9,468       18,026  

China Jushi Co. Ltd., Class A

    4,400       10,770  

China Lesso Group Holdings Ltd.

    5,894       7,571  

China Life Insurance Co. Ltd., Class A

    700       2,606  

China Life Insurance Co. Ltd., Class H

    47,987       73,627  

China Literature Ltd., 144A *

    2,202       9,667  

China Longyuan Power Group Corp. Ltd., Class H

    20,511       44,069  

China Medical System Holdings Ltd.

    8,910       13,171  

China Meidong Auto Holdings Ltd.

    2,839       10,202  

China Merchants Bank Co. Ltd., Class A

    8,300       49,349  

China Merchants Bank Co. Ltd., Class H

    24,878       158,515  

China Merchants Securities Co. Ltd., Class A

    4,900       9,469  

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

    3,000       5,618  

China Minsheng Banking Corp. Ltd., Class A

    13,500       7,705  

China Minsheng Banking Corp. Ltd., Class H (b)

    31,094       12,046  

China Molybdenum Co. Ltd., Class A

    16,600       11,862  

China Molybdenum Co. Ltd., Class H

    16,414       8,053  

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2022

 

   

Number
of Shares

   

Value

 
China (Continued)            

China National Building Material Co. Ltd., Class H *

    31,689     $ 40,019  

China National Medicines Corp. Ltd., Class A

    600       2,517  

China National Nuclear Power Co. Ltd., Class A

    12,600       13,703  

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

    1,300       6,783  

China Oilfield Services Ltd., Class H

    11,836       14,027  

China Pacific Insurance Group Co. Ltd., Class A

    2,800       8,913  

China Pacific Insurance Group Co. Ltd., Class H

    16,855       39,435  

China Petroleum & Chemical Corp., Class A

    9,200       6,147  

China Petroleum & Chemical Corp., Class H

    155,505       75,105  

China Railway Group Ltd., Class A

    15,300       15,058  

China Railway Group Ltd., Class H

    19,898       13,769  

China Resources Microelectronics Ltd., Class A

    622       4,927  

China Resources Mixc Lifestyle Services Ltd., 144A

    3,808       18,780  

China Shenhua Energy Co. Ltd., Class A

    2,900       14,753  

China Shenhua Energy Co. Ltd., Class H

    21,676       72,509  

China Southern Airlines Co. Ltd., Class A *

    10,000       9,722  

China Southern Airlines Co. Ltd., Class H *

    8,188       4,518  

China State Construction Engineering Corp. Ltd., Class A

    25,700       21,213  

China Suntien Green Energy Corp. Ltd., Class H *

    10,929       6,379  

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

    12,800       11,907  

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

    800       21,176  

China Tower Corp. Ltd., Class H, 144A

    249,378       29,237  

China United Network Communications Ltd., Class A

    10,000       5,213  

China Vanke Co. Ltd., Class A

    4,000       10,672  

China Vanke Co. Ltd., Class H

    10,737       23,753  

China Yangtze Power Co. Ltd., Class A

    10,900       39,221  

Chinasoft International Ltd. *

    15,544       14,302  

Chongqing Brewery Co. Ltd., Class A *

    200       3,889  

Chongqing Changan Automobile Co. Ltd., Class A

    3,500       7,314  

Chongqing Rural Commercial Bank Co. Ltd., Class A

    7,100       4,105  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    800       10,460  

CIFI Ever Sunshine Services Group Ltd.

    6,184       7,171  

CIFI Holdings Group Co. Ltd.

    22,306       9,693  

CITIC Ltd.

    36,712       41,216  

CITIC Securities Co. Ltd., Class A

    5,930       17,580  

CITIC Securities Co. Ltd., Class H (b)

    15,355       33,226  

Contemporary Amperex Technology Co. Ltd., Class A

    947       57,880  
   

Number
of Shares

   

Value

 
China (Continued)            

COSCO SHIPPING Energy Transportation Co. Ltd., Class A

    2,600     $ 3,965  

COSCO SHIPPING Holdings Co. Ltd., Class A *

    7,030       16,165  

COSCO SHIPPING Holdings Co. Ltd., Class H *

    20,311       35,978  

Country Garden Holdings Co. Ltd. (b)

    64,780       40,615  

Country Garden Services Holdings Co. Ltd.

    12,909       51,161  

CRRC Corp. Ltd., Class A

    15,100       11,446  

CRRC Corp. Ltd., Class H

    37,728       15,145  

CSC Financial Co. Ltd., Class A

    1,960       6,586  

CSPC Pharmaceutical Group Ltd.

    57,376       61,418  

Dali Foods Group Co. Ltd., 144A

    16,953       8,555  

Daqin Railway Co. Ltd., Class A

    7,700       7,740  

Daqo New Energy Corp., ADR *

    306       14,963  

DaShenLin Pharmaceutical Group Co. Ltd., Class A

    700       3,445  

Dongfeng Motor Group Co. Ltd., Class H

    13,638       10,723  

Dongyue Group Ltd.

    10,046       12,764  

East Money Information Co. Ltd., Class A

    4,608       15,628  

Ecovacs Robotics Co. Ltd., Class A

    200       3,510  

ENN Energy Holdings Ltd.

    5,445       83,474  

Eve Energy Co. Ltd., Class A *

    900       10,844  

Everbright Securities Co. Ltd., Class A

    1,800       3,114  

Flat Glass Group Co. Ltd., Class H *

    2,817       11,721  

Focus Media Information Technology Co. Ltd., Class A

    3,200       3,078  

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

    1,518       17,428  

Fosun International Ltd.

    22,647       23,030  

Founder Securities Co. Ltd., Class A

    10,000       9,378  

Foxconn Industrial Internet Co. Ltd., Class A

    4,600       6,484  

Fuyao Glass Industry Group Co. Ltd., Class A

    1,100       6,614  

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

    3,682       17,877  

Ganfeng Lithium Co. Ltd., Class A

    500       8,913  

Ganfeng Lithium Co. Ltd., Class H, 144A (b)

    1,633       20,976  

GCL System Integration Technology Co. Ltd., Class A *

    1,000       484  

GDS Holdings Ltd., ADR *(b)

    582       16,290  

Gemdale Corp., Class A

    1,700       3,028  

Genscript Biotech Corp. *

    7,417       21,928  

GF Securities Co. Ltd., Class A

    2,000       5,123  

GF Securities Co. Ltd., Class H *

    6,601       8,715  

Gigadevice Semiconductor Beijing, Inc., Class A *

    168       3,615  

Ginlong Technologies Co. Ltd., Class A

    300       7,595  

GoerTek, Inc., Class A

    1,500       9,152  

Great Wall Motor Co. Ltd., Class A

    1,200       5,968  

Great Wall Motor Co. Ltd., Class H

    18,732       33,706  

Gree Electric Appliances, Inc. of Zhuhai, Class A

    1,000       4,819  

Greentown China Holdings Ltd.

    5,298       9,182  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2022

 

   

Number
of Shares

   

Value

 
China (Continued)            

Greentown Service Group Co. Ltd.

    9,037     $ 9,109  

Guangdong Haid Group Co. Ltd., Class A

    1,300       11,661  

Guanghui Energy Co. Ltd., Class A *

    2,500       3,951  

Guangzhou Automobile Group Co. Ltd., Class H

    18,538       17,552  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    800       4,560  

Guosen Securities Co. Ltd., Class A

    5,900       8,069  

Guotai Junan Securities Co. Ltd., Class A

    3,800       8,248  

Haidilao International Holding Ltd., 144A (b)

    7,092       14,099  

Haier Smart Home Co. Ltd., Class A

    2,800       10,650  

Haier Smart Home Co. Ltd., Class H

    14,236       50,706  

Haitian International Holdings Ltd.

    4,832       12,408  

Haitong Securities Co. Ltd., Class A

    5,000       6,838  

Haitong Securities Co. Ltd., Class H

    15,290       10,833  

Hangzhou First Applied Material Co. Ltd., Class A

    560       6,656  

Hangzhou Silan Microelectronics Co. Ltd., Class A

    800       5,405  

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

    851       8,209  

Hansoh Pharmaceutical Group Co. Ltd., 144A

    7,853       14,150  

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

    1,100       4,670  

Hengan International Group Co. Ltd.

    4,113       20,415  

Hengli Petrochemical Co. Ltd., Class A *

    1,800       6,358  

Hua Hong Semiconductor Ltd., 144A *

    2,899       10,991  

Huadong Medicine Co. Ltd., Class A

    700       4,065  

Hualan Biological Engineering, Inc., Class A

    670       1,877  

Huaneng Power International, Inc., Class A

    3,500       3,875  

Huaneng Power International, Inc., Class H (b)

    18,317       9,314  

Huatai Securities Co. Ltd., Class A

    1,700       3,392  

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

    10,435       14,601  

Huaxia Bank Co. Ltd., Class A

    9,400       7,491  

Huayu Automotive Systems Co. Ltd., Class A

    1,700       5,615  

Huazhu Group Ltd., ADR

    1,253       40,723  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    300       5,701  

Hundsun Technologies, Inc., Class A

    1,120       6,728  

Hygeia Healthcare Holdings Co. Ltd., 144A (b)

    2,285       12,681  

Iflytek Co. Ltd., Class A

    900       4,902  

Imeik Technology Development Co. Ltd., Class A

    100       8,103  

Industrial & Commercial Bank of China Ltd., Class A

    35,800       24,991  

Industrial & Commercial Bank of China Ltd., Class H

    355,110       213,142  

Industrial Bank Co. Ltd., Class A

    9,500       27,964  

Industrial Securities Co. Ltd., Class A

    1,500       1,391  

Ingenic Semiconductor Co. Ltd., Class A

    300       4,179  
   

Number
of Shares

   

Value

 
China (Continued)            

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *

    32,600     $ 9,816  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

    2,600       1,686  

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

    2,800       15,939  

Inner Mongolia Yitai Coal Co. Ltd., Class B

    8,700       14,486  

Innovent Biologics, Inc., 144A *

    7,513       23,313  

Intco Medical Technology Co. Ltd.,
Class A *

    400       1,648  

iQIYI, Inc., ADR *

    1,469       6,023  

JA Solar Technology Co. Ltd., Class A

    900       12,619  

JD Health International, Inc., 144A *(b)

    11,064       70,426  

JD.com, Inc., Class A

    13,034       375,380  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    2,200       5,151  

Jiangsu Expressway Co. Ltd., Class H

    9,552       9,872  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    600       4,792  

Jiangsu Hengrui Medicine Co. Ltd., Class A

    2,500       11,355  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

    400       9,887  

Jiangsu Zhongtian Technology Co. Ltd., Class A *

    1,300       3,574  

Jiangxi Copper Co. Ltd., Class A

    3,400       9,229  

Jiangxi Copper Co. Ltd., Class H

    4,282       6,963  

Jiangxi Zhengbang Technology Co. Ltd., Class A

    1,600       1,491  

Jinxin Fertility Group Ltd., 144A *

    5,750       4,514  

Jiumaojiu International Holdings Ltd., 144A (b)

    4,601       10,777  

Kanzhun Ltd., ADR *

    410       8,290  

KE Holdings, Inc., ADR *

    2,136       28,622  

Kingdee International Software Group Co. Ltd. *

    16,792       33,125  

Kingsoft Corp. Ltd.

    6,293       21,131  

Kuaishou Technology, 144A *

    11,375       110,167  

Kweichow Moutai Co. Ltd., Class A

    500       135,123  

Lenovo Group Ltd.

    52,596       51,878  

Lens Technology Co. Ltd., Class A

    2,610       4,125  

Lepu Medical Technology Beijing Co. Ltd., Class A

    1,200       3,180  

Li Auto, Inc., ADR *

    3,558       89,199  

Li Ning Co. Ltd.

    15,637       121,952  

Lingyi iTech Guangdong Co., Class A *

    3,100       2,215  

Logan Group Co. Ltd. (c)

    9,576       2,660  

Longfor Group Holdings Ltd., 144A

    11,769       58,716  

LONGi Green Energy Technology Co. Ltd., Class A

    2,100       24,915  

Lufax Holding Ltd., ADR

    4,012       25,235  

Luxshare Precision Industry Co. Ltd., Class A

    4,049       20,507  

Luzhou Laojiao Co. Ltd., Class A

    600       19,306  

Mango Excellent Media Co. Ltd., Class A

    1,200       6,509  

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2022

 

   

Number
of Shares

   

Value

 
China (Continued)            

Maxscend Microelectronics Co. Ltd.,
Class A *

    100     $ 2,906  

Meituan, Class B, 144A *

    26,665       635,431  

Metallurgical Corp. of China Ltd., Class A

    21,100       11,158  

Microport Scientific Corp. (b)

    3,926       7,775  

Ming Yuan Cloud Group Holdings Ltd. *

    1,597       1,972  

Minth Group Ltd.

    4,929       12,782  

Montage Technology Co. Ltd., Class A

    617       5,939  

Muyuan Foods Co. Ltd., Class A

    2,134       16,361  

Nanjing Securities Co. Ltd., Class A

    4,800       5,465  

NARI Technology Co. Ltd., Class A

    2,760       14,161  

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

    1,306       4,378  

NAURA Technology Group Co. Ltd., Class A

    200       8,089  

NetEase, Inc.

    13,497       292,740  

New China Life Insurance Co. Ltd., Class A

    1,300       5,492  

New China Life Insurance Co. Ltd., Class H

    4,586       12,010  

New Hope Liuhe Co. Ltd., Class A *

    1,400       2,995  

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

    890       11,623  

Ninestar Corp., Class A

    548       3,603  

Ningbo Tuopu Group Co. Ltd., Class A *

    500       4,382  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    6,100       14,219  

NIO, Inc., ADR *(b)

    8,403       146,128  

Nongfu Spring Co. Ltd., Class H, 144A

    11,647       65,009  

OFILM Group Co. Ltd., Class A *

    103       88  

Oppein Home Group, Inc., Class A

    500       8,958  

Orient Securities Co. Ltd., Class A

    2,048       2,865  

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

    71,455       22,491  

PetroChina Co. Ltd., Class A

    7,700       6,529  

PetroChina Co. Ltd., Class H

    141,472       75,899  

Pharmaron Beijing Co. Ltd., Class A

    400       7,147  

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

    777       9,372  

PICC Property & Casualty Co. Ltd., Class H

    43,396       42,140  

Pinduoduo, Inc., ADR *

    2,808       141,383  

Ping An Bank Co. Ltd., Class A *

    7,300       15,485  

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

    2,246       6,039  

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

    4,300       28,471  

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

    41,536       266,243  

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

    4,600       10,688  

Pop Mart International Group Ltd., 144A *

    4,057       15,639  

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

    14,000       11,010  

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

    47,359       35,185  

Power Construction Corp. of China Ltd., Class A

    5,900       6,903  
   

Number
of Shares

   

Value

 
China (Continued)            

Qingdao Rural Commercial Bank Corp., Class A

    1,600     $ 779  

RLX Technology, Inc., ADR *

    4,342       8,597  

Rongsheng Petrochemical Co. Ltd., Class A

    3,250       7,780  

SAIC Motor Corp. Ltd., Class A

    3,100       7,983  

Sangfor Technologies, Inc., Class A

    400       5,652  

Sany Heavy Equipment International Holdings Co. Ltd. *

    7,357       7,407  

Sany Heavy Industry Co. Ltd., Class A

    3,500       8,887  

Satellite Chemical Co. Ltd., Class A

    1,500       8,844  

SDIC Capital Co. Ltd., Class A

    11,500       10,595  

SDIC Power Holdings Co. Ltd., Class A

    7,200       11,152  

Seazen Group Ltd. *

    10,360       4,396  

Seazen Holdings Co. Ltd., Class A

    2,500       9,085  

SF Holding Co. Ltd., Class A *

    2,000       15,549  

SG Micro Corp., Class A

    100       4,306  

Shaanxi Coal Industry Co. Ltd., Class A

    5,400       15,345  

Shandong Gold Mining Co. Ltd., Class A

    2,200       6,061  

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

    5,144       9,151  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A *

    900       4,023  

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

    14,454       16,043  

Shanghai Baosight Software Co. Ltd., Class A

    700       5,472  

Shanghai Baosight Software Co. Ltd., Class B

    2,600       10,166  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    1,100       7,217  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    3,249       13,684  

Shanghai Junshi Biosciences Co. Ltd., Class A *

    270       3,417  

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

    3,931       3,656  

Shanghai M&G Stationery, Inc., Class A

    800       6,205  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    1,300       3,505  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    5,613       9,141  

Shanghai Pudong Development Bank Co. Ltd., Class A

    9,300       11,062  

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

    400       7,706  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

    2,900       5,378  

Shanxi Coking Coal Energy Group Co. Ltd., Class A

    1,600       3,420  

Shanxi Meijin Energy Co. Ltd., Class A *

    3,100       5,378  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    420       17,145  

Shenwan Hongyuan Group Co. Ltd., Class A

    11,900       7,220  

Shenzhen Goodix Technology Co. Ltd., Class A

    100       865  

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2022

 

   

Number
of Shares

   

Value

 
China (Continued)            

Shenzhen Inovance Technology Co. Ltd., Class A

    1,050     $ 9,631  

Shenzhen Kangtai Biological Products Co. Ltd., Class A

    560       5,225  

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

    480       21,751  

Shenzhen SC New Energy Technology Corp., Class A

    300       3,186  

Shenzhen Transsion Holdings Co. Ltd., Class A

    633       8,340  

Shenzhou International Group Holdings Ltd.

    5,280       73,004  

Shimao Services Holdings Ltd., 144A *(c)

    3,561       1,906  

Silergy Corp.

    496       51,950  

Sinopharm Group Co. Ltd., Class H

    8,721       21,627  

Sinotruk Hong Kong Ltd.

    3,623       5,143  

Smoore International Holdings Ltd., 144A (b)

    10,880       26,731  

StarPower Semiconductor Ltd., Class A

    100       5,707  

Sunac China Holdings Ltd. (c)

    14,174       8,273  

Sungrow Power Supply Co. Ltd., Class A *

    500       5,989  

Sunny Optical Technology Group Co. Ltd.

    4,588       72,382  

Suzhou Maxwell Technologies Co. Ltd., Class A

    100       5,647  

TAL Education Group, ADR *

    2,234       9,159  

TBEA Co. Ltd., Class A

    1,500       5,056  

TCL Technology Group Corp., Class A *

    1,164       792  

Tencent Holdings Ltd.

    40,517       1,871,159  

Tencent Music Entertainment Group,
ADR *

    3,939       16,465  

Tianjin Zhonghuan Semiconductor Co. Ltd., Class A

    1,100       7,184  

Tianma Microelectronics Co. Ltd., Class A

    1,000       1,414  

Tingyi Cayman Islands Holding Corp.

    14,243       25,229  

Tongcheng Travel Holdings Ltd. *

    6,312       12,114  

Tongwei Co. Ltd., Class A

    1,700       11,508  

Topsports International Holdings Ltd., 144A

    7,087       5,256  

TravelSky Technology Ltd., Class H

    4,675       7,602  

Trina Solar Co. Ltd., Class A

    1,184       11,387  

Trip.com Group Ltd., ADR *

    3,274       72,224  

Tsingtao Brewery Co. Ltd., Class A

    800       11,115  

Tsingtao Brewery Co. Ltd., Class H

    3,204       27,683  

Unigroup Guoxin Microelectronics Co. Ltd., Class A *

    340       9,035  

Uni-President China Holdings Ltd.

    11,036       8,916  

Unisplendour Corp. Ltd., Class A

    1,880       5,013  

Vipshop Holdings Ltd., ADR *

    2,815       26,180  

Walvax Biotechnology Co. Ltd., Class A

    900       6,260  

Wanhua Chemical Group Co. Ltd., Class A

    1,021       12,866  

Want Want China Holdings Ltd.

    28,974       28,837  

Weibo Corp., ADR *

    361       7,942  

Weichai Power Co. Ltd., Class A

    2,800       5,079  

Weichai Power Co. Ltd., Class H

    12,391       19,264  
   

Number
of Shares

   

Value

 
China (Continued)            

Wens Foodstuffs Group Co. Ltd., Class A

    2,440     $ 6,605  

Will Semiconductor Co. Ltd., Class A

    400       9,827  

Wingtech Technology Co. Ltd., Class A

    478       4,557  

Wuliangye Yibin Co. Ltd., Class A

    1,700       43,649  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    1,500       3,535  

WuXi AppTec Co. Ltd., Class A

    990       14,135  

WuXi AppTec Co. Ltd., Class H, 144A

    2,255       27,831  

Wuxi Biologics Cayman, Inc., 144A *

    22,913       169,354  

Wuxi Lead Intelligent Equipment Co. Ltd., Class A

    912       6,631  

Xiaomi Corp., Class B, 144A *

    94,089       145,560  

Xinjiang Goldwind Science & Technology Co. Ltd., Class A

    5,000       9,258  

Xinjiang Goldwind Science & Technology Co. Ltd., Class H

    4,695       7,694  

Xinyi Solar Holdings Ltd.

    33,037       58,856  

XPeng, Inc., ADR *

    2,486       58,421  

Xtep International Holdings Ltd.

    9,238       13,303  

Yadea Group Holdings Ltd., 144A (b)

    7,519       12,207  

Yankuang Energy Group Co. Ltd., Class A

    700       4,052  

Yankuang Energy Group Co. Ltd., Class H

    10,224       33,614  

Yifeng Pharmacy Chain Co. Ltd., Class A

    600       4,175  

Yihai International Holding Ltd. *

    2,621       8,133  

Yihai Kerry Arawana Holdings Co. Ltd., Class A *

    1,000       6,798  

Yonyou Network Technology Co. Ltd., Class A

    1,700       4,930  

Yum China Holdings, Inc.

    2,755       125,242  

Yunnan Baiyao Group Co. Ltd., Class A

    560       4,731  

Yunnan Energy New Material Co. Ltd., Class A

    300       9,786  

Zai Lab Ltd., ADR *

    460       13,386  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    200       9,279  

Zhejiang Chint Electrics Co. Ltd., Class A

    1,200       6,592  

Zhejiang Dahua Technology Co. Ltd., Class A *

    4,300       10,416  

Zhejiang Expressway Co. Ltd., Class H *

    6,257       5,526  

Zhejiang Huayou Cobalt Co. Ltd., Class A *

    500       7,077  

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

    1,400       11,602  

Zhejiang NHU Co. Ltd., Class A

    2,160       6,711  

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

    3,295       11,043  

Zhongsheng Group Holdings Ltd.

    4,118       29,230  

Zhuzhou CRRC Times Electric Co. Ltd.

    3,557       15,230  

Zijin Mining Group Co. Ltd., Class A

    7,500       11,303  

Zijin Mining Group Co. Ltd., Class H

    36,919       50,152  

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

    4,400       3,909  

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

    3,200       1,974  

ZTE Corp., Class A

    1,512       5,511  

ZTE Corp., Class H

    3,743       8,242  

ZTO Express Cayman, Inc., ADR

    2,820       75,971  
   

 

 

 

(Cost $14,445,916)

      12,926,275  
   

 

 

 

 

See Notes to Financial Statements.   25  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2022

 

   

Number
of Shares

   

Value

 
Colombia — 0.0%            

Bancolombia SA

    1,390     $ 16,709  

Ecopetrol SA

    30,010       24,836  

Interconexion Electrica SA ESP

    2,902       18,305  
   

 

 

 

(Cost $42,589)

      59,850  
   

 

 

 
Cyprus — 0.0%            

TCS Group Holding PLC, GDR *(c)
(Cost $34,897)

    608       0  
   

 

 

 
Czech Republic — 0.1%            

CEZ AS

    1,042       50,737  

Komercni Banka AS

    666       20,713  

Moneta Money Bank AS, 144A (b)

    1,986       6,608  
   

 

 

 

(Cost $55,854)

      78,058  
   

 

 

 
Denmark — 1.6%            

A.P. Moller — Maersk A/S, Class A

    19       54,890  

A.P. Moller — Maersk A/S, Class B

    34       99,206  

Carlsberg A/S, Class B

    634       80,711  

Chr Hansen Holding A/S

    671       50,312  

Coloplast A/S, Class B

    750       89,201  

Danske Bank A/S

    4,411       72,182  

Demant A/S *

    708       31,171  

DSV A/S

    1,348       221,267  

Genmab A/S *

    434       132,332  

GN Store Nord AS

    804       31,731  

Novo Nordisk A/S, Class B

    10,780       1,194,226  

Novozymes A/S, Class B

    1,311       83,221  

Orsted AS, 144A

    1,211       137,040  

Pandora A/S

    637       51,439  

ROCKWOOL A/S, Class B

    58       16,149  

Tryg A/S

    2,218       51,706  

Vestas Wind Systems A/S

    6,450       164,800  
   

 

 

 

(Cost $1,876,152)

      2,561,584  
   

 

 

 
Egypt — 0.0%            

Commercial International Bank Egypt SAE

    10,851       24,029  

Eastern Co. SAE

    4,376       2,493  
   

 

 

 

(Cost $34,730)

      26,522  
   

 

 

 
Finland — 0.7%            

Elisa OYJ

    939       53,125  

Fortum OYJ

    2,926       54,029  

Kesko OYJ, Class B

    1,750       43,811  

Kone OYJ, Class B

    2,165       110,355  

Neste OYJ

    2,765       126,779  

Nokia OYJ

    34,583       173,790  

Nordea Bank Abp

    20,531       208,591  

Orion OYJ, Class B

    762       31,249  

Sampo OYJ, Class A

    3,260       147,270  

Stora Enso OYJ, Class R

    3,800       73,492  

UPM-Kymmene OYJ

    3,364       119,141  

Wartsila OYJ Abp

    2,871       24,306  
   

 

 

 

(Cost $1,198,732)

      1,165,938  
   

 

 

 
France — 6.8%            

Accor SA *

    1,062       34,853  

Aeroports de Paris *

    188       28,084  
   

Number
of Shares

   

Value

 
France (Continued)            

Air Liquide SA

    3,072     $ 537,038  

Airbus SE

    3,848       449,373  

Alstom SA

    1,971       53,746  

Amundi SA, 144A (b)

    406       23,602  

Arkema SA

    396       47,848  

AXA SA (b)

    11,780       297,317  

BioMerieux

    259       27,221  

BNP Paribas SA (b)

    7,333       418,100  

Bollore SE

    5,949       31,677  

Bouygues SA (b)

    1,466       50,567  

Bureau Veritas SA

    1,885       54,375  

Capgemini SE

    1,054       204,240  

Carrefour SA *

    3,939       80,472  

Cie de Saint-Gobain (b)

    3,241       191,714  

Cie Generale des Etablissements Michelin SCA

    1,088       141,623  

Covivio REIT

    384       27,991  

Credit Agricole SA (b)

    8,043       89,057  

Danone SA (b)

    4,254       249,946  

Dassault Aviation SA

    166       28,104  

Dassault Systemes SE

    4,265       179,416  

Edenred *

    1,565       77,151  

Eiffage SA

    524       51,810  

Electricite de France SA

    3,315       29,389  

Engie SA (b)

    11,704       157,010  

EssilorLuxottica SA (b)

    1,861       299,782  

Eurazeo SE

    269       20,764  

Faurecia SE

    526       14,580  

Faurecia SE

    153       4,004  

Gecina SA REIT

    162       19,026  

Getlink SE

    2,930       56,383  

Hermes International

    206       245,478  

Ipsen SA

    264       26,414  

Kering SA

    483       264,292  

Klepierre SA REIT *

    1,343       30,595  

La Francaise des Jeux SAEM, 144A

    600       21,862  

Legrand SA (b)

    1,711       147,976  

L’Oreal SA

    1,550       546,708  

LVMH Moet Hennessy Louis Vuitton SE

    1,770       1,134,790  

Orange SA

    12,721       159,073  

Pernod Ricard SA

    1,352       264,888  

Publicis Groupe SA

    1,468       80,185  

Remy Cointreau SA (b)

    146       26,849  

Renault SA *

    1,253       34,369  

Safran SA

    2,250       232,491  

Sanofi (b)

    7,363       785,554  

Sartorius Stedim Biotech

    187       64,462  

Schneider Electric SE

    3,417       473,360  

SEB SA

    183       19,489  

Societe Generale SA (b)

    5,326       142,972  

Sodexo SA

    543       40,479  

Teleperformance

    377       124,940  

Thales SA

    677       82,564  

TotalEnergies SE (b)

    16,025       956,351  

Ubisoft Entertainment SA *

    549       28,732  

Unibail-Rodamco-Westfield REIT *

    855       60,112  

Valeo

    1,485       32,921  

 

See Notes to Financial Statements.   26  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2022

 

   

Number
of Shares

   

Value

 
France (Continued)            

Veolia Environnement SA *

    4,219     $ 117,943  

Vinci SA

    3,351       322,621  

Vivendi SE

    4,994       59,511  

Wendel SE

    180       18,503  

Worldline SA, 144A *

    1,533       62,555  
   

 

 

 

(Cost $9,550,162)

      10,585,302  
   

 

 

 
Germany — 4.7%            

adidas AG

    1,099       217,632  

Allianz SE

    2,570       538,065  

BASF SE

    5,724       315,177  

Bayer AG

    6,381       456,095  

Bayerische Motoren Werke AG

    2,112       182,816  

Bechtle AG

    501       22,342  

Beiersdorf AG

    628       65,073  

Brenntag SE

    987       76,248  

Carl Zeiss Meditec AG

    272       36,282  

Commerzbank AG *

    6,427       55,736  

Continental AG

    810       61,983  

Covestro AG, 144A

    1,234       56,302  

Daimler Truck Holding AG *

    2,745       85,548  

Delivery Hero SE, 144A *

    1,109       42,551  

Deutsche Bank AG (d)

    13,191       146,908  

Deutsche Boerse AG

    1,207       202,465  

Deutsche Lufthansa AG *

    3,975       29,129  

Deutsche Post AG

    6,113       252,694  

Deutsche Telekom AG

    21,002       431,183  

E.ON SE

    14,349       146,095  

Evonik Industries AG

    1,565       41,885  

Fresenius Medical Care AG & Co. KGaA

    1,293       78,622  

Fresenius SE & Co. KGaA

    2,664       91,175  

GEA Group AG

    1,186       47,301  

Hannover Rueck SE

    375       57,328  

HeidelbergCement AG

    954       55,407  

HelloFresh SE *

    1,005       37,352  

Henkel AG & Co. KGaA

    668       45,000  

Infineon Technologies AG

    8,439       262,188  

KION Group AG

    473       23,191  

Knorr-Bremse AG

    461       31,466  

LEG Immobilien SE

    472       48,574  

Mercedes-Benz Group AG

    5,184       368,422  

Merck KGaA

    824       154,806  

MTU Aero Engines AG

    362       71,449  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    850       207,780  

Nemetschek SE

    368       26,256  

Puma SE

    659       48,971  

Rational AG

    48       31,176  

Rheinmetall AG

    244       49,325  

RWE AG

    4,110       180,904  

SAP SE

    6,632       660,645  

Scout24 SE, 144A

    544       33,674  

Siemens AG

    4,864       639,351  

Siemens Energy AG

    2,551       49,117  

Siemens Healthineers AG, 144A

    1,767       106,002  

Symrise AG

    843       92,989  

Telefonica Deutschland Holding AG

    9,959       31,636  
   

Number
of Shares

   

Value

 
Germany (Continued)            

Uniper SE

    505     $ 13,033  

United Internet AG

    609       19,967  

Volkswagen AG

    205       46,084  

Vonovia SE

    4,549       173,123  

Zalando SE, 144A *

    1,437       58,391  
   

 

 

 

(Cost $7,899,667)

      7,302,914  
   

 

 

 
Greece — 0.1%            

Alpha Services and Holdings SA *

    12,934       13,677  

Eurobank Ergasias Services and Holdings SA *

    17,773       19,891  

FF Group *(c)

    197       0  

Hellenic Telecommunications Organization SA

    1,756       33,349  

JUMBO SA

    867       14,380  

OPAP SA

    1,043       15,553  

Public Power Corp. SA *

    1,254       8,239  
   

 

 

 

(Cost $99,329)

      105,089  
   

 

 

 
Hong Kong — 2.5%            

AIA Group Ltd.

    78,677       811,113  

Alibaba Health Information Technology
Ltd. *

    26,311       13,412  

Alibaba Pictures Group Ltd. *

    55,762       4,903  

Beijing Enterprises Holdings Ltd.

    5,118       17,936  

Beijing Enterprises Water Group Ltd.

    31,854       10,554  

BOC Hong Kong Holdings Ltd.

    24,223       93,068  

Bosideng International Holdings Ltd. (b)

    15,238       8,097  

Brilliance China Automotive Holdings
Ltd. *(c)

    14,554       13,539  

Budweiser Brewing Co. APAC Ltd., 144A

    10,790       28,669  

China Everbright Environment Group Ltd.

    28,224       16,976  

China Gas Holdings Ltd.

    19,904       29,676  

China Jinmao Holdings Group Ltd.

    29,759       8,040  

China Mengniu Dairy Co. Ltd. *

    22,560       115,859  

China Merchants Port Holdings Co. Ltd.

    9,595       18,194  

China Overseas Land & Investment Ltd.

    24,801       72,059  

China Overseas Property Holdings Ltd.

    10,120       11,774  

China Power International Development Ltd.

    34,668       17,627  

China Resources Beer Holdings Co. Ltd.

    9,717       60,799  

China Resources Cement Holdings Ltd.

    20,271       16,042  

China Resources Gas Group Ltd.

    5,948       24,900  

China Resources Land Ltd.

    20,362       90,818  

China Resources Power Holdings Co. Ltd.

    12,340       25,412  

China Ruyi Holdings Ltd. *(b)

    12,282       3,506  

China State Construction International Holdings Ltd.

    12,757       15,005  

China Taiping Insurance Holdings Co. Ltd.

    9,061       10,415  

China Traditional Chinese Medicine Holdings Co. Ltd.

    19,836       10,465  

Chow Tai Fook Jewellery Group Ltd. *

    12,670       21,926  

CK Asset Holdings Ltd.

    12,519       81,761  

CK Hutchison Holdings Ltd.

    17,036       120,923  

CK Infrastructure Holdings Ltd.

    4,150       27,791  

CLP Holdings Ltd.

    10,821       107,904  

 

See Notes to Financial Statements.   27  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2022

 

   

Number
of Shares

   

Value

 
Hong Kong (Continued)            

COSCO SHIPPING Ports Ltd.

    8,929     $ 6,725  

ESR Cayman Ltd., 144A *

    11,955       35,421  

Far East Horizon Ltd.

    12,597       11,173  

Futu Holdings Ltd., ADR *(b)

    311       11,417  

Galaxy Entertainment Group Ltd.

    15,438       82,333  

Geely Automobile Holdings Ltd. *

    39,891       76,252  

Guangdong Investment Ltd.

    19,018       23,993  

Hang Lung Properties Ltd.

    12,476       23,307  

Hang Seng Bank Ltd.

    5,080       88,754  

Henderson Land Development Co. Ltd.

    8,767       37,203  

HK Electric Investments & HK Electric Investments Ltd. (a)

    16,719       16,001  

HKT Trust & HKT Ltd. (a)

    28,943       39,834  

Hong Kong & China Gas Co. Ltd.

    72,147       81,643  

Hong Kong Exchanges & Clearing Ltd.

    7,868       340,099  

Hongkong Land Holdings Ltd.

    8,100       37,584  

Hopson Development Holdings Ltd.

    3,604       5,870  

HUTCHMED China Ltd., ADR *

    557       5,860  

Jardine Matheson Holdings Ltd.

    1,421       82,475  

Kingboard Holdings Ltd.

    4,279       20,503  

Kingboard Laminates Holdings Ltd.

    7,257       12,189  

Kunlun Energy Co. Ltd.

    31,203       26,880  

Link REIT

    13,339       120,774  

MTR Corp. Ltd.

    9,700       52,349  

New World Development Co. Ltd.

    10,243       39,029  

Nine Dragons Paper Holdings Ltd.

    12,298       11,049  

Orient Overseas International Ltd.

    887       27,241  

Power Assets Holdings Ltd.

    8,784       57,368  

Shenzhen International Holdings Ltd.

    7,858       7,570  

Shimao Group Holdings Ltd. (b)(c)

    6,159       3,469  

Sino Biopharmaceutical Ltd.

    85,046       47,794  

Sino Land Co. Ltd.

    19,577       27,742  

SITC International Holdings Co. Ltd.

    8,103       30,565  

Sun Hung Kai Properties Ltd.

    9,590       117,199  

Swire Pacific Ltd., Class A

    3,663       22,266  

Swire Properties Ltd.

    6,125       14,986  

Techtronic Industries Co. Ltd.

    8,837       115,767  

Vinda International Holdings Ltd.

    3,368       8,438  

WH Group Ltd., 144A

    52,346       40,157  

Wharf Holdings Ltd.

    9,000       30,106  

Wharf Real Estate Investment Co. Ltd.

    11,496       55,523  

Xinyi Glass Holdings Ltd.

    11,698       29,725  

Yuexiu Property Co. Ltd.

    5,440       5,913  
   

 

 

 

(Cost $3,894,246)

      3,839,709  
   

 

 

 
Hungary — 0.0%            

MOL Hungarian Oil & Gas PLC

    2,439       17,540  

OTP Bank Nyrt

    1,474       35,168  

Richter Gedeon Nyrt

    905       17,716  
   

 

 

 

(Cost $95,208)

      70,424  
   

 

 

 
India — 3.7%            

ACC Ltd.

    400       11,327  

Adani Enterprises Ltd.

    1,725       48,161  

Adani Green Energy Ltd. *

    2,054       49,975  

Adani Ports & Special Economic Zone Ltd.

    3,149       30,009  
   

Number
of Shares

   

Value

 
India (Continued)            

Adani Power Ltd. *

    5,231     $ 21,780  

Adani Total Gas Ltd.

    1,731       53,464  

Adani Transmission Ltd. *

    1,787       47,301  

Ambuja Cements Ltd.

    4,048       19,261  

Apollo Hospitals Enterprise Ltd.

    640       32,804  

Asian Paints Ltd.

    2,417       89,028  

Aurobindo Pharma Ltd.

    1,823       12,464  

Avenue Supermarts Ltd., 144A *

    1,225       62,686  

Axis Bank Ltd. *

    14,378       126,897  

Bajaj Auto Ltd.

    458       22,796  

Bajaj Finance Ltd.

    1,726       135,218  

Bajaj Finserv Ltd.

    249       41,483  

Balkrishna Industries Ltd.

    525       15,816  

Bandhan Bank Ltd., 144A

    3,987       16,739  

Berger Paints India Ltd.

    1,200       9,504  

Bharat Electronics Ltd.

    7,369       22,282  

Bharat Forge Ltd.

    2,232       20,266  

Bharat Petroleum Corp. Ltd.

    2,205       9,265  

Bharti Airtel Ltd. *

    14,388       129,765  

Biocon Ltd. *

    2,284       9,829  

Britannia Industries Ltd. *

    620       29,131  

Cholamandalam Investment and Finance Co. Ltd.

    2,591       22,681  

Cipla Ltd.

    3,022       38,651  

Coal India Ltd.

    9,351       23,234  

Colgate-Palmolive India Ltd.

    750       15,719  

Container Corp. Of India Ltd.

    1,452       12,165  

Dabur India Ltd.

    4,299       28,739  

Divi’s Laboratories Ltd.

    831       38,440  

DLF Ltd.

    3,591       15,983  

Dr. Reddy’s Laboratories Ltd.

    721       40,581  

Eicher Motors Ltd.

    829       29,693  

GAIL India Ltd.

    9,254       17,546  

Godrej Consumer Products Ltd. *

    2,201       21,743  

Godrej Properties Ltd. *

    767       13,826  

Grasim Industries Ltd.

    1,774       32,644  

Havells India Ltd.

    1,515       23,452  

HCL Technologies Ltd.

    7,061       94,656  

HDFC Life Insurance Co. Ltd., 144A

    6,477       49,969  

Hero MotoCorp Ltd.

    748       26,726  

Hindalco Industries Ltd.

    7,067       38,464  

Hindustan Petroleum Corp. Ltd.

    3,845       11,282  

Hindustan Unilever Ltd.

    5,392       163,438  

Housing Development Finance Corp. Ltd.

    11,195       332,629  

ICICI Bank Ltd.

    33,440       324,273  

ICICI Lombard General Insurance Co. Ltd., 144A

    1,549       25,256  

ICICI Prudential Life Insurance Co. Ltd., 144A

    2,550       17,132  

Indian Oil Corp. Ltd.

    11,015       16,458  

Indian Railway Catering & Tourism Corp. Ltd.

    1,558       13,900  

Indraprastha Gas Ltd.

    1,513       7,370  

Indus Towers Ltd.

    4,143       10,769  

Info Edge India Ltd.

    482       25,854  

Infosys Ltd.

    21,828       422,748  

InterGlobe Aviation Ltd., 144A *

    661       15,654  

 

See Notes to Financial Statements.   28  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

May 31, 2022

 

   

Number
of Shares

   

Value

 
India (Continued)            

ITC Ltd.

    19,039     $ 66,372  

Jindal Steel & Power Ltd.

    2,591       12,610  

JSW Steel Ltd.

    5,116       36,326  

Jubilant Foodworks Ltd.

    2,760       19,586  

Kotak Mahindra Bank Ltd.

    3,517       83,664  

Larsen & Toubro Infotech Ltd., 144A

    332       18,190  

Larsen & Toubro Ltd.

    4,319       92,042  

Lupin Ltd.

    1,353       10,781  

Mahindra & Mahindra Ltd.

    5,687       75,768  

Marico Ltd.

    3,535       24,299  

Maruti Suzuki India Ltd.

    792       81,268  

Mindtree Ltd.

    445       17,469  

Motherson Sumi Systems Ltd.

    7,852       13,219  

Mphasis Ltd.

    595       19,877  

MRF Ltd.

    18       18,003  

Muthoot Finance Ltd.

    756       11,131  

Nestle India Ltd.

    205       46,715  

NTPC Ltd.

    26,047       52,338  

Oil & Natural Gas Corp. Ltd.

    15,888       30,953  

Page Industries Ltd.

    42       24,449  

Petronet LNG Ltd.

    3,652       10,673  

PI Industries Ltd.

    747       26,540  

Pidilite Industries Ltd.

    933       26,984  

Piramal Enterprises Ltd.

    1,002       24,457  

Power Grid Corp. of India Ltd.

    19,526       58,576  

Reliance Industries Ltd.

    19,767       670,300  

SBI Cards & Payment Services Ltd.

    1,489       14,960  

SBI Life Insurance Co. Ltd., 144A

    2,711       41,000  

Shree Cement Ltd.

    79       22,505  

Shriram Transport Finance Co. Ltd.

    1,287       19,498  

Siemens Ltd.

    413       12,948  

SRF Ltd.

    1,050       33,325  

State Bank of India

    11,438       68,964  

Sun Pharmaceutical Industries Ltd.

    6,334       70,213  

Tata Consultancy Services Ltd.

    5,992       259,662  

Tata Consumer Products Ltd.

    3,546       34,701  

Tata Elxsi Ltd.

    231       24,937  

Tata Motors Ltd. *

    10,854       62,011  

Tata Power Co. Ltd.

    8,645       26,185  

Tata Steel Ltd.

    4,510       61,324  

Tech Mahindra Ltd.

    4,019       61,098  

Titan Co. Ltd.

    2,253       64,308  

Torrent Pharmaceuticals Ltd.

    248       9,048  

Trent Ltd.

    1,253       18,141  

UltraTech Cement Ltd.

    621       48,654  

United Spirits Ltd. *

    2,000       20,851  

UPL Ltd.

    3,075       30,878  

Vedanta Ltd.

    6,798       28,099  

Wipro Ltd.

    9,083       55,929  

Yes Bank Ltd. *

    56,316       9,539  

Zomato Ltd. *

    9,586       9,217  
   

 

 

 

(Cost $4,983,211)

      5,719,511  
   

 

 

 
Indonesia — 0.5%            

Aneka Tambang Tbk *

    51,000       8,779  

PT Adaro Energy Indonesia Tbk

    88,280       19,798  

PT Astra International Tbk

    122,521       61,761  
   

Number
of Shares

   

Value

 
Indonesia (Continued)            

PT Bank Central Asia Tbk

    345,781     $ 183,787  

PT Bank Jago Tbk *

    24,880       15,997  

PT Bank Mandiri Persero Tbk

    120,909       70,484  

PT Bank Negara Indonesia Persero Tbk

    44,514       28,010  

PT Bank Rakyat Indonesia Persero Tbk

    430,446       136,682  

PT Barito Pacific Tbk

    152,872       8,754  

PT Charoen Pokphand Indonesia Tbk

    49,517       18,338  

PT Gudang Garam Tbk

    5,289       11,426  

PT Indah Kiat Pulp & Paper Tbk

    22,234       12,580  

PT Indofood CBP Sukses Makmur Tbk

    16,282       9,575  

PT Indofood Sukses Makmur Tbk

    21,969       9,944  

PT Kalbe Farma Tbk

    136,530       15,684  

PT Merdeka Copper Gold Tbk *

    85,706       32,035  

PT Sarana Menara Nusantara Tbk

    175,934       12,066  

PT Semen Indonesia Persero Tbk

    24,735       12,384  

PT Sumber Alfaria Trijaya Tbk *

    116,412       14,531  

PT Telkom Indonesia Persero Tbk

    315,700       93,318  

PT Tower Bersama Infrastructure Tbk *

    51,794       10,479  

PT Unilever Indonesia Tbk

    50,344       16,331  

PT United Tractors Tbk

    12,047       25,861  

PT Vale Indonesia Tbk *

    19,497       10,998  
   

 

 

 

(Cost $738,427)

      839,602  
   

 

 

 
Ireland — 0.6%            

AerCap Holdings NV *

    866       42,815  

CRH PLC

    4,681       194,102  

DCC PLC

    665       47,010  

Experian PLC

    5,921       198,166  

Flutter Entertainment PLC *

    1,044       127,601  

Flutter Entertainment PLC *

    62       7,625  

James Hardie Industries PLC CDI

    2,848       73,784  

Kerry Group PLC, Class A

    995       102,973  

Kingspan Group PLC

    990       81,624  

Smurfit Kappa Group PLC

    1,651       66,927  
   

 

 

 

(Cost $912,641)