DBX ETF TRUST

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 10.

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

* 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 28.

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

Country Diversification* as of February 29, 2024


China			24.8%
Taiwan			22.7%
India			16.5%
South Korea			6.3%
South Africa			4.4%
Brazil			4.3%
Mexico			3.0%
Saudi Arabia			2.3%
Indonesia			2.2%
Malaysia			2.1%
Thailand			2.1%
United Arab Emirates			2.0%
Other			7.3%

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 34.

Xtrackers MSCI USA Climate Action Equity ETF, (the Fund”) using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA Climate Action Index (the “Underlying Index”) which is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. It is not possible to invest directly into an index.

* 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 42.

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

* 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 47.

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

* 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 51.

Xtrackers RREEF Global Natural Resources ETF (the “fund”) seeks total return from both capital appreciation and current income. The fund is an actively-managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specific index. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes (calculated at the time of any investment), in securities of companies in the natural resources sector.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 56.

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (Seprember 1, 2023 to February 29, 2024) except Xtrackers RREEF Global Natural Resources ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to Febreuary 29, 2024).

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

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

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

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 3 (the number of days in the period February 27, 2024 (commencement of operations) to February 29, 2024), then divided by 366.


	Number of Shares		Value
COMMON STOCKS — 98.2%
Brazil — 3.6%
Ambev SA		501,816	$	1,270,535
Atacadao SA		62,902		153,057
B3 SA — Brasil Bolsa Balcao		637,314		1,645,666
Banco Bradesco SA		180,773		447,507
Banco BTG Pactual S.A		176,874		1,295,411
Banco do Brasil SA		101,242		1,178,965
Banco Santander Brasil SA		46,415		267,169
BB Seguridade Participacoes SA		84,945		569,987
Caixa Seguridade Participacoes S/A		69,650		201,437
CCR SA		135,765		376,529
Centrais Eletricas Brasileiras SA		132,487		1,159,910
Cia de Saneamento Basico do Estado de Sao Paulo		21,563		343,539
Cia Energetica de Minas Gerais		8,011		24,217
Companhia Paranaense de Energia		75,626		139,725
CPFL Energia SA		3,173		22,600
Energisa SA		23,547		240,937
Engie Brasil Energia SA		29,210		247,030
Equatorial Energia SA		36,350		250,056
Hapvida Participacoes e Investimentos SA, 144A*		354,769		262,043
Hypera SA		49,859		329,941
Itau Unibanco Holding SA		62,709		369,920
Klabin SA		86,092		391,071
Localiza Rent a Car SA*		298		3,179
Localiza Rent a Car SA		61,945		660,760
Lojas Renner SA		125,558		399,267
Magazine Luiza SA*		327,396		140,351
Multiplan Empreendimentos Imobiliarios SA		41,877		222,590
Natura & Co. Holding SA*		59,953		196,801
NU Holdings Ltd., Class A*		159,820		1,770,806
Pagseguro Digital Ltd., Class A*		26,990		375,701
Porto Seguro SA		7,866		45,214
Raia Drogasil SA		147,272		789,616
Rede D’Or Sao Luiz SA, 144A		119,347		608,187
Rumo SA		142,824		653,087
Sendas Distribuidora SA		131,323		375,311
StoneCo Ltd., Class A*		32,315		556,141
Suzano SA		82,323		933,634
Telefonica Brasil SA		52,554		576,241
TIM SA		101,014		369,401
TOTVS SA		56,812		350,912
WEG SA		89,793		663,058
XP, Inc., Series BDR		12,196		286,917
XP, Inc., Class A		33,304		787,307

(Cost $19,610,841)				21,951,733

Chile — 0.4%
Banco de Chile		4,882,765		565,523
Banco de Credito e Inversiones SA		12,937		358,538
Banco Santander Chile		7,633,143		370,837
Cencosud SA		142,508		255,685
Cia Sud Americana de Vapores SA		2,538,964		177,095
Empresas CMPC SA		57,343		101,698
Enel Americas SA		1,380,974		140,666


	Number of Shares		Value
Chile (Continued)
Falabella SA*		95,078	$	240,887
Latam Airlines Group SA*		5,124,806		64,390

(Cost $2,165,095)				2,275,319

China — 24.2%
360 Security Technology, Inc., Class A*		89,854		109,367
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		35,511		96,007
3peak, Inc., Class A		4,432		67,816
Accelink Technologies Co. Ltd., Class A		12,850		53,538
Advanced Micro-Fabrication Equipment, Inc., China, Class A		6,558		133,604
AECC Aero-Engine Control Co. Ltd., Class A		10,600		26,025
Agricultural Bank of China Ltd., Class A		653,632		380,100
Agricultural Bank of China Ltd., Class H		3,147,665		1,294,640
Aier Eye Hospital Group Co. Ltd., Class A		92,761		188,605
Air China Ltd., Class A*		25,796		26,780
Air China Ltd., Class H*		78,902		42,329
Aisino Corp., Class A		49,950		71,058
Akeso, Inc., 144A*		46,827		281,723
Alibaba Group Holding Ltd.		1,061,993		9,889,037
Amlogic Shanghai Co. Ltd., Class A		9,766		75,835
Angang Steel Co. Ltd., Class A		41,100		14,432
Angel Yeast Co. Ltd., Class A		7,987		37,334
Anjoy Foods Group Co. Ltd., Class A		2,425		29,382
Anker Innovations Technology Co. Ltd., Class A		4,250		48,191
ANTA Sports Products Ltd.		90,648		888,672
Apeloa Pharmaceutical Co. Ltd., Class A		33,200		64,416
APT Medical, Inc., Class A		1,090		68,991
Asia — Potash International Investment Guangzhou Co. Ltd., Class A*		14,225		44,539
ASR Microelectronics Co. Ltd., Class A*		9,207		65,475
Asymchem Laboratories Tianjin Co. Ltd., Class A		3,802		53,611
Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A		10,258		89,951
Autobio Diagnostics Co. Ltd., Class A		11,575		106,605
Autohome, Inc., ADR		10,220		265,618
Avary Holding Shenzhen Co. Ltd., Class A		5,636		16,489
AVIC Industry-Finance Holdings Co. Ltd., Class A		198,759		91,583
BAIC BluePark New Energy Technology Co. Ltd., Class A*		97,300		80,349
Baidu, Inc., ADR*		31,416		3,183,383
Bank of Beijing Co. Ltd., Class A		230,278		165,552
Bank of Changsha Co. Ltd., Class A		41,125		44,463
Bank of Chengdu Co. Ltd., Class A		54,075		99,290
Bank of China Ltd., Class A		314,613		195,180
Bank of China Ltd., Class H		9,338,974		3,674,131
Bank of Chongqing Co. Ltd., Class A		74,050		74,510
Bank of Communications Co. Ltd., Class A		268,998		234,082
Bank of Communications Co. Ltd., Class H		827,147		543,063

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


	Number of Shares		Value
China (Continued)
Bank of Guiyang Co. Ltd., Class A		98,575	$	75,382
Bank of Hangzhou Co. Ltd., Class A		68,852		105,878
Bank of Jiangsu Co. Ltd., Class A		162,586		173,073
Bank of Nanjing Co. Ltd., Class A		99,396		120,706
Bank of Ningbo Co. Ltd., Class A		59,835		185,021
Bank of Shanghai Co. Ltd., Class A		140,018		126,896
Bank of Suzhou Co. Ltd., Class A		85,100		83,739
Bank of Zhengzhou Co. Ltd., Class A*		189,835		55,065
Baoshan Iron & Steel Co. Ltd., Class A		7,256		6,717
BBMG Corp., Class A		74,605		20,191
Beijing Dabeinong Technology Group Co. Ltd., Class A		28,838		21,052
Beijing Easpring Material Technology Co. Ltd., Class A		7,675		37,111
Beijing E-Hualu Information Technology Co. Ltd., Class A*		22,950		82,432
Beijing Enlight Media Co. Ltd., Class A		79,925		100,721
Beijing Kingsoft Office Software, Inc., Class A		5,134		193,062
Beijing New Building Materials PLC, Class A		1,200		4,678
Beijing Originwater Technology Co. Ltd., Class A		62,800		44,364
Beijing Roborock Technology Co. Ltd., Class A		1,096		49,553
Beijing Shiji Information Technology Co. Ltd., Class A*		68,409		76,429
Beijing Tiantan Biological Products Corp. Ltd., Class A		24,024		94,359
Beijing Tongrentang Co. Ltd., Class A		14,100		87,082
Beijing Ultrapower Software Co. Ltd., Class A		56,775		85,573
Beijing United Information Technology Co. Ltd., Class A		11,320		33,071
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		10,127		103,375
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		392,959		275,416
Bethel Automotive Safety Systems Co. Ltd., Class A		9,100		79,693
Betta Pharmaceuticals Co. Ltd., Class A		11,509		69,211
BGI Genomics Co. Ltd., Class A		11,875		72,879
Bilibili, Inc., Class Z*		32,903		322,146
Bloomage Biotechnology Corp. Ltd., Class A		4,360		38,685
BOC International China Co. Ltd., Class A		65,730		99,618
BOE Technology Group Co. Ltd., Class A		109,022		60,372
BTG Hotels Group Co. Ltd., Class A*		33,775		71,626
By-health Co. Ltd., Class A		18,075		42,395
Caida Securities Co. Ltd., Class A		54,100		58,265
Caitong Securities Co. Ltd., Class A		92,850		102,834
Cathay Biotech, Inc., Class A		6,719		45,031
CECEP Solar Energy Co. Ltd., Class A		74,275		56,078
CECEP Wind-Power Corp., Class A		175,925		73,249
CETC Cyberspace Security Technology Co. Ltd., Class A		16,585		46,795
CGN Power Co. Ltd., Class A		140,539		75,290


	Number of Shares		Value
China (Continued)
CGN Power Co. Ltd., Class H, 144A		1,390,021	$	422,574
Changchun High & New Technology Industry Group, Inc., Class A		5,462		97,410
Changjiang Securities Co. Ltd., Class A		108,450		82,783
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		4,337		84,540
Chaozhou Three-Circle Group Co. Ltd., Class A		25,850		90,983
Chengxin Lithium Group Co. Ltd., Class A		21,125		64,238
Chifeng Jilong Gold Mining Co. Ltd., Class A*		21,025		37,701
China Baoan Group Co. Ltd., Class A		41,712		68,890
China Cinda Asset Management Co. Ltd., Class H		1,273,608		122,012
China CITIC Bank Corp. Ltd., Class A		85,825		76,591
China CITIC Bank Corp. Ltd., Class H		1,199,668		639,002
China Construction Bank Corp., Class A		65,096		63,242
China Construction Bank Corp., Class H		10,471,016		6,526,997
China Eastern Airlines Corp. Ltd., Class A*		27,208		14,387
China Eastern Airlines Corp. Ltd., Class H*		115,558		29,226
China Energy Engineering Corp. Ltd., Class A		101,150		30,604
China Energy Engineering Corp. Ltd., Class H		351,738		32,349
China Enterprise Co. Ltd., Class A		188,450		82,387
China Everbright Bank Co. Ltd., Class A		367,450		164,212
China Everbright Bank Co. Ltd., Class H		930,899		291,322
China Feihe Ltd., 144A		233,691		116,416
China Film Co. Ltd., Class A*		48,225		81,187
China Galaxy Securities Co. Ltd., Class A		60,525		102,062
China Galaxy Securities Co. Ltd., Class H		378,319		199,095
China Great Wall Securities Co. Ltd., Class A		83,975		92,305
China Greatwall Technology Group Co. Ltd., Class A		53,624		77,252
China International Capital Corp. Ltd., Class A		29,303		141,935
China International Capital Corp. Ltd., Class H, 144A		220,443		276,793
China Jushi Co. Ltd., Class A		25,875		35,983
China Lesso Group Holdings Ltd.		30,183		14,381
China Life Insurance Co. Ltd., Class H		727,202		896,370
China Literature Ltd., 144A*		61,064		188,368
China Merchants Bank Co. Ltd., Class A		138,394		615,405
China Merchants Bank Co. Ltd., Class H		424,198		1,655,330
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		65,725		96,235
China Merchants Securities Co. Ltd., Class A		83,669		163,732
China Merchants Securities Co. Ltd., Class H, 144A		145,795		116,021
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		78,852		103,090

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


	Number of Shares		Value
China (Continued)
China Minsheng Banking Corp. Ltd., Class A		290,938	$	163,130
China Minsheng Banking Corp. Ltd., Class H		906,325		319,520
China National Chemical Engineering Co. Ltd., Class A		10,701		10,366
China National Medicines Corp. Ltd., Class A		7,975		34,865
China National Software & Service Co. Ltd., Class A		20,900		93,459
China Pacific Insurance Group Co. Ltd., Class A		12,385		44,038
China Pacific Insurance Group Co. Ltd., Class H		225,968		431,223
China Railway Signal & Communication Corp. Ltd., Class A		47,311		32,043
China Railway Signal & Communication Corp. Ltd., Class H, 144A		98,070		35,576
China Rare Earth Resources And Technology Co. Ltd., Class A		7,775		30,095
China Resources Microelectronics Ltd., Class A		7,857		46,726
China Resources Mixc Lifestyle Services Ltd., 144A		74,047		224,161
China Resources Pharmaceutical Group Ltd., 144A		22,148		14,994
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		11,425		87,179
China Science Publishing & Media Ltd., Class A		19,850		70,526
China South Publishing & Media Group Co. Ltd., Class A		29,300		50,424
China Southern Airlines Co. Ltd., Class A*		33,400		27,442
China Southern Airlines Co. Ltd., Class H*		88,273		32,811
China Three Gorges Renewables Group Co. Ltd., Class A		249,595		160,040
China Tourism Group Duty Free Corp. Ltd., Class A		13,375		161,682
China Tourism Group Duty Free Corp. Ltd., Class H, 144A		14,219		139,669
China Tower Corp. Ltd., Class H, 144A		3,058,388		371,126
China United Network Communications Ltd., Class A		222,467		148,203
China Vanke Co. Ltd., Class A		65,852		91,760
China Vanke Co. Ltd., Class H		147,185		113,931
China Yangtze Power Co. Ltd., Class A		213,927		743,745
China Zhenhua Group Science & Technology Co. Ltd., Class A		11,534		91,821
China Zheshang Bank Co. Ltd., Class A		219,758		84,789
China Zheshang Bank Co. Ltd., Class H		302,375		83,427
Chinalin Securities Co. Ltd., Class A		25,350		45,632
Chongqing Brewery Co. Ltd., Class A		8,600		78,179
Chongqing Rural Commercial Bank Co. Ltd., Class A		63,625		39,560
Chongqing Rural Commercial Bank Co. Ltd., Class H		289,729		116,946


	Number of Shares		Value
China (Continued)
Chongqing Taiji Industry Group Co. Ltd., Class A*		8,800	$	46,337
Chongqing Zhifei Biological Products Co. Ltd., Class A		18,910		140,383
CITIC Securities Co. Ltd., Class A		111,446		329,454
CITIC Securities Co. Ltd., Class H		242,496		449,755
CNGR Advanced Material Co. Ltd., Class A		4,300		28,294
CNPC Capital Co. Ltd., Class A		34,500		29,687
Contemporary Amperex Technology Co. Ltd., Class A		1,380		31,317
COSCO SHIPPING Development Co. Ltd., Class A		90,525		30,907
COSCO SHIPPING Holdings Co. Ltd., Class A		20,876		30,422
Country Garden Holdings Co. Ltd.*		1,425,412		116,527
Country Garden Services Holdings Co. Ltd.		88,033		67,356
CRRC Corp. Ltd., Class A		8,100		7,172
CSC Financial Co. Ltd., Class A		41,800		135,171
CSC Financial Co. Ltd., Class H, 144A		192,413		155,330
DaShenLin Pharmaceutical Group Co. Ltd., Class A		9,036		29,835
DHC Software Co. Ltd., Class A		91,675		73,414
Do-Fluoride New Materials Co. Ltd., Class A		7,920		14,531
Dong-E-E-Jiao Co. Ltd., Class A		13,225		106,622
Dongfeng Motor Group Co. Ltd., Class H		71,455		30,576
Dongxing Securities Co. Ltd., Class A		82,625		97,358
East Buy Holding Ltd., 144A*		44,995		139,086
East Money Information Co. Ltd., Class A		102,767		200,250
Eastroc Beverage Group Co. Ltd., Class A		3,825		95,014
Easyhome New Retail Group Co. Ltd., Class A		127,059		53,432
Ecovacs Robotics Co. Ltd., Class A		5,740		29,739
ENN Energy Holdings Ltd.		13,833		113,702
Eve Energy Co. Ltd., Class A		8,807		46,826
Everbright Securities Co. Ltd., Class A		59,309		139,028
Fangda Carbon New Material Co. Ltd., Class A*		38,700		26,479
First Capital Securities Co. Ltd., Class A		112,325		89,327
Focus Media Information Technology Co. Ltd., Class A		133,917		117,092
Foshan Haitian Flavouring & Food Co. Ltd., Class A		28,260		159,474
Founder Securities Co. Ltd., Class A		99,710		105,450
Foxconn Industrial Internet Co. Ltd., Class A		8,457		21,937
Fujian Sunner Development Co. Ltd., Class A		12,460		28,170
Full Truck Alliance Co. Ltd., ADR*		82,356		543,550
Fuyao Glass Industry Group Co. Ltd., Class A		8,281		49,753
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		49,369		247,513

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


	Number of Shares		Value
China (Continued)
Gan & Lee Pharmaceuticals Co. Ltd., Class A*		13,700	$	81,589
Ganfeng Lithium Group Co. Ltd., Class A		9,197		51,121
Ganfeng Lithium Group Co. Ltd., Class H, 144A		26,056		86,534
G-bits Network Technology Xiamen Co. Ltd., Class A		2,550		76,653
GEM Co. Ltd., Class A		39,841		29,638
Gemdale Corp., Class A		84,146		50,334
Genscript Biotech Corp.*		130,418		263,541
GF Securities Co. Ltd., Class A		70,313		138,377
GF Securities Co. Ltd., Class H		183,543		197,872
Giant Biogene Holding Co. Ltd., 144A*		28,933		132,307
Giant Network Group Co. Ltd., Class A		31,725		49,842
GigaDevice Semiconductor, Inc., Class A		8,479		86,223
Ginlong Technologies Co. Ltd., Class A		6,750		61,015
Glodon Co. Ltd., Class A		39,475		75,003
GoerTek, Inc., Class A		13,863		32,016
Goldwind Science & Technology Co. Ltd., Class A		5,487		5,818
Goldwind Science & Technology Co. Ltd., Class H		38,146		14,520
GoodWe Technologies Co. Ltd., Class A		4,563		68,699
Gree Electric Appliances, Inc. of Zhuhai, Class A		15,996		86,693
Greenland Holdings Corp. Ltd., Class A*		87,500		26,717
Greentown China Holdings Ltd.		117,158		94,130
GRG Banking Equipment Co. Ltd., Class A		28,900		46,246
Guangdong Haid Group Co. Ltd., Class A		4,970		29,743
Guangdong Kinlong Hardware Products Co. Ltd., Class A		4,671		24,252
Guangzhou Automobile Group Co. Ltd., Class H		38,903		16,846
Guangzhou Baiyun International Airport Co. Ltd., Class A*		73,425		103,230
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		10,332		42,416
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		9,826		25,604
Guangzhou Haige Communications Group, Inc. Co., Class A		41,375		66,381
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		8,646		72,357
Guangzhou Port Co. Ltd., Class A		150,975		66,003
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		5,575		30,362
Guangzhou Tinci Materials Technology Co. Ltd., Class A		15,260		43,713
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		105,300		90,024
Guolian Securities Co. Ltd., Class A*		63,575		96,793
Guolian Securities Co. Ltd., Class H*		213,837		87,952
Guosen Securities Co. Ltd., Class A		82,306		98,467
Guotai Junan Securities Co. Ltd., Class A		59,426		124,456
Guotai Junan Securities Co. Ltd., Class H, 144A		123,148		141,728


	Number of Shares		Value
China (Continued)
Guoyuan Securities Co. Ltd., Class A		98,850	$	95,760
H World Group Ltd., ADR		13,779		503,760
Haidilao International Holding Ltd., 144A		139,866		256,192
Haier Smart Home Co. Ltd., Class H		131,478		401,380
Hainan Airlines Holding Co. Ltd., Class A*		264,425		52,479
Hainan Airport Infrastructure Co. Ltd., Class A*		197,350		102,712
Haisco Pharmaceutical Group Co. Ltd., Class A*		23,450		81,364
Haitian International Holdings Ltd.		17,650		44,729
Haitong Securities Co. Ltd., Class A		90,527		114,835
Haitong Securities Co. Ltd., Class H		320,654		159,328
Hang Zhou Great Star Industrial Co. Ltd., Class A		15,800		47,738
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		76,700		80,476
Hangzhou Chang Chuan Technology Co. Ltd., Class A		18,459		74,269
Hangzhou First Applied Material Co. Ltd., Class A		32,226		124,427
Hangzhou Lion Microelectronics Co. Ltd., Class A		19,100		62,772
Hangzhou Oxygen Plant Group Co. Ltd., Class A		6,950		27,008
Hangzhou Robam Appliances Co. Ltd., Class A		5,400		18,736
Hangzhou Silan Microelectronics Co. Ltd., Class A		26,964		78,213
Hangzhou Tigermed Consulting Co. Ltd., Class A		12,530		78,342
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		21,963		76,447
Hansoh Pharmaceutical Group Co. Ltd., 144A		162,149		285,824
Haohua Chemical Science & Technology Co. Ltd., Class A		7,975		37,632
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		24,125		83,974
Hefei Meiya Optoelectronic Technology, Inc., Class A		10,825		28,981
Heilongjiang Agriculture Co. Ltd., Class A		26,200		45,198
Henan Shuanghui Investment & Development Co. Ltd., Class A		10,300		41,770
Hengan International Group Co. Ltd.		3,321		10,266
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		14,300		28,480
Hengtong Optic-electric Co. Ltd., Class A		17,200		29,219
Hithink RoyalFlush Information Network Co. Ltd., Class A		5,842		111,136
Hongta Securities Co. Ltd., Class A		80,075		86,129
Hoshine Silicon Industry Co. Ltd., Class A		9,975		73,374
Hoyuan Green Energy Co. Ltd., Class A		7,930		30,607
Hua Hong Semiconductor Ltd., 144A*		71,607		153,663
Huaan Securities Co. Ltd., Class A		132,000		88,302

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


	Number of Shares		Value
China (Continued)
Huadong Medicine Co. Ltd., Class A		17,725	$	82,853
Huafon Chemical Co. Ltd., Class A		13,000		12,305
Huagong Tech Co. Ltd., Class A		7,975		35,120
Hualan Biological Engineering, Inc., Class A		32,500		88,994
Huali Industrial Group Co. Ltd., Class A		7,650		61,516
Huaneng Lancang River Hydropower, Inc., Class A		88,217		113,619
Huatai Securities Co. Ltd., Class A		63,785		128,716
Huatai Securities Co. Ltd., Class H, 144A		148,653		175,829
Huaxi Securities Co. Ltd., Class A		80,800		88,255
Huaxia Bank Co. Ltd., Class A		122,502		107,791
Huayu Automotive Systems Co. Ltd., Class A		15,456		37,475
Hubei Feilihua Quartz Glass Co. Ltd., Class A		15,925		66,284
Huizhou Desay Sv Automotive Co. Ltd., Class A		4,164		59,294
Humanwell Healthcare Group Co. Ltd., Class A		23,650		72,211
Hundsun Technologies, Inc., Class A		28,133		95,348
Hygeia Healthcare Holdings Co. Ltd., 144A		48,106		180,963
IEIT Systems Co. Ltd., Class A		9,366		48,603
Iflytek Co. Ltd., Class A		21,165		145,080
Imeik Technology Development Co. Ltd., Class A		2,825		128,209
Industrial & Commercial Bank of China Ltd., Class A		447,142		330,768
Industrial & Commercial Bank of China Ltd., Class H		7,626,153		3,935,425
Industrial Bank Co. Ltd., Class A		155,765		359,944
Industrial Securities Co. Ltd., Class A		77,800		62,735
Ingenic Semiconductor Co. Ltd., Class A		8,780		79,876
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		11,402		44,863
Innovent Biologics, Inc., 144A*		147,728		799,137
iQIYI, Inc., ADR*		34,655		127,877
iRay Technology Co. Ltd., Class A		2,558		87,892
Isoftstone Information Technology Group Co. Ltd., Class A*		16,025		101,129
Jafron Biomedical Co. Ltd., Class A		25,673		71,511
Jason Furniture Hangzhou Co. Ltd., Class A		6,100		31,790
JCET Group Co. Ltd., Class A		11,542		41,905
JD Health International, Inc., 144A*		110,906		422,159
JD Logistics, Inc., 144A*		116,121		115,249
JD.com, Inc., ADR		74,067		1,675,396
JD.com, Inc., Class A		17,186		195,485
Jiangsu Eastern Shenghong Co. Ltd., Class A		13,209		19,249
Jiangsu Hengli Hydraulic Co. Ltd., Class A		5,050		39,817
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		37,262		220,513
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		21,325		74,583


	Number of Shares		Value
China (Continued)
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		23,875	$	34,494
Jiangsu Yangnong Chemical Co. Ltd., Class A		4,405		33,454
Jiangsu Yoke Technology Co. Ltd., Class A		4,825		33,784
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		17,350		86,229
Jiangxi Special Electric Motor Co. Ltd., Class A*		10,700		15,504
Jinko Solar Co. Ltd., Class A		25,260		30,956
Joinn Laboratories China Co. Ltd., Class A		13,070		33,014
Joinn Laboratories China Co. Ltd., Class H, 144A		59,427		74,997
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A*		5,814		20,423
Juewei Food Co. Ltd., Class A		5,500		17,160
Juneyao Airlines Co. Ltd., Class A*		16,800		31,081
Kanzhun Ltd., ADR		31,508		493,100
KE Holdings, Inc., ADR		63,589		864,174
Keda Industrial Group Co. Ltd., Class A		16,500		27,526
Kingdee International Software Group Co. Ltd.*		249,966		270,120
Kingnet Network Co. Ltd., Class A		45,100		78,242
Kingsoft Corp. Ltd.		129,279		360,815
Kuaishou Technology, 144A*		192,229		1,092,657
Kuang-Chi Technologies Co. Ltd., Class A*		46,775		96,273
Kunlun Tech Co. Ltd., Class A*		20,850		116,820
LB Group Co. Ltd., Class A		10,801		28,152
Lenovo Group Ltd.		856,817		948,881
Lens Technology Co. Ltd., Class A		15,713		26,387
Lepu Medical Technology Beijing Co. Ltd., Class A		31,925		66,861
Li Auto, Inc., Class A*		112,294		2,543,139
Li Ning Co. Ltd.		185,851		463,393
Liaoning Port Co. Ltd., Class A		228,150		46,863
Livzon Pharmaceutical Group, Inc., Class A		6,525		34,856
Livzon Pharmaceutical Group, Inc., Class H		23,352		81,730
Longfor Group Holdings Ltd., 144A		170,711		215,438
LONGi Green Energy Technology Co. Ltd., Class A		43,758		128,992
Longshine Technology Group Co. Ltd., Class A		40,425		71,758
Lufax Holding Ltd., ADR		37,621		117,378
Luxshare Precision Industry Co. Ltd., Class A		36,028		137,907
Mango Excellent Media Co. Ltd., Class A		28,935		99,512
Maxscend Microelectronics Co. Ltd., Class A		6,141		91,622
MeiHua Holdings Group Co. Ltd., Class A		31,200		46,766
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		87,925		68,092

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


	Number of Shares		Value
China (Continued)
Meituan, Class B, 144A*		512,163	$	5,220,546
Metallurgical Corp. of China Ltd., Class A		74,492		34,427
Metallurgical Corp. of China Ltd., Class H		96,349		19,445
Microport Scientific Corp.*		118,500		116,248
Ming Yang Smart Energy Group Ltd., Class A		31,584		44,711
MINISO Group Holding Ltd.		47,622		221,723
Minth Group Ltd.		27,622		46,996
Montage Technology Co. Ltd., Class A		13,999		101,419
Muyuan Foods Co. Ltd., Class A		17,250		92,148
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		41,700		83,108
Nanjing Securities Co. Ltd., Class A		86,250		99,833
NARI Technology Co. Ltd., Class A		35,833		115,278
National Silicon Industry Group Co. Ltd., Class A*		44,089		94,294
NAURA Technology Group Co. Ltd., Class A		4,093		161,363
NavInfo Co. Ltd., Class A*		76,231		77,762
NetEase, Inc.		200,242		4,506,775
New China Life Insurance Co. Ltd., Class A		7,330		33,368
New Hope Liuhe Co. Ltd., Class A*		12,878		15,836
New Oriental Education & Technology Group, Inc., ADR*		10,820		1,011,995
Ninestar Corp., Class A		25,409		82,625
Ningbo Deye Technology Co. Ltd., Class A		6,965		80,909
Ningbo Orient Wires & Cables Co. Ltd., Class A		3,675		19,780
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		4,358		18,780
Ningbo Shanshan Co. Ltd., Class A		17,775		28,222
Ningbo Tuopu Group Co. Ltd., Class A		9,775		79,662
Ningbo Zhoushan Port Co. Ltd., Class A		87,700		43,088
NIO, Inc., ADR*(a)		150,651		866,243
Nongfu Spring Co. Ltd., Class H, 144A		213,501		1,210,843
Offcn Education Technology Co. Ltd., Class A*		167,564		81,163
Onewo, Inc., Class H		40,011		98,126
Oppein Home Group, Inc., Class A		3,541		34,146
Orient Securities Co. Ltd., Class A		88,630		108,370
Orient Securities Co. Ltd., Class H, 144A		218,056		92,751
Ovctek China, Inc., Class A		26,602		76,019
Pacific Securities Co. Ltd., Class A*		185,475		88,294
People.cn Co. Ltd., Class A		26,625		98,071
People’s Insurance Co. Group of China Ltd., Class A		45,629		33,247
People’s Insurance Co. Group of China Ltd., Class H		35,824		11,943
Perfect World Co. Ltd., Class A		45,625		74,213
Pharmaron Beijing Co. Ltd., Class A		14,132		45,797
Pharmaron Beijing Co. Ltd., Class H, 144A		64,107		86,144
PICC Property & Casualty Co. Ltd., Class H		315,933		432,608
Ping An Bank Co. Ltd., Class A		90,858		133,540


	Number of Shares		Value
China (Continued)
Ping An Insurance Group Co. of China Ltd., Class A		79,017	$	470,467
Ping An Insurance Group Co. of China Ltd., Class H		691,003		3,098,074
Poly Developments and Holdings Group Co. Ltd., Class A		93,538		126,833
Poly Property Services Co. Ltd., Class H		5,472		19,676
Pop Mart International Group Ltd., 144A		82,915		207,372
Postal Savings Bank of China Co. Ltd., Class A		21,073		14,185
Postal Savings Bank of China Co. Ltd., Class H, 144A		1,043,757		550,623
Qi An Xin Technology Group, Inc., Class A*		17,251		83,774
Qinghai Salt Lake Industry Co. Ltd., Class A*		32,352		72,514
Raytron Technology Co. Ltd., Class A		14,053		75,694
Red Star Macalline Group Corp. Ltd., Class A		54,200		26,855
Remegen Co. Ltd., Class A*		11,993		83,557
Remegen Co. Ltd., Class H, 144A*		31,496		90,520
Rockchip Electronics Co. Ltd., Class A		3,400		25,406
SAIC Motor Corp. Ltd., Class A		7,588		15,755
Sanan Optoelectronics Co. Ltd., Class A		53,375		92,153
Sangfor Technologies, Inc., Class A*		10,462		92,057
Sany Heavy Industry Co. Ltd., Class A		3,412		6,601
Satellite Chemical Co. Ltd., Class A*		19,724		45,414
SDIC Capital Co. Ltd., Class A		102,425		98,086
Sealand Securities Co. Ltd., Class A		180,900		89,380
Seazen Holdings Co. Ltd., Class A*		15,315		22,127
SenseTime Group, Inc., Class B, 144A*		2,138,756		245,872
Seres Group Co. Ltd., Class A*		10,625		135,562
SG Micro Corp., Class A		8,471		83,167
Shandong Gold Mining Co. Ltd., Class A		2,225		6,698
Shandong Gold Mining Co. Ltd., Class H, 144A		27,491		43,683
Shandong Hi-speed Co. Ltd., Class A		72,400		82,295
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		11,900		45,418
Shandong Linglong Tyre Co. Ltd., Class A		5,644		17,358
Shandong Sinocera Functional Material Co. Ltd., Class A		16,550		46,789
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		229,567		149,256
Shanghai Aiko Solar Energy Co. Ltd., Class A		32,900		69,085
Shanghai Baosight Software Co. Ltd., Class A		18,243		118,493
Shanghai Baosight Software Co. Ltd., Class B		77,926		175,333
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		2,760		107,745
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		24,371		83,139
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		75,411		136,396

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


	Number of Shares		Value
China (Continued)
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		14,185	$	73,098
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		61,761		109,341
Shanghai International Airport Co. Ltd., Class A*		26,301		128,416
Shanghai International Port Group Co. Ltd., Class A		110,575		83,331
Shanghai Jinjiang International Hotels Co. Ltd., Class A		18,757		75,650
Shanghai Junshi Biosciences Co. Ltd., Class A*		16,996		74,067
Shanghai Junshi Biosciences Co. Ltd., Class H, 144A*		40,706		64,994
Shanghai Lingang Holdings Corp. Ltd., Class A		56,325		83,566
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		59,300		75,388
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		253,900		102,576
Shanghai M&G Stationery, Inc., Class A		14,300		70,694
Shanghai MicroPort MedBot Group Co. Ltd.*		63,004		116,853
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		9,500		23,904
Shanghai Pudong Development Bank Co. Ltd., Class A		218,331		216,657
Shanghai Putailai New Energy Technology Co. Ltd., Class A		13,036		33,941
Shanghai RAAS Blood Products Co. Ltd., Class A		98,200		98,128
Shanghai Rural Commercial Bank Co. Ltd., Class A		88,152		78,912
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		71,510		65,602
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		37,875		104,606
Shanxi Securities Co. Ltd., Class A		112,575		84,682
Shengyi Technology Co. Ltd., Class A		14,625		34,811
Shennan Circuits Co. Ltd., Class A		3,350		32,639
Shenwan Hongyuan Group Co. Ltd., Class A		256,727		163,188
Shenzhen Capchem Technology Co. Ltd., Class A		4,332		24,458
Shenzhen Dynanonic Co. Ltd., Class A		2,040		12,126
Shenzhen Goodix Technology Co. Ltd., Class A*		4,925		43,267
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		20,825		25,752
Shenzhen Inovance Technology Co. Ltd., Class A		17,743		155,655
Shenzhen Kaifa Technology Co. Ltd., Class A		14,300		28,341
Shenzhen Kangtai Biological Products Co. Ltd., Class A		14,624		49,259
Shenzhen Kedali Industry Co. Ltd., Class A		2,000		20,241


	Number of Shares		Value
China (Continued)
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		10,066	$	403,995
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		11,065		124,375
Shenzhen Overseas Chinese Town Co. Ltd., Class A*		176,739		75,305
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		23,100		93,615
Shenzhen SC New Energy Technology Corp., Class A		9,350		84,024
Shenzhen Sunlord Electronics Co. Ltd., Class A		14,525		55,296
Shenzhen Transsion Holdings Co. Ltd., Class A		4,632		102,023
Shenzhou International Group Holdings Ltd.		91,504		754,469
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		26,450		78,778
Shuangliang Eco-Energy Systems Co. Ltd., Class A		24,300		27,520
Sichuan Chuantou Energy Co. Ltd., Class A		48,379		105,148
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		7,575		28,859
Sichuan Swellfun Co. Ltd., Class A		10,850		75,624
Sinolink Securities Co. Ltd., Class A		84,185		106,323
Sinoma Science & Technology Co. Ltd., Class A		6,082		13,210
Sinomine Resource Group Co. Ltd., Class A		15,675		81,625
Sinopharm Group Co. Ltd., Class H		121,834		341,592
Sinotrans Ltd., Class H		65,423		27,911
Skshu Paint Co. Ltd., Class A*		11,025		59,216
Smoore International Holdings Ltd., 144A		243,938		170,440
Songcheng Performance Development Co. Ltd., Class A		57,925		86,824
SooChow Securities Co. Ltd., Class A		97,075		98,352
Southwest Securities Co. Ltd., Class A		170,400		102,165
Spring Airlines Co. Ltd., Class A*		4,525		36,029
StarPower Semiconductor Ltd., Class A		3,600		75,720
Sungrow Power Supply Co. Ltd., Class A		8,156		98,718
Sunny Optical Technology Group Co. Ltd.		49,436		320,783
Sunresin New Materials Co. Ltd., Class A		8,900		62,131
Sunwoda Electronic Co. Ltd., Class A		15,372		30,338
SUPCON Technology Co. Ltd., Class A		15,471		98,728
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		11,450		23,789
Suzhou Maxwell Technologies Co. Ltd., Class A		5,354		90,320
TAL Education Group, ADR*		32,833		483,630
TangShan Port Group Co. Ltd., Class A		134,225		81,221
Tasly Pharmaceutical Group Co. Ltd., Class A		25,409		59,491
TCL Technology Group Corp., Class A*		41,024		25,792
Tencent Holdings Ltd.		682,216		24,155,717

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


	Number of Shares		Value
China (Continued)
Tencent Music Entertainment Group, ADR*		63,181	$	661,505
Thunder Software Technology Co. Ltd., Class A		9,921		83,524
Tianfeng Securities Co. Ltd., Class A*		209,775		90,836
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		13,900		57,855
Tianqi Lithium Corp., Class A		4,293		31,954
Tianqi Lithium Corp., Class H		7,233		36,725
Tianshui Huatian Technology Co. Ltd., Class A		27,450		31,164
Toly Bread Co. Ltd., Class A		15,240		14,827
Tongcheng Travel Holdings Ltd.*		141,576		357,340
TongFu Microelectronics Co. Ltd., Class A		11,150		34,354
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		51,350		74,047
Topchoice Medical Corp., Class A*		7,965		72,694
Topsports International Holdings Ltd., 144A		267,121		181,520
TravelSky Technology Ltd., Class H		147,054		176,191
Trip.com Group Ltd., ADR*		64,272		2,858,176
Tsinghua Tongfang Co. Ltd., Class A*		82,775		77,545
Unigroup Guoxin Microelectronics Co. Ltd., Class A*		11,503		114,292
Uni-President China Holdings Ltd.		52,856		31,732
Unisplendour Corp. Ltd., Class A*		21,950		67,325
Universal Scientific Industrial Shanghai Co. Ltd., Class A		12,400		24,834
Venustech Group, Inc., Class A		26,825		82,054
Vipshop Holdings Ltd., ADR*		24,128		464,464
Walvax Biotechnology Co. Ltd., Class A		30,920		78,960
Wanda Film Holding Co. Ltd., Class A*		25,814		42,813
Wangfujing Group Co. Ltd., Class A		33,650		70,614
Weibo Corp., ADR		15,874		144,771
Weichai Power Co. Ltd., Class A		33,663		78,864
Weichai Power Co. Ltd., Class H		144,186		283,628
Weihai Guangwei Composites Co. Ltd., Class A		20,230		76,762
Western Mining Co. Ltd., Class A		2,550		5,893
Western Securities Co. Ltd., Class A		101,806		112,611
Western Superconducting Technologies Co. Ltd., Class A		8,110		45,045
Will Semiconductor Co. Ltd., Class A		10,093		134,475
Wingtech Technology Co. Ltd., Class A*		7,051		37,333
Winner Medical Co. Ltd., Class A		9,225		45,669
Winning Health Technology Group Co. Ltd., Class A		89,800		88,364
WUS Printed Circuit Kunshan Co. Ltd., Class A		15,800		57,891
WuXi AppTec Co. Ltd., Class A		19,675		148,766
WuXi AppTec Co. Ltd., Class H, 144A		48,773		303,398
Wuxi Autowell Technology Co. Ltd., Class A		2,422		29,349
Wuxi Biologics Cayman, Inc., 144A*		430,904		1,047,978
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		8,300		26,149


	Number of Shares		Value
China (Continued)
WuXi XDC Cayman, Inc.*		25,228	$	58,649
Xiamen C & D, Inc., Class A		30,524		44,100
Xiamen Faratronic Co. Ltd., Class A		5,825		84,296
Xiaomi Corp., Class B, 144A*		1,749,645		2,954,515
Xinhu Zhongbao Co. Ltd., Class A		226,000		70,574
Xinyi Solar Holdings Ltd.		472,857		287,502
XPeng, Inc., Class A*		112,817		517,337
Yadea Group Holdings Ltd., 144A		74,149		116,308
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		5,100		28,136
Yealink Network Technology Corp. Ltd., Class A		21,371		87,023
Yifeng Pharmacy Chain Co. Ltd., Class A		13,953		76,260
Yihai Kerry Arawana Holdings Co. Ltd., Class A		9,434		42,344
Yintai Gold Co. Ltd., Class A		42,331		88,008
Yonghui Superstores Co. Ltd., Class A*		71,700		26,271
YongXing Special Materials Technology Co. Ltd., Class A		2,480		18,996
Yonyou Network Technology Co. Ltd., Class A		48,050		84,493
Youngor Fashion Co. Ltd., Class A		47,350		48,301
YTO Express Group Co. Ltd., Class A		14,230		25,181
Yunda Holding Co. Ltd., Class A		10,218		10,225
Yunnan Baiyao Group Co. Ltd., Class A		16,322		112,880
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		9,950		90,534
Yunnan Energy New Material Co. Ltd., Class A		13,402		85,357
Yunnan Yuntianhua Co. Ltd., Class A		12,500		31,644
Zai Lab Ltd., ADR*		8,618		180,806
Zangge Mining Co. Ltd., Class A		19,313		78,509
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		4,559		141,099
Zhaojin Mining Industry Co. Ltd., Class H		136,079		141,662
Zhefu Holding Group Co. Ltd., Class A		95,375		45,005
Zhejiang Century Huatong Group Co. Ltd., Class A*		113,386		76,952
Zhejiang China Commodities City Group Co. Ltd., Class A		97,025		110,689
Zhejiang Chint Electrics Co. Ltd., Class A		16,904		48,282
Zhejiang Dahua Technology Co. Ltd., Class A		42,118		108,199
Zhejiang Dingli Machinery Co. Ltd., Class A		3,900		31,951
Zhejiang Expressway Co. Ltd., Class H		271,981		207,752
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		39,309		75,997
Zhejiang Huayou Cobalt Co. Ltd., Class A		9,548		36,706
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		17,500		89,865
Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A*		95,275		60,165
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		26,205		74,375
Zhejiang Juhua Co. Ltd., Class A		5,100		14,447

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


	Number of Shares		Value
China (Continued)
Zhejiang Leapmotor Technology Co. Ltd., 144A*		57,376	$	200,810
Zhejiang NHU Co. Ltd., Class A		33,616		83,979
Zhejiang Supor Co. Ltd., Class A		4,300		32,990
Zhejiang Weiming Environment Protection Co. Ltd., Class A		20,000		49,686
Zhejiang Weixing New Building Materials Co. Ltd., Class A		13,600		29,728
Zheshang Securities Co. Ltd., Class A		74,581		105,993
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		86,255		136,619
Zhongsheng Group Holdings Ltd.		34,989		64,179
Zhongtai Securities Co. Ltd., Class A		108,450		104,608
Zhuhai Huafa Properties Co. Ltd., Class A		80,584		80,749
Zhuzhou CRRC Times Electric Co. Ltd., Class H		33,684		98,959
Zhuzhou Kibing Group Co. Ltd., Class A		12,080		10,881
Zijin Mining Group Co. Ltd., Class A		32,536		59,199
Zijin Mining Group Co. Ltd., Class H		344,691		557,402
ZTE Corp., Class A		15,937		66,046
ZTE Corp., Class H		48,471		109,340
ZTO Express Cayman, Inc., ADR		29,398		564,148

(Cost $204,279,267)				146,384,204

Colombia — 0.1%
Bancolombia SA		29,385		246,509
Ecopetrol SA		100,132		58,397
Interconexion Electrica SA ESP		29,401		125,194

(Cost $427,288)				430,100

Czech Republic — 0.1%
CEZ AS		7,630		261,344
Komercni Banka AS		7,433		259,364

(Cost $611,530)				520,708

Egypt — 0.1%
Abou Kir Fertilizers & Chemical Industries		13,456		29,177
Commercial International Bank — Egypt (CIB)		214,569		507,605
EFG Holding S.A.E.*		173,352		105,526
Misr Fertilizers Production Co. SAE		46,335		94,544
Telecom Egypt Co.		60,174		75,169

(Cost $703,153)				812,021

Greece — 0.4%
Alpha Services and Holdings SA*		239,368		449,939
Eurobank Ergasias Services and Holdings SA*		271,227		561,041
Hellenic Telecommunications Organization SA		25,505		385,300
JUMBO SA		8,279		242,255
National Bank of Greece SA*		65,790		515,734
Piraeus Financial Holdings SA*		55,010		242,283
Star Bulk Carriers Corp.		2,179		52,013
Terna Energy SA		11,100		199,277

(Cost $2,096,794)				2,647,842


	Number of Shares		Value
Hong Kong — 0.6%
Beijing Enterprises Water Group Ltd.		333,786	$	78,450
BOC Hong Kong Holdings Ltd.		422,857		1,115,368
C&D International Investment Group Ltd.		93,668		152,428
China Jinmao Holdings Group Ltd.		1,015,981		83,056
China Medical System Holdings Ltd.		154,580		253,921
China Merchants Port Holdings Co. Ltd.		134,525		166,850
China Overseas Land & Investment Ltd.		267,782		398,143
China Resources Land Ltd.		205,388		632,262
China Ruyi Holdings Ltd.*		791,407		155,677
China State Construction International Holdings Ltd.		151,041		168,428
China Taiping Insurance Holdings Co. Ltd.		3,945		3,442
Far East Horizon Ltd.		256,300		205,923
Want Want China Holdings Ltd.		233,912		129,075
Yuexiu Property Co. Ltd.		187,059		124,964

(Cost $4,756,067)				3,667,987

Hungary — 0.3%
OTP Bank Nyrt		24,995		1,197,907
Richter Gedeon Nyrt		17,185		457,322

(Cost $1,863,141)				1,655,229

India — 17.1%
ABB India Ltd.		2,421		158,982
Adani Green Energy Ltd.*		44,005		1,005,734
Adani Ports & Special Economic Zone Ltd.		83,648		1,332,154
Adani Wilmar Ltd.*		15,530		71,482
Aditya Birla Capital Ltd.*		64,200		142,196
Alkem Laboratories Ltd.		3,743		231,459
APL Apollo Tubes Ltd.		10,187		190,130
Apollo Hospitals Enterprise Ltd.		12,126		892,322
Ashok Leyland Ltd.		27,181		55,695
Asian Paints Ltd.		28,879		982,843
Astral Ltd.		11,686		291,614
AU Small Finance Bank Ltd., 144A		44,522		305,982
Aurobindo Pharma Ltd.		33,977		421,290
Avenue Supermarts Ltd., 144A*		17,262		815,860
Axis Bank Ltd.		236,542		3,067,026
Axis Bank Ltd., GDR		5,528		360,426
Bajaj Auto Ltd.		3,971		378,792
Bajaj Finance Ltd.		18,502		1,449,378
Bajaj Finserv Ltd.		45,705		878,533
Bajaj Holdings & Investment Ltd.		3,183		351,236
Bandhan Bank Ltd., 144A		58,966		139,101
Bank of Baroda		72,820		233,128
Bank of India		57,327		90,883
Berger Paints India Ltd.		24,425		178,718
Bharat Forge Ltd.		20,395		283,113
Bharti Airtel Ltd.		272,438		3,690,992
Biocon Ltd.		60,678		202,342
Bosch Ltd.		702		242,061
Britannia Industries Ltd.		5,588		334,621
Canara Bank		15,804		107,585
CG Power & Industrial Solutions Ltd.		39,826		212,900
Cholamandalam Investment and Finance Co. Ltd.		32,624		428,554

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


	Number of Shares		Value
India (Continued)
Cipla Ltd.		64,138	$	1,145,091
Colgate-Palmolive India Ltd.		15,890		484,224
Container Corp. Of India Ltd.		22,398		264,023
Cummins India Ltd.		11,566		382,015
Dabur India Ltd.		48,874		317,206
Deepak Nitrite Ltd.		7,234		193,059
Delhivery Ltd.*		41,123		234,638
Divi’s Laboratories Ltd.		15,163		638,001
DLF Ltd.		42,880		466,054
Dr. Reddy’s Laboratories Ltd.		17,241		1,335,812
Eicher Motors Ltd.		5,810		265,736
Embassy Office Parks REIT		63,239		285,092
FSN E-Commerce Ventures Ltd.*		125,724		237,904
Gland Pharma Ltd., 144A*		8,013		170,661
Godrej Consumer Products Ltd.		44,773		679,131
Godrej Properties Ltd.*		9,782		282,909
Grasim Industries Ltd.		3,803		100,510
Gujarat Fluorochemicals Ltd.		1,588		70,895
HCL Technologies Ltd.		121,000		2,428,063
HDFC Asset Management Co. Ltd., 144A		10,625		480,914
HDFC Bank Ltd.		310,428		5,254,153
HDFC Life Insurance Co. Ltd., 144A		108,665		762,734
Hero MotoCorp Ltd.		4,711		251,498
Hindalco Industries Ltd.		41,561		252,550
Hindustan Unilever Ltd.		101,417		2,950,546
Honeywell Automation India Ltd.		271		123,971
ICICI Bank Ltd.		575,144		7,298,527
ICICI Lombard General Insurance Co. Ltd., 144A		28,391		586,113
ICICI Prudential Life Insurance Co. Ltd., 144A		40,799		262,091
IDFC First Bank Ltd.*		306,679		299,776
Indian Hotels Co. Ltd.		85,659		606,107
Indian Railway Catering & Tourism Corp. Ltd.		33,694		376,860
Indian Railway Finance Corp. Ltd., 144A		255,381		451,988
IndusInd Bank Ltd.		64,783		1,152,349
Info Edge India Ltd.		6,929		440,206
Infosys Ltd.		481,622		9,722,908
InterGlobe Aviation Ltd., 144A*		2,704		102,900
JSW Steel Ltd.		35,035		338,070
Jubilant Foodworks Ltd.		34,953		195,555
Kotak Mahindra Bank Ltd.		122,610		2,498,225
L&T Technology Services Ltd., 144A		3,334		213,212
Life Insurance Corp. Of India		22,733		280,419
Linde India Ltd.		2,410		156,478
LTIMindtree Ltd., 144A		8,739		558,686
Lupin Ltd.		28,965		566,279
Macrotech Developers Ltd., 144A		25,625		360,117
Mahindra & Mahindra Financial Services Ltd.		75,728		258,831
Mahindra & Mahindra Ltd.		34,956		814,665
Marico Ltd.		69,158		435,885
Maruti Suzuki India Ltd.		7,863		1,070,481
Max Financial Services Ltd.*		21,682		253,570
Max Healthcare Institute Ltd.		73,476		703,025
Mphasis Ltd.		7,690		242,744


	Number of Shares		Value
India (Continued)
Muthoot Finance Ltd.		11,372	$	178,810
Nestle India Ltd.		25,765		806,731
NHPC Ltd.		315,448		335,359
NMDC Ltd.		68,836		187,539
Oberoi Realty Ltd.		10,762		174,475
One 97 Communications Ltd.*		34,103		165,875
Oracle Financial Services Software Ltd.		3,853		356,553
Page Industries Ltd.		669		276,823
Patanjali Foods Ltd.		1,615		29,951
PB Fintech Ltd.*		28,156		396,416
Persistent Systems Ltd.		5,057		526,359
PI Industries Ltd.		6,107		270,504
Pidilite Industries Ltd.		11,101		366,301
Power Finance Corp. Ltd.		111,742		540,003
Power Grid Corp. of India Ltd.		309,002		1,054,090
Procter & Gamble Hygiene & Health Care Ltd.		1,398		265,438
Punjab National Bank		116,234		170,812
Rail Vikas Nigam Ltd.		27,362		80,601
REC Ltd.		98,838		526,933
Samvardhana Motherson International Ltd.		126,890		182,416
SBI Cards & Payment Services Ltd.		27,613		239,660
SBI Life Insurance Co. Ltd., 144A		29,189		546,544
Schaeffler India Ltd.		3,715		129,610
Shriram Finance Ltd.		17,624		518,329
Sona Blw Precision Forgings Ltd., 144A		31,982		265,892
SRF Ltd.		13,271		382,471
State Bank of India		189,719		1,711,713
Sun Pharmaceutical Industries Ltd.		123,531		2,350,875
Supreme Industries Ltd.		5,382		269,411
Suzlon Energy Ltd.*		641,223		349,936
Tata Communications Ltd.		13,321		308,974
Tata Consultancy Services Ltd.		136,638		6,748,331
Tata Consumer Products Ltd.		43,937		630,603
Tata Elxsi Ltd.		3,579		337,156
Tata Motors Ltd.		103,770		1,189,179
Tata Motors Ltd., Class A		15,177		115,727
Tata Steel Ltd.		160,360		272,404
Tech Mahindra Ltd.		88,492		1,359,511
Thermax Ltd.		2,380		104,402
Titan Co. Ltd.		25,819		1,128,589
Torrent Pharmaceuticals Ltd.		12,288		395,110
Trent Ltd.		18,068		845,870
Tube Investments of India Ltd.		7,695		323,762
TVS Motor Co. Ltd.*		16,595		428,143
UltraTech Cement Ltd.		4,375		521,963
Union Bank of India Ltd.		9,229		16,284
United Spirits Ltd.		21,434		301,374
UPL Ltd.		37,045		209,851
Varun Beverages Ltd.		45,691		776,154
Vedant Fashions Ltd.		3,896		48,357
Vodafone Idea Ltd.*		1,255,014		206,605
Voltas Ltd.		24,817		331,956
Wipro Ltd.		201,770		1,261,971
WNS Holdings Ltd., ADR*		4,769		275,171
Yes Bank Ltd.*		1,324,024		390,423

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


	Number of Shares		Value
India (Continued)
Zomato Ltd.*		383,944	$	766,117
Zydus Lifesciences Ltd.		22,998		261,249

(Cost $84,455,183)				103,042,255

Indonesia — 2.1%
Aneka Tambang Tbk		228,348		21,215
GoTo Gojek Tokopedia Tbk PT*		79,889,150		360,937
PT Astra International Tbk		598,214		198,897
PT Bank Central Asia Tbk		5,875,696		3,692,173
PT Bank Mandiri Persero Tbk		4,030,953		1,795,525
PT Bank Negara Indonesia Persero Tbk		1,768,884		675,361
PT Bank Rakyat Indonesia Persero Tbk		7,882,665		3,072,308
PT Barito Pacific Tbk		1,797,090		111,496
PT Chandra Asri Pacific Tbk		510,609		148,813
PT Charoen Pokphand Indonesia Tbk		191,889		59,099
PT Dayamitra Telekomunikasi		2,497,872		100,932
PT Elang Mahkota Teknologi Tbk		3,065,184		91,673
PT Indocement Tunggal Prakarsa Tbk		10,606		6,125
PT Indofood CBP Sukses Makmur Tbk		117,490		86,351
PT Indosat Tbk		215,293		156,521
PT Kalbe Farma Tbk		1,884,064		178,635
PT Merdeka Copper Gold Tbk*		286,704		41,231
PT Sarana Menara Nusantara Tbk		2,848,662		166,769
PT Sumber Alfaria Trijaya Tbk		1,359,476		237,898
PT Telkom Indonesia Persero Tbk		5,457,824		1,389,201
PT Tower Bersama Infrastructure Tbk		1,150,474		136,168
PT Unilever Indonesia Tbk		795,607		138,212

(Cost $11,021,131)				12,865,540

Ireland — 1.5%
PDD Holdings, Inc., ADR* (Cost $7,684,825)		71,920		8,956,917

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

Kuwait — 0.8%
Agility Public Warehousing Co. KSC*		149,001		291,076
Boubyan Bank KSCP		116,182		242,825
Gulf Bank KSCP		275,212		263,896
Kuwait Finance House KSCP		705,079		1,856,376
Mabanee Co KPSC		79,285		210,808
Mobile Telecommunications Co. KSCP		224,760		367,477
National Bank of Kuwait SAKP		513,113		1,634,489

(Cost $4,434,747)				4,866,947

Malaysia — 1.2%
AMMB Holdings Bhd		244,300		223,425
Axiata Group Bhd		524,352		307,175
Celcomdigi Bhd		265,300		243,189
CIMB Group Holdings Bhd		758,404		1,032,407
Gamuda Bhd		247,078		275,428
Hong Leong Bank Bhd		71,800		298,366
IHH Healthcare Bhd		291,000		377,126
Inari Amertron Bhd		207,900		138,877
Kuala Lumpur Kepong Bhd		764		3,606
Malayan Banking Bhd		543,756		1,091,981
Malaysia Airports Holdings Bhd		98,162		175,411


	Number of Shares		Value
Malaysia (Continued)
Maxis Bhd		306,800	$	240,501
MR DIY Group M Bhd, 144A		215,850		70,957
Nestle Malaysia Bhd		5,519		145,258
Petronas Chemicals Group Bhd		23,900		35,254
PPB Group Bhd		44,600		146,427
Press Metal Aluminium Holdings Bhd		119,600		117,949
Public Bank Bhd		1,366,200		1,266,733
QL Resources Bhd		41,500		50,809
RHB Bank Bhd		267,275		315,402
Sime Darby Bhd		137,300		78,408
Telekom Malaysia Bhd		310,600		395,981
TIME dotCom Bhd		155,200		179,876

(Cost $7,066,091)				7,210,546

Mexico — 2.8%
Alfa SAB de CV, Class A		234,075		174,324
America Movil SAB de CV, Series B		3,643,150		3,406,948
Arca Continental SAB de CV		54,803		589,598
Cemex SAB de CV, Series CPO*		182,187		139,097
Coca-Cola Femsa SAB de CV		61,678		601,222
El Puerto de Liverpool SAB de CV, Class C1		20,652		150,886
Fibra Uno Administracion SA de CV REIT		235,019		424,140
Fomento Economico Mexicano SAB de CV		141,408		1,763,447
Gruma SAB de CV, Class B		4,564		81,171
Grupo Aeroportuario del Pacifico SAB de CV, Class B		27,617		407,252
Grupo Aeroportuario del Sureste SAB de CV, Class B		14,708		430,980
Grupo Bimbo SAB de CV, Series A		148,839		621,816
Grupo Carso SAB de CV, Series A1		35,527		306,965
Grupo Comercial Chedraui SA de CV		41,576		318,839
Grupo Elektra SAB DE CV		5,463		380,510
Grupo Financiero Banorte SAB de CV, Class O		319,945		3,303,589
Grupo Financiero Inbursa SAB de CV, Class O*		124,814		378,176
Grupo Mexico SAB de CV, Series B		205,843		997,946
Industrias Penoles SAB de CV*		6,169		77,203
Kimberly-Clark de Mexico SAB de CV, Class A		151,145		335,474
Orbia Advance Corp. SAB de CV		3,167		5,849
Wal-Mart de Mexico SAB de CV		564,925		2,259,170

(Cost $15,203,670)				17,154,602

Philippines — 0.6%
Ayala Land, Inc.		500,200		311,429
Bank of the Philippine Islands		236,124		525,467
BDO Unibank, Inc.		228,218		621,140
International Container Terminal Services, Inc.		71,210		366,089
JG Summit Holdings, Inc.		158,540		115,630
Jollibee Foods Corp.		37,050		180,455
Metropolitan Bank & Trust Co.		124,550		137,367
PLDT, Inc.		11,225		262,180
SM Investments Corp.		34,770		581,407

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


	Number of Shares		Value
Philippines (Continued)
SM Prime Holdings, Inc.		892,700	$	501,811
Universal Robina Corp.		35,650		74,198

(Cost $3,520,881)				3,677,173

Qatar — 0.8%
Commercial Bank PSQC		245,610		341,061
Dukhan Bank		186,833		213,465
Industries Qatar QSC		109,827		389,115
Masraf Al Rayan QSC		560,429		389,422
Mesaieed Petrochemical Holding Co.		118,348		61,433
Ooredoo QPSC		66,253		206,893
Qatar International Islamic Bank QSC		120,205		376,693
Qatar Islamic Bank SAQ		119,442		661,015
Qatar National Bank QPSC		496,898		2,078,483

(Cost $4,959,217)				4,717,580

Russia — 0.0%
Alrosa PJSC* (b)		246,725		0
MMC Norilsk Nickel PJSC* (b)		5,593		0
Mobile TeleSystems PJSC, ADR* (b)		25,457		0
Mobile TeleSystems PJSC* (b)		32,151		0
Novolipetsk Steel PJSC* (b)		121,611		0
PIK Group PJSC* (b)		21,692		0
Polyus PJSC* (b)		2,793		0
Sberbank of Russia PJSC* (b)		989,954		0
United Co. RUSAL International PJSC* (b)		255,320		0
Yandex NV, Class A* (b)		28,401		0

(Cost $9,710,782)				0

Saudi Arabia — 3.3%
Advanced Petrochemical Co.		6,290		64,153
Al Rajhi Bank		220,358		5,229,411
Alinma Bank		92,928		1,089,029
Almarai Co. JSC		22,998		360,580
Arab National Bank		64,447		478,588
Arabian Internet & Communications Services Co.		2,958		289,309
Bank AlBilad		48,678		641,200
Banque Saudi Fransi		56,068		569,605
Bupa Arabia for Cooperative Insurance Co.		6,649		407,063
Co. for Cooperative Insurance		5,415		233,909
Dr Sulaiman Al Habib Medical Services Group Co.		6,511		571,880
Etihad Etisalat Co.		37,740		556,495
Jarir Marketing Co.		61,209		254,283
Mouwasat Medical Services Co.		8,485		279,191
Nahdi Medical Co.		4,970		188,182
Riyad Bank		104,711		868,334
Sahara International Petrochemical Co.		18,411		150,467
Saudi Awwal Bank		70,997		780,904
Saudi Basic Industries Corp.		85,124		1,788,596
Saudi Industrial Investment Group		8,980		49,566
Saudi Kayan Petrochemical Co.*		33,469		86,120
Saudi National Bank		201,384		2,274,115
Saudi Telecom Co.		206,850		2,341,355
Savola Group		9,112		128,773


	Number of Shares		Value
Saudi Arabia (Continued)
Yanbu National Petrochemical Co.		26,531	$	264,935

(Cost $17,334,817)				19,946,043

Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $182,850)		23,259		171,424

South Africa — 2.8%
Absa Group Ltd.		96,329		821,298
Anglo American Platinum Ltd.		3,084		118,466
Aspen Pharmacare Holdings Ltd.		43,304		442,414
Bid Corp. Ltd.		37,764		883,284
Bidvest Group Ltd.		24,993		304,417
Capitec Bank Holdings Ltd.		10,803		1,136,273
Clicks Group Ltd.		29,386		459,683
Discovery Ltd.		63,578		450,394
FirstRand Ltd.		534,980		1,806,529
Gold Fields Ltd.		100,651		1,321,114
Impala Platinum Holdings Ltd.		38,867		131,247
Investec Ltd.		26,802		168,521
MTN Group Ltd.		190,672		829,927
MultiChoice Group*		45,235		246,197
Naspers Ltd., Class N		20,436		3,361,097
Nedbank Group Ltd.		38,427		439,060
Northam Platinum Holdings Ltd.		12,828		73,342
OUTsurance Group Ltd.		105,074		228,072
Pepkor Holdings Ltd., 144A		133,762		130,180
Sanlam Ltd.		181,903		697,411
Shoprite Holdings Ltd.		30,923		416,234
Sibanye Stillwater Ltd.		107,500		111,346
Standard Bank Group Ltd.		142,357		1,497,647
Vodacom Group Ltd.		76,746		376,134
Woolworths Holdings Ltd.		94,632		316,546

(Cost $19,360,155)				16,766,833

South Korea — 10.7%
Alteogen, Inc.*		2,944		355,066
Amorepacific Corp.		1,963		176,310
AMOREPACIFIC Group		2,089		41,808
Celltrion Pharm, Inc.*		2,185		181,974
Celltrion, Inc.		17,241		2,326,680
Cheil Worldwide, Inc.		5,809		80,705
Chunbo Co. Ltd.*		1,142		77,443
CJ CheilJedang Corp.		224		50,381
CJ Corp.*		914		66,511
CJ ENM Co. Ltd.*		1,942		115,797
CJ Logistics Corp.*		353		32,978
CosmoAM&T Co. Ltd.*		2,173		289,004
Coway Co. Ltd.		3,728		151,740
Daewoo Engineering & Construction Co. Ltd.*		8,982		26,846
DB Insurance Co. Ltd.*		1,161		86,142
DL E&C Co. Ltd.		604		16,783
Dongsuh Cos., Inc.		2,907		38,182
Doosan Co. Ltd.*		772		52,758
Doosan Enerbility Co. Ltd.*		19,898		242,673
Doosan Fuel Cell Co. Ltd.*		3,835		57,168
Ecopro BM Co. Ltd.*		2,942		588,798

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


	Number of Shares		Value
South Korea (Continued)
Ecopro Co. Ltd.*		1,486	$	689,658
E-MART, Inc.*		703		39,067
F&F Co. Ltd. / New		1,113		60,515
Fila Holdings Corp.		5,130		147,936
Green Cross Corp.		365		32,317
GS Engineering & Construction Corp.*		3,654		43,768
Hana Financial Group, Inc.		32,738		1,391,537
Hanjin Kal Corp.		2,399		113,861
Hankook Tire & Technology Co. Ltd.		47		1,913
Hanmi Pharm. Co. Ltd.		838		210,192
Hanmi Science Co. Ltd.		3,234		100,061
Hanmi Semiconductor Co. Ltd.*		5,017		319,497
Hanon Systems		16,452		76,231
Hansol Chemical Co. Ltd.*		821		104,999
Hanssem Co. Ltd.		1,144		41,581
Hanwha Solutions Corp.		11,051		230,298
HD Hyundai Infracore Co. Ltd.*		4,330		26,176
HLB, Inc.*		9,572		585,850
HMM Co. Ltd.*		5,919		81,211
Hugel, Inc.*		997		137,690
HYBE Co. Ltd.		1,696		253,585
Hyosung Advanced Materials Corp.		152		38,068
Hyundai Autoever Corp.*		683		76,578
Hyundai Department Store Co. Ltd.		1,154		45,411
Hyundai Engineering & Construction Co. Ltd.*		2,320		60,457
Hyundai Glovis Co. Ltd.*		751		107,439
Hyundai Mobis Co. Ltd.		2,968		540,508
Hyundai Motor Co.		8,397		1,579,640
Industrial Bank of Korea*		34,699		364,814
JYP Entertainment Corp.*		3,279		181,483
Kakao Corp.		34,924		1,397,904
Kakao Games Corp.*		6,025		106,103
KakaoBank Corp.		16,285		347,934
Kakaopay Corp.*		4,568		151,112
KB Financial Group, Inc.		41,741		1,990,503
KCC Corp.		109		21,733
KEPCO Engineering & Construction Co., Inc.*		2,410		128,319
KEPCO Plant Service & Engineering Co. Ltd.*		2,035		56,850
Kia Corp.*		9,226		862,599
KIWOOM Securities Co. Ltd.*		1,892		178,600
Korea Investment Holdings Co. Ltd.*		4,440		236,738
Korea Zinc Co. Ltd.		242		81,327
Korean Air Lines Co. Ltd.		3,240		55,963
Krafton, Inc.*		2,163		368,730
KT Corp.		9,202		270,200
KT&G Corp.		11,946		834,318
Kum Yang Co. Ltd.*		2,926		212,045
Kumho Petrochemical Co. Ltd.*		26		2,888
L&F Co. Ltd.*		1,761		224,423
LEENO Industrial, Inc.		1,068		166,825
LG Chem Ltd.		3,236		1,100,862
LG Corp.		4,126		290,332
LG Display Co. Ltd.		11,173		95,486
LG Electronics, Inc.		4,971		354,271


	Number of Shares		Value
South Korea (Continued)
LG Energy Solution Ltd.*		3,709	$	1,118,326
LG H&H Co. Ltd.		545		130,561
LG Innotek Co. Ltd.		1,697		257,430
LG Uplus Corp.		26,651		206,547
Lotte Energy Materials Corp.		2,949		77,069
Lotte Shopping Co. Ltd.		1,388		80,887
Meritz Financial Group, Inc.		10,245		639,351
Mirae Asset Securities Co. Ltd.*		40,470		274,136
NAVER Corp.		15,394		2,254,303
NCSoft Corp.		1,310		190,853
Netmarble Corp., 144A*		2,673		123,854
NH Investment & Securities Co. Ltd.*		23,989		211,498
OCI Holdings Co. Ltd.		342		24,142
Orion Corp.		941		65,650
Pan Ocean Co. Ltd.		4,830		17,646
Pearl Abyss Corp.*		4,559		103,909
Posco DX Co. Ltd.*		4,223		171,571
POSCO Future M Co. Ltd.*		1,803		429,221
S-1 Corp.		1,147		50,046
Samsung Biologics Co. Ltd., 144A*		2,048		1,190,412
Samsung C&T Corp.		5,471		643,816
Samsung Card Co. Ltd.*		5,334		150,414
Samsung Electro-Mechanics Co. Ltd.		6,502		683,599
Samsung Electronics Co. Ltd.		322,732		17,789,523
Samsung Engineering Co. Ltd.*		13,710		253,279
Samsung Fire & Marine Insurance Co. Ltd.*		1,518		339,715
Samsung Life Insurance Co. Ltd.		5,001		363,921
Samsung SDI Co. Ltd.		5,888		1,666,999
Samsung SDS Co. Ltd.		4,183		502,613
Samsung Securities Co. Ltd.		9,531		297,396
SD Biosensor, Inc.*		4,740		44,673
Shinhan Financial Group Co. Ltd.		49,140		1,607,125
Shinsegae, Inc.		834		109,480
SK Biopharmaceuticals Co. Ltd.*		3,771		274,414
SK Bioscience Co. Ltd.*		4,118		189,881
SK Chemicals Co. Ltd.		193		9,841
SK Hynix, Inc.		59,900		7,026,419
SK IE Technology Co. Ltd., 144A*		4,133		227,507
SK Innovation Co. Ltd.*		1,494		131,381
SK Networks Co. Ltd.*		3,361		16,532
SK Square Co. Ltd.*		12,014		630,654
SK Telecom Co. Ltd.		12,735		504,006
SKC Co. Ltd.*		872		54,222
Soulbrain Co. Ltd.		184		37,585
SSANGYONG C&E Co. Ltd.		5,733		30,051
Studio Dragon Corp.*		2,907		98,676
Wemade Co. Ltd.*		2,555		89,318
Woori Financial Group, Inc.		71,929		804,853
Yuhan Corp.		7,044		356,538

(Cost $63,556,881)				64,825,996

Taiwan — 19.8%
Accton Technology Corp.		47,944		787,198
Acer, Inc.		86,239		123,181
Advantech Co. Ltd.		51,906		640,420
Airtac International Group		9,970		381,648

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


	Number of Shares		Value
Taiwan (Continued)
Alchip Technologies Ltd.		7,040	$	922,052
ASE Technology Holding Co. Ltd.		389,603		1,713,245
Asia Cement Corp.		820		1,049
Asia Vital Components Co. Ltd.		17,925		301,685
ASMedia Technology, Inc.		3,720		277,151
ASPEED Technology, Inc.		3,504		303,182
Asustek Computer, Inc.		78,591		1,131,271
AUO Corp.*		667,479		369,537
Catcher Technology Co. Ltd.		28,875		179,958
Cathay Financial Holding Co. Ltd.*		1,491,331		2,125,452
Chailease Holding Co. Ltd.		180,017		993,782
Chang Hwa Commercial Bank Ltd.		710,559		400,131
Chicony Electronics Co. Ltd.		40,100		237,864
China Airlines Ltd.		173		109
China Development Financial Holding Corp.*		1,921,976		763,087
China Steel Corp.		578,465		450,189
Chroma ATE, Inc.		33,772		248,940
Chunghwa Telecom Co. Ltd.		437,374		1,667,333
Compal Electronics, Inc.		497		574
CTBC Financial Holding Co. Ltd.		1,944,304		1,808,397
Delta Electronics, Inc.		215,498		2,007,756
E Ink Holdings, Inc.		85,975		669,098
E.Sun Financial Holding Co. Ltd.		1,706,640		1,363,282
Eclat Textile Co. Ltd.		27,588		471,299
Elite Material Co. Ltd.		28,125		440,433
eMemory Technology, Inc.		6,705		574,845
Eva Airways Corp.		54,441		54,166
Evergreen Marine Corp. Taiwan Ltd.		16,299		85,338
Far Eastern New Century Corp.		133,773		137,965
Far EasTone Telecommunications Co. Ltd.		193,147		480,889
Feng TAY Enterprise Co. Ltd.		70,164		367,362
First Financial Holding Co. Ltd.		1,161,892		996,133
Formosa Chemicals & Fibre Corp.		200,697		363,178
Formosa Plastics Corp.		318,404		722,238
Formosa Sumco Technology Corp.		6,343		31,404
Foxconn Technology Co. Ltd.		79,473		124,956
Fubon Financial Holding Co. Ltd.		913,150		1,964,416
Giant Manufacturing Co. Ltd.		32,633		210,605
Global Unichip Corp.		8,197		412,320
Globalwafers Co. Ltd.		17,593		310,568
Gold Circuit Electronics Ltd.		14,525		118,095
Highwealth Construction Corp.		178,903		224,694
Hiwin Technologies Corp.		736		5,588
Hon Hai Precision Industry Co. Ltd.		1,208,545		3,938,061
Hotai Motor Co. Ltd.		23,676		502,589
Hua Nan Financial Holdings Co. Ltd.		904,759		629,706
Innolux Corp.*		657,503		315,132
Inventec Corp.		374,268		651,220
Largan Precision Co. Ltd.		6,513		533,658
Lite-On Technology Corp.		167,498		580,238
Lotes Co. Ltd.		9,541		309,386
Macronix International Co. Ltd.		22,773		20,497
MediaTek, Inc.		100,984		3,641,999
Mega Financial Holding Co. Ltd.		1,273,497		1,559,162
Merida Industry Co. Ltd.		22,410		147,819


	Number of Shares		Value
Taiwan (Continued)
Micro-Star International Co. Ltd.		63,911	$	386,181
momo.com, Inc.		7,632		107,323
Nan Ya Plastics Corp.		333,461		629,799
Nan Ya Printed Circuit Board Corp.		16,787		112,322
Nanya Technology Corp.		137,242		292,203
Nien Made Enterprise Co. Ltd.		10,675		124,786
Novatek Microelectronics Corp.		63,738		1,211,868
Oneness Biotech Co. Ltd.		44,511		248,539
Pegatron Corp.		124,483		336,712
PharmaEssentia Corp.*		29,251		303,989
Phison Electronics Corp.		11,915		236,721
Polaris Group*		31,094		69,449
Pou Chen Corp.		170,141		164,169
Powerchip Semiconductor Manufacturing Corp.		187,338		163,575
Powertech Technology, Inc.		81,138		400,434
Quanta Computer, Inc.		241,363		1,771,500
Realtek Semiconductor Corp.		31,352		564,365
Ruentex Development Co. Ltd.*		136,207		156,634
Ruentex Industries Ltd.*		82,352		154,233
Shanghai Commercial & Savings Bank Ltd.		440,966		627,769
Shin Kong Financial Holding Co. Ltd.*		1,590,655		417,170
Sino-American Silicon Products, Inc.		29,278		171,818
SinoPac Financial Holdings Co. Ltd.		1,052,997		669,585
Synnex Technology International Corp.		47,104		115,936
TA Chen Stainless Pipe		93		106
Taishin Financial Holding Co. Ltd.		1,541,226		848,395
Taiwan Business Bank		750,180		332,258
Taiwan Cement Corp.		159,726		162,205
Taiwan Cooperative Financial Holding Co. Ltd.		798,115		655,217
Taiwan Fertilizer Co. Ltd.		850		1,791
Taiwan High Speed Rail Corp.		320,405		306,118
Taiwan Mobile Co. Ltd.		268,149		839,835
Taiwan Semiconductor Manufacturing Co. Ltd.		2,655,330		57,962,881
Tatung Co. Ltd.*		142,114		233,339
Teco Electric and Machinery Co. Ltd.		4,051		6,305
Tripod Technology Corp.		12,276		80,780
Unimicron Technology Corp.		110,771		629,032
Uni-President Enterprises Corp.		270,713		656,881
United Microelectronics Corp.		1,293,049		1,998,306
Vanguard International Semiconductor Corp.		106,575		243,430
VisEra Technologies Co. Ltd.		15,424		149,802
Voltronic Power Technology Corp.		4,613		234,229
Walsin Lihwa Corp.		624		730
Walsin Technology Corp.		21,383		75,765
Wan Hai Lines Ltd.		1,039		1,657
Win Semiconductors Corp.		53,164		255,649
Winbond Electronics Corp.		121,943		107,825
Wistron Corp.		225,687		824,652
Wiwynn Corp.		6,837		503,969
WPG Holdings Ltd.		25,122		73,754
WT Microelectronics Co. Ltd.		36,700		199,119
Yageo Corp.		28,079		495,676

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


	Number of Shares		Value
Taiwan (Continued)
Yang Ming Marine Transport Corp.		2,038	$	3,214
Yuanta Financial Holding Co. Ltd.		1,309,494		1,137,177
Yulon Finance Corp.		45,403		237,720
Yulon Motor Co. Ltd.		25,497		57,028
Zhen Ding Technology Holding Ltd.		48,125		153,010

(Cost $106,436,568)				119,698,465

Thailand — 1.8%
Advanced Info Service PCL, NVDR		134,400		753,225
Airports of Thailand PCL, NVDR		370,300		655,627
Asset World Corp. PCL		381,900		41,102
Asset World Corp. PCL, NVDR (a)		1,344,300		144,681
Bangkok Bank PCL		67,900		268,836
Bangkok Bank PCL, NVDR (a)		59,700		238,034
Bangkok Dusit Medical Services PCL, NVDR		625,900		497,369
Bangkok Expressway & Metro PCL		526,600		118,197
Bangkok Expressway & Metro PCL, NVDR		866,600		194,511
Bangkok Life Assurance PCL, NVDR		53,300		26,602
Berli Jucker PCL, NVDR (a)		73,300		49,459
BTS Group Holdings PCL, NVDR		1,035,100		148,634
Bumrungrad Hospital PCL, NVDR		74,600		465,925
Carabao Group PCL, NVDR		43,400		84,101
Central Pattana PCL, NVDR		193,700		349,702
Central Retail Corp. PCL		88,500		85,749
Central Retail Corp. PCL, NVDR		217,300		210,544
Charoen Pokphand Foods PCL, NVDR		370,300		195,139
Com7 PCL, Class F		106,300		59,574
Com7 PCL, NVDR		118,700		68,509
CP ALL PCL, NVDR		586,200		939,816
CP Axtra PCL		19,600		18,171
CP Axtra PCL, NVDR		195,500		181,246
Delta Electronics Thailand PCL, NVDR*		47,700		94,762
Energy Absolute PCL, NVDR		282,100		277,263
Home Product Center PCL, NVDR		641,800		200,423
Indorama Ventures PCL, NVDR		29,700		19,295
Intouch Holdings PCL, Class F		3,400		6,423
Intouch Holdings PCL, NVDR		151,700		286,566
JMT Network Services PCL		93,500		58,397
JMT Network Services PCL, NVDR		144,800		90,437
Kasikornbank PCL, NVDR		151,300		518,887
KCE Electronics PCL, NVDR		58,700		61,785
Krung Thai Bank PCL, NVDR		384,600		172,649
Krungthai Card PCL		72,400		86,299
Krungthai Card PCL, NVDR		118,000		140,652
Land & Houses PCL, NVDR		849,900		180,099
Minor International PCL, NVDR		371,083		328,506
Muangthai Capital PCL		600		765
Muangthai Capital PCL, NVDR		152,500		194,532
Ngern Tid Lor PCL		80,400		50,439
Ngern Tid Lor PCL, NVDR		232,200		145,671
Osotspa PCL, NVDR (a)		130,400		73,808
PTT Global Chemical PCL, NVDR		148,900		157,764
Siam Global House PCL, NVDR		140,009		66,364
Srisawad Corp. PCL, NVDR		187,700		198,874
Thai Beverage PCL		551,200		207,018


	Number of Shares		Value
Thailand (Continued)
Thai Life Insurance PCL		182,600	$	45,822
Thai Life Insurance PCL, NVDR		218,200		54,755
Tisco Financial Group PCL, NVDR (a)		92,800		260,042
TMBThanachart Bank PCL, NVDR		4,453,777		228,494
TOA Paint Thailand PCL		58,500		32,622
True Corp. PCL*		299,400		58,853
True Corp. PCL, NVDR*		1,699,369		334,046
WHA Corp. PCL, NVDR		1,655,400		212,320

(Cost $12,191,009)				10,639,385

Turkey — 0.8%
Akbank TAS		222,412		296,219
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS		12,616		49,018
Aydem Yenilenebilir Enerji AS*		96,331		89,482
Bera Holding AS		80,219		51,955
BIM Birlesik Magazalar AS		41,539		516,581
Borusan Yatirim ve Pazarlama AS		1,247		172,652
Bosch Fren Sistemleri Sanayi ve Ticaret AS		3,149		129,622
Celebi Hava Servisi AS		2,151		93,840
Deva Holding AS		21,533		53,626
Dogus Otomotiv Servis Ve Ticaret AS		11,259		96,380
Eczacibasi Yatirim Holding Ortakligi AS		4,088		34,995
Ege Endustri Ve Ticaret AS		106		58,959
Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS		50,671		87,157
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		318,750		113,330
Girisim Elektrik Taahhut Ticaret VE Sanayi AS*		13,268		32,937
Haci Omer Sabanci Holding AS		21,539		54,848
Hektas Ticaret TAS*		177,054		108,320
Investco Holding AS*		6,851		82,950
Is Gayrimenkul Yatirim Ortakligi AS REIT*		167,626		92,941
Is Yatirim Menkul Degerler AS		100,608		119,816
Kiler Holding AS*		82,995		164,822
Koza Altin Isletmeleri AS		168,095		123,299
Logo Yazilim Sanayi Ve Ticaret AS		28,254		97,197
Mavi Giyim Sanayi Ve Ticaret AS, Class B, 144A		13,814		62,787
MLP Saglik Hizmetleri AS, 144A*		17,625		96,537
Pegasus Hava Tasimaciligi AS*		684		18,787
Penta Teknoloji Urunleri Dagitim Ticaret AS*		55,037		36,562
Sarkuysan Elektrolitik Bakir Sanayi Ve Ticaret AS		46,222		50,279
Sasa Polyester Sanayi AS*		149,476		189,408
Selcuk Ecza Deposu Ticaret Ve Sanayi AS		15,152		29,193
Smart Gunes Enerjisi Teknolojileri ArGe Uretim Sanayi VE Ticaret AS*		16,991		35,403
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT		66,908		80,196
Turk Hava Yollari AO*		22,101		199,456
Turk Telekomunikasyon AS*		95,380		98,069

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


	Number of Shares		Value
Turkey (Continued)
Turkcell Iletisim Hizmetleri AS		150,757	$	323,295
Turkiye Is Bankasi AS, Class C		677,210		240,778
Turkiye Sigorta AS		51,437		82,709
Turkiye Sinai Kalkinma Bankasi AS*		174,967		46,404
Verusa Holding AS		11,525		98,565
Ziraat Gayrimenkul Yatirim Ortakligi AS		417,878		93,026

(Cost $3,449,656)				4,502,400

United Arab Emirates — 2.1%
Abu Dhabi Commercial Bank PJSC		337,606		787,738
Abu Dhabi Islamic Bank PJSC		136,904		418,961
Aldar Properties PJSC		275,268		414,450
Alpha Dhabi Holding PJSC*		136,125		597,439
Borouge PLC		234,180		151,746
Dubai Islamic Bank PJSC		207,384		363,624
Emaar Properties PJSC		435,638		963,103
Emirates NBD Bank PJSC		272,986		1,360,136
Emirates Telecommunications Group Co. PJSC		403,505		1,988,467
First Abu Dhabi Bank PJSC		501,009		1,860,590
International Holding Co. PJSC*		32,236		3,510,686
Multiply Group PJSC*		414,673		256,285

(Cost $10,531,808)				12,673,225

United States — 0.2%
BeiGene Ltd., ADR*		4,313		714,448
BeiGene Ltd., Class A*		2,911		53,338
Parade Technologies Ltd.		7,858		252,325

(Cost $1,244,874)				1,020,111

TOTAL COMMON STOCKS (Cost $619,406,733)				593,080,585

PREFERRED STOCKS — 1.8%
Brazil — 1.1%
Banco Bradesco SA		589,163		1,630,421
Centrais Eletricas Brasileiras SA, Class B		30,819		297,171
Cia Energetica de Minas Gerais		128,823		310,348
Companhia Paranaense de Energia		107,621		221,365
Itau Unibanco Holding SA		544,258		3,717,734
Itausa SA		383,928		795,882

(Cost $6,025,722)				6,972,921

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $495,960)		9,835		488,183

Colombia — 0.1%
Bancolombia SA (Cost $477,212)		63,384		517,842

Russia — 0.0%
Sberbank of Russia PJSC (b) (Cost $275,893)		71,636		0

South Korea — 0.5%
Doosan Co. Ltd.*		1,109		42,225
Hyundai Motor Co.		281		33,658
Hyundai Motor Co. — 2nd Preferred		1,153		139,146


	Number of Shares		Value
South Korea (Continued)
LG Chem Ltd.		558	$	125,713
Samsung Electronics Co. Ltd.		54,327		2,594,771
Samsung SDI Co. Ltd.		523		90,139

(Cost $3,096,837)				3,025,652

TOTAL PREFERRED STOCKS (Cost $10,371,624)				11,004,598

RIGHTS — 0.0%
Brazil — 0.0%
Magazine Luiza SA* , expires 3/15/24 (Cost $0)		25,893		938

South Korea — 0.0%
LG Display Co. Ltd.* , expires 3/14/24 (Cost $0)		8,821		8,678

TOTAL RIGHTS (Cost $0)				9,616

WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		400		0
BTS Group Holdings PCL*, expires 11/20/26		800		2

(Cost $0)				2

TOTAL WARRANTS (Cost $0)				2

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $1,498,996)		1,498,996		1,498,996


TOTAL INVESTMENTS — 100.2%
(Cost $631,277,353)			$	605,593,797
Other assets and liabilities, net — (0.2%)				(1,418,035	)

NET ASSETS — 100.0%			$	604,175,762

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

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

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

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

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

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


	Number of Shares		Value
COMMON STOCKS — 99.5%
Australia — 5.8%
ANZ Group Holdings Ltd.		17,870	$	331,046
APA Group (a)		7,750		39,614
Aristocrat Leisure Ltd.		3,462		105,117
ASX Ltd.		1,113		47,666
Aurizon Holdings Ltd.		10,499		26,047
BlueScope Steel Ltd.		2,699		40,140
Brambles Ltd.		8,110		79,582
Cochlear Ltd.		383		87,329
Coles Group Ltd.		7,916		87,111
Computershare Ltd.		3,284		55,427
Dexus REIT		6,382		30,586
EBOS Group Ltd.		886		19,945
Endeavour Group Ltd.		8,514		30,491
Fortescue Ltd.		10,286		173,672
Goodman Group REIT		10,054		195,745
GPT Group REIT		10,588		29,991
IDP Education Ltd. (b)		1,511		18,782
Macquarie Group Ltd.		2,185		277,169
Mineral Resources Ltd.		1,010		43,859
Mirvac Group REIT		22,038		31,283
Northern Star Resources Ltd.		6,752		56,716
Orica Ltd.		2,597		28,934
Pilbara Minerals Ltd.		15,703		42,945
QBE Insurance Group Ltd.		8,724		98,218
Ramsay Health Care Ltd.		1,048		37,471
REA Group Ltd.		315		39,814
Scentre Group REIT		31,173		63,128
SEEK Ltd.		2,050		35,013
Sonic Healthcare Ltd.		2,604		50,614
Stockland REIT		14,536		42,498
Suncorp Group Ltd.		7,418		73,903
Telstra Group Ltd.		23,681		58,904
Transurban Group (a)		17,961		158,354
Vicinity Ltd. REIT		21,528		27,195
Woodside Energy Group Ltd.		11,078		219,000

(Cost $2,617,903)				2,783,309

Austria — 0.1%
OMV AG		865		38,135
Verbund AG		408		29,582

(Cost $80,146)				67,717

Belgium — 0.3%
KBC Group NV		1,456		102,257
Umicore SA		1,232		25,718

(Cost $150,659)				127,975

Chile — 0.1%
Antofagasta PLC (Cost $43,973)		2,234		51,361

Denmark — 6.6%
A.P. Moller — Maersk A/S, Class A		20		27,147
A.P. Moller — Maersk A/S, Class B		23		32,542
Coloplast A/S, Class B		741		98,494
DSV A/S		1,034		166,021
Genmab A/S*		382		107,031


	Number of Shares		Value
Denmark (Continued)
Novo Nordisk A/S, Class B		19,216	$	2,286,683
Novozymes A/S, Class B		2,197		124,006
Orsted AS, 144A		1,108		62,202
Pandora A/S		510		82,405
ROCKWOOL A/S, Class B		55		17,606
Vestas Wind Systems A/S*		5,889		164,095

(Cost $1,913,125)				3,168,232

Finland — 1.0%
Elisa OYJ		882		39,763
Kesko OYJ, Class B		1,625		31,064
Metso Corp.		3,812		40,723
Neste OYJ		2,469		67,784
Nokia OYJ		31,428		110,855
Stora Enso OYJ, Class R		3,313		41,875
UPM-Kymmene OYJ		3,094		103,559
Wartsila OYJ Abp		2,797		43,268

(Cost $553,762)				478,891

France — 13.5%
Aeroports de Paris SA		205		27,885
AXA SA		10,643		378,690
BNP Paribas SA		6,065		363,472
Bouygues SA		1,150		45,510
Carrefour SA		3,453		58,030
Cie Generale des Etablissements Michelin SCA		3,945		145,960
Credit Agricole SA		6,405		86,778
Danone SA		3,796		242,445
Dassault Systemes SE		3,894		181,977
Eiffage SA		402		43,785
Gecina SA REIT		265		25,609
Getlink SE		2,053		35,080
Hermes International SCA		187		468,064
Kering SA		433		199,166
Klepierre SA REIT		1,291		32,803
L’Oreal SA		1,416		676,828
LVMH Moet Hennessy Louis Vuitton SE		1,626		1,482,971
Orange SA		11,056		126,893
Schneider Electric SE		3,201		726,740
Societe Generale SA		4,242		102,965
STMicroelectronics NV		3,996		180,430
Teleperformance SE		343		42,518
TotalEnergies SE		12,781		815,889
Worldline SA, 144A*		1,382		15,890

(Cost $5,646,520)				6,506,378

Germany — 4.6%
adidas AG		948		191,962
Bayerische Motoren Werke AG		1,902		224,802
Beiersdorf AG		577		82,764
Brenntag SE		784		71,589
Commerzbank AG		6,213		71,907
Covestro AG, 144A*		1,135		61,781
Deutsche Boerse AG		1,131		236,949
Deutsche Lufthansa AG*		3,510		27,303
Deutsche Post AG		5,875		272,806
Evonik Industries AG		1,448		26,732


	Number of Shares		Value
Germany (Continued)
GEA Group AG		992	$	40,009
Heidelberg Materials AG		764		74,161
Henkel AG & Co. KGaA		605		40,853
Knorr-Bremse AG		414		28,977
LEG Immobilien SE*		430		31,651
Merck KGaA		753		128,585
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		809		376,798
Puma SE		621		28,541
Symrise AG		775		79,304
Vonovia SE		4,285		119,635
Zalando SE, 144A*		1,311		27,693

(Cost $2,024,706)				2,244,802

Hong Kong — 2.1%
AIA Group Ltd.		66,888		543,388
BOC Hong Kong Holdings Ltd.		21,542		56,821
CK Infrastructure Holdings Ltd.		3,709		21,817
Hang Seng Bank Ltd.		4,420		50,473
HKT Trust & HKT Ltd. (a)		20,672		25,217
Hong Kong & China Gas Co. Ltd.		65,542		50,734
MTR Corp. Ltd.		9,231		30,657
Prudential PLC		16,053		157,901
Sino Land Co. Ltd.		24,034		25,941
Swire Pacific Ltd., Class A		2,763		22,905
Swire Properties Ltd.		5,685		11,735
WH Group Ltd., 144A		47,870		28,861

(Cost $1,321,538)				1,026,450

Ireland — 1.5%
CRH PLC		4,085		339,700
DCC PLC		557		39,569
James Hardie Industries PLC CDI*		2,595		102,651
Kerry Group PLC, Class A		931		81,747
Kingspan Group PLC		899		81,214
Smurfit Kappa Group PLC		1,497		63,876

(Cost $510,564)				708,757

Israel — 0.2%
Bank Leumi Le-Israel BM (Cost $71,190)		8,902		74,574

Italy — 1.7%
Assicurazioni Generali SpA		5,922		140,474
Enel SpA		48,103		306,238
FinecoBank Banca Fineco SpA		3,550		49,096
Mediobanca Banca di Credito Finanziario SpA		3,175		43,274
Moncler SpA		1,225		88,367
Nexi SpA, 144A*		3,404		24,953
Poste Italiane SpA, 144A		2,639		30,957
Prysmian SpA		1,481		73,803
Terna — Rete Elettrica Nazionale		8,256		64,719

(Cost $789,563)				821,881

Japan — 26.2%
Advantest Corp.		4,500		207,757
Aeon Co. Ltd.		3,800		90,766
Ajinomoto Co., Inc.		2,700		99,272


	Number of Shares		Value
Japan (Continued)
ANA Holdings, Inc.*		800	$	17,446
Asahi Kasei Corp.		7,200		50,102
Astellas Pharma, Inc.		10,400		114,756
Azbil Corp.		600		17,603
Bandai Namco Holdings, Inc.		3,500		67,652
Bridgestone Corp.		3,300		142,125
Brother Industries Ltd.		1,500		25,150
Dai Nippon Printing Co. Ltd.		1,165		33,992
Daifuku Co. Ltd.		1,848		43,783
Daiichi Sankyo Co. Ltd.		11,000		365,564
Daikin Industries Ltd.		1,571		222,262
Daiwa House Industry Co. Ltd.		3,400		98,363
Daiwa Securities Group, Inc.		7,900		58,167
Denso Corp.		11,100		204,245
Eisai Co. Ltd.		1,508		63,012
FANUC Corp.		5,625		164,312
Fast Retailing Co. Ltd.		1,042		301,175
Fuji Electric Co. Ltd.		700		42,560
FUJIFILM Holdings Corp.		2,250		143,160
Fujitsu Ltd.		1,051		164,212
Hankyu Hanshin Holdings, Inc.		1,300		37,497
Hirose Electric Co. Ltd.		221		23,500
Hitachi Construction Machinery Co. Ltd.		600		17,334
Hitachi Ltd.		5,500		465,407
Hoya Corp.		2,099		273,261
Hulic Co. Ltd.		2,300		22,943
Ibiden Co. Ltd.		700		32,276
Inpex Corp.		5,700		76,587
Isuzu Motors Ltd.		3,300		47,007
ITOCHU Corp.		7,000		304,750
JFE Holdings, Inc.		3,400		55,769
JSR Corp.		1,100		29,560
Kao Corp.		2,784		105,951
KDDI Corp.		8,902		270,861
Kikkoman Corp.		800		52,387
Koito Manufacturing Co. Ltd.		1,200		15,189
Komatsu Ltd.		5,500		159,705
Kubota Corp.		6,000		87,954
Kyowa Kirin Co. Ltd.		1,700		33,751
LY Corp.		15,800		43,588
Marubeni Corp.		8,600		142,041
MatsukiyoCocokara & Co.		1,900		31,495
Mazda Motor Corp.		3,200		37,587
McDonald’s Holdings Co. Japan Ltd.		500		23,285
MEIJI Holdings Co. Ltd.		1,300		29,332
Mitsubishi Chemical Group Corp.		7,700		44,167
Mitsubishi Estate Co. Ltd.		6,500		99,908
Mitsui Chemicals, Inc.		900		24,943
Mitsui Fudosan Co. Ltd.		5,300		143,805
Mizuho Financial Group, Inc.		14,300		267,617
MS&AD Insurance Group Holdings, Inc.		2,500		123,772
NEC Corp.		1,500		101,122
Nintendo Co. Ltd.		6,120		343,476
NIPPON EXPRESS HOLDINGS, Inc.		450		23,809
Nippon Paint Holdings Co. Ltd.		5,550		41,179
Nippon Prologis REIT, Inc. REIT		15		25,115
Nissin Foods Holdings Co. Ltd.		1,200		35,093


	Number of Shares		Value
Japan (Continued)
Nitori Holdings Co. Ltd.		442	$	64,911
Nitto Denko Corp.		850		78,088
Nomura Holdings, Inc.		17,100		97,205
Nomura Real Estate Holdings, Inc.		700		17,412
Nomura Research Institute Ltd.		2,300		64,603
NTT Data Group Corp.		3,500		56,930
Omron Corp.		1,013		37,577
Ono Pharmaceutical Co. Ltd.		2,300		38,233
Oriental Land Co. Ltd.		6,425		230,222
ORIX Corp.		6,800		142,524
Osaka Gas Co. Ltd.		2,300		46,009
Pan Pacific International Holdings Corp.		2,300		54,169
Panasonic Holdings Corp.		12,900		122,432
Rakuten Group, Inc.*		8,800		48,213
Recruit Holdings Co. Ltd.		8,500		343,249
Renesas Electronics Corp.		8,600		141,035
Ricoh Co. Ltd.		3,200		26,619
SCSK Corp.		800		14,752
Secom Co. Ltd.		1,200		87,553
Seiko Epson Corp.		1,800		29,116
Sekisui Chemical Co. Ltd.		2,200		31,000
Sekisui House Ltd.		3,600		80,337
Seven & i Holdings Co. Ltd.		13,500		201,143
SG Holdings Co. Ltd.		2,000		25,095
Sharp Corp.*		1,600		8,718
Shimadzu Corp.		1,340		36,555
Shimizu Corp.		3,100		17,995
Shin-Etsu Chemical Co. Ltd.		10,575		451,276
Shionogi & Co. Ltd.		1,400		70,005
SoftBank Corp.		17,100		225,361
Sompo Holdings, Inc.		1,740		102,096
Sony Group Corp.		7,433		642,882
Subaru Corp.		3,500		79,602
Sumitomo Electric Industries Ltd.		4,100		60,828
Sumitomo Metal Mining Co. Ltd.		1,553		40,509
Sumitomo Mitsui Financial Group, Inc.		7,453		415,500
Sumitomo Mitsui Trust Holdings, Inc.		3,800		77,158
Suntory Beverage & Food Ltd.		700		23,020
Sysmex Corp.		1,000		56,257
T&D Holdings, Inc.		2,900		50,436
TDK Corp.		2,325		120,949
Terumo Corp.		3,950		154,020
TIS, Inc.		1,300		29,315
Tobu Railway Co. Ltd.		1,000		25,570
Tokio Marine Holdings, Inc.		10,600		309,919
Tokyo Electron Ltd.		2,775		683,599
Tokyo Gas Co. Ltd.		2,100		46,007
Tokyu Corp.		3,200		39,842
Toray Industries, Inc.		8,300		38,292
TOTO Ltd.		700		18,937
Unicharm Corp.		2,400		79,792
USS Co. Ltd.		1,100		19,149
West Japan Railway Co.		1,250		52,040
Yamaha Corp.		919		20,085
Yamaha Motor Co. Ltd.		5,400		48,328
Yamato Holdings Co. Ltd.		1,600		24,320
Yaskawa Electric Corp.		1,372		56,092


	Number of Shares		Value
Japan (Continued)
Yokogawa Electric Corp.		1,279	$	27,038
ZOZO, Inc.		900		20,409

(Cost $10,883,496)				12,680,787

Luxembourg — 0.1%
Tenaris SA (Cost $34,527)		2,733		48,562

Netherlands — 7.3%
Akzo Nobel NV		1,002		73,018
ASML Holding NV		2,373		2,235,394
ING Groep NV		19,511		267,935
JDE Peet’s NV		550		12,582
Koninklijke Ahold Delhaize NV		5,705		169,899
Koninklijke KPN NV		19,797		72,475
NN Group NV		1,642		73,315
Prosus NV*		8,697		254,015
Universal Music Group NV		4,773		143,951
Wolters Kluwer NV		1,461		230,592

(Cost $2,341,851)				3,533,176

New Zealand — 0.3%
Mercury NZ Ltd.		3,759		15,298
Meridian Energy Ltd.		7,158		26,079
Spark New Zealand Ltd.		10,726		33,132
Xero Ltd.*		824		68,308

(Cost $137,481)				142,817

Norway — 1.0%
Aker BP ASA		1,828		44,444
DNB Bank ASA		5,448		109,122
Equinor ASA		5,335		131,698
Gjensidige Forsikring ASA		1,141		18,042
Mowi ASA		2,618		50,610
Norsk Hydro ASA		7,858		40,435
Orkla ASA		4,284		30,742
Salmar ASA		430		27,319
Telenor ASA		3,709		40,662

(Cost $556,474)				493,074

Portugal — 0.2%
Galp Energia SGPS SA		2,868		45,219
Jeronimo Martins SGPS SA		1,691		40,478

(Cost $70,334)				85,697

Singapore — 0.7%
CapitaLand Integrated Commercial Trust REIT (b)		32,865		47,907
CapitaLand Investment Ltd.		15,100		31,220
City Developments Ltd.		2,900		12,229
Keppel Ltd.		8,700		46,845
Singapore Exchange Ltd.		5,100		35,843
United Overseas Bank Ltd.		7,500		155,901

(Cost $331,477)				329,945

Spain — 1.6%
ACS Actividades de Construccion y Servicios SA		1,300		53,374
Amadeus IT Group SA		2,626		154,533


	Number of Shares		Value
Spain (Continued)
Iberdrola SA		36,138	$	415,314
Redeia Corp. SA		2,333		37,112
Repsol SA		7,144		113,837

(Cost $755,889)				774,170

Sweden — 3.1%
Alfa Laval AB		1,681		63,309
Assa Abloy AB, Class B		5,868		167,520
Atlas Copco AB, Class A		15,697		272,679
Atlas Copco AB, Class B		9,015		134,910
Beijer Ref AB		2,410		33,911
Boliden AB		1,587		40,237
Epiroc AB, Class A		3,833		69,548
Epiroc AB, Class B		2,267		37,420
EQT AB		2,069		60,586
Essity AB, Class B		3,568		83,343
H & M Hennes & Mauritz AB, Class B		3,845		52,193
Holmen AB, Class B		537		21,579
Husqvarna AB, Class B		2,369		18,284
Nibe Industrier AB, Class B		8,871		49,536
Sandvik AB		6,223		140,067
SKF AB, Class B		1,989		43,404
Svenska Cellulosa AB SCA, Class B		3,560		50,454
Svenska Handelsbanken AB, Class A		8,511		101,828
Tele2 AB, Class B		3,151		26,469
Telia Co. AB		14,391		34,310

(Cost $1,379,617)				1,501,587

Switzerland — 9.0%
ABB Ltd.		9,393		434,368
Baloise Holding AG		273		44,211
Banque Cantonale Vaudoise		174		20,926
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		12		147,453
Clariant AG*		1,226		15,232
Coca-Cola HBC AG*		1,304		40,660
DSM-Firmenich AG		1,107		118,596
Geberit AG		201		117,146
Givaudan SA		54		227,333
Julius Baer Group Ltd.		1,179		63,305
Kuehne + Nagel International AG		320		108,151
Logitech International SA		962		85,193
Lonza Group AG		441		231,380
Novartis AG		12,072		1,226,873
SGS SA		879		84,651
SIG Group AG*		1,794		35,654
Sika AG		902		261,724
Sonova Holding AG		306		94,627
Swiss Life Holding AG		174		126,783
Swiss Re AG		1,766		213,793
Swisscom AG		151		86,668
Temenos AG		377		28,386
VAT Group AG, 144A		157		78,950
Zurich Insurance Group AG		861		459,565

(Cost $3,814,462)				4,351,628

United Kingdom — 12.5%
3i Group PLC		5,804		181,195


	Number of Shares		Value
United Kingdom (Continued)
abrdn PLC		11,746	$	23,387
Admiral Group PLC		1,552		52,339
Anglo American PLC		7,515		161,699
Ashtead Group PLC		2,554		183,503
Associated British Foods PLC		2,076		59,690
AstraZeneca PLC		9,128		1,152,684
Auto Trader Group PLC, 144A		5,244		49,114
Barratt Developments PLC		5,685		33,547
Berkeley Group Holdings PLC		636		37,353
BT Group PLC		37,863		50,026
Burberry Group PLC		2,220		36,085
Coca-Cola Europacific Partners PLC		1,197		82,150
Croda International PLC		813		49,014
Endeavour Mining PLC		1,034		16,677
HSBC Holdings PLC		112,776		876,622
Informa PLC		8,051		82,512
Intertek Group PLC		938		54,841
J Sainsbury PLC		9,691		30,598
Kingfisher PLC		11,105		32,941
Legal & General Group PLC		35,020		107,247
Lloyds Banking Group PLC		375,520		221,214
Mondi PLC		2,577		45,914
National Grid PLC		21,736		285,260
Ocado Group PLC*		3,580		23,159
Phoenix Group Holdings PLC		4,387		27,597
Reckitt Benckiser Group PLC		4,252		268,821
RELX PLC		11,086		485,345
Sage Group PLC		6,016		94,706
Schroders PLC		4,378		21,781
Segro PLC REIT		6,864		73,403
Spirax-Sarco Engineering PLC		426		55,638
St James’s Place PLC		3,119		19,845
Taylor Wimpey PLC		21,071		36,742
Tesco PLC		41,686		147,013
Unilever PLC		14,787		723,222
Vodafone Group PLC		133,876		117,052
WPP PLC		6,278		56,161

(Cost $6,069,165)				6,056,097

TOTAL COMMON STOCKS (Cost $42,098,422)				48,057,867

PREFERRED STOCKS — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG		339		37,161
Henkel AG & Co. KGaA		987		74,296

(Cost $112,176)				111,457

EXCHANGE-TRADED FUNDS — 0.0%
iShares ESG Aware MSCI EAFE ETF (b) (Cost $687)		10		773

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $99,674)		99,674		99,674

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

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


	Number of Shares		Value
COMMON STOCKS — 98.4%
Brazil — 2.8%
Atacadao SA		4,126	$	10,040
Banco Santander Brasil SA		2,487		14,315
CCR SA		7,060		19,580
Cia de Saneamento Basico do Estado de Sao Paulo		2,297		36,596
Cia Siderurgica Nacional SA		4,500		15,233
Cosan SA		8,349		28,566
Energisa SA		1,404		14,366
Equatorial Energia SA		7,217		49,647
Hapvida Participacoes e Investimentos SA, 144A*		33,365		24,644
Klabin SA		5,133		23,317
Localiza Rent a Car SA		6,266		66,839
Localiza Rent a Car SA*		22		235
Lojas Renner SA		6,576		20,911
Magazine Luiza SA*		20,440		8,762
Natura & Co. Holding SA*		6,237		20,473
PRIO SA		5,351		47,074
Raia Drogasil SA		9,006		48,287
Rede D’Or Sao Luiz SA, 144A		3,812		19,426
Rumo SA		9,072		41,483
Telefonica Brasil SA		2,834		31,074
TIM SA		5,043		18,442
TOTVS SA		3,923		24,231
Ultrapar Participacoes SA		4,964		29,333
WEG SA		11,310		83,516

(Cost $625,203)				696,390

Chile — 0.3%
Cencosud SA		8,783		15,758
Empresas CMPC SA		7,977		14,147
Empresas Copec SA		2,668		17,106
Enel Americas SA		145,631		14,834
Falabella SA*		5,724		14,502

(Cost $86,272)				76,347

China — 24.9%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,000		2,704
AAC Technologies Holdings, Inc.		4,879		12,128
Agricultural Bank of China Ltd., Class A		35,800		20,818
Agricultural Bank of China Ltd., Class H		186,363		76,651
Aier Eye Hospital Group Co. Ltd., Class A		4,300		8,743
Air China Ltd., Class A*		4,800		4,983
Air China Ltd., Class H*		13,956		7,487
Alibaba Group Holding Ltd.		109,161		1,016,482
Angel Yeast Co. Ltd., Class A		200		935
Anhui Conch Cement Co. Ltd., Class A		1,700		5,648
Anhui Conch Cement Co. Ltd., Class H		8,533		18,660
Anjoy Foods Group Co. Ltd., Class A		100		1,212
Baidu, Inc., Class A*		15,290		194,426
Beijing Tongrentang Co. Ltd., Class A		600		3,706
BYD Co. Ltd., Class A		777		20,619
BYD Co. Ltd., Class H		7,038		173,774
By-health Co. Ltd., Class A		300		704
CECEP Solar Energy Co. Ltd., Class A		1,600		1,208


	Number of Shares		Value
China (Continued)
China Baoan Group Co. Ltd., Class A		900	$	1,486
China Construction Bank Corp., Class H		643,580		401,169
China Eastern Airlines Corp. Ltd., Class A*		7,100		3,754
China Feihe Ltd., 144A		24,804		12,356
China Jushi Co. Ltd., Class A		1,828		2,542
China Literature Ltd., 144A*		2,801		8,640
China Mengniu Dairy Co. Ltd.*		21,414		53,830
China Merchants Bank Co. Ltd., Class A		8,134		36,170
China Merchants Bank Co. Ltd., Class H		26,168		102,114
China Resources Pharmaceutical Group Ltd., 144A		11,070		7,494
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		400		3,052
China Southern Airlines Co. Ltd., Class A*		3,674		3,019
China Three Gorges Renewables Group Co. Ltd., Class A		12,810		8,214
China Tourism Group Duty Free Corp. Ltd., Class A		800		9,671
China Tourism Group Duty Free Corp. Ltd., Class H, 144A		764		7,505
China Vanke Co. Ltd., Class A		4,385		6,110
China Vanke Co. Ltd., Class H		15,367		11,895
China Yangtze Power Co. Ltd., Class A		10,100		35,114
Chongqing Zhifei Biological Products Co. Ltd., Class A		800		5,939
CITIC Ltd.		39,068		39,473
CMOC Group Ltd., Class A		8,624		7,361
CMOC Group Ltd., Class H		25,630		15,845
CNGR Advanced Material Co. Ltd., Class A		300		1,974
Contemporary Amperex Technology Co. Ltd., Class A		1,795		40,734
Country Garden Services Holdings Co. Ltd.		15,205		11,634
CSPC Pharmaceutical Group Ltd.		60,443		47,250
East Buy Holding Ltd., 144A*		2,796		8,643
Ecovacs Robotics Co. Ltd., Class A		200		1,036
ENN Energy Holdings Ltd.		5,489		45,118
ENN Natural Gas Co. Ltd., Class A		1,200		3,119
Fosun International Ltd.		17,016		9,824
Ganfeng Lithium Group Co. Ltd., Class A		664		3,691
Ganfeng Lithium Group Co. Ltd., Class H, 144A		2,798		9,292
GEM Co. Ltd., Class A		1,200		893
Genscript Biotech Corp.*		7,910		15,984
Goldwind Science & Technology Co. Ltd., Class A		1,700		1,803
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		300		1,232
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		200		1,674
Haier Smart Home Co. Ltd., Class A		2,700		9,027
Haier Smart Home Co. Ltd., Class H		16,422		50,134
Haitian International Holdings Ltd.		3,835		9,719
Hangzhou Robam Appliances Co. Ltd., Class A		400		1,388


	Number of Shares		Value
China (Continued)
Hangzhou Tigermed Consulting Co. Ltd., Class A		200	$	1,250
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,839		13,818
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,642		6,659
Huadong Medicine Co. Ltd., Class A		600		2,805
Huatai Securities Co. Ltd., Class A		3,356		6,772
Huatai Securities Co. Ltd., Class H, 144A		9,778		11,566
Hygeia Healthcare Holdings Co. Ltd., 144A		2,198		8,268
Industrial & Commercial Bank of China Ltd., Class A		26,500		19,603
Industrial & Commercial Bank of China Ltd., Class H		433,460		223,684
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,650		10,427
Innovent Biologics, Inc., 144A*		7,822		42,313
JD Logistics, Inc., 144A*		13,209		13,110
JD.com, Inc., Class A		15,595		177,388
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,600		2,332
Jiangsu Expressway Co. Ltd., Class H		7,064		7,264
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		2,700		15,978
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,500		2,725
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		800		1,341
Kanzhun Ltd., ADR		1,513		23,678
Kingdee International Software Group Co. Ltd.*		18,914		20,439
Kuaishou Technology, 144A*		15,828		89,969
Kuang-Chi Technologies Co. Ltd., Class A*		1,100		2,264
Lenovo Group Ltd.		53,308		59,036
Li Auto, Inc., Class A*		7,854		177,871
Livzon Pharmaceutical Group, Inc., Class A		300		1,603
Longfor Group Holdings Ltd., 144A		13,294		16,777
Ming Yang Smart Energy Group Ltd., Class A		900		1,274
MINISO Group Holding Ltd.		2,664		12,403
NetEase, Inc.		12,907		290,493
NIO, Inc., ADR* (a)		9,477		54,493
Nongfu Spring Co. Ltd., Class H, 144A		13,667		77,511
Offshore Oil Engineering Co. Ltd., Class A		1,800		1,546
Perfect World Co. Ltd., Class A		1,000		1,627
Pharmaron Beijing Co. Ltd., Class A		750		2,430
Pop Mart International Group Ltd., 144A		3,220		8,053
Postal Savings Bank of China Co. Ltd., Class A		12,284		8,269
Postal Savings Bank of China Co. Ltd., Class H, 144A		55,065		29,049
Sany Heavy Equipment International Holdings Co. Ltd.		6,439		5,001
SF Holding Co. Ltd., Class A		2,188		11,646


	Number of Shares		Value
China (Continued)
Shandong Nanshan Aluminum Co. Ltd., Class A		4,300	$	1,850
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		17,011		11,060
Shanghai Electric Group Co. Ltd., Class A*		4,200		2,472
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		826		2,818
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,817		6,904
Shanghai M&G Stationery, Inc., Class A		400		1,977
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,278		3,216
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,091		8,194
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,052		2,739
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		1,600		1,468
Shenzhen Inovance Technology Co. Ltd., Class A		624		5,474
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		448		17,980
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		200		2,248
Sinopharm Group Co. Ltd., Class H		8,868		24,864
Sinotruk Hong Kong Ltd.		4,708		12,448
Skshu Paint Co. Ltd., Class A*		196		1,053
Sungrow Power Supply Co. Ltd., Class A		670		8,109
Sunwoda Electronic Co. Ltd., Class A		800		1,579
TCL Technology Group Corp., Class A*		7,900		4,967
Tencent Holdings Ltd.		44,393		1,571,855
Tianqi Lithium Corp., Class A		600		4,466
Tongcheng Travel Holdings Ltd.*		8,100		20,444
Topchoice Medical Corp., Class A*		100		913
Vipshop Holdings Ltd., ADR*		2,362		45,468
Weichai Power Co. Ltd., Class A		2,700		6,325
Weichai Power Co. Ltd., Class H		13,000		25,572
Western Mining Co. Ltd., Class A		1,000		2,311
WuXi AppTec Co. Ltd., Class A		1,088		8,226
WuXi AppTec Co. Ltd., Class H, 144A		2,489		15,483
Wuxi Biologics Cayman, Inc., 144A*		25,939		63,085
XPeng, Inc., Class A*		7,334		33,631
Yadea Group Holdings Ltd., 144A		8,450		13,254
Yihai Kerry Arawana Holdings Co. Ltd., Class A		700		3,142
Yum China Holdings, Inc.		2,709		116,189
Yunnan Baiyao Group Co. Ltd., Class A		806		5,574
Yunnan Energy New Material Co. Ltd., Class A		358		2,280
Zai Lab Ltd.*		6,241		13,584
Zangge Mining Co. Ltd., Class A		800		3,252
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		300		9,285
Zhejiang Chint Electrics Co. Ltd., Class A		912		2,605
Zhejiang Expressway Co. Ltd., Class H		11,942		9,122
Zhejiang Weixing New Building Materials Co. Ltd., Class A		800		1,749


	Number of Shares		Value
China (Continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,800	$	4,219
ZTO Express Cayman, Inc., ADR		2,885		55,363

(Cost $8,553,344)				6,249,362

Colombia — 0.1%
Bancolombia SA		1,711		14,353
Interconexion Electrica SA ESP		2,679		11,408

(Cost $30,945)				25,761

Czech Republic — 0.1%
Komercni Banka AS		454		15,842
Moneta Money Bank AS, 144A		2,257		9,941

(Cost $22,281)				25,783

Egypt — 0.2%
Commercial International Bank — Egypt (CIB) (Cost $26,611)		17,245		40,796

Greece — 0.5%
Alpha Services and Holdings SA*		14,485		27,227
Eurobank Ergasias Services and Holdings SA*		17,815		36,851
Hellenic Telecommunications Organization SA		1,363		20,591
Motor Oil Hellas Corinth Refineries SA		446		12,742
Mytilineos SA		629		24,504

(Cost $74,352)				121,915

Hong Kong — 1.4%
Alibaba Health Information Technology Ltd.*		36,842		16,188
Beijing Enterprises Water Group Ltd.		28,772		6,762
Bosideng International Holdings Ltd.		26,391		13,316
China Medical System Holdings Ltd.		9,149		15,029
China Merchants Port Holdings Co. Ltd.		7,436		9,223
China Overseas Land & Investment Ltd.		25,691		38,198
China Resources Gas Group Ltd.		6,347		19,214
China Resources Land Ltd.		21,826		67,189
China Ruyi Holdings Ltd.*		41,857		8,234
Chow Tai Fook Jewellery Group Ltd.		13,756		20,593
Far East Horizon Ltd.		10,270		8,251
Geely Automobile Holdings Ltd.		41,613		45,500
Kunlun Energy Co. Ltd.		26,615		22,743
Orient Overseas International Ltd.		836		12,996
Sino Biopharmaceutical Ltd.		68,556		27,409
Vinda International Holdings Ltd.		1,942		5,767
Want Want China Holdings Ltd.		32,681		18,034

(Cost $508,039)				354,646

Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		2,959		23,534
OTP Bank Nyrt		1,479		70,882
Richter Gedeon Nyrt		973		25,893

(Cost $104,626)				120,309

India — 16.5%
ABB India Ltd.		366		24,035
Adani Green Energy Ltd.*		2,144		49,001


	Number of Shares		Value
India (Continued)
Ashok Leyland Ltd.		9,600	$	19,671
Asian Paints Ltd.		2,599		88,452
Astral Ltd.		795		19,839
AU Small Finance Bank Ltd., 144A		1,191		8,185
Axis Bank Ltd.		15,442		200,222
Bajaj Finance Ltd.		1,867		146,254
Berger Paints India Ltd.		1,947		14,246
Bharti Airtel Ltd.		15,158		205,361
Britannia Industries Ltd.		747		44,732
Cipla Ltd.		3,420		61,059
Colgate-Palmolive India Ltd.		919		28,005
Cummins India Ltd.		958		31,642
Dabur India Ltd.		4,232		27,467
DLF Ltd.		4,907		53,333
Eicher Motors Ltd.		942		43,085
GAIL India Ltd.		14,638		32,174
GMR Airports Infrastructure Ltd.*		14,178		14,363
Grasim Industries Ltd.		1,710		45,194
Havells India Ltd.		1,700		31,397
HCL Technologies Ltd.		6,300		126,420
Hero MotoCorp Ltd.		824		43,989
Hindalco Industries Ltd.		8,530		51,834
Hindustan Unilever Ltd.		5,567		161,962
ICICI Prudential Life Insurance Co. Ltd., 144A		2,296		14,749
Indian Hotels Co. Ltd.		5,952		42,115
Indraprastha Gas Ltd.		1,998		10,265
Info Edge India Ltd.		483		30,686
Infosys Ltd.		15,068		304,190
Infosys Ltd., ADR		7,118		142,075
InterGlobe Aviation Ltd., 144A*		1,015		38,626
Kotak Mahindra Bank Ltd.		7,395		150,676
Lupin Ltd.		1,463		28,602
Mahindra & Mahindra Ltd.		6,160		143,562
Marico Ltd.		3,537		22,293
Max Healthcare Institute Ltd.		5,022		48,051
Nestle India Ltd.		2,221		69,542
PI Industries Ltd.		568		25,159
Pidilite Industries Ltd.		1,000		32,997
Power Grid Corp. of India Ltd.		31,262		106,643
Reliance Industries Ltd.		20,401		718,841
Shree Cement Ltd.		63		19,378
Shriram Finance Ltd.		1,899		55,850
Siemens Ltd.		617		34,819
Supreme Industries Ltd.		429		21,475
Suzlon Energy Ltd.*		55,479		30,277
Tata Consultancy Services Ltd.		6,046		298,602
Torrent Pharmaceuticals Ltd.		733		23,569
TVS Motor Co. Ltd.*		1,672		43,137
UPL Ltd.		3,029		17,159
Vedanta Ltd.		6,423		20,764
Zomato Ltd.*		40,661		81,134

(Cost $3,211,254)				4,147,158

Indonesia — 2.2%
Aneka Tambang Tbk		64,114		5,956
PT Bank Central Asia Tbk		366,793		230,486


	Number of Shares		Value
Indonesia (Continued)
PT Bank Rakyat Indonesia Persero Tbk		461,814	$	179,994
PT Barito Pacific Tbk		202,106		12,539
PT Kalbe Farma Tbk		142,363		13,498
PT Merdeka Copper Gold Tbk*		66,750		9,599
PT Sarana Menara Nusantara Tbk		140,658		8,235
PT Telkom Indonesia Persero Tbk		333,840		84,974
PT Unilever Indonesia Tbk		51,759		8,992

(Cost $525,333)				554,273

Kazakhstan — 0.0%
Polymetal International PLC* (b) (Cost $40,174)		2,070		0

Kuwait — 0.6%
Kuwait Finance House KSCP (Cost $129,010)		56,593		149,002

Malaysia — 2.1%
AMMB Holdings Bhd		11,100		10,151
Axiata Group Bhd		17,983		10,535
Celcomdigi Bhd		23,200		21,266
CIMB Group Holdings Bhd		43,073		58,635
Gamuda Bhd		12,859		14,334
IHH Healthcare Bhd		15,200		19,699
Kuala Lumpur Kepong Bhd		2,670		12,603
Malayan Banking Bhd		36,653		73,607
Malaysia Airports Holdings Bhd		6,328		11,308
Maxis Bhd		17,000		13,326
MISC Bhd		7,600		12,171
MR DIY Group M Bhd, 144A		23,100		7,594
Nestle Malaysia Bhd		500		13,160
Petronas Chemicals Group Bhd		18,300		26,994
Petronas Dagangan Bhd		1,900		9,145
Petronas Gas Bhd		5,300		20,036
PPB Group Bhd		4,700		15,431
Press Metal Aluminium Holdings Bhd		25,400		25,049
Public Bank Bhd		98,175		91,027
QL Resources Bhd		7,400		9,060
RHB Bank Bhd		11,057		13,048
Sime Darby Bhd		20,200		11,536
Telekom Malaysia Bhd		8,500		10,837
YTL Corp. Bhd		21,100		11,872
YTL Power International Bhd		15,900		13,235

(Cost $531,042)				535,659

Mexico — 3.0%
America Movil SAB de CV, Series B		127,765		119,482
Arca Continental SAB de CV		3,394		36,514
Cemex SAB de CV, Series CPO*		103,001		78,640
Fibra Uno Administracion SA de CV REIT		18,492		33,373
Fomento Economico Mexicano SAB de CV		12,841		160,135
Gruma SAB de CV, Class B		1,247		22,178
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,277		37,419
Grupo Bimbo SAB de CV, Series A		8,796		36,748
Grupo Financiero Banorte SAB de CV, Class O		17,620		181,935
Industrias Penoles SAB de CV*		1,366		17,095


	Number of Shares		Value
Mexico (Continued)
Orbia Advance Corp. SAB de CV		5,347	$	9,875
Prologis Property Mexico SA de CV REIT		4,884		21,924

(Cost $580,704)				755,318

Netherlands — 0.1%
NEPI Rockcastle NV* (Cost $24,867)		3,824		27,279

Peru — 0.3%
Credicorp Ltd. (Cost $62,469)		454		77,579

Philippines — 0.5%
Ayala Corp.		1,710		20,624
JG Summit Holdings, Inc.		17,770		12,960
PLDT, Inc.		515		12,029
SM Investments Corp.		1,632		27,290
SM Prime Holdings, Inc.		69,500		39,068
Universal Robina Corp.		5,810		12,092

(Cost $139,899)				124,063

Poland — 1.2%
Allegro.eu SA, 144A*		3,390		27,411
CD Projekt SA		442		12,159
KGHM Polska Miedz SA		926		25,031
mBank SA*		103		17,950
ORLEN SA		3,960		61,546
Powszechna Kasa Oszczednosci Bank Polski SA		6,004		83,649
Powszechny Zaklad Ubezpieczen SA		3,894		47,954
Santander Bank Polska SA		250		34,448

(Cost $240,944)				310,148

Qatar — 0.7%
Qatar Fuel QSC		3,952		16,238
Qatar Gas Transport Co. Ltd.		17,822		19,579
Qatar National Bank QPSC		31,185		130,444

(Cost $196,976)				166,261

Russia — 0.0%
Gazprom PJSC* (b)		68,905		0
LUKOIL PJSC* (b)		2,409		0
Mobile TeleSystems PJSC, ADR* (b)		2,662		0
Moscow Exchange MICEX-RTS PJSC* (b)		8,602		0
Novatek PJSC* (b)		5,300		0
Novolipetsk Steel PJSC* (b)		8,462		0
PhosAgro PJSC* (b)		267		0
PhosAgro PJSC, GDR* (b)		300		0
PhosAgro PJSC, GDR* (b)		4		0
Polyus PJSC* (b)		193		0

(Cost $634,818)				0

Saudi Arabia — 2.3%
ACWA Power Co.		657		46,249
Alinma Bank		6,433		75,389
Bank AlBilad		3,183		41,927
Dr Sulaiman Al Habib Medical Services Group Co.		611		53,666
Sahara International Petrochemical Co.		2,442		19,958


	Number of Shares		Value
Saudi Arabia (Continued)
Saudi Arabian Oil Co., 144A		18,046	$	152,537
Saudi Basic Industries Corp.		6,101		128,192
Saudi Electricity Co.		5,739		30,605
Savola Group		1,773		25,056

(Cost $550,678)				573,579

Singapore — 0.1%
BOC Aviation Ltd., 144A (Cost $11,623)		1,457		10,738

South Africa — 4.4%
Absa Group Ltd.		5,708		48,666
Anglo American Platinum Ltd.		454		17,440
Aspen Pharmacare Holdings Ltd.		2,580		26,358
Bid Corp. Ltd.		2,121		49,609
Bidvest Group Ltd.		1,999		24,348
Capitec Bank Holdings Ltd.		585		61,531
Clicks Group Ltd.		1,595		24,951
Discovery Ltd.		3,532		25,021
FirstRand Ltd.		32,884		111,043
Gold Fields Ltd.		6,199		81,366
Impala Platinum Holdings Ltd.		5,889		19,886
Kumba Iron Ore Ltd.		440		12,316
MTN Group Ltd.		11,506		50,082
Naspers Ltd., Class N		1,223		201,146
Nedbank Group Ltd.		3,039		34,723
Northam Platinum Holdings Ltd.		2,332		13,333
Old Mutual Ltd.		32,825		20,430
Sanlam Ltd.		12,032		46,130
Sasol Ltd.		3,929		29,642
Shoprite Holdings Ltd.		3,426		46,115
Sibanye Stillwater Ltd.		19,424		20,119
Standard Bank Group Ltd.		9,108		95,820
Vodacom Group Ltd.		4,310		21,123
Woolworths Holdings Ltd.		6,649		22,241

(Cost $1,350,812)				1,103,439

South Korea — 6.3%
Amorepacific Corp.		202		18,143
CJ CheilJedang Corp.		47		10,571
Coway Co. Ltd.		375		15,264
Doosan Bobcat, Inc.		381		13,433
Doosan Enerbility Co. Ltd.*		3,022		36,856
Hana Financial Group, Inc.		1,977		84,033
Hanon Systems		1,245		5,769
Hanwha Solutions Corp.		772		16,088
HD Hyundai Co. Ltd.		305		16,194
HMM Co. Ltd.*		1,658		22,748
Hyundai Engineering & Construction Co. Ltd.*		524		13,655
Hyundai Glovis Co. Ltd.*		130		18,598
Kakao Corp.		2,113		84,577
KB Financial Group, Inc.		2,600		123,986
Korea Zinc Co. Ltd.		55		18,483
Korean Air Lines Co. Ltd.		1,048		18,102
Kumho Petrochemical Co. Ltd.*		119		13,217
LG Chem Ltd.		335		113,964
LG Corp.		651		45,809


	Number of Shares		Value
South Korea (Continued)
LG Display Co. Ltd.		1,599	$	13,665
LG Electronics, Inc.		716		51,028
LG Energy Solution Ltd.*		302		91,058
LG H&H Co. Ltd.		67		16,051
LG Uplus Corp.		1,461		11,323
Lotte Chemical Corp.		134		12,317
Mirae Asset Securities Co. Ltd.*		1,883		12,755
NAVER Corp.		890		130,332
NCSoft Corp.		98		14,278
Netmarble Corp., 144A*		150		6,950
POSCO Future M Co. Ltd.*		209		49,754
Samsung Engineering Co. Ltd.*		992		18,326
Samsung SDI Co. Ltd.		374		105,886
Samsung SDS Co. Ltd.		270		32,442
Samsung Securities Co. Ltd.		429		13,386
Shinhan Financial Group Co. Ltd.		2,862		93,602
SK Biopharmaceuticals Co. Ltd.*		211		15,354
SK Bioscience Co. Ltd.*		184		8,484
SK IE Technology Co. Ltd., 144A*		164		9,028
SK Innovation Co. Ltd.*		413		36,319
SK Square Co. Ltd.*		688		36,115
SK, Inc.		243		35,001
SKC Co. Ltd.*		130		8,084
Woori Financial Group, Inc.		4,041		45,217
Yuhan Corp.		376		19,032

(Cost $1,868,076)				1,575,277

Taiwan — 22.7%
Acer, Inc.		18,941		27,055
Airtac International Group		1,106		42,337
AUO Corp.*		43,513		24,090
Cathay Financial Holding Co. Ltd.*		64,095		91,348
China Airlines Ltd.		21,022		13,301
China Steel Corp.		79,930		62,205
Chunghwa Telecom Co. Ltd.		26,058		99,337
CTBC Financial Holding Co. Ltd.		119,403		111,057
Delta Electronics, Inc.		13,377		124,631
E.Sun Financial Holding Co. Ltd.		95,725		76,466
Eva Airways Corp.		17,784		17,694
Evergreen Marine Corp. Taiwan Ltd.		6,987		36,582
Far Eastern New Century Corp.		20,050		20,678
Far EasTone Telecommunications Co. Ltd.		12,313		30,656
First Financial Holding Co. Ltd.		72,930		62,526
Fubon Financial Holding Co. Ltd.		51,438		110,656
Hotai Motor Co. Ltd.		2,140		45,428
Hua Nan Financial Holdings Co. Ltd.		62,065		43,197
Lite-On Technology Corp.		14,000		48,498
MediaTek, Inc.		10,034		361,877
Mega Financial Holding Co. Ltd.		79,519		97,356
Nan Ya Plastics Corp.		30,034		56,724
PharmaEssentia Corp.*		1,000		10,392
President Chain Store Corp.		3,406		29,039
SinoPac Financial Holdings Co. Ltd.		73,005		46,423
Taishin Financial Holding Co. Ltd.		77,541		42,684
Taiwan Cooperative Financial Holding Co. Ltd.		69,274		56,871
Taiwan High Speed Rail Corp.		13,623		13,016


	Number of Shares		Value
Taiwan (Continued)
Taiwan Mobile Co. Ltd.		12,023	$	37,656
Taiwan Semiconductor Manufacturing Co. Ltd.		165,722		3,617,526
Uni-President Enterprises Corp.		32,748		79,463
United Microelectronics Corp.		75,869		117,250
Voltronic Power Technology Corp.		425		21,580
Wan Hai Lines Ltd.		4,523		7,212
Yang Ming Marine Transport Corp.		11,041		17,412

(Cost $3,982,992)				5,700,223

Thailand — 2.1%
Advanced Info Service PCL, NVDR		8,200		45,956
Airports of Thailand PCL, NVDR		28,400		50,283
Asset World Corp. PCL, NVDR		57,700		6,210
Bangkok Dusit Medical Services PCL, NVDR		75,200		59,757
Bangkok Expressway & Metro PCL		51,100		11,470
BTS Group Holdings PCL, NVDR		46,900		6,735
Bumrungrad Hospital PCL, NVDR		4,100		25,607
Central Retail Corp. PCL, NVDR		12,600		12,208
Charoen Pokphand Foods PCL, NVDR		21,200		11,172
CP ALL PCL, NVDR		39,700		63,648
Delta Electronics Thailand PCL, NVDR*		21,000		41,719
Energy Absolute PCL, NVDR		12,200		11,991
Home Product Center PCL, NVDR		39,700		12,398
Indorama Ventures PCL, NVDR		12,500		8,121
Intouch Holdings PCL, NVDR		7,300		13,790
Kasikornbank PCL, NVDR		4,200		14,404
Minor International PCL, NVDR		21,054		18,638
Muangthai Capital PCL, NVDR		5,200		6,633
PTT Exploration & Production PCL, NVDR		9,500		39,997
PTT Global Chemical PCL, NVDR		15,500		16,423
PTT Oil & Retail Business PCL, NVDR		20,200		10,194
SCG Packaging PCL, NVDR		8,900		6,948
Siam Cement PCL, NVDR		5,300		39,752

(Cost $649,462)				534,054

Turkey — 0.5%
Haci Omer Sabanci Holding AS		7,273		18,520
KOC Holding AS		5,324		28,684
Turk Hava Yollari AO*		3,870		34,926
Turkiye Is Bankasi AS, Class C		57,832		20,562
Turkiye Sise ve Cam Fabrikalari AS		9,393		15,389
Yapi ve Kredi Bankasi AS		23,098		17,091

(Cost $75,694)				135,172

United Arab Emirates — 2.0%
Abu Dhabi Commercial Bank PJSC		19,923		46,486
Abu Dhabi Islamic Bank PJSC		9,395		28,751
Aldar Properties PJSC		26,719		40,229
Emaar Properties PJSC		43,697		96,605
Emirates NBD Bank PJSC		12,390		61,732
Emirates Telecommunications Group Co. PJSC		23,575		116,177
First Abu Dhabi Bank PJSC		29,993		111,385

(Cost $470,582)				501,365

TOTAL COMMON STOCKS (Cost $25,309,082)				24,691,896


	Number of Shares		Value
PREFERRED STOCKS — 1.8%
Brazil — 1.5%
Banco Bradesco SA		36,072	$	99,824
Cia Energetica de Minas Gerais		9,478		22,833
Gerdau SA		7,809		33,791
Itau Unibanco Holding SA		32,069		219,058

(Cost $344,581)				375,506

Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $60,597)		969		48,098

Colombia — 0.1%
Bancolombia SA (Cost $21,437)		3,129		25,564

South Korea — 0.0%
LG Chem Ltd. (Cost $11,393)		53		11,940

TOTAL PREFERRED STOCKS (Cost $438,008)				461,108

RIGHTS — 0.0%
Brazil — 0.0%
Magazine Luiza SA* , expires 3/15/24 (Cost $0)		1,957		71

South Korea — 0.0%
LG Display Co. Ltd.* , expires 3/14/24 (Cost $0)		508		500

TOTAL RIGHTS (Cost $0)				571

WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		3,050		2
BTS Group Holdings PCL*, expires 11/20/26		6,100		15

TOTAL WARRANTS (Cost $0)				17

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $49,042)		49,042		49,042

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) (Cost $32,554)		32,554		32,554


TOTAL INVESTMENTS — 100.5% (Cost $25,828,686)			$	25,235,188
Other assets and liabilities, net — (0.5%)				(127,555	)

NET ASSETS — 100.0%			$	25,107,633

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

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


	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 11.4%
Alphabet, Inc., Class A*		342,797	$	47,463,673
Alphabet, Inc., Class C*		299,957		41,927,989
AT&T, Inc.		444,703		7,528,822
Charter Communications, Inc., Class A*		6,055		1,779,746
Comcast Corp., Class A		249,605		10,695,574
Liberty Global Ltd., Class C*		12,220		226,681
Liberty Media Corp.-Liberty Formula One, Class C*		12,111		881,196
Match Group, Inc.*		17,094		616,068
Meta Platforms, Inc., Class A		137,998		67,636,960
Netflix, Inc.*		27,357		16,494,082
Pinterest, Inc., Class A*		35,855		1,315,879
Snap, Inc., Class A*		64,552		711,363
Take-Two Interactive Software, Inc.*		10,626		1,561,278
T-Mobile US, Inc.		32,792		5,354,934
Verizon Communications, Inc.		260,174		10,412,163
Walt Disney Co.		113,994		12,719,451

(Cost $169,354,038)				227,325,859

Consumer Discretionary — 12.1%
Airbnb, Inc., Class A*		27,135		4,272,948
Amazon.com, Inc.*		578,229		102,207,758
Booking Holdings, Inc.*		2,166		7,513,486
Caesars Entertainment, Inc.*		13,176		572,761
Chipotle Mexican Grill, Inc.*		1,759		4,729,546
Darden Restaurants, Inc.		7,419		1,266,498
Deckers Outdoor Corp.*		1,680		1,504,591
eBay, Inc.		33,019		1,561,138
Etsy, Inc.*		7,634		547,281
Ford Motor Co.		243,222		3,025,682
Garmin Ltd.		9,665		1,327,488
General Motors Co.		85,053		3,485,472
Hasbro, Inc.		8,136		409,159
Hilton Worldwide Holdings, Inc.		16,018		3,272,798
Home Depot, Inc.		62,019		23,605,052
Hyatt Hotels Corp., Class A (a)		2,942		451,862
Las Vegas Sands Corp.		23,460		1,279,039
Lululemon Athletica, Inc.*		7,020		3,278,972
Marriott International, Inc., Class A		15,676		3,916,962
McDonald’s Corp.		45,057		13,169,260
MercadoLibre, Inc.*		2,872		4,581,702
MGM Resorts International*		17,313		749,307
NIKE, Inc., Class B		75,856		7,883,714
Starbucks Corp.		70,837		6,722,431
Tesla, Inc.*		177,840		35,902,339
Ulta Beauty, Inc.*		3,190		1,749,906
Vail Resorts, Inc.		2,316		533,398
Wynn Resorts Ltd.		6,364		669,493
Yum! Brands, Inc.		17,273		2,390,929

(Cost $212,552,470)				242,580,972

Consumer Staples — 5.3%
Bunge Global SA		9,467		893,401
Campbell Soup Co.		11,840		504,858
Church & Dwight Co., Inc.		15,294		1,531,235


	Number of Shares		Value
Consumer Staples (Continued)
Clorox Co.		7,718	$	1,183,247
Coca-Cola Co.		255,347		15,325,927
Colgate-Palmolive Co.		48,427		4,189,904
Constellation Brands, Inc., Class A		10,285		2,556,028
Estee Lauder Cos., Inc., Class A		14,387		2,137,620
General Mills, Inc.		35,847		2,300,660
Hershey Co.		9,415		1,769,267
Kellanova		16,968		935,785
Keurig Dr Pepper, Inc.		64,734		1,936,194
Kimberly-Clark Corp.		20,818		2,522,517
McCormick & Co., Inc.		15,688		1,080,276
Mondelez International, Inc., Class A		84,616		6,182,891
Monster Beverage Corp.*		48,461		2,864,045
PepsiCo, Inc.		85,455		14,129,130
Procter & Gamble Co.		146,525		23,288,683
Target Corp.		28,468		4,353,327
Walgreens Boots Alliance, Inc.		45,518		967,713
Walmart, Inc.		274,732		16,102,042

(Cost $107,100,912)				106,754,750

Energy — 4.0%
Baker Hughes Co.		62,415		1,846,860
Chevron Corp.		111,095		16,887,551
ConocoPhillips		74,116		8,341,015
Diamondback Energy, Inc.		10,653		1,944,385
EOG Resources, Inc.		36,258		4,150,091
Exxon Mobil Corp.		248,423		25,965,172
Halliburton Co.		56,669		1,987,382
Hess Corp.		17,187		2,505,005
Kinder Morgan, Inc.		124,130		2,158,621
Marathon Oil Corp.		38,295		928,654
Occidental Petroleum Corp.		40,884		2,477,979
ONEOK, Inc.		35,942		2,699,963
Pioneer Natural Resources Co.		14,424		3,392,380
Schlumberger NV		87,961		4,251,155

(Cost $79,645,413)				79,536,213

Financials — 12.6%
American Express Co.		36,208		7,944,759
American International Group, Inc.		43,637		3,180,701
Annaly Capital Management, Inc. REIT		30,717		586,388
Aon PLC, Class A		12,447		3,933,128
Apollo Global Management, Inc.		24,516		2,740,889
Arch Capital Group Ltd.*		23,397		2,049,343
Ares Management Corp., Class A		10,406		1,380,148
Arthur J Gallagher & Co.		13,167		3,211,826
Bank of America Corp.		442,330		15,269,232
Bank of New York Mellon Corp.		48,187		2,702,809
BlackRock, Inc.		9,371		7,603,067
Blackstone, Inc.		44,181		5,647,215
Block, Inc.*		34,020		2,703,569
Cboe Global Markets, Inc.		6,903		1,325,376
Charles Schwab Corp.		93,192		6,223,362
Chubb Ltd.		25,514		6,421,108
FactSet Research Systems, Inc.		2,319		1,072,723
Fidelity National Information Services, Inc.		36,727		2,541,141
Fiserv, Inc.*		37,724		5,631,061


	Number of Shares		Value
Financials (Continued)
Global Payments, Inc.		16,017	$	2,077,405
Goldman Sachs Group, Inc.		20,505		7,977,470
Hartford Financial Services Group, Inc.		18,859		1,807,447
Intercontinental Exchange, Inc.		35,495		4,913,218
Jack Henry & Associates, Inc.		4,367		758,854
JPMorgan Chase & Co.		179,881		33,468,659
MarketAxess Holdings, Inc.		2,272		484,868
Marsh & McLennan Cos., Inc.		30,650		6,199,575
Mastercard, Inc., Class A		52,057		24,714,581
Moody’s Corp.		10,210		3,873,878
Morgan Stanley		77,012		6,626,112
Nasdaq, Inc.		21,266		1,195,149
Northern Trust Corp.		12,889		1,058,574
PayPal Holdings, Inc.*		64,510		3,892,533
PNC Financial Services Group, Inc.		24,509		3,607,725
Progressive Corp.		36,162		6,854,869
S&P Global, Inc.		20,145		8,629,715
T. Rowe Price Group, Inc.		13,904		1,576,018
Tradeweb Markets, Inc., Class A		6,908		731,005
Travelers Cos., Inc.		14,230		3,144,261
US Bancorp		96,843		4,063,532
Visa, Inc., Class A		98,367		27,802,449
W.R. Berkley Corp.		13,147		1,099,089
Wells Fargo & Co.		226,332		12,581,796
Willis Towers Watson PLC		6,106		1,664,557

(Cost $206,712,323)				252,971,184

Health Care — 13.6%
Abbott Laboratories		107,910		12,802,442
AbbVie, Inc.		109,763		19,323,776
Agilent Technologies, Inc.		18,120		2,488,963
Amgen, Inc.		33,219		9,096,359
Biogen, Inc.*		9,010		1,955,080
Boston Scientific Corp.*		90,718		6,006,439
Bristol-Myers Squibb Co.		129,263		6,560,097
Charles River Laboratories International, Inc.*		3,172		806,291
Cigna Group		18,166		6,106,319
CVS Health Corp.		79,583		5,918,588
Danaher Corp.		43,638		11,046,523
DaVita, Inc.*		3,451		438,173
Edwards Lifesciences Corp.*		37,595		3,190,688
Elevance Health, Inc.		14,438		7,237,047
Eli Lilly & Co.		50,156		37,801,574
Gilead Sciences, Inc.		77,072		5,556,891
IDEXX Laboratories, Inc.*		5,159		2,967,612
Illumina, Inc.*		9,717		1,358,728
Incyte Corp.*		11,911		695,126
IQVIA Holdings, Inc.*		11,340		2,802,794
Johnson & Johnson		149,664		24,152,776
Laboratory Corp. of America Holdings		5,586		1,205,626
McKesson Corp.		8,215		4,283,383
Merck & Co., Inc.		157,546		20,031,974
Mettler-Toledo International, Inc.*		1,382		1,723,658
Pfizer, Inc.		349,059		9,271,007
Regeneron Pharmaceuticals, Inc.*		6,701		6,473,769
Repligen Corp.*		3,144		609,905


	Number of Shares		Value
Health Care (Continued)
Revvity, Inc.		7,722	$	846,254
Thermo Fisher Scientific, Inc.		24,023		13,697,434
UnitedHealth Group, Inc.		57,503		28,383,481
Vertex Pharmaceuticals, Inc.*		15,865		6,675,040
Waters Corp.*		3,625		1,223,148
West Pharmaceutical Services, Inc.		4,599		1,648,098
Zimmer Biomet Holdings, Inc.		13,038		1,621,406
Zoetis, Inc.		28,366		5,625,829

(Cost $247,443,346)				271,632,298

Industrials — 6.8%
3M Co.		34,226		3,152,899
AECOM		8,202		728,584
Allegion PLC		5,582		713,770
AMETEK, Inc.		14,426		2,599,277
Automatic Data Processing, Inc.		25,603		6,429,681
Booz Allen Hamilton Holding Corp.		8,288		1,224,220
Broadridge Financial Solutions, Inc.		7,061		1,437,478
Carlisle Cos., Inc.		3,075		1,076,250
Cintas Corp.		5,655		3,554,790
Copart, Inc.*		52,570		2,794,095
CSX Corp.		124,102		4,708,430
Cummins, Inc.		8,764		2,354,098
Dayforce, Inc.*		9,258		645,838
Deere & Co.		16,939		6,183,582
Dover Corp.		8,636		1,428,222
Eaton Corp. PLC		24,561		7,098,129
Emerson Electric Co.		35,423		3,784,948
Equifax, Inc.		7,613		2,082,841
Expeditors International of Washington, Inc.		9,263		1,107,855
FedEx Corp.		14,691		3,657,618
Fortive Corp.		21,910		1,865,198
Graco, Inc.		10,598		967,173
Hubbell, Inc.		3,334		1,269,154
IDEX Corp.		4,581		1,080,658
Illinois Tool Works, Inc.		18,604		4,877,039
JB Hunt Transport Services, Inc.		5,148		1,062,084
Johnson Controls International PLC		41,935		2,485,487
Norfolk Southern Corp.		14,117		3,576,965
Old Dominion Freight Line, Inc.		6,028		2,667,269
Owens Corning		5,723		857,191
PACCAR, Inc.		32,898		3,648,059
Paychex, Inc.		20,125		2,467,728
Paycom Software, Inc.		3,245		591,856
Quanta Services, Inc.		9,049		2,185,424
Republic Services, Inc.		13,698		2,514,953
Robert Half, Inc.		6,738		541,735
Rockwell Automation, Inc.		6,982		1,990,429
Stanley Black & Decker, Inc.		9,751		870,667
Trane Technologies PLC		14,086		3,971,829
TransUnion		11,960		928,455
Uber Technologies, Inc.*		115,190		9,157,605
Union Pacific Corp.		37,716		9,568,172
United Parcel Service, Inc., Class B		44,617		6,614,916
Verisk Analytics, Inc.		9,269		2,242,171
Waste Connections, Inc.		15,830		2,634,745


	Number of Shares		Value
Industrials (Continued)
Waste Management, Inc.		25,052	$	5,151,944
Westinghouse Air Brake Technologies Corp.		11,313		1,598,414
Xylem, Inc.		14,860		1,887,963

(Cost $111,567,431)				136,037,888

Information Technology — 27.3%
Accenture PLC, Class A		38,989		14,612,297
Adobe, Inc.*		28,092		15,739,386
Advanced Micro Devices, Inc.*		100,480		19,345,414
Akamai Technologies, Inc.*		9,495		1,053,185
Analog Devices, Inc.		30,677		5,884,462
ANSYS, Inc.*		5,476		1,829,915
Apple, Inc.		435,360		78,691,320
Aspen Technology, Inc.*		1,943		376,728
Atlassian Corp., Class A*		9,636		1,998,699
Autodesk, Inc.*		13,235		3,416,880
Bentley Systems, Inc., Class B		13,111		673,512
Broadcom, Inc.		27,650		35,958,549
Cadence Design Systems, Inc.*		16,906		5,145,848
Cisco Systems, Inc.		252,638		12,220,100
Cloudflare, Inc., Class A*		18,412		1,814,318
Cognizant Technology Solutions Corp., Class A		31,901		2,520,817
Confluent, Inc., Class A*		11,155		377,820
Datadog, Inc., Class A*		16,982		2,232,454
Dell Technologies, Inc., Class C		16,132		1,527,055
Dropbox, Inc., Class A*		16,442		393,786
Enphase Energy, Inc.*		8,332		1,058,247
EPAM Systems, Inc.*		3,533		1,075,445
First Solar, Inc.*		6,274		965,506
Fortinet, Inc.*		41,264		2,851,755
Gartner, Inc.*		4,781		2,225,842
Gen Digital, Inc.		36,060		774,929
Hewlett Packard Enterprise Co.		77,007		1,172,817
HubSpot, Inc.*		3,068		1,898,509
International Business Machines Corp.		56,321		10,421,075
Intuit, Inc.		17,268		11,446,785
Microsoft Corp.		235,191		97,284,405
NVIDIA Corp.		153,564		121,487,552
Okta, Inc.*		9,597		1,029,758
Oracle Corp.		102,517		11,449,099
Palo Alto Networks, Inc.*		19,612		6,090,507
PTC, Inc.*		7,469		1,366,902
QUALCOMM, Inc.		69,021		10,890,824
Roper Technologies, Inc.		6,679		3,638,252
Salesforce, Inc.*		60,178		18,584,170
ServiceNow, Inc.*		12,749		9,833,814
Snowflake, Inc., Class A*		17,269		3,251,407
Splunk, Inc.*		10,128		1,582,196
Synopsys, Inc.*		9,491		5,445,271
Texas Instruments, Inc.		56,475		9,449,962
Trimble, Inc.*		15,458		945,875
Workday, Inc., Class A*		12,995		3,829,107
Zscaler, Inc.*		5,654		1,368,098

(Cost $388,795,174)				547,230,654


	Number of Shares		Value
Materials — 2.3%
Albemarle Corp.		7,171	$	988,522
Avery Dennison Corp.		4,987		1,079,835
Ball Corp.		19,512		1,249,158
Corteva, Inc.		43,812		2,344,818
Crown Holdings, Inc.		7,452		570,972
DuPont de Nemours, Inc.		28,272		1,956,140
Ecolab, Inc.		16,071		3,613,404
FMC Corp.		7,773		438,320
Freeport-McMoRan, Inc.		88,476		3,345,278
Linde PLC		30,208		13,557,955
Newmont Corp.		71,238		2,226,188
Nucor Corp.		15,491		2,978,919
PPG Industries, Inc.		14,435		2,043,996
RPM International, Inc.		8,141		939,064
Sherwin-Williams Co.		15,102		5,014,317
Steel Dynamics, Inc.		9,653		1,291,764
Vulcan Materials Co.		8,205		2,181,299

(Cost $40,124,543)				45,819,949

Real Estate — 2.3%
Alexandria Real Estate Equities, Inc. REIT		10,212		1,273,743
American Tower Corp. REIT		28,835		5,734,128
AvalonBay Communities, Inc. REIT		8,792		1,556,448
CBRE Group, Inc., Class A*		19,283		1,771,915
Crown Castle, Inc. REIT		26,915		2,959,035
Digital Realty Trust, Inc. REIT		19,111		2,805,686
Equinix, Inc. REIT		5,836		5,187,153
Equity Residential REIT		22,193		1,336,241
Essex Property Trust, Inc. REIT		4,035		933,699
Healthpeak Properties, Inc. REIT		43,794		733,549
Kimco Realty Corp. REIT		41,916		828,260
Prologis, Inc. REIT		57,465		7,658,361
Realty Income Corp. REIT		51,450		2,681,059
Regency Centers Corp. REIT		10,366		642,174
Simon Property Group, Inc. REIT		20,296		3,006,649
VICI Properties, Inc. REIT		62,701		1,876,641
Welltower, Inc. REIT		34,417		3,171,871
Weyerhaeuser Co. REIT		44,989		1,546,722

(Cost $42,514,887)				45,703,334

Utilities — 2.0%
Alliant Energy Corp.		15,627		746,189
American Electric Power Co., Inc.		32,708		2,786,395
American Water Works Co., Inc.		11,906		1,411,337
Consolidated Edison, Inc.		21,353		1,862,195
Constellation Energy Corp.		19,819		3,338,511
Dominion Energy, Inc.		51,865		2,480,703
Duke Energy Corp.		47,692		4,379,556
Edison International		23,703		1,612,278
Essential Utilities, Inc.		15,449		537,316
Eversource Energy		21,676		1,272,381
Exelon Corp.		61,616		2,208,318
NextEra Energy, Inc.		127,571		7,040,644
Public Service Enterprise Group, Inc.		30,759		1,919,362
Sempra		38,962		2,750,717
Southern Co.		67,401		4,532,717

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

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


	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 9.6%
Alphabet, Inc., Class A*		268,901	$	37,232,033
Alphabet, Inc., Class C*		237,921		33,256,597
Comcast Corp., Class A		183,838		7,877,458
Electronic Arts, Inc.		11,780		1,643,075
Fox Corp., Class A		13,263		395,105
Fox Corp., Class B		6,374		174,520
Interpublic Group of Cos., Inc.		17,937		563,222
Liberty Global Ltd., Class C*		8,438		156,525
Omnicom Group, Inc.		9,017		797,013
Sirius XM Holdings, Inc.		35,043		154,890
Snap, Inc., Class A*		47,716		525,830
Take-Two Interactive Software, Inc.*		7,695		1,130,626
Verizon Communications, Inc.		191,614		7,668,392
Walt Disney Co.		83,946		9,366,695

(Cost $98,269,168)				100,941,981

Consumer Discretionary — 9.7%
Aptiv PLC*		12,980		1,031,780
AutoZone, Inc.*		806		2,422,852
Best Buy Co., Inc.		8,893		719,266
Booking Holdings, Inc.*		1,613		5,595,223
BorgWarner, Inc.		10,898		339,255
Burlington Stores, Inc.*		3,076		630,888
CarMax, Inc.*		7,186		567,694
Deckers Outdoor Corp.*		1,191		1,066,648
eBay, Inc.		24,018		1,135,571
Genuine Parts Co.		6,392		954,070
Hasbro, Inc.		6,170		310,289
Hilton Worldwide Holdings, Inc.		12,091		2,470,433
Home Depot, Inc.		45,553		17,337,927
Lear Corp.		2,807		385,541
LKQ Corp.		11,738		613,780
Lowe’s Cos., Inc.		26,298		6,329,140
Lululemon Athletica, Inc.*		5,215		2,435,874
McDonald’s Corp.		33,214		9,707,788
MercadoLibre, Inc.*		2,084		3,324,605
NIKE, Inc., Class B		55,607		5,779,236
NVR, Inc.*		149		1,136,210
Pool Corp.		1,767		703,478
PulteGroup, Inc.		9,953		1,078,706
Rivian Automotive, Inc., Class A* (a)		29,107		329,491
Tesla, Inc.*		130,967		26,439,618
TJX Cos., Inc.		51,991		5,154,388
Tractor Supply Co.		5,019		1,276,432
Ulta Beauty, Inc.*		2,293		1,257,848
Vail Resorts, Inc.		1,936		445,880
Yum! Brands, Inc.		12,568		1,739,663

(Cost $108,427,915)				102,719,574

Consumer Staples — 5.6%
Bunge Global SA		6,845		645,963
Campbell Soup Co.		8,789		374,763
Church & Dwight Co., Inc.		11,338		1,135,160
Clorox Co.		5,595		857,769
Coca-Cola Co.		188,042		11,286,281
Colgate-Palmolive Co.		35,835		3,100,444


	Number of Shares		Value
Consumer Staples (Continued)
Conagra Brands, Inc.		21,486	$	603,327
Darling Ingredients, Inc.*		7,174		303,532
General Mills, Inc.		26,608		1,707,701
Hormel Foods Corp.		13,376		472,440
J M Smucker Co.		4,833		580,782
Kellanova		12,808		706,361
Keurig Dr Pepper, Inc.		47,627		1,424,524
Kimberly-Clark Corp.		15,672		1,898,976
Kroger Co.		30,781		1,527,045
Lamb Weston Holdings, Inc.		6,671		681,843
McCormick & Co., Inc.		11,281		776,810
PepsiCo, Inc.		62,946		10,407,492
Procter & Gamble Co.		107,905		17,150,421
Target Corp.		21,016		3,213,767

(Cost $60,593,298)				58,855,401

Energy — 2.1%
Baker Hughes Co.		45,612		1,349,659
Cheniere Energy, Inc.		10,976		1,703,475
Halliburton Co.		41,285		1,447,865
HF Sinclair Corp.		7,566		419,913
Kinder Morgan, Inc.		91,363		1,588,802
Marathon Petroleum Corp.		17,391		2,943,079
ONEOK, Inc.		26,289		1,974,830
Phillips 66		20,468		2,916,895
Schlumberger NV		64,657		3,124,873
Targa Resources Corp.		9,723		955,187
Valero Energy Corp.		15,591		2,205,503
Williams Cos., Inc.		54,966		1,975,478

(Cost $19,159,826)				22,605,559

Financials — 12.1%
Aflac, Inc.		26,305		2,123,866
Allstate Corp.		11,944		1,905,307
Ally Financial, Inc.		11,989		443,473
American Express Co.		26,699		5,858,294
Ameriprise Financial, Inc.		4,730		1,926,813
Annaly Capital Management, Inc. REIT		22,232		424,409
Arch Capital Group Ltd.*		16,874		1,477,994
Assurant, Inc.		2,465		447,274
Bank of New York Mellon Corp.		35,222		1,975,602
BlackRock, Inc.		6,846		5,554,434
Cboe Global Markets, Inc.		4,997		959,424
Charles Schwab Corp.		68,491		4,573,829
Citizens Financial Group, Inc.		20,810		653,226
Discover Financial Services		11,643		1,405,310
Equitable Holdings, Inc.		16,191		554,380
FactSet Research Systems, Inc.		1,718		794,712
Fidelity National Information Services, Inc.		26,675		1,845,643
Fiserv, Inc.*		27,476		4,101,342
Franklin Resources, Inc.		14,233		390,696
Hartford Financial Services Group, Inc.		14,098		1,351,152
Huntington Bancshares, Inc.		66,755		870,485
Intercontinental Exchange, Inc.		25,799		3,571,098
LPL Financial Holdings, Inc.		3,566		955,296
MarketAxess Holdings, Inc.		1,630		347,858
Marsh & McLennan Cos., Inc.		22,567		4,564,627


	Number of Shares		Value
Financials (Continued)
Mastercard, Inc., Class A		38,475	$	18,266,391
Moody’s Corp.		7,451		2,827,058
Morgan Stanley		56,518		4,862,809
Nasdaq, Inc.		15,785		887,117
Northern Trust Corp.		9,436		774,979
PNC Financial Services Group, Inc.		18,123		2,667,706
Principal Financial Group, Inc.		10,956		885,902
Progressive Corp.		26,675		5,056,513
Prudential Financial, Inc.		16,523		1,800,842
Raymond James Financial, Inc.		9,030		1,086,490
Regions Financial Corp.		43,338		807,387
S&P Global, Inc.		14,743		6,315,606
State Street Corp.		15,183		1,119,443
Synchrony Financial		19,131		790,110
T. Rowe Price Group, Inc.		10,132		1,148,462
Travelers Cos., Inc.		10,423		2,303,066
Truist Financial Corp.		60,810		2,127,134
US Bancorp		70,068		2,940,053
Visa, Inc., Class A		72,463		20,480,942
Willis Towers Watson PLC		4,713		1,284,811

(Cost $111,031,502)				127,509,365

Health Care — 12.3%
Agilent Technologies, Inc.		13,402		1,840,899
Align Technology, Inc.*		3,275		990,425
Amgen, Inc.		24,443		6,693,227
Avantor, Inc.*		30,173		743,463
Biogen, Inc.*		6,523		1,415,426
Bio-Techne Corp.		7,108		522,936
Bristol-Myers Squibb Co.		93,188		4,729,291
Cencora, Inc.		7,718		1,818,361
Cigna Group		13,436		4,516,377
Cooper Cos., Inc.		8,972		839,779
Danaher Corp.		32,134		8,134,401
DaVita, Inc.*		2,421		307,394
Dexcom, Inc.*		17,464		2,009,582
Edwards Lifesciences Corp.*		27,566		2,339,526
Elevance Health, Inc.		10,760		5,393,450
Eli Lilly & Co.		36,938		27,839,432
Gilead Sciences, Inc.		56,828		4,097,299
HCA Healthcare, Inc.		9,194		2,865,770
Hologic, Inc.*		11,198		826,412
Humana, Inc.		5,652		1,980,009
IDEXX Laboratories, Inc.*		3,750		2,157,112
Illumina, Inc.*		7,167		1,002,162
Insulet Corp.*		3,299		541,036
Jazz Pharmaceuticals PLC*		2,843		338,033
Johnson & Johnson		110,212		17,786,013
Laboratory Corp. of America Holdings		4,012		865,910
Merck & Co., Inc.		115,856		14,731,090
Mettler-Toledo International, Inc.*		1,054		1,314,570
Molina Healthcare, Inc.*		2,646		1,042,286
Quest Diagnostics, Inc.		5,085		635,066
Repligen Corp.*		2,419		469,262
STERIS PLC		4,546		1,058,809
Teleflex, Inc.		2,086		464,740
Waters Corp.*		2,677		903,273
West Pharmaceutical Services, Inc.		3,390		1,214,840


	Number of Shares		Value
Health Care (Continued)
Zimmer Biomet Holdings, Inc.		9,445	$	1,174,580
Zoetis, Inc.		20,892		4,143,510

(Cost $113,716,461)				129,745,751

Industrials — 9.1%
3M Co.		25,320		2,332,478
AECOM		5,938		527,473
Allegion PLC		3,785		483,988
Automatic Data Processing, Inc.		18,733		4,704,418
Axon Enterprise, Inc.*		3,355		1,031,226
Broadridge Financial Solutions, Inc.		5,371		1,093,428
Builders FirstSource, Inc.*		5,757		1,123,651
C.H. Robinson Worldwide, Inc.		5,277		390,920
Carrier Global Corp.		37,696		2,095,144
Caterpillar, Inc.		23,265		7,769,579
Cintas Corp.		4,237		2,663,421
CSX Corp.		91,734		3,480,388
Cummins, Inc.		6,382		1,714,269
Dayforce, Inc.*		6,498		453,301
Delta Air Lines, Inc.		6,829		288,662
Dover Corp.		6,382		1,055,455
Eaton Corp. PLC		18,249		5,273,961
Emerson Electric Co.		26,208		2,800,325
Expeditors International of Washington, Inc.		6,980		834,808
Fastenal Co.		25,726		1,878,255
Ferguson PLC		9,251		1,956,124
Fortive Corp.		16,111		1,371,529
Fortune Brands Innovations, Inc.		5,866		477,140
Graco, Inc.		7,499		684,359
IDEX Corp.		3,359		792,388
Illinois Tool Works, Inc.		13,799		3,617,408
Ingersoll Rand, Inc.		18,696		1,707,506
JB Hunt Transport Services, Inc.		3,970		819,051
Johnson Controls International PLC		31,097		1,843,119
Knight-Swift Transportation Holdings, Inc.		7,272		409,705
Lennox International, Inc.		1,535		723,307
Masco Corp.		10,208		783,566
Norfolk Southern Corp.		10,371		2,627,804
Old Dominion Freight Line, Inc.		4,564		2,019,479
Otis Worldwide Corp.		18,689		1,781,062
Owens Corning		4,150		621,587
Paychex, Inc.		14,849		1,820,784
Paylocity Holding Corp.*		2,058		346,999
Pentair PLC		7,702		599,139
Quanta Services, Inc.		6,465		1,561,362
Robert Half, Inc.		4,873		391,789
Rockwell Automation, Inc.		5,142		1,465,881
Toro Co.		4,619		426,380
Trane Technologies PLC		10,327		2,911,904
TransUnion		8,584		666,376
Union Pacific Corp.		27,924		7,084,040
United Parcel Service, Inc., Class B		33,114		4,909,482
United Rentals, Inc.		3,157		2,188,653
W.W. Grainger, Inc.		2,051		1,996,566
Waste Management, Inc.		18,344		3,772,444


	Number of Shares		Value
Industrials (Continued)
Xylem, Inc.		10,793	$	1,371,251

(Cost $79,686,510)				95,743,334

Information Technology — 32.9%
Accenture PLC, Class A		28,607		10,721,331
Adobe, Inc.*		20,805		11,656,625
Akamai Technologies, Inc.*		6,941		769,896
ANSYS, Inc.*		3,895		1,301,592
Applied Materials, Inc.		38,064		7,674,464
Autodesk, Inc.*		9,693		2,502,442
Cadence Design Systems, Inc.*		12,406		3,776,138
DocuSign, Inc.*		9,072		483,265
Fair Isaac Corp.*		1,097		1,393,091
Gartner, Inc.*		3,585		1,669,033
Gen Digital, Inc.		26,753		574,922
Hewlett Packard Enterprise Co.		60,344		919,039
HP, Inc.		43,150		1,222,439
HubSpot, Inc.*		2,192		1,356,432
Intel Corp.		193,025		8,309,726
International Business Machines Corp.		41,827		7,739,250
Intuit, Inc.		12,824		8,500,901
Keysight Technologies, Inc.*		8,139		1,255,848
Lam Research Corp.		6,050		5,676,413
Marvell Technology, Inc.		39,391		2,822,759
Microsoft Corp.		323,209		133,692,171
NetApp, Inc.		9,484		845,214
NVIDIA Corp.		113,073		89,454,312
NXP Semiconductors NV		11,810		2,949,311
PTC, Inc.*		5,462		999,601
Salesforce, Inc.*		44,270		13,671,461
Seagate Technology Holdings PLC		9,028		840,055
ServiceNow, Inc.*		9,358		7,218,200
Splunk, Inc.*		7,339		1,146,499
Synopsys, Inc.*		6,952		3,988,571
Texas Instruments, Inc.		41,599		6,960,761
Trimble, Inc.*		11,637		712,068
Twilio, Inc., Class A*		7,926		472,310
Western Digital Corp.*		14,983		891,039
Workday, Inc., Class A*		9,452		2,785,126
Zscaler, Inc.*		4,110		994,497

(Cost $224,993,856)				347,946,802

Materials — 2.8%
Amcor PLC		69,812		632,497
Avery Dennison Corp.		3,661		792,716
Ball Corp.		14,255		912,605
Ecolab, Inc.		11,632		2,615,339
International Flavors & Fragrances, Inc.		11,824		892,712
International Paper Co.		15,043		531,920
Linde PLC		22,232		9,978,166
LyondellBasell Industries NV, Class A		11,689		1,172,173
Martin Marietta Materials, Inc.		2,866		1,655,717
Newmont Corp.		52,143		1,629,469
Nucor Corp.		11,404		2,192,989
PPG Industries, Inc.		10,663		1,509,881
Sherwin-Williams Co.		11,180		3,712,095
Steel Dynamics, Inc.		7,040		942,093


	Number of Shares		Value
Materials (Continued)
Westrock Co.		12,089	$	547,511

(Cost $27,429,699)				29,717,883

Real Estate — 2.4%
American Tower Corp. REIT		21,329		4,241,485
Boston Properties, Inc. REIT		6,772		438,284
CBRE Group, Inc., Class A*		14,288		1,312,924
Crown Castle, Inc. REIT		19,587		2,153,395
Digital Realty Trust, Inc. REIT		13,856		2,034,199
Equinix, Inc. REIT		4,264		3,789,928
Healthpeak Properties, Inc. REIT		32,249		540,171
Iron Mountain, Inc. REIT		13,122		1,031,914
Prologis, Inc. REIT		42,084		5,608,535
SBA Communications Corp. REIT		4,916		1,028,575
Welltower, Inc. REIT		25,376		2,338,652
Weyerhaeuser Co. REIT		33,151		1,139,731

(Cost $27,894,616)				25,657,793

Utilities — 1.0%
American Water Works Co., Inc.		8,788		1,041,730
Atmos Energy Corp.		6,714		758,078
CMS Energy Corp.		13,308		763,480
Consolidated Edison, Inc.		15,640		1,363,964
Edison International		17,306		1,177,154
Essential Utilities, Inc.		12,092		420,560
Eversource Energy		15,683		920,592
Exelon Corp.		45,088		1,615,954
NRG Energy, Inc.		10,368		573,558
Sempra		28,507		2,012,594

(Cost $12,069,426)				10,647,664

TOTAL COMMON STOCKS (Cost $883,272,277)				1,052,091,107

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $307,803)		307,803		307,803

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $2,185,111)		2,185,111		2,185,111


TOTAL INVESTMENTS — 99.8% (Cost $885,765,191)			$	1,054,584,021
Other assets and liabilities, net — 0.2%				1,948,729

NET ASSETS — 100.0%			$	1,056,532,750

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

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


	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 9.7%
Alphabet, Inc., Class A*		25,047	$	3,468,008
Alphabet, Inc., Class C*		20,939		2,926,853
AT&T, Inc.		31,901		540,084
Charter Communications, Inc., Class A*		508		149,316
Comcast Corp., Class A		17,564		752,617
Electronic Arts, Inc.		1,466		204,478
Fox Corp., Class A		1,839		54,784
Fox Corp., Class B		1,180		32,308
Liberty Broadband Corp., Class A*		668		40,180
Liberty Broadband Corp., Class C*		1,141		68,665
Live Nation Entertainment, Inc.*		933		90,482
Match Group, Inc.*		2,355		84,874
Meta Platforms, Inc., Class A		9,289		4,552,818
Netflix, Inc.*		1,906		1,149,165
Omnicom Group, Inc.		1,094		96,699
Pinterest, Inc., Class A*		3,694		135,570
ROBLOX Corp., Class A*		3,123		124,608
Sirius XM Holdings, Inc. (a)		9,659		42,693
Snap, Inc., Class A*		7,105		78,297
Spotify Technology SA*		809		207,436
Take-Two Interactive Software, Inc.*		1,004		147,518
T-Mobile US, Inc.		2,191		357,790
Trade Desk, Inc., Class A*		2,555		218,274
Verizon Communications, Inc.		18,420		737,168
Walt Disney Co.		7,803		870,659
Warner Bros Discovery, Inc.*		12,054		105,955
Warner Music Group Corp., Class A		1,592		55,609

(Cost $12,621,292)				17,292,908

Consumer Discretionary — 6.3%
Airbnb, Inc., Class A*		2,146		337,931
Aptiv PLC*		2,881		229,011
AutoZone, Inc.*		149		447,897
Best Buy Co., Inc.		1,511		122,210
Booking Holdings, Inc.*		157		544,606
Chipotle Mexican Grill, Inc.*		132		354,918
D.R. Horton, Inc.		2,068		309,042
Domino’s Pizza, Inc.		177		79,358
DoorDash, Inc., Class A*		3,087		384,548
eBay, Inc.		6,707		317,107
Expedia Group, Inc.*		809		110,687
Ford Motor Co.		6,926		86,159
Garmin Ltd.		2,083		286,100
General Motors Co.		4,267		174,862
Genuine Parts Co.		1,804		269,265
Home Depot, Inc.		4,333		1,649,183
Lennar Corp., Class A		1,952		309,412
Lennar Corp., Class B		879		129,538
LKQ Corp.		4,865		254,391
Lowe’s Cos., Inc.		2,669		642,348
Lululemon Athletica, Inc.*		861		402,164
McDonald’s Corp.		3,069		897,007
MercadoLibre, Inc.*		309		492,948
NIKE, Inc., Class B		6,813		708,075
NVR, Inc.*		32		244,018
O’Reilly Automotive, Inc.*		455		494,776


	Number of Shares		Value
Consumer Discretionary (Continued)
PulteGroup, Inc.		1,623	$	175,901
Tractor Supply Co.		701		178,278
Ulta Beauty, Inc.*		593		325,296
Yum China Holdings, Inc.		2,283		97,918
Yum! Brands, Inc.		829		114,750

(Cost $8,919,127)				11,169,704

Consumer Staples — 5.1%
Archer-Daniels-Midland Co.		12		637
Campbell Soup Co.		4,147		176,828
Church & Dwight Co., Inc.		2,915		291,850
Clorox Co.		1,781		273,045
Coca-Cola Co.		19,005		1,140,680
Colgate-Palmolive Co.		4,866		421,006
Conagra Brands, Inc.		5,768		161,966
Estee Lauder Cos., Inc., Class A		2,338		347,380
General Mills, Inc.		4,904		314,739
Hershey Co.		1,574		295,786
Hormel Foods Corp.		3,991		140,962
J M Smucker Co.		1,575		189,268
Kellanova		3,945		217,567
Keurig Dr Pepper, Inc.		9,097		272,091
Kimberly-Clark Corp.		2,737		331,642
Kraft Heinz Co.		6,817		240,504
McCormick & Co., Inc.		3,834		264,009
Mondelez International, Inc., Class A		7,835		572,504
PepsiCo, Inc.		6,711		1,109,597
Procter & Gamble Co.		10,629		1,689,373
Sysco Corp.		4,198		339,912
Target Corp.		2,558		391,169
Tyson Foods, Inc., Class A		33		1,790

(Cost $9,420,714)				9,184,305

Financials — 12.4%
Aflac, Inc.		2,582		208,471
Allstate Corp.		791		126,180
American Express Co.		2,736		600,333
American International Group, Inc.		2,793		203,582
Ameriprise Financial, Inc.		424		172,721
Aon PLC, Class A		966		305,246
Apollo Global Management, Inc.		2,109		235,786
Arch Capital Group Ltd.*		1,705		149,341
Ares Management Corp., Class A		1,113		147,617
Arthur J Gallagher & Co.		1,043		254,419
Bank of America Corp.		29,572		1,020,825
Bank of New York Mellon Corp.		4,021		225,538
BlackRock, Inc.		670		543,598
Block, Inc.*		3,039		241,509
Capital One Financial Corp.		1,194		164,306
Cboe Global Markets, Inc.		672		129,024
Charles Schwab Corp.		6,477		432,534
Chubb Ltd.		1,817		457,284
Cincinnati Financial Corp.		865		98,610
Citigroup, Inc.		8,649		479,933
Citizens Financial Group, Inc.		1,527		47,933
CME Group, Inc.		1,739		383,189
Coinbase Global, Inc., Class A*		847		172,415


	Number of Shares		Value
Financials (Continued)
Discover Financial Services		1,384	$	167,049
Everest Group Ltd.		99		36,519
Fidelity National Financial, Inc.		688		34,799
Fidelity National Information Services, Inc.		3,285		227,289
Fifth Third Bancorp		2,764		94,916
Fiserv, Inc.*		2,900		432,883
FleetCor Technologies, Inc.*		468		130,698
Franklin Resources, Inc.		2,641		72,496
Global Payments, Inc.		1,465		190,011
Globe Life, Inc.		604		76,666
Goldman Sachs Group, Inc.		1,509		587,077
Hartford Financial Services Group, Inc.		1,080		103,507
Huntington Bancshares, Inc.		9,447		123,189
Interactive Brokers Group, Inc., Class A		977		106,219
Intercontinental Exchange, Inc.		2,725		377,195
JPMorgan Chase & Co.		12,340		2,295,980
KeyCorp		3,844		54,854
KKR & Co., Inc.		3,396		333,691
M&T Bank Corp.		656		91,669
Markel Group, Inc.*		58		86,564
Marsh & McLennan Cos., Inc.		2,187		442,365
Mastercard, Inc., Class A		3,608		1,712,934
MetLife, Inc.		2,222		154,962
Moody’s Corp.		798		302,777
Morgan Stanley		5,896		507,292
MSCI, Inc.		419		235,046
Nasdaq, Inc.		2,336		131,283
Northern Trust Corp.		1,407		115,557
PayPal Holdings, Inc.*		5,316		320,767
PNC Financial Services Group, Inc.		1,794		264,077
Principal Financial Group, Inc.		906		73,259
Progressive Corp.		2,429		460,441
Prudential Financial, Inc.		1,232		134,276
Raymond James Financial, Inc.		1,214		146,069
Regions Financial Corp.		2,623		48,867
Rocket Cos., Inc., Class A*		4,387		55,101
S&P Global, Inc.		1,461		625,863
State Street Corp.		1,865		137,506
Synchrony Financial		2,681		110,725
T. Rowe Price Group, Inc.		1,349		152,909
Travelers Cos., Inc.		907		200,411
Truist Financial Corp.		5,592		195,608
US Bancorp		6,210		260,572
Visa, Inc., Class A		6,770		1,913,473
W.R. Berkley Corp.		1,024		85,606
Wells Fargo & Co.		15,339		852,695
Willis Towers Watson PLC		576		157,023

(Cost $17,834,832)				22,221,129

Health Care — 17.6%
Abbott Laboratories		8,847		1,049,608
AbbVie, Inc.		8,526		1,501,002
Agilent Technologies, Inc.		2,729		374,856
Align Technology, Inc.*		947		286,392
Alnylam Pharmaceuticals, Inc.*		1,522		229,959
Amgen, Inc.		2,863		783,975


	Number of Shares		Value
Health Care (Continued)
Avantor, Inc.*		9,820	$	241,965
Baxter International, Inc.		6,452		264,016
Becton Dickinson and Co.		1,988		468,274
Biogen, Inc.*		1,379		299,229
BioMarin Pharmaceutical, Inc.*		2,902		250,385
Boston Scientific Corp.*		9,325		617,408
Bristol-Myers Squibb Co.		12,378		628,184
Cardinal Health, Inc.		373		41,769
Cencora, Inc.		1,227		289,081
Centene Corp.*		1,880		147,448
Cigna Group		1,212		407,402
Cooper Cos., Inc.		2,792		261,331
CVS Health Corp.		7,703		572,872
Danaher Corp.		3,618		915,861
Dexcom, Inc.*		3,146		362,010
Edwards Lifesciences Corp.*		5,051		428,678
Elevance Health, Inc.		1,001		501,751
Eli Lilly & Co.		3,827		2,884,333
GE HealthCare Technologies, Inc.		3,779		344,947
Gilead Sciences, Inc.		7,573		546,013
HCA Healthcare, Inc.		907		282,712
Henry Schein, Inc.*		2,774		212,128
Hologic, Inc.*		3,583		264,425
Humana, Inc.		616		215,797
IDEXX Laboratories, Inc.*		693		398,634
Illumina, Inc.*		2,073		289,868
Incyte Corp.*		3,728		217,566
Intuitive Surgical, Inc.*		1,969		759,246
IQVIA Holdings, Inc.*		897		221,703
Johnson & Johnson		11,211		1,809,231
Laboratory Corp. of America Holdings		543		117,196
McKesson Corp.		798		416,085
Medtronic PLC		7,778		648,374
Merck & Co., Inc.		12,201		1,551,357
Mettler-Toledo International, Inc.*		256		319,288
Moderna, Inc.*		3,085		284,560
Pfizer, Inc.		30,221		802,670
Quest Diagnostics, Inc.		649		81,054
Regeneron Pharmaceuticals, Inc.*		649		626,993
ResMed, Inc.		1,697		294,803
Royalty Pharma PLC, Class A		8,459		256,646
STERIS PLC		1,266		294,864
Stryker Corp.		1,935		675,451
Thermo Fisher Scientific, Inc.		1,953		1,113,562
UnitedHealth Group, Inc.		3,912		1,930,963
Veeva Systems, Inc., Class A*		873		196,870
Vertex Pharmaceuticals, Inc.*		1,538		647,098
Viatris, Inc.		19,779		244,666
Waters Corp.*		870		293,555
West Pharmaceutical Services, Inc.		825		295,647
Zimmer Biomet Holdings, Inc.		2,440		303,438
Zoetis, Inc.		2,895		574,165

(Cost $28,496,965)				31,339,364

Industrials — 4.9%
A O Smith Corp.		6		497
Automatic Data Processing, Inc.		1,940		487,192


	Number of Shares		Value
Industrials (Continued)
Broadridge Financial Solutions, Inc.		698	$	142,099
C.H. Robinson Worldwide, Inc.		43		3,185
Carrier Global Corp.		16		889
Cintas Corp.		441		277,217
Copart, Inc.*		7,826		415,952
Deere & Co.		1,346		491,357
Delta Air Lines, Inc.		4,406		186,242
Dover Corp.		1,148		189,856
Equifax, Inc.		691		189,051
Expeditors International of Washington, Inc.		1,657		198,177
Fastenal Co.		5,370		392,064
FedEx Corp.		1,482		368,973
Ferguson PLC		1,782		376,804
JB Hunt Transport Services, Inc.		1,242		256,237
Johnson Controls International PLC		2,854		169,157
Masco Corp.		2,014		154,595
Old Dominion Freight Line, Inc.		873		386,285
Otis Worldwide Corp.		3,361		320,303
PACCAR, Inc.		155		17,188
Paychex, Inc.		1,764		216,302
Paycom Software, Inc.		462		84,264
Rollins, Inc.		2,351		103,609
Snap-on, Inc.		707		194,892
Southwest Airlines Co.		5,120		175,462
SS&C Technologies Holdings, Inc.		1,640		104,566
Stanley Black & Decker, Inc.		1,351		120,631
Trane Technologies PLC		5		1,410
TransUnion		1,466		113,806
Uber Technologies, Inc.*		10,383		825,448
United Airlines Holdings, Inc.*		2,298		104,536
United Parcel Service, Inc., Class B		4,057		601,491
Verisk Analytics, Inc.		813		196,665
W.W. Grainger, Inc.		265		257,967
Waste Management, Inc.		2,596		533,867
Westinghouse Air Brake Technologies Corp.		838		118,401

(Cost $7,232,493)				8,776,637

Information Technology — 36.0%
Accenture PLC, Class A		2,792		1,046,386
Adobe, Inc.*		1,972		1,104,872
Advanced Micro Devices, Inc.*		7,874		1,515,981
Akamai Technologies, Inc.*		1,042		115,579
Amdocs Ltd.		1,051		95,851
Analog Devices, Inc.		3,136		601,548
Apple, Inc.		79,474		14,364,925
Applied Materials, Inc.		4,602		927,855
Arista Networks, Inc.*		1,765		489,858
Atlassian Corp., Class A*		856		177,552
Autodesk, Inc.*		1,107		285,794
Broadcom, Inc.		2,101		2,732,330
Cadence Design Systems, Inc.*		1,319		401,477
CDW Corp.		712		175,302
Cisco Systems, Inc.		20,562		994,584
Cloudflare, Inc., Class A*		1,813		178,653
Cognizant Technology Solutions Corp., Class A		2,757		217,858


	Number of Shares		Value
Information Technology (Continued)
Corning, Inc.		8,374	$	269,978
Crowdstrike Holdings, Inc., Class A*		1,096		355,268
Datadog, Inc., Class A*		1,612		211,914
Enphase Energy, Inc.*		2,226		282,724
EPAM Systems, Inc.*		389		118,412
Fair Isaac Corp.*		144		182,867
Fortinet, Inc.*		3,625		250,524
Gartner, Inc.*		421		196,001
Gen Digital, Inc.		4,844		104,098
GLOBALFOUNDRIES, Inc.* (a)		3,344		182,816
HP, Inc.		6,400		181,312
HubSpot, Inc.*		283		175,123
Intel Corp.		21,302		917,051
Intuit, Inc.		1,212		803,423
Keysight Technologies, Inc.*		1,889		291,473
KLA Corp.		913		622,940
Lam Research Corp.		807		757,168
Marvell Technology, Inc.		5,454		390,834
Microchip Technology, Inc.		4,387		369,122
Micron Technology, Inc.		6,718		608,718
Microsoft Corp.		28,702		11,872,295
MongoDB, Inc.*		421		188,431
Motorola Solutions, Inc.		1,305		431,159
NetApp, Inc.		3,119		277,965
NVIDIA Corp.		13,318		10,536,136
Okta, Inc.*		1,242		133,267
ON Semiconductor Corp.*		3,745		295,555
Oracle Corp.		6,981		779,638
Palo Alto Networks, Inc.*		1,455		451,850
QUALCOMM, Inc.		6,011		948,476
Salesforce, Inc.*		4,073		1,257,824
Seagate Technology Holdings PLC		2,593		241,279
ServiceNow, Inc.*		922		711,175
Skyworks Solutions, Inc.		2,343		245,828
Snowflake, Inc., Class A*		1,397		263,027
Splunk, Inc.*		945		147,628
Synopsys, Inc.*		729		418,249
TE Connectivity Ltd.		2,732		392,206
Teradyne, Inc.		2,192		227,069
Texas Instruments, Inc.		4,854		812,220
Twilio, Inc., Class A*		1,433		85,392
Unity Software, Inc.*		2,410		70,661
VeriSign, Inc.*		623		121,666
Western Digital Corp.*		2,560		152,243
Workday, Inc., Class A*		1,049		309,098
Zoom Video Communications, Inc., Class A*		1,747		123,565
Zscaler, Inc.*		596		144,214

(Cost $44,333,213)				64,336,287

Materials — 1.8%
Ball Corp.		3,403		217,860
Corteva, Inc.		6,601		353,286
CRH PLC		3,492		294,411
Ecolab, Inc.		1,984		446,083
International Flavors & Fragrances, Inc.		2,947		222,498
International Paper Co.		93		3,288


	Number of Shares		Value
Materials (Continued)
Martin Marietta Materials, Inc.		482	$	278,456
Mosaic Co.		3,419		106,536
Nucor Corp.		413		79,420
Packaging Corp. of America		1,211		219,421
PPG Industries, Inc.		1,879		266,066
Sherwin-Williams Co.		1,511		501,697
Southern Copper Corp.		2,346		189,698

(Cost $2,697,724)				3,178,720

Real Estate — 4.7%
Alexandria Real Estate Equities, Inc. REIT		2,157		269,043
American Tower Corp. REIT		2,849		566,552
AvalonBay Communities, Inc. REIT		1,672		295,994
CBRE Group, Inc., Class A*		8		735
CoStar Group, Inc.*		2,310		201,039
Crown Castle, Inc. REIT		3,559		391,276
Digital Realty Trust, Inc. REIT		2,645		388,312
Equinix, Inc. REIT		623		553,735
Equity Residential REIT		4,672		281,301
Essex Property Trust, Inc. REIT		1,066		246,672
Extra Space Storage, Inc. REIT		2,124		299,420
Healthpeak Properties, Inc. REIT		11,962		200,364
Invitation Homes, Inc. REIT		8,213		279,817
Iron Mountain, Inc. REIT		4,129		324,705
Mid-America Apartment Communities, Inc. REIT		1,918		241,054
Prologis, Inc. REIT		5,296		705,798
Public Storage REIT		1,328		376,979
Realty Income Corp. REIT		6,230		324,645
SBA Communications Corp. REIT		1,269		265,513
Simon Property Group, Inc. REIT		2,681		397,163
UDR, Inc. REIT		6,443		228,727
Ventas, Inc. REIT		5,707		241,349
VICI Properties, Inc. REIT		10,576		316,540
Welltower, Inc. REIT		4,503		414,997


	Number of Shares		Value
Real Estate (Continued)
Weyerhaeuser Co. REIT		7,936	$	272,840
WP Carey, Inc. REIT		3,893		219,293

(Cost $8,440,953)				8,303,863

Utilities — 1.0%
American Water Works Co., Inc.		7,354		871,743
Edison International		13,067		888,818

(Cost $1,908,798)				1,760,561

TOTAL COMMON STOCKS (Cost $141,906,111)				177,563,478

EXCHANGE-TRADED FUNDS — 0.3%
iShares Paris-Aligned Climate MSCI USA ETF (a)		4,800		268,512
Vanguard Mid-Cap ETF (a)		300		72,168
Xtrackers MSCI USA Climate Action Equity ETF (b)		3,400		108,621

(Cost $401,470)				449,301

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $388,400)		388,400		388,400

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) (Cost $267,018)		267,018		267,018


TOTAL INVESTMENTS — 100.1% (Cost $142,962,999)			$	178,668,197
Other assets and liabilities, net — (0.1%)				(199,256	)

NET ASSETS — 100.0%			$	178,468,941

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

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


	Number of Shares		Value
COMMON STOCKS — 98.4%
Australia — 5.7%
BHP Group Ltd.		14,400	$	411,912
Rio Tinto Ltd.		1,982		159,748

(Cost $574,453)				571,660

Brazil — 5.1%
Petroleo Brasileiro SA, ADR		7,393		122,132
Suzano SA, ADR		7,374		83,695
Vale SA, ADR		22,912		307,250

(Cost $524,769)				513,077

Canada — 20.3%
Agnico Eagle Mines Ltd.		5,503		264,084
Barrick Gold Corp.		16,094		234,822
Cenovus Energy, Inc.		18,240		318,042
First Quantum Minerals Ltd.		5,296		50,174
Franco-Nevada Corp.		1,119		117,225
Imperial Oil Ltd.		880		55,096
Ivanhoe Mines Ltd., Class A*		10,289		109,463
Nutrien Ltd.		8,951		467,496
Teck Resources Ltd., Class B		7,185		276,255
Wheaton Precious Metals Corp.		3,359		138,511

(Cost $2,038,202)				2,031,168

Finland — 3.8%
Stora Enso OYJ, Class R		15,771		199,338
UPM-Kymmene OYJ		5,290		177,061

(Cost $369,860)				376,399

France — 4.8%
TotalEnergies SE (Cost $485,494)		7,525		480,366

Ireland — 1.9%
Smurfit Kappa Group PLC (Cost $188,069)		4,540		193,718

Israel — 0.2%
ICL Group Ltd. (Cost $23,051)		4,525		23,932

Italy — 0.7%
Eni SpA (Cost $69,755)		4,480		69,075

Japan — 1.4%
Nippon Steel Corp. (Cost $142,257)		5,800		143,963

Norway — 1.3%
Norsk Hydro ASA (Cost $129,794)		24,335		125,219

Singapore — 1.0%
Wilmar International Ltd. (Cost $96,136)		38,400		94,815

Switzerland — 5.3%
Glencore PLC		71,577		339,666


	Number of Shares		Value
Switzerland (Continued)
SIG Group AG*		9,475	$	188,306

(Cost $528,506)				527,972

United Kingdom — 9.6%
Amcor PLC		21,218		192,235
Anglo American PLC		3,261		70,166
BP PLC		28,540		166,321
DS Smith PLC		34,250		139,549
Shell PLC		12,415		385,856

(Cost $960,916)				954,127

United States — 37.3%
Archer-Daniels-Midland Co.		1,133		60,174
Avery Dennison Corp.		269		58,246
CF Industries Holdings, Inc.		1,647		132,946
Chesapeake Energy Corp.		608		50,330
Chevron Corp.		2,400		364,824
Cleveland-Cliffs, Inc.*		5,119		106,475
ConocoPhillips		2,429		273,360
Corteva, Inc.		5,814		311,165
Darling Ingredients, Inc.*		3,680		155,701
Diamondback Energy, Inc.		323		58,954
Exxon Mobil Corp.		2,525		263,913
FMC Corp.		1,471		82,950
Freeport-McMoRan, Inc.		4,465		168,822
Graphic Packaging Holding Co.		3,887		100,868
Hess Corp.		574		83,660
Ingredion, Inc.		333		39,171
International Paper Co.		3,197		113,046
Marathon Petroleum Corp.		1,264		213,907
Mosaic Co.		4,575		142,557
Nucor Corp.		783		150,571
Phillips 66		656		93,486
Pioneer Natural Resources Co.		622		146,288
Reliance, Inc.		391		125,597
Schlumberger NV		3,217		155,478
Sealed Air Corp.		1,550		54,048
Silgan Holdings, Inc.		1,133		49,750
Westrock Co.		2,608		118,116
Weyerhaeuser Co. REIT		1,584		54,458

(Cost $3,728,355)				3,728,861

TOTAL COMMON STOCKS (Cost $9,859,617)				9,834,352

CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $138,884)		138,884		138,884


TOTAL INVESTMENTS — 99.8% (Cost $9,998,501)			$	9,973,236
Other assets and liabilities, net — 0.2%				20,236

NET ASSETS — 100.0%			$	9,993,472

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

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

As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

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

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), except Xtrackers RREEF Global Natural Resources ETF which offers shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares except for Xtrackers RREEF Global Natural Resources ETF which lots consists of 25,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “EMCR Index”) is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The EMCR Index is then weighted in such a manner seeking to align its constituents companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

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

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

The MSCI USA Climate Action Index is comprised of large and mid-capitalization companies in the United States that the Underlying Index’s methodology assesses as leading their sector peers in taking action relating to a climate transition. Under normal circumstances, the Underlying Index is rebalanced on a semi-annual basis, and reviewed and reweighted on an ongoing basis. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

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

The Solactive ISS ESG United States Net Zero Pathway Enhanced Index is comprised of large and mid-capitalization companies in the United States that meet certain ESG criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

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

Xtrackers RREEF Global Resources ETF “NRES” seeks total return from both capital appreciation and current income. NRES is an actively-managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specific index. Under normal circumstances, NRES invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes (calculated at the time of any investment), in securities of companies in the natural resources sector.

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

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

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported

amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.

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

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

The tax character of current year distributions will be determined at the end of the current fiscal year.

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers MSCI USA Climate Action Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders Equity ETF. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers MSCI USA ESG Leaders Equity ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified

amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2024, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 29, 2024, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Futures Contracts Each Fund may enter into futures contracts. For each fund, except, Xtrackers RREEF Global Natural Resources ETF, these futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. For Xtrackers RREEF Global Natural Resources ETF these futures will be used for liquidity purposes. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 29, 2024, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA Climate Action Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of February 29, 2024 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of February 29, 2024 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 29, 2024 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

For the period ended February 29, 2024 the average monthly volume of derivatives was as follows:

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

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

RREEF America L.L.C. (“RREEF”) an affiliate of the Advisor serves as the Sub-Advisor to the Xtrackers RREEF Global Natural Resources ETF. The Sub-Advisor is responsible for day-to-day management of the Fund, subject to supervision of the Advisor.

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

The Advisor for the Xtrackers MSCI USA ESG Leaders Equity ETF has voluntarily elected to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the Fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at nine basis points of the Fund’s average daily net assets. Any voluntary waiver or reimbursement implemented by the Advisor may be eliminated by the Advisor at any time. For the period ended February 29, 2024, the Advisor waived $56,853 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:

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

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

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

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

Affiliated Securities Lending Agent Fees Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

As of February 29, 2024, here were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index or portfolio and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)

The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments.

Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor (“QFI”) or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at February 29, 2024.

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 29, 2024, there was one affiliated shareholder account for the fund listed below holding a significant percentage of the shares outstanding:

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

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

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Chinese securities as illiquid due to an extended Chinese and Taiwan holiday market closure in January 2023. The temporary reclassification of Chinese securities caused the Fund to exceed the 15% limit on illiquid investments. Because a notification to the Fund’s board of the anticipated extended holiday closure was made before the start of the holiday closure no filing on Form N-RN was required. Also, because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers Net Zero Pathway Paris Aligned US Equity ETF and Xtrackers MSCI USA Climate Action Equity ETF

has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

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

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.

The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

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

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

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the

Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

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

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

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

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

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

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

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on November 14, 2023 (the “Meeting”), the Trustees, all of whom are Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement with DBX Advisors LLC (“DBX” or the “Advisor”) and the Investment Sub-Advisory Agreement between DBX and RREEF America L.L.C. (“RREEF” or the “Sub-Advisor”) with respect to Xtrackers RREEF Global Natural Resources ETF (the “Fund”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

In reaching its decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) the performance of RREEF with respect to its management of other funds, as well as RREEF’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by RREEF from its relationship with the Fund; and (4) the extent to which economies of scale would be realized, and if the Fund’s’ shareholders would benefit from those economies.

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

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

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

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

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

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

Costs of Services and Profitability. The Board considered the anticipated expenses of the Advisor in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the

profitability of the Fund to the Advisor at this time. The Board considered whether the Advisor would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Advisor until a new fund achieves scale.

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

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

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

Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that RREEF would provide to the Fund, the Board reviewed in detail the nature, extent and quality of services to be provided by RREEF under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information it had received from the Sub-Advisor. The Board considered that these services include, among other things, furnishing a continuous target allocation representing RREEF’s recommendations as to the securities to be purchased, sold or retained by the Fund, which RREEF continually reviews and adjusts as necessary on an ongoing daily basis.

The Board also considered RREEF’s operational capabilities and resources, and its experience in serving as an investment sub-advisor to funds with similar strategies. The Board considered the professional experience, qualifications and performance of RREEF’s senior management and key professional personnel, as well as RREEF’s depth and breadth of experience in managing investment portfolios with similar strategies and their techniques for implementing such strategies. In addition, the Board considered RREEF’s operational capabilities and resources.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by RREEF under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to RREEF.

RREEF’s Financial Resources. The Board considered RREEF’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that RREEF has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.

Reasonableness of Sub-Advisory Fee. The Board considered that the fee to be paid to RREEF in respect of the Fund would be paid by the Advisor and not the Fund. Based on its review, the Board concluded that the fees agreed upon with RREEF are reasonable in light of the nature and quality of investment advisory services rendered for the Fund. The Board reached its conclusion based in part on the aggregate fees paid by the Fund, the fact that the sub-advisory fee is paid by the Advisor and not the Fund, and fees paid by comparable funds to advisors.

Costs of Services and Profitability. The Board considered the anticipated expenses of RREEF in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Sub-Advisor at this time. The Board considered whether RREEF would benefit in other ways from its

relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the RREEF related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Sub-Advisor until a new fund achieves scale.

Economies of Scale. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisor’s can share benefits of economies of scale.

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

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

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

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

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

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

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

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

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

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

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

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

Copyright © 2024 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.


Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		9.6%
Tencent Holdings Ltd. (China)		4.0%
Samsung Electronics Co. Ltd. (South Korea)		3.0%
Alibaba Group Holding Ltd. (China)		1.6%
Infosys Ltd. (India)		1.6%
PDD Holdings, Inc. (Ireland)		1.5%
ICICI Bank Ltd. (India)		1.2%
SK Hynix, Inc. (South Korea)		1.2%
Tata Consultancy Services Ltd. (India)		1.1%
China Construction Bank Corp. (China)		1.1%


Description	% of Net Assets
Novo Nordisk A/S (Denmark)		4.7%
ASML Holding NV (Netherlands)		4.6%
LVMH Moet Hennessy Louis Vuitton SE (France)		3.1%
Novartis AG (Switzerland)		2.5%
AstraZeneca PLC (United Kingdom)		2.4%
HSBC Holdings PLC (United Kingdom)		1.8%
TotalEnergies SE (France)		1.7%
Schneider Electric SE (France)		1.5%
Unilever PLC (United Kingdom)		1.5%
Tokyo Electron Ltd. (Japan)		1.4%


Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		14.4%
Tencent Holdings Ltd. (China)		6.3%
Alibaba Group Holding Ltd. (China)		4.0%
Reliance Industries Ltd. (India)		2.9%
Infosys Ltd. (India)		1.8%
China Construction Bank Corp. (China)		1.6%
MediaTek, Inc. (Taiwan)		1.4%
Tata Consultancy Services Ltd. (India)		1.2%
NetEase, Inc. (China)		1.2%
PT Bank Central Asia Tbk (Indonesia)		0.9%


Description	% of Net Assets
TotalEnergies SE (France)		4.8%
Nutrien Ltd. (Canada)		4.7%
BHP Group Ltd. (Australia)		4.1%
Shell PLC (United Kingdom)		3.9%
Chevron Corp. (United States)		3.7%
Glencore PLC (Switzerland)		3.4%
Cenovus Energy, Inc. (Canada)		3.2%
Corteva, Inc. (United States)		3.1%
Vale SA (Brazil)		3.1%
Teck Resources Ltd. (Canada)		2.8%


Metals & Mining			33.6%
Oil, Gas & Consumable Fuels			32.0%
Containers & Packaging			12.2%
Chemicals			11.7%
Paper & Forest Products			4.7%
Food Products			3.6%
Energy Equipment & Services			1.6%
Specialized REITs			0.6%

Total			100.0%


Portfolio Summary
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			1
Xtrackers MSCI EAFE ESG Leaders Equity ETF			2
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			3
Xtrackers MSCI USA Climate Action Equity ETF			4
Xtrackers MSCI USA ESG Leaders Equity ETF			5
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF			6
Xtrackers RREEF Global Natural Resources ETF			7
Fees and Expenses			8
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			10
Xtrackers MSCI EAFE ESG Leaders Equity ETF			28
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			34
Xtrackers MSCI USA Climate Action Equity ETF			42
Xtrackers MSCI USA ESG Leaders Equity ETF			47
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF			51
Xtrackers RREEF Global Natural Resources ETF			56
Statements of Assets and Liabilities			58
Statements of Operations			60
Statements of Changes in Net Assets			62
Financial Highlights			66
Notes to Financial Statements			70
Other Information			81
Liquidity Risk Management			82
Board Considerations in Approval of Investment Advisory Contracts			84
Additional Information			90


China			24.2%
Taiwan			19.8%
India			17.1%
South Korea			11.2%
Brazil			4.7%
Saudi Arabia			3.3%
Mexico			2.8%
South Africa			2.8%
Indonesia			2.1%
United Arab Emirates			2.1%
Other			9.9%

Total			100.0%


Financials			29.0%
Information Technology			26.7%
Communication Services			11.4%
Consumer Discretionary			10.8%
Health Care			5.3%
Industrials			5.3%
Consumer Staples			4.9%
Materials			3.4%
Real Estate			1.8%
Utilities			1.4%
Energy			0.0%

Total			100.0%


Japan			26.3%
France			13.5%
United Kingdom			12.6%
Switzerland			9.0%
Netherlands			7.3%
Denmark			6.6%
Australia			5.8%
Germany			4.9%
Sweden			3.1%
Hong Kong			2.1%
Other			8.8%

Total			100.0%


Financials			18.0%
Industrials			16.2%
Health Care			13.9%
Consumer Discretionary			12.7%
Information Technology			10.3%
Consumer Staples			8.5%
Materials			7.3%
Communication Services			4.2%
Energy			3.3%
Utilities			3.0%
Real Estate			2.6%

Total			100.0%


Information Technology			21.9%
Financials			21.7%
Communication Services			13.7%
Consumer Discretionary			11.6%
Industrials			7.1%
Materials			5.8%
Consumer Staples			5.4%
Energy			4.9%
Health Care			3.6%
Utilities			2.5%
Real Estate			1.8%

Total			100.0%


Information Technology			27.4%
Health Care			13.6%
Financials			12.7%
Consumer Discretionary			12.2%
Communication Services			11.4%
Industrials			6.8%
Consumer Staples			5.3%
Energy			4.0%
Materials			2.3%
Real Estate			2.3%
Utilities			2.0%

Total			100.0%


Information Technology			33.1%
Health Care			12.3%
Financials			12.1%
Consumer Discretionary			9.8%
Communication Services			9.6%
Industrials			9.1%
Consumer Staples			5.6%
Materials			2.8%
Real Estate			2.4%
Energy			2.2%
Utilities			1.0%

Total			100.0%


Information Technology			36.2%
Health Care			17.7%
Financials			12.5%
Communication Services			9.7%
Consumer Discretionary			6.3%
Consumer Staples			5.2%
Industrials			4.9%
Real Estate			4.7%
Materials			1.8%
Utilities			1.0%

Total			100.0%


United States			37.9%
Canada			20.6%
United Kingdom			9.7%
Australia			5.8%
Switzerland			5.4%
Brazil			5.2%
France			4.9%
Finland			3.8%
Ireland			2.0%
Other			4.7%

Total			100.0%


	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers RREEF Global Natural Resources ETF
Actual ⁽²⁾	$	1,000.00	$	999.30		0.43	%	$	0.04
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.73		0.43	%	$	2.16


	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		—		1,498,996	(e)		—			—		—		5,670		—		1,498,996		1,498,996

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c)
		1,488,084		110,405,101			(111,893,185	)		—		—		108,404		—		—		—

		1,488,084		111,904,097			(111,893,185	)		—		—		114,074		—		1,498,996		1,498,996


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
MSCI Emerging Markets Index Future	USD	49	$	2,497,780	$	2,491,160	3/15/2024	$	(6,620	)


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	593,080,585		$	—	$	0	$	593,080,585
Preferred Stocks (a)		11,004,598			—		0		11,004,598
Rights (a)		—			9,616		—		9,616
Warrants		2			—		—		2
Short-Term Investments (a)		1,498,996			—		—		1,498,996

TOTAL	$	605,584,181		$	9,616	$	0	$	605,593,797


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(6,620	)	$	—	$	—	$	(6,620	)

TOTAL	$	(6,620	)	$	—	$	—	$	(6,620	)


	Number of Shares		Value
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) (Cost $15,377)		15,377	$	15,377


TOTAL INVESTMENTS — 100.0% (Cost $42,326,336)			$	48,285,148
Other assets and liabilities, net — 0.0%				16,940

NET ASSETS — 100.0%			$	48,302,088


	Number of Shares		Value
Utilities (Continued)
Xcel Energy, Inc.		34,190	$	1,801,471

(Cost $45,658,772)				40,680,090

TOTAL COMMON STOCKS (Cost $1,651,469,309)				1,996,273,191

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $569,800)		569,800		569,800


Value ($) at 2/27/2024 (Commencement of Operations)	Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
—		2,632,403		(2,493,519	)		—		—		382		—		138,884		138,884


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			Xtrackers MSCI EAFE ESG Leaders Equity ETF		Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			Xtrackers MSCI USA Climate Action Equity ETF
Assets
Investment in non-affiliated securities at value	$	604,094,801		$	48,170,097	$	25,153,592		$	1,996,273,191
Investment in DWS Government Money Market Series		—			15,377		32,554			3,285,510
Investment in DWS Government & Agency Securities Portfolio*		1,498,996			99,674		49,042			569,800
Foreign currency at value		2,567,687			36,776		10,140			—
Deposit with broker for futures contracts		78,869			7,338		1,611			251,900
Receivables:
Investment securities sold		21,755,982			384,732		436,168			30,399,950
Capital shares		439,743			—		—			11,168,603
Variation margin on futures contracts		464			136		10			—
Dividends		1,262,029			56,073		40,686			2,786,897
Interest		5,855			55		130			11,921
Affiliated securities lending income		1,941			22		3			2,575
Foreign tax reclaim		4,594			60,955		—			1,805

Total assets	$	631,710,961		$	48,831,235	$	25,723,936		$	2,044,752,152


Liabilities
Due to custodian	$	12,871,670		$	—	$	—		$	—
Payable upon return of securities loaned		1,498,996			99,674		49,042			569,800
Payables:
Investment securities purchased		9,340,118			424,201		463,078			17,800,823
Capital shares		1,342,142			—		—			23,897,932
Investment advisory fees		82,139			5,272		3,993			109,198
Variation margin on futures contracts		—			—		—			3,061
Deferred foreign tax		2,400,134			—		100,190			—

Total liabilities		27,535,199			529,147		616,303			42,380,814

Net Assets, at value	$	604,175,762		$	48,302,088	$	25,107,633		$	2,002,371,338


Net Assets Consist of
Paid-in capital	$	722,372,464		$	44,940,953	$	29,794,589		$	1,503,112,875
Distributable earnings (loss)		(118,196,702	)		3,361,135		(4,686,956	)		499,258,463

Net Assets, at value	$	604,175,762		$	48,302,088	$	25,107,633		$	2,002,371,338


Number of Common Shares outstanding		21,750,001			1,600,001		1,050,001			62,750,001

Net Asset Value	$	27.78		$	30.19	$	23.91		$	31.91


Investment in non-affiliated securities at cost	$	629,778,357		$	42,211,285	$	25,747,090		$	1,651,469,309

Value of securities loaned	$	1,379,004		$	96,283	$	46,312		$	551,889

Investment in DWS Government Money Market Series at cost	$	—		$	15,377	$	32,554		$	3,285,510

Investment in DWS Government & Agency Securities Portfolio at cost*	$	1,498,996		$	99,674	$	49,042		$	569,800

Foreign currency at cost	$	2,567,622		$	36,865	$	14,344		$	—


	Xtrackers MSCI USA ESG Leaders Equity ETF		Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		Xtrackers RREEF Global Natural Resources ETF
Assets
Investment in non-affiliated securities at value	$	1,052,091,107	$	177,904,158	$	9,834,352
Investment in affiliated securities at value		—		108,621		—
Investment in DWS Government Money Market Series		2,185,111		267,018		138,884
Investment in DWS Government & Agency Securities Portfolio*		307,803		388,400		—
Foreign currency at value		—		—		30,695
Deposit with broker for futures contracts		174,055		18,436		—
Receivables:
Investment securities sold		3,716,157		—		32,814
Capital shares		—		—		17,339
Variation margin on futures contracts		—		1,866		—
Dividends		1,373,818		183,920		4,821
Interest		8,120		1,166		382
Affiliated securities lending income		2,932		1,909		—
Foreign tax reclaim		1,253		—		—

Total assets	$	1,059,860,356	$	178,875,494	$	10,059,287

Liabilities
Payable upon return of securities loaned	$	307,803	$	388,400	$	—
Payables:
Investment securities purchased		2,924,303		4,239		65,639
Investment advisory fees		73,774		13,914		176
Variation margin on futures contracts		21,726		—		—

Total liabilities		3,327,606		406,553		65,815

Net Assets, at value	$	1,056,532,750	$	178,468,941	$	9,993,472


Net Assets Consist of
Paid-in capital	$	889,703,694	$	140,136,007	$	10,013,980
Distributable earnings (loss)		166,829,056		38,332,934		(20,508	)

Net Assets, at value	$	1,056,532,750	$	178,468,941	$	9,993,472


Number of Common Shares outstanding		22,150,001		5,400,001		400,001

Net Asset Value	$	47.70	$	33.05	$	24.98

Investment in non-affiliated securities at cost	$	883,272,277	$	142,206,246	$	9,859,617

Investment in affiliated securities at cost	$	—	$	101,335	$	—

Value of securities loaned	$	296,015	$	382,806	$	—

Investment in DWS Government Money Market Series at cost	$	2,185,111	$	267,018	$	138,884

Investment in DWS Government & Agency Securities Portfolio at cost*	$	307,803	$	388,400	$	—

Foreign currency at cost	$	—	$	—	$	30,676


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF						Xtrackers MSCI EAFE ESG Leaders Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	4,006,026		$	11,115,481		$	328,236		$	1,044,986
Net realized gain (loss)		(30,399,625	)		(18,487,055	)		(125,929	)		(735,306	)
Net change in net unrealized appreciation (depreciation)		60,941,118			17,309,303			4,002,232			5,026,694

Net increase (decrease) in net assets resulting from operations		34,547,519			9,937,729			4,204,539			5,336,374

Distributions to Shareholders		(8,720,560	)		(12,833,632	)		(417,296	)		(957,399	)


Fund Shares Transactions
Proceeds from shares sold		326,530,249			2,359,527			1,331,290			13,833,465
Value of shares redeemed		(240,426,282	)		—			—			(4,135,077	)

Net increase (decrease) in net assets resulting from fund share transactions		86,103,967			2,359,527			1,331,290			9,698,388

Total net increase (decrease) in Net Assets		111,930,926			(536,376	)		5,118,533			14,077,363

Net Assets
Beginning of period		492,244,836			492,781,212			43,183,555			29,106,192

End of period	$	604,175,762		$	492,244,836		$	48,302,088		$	43,183,555


Changes in Shares Outstanding
Shares outstanding, beginning of period		18,400,001			18,300,001			1,550,001			1,200,001
Shares sold		12,100,000			100,000			50,000			500,000
Shares redeemed		(8,750,000	)		—			—			(150,000	)

Shares outstanding, end of period		21,750,001			18,400,001			1,600,001			1,550,001


	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF						Xtrackers MSCI USA Climate Action Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			For the Period April 4, 2023⁽¹⁾ to August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	165,342		$	539,869		$	15,542,401		$	13,732,996
Net realized gain (loss)		(470,674	)		(1,939,343	)		151,284,758			24,723,533
Net change in net unrealized appreciation (depreciation)		920,554			1,411,821			121,513,236			223,498,580

Net increase (decrease) in net assets resulting from operations		615,222			12,347			288,340,395			261,955,109

Distributions to Shareholders		(494,593	)		(495,191	)		(20,927,635	)		(6,700,040	)


Fund Shares Transactions
Proceeds from shares sold		—			4,573,005			367,790,930			2,206,770,268
Value of shares redeemed		—			(2,277,610	)		(907,956,805	)		(186,900,909	)

Net increase (decrease) in net assets resulting from fund share transactions		—			2,295,395			(540,165,875	)		2,019,869,359

Total net increase (decrease) in Net Assets		120,629			1,812,551			(272,753,115	)		2,275,124,428

Net Assets
Beginning of period		24,987,004			23,174,453			2,275,124,453			25

End of period	$	25,107,633		$	24,987,004		$	2,002,371,338		$	2,275,124,453


Changes in Shares Outstanding
Shares outstanding, beginning of period		1,050,001			950,001			81,100,001			1
Shares sold		—			200,000			12,800,000			88,350,000
Shares redeemed		—			(100,000	)		(31,150,000	)		(7,250,000	)

Shares outstanding, end of period		1,050,001			1,050,001			62,750,001			81,100,001


	Xtrackers MSCI USA ESG Leaders Equity ETF						Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	7,835,686		$	36,167,624		$	1,086,333		$	1,476,161
Net realized gain (loss)		81,512,629			502,735,282			2,933,369			1,416,539
Net change in net unrealized appreciation (depreciation)		57,278,061			(225,613,355	)		19,309,369			14,860,113

Net increase (decrease) in net assets resulting from operations		146,626,376			313,289,551			23,329,071			17,752,813

Distributions to Shareholders		(9,442,729	)		(41,345,101	)		(1,135,554	)		(1,268,208	)


Fund Shares Transactions
Proceeds from shares sold		63,685,161			240,179,457			16,494,603			64,054,316
Value of shares redeemed		(427,228,149	)		(2,288,923,620	)		(8,115,143	)		(8,280,393	)

Net increase (decrease) in net assets resulting from fund share transactions		(363,542,988	)		(2,048,744,163	)		8,379,460			55,773,923

Total net increase (decrease) in Net Assets		(226,359,341	)		(1,776,799,713	)		30,572,977			72,258,528

Net Assets
Beginning of period		1,282,892,091			3,059,691,804			147,895,964			75,637,436

End of period	$	1,056,532,750		$	1,282,892,091		$	178,468,941		$	147,895,964


Changes in Shares Outstanding
Shares outstanding, beginning of period		30,650,001			85,300,001			5,100,001			3,000,001
Shares sold		1,500,000			6,650,000			550,000			2,400,000
Shares redeemed		(10,000,000	)		(61,300,000	)		(250,000	)		(300,000	)

Shares outstanding, end of period		22,150,001			30,650,001			5,400,001			5,100,001


	Xtrackers RREEF Global Natural Resources ETF
	For the Period February 27, 2024⁽¹⁾ to February 29, 2024 (Unaudited)
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	5,026
Net realized gain (loss)		(280	)
Net change in net unrealized appreciation (depreciation)		(25,254	)

Net increase (decrease) in net assets resulting from operations		(20,508	)


Fund Shares Transactions
Proceeds from shares sold		10,013,955
Value of shares redeemed		—

Net increase (decrease) in net assets resulting from fund share transactions		10,013,955

Total net increase (decrease) in Net Assets		9,993,447

Net Assets
Beginning of period		25

End of period	$	9,993,472


Changes in Shares Outstanding
Shares outstanding, beginning of period		1
Shares sold		400,000
Shares redeemed		—

Shares outstanding, end of period		400,001


Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,												Period Ended 8/31/2019(a)
	For the Six Months Ended 2/29/2024 (Unaudited)			2023			2022			2021			2020			Period Ended 8/31/2019(a)
Net Asset Value, beginning of period	$	26.75		$	26.93		$	34.69		$	27.90		$	25.42		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.17			0.60			0.70			0.57			0.68			0.60
Net realized and unrealized gain (loss)		1.15			(0.08	)		(7.88	)		6.86			2.53			0.27

Total from investment operations		1.32			0.52			(7.18	)		7.43			3.21			0.87

Less distributions from:
Net investment income		(0.29	)		(0.70	)		(0.58	)		(0.64	)		(0.73	)		(0.45	)

Total distributions		(0.29	)		(0.70	)		(0.58	)		(0.64	)		(0.73	)		(0.45	)

Net Asset Value, end of period	$	27.78		$	26.75		$	26.93		$	34.69		$	27.90		$	25.42

Total Return (%)(c)		4.95	**		2.01			(20.81	)		26.80			12.74			3.44	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		604			492			493			496			8			8
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15			0.16			0.16			0.16	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.16			0.16			0.16	*
Ratio of net investment income (loss) (%)		1.27	*		2.30			2.30			1.97			2.61			3.17	*
Portfolio turnover rate (%)(d)		37	**		16			33			17			13			10	**

Xtrackers MSCI EAFE ESG Leaders Equity ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,												Period Ended 8/31/2019(e)
	For the Six Months Ended 2/29/2024 (Unaudited)			2023			2022			2021			2020			Period Ended 8/31/2019(e)
Net Asset Value, beginning of period	$	27.86		$	24.26		$	31.79		$	25.96		$	24.10		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.21			0.78			0.85			0.72			0.59			0.78
Net realized and unrealized gain (loss)		2.38			3.51			(7.57	)		5.80			1.83			(1.01	)

Total from investment operations		2.59			4.29			(6.72	)		6.52			2.42			(0.23	)

Less distributions from:
Net investment income		(0.26	)		(0.69	)		(0.81	)		(0.69	)		(0.56	)		(0.66	)
Net realized gains		—			—			—			—			—			(0.01	)

Total distributions		(0.26	)		(0.69	)		(0.81	)		(0.69	)		(0.56	)		(0.67	)

Net Asset Value, end of period	$	30.19		$	27.86		$	24.26		$	31.79		$	25.96		$	24.10

Total Return (%)(c)		9.33	**		17.79			(21.40	)		25.28			10.12			(0.91	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		48			43			29			19			12			7
Ratio of expenses before fee waiver (%)		0.14	*		0.14			0.14			0.14			0.14			0.14	*
Ratio of expenses after fee waiver (%)		0.14	*		0.14			0.14			0.14			0.14			0.14	*
Ratio of net investment income (loss) (%)		1.48	*		2.92			3.04			2.45			2.39			3.25	*
Portfolio turnover rate (%)(d)		3	**		25			22			22			16			10	**


Xtrackers RREEF Global Natural Resources ETF Selected Per Share Data	Period Ended 2/29/2024(a) (Unaudited)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.02
Net realized and unrealized gain (loss)		(0.04	)

Total from investment operations		(0.02	)

Net Asset Value, end of period	$	24.98

Total Return (%)(c)		(0.07	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		10
Ratio of expenses before fee waiver (%)		0.45	*
Ratio of expenses after fee waiver (%)		0.43	*
Ratio of net investment income (loss) (%)		0.10	**
Portfolio turnover rate (%)(d)		1	**


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


	Short-Term		Long-Term		Total Amount
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	36,954,462	$	17,646,907	$	54,601,369
Xtrackers MSCI EAFE ESG Leaders Equity ETF		564,063		1,075,552		1,639,615
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		883,141		1,690,761		2,573,902
Xtrackers MSCI USA ESG Leaders Equity ETF		16,442,851		48,838,132		65,280,983
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		327,541		145,797		473,338


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	585,327,607	$	(94,253,323	)	$	30,786,427	$	(125,039,750	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		41,969,941		1,022,418			3,464,406		(2,441,988	)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		27,678,329		(2,528,641	)		1,978,563		(4,507,204	)
Xtrackers MSCI USA Climate Action Equity ETF		2,050,985,369		222,033,739			273,621,602		(51,587,863	)
Xtrackers MSCI USA ESG Leaders Equity ETF		1,189,746,928		91,391,193			172,814,725		(81,423,532	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		131,638,257		16,196,671			20,425,088		(4,228,417	)


Remaining Contractual Maturity of the Agreements, as of February 29, 2024

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Common Stocks	$	1,498,996	$	—	$	—	$	—	$	1,498,996

Gross amount of recognized liabilities for securities lending transactions									$	1,498,996

Xtrackers MSCI EAFE ESG Leaders Equity ETF
Common Stocks	$	52,424	$	—	$	—	$	—	$	52,424
Exchange-Traded Funds		47,250		—		—		—		47,250


Total Borrowings	$	99,674	$	—	$	—	$	—	$	99,674

Gross amount of recognized liabilities for securities lending transactions									$	99,674

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Common Stocks	$	49,042	$	—	$	—	$	—	$	49,042

Gross amount of recognized liabilities for securities lending transactions									$	49,042

Xtrackers MSCI USA Climate Action Equity ETF
Common Stocks	$	569,800	$	—	$	—	$	—	$	569,800

Gross amount of recognized liabilities for securities lending transactions									$	569,800

Xtrackers MSCI USA ESG Leaders Equity ETF
Common Stocks	$	307,803	$	—	$	—	$	—	$	307,803

Gross amount of recognized liabilities for securities lending transactions									$	307,803

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Common Stocks	$	157,366	$	—	$	—	$	—	$	157,366
Exchange-Traded Funds		231,034		—		—		—		231,034


Total Borrowings	$	388,400	$	—	$	—	$	—	$	388,400

Gross amount of recognized liabilities for securities lending transactions									$	388,400


		Asset Derivatives			Liability Derivatives
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	6,620

Xtrackers MSCI EAFE ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	7,589	Unrealized depreciation on futures contracts*	$	—

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	1,565	Unrealized depreciation on futures contracts*	$	—

Xtrackers MSCI USA Climate Action Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	207,934	Unrealized depreciation on futures contracts*	$	—

Xtrackers MSCI USA ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	167,845	Unrealized depreciation on futures contracts*	$	—

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	16,237	Unrealized depreciation on futures contracts*	$	—


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	158,477
Xtrackers MSCI EAFE ESG Leaders Equity ETF		10,282
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		(199	)
Xtrackers MSCI USA Climate Action Equity ETF		377,697
Xtrackers MSCI USA ESG Leaders Equity ETF		328,101
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		52,310