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August 31, 2023

Annual Report

DBX ETF Trust

 

Xtrackers S&P 500 ESG ETF (SNPE)

Xtrackers S&P 500 Growth ESG ETF (SNPG)

Xtrackers S&P 500 Value ESG ETF (SNPV)

Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD)

Xtrackers S&P MidCap 400 ESG ETF (MIDE)

Xtrackers S&P SmallCap 600 ESG ETF (SMLE)

 

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DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Management’s Discussion of Fund Performance

     2  

Performance Summary

  

Xtrackers S&P 500 ESG ETF

     4  

Xtrackers S&P 500 Growth ESG ETF

     6  

Xtrackers S&P 500 Value ESG ETF

     8  

Xtrackers S&P ESG Dividend Aristocrats ETF

     10  

Xtrackers S&P MidCap 400 ESG ETF

     12  

Xtrackers S&P SmallCap 600 ESG ETF

     14  

Fees and Expenses

     16  

Schedule of Investments

  

Xtrackers S&P 500 ESG ETF

     17  

Xtrackers S&P 500 Growth ESG ETF

     22  

Xtrackers S&P 500 Value ESG ETF

     25  

Xtrackers S&P ESG Dividend Aristocrats ETF

     29  

Xtrackers S&P MidCap 400 ESG ETF

     31  

Xtrackers S&P SmallCap 600 ESG ETF

     35  

Statements of Assets and Liabilities

     40  

Statements of Operations

     42  

Statements of Changes in Net Assets

     44  

Financial Highlights

     46  

Notes to Financial Statements

     49  

Report of Independent Registered Public Accounting Firm

     58  

Other Information

     60  

Board Members and Officers

     61  

Additional Information

     64  


To our Shareholders: (Unaudited)

 

 

Dear shareholder,

We are pleased to provide this annual report on six of our equity ETFs tracking the environmental, social and governance (ESG) market for the period ended August 31, 2023.

The global economy faced several headwinds resulting from high inflation, rising interest rates, and increased economic and geopolitical unpredictability. The U.S. Federal Reserve (Fed) and other major central banks, except for the Bank of Japan, raised interest rates in response to elevated inflation that wiped out real incomes in both developed and developing countries. By February 2023, Russia’s invasion of Ukraine had lasted a year and no meaningful steps had been taken to resolve the crisis. The global financial markets have largely remained stable despite the turmoil in the U.S. and European banking sectors. The U.S. labor market performed reasonably well, with the unemployment rate remaining constant and wage growth slowing. As soon as China began trading after the COVID-19-related restrictions were lifted, the mood of the global markets improved. However, worries that U.S. interest rates will continue to climb for a while and China’s economic slowdown because of the worsening real estate crisis, had a negative influence on investor sentiment.

The U.S. economy maintained its growth trajectory as inflation moderated and productivity increased. Markets saw little instability despite the banking crisis in Europe and the U.S. as the Fed assured depositors their money would be safe at Silicon Valley Bank and Signature Bank. U.S. equity markets recovered on encouraging economic data that pointed to the country’s economic growth, while investor optimism strengthened as industrial activity improved and jobless claims decreased. Equity markets exhibited resilience, supported by factors such as stronger-than-expected U.S. economic data, a resolution of the U.S. debt ceiling issue, and policy support in China and Japan. During the latter half of the reporting period, stocks rallied, driven by gains in the information technology sector, as the hype around artificial intelligence (AI) and large language models (LLMs) and their prospects became a hot topic.

In the U.S., the transition of ESG disclosure from voluntary reporting to a regulatory-driven program is currently underway, reflecting the Securities and Exchange Commission’s delayed disclosure requirements for public companies. Contrast that with the European Union, which has enacted explicit directives on ESG, and the U.K., where the Financial Conduct Authority has made it mandatory for listed firms to disclose information about the environment. The Biden administration and new state legislation have all spearheaded a flurry of ESG efforts and ideas that have transformed the U.S. regulatory environment. ESG-focused investments outperformed the broader market amid a volatile macroeconomic backdrop. The COP27 summit in November 2022 resulted in a global climate agreement. To reduce carbon emissions in the U.S. by around 40% by 2030, the Biden administration passed the Inflation Reduction Act, providing billions of dollars of federal funding delivered through a mix of tax incentives, grants and loan guarantees.

Our analysts believe that investor preference will generally continue to shift toward net zero, along with increased demand for disclosures, and global sustainability standards are expected to broaden in scope during 2023 and beyond. Even if concerns surrounding high inflation, Fed rate hikes, and tougher lending rules exist, we maintain a positive outlook on global stocks, as they have returned to a more favorable environment. We anticipate the equity markets to exhibit resilience despite the possibility of volatility in the upcoming months. While mega-cap, technology, and AI- related equities saw large returns in H1 2023, a more upbeat narrative of a global economic recovery with inflation more under control may surface in H2 2023. Given deteriorating climate conditions and large tax incentives, we expect green investment capital flows to continue growing despite the market’s shift toward growth equities.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

 

1


DBX ETF Trust

 

Management’s Discussion of Fund Performance (Unaudited)

 

Xtrackers S&P 500 ESG ETF

Xtrackers S&P 500 ESG ETF (SNPE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 ESG Index (the SNPE Index). The SNPE Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (“ESG”) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. For the period ended August 31, 2023, SNPE shares returned 17.99%, compared to the SNPE Index return of 18.12%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Consumer Discretionary and Industrials. The Utilities and Real Estate sectors were the only negative contributors to performance. 

Xtrackers S&P 500 Growth ESG ETF

Xtrackers S&P 500 Growth ESG ETF (SNPG) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Growth ESG Index (the SNPG Index). The SNPG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. For the period November 9, 2022 (commencement of operations), to August 31, 2023, SNPG shares returned 32.23%, compared to the SNPG Index return of 32.41%.

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

Xtrackers S&P 500 Value ESG ETF

Xtrackers S&P 500 Value ESG ETF (SNPV) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Value ESG Index (the SNPV Index). The SNPV Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. For the period November 9, 2022 (commencement of operations), to August 31, 2023, SNPV shares returned 7.91%, compared to the SNPV Index return of 8.05%.

Information Technology, Industrials and Consumer Discretionary were the major positive contributors, while Financials, Energy and Health Care sectors detracted most from the performance.

Xtrackers S&P ESG Dividend Aristocrats ETF

Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P ESG High Yield Dividend Aristocrats Index (the SNPD Index). The SNPD Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. The S&P High Yield Dividend Aristocrats Index measures the performance of companies within the S&P Composite 1500 Index that have followed a policy of consistently increasing dividends every year for at least 20 years. For the period November 9, 2022 (commencement of operations), to August 31, 2023, SNPD shares returned 1.99%, compared to the SNPD Index return of 2.10%.

Industrials, Information Technology and Health Care were the major positive contributors, while Consumer Staples, Consumer Discretionary and Utilities sectors detracted most from the performance.

Xtrackers S&P MidCap 400 ESG ETF

Xtrackers S&P MidCap 400 ESG ETF (MIDE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P MidCap 400 ESG Index (the MIDE Index). The MIDE Index is a broad-based, market capitalization weighted index that is designed to measure the performance of securities meeting environmental, social and governance (“ESG”) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. For the period ending August 31, 2023, MIDE shares returned 10.18%, compared to the MIDE Index return of 10.39%.

 

2


DBX ETF Trust

 

Management’s Discussion of Fund Performance (Continued)

 

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

Xtrackers S&P SmallCap 600 ESG ETF

Xtrackers S&P SmallCap 600 ESG ETF (SMLE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P SmallCap 600 ESG Index (the SMLE Index). The SMLE Index is a broad-based, market capitalization weighted index that is designed to measure the performance of securities meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. For the period ending August 31, 2023, SMLE shares returned 5.95%, compared to the SMLE Index return of 6.09%.

Information Technology, Industrials and Consumer Discretionary were the major positive contributors, while Financials, Health Care and Real Estate sectors detracted most from the performance. 

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

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 4-15 of this report for additional performance information, including performance data based on market value.

The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

 

3


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P 500 ESG ETF (SNPE)

Xtrackers S&P 500 ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. It is not possible to invest directly into an index.

 

Performance as of August 31, 2023

 

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

One Year

   17.99%    18.02%    18.12%    15.94%

Since Inception1

   14.57%    14.57%    14.68%    12.83%
Cumulative Total Returns
      Net Asset Value    Market Value    S&P 500 ESG Index    S&P 500 Index

One Year

   17.99%    18.02%    18.12%    15.94%

Since Inception1

   76.65%    76.69%    77.46%    65.75%

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.11%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

4


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Information Technology

    30.8%  

Health Care

    13.2%  

Financials

    12.1%  

Consumer Discretionary

    12.1%  

Communication Services

    8.7%  

Industrials

    6.8%  

Consumer Staples

    6.3%  

Energy

    3.9%  

Real Estate

    2.4%  

Materials

    2.3%  

Utilities

    1.4%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of August 31, 2023 (40.5% of Net Assets)

 

Description   % of Net Assets  

Apple, Inc.

    9.7%  

Microsoft Corp.

    8.5%  

Alphabet, Inc.

    5.3%  

Amazon.com, Inc.

    4.3%  

NVIDIA Corp.

    4.3%  

Tesla, Inc.

    2.4%  

UnitedHealth Group, Inc.

    1.6%  

Eli Lilly & Co.

    1.5%  

JPMorgan Chase & Co.

    1.5%  

Visa, Inc.

    1.4%  

 

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.

 

5


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P Growth ESG ETF (SNPG)

Xtrackers S&P 500 Growth ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Growth ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. It is not possible to invest directly into an index.

 

Performance as of August 31, 2023

 

Cumulative Total Returns
      Net Asset Value    Market Value    S&P 500 Growth ESG
Index
   S&P 500 Index

Since Inception1

   32.23%    32.23%    32.41%    19.45%

1 Total returns are calculated based on the commencement of operations, November 9, 2022 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 11, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

6


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P Growth ESG ETF (SNPG) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, November 9, 2022.

Sector Diversification* as of August 31, 2023

 

Information Technology

    31.3%  

Health Care

    17.0%  

Consumer Discretionary

    12.1%  

Communication Services

    10.2%  

Energy

    8.3%  

Financials

    7.3%  

Consumer Staples

    6.8%  

Industrials

    4.2%  

Materials

    2.0%  

Real Estate

    0.6%  

Utilities

    0.2%  
 

 

 

 

Total

    100.0%  

 

Ten Largest Equity Holdings
as of August 31, 2023 (54.1% of Net Assets)

 

Description   % of Net Assets  

Alphabet, Inc.

    9.8%  

Apple, Inc.

    8.6%  

Microsoft Corp.

    8.3%  

NVIDIA Corp.

    8.0%  

Tesla, Inc.

    4.5%  

Amazon.com, Inc.

    3.7%  

Exxon Mobil Corp.

    2.9%  

UnitedHealth Group, Inc.

    2.9%  

Eli Lilly & Co.

    2.8%  

Visa, Inc.

    2.6%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 22.

 

7


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P Value ESG ETF (SNPV)

Xtrackers S&P 500 Value ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 Value ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. It is not possible to invest directly into an index.

 

Performance as of August 31, 2023

 

Cumulative Total Returns
      Net Asset Value    Market Value    S&P 500 Value ESG
Index
   S&P 500 Index

Since Inception1

   7.91%    7.91%    8.05%    19.45%

1 Total returns are calculated based on the commencement of operations, November 9, 2022 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 11, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

8


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P Value ESG ETF (SNPV) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, November 9, 2022.

Sector Diversification* as of August 31, 2023

 

Information Technology

    19.8%  

Financials

    19.1%  

Consumer Discretionary

    12.9%  

Industrials

    10.9%  

Health Care

    8.5%  

Communication Services

    8.2%  

Consumer Staples

    7.5%  

Real Estate

    4.9%  

Materials

    3.2%  

Utilities

    3.1%  

Energy

    1.9%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of August 31, 2023 (29.9% of Net Assets)

 

Description   % of Net Assets  

Microsoft Corp.

    8.6%  

Amazon.com, Inc.

    5.6%  

JPMorgan Chase & Co.

    3.6%  

Cisco Systems, Inc.

    2.0%  

Walmart, Inc.

    1.9%  

Salesforce, Inc.

    1.8%  

Bank of America Corp.

    1.7%  

Comcast Corp.

    1.7%  

Netflix, Inc.

    1.6%  

Procter & Gamble Co.

    1.4%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 25.

 

9


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD)

Xtrackers S&P ESG Dividend Aristocrats ETF (the “Fund”) using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P ESG High Yield Dividend Aristocrats Index (the “Underlying Index”). The Underlying Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. The S&P High Yield Dividend Aristocrats Index measures the performance of companies within the S&P Composite 1500 Index that have followed a policy of consistently increasing dividends every year for at least 20 years. It is not possible to invest directly into an index.

 

Performance as of August 31, 2023
Cumulative Total Returns
      Net Asset Value    Market Value    S&P ESG High Yield
Dividend Aristocrats
Index
   S&P Composite 1500
Index

Since Inception1

   1.99%    2.03%    2.10%    18.55%

 

1 Total returns are calculated based on the commencement of operations, November 9, 2022 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 24, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

10


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P ESG Dividend Aristocrats ETF (SNPD) (Continued)

 

Growth of an Assumed $10,000 Investment

 

LOGO

1 Based on Net Asset Value from commencement of operations, November 9, 2022.

Sector Diversification* as of August 31, 2023

 

Consumer Staples

    21.1%  

Industrials

    21.1%  

Materials

    12.6%  

Financials

    11.3%  

Health Care

    7.5%  

Consumer Discretionary

    7.1%  

Utilities

    5.6%  

Information Technology

    5.2%  

Real Estate

    4.6%  

Energy

    3.4%  

Communication Services

    0.5%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of August 31, 2023 (22.1% of Net Assets)

 

Description   % of Net Assets  

International Business Machines Corp.

    2.8%  

Stanley Black & Decker, Inc.

    2.6%  

Essex Property Trust, Inc.

    2.5%  

T. Rowe Price Group, Inc.

    2.2%  

Federal Realty Investment Trust

    2.1%  

Franklin Resources, Inc.

    2.1%  

Amcor PLC

    2.0%  

Walgreens Boots Alliance, Inc.

    2.0%  

AbbVie, Inc.

    1.9%  

Medtronic PLC

    1.9%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 29.

 

11


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P MidCap 400 ESG ETF (MIDE)

Xtrackers S&P MidCap 400 ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P MidCap 400 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. It is not possible to invest directly into an index.

 

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

One Year

   10.18%    10.18%    10.39%    10.71%

Since Inception1

   3.64%    3.64%    3.81%    3.35%
Cumulative Total Returns
      Net Asset Value    Market Value    S&P MidCap 400 ESG
Index
   S&P MidCap 400 Index

One Year

   10.18%    10.18%    10.39%    10.71%

Since Inception1

   9.43%    9.43%    9.88%    8.64%

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

12


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Industrials

    22.8%  

Consumer Discretionary

    16.1%  

Financials

    15.2%  

Health Care

    10.4%  

Information Technology

    10.1%  

Real Estate

    7.0%  

Materials

    6.6%  

Energy

    4.4%  

Consumer Staples

    3.8%  

Communication Services

    1.9%  

Utilities

    1.7%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of August 31, 2023 (8.6 of Net Assets)

 

Description   % of Net Assets  

Hubbell, Inc.

    1.1%  

Jabil, Inc.

    1.0%  

Deckers Outdoor Corp.

    0.9%  

Carlisle Cos., Inc.

    0.9%  

Owens Corning

    0.8%  

RPM International, Inc.

    0.8%  

Manhattan Associates, Inc.

    0.8%  

AECOM

    0.8%  

Lennox International, Inc.

    0.8%  

Saia, Inc.

    0.7%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 31.

 

13


DBX ETF Trust

 

Performance Summary (Unaudited)

 

Xtrackers S&P SmallCap 600 ESG ETF (SMLE)

Xtrackers S&P SmallCap 600 ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P SmallCap 600 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. It is not possible to invest directly into an index.

 

Performance as of August 31, 2023

 

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

One Year

   5.95%    5.82%    6.09%    5.53%

Since Inception1

   0.61%    0.58%    0.76%    -0.41%
Cumulative Total Returns
      Net Asset Value    Market Value    S&P SmallCap 600
ESG Index
   S&P SmallCap 600
Index

One Year

   5.95%    5.82%    6.09%    5.53%

Since Inception1

   1.55%    1.47%    1.94%    -1.02%

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

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 22, 2022, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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

 

14


DBX ETF Trust

 

Performance Summary (Unaudited)

 

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

 

Growth of an Assumed $10,000 Investment

 

LOGO

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

Sector Diversification* as of August 31, 2023

 

Industrials

    17.7%  

Financials

    16.8%  

Information Technology

    14.6%  

Consumer Discretionary

    14.1%  

Health Care

    9.9%  

Real Estate

    7.7%  

Materials

    5.5%  

Energy

    5.4%  

Consumer Staples

    4.7%  

Utilities

    2.0%  

Communication Services

    1.6%  
 

 

 

 

Total

    100.0%  
Ten Largest Equity Holdings
as of August 31, 2023 (9.0% of Net Assets)

 

Description   % of Net Assets  

elf Beauty, Inc.

    1.0%  

Onto Innovation, Inc.

    1.0%  

SPS Commerce, Inc.

    1.0%  

Comfort Systems USA, Inc.

    1.0%  

Axcelis Technologies, Inc.

    0.9%  

Rambus, Inc.

    0.9%  

Applied Industrial Technologies, Inc.

    0.9%  

Fabrinet

    0.8%  

Ensign Group, Inc.

    0.8%  

SM Energy Co.

    0.7%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 35.

 

15


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

 

      Beginning
Account Value
March 1, 2023
     Ending
Account Value
August 31, 2023
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers S&P 500 ESG ETF

 

Actual

   $  1,000.00      $ 1,165.10        0.10   $ 0.55  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.70        0.10   $ 0.51  
Xtrackers S&P 500 Growth ESG ETF

 

Actual

   $ 1,000.00      $ 1,245.50        0.15   $ 0.85  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.45        0.15   $ 0.77  
Xtrackers S&P 500 Value ESG ETF

 

Actual

   $ 1,000.00      $ 1,049.00        0.15   $ 0.77  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.45        0.15   $ 0.77  
Xtrackers S&P ESG Dividend Aristocrats ETF

 

Actual

   $ 1,000.00      $ 1,010.40        0.15   $ 0.76  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.45        0.15   $ 0.77  
Xtrackers S&P MidCap 400 ESG ETF

 

Actual

   $ 1,000.00      $ 1,008.30        0.15   $ 0.76  

Hypothetical (5% return before expenses)

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

 

Actual

   $ 1,000.00      $ 996.20        0.15   $ 0.75  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.45        0.15   $ 0.77  

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

 

16


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 ESG ETF

August 31, 2023

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.7%    
Communication Services — 8.7%            

Alphabet, Inc., Class A*

    184,347     $ 25,102,531  

Alphabet, Inc., Class C*

    158,617       21,786,045  

AT&T, Inc.

    220,369       3,259,257  

Charter Communications, Inc., Class*

    3,278       1,436,157  

Comcast Corp., Class A

    130,088       6,082,915  

Electronic Arts, Inc.

    8,073       968,599  

Fox Corp., Class A

    8,867       293,143  

Fox Corp., Class B

    4,129       126,017  

Interpublic Group of Cos., Inc.

    12,787       416,984  

Match Group, Inc.*

    8,225       385,506  

Netflix, Inc.*

    13,751       5,963,534  

News Corp., Class A

    11,838       254,399  

News Corp., Class B

    3,641       80,102  

Omnicom Group, Inc.

    6,286       509,229  

Paramount Global, Class B

    14,894       224,750  

Verizon Communications, Inc.

    129,755       4,538,830  

Walt Disney Co.*

    56,484       4,726,581  

Warner Bros Discovery, Inc.*

    68,307       897,554  
   

 

 

 

(Cost $80,617,985)

      77,052,133  
   

 

 

 
Consumer Discretionary — 12.0%            

Amazon.com, Inc.*

    276,983       38,226,424  

Aptiv PLC*

    8,363       848,426  

Best Buy Co., Inc.

    6,013       459,694  

BorgWarner, Inc.

    7,083       288,632  

Caesars Entertainment, Inc.*

    6,949       384,002  

Darden Restaurants, Inc.

    3,780       587,828  

eBay, Inc.

    16,781       751,453  

Etsy, Inc.*

    3,807       280,081  

Ford Motor Co.

    120,740       1,464,576  

General Motors Co.

    42,878       1,436,842  

Hasbro, Inc.

    4,242       305,424  

Hilton Worldwide Holdings, Inc.

    8,236       1,224,281  

Home Depot, Inc.

    31,519       10,410,726  

Las Vegas Sands Corp.

    10,195       559,298  

Lowe’s Cos., Inc.

    18,705       4,311,128  

Marriott International, Inc., Class A

    8,005       1,629,098  

McDonald’s Corp.

    22,679       6,376,201  

MGM Resorts International

    9,357       411,521  

Mohawk Industries, Inc.*

    1,803       182,806  

Newell Brands, Inc.

    12,363       130,800  

NIKE, Inc., Class B

    38,536       3,919,497  

Norwegian Cruise Line Holdings Ltd.*

    12,361       204,822  

PulteGroup, Inc.

    6,902       566,378  

Ralph Lauren Corp.

    1,224       142,755  

Royal Caribbean Cruises Ltd.*

    6,533       646,375  

Starbucks Corp.

    35,594       3,468,279  

Tapestry, Inc.

    7,297       243,136  

Tesla, Inc.*

    83,621       21,580,908  

TJX Cos., Inc.

    35,785       3,309,397  

Tractor Supply Co.

    3,417       746,614  

VF Corp.

    10,430       206,097  

Whirlpool Corp.

    1,688       236,252  

Yum! Brands, Inc.

    8,687       1,123,924  
   

 

 

 

(Cost $104,338,695)

      106,663,675  
   

 

 

 
   

Number
of Shares

   

Value

 
Consumer Staples — 6.3%            

Archer-Daniels-Midland Co.

    16,941     $ 1,343,421  

Brown-Forman Corp., Class B

    6,002       396,912  

Campbell Soup Co.

    6,557       273,427  

Coca-Cola Co.

    120,324       7,198,985  

Colgate-Palmolive Co.

    25,708       1,888,767  

Conagra Brands, Inc.

    14,486       432,842  

Constellation Brands, Inc., Class A

    5,099       1,328,595  

Dollar General Corp.

    6,899       955,511  

Dollar Tree, Inc.*

    6,421       785,674  

Estee Lauder Cos., Inc., Class A

    7,174       1,151,642  

General Mills, Inc.

    18,245       1,234,457  

Hershey Co.

    4,561       979,976  

Hormel Foods Corp.

    9,479       365,795  

J M Smucker Co.

    3,295       477,610  

Kellogg Co.

    7,781       474,797  

Keurig Dr Pepper, Inc.

    26,287       884,557  

Kraft Heinz Co.

    24,408       807,661  

Kroger Co.

    20,080       931,511  

McCormick & Co., Inc.

    7,709       632,755  

Molson Coors Beverage Co., Class B

    6,152       390,590  

Mondelez International, Inc., Class A

    42,135       3,002,540  

PepsiCo, Inc.

    42,592       7,577,969  

Procter & Gamble Co.

    73,003       11,267,283  

Sysco Corp.

    15,648       1,089,883  

Target Corp.

    14,212       1,798,529  

Tyson Foods, Inc., Class A

    8,665       461,585  

Walgreens Boots Alliance, Inc.

    21,877       553,707  

Walmart, Inc.

    43,413       7,059,388  
   

 

 

 

(Cost $57,505,640)

      55,746,369  
   

 

 

 
Energy — 3.9%            

APA Corp.

    9,838       431,298  

Baker Hughes Co.

    31,016       1,122,469  

Chevron Corp.

    55,216       8,895,298  

ConocoPhillips

    37,835       4,503,500  

Devon Energy Corp.

    19,939       1,018,684  

EOG Resources, Inc.

    18,076       2,324,935  

EQT Corp.

    10,882       470,320  

Halliburton Co.

    27,836       1,075,026  

Hess Corp.

    8,544       1,320,048  

Kinder Morgan, Inc.

    61,178       1,053,485  

Marathon Oil Corp.

    19,310       508,818  

Marathon Petroleum Corp.

    13,174       1,880,852  

ONEOK, Inc.

    13,723       894,740  

Phillips 66

    14,437       1,648,128  

Pioneer Natural Resources Co.

    7,315       1,740,458  

Schlumberger NV

    43,893       2,587,931  

Valero Energy Corp.

    11,229       1,458,647  

Williams Cos., Inc.

    37,471       1,293,874  
   

 

 

 

(Cost $29,648,707)

      34,228,511  
   

 

 

 
Financials — 12.1%            

Aflac, Inc.

    17,318       1,291,403  

Allstate Corp.

    8,076       870,674  

American Express Co.

    18,360       2,900,697  

American International Group, Inc.

    22,729       1,330,101  

Ameriprise Financial, Inc.

    3,273       1,104,899  

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Financials (Continued)            

Arch Capital Group Ltd.*

    11,453     $ 880,278  

Arthur J Gallagher & Co.

    6,534       1,505,956  

Assurant, Inc.

    1,843       256,785  

Bank of America Corp.

    215,353       6,174,171  

Bank of New York Mellon Corp.

    22,308       1,000,960  

BlackRock, Inc.

    4,621       3,237,195  

Capital One Financial Corp.

    11,824       1,210,659  

Cboe Global Markets, Inc.

    3,423       512,457  

Charles Schwab Corp.

    46,123       2,728,176  

Chubb Ltd.

    12,830       2,577,162  

Citigroup, Inc.

    59,892       2,472,941  

CME Group, Inc.

    11,121       2,254,004  

Discover Financial Services

    8,230       741,276  

Everest Group Ltd.

    1,321       476,458  

FactSet Research Systems, Inc.

    1,237       539,839  

Fidelity National Information Services, Inc.

    18,353       1,025,199  

Fifth Third Bancorp

    20,525       544,939  

Franklin Resources, Inc.

    9,034       241,569  

Globe Life, Inc.

    2,928       326,677  

Goldman Sachs Group, Inc.

    10,440       3,421,292  

Hartford Financial Services Group, Inc.

    9,768       701,538  

Intercontinental Exchange, Inc.

    17,264       2,036,979  

Invesco Ltd.

    14,921       237,542  

JPMorgan Chase & Co.

    90,725       13,275,789  

Lincoln National Corp.

    5,418       139,026  

M&T Bank Corp.

    5,220       652,761  

MarketAxess Holdings, Inc.

    1,226       295,380  

Mastercard, Inc., Class A

    25,972       10,717,086  

MetLife, Inc.

    20,393       1,291,693  

Moody’s Corp.

    4,809       1,619,671  

Morgan Stanley

    40,223       3,424,989  

MSCI, Inc.

    2,480       1,348,178  

Nasdaq, Inc.

    10,196       535,086  

Northern Trust Corp.

    6,427       488,902  

PayPal Holdings, Inc.*

    34,949       2,184,662  

PNC Financial Services Group, Inc.

    12,396       1,496,569  

Principal Financial Group, Inc.

    7,359       571,868  

Progressive Corp.

    18,043       2,408,199  

Prudential Financial, Inc.

    11,336       1,073,179  

Raymond James Financial, Inc.

    5,895       616,558  

Regions Financial Corp.

    31,352       574,996  

S&P Global, Inc.

    10,157       3,969,965  

State Street Corp.

    10,660       732,768  

Synchrony Financial

    13,110       423,191  

T. Rowe Price Group, Inc.

    6,974       782,692  

Travelers Cos., Inc.

    7,085       1,142,315  

Truist Financial Corp.

    40,562       1,239,169  

Visa, Inc., Class A

    50,297       12,356,967  

W R Berkley Corp.

    6,812       421,390  

Willis Towers Watson PLC

    3,281       678,380  
   

 

 

 

(Cost $111,428,134)

      107,063,255  
   

 

 

 
Health Care — 13.1%            

Abbott Laboratories

    53,955       5,551,969  

AbbVie, Inc.

    54,730       8,043,121  

Agilent Technologies, Inc.

    9,110       1,102,948  
   

Number
of Shares

   

Value

 
Health Care (Continued)            

Amgen, Inc.

    16,525     $ 4,236,018  

Baxter International, Inc.

    15,502       629,381  

Becton Dickinson and Co.

    8,816       2,463,631  

Biogen, Inc.*

    4,430       1,184,405  

Bio-Rad Laboratories, Inc., Class A*

    614       245,723  

Boston Scientific Corp.*

    44,461       2,398,226  

Bristol-Myers Squibb Co.

    65,736       4,052,624  

Cardinal Health, Inc.

    7,975       696,457  

Cencora, Inc.

    5,015       882,540  

Centene Corp.*

    16,977       1,046,632  

Cigna Group

    9,263       2,558,996  

CVS Health Corp.

    39,675       2,585,620  

DaVita, Inc.*

    2,011       205,967  

Edwards Lifesciences Corp.*

    19,145       1,464,018  

Elevance Health, Inc.

    7,364       3,254,962  

Eli Lilly & Co.

    24,401       13,523,034  

Gilead Sciences, Inc.

    38,641       2,955,264  

Henry Schein, Inc.*

    4,363       333,944  

Hologic, Inc.*

    7,661       572,583  

Humana, Inc.

    3,867       1,785,123  

IDEXX Laboratories, Inc.*

    2,564       1,311,255  

Illumina, Inc.*

    4,839       799,500  

Laboratory Corp. of America Holdings

    2,699       561,662  

Medtronic PLC

    41,108       3,350,302  

Merck & Co., Inc.

    78,498       8,554,712  

Mettler-Toledo International, Inc.*

    715       867,638  

Moderna, Inc.*

    10,237       1,157,498  

Organon & Co.

    8,413       184,749  

Pfizer, Inc.

    175,324       6,202,963  

Quest Diagnostics, Inc.

    3,419       449,598  

Regeneron Pharmaceuticals, Inc.*

    3,341       2,761,303  

Teleflex, Inc.

    1,370       291,454  

Thermo Fisher Scientific, Inc.

    11,983       6,675,729  

UnitedHealth Group, Inc.

    28,923       13,784,123  

Vertex Pharmaceuticals, Inc.*

    7,981       2,780,102  

Viatris, Inc.

    39,386       423,400  

Waters Corp.*

    1,817       510,214  

Zimmer Biomet Holdings, Inc.

    6,477       771,540  

Zoetis, Inc.

    14,433       2,749,631  
   

 

 

 

(Cost $114,093,076)

      115,960,559  
   

 

 

 
Industrials — 6.8%            

Alaska Air Group, Inc.*

    3,702       155,373  

American Airlines Group, Inc.*

    21,294       313,661  

Automatic Data Processing, Inc.

    12,798       3,258,499  

Broadridge Financial Solutions, Inc.

    3,655       680,598  

C.H. Robinson Worldwide, Inc.

    3,461       312,978  

Carrier Global Corp.

    25,784       1,481,291  

Caterpillar, Inc.

    16,084       4,521,695  

Cintas Corp.

    2,643       1,332,521  

CSX Corp.

    63,164       1,907,553  

Cummins, Inc.

    4,395       1,011,026  

Deere & Co.

    8,381       3,444,088  

Dover Corp.

    4,317       640,211  

Eaton Corp. PLC

    12,311       2,836,085  

Emerson Electric Co.

    17,660       1,735,095  

Expeditors International of Washington, Inc.

    4,724       551,338  

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Industrials (Continued)            

Fortive Corp.

    10,918     $ 860,884  

Generac Holdings, Inc.*

    2,052       243,798  

General Electric Co.

    33,707       3,858,103  

IDEX Corp.

    2,462       557,397  

Illinois Tool Works, Inc.

    8,579       2,122,016  

Ingersoll Rand, Inc.

    12,315       857,247  

JB Hunt Transport Services, Inc.

    2,543       477,779  

Johnson Controls International PLC

    21,022       1,241,559  

Nordson Corp.

    1,669       407,470  

Norfolk Southern Corp.

    7,010       1,437,120  

Otis Worldwide Corp.

    12,667       1,083,662  

PACCAR, Inc.

    16,153       1,329,230  

Parker-Hannifin Corp.

    3,906       1,628,411  

Paychex, Inc.

    9,907       1,210,933  

Pentair PLC

    5,300       372,378  

Quanta Services, Inc.

    4,398       923,008  

Republic Services, Inc.

    6,315       910,181  

Robert Half, Inc.

    3,543       262,040  

Rockwell Automation, Inc.

    3,488       1,088,535  

Stanley Black & Decker, Inc.

    5,215       492,192  

Trane Technologies PLC

    6,993       1,435,383  

Union Pacific Corp.

    18,897       4,168,111  

United Parcel Service, Inc., Class B

    22,596       3,827,762  

United Rentals, Inc.

    2,135       1,017,413  

Verisk Analytics, Inc.

    4,495       1,088,779  

Waste Management, Inc.

    11,474       1,798,894  

Westinghouse Air Brake Technologies Corp.

    5,614       631,687  

Xylem, Inc.

    7,374       763,504  
   

 

 

 

(Cost $54,383,278)

      60,277,488  
   

 

 

 
Information Technology — 30.7%            

Adobe, Inc.*

    14,168       7,924,729  

Advanced Micro Devices, Inc.*

    49,912       5,276,697  

Apple, Inc.

    458,786       86,192,126  

Applied Materials, Inc.

    26,101       3,987,189  

Arista Networks, Inc.*

    7,653       1,494,095  

Autodesk, Inc.*

    6,704       1,487,886  

Cisco Systems, Inc.

    126,774       7,270,489  

Corning, Inc.

    23,108       758,405  

F5, Inc.*

    1,778       290,987  

Fortinet, Inc.*

    20,048       1,207,090  

Gen Digital, Inc.

    18,677       378,209  

Hewlett Packard Enterprise Co.

    42,607       723,893  

HP, Inc.

    26,454       785,948  

Intel Corp.

    129,543       4,552,141  

Intuit, Inc.

    8,677       4,701,285  

Juniper Networks, Inc.

    10,555       307,362  

Keysight Technologies, Inc.*

    5,503       733,550  

KLA Corp.

    4,279       2,147,502  

Lam Research Corp.

    4,190       2,943,056  

Micron Technology, Inc.

    33,744       2,360,055  

Microsoft Corp.

    230,711       75,617,837  

Motorola Solutions, Inc.

    5,169       1,465,773  

NVIDIA Corp.

    76,741       37,875,520  

NXP Semiconductors NV

    8,026       1,651,109  

ON Semiconductor Corp.*

    13,343       1,313,752  
   

Number
of Shares

   

Value

 
Information Technology (Continued)            

QUALCOMM, Inc.

    34,507     $ 3,952,087  

Salesforce, Inc.*

    30,393       6,730,834  

Seagate Technology Holdings PLC

    5,882       416,387  

SolarEdge Technologies, Inc.*

    1,672       271,817  

TE Connectivity Ltd.

    9,695       1,283,521  

Texas Instruments, Inc.

    28,063       4,716,268  

Tyler Technologies, Inc.*

    1,332       530,709  

Zebra Technologies Corp., Class A*

    1,601       440,291  
   

 

 

 

(Cost $227,490,906)

      271,788,599  
   

 

 

 
Materials — 2.3%            

Air Products and Chemicals, Inc.

    6,863       2,027,948  

Albemarle Corp.

    3,547       704,824  

Amcor PLC

    45,668       444,806  

Ball Corp.

    9,685       527,348  

CF Industries Holdings, Inc.

    6,029       464,655  

Corteva, Inc.

    21,922       1,107,280  

Dow, Inc.

    21,568       1,176,750  

Ecolab, Inc.

    7,659       1,407,801  

FMC Corp.

    4,150       357,855  

Freeport-McMoRan, Inc.

    44,151       1,762,066  

International Flavors & Fragrances, Inc.

    7,792       548,946  

International Paper Co.

    10,751       375,425  

Linde PLC

    15,240       5,898,490  

LyondellBasell Industries NV, Class A

    7,706       761,122  

Mosaic Co.

    10,240       397,824  

Newmont Corp.

    24,673       972,610  

PPG Industries, Inc.

    7,248       1,027,476  

Westrock Co.

    7,336       239,961  
   

 

 

 

(Cost $21,216,942)

      20,203,187  
   

 

 

 
Real Estate — 2.4%            

Alexandria Real Estate Equities, Inc.

REIT

    4,818       560,526  

American Tower Corp. REIT

    14,427       2,615,904  

AvalonBay Communities, Inc. REIT

    4,273       785,463  

Boston Properties, Inc. REIT

    4,589       306,408  

CBRE Group, Inc., Class A*

    9,746       828,897  

Digital Realty Trust, Inc. REIT

    8,908       1,173,362  

Equinix, Inc. REIT

    2,888       2,256,625  

Equity Residential REIT

    11,234       728,300  

Essex Property Trust, Inc. REIT

    2,107       502,288  

Extra Space Storage, Inc. REIT

    6,548       842,597  

Federal Realty Investment Trust REIT

    2,299       225,164  

Healthpeak Properties, Inc. REIT

    17,363       357,331  

Host Hotels & Resorts, Inc. REIT

    23,181       366,028  

Iron Mountain, Inc. REIT

    8,815       560,105  

Kimco Realty Corp. REIT

    19,607       371,357  

Prologis, Inc. REIT

    28,586       3,550,381  

Regency Centers Corp. REIT

    4,585       285,187  

SBA Communications Corp. REIT

    3,351       752,400  

Simon Property Group, Inc. REIT

    10,086       1,144,660  

UDR, Inc. REIT

    9,808       391,339  

Ventas, Inc. REIT

    12,857       561,594  

Welltower, Inc. REIT

    15,432       1,279,004  

Weyerhaeuser Co. REIT

    22,554       738,643  
   

 

 

 

(Cost $23,935,728)

      21,183,563  
   

 

 

 

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Utilities — 1.4%            

American Water Works Co., Inc.

    5,972     $ 828,555  

CenterPoint Energy, Inc.

    19,498       543,799  

Constellation Energy Corp.

    10,077       1,049,620  

Edison International

    11,801       812,499  

Entergy Corp.

    6,564       625,221  

Eversource Energy

    10,708       683,385  

Exelon Corp.

    30,653       1,229,798  

NextEra Energy, Inc.

    62,857       4,198,848  

Public Service Enterprise Group, Inc.

    15,321       935,807  

Sempra

    19,407       1,362,759  
   

 

 

 

(Cost $13,336,155)

      12,270,291  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $837,995,246)

      882,437,630  
   

 

 

 
CASH EQUIVALENTS — 0.2%            

DWS Government Money Market Series
“Institutional Shares”, 5.28% (a)
(Cost $1,432,502)

    1,432,502       1,432,502  
   

 

 

 

TOTAL INVESTMENTS — 99.9%

(Cost $839,427,748)

   

$

883,870,132

 

Other assets and liabilities, net — 0.1%

      1,283,550  
   

 

 

 

NET ASSETS — 100.0%

    $ 885,153,682  
   

 

 

 

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

 

     Value ($) at
8/31/2022
     Purchases
Cost ($)
     Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
8/31/2023
     Value ($) at
8/31/2023
 

SECURITIES LENDING COLLATERAL0.0%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(b)

 

                   0 (c                   2                       

CASH EQUIVALENTS0.2%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (a)

 

     1,156,171        15,672,483        (15,396,152                   64,810               1,432,502        1,432,502  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     1,156,171        15,672,483        (15,396,152                   64,812               1,432,502        1,432,502  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

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

(b)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(c)

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

 

REIT:   Real Estate Investment Trust

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

 

Contract Description

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

E-Mini S&P 500 ESG Futures

   USD    13    $ 2,584,627      $ 2,607,150      9/15/2023    $ 22,523  

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.

Currency Abbreviations

 

USD   U.S. Dollar

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 ESG ETF (Continued)

August 31, 2023

 

Fair Value Measurements

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

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 882,437,630        $  —        $  —        $ 882,437,630  

Short-Term Investments (a)

       1,432,502                            1,432,502  

Derivatives (b)

                   

Futures Contracts

       22,523                            22,523  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 883,892,655        $        $        $ 883,892,655  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

(b)

Derivatives include unrealized appreciation (depreciation) on open futures contracts.

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 Growth ESG ETF

August 31, 2023

 

   

Number 
of Shares

   

Value

 
COMMON STOCKS — 99.8%    
Communication Services — 10.2%            

Alphabet, Inc., Class A*

    2,542     $ 346,144  

Alphabet, Inc., Class C*

    2,184       299,973  

T-Mobile US, Inc.*

    169       23,026  
   

 

 

 

(Cost $461,784)

      669,143  
   

 

 

 
Consumer Discretionary — 12.1%            

Amazon.com, Inc.*

    1,757       242,484  

Etsy, Inc.*

    31       2,281  

Hilton Worldwide Holdings, Inc.

    54       8,027  

Home Depot, Inc.

    229       75,639  

Lowe’s Cos., Inc.

    176       40,564  

McDonald’s Corp.

    195       54,824  

Starbucks Corp.

    247       24,068  

Tesla, Inc.*

    1,152       297,308  

TJX Cos., Inc.

    322       29,779  

Tractor Supply Co.

    46       10,051  

Yum! Brands, Inc.

    75       9,703  
   

 

 

 

(Cost $617,718)

      794,728  
   

 

 

 
Consumer Staples — 6.8%            

Archer-Daniels-Midland Co.

    113       8,961  

Bunge Ltd.

    26       2,972  

Campbell Soup Co.

    50       2,085  

Coca-Cola Co.

    1,088       65,095  

Colgate-Palmolive Co.

    193       14,180  

Constellation Brands, Inc., Class A

    38       9,901  

Costco Wholesale Corp.

    125       68,660  

Dollar General Corp.

    94       13,019  

Dollar Tree, Inc.*

    87       10,645  

General Mills, Inc.

    169       11,435  

Hershey Co.

    62       13,321  

Kellogg Co.

    59       3,600  

Keurig Dr Pepper, Inc.

    179       6,024  

McCormick & Co., Inc.

    54       4,432  

Mondelez International, Inc., Class A

    323       23,017  

PepsiCo, Inc.

    591       105,151  

Procter & Gamble Co.

    555       85,659  
   

 

 

 

(Cost $461,220)

      448,157  
   

 

 

 
Energy — 8.3%            

APA Corp.

    135       5,918  

Chevron Corp.

    761       122,597  

ConocoPhillips

    516       61,420  

Devon Energy Corp.

    275       14,050  

EOG Resources, Inc.

    255       32,798  

EQT Corp.

    154       6,656  

Exxon Mobil Corp.

    1,728       192,136  

Hess Corp.

    117       18,077  

Marathon Oil Corp.

    267       7,035  

Marathon Petroleum Corp.

    92       13,135  

ONEOK, Inc.

    188       12,258  

Pioneer Natural Resources Co.

    100       23,793  

Schlumberger NV

    317       18,690  

Williams Cos., Inc.

    512       17,679  
   

 

 

 

(Cost $542,571)

      546,242  
   

 

 

 
   

Number 
of Shares

   

Value

 
Financials — 7.3%            

American Express Co.

    123     $ 19,433  

Arch Capital Group Ltd.*

    156       11,990  

Arthur J Gallagher & Co.

    60       13,829  

Cboe Global Markets, Inc.

    30       4,491  

Chubb Ltd.

    100       20,087  

Everest Group Ltd.

    10       3,607  

FactSet Research Systems, Inc.

    10       4,364  

Globe Life, Inc.

    27       3,012  

MarketAxess Holdings, Inc.

    8       1,927  

Mastercard, Inc., Class A

    358       147,725  

Moody’s Corp.

    31       10,441  

MSCI, Inc.

    19       10,329  

Nasdaq, Inc.

    91       4,776  

Principal Financial Group, Inc.

    58       4,507  

Progressive Corp.

    250       33,368  

Travelers Cos., Inc.

    58       9,351  

Visa, Inc., Class A

    693       170,256  

W.R. Berkley Corp.

    86       5,320  
   

 

 

 

(Cost $441,383)

      478,813  
   

 

 

 
Health Care — 16.9%            

Abbott Laboratories

    390       40,131  

AbbVie, Inc.

    755       110,955  

Agilent Technologies, Inc.

    75       9,080  

Amgen, Inc.

    229       58,702  

Biogen, Inc.*

    30       8,021  

Bristol-Myers Squibb Co.

    894       55,115  

Cigna Group

    62       17,128  

Elevance Health, Inc.

    102       45,085  

Eli Lilly & Co.

    337       186,765  

Gilead Sciences, Inc.

    538       41,146  

Hologic, Inc.*

    104       7,773  

IDEXX Laboratories, Inc.*

    17       8,694  

IQVIA Holdings, Inc.*

    37       8,237  

Merck & Co., Inc.

    1,086       118,352  

Mettler-Toledo International, Inc.*

    6       7,281  

Moderna, Inc.*

    139       15,717  

Quest Diagnostics, Inc.

    31       4,076  

Regeneron Pharmaceuticals, Inc.*

    46       38,019  

ResMed, Inc.

    33       5,266  

Thermo Fisher Scientific, Inc.

    165       91,922  

UnitedHealth Group, Inc.

    398       189,679  

Vertex Pharmaceuticals, Inc.*

    111       38,666  

Waters Corp.*

    25       7,020  
   

 

 

 

(Cost $1,060,964)

      1,112,830  
   

 

 

 
Industrials — 4.2%            

Automatic Data Processing, Inc.

    177       45,066  

Broadridge Financial Solutions, Inc.

    24       4,469  

C.H. Robinson Worldwide, Inc.

    27       2,442  

Caterpillar, Inc.

    131       36,828  

Cintas Corp.

    23       11,596  

CSX Corp.

    424       12,805  

Cummins, Inc.

    30       6,901  

Deere & Co.

    116       47,669  

IDEX Corp.

    18       4,075  

Illinois Tool Works, Inc.

    60       14,841  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 Growth ESG ETF (Continued)

August 31, 2023

 

   

Number 
of Shares

   

Value

 
Industrials (Continued)            

JB Hunt Transport Services, Inc.

    35     $ 6,576  

Paychex, Inc.

    77       9,412  

Quanta Services, Inc.

    65       13,641  

Republic Services, Inc.

    48       6,918  

Union Pacific Corp.

    129       28,453  

Verisk Analytics, Inc.

    30       7,267  

Waste Management, Inc.

    92       14,424  
   

 

 

 

(Cost $243,733)

      273,383  
   

 

 

 
Information Technology — 31.2%            

Adobe, Inc.*

    93       52,019  

Advanced Micro Devices, Inc.*

    375       39,645  

Apple, Inc.

    2,998       563,234  

Applied Materials, Inc.

    362       55,299  

Arista Networks, Inc.*

    107       20,890  

Autodesk, Inc.*

    50       11,097  

Fortinet, Inc.*

    279       16,798  

Keysight Technologies, Inc.*

    41       5,465  

Lam Research Corp.

    57       40,037  

Microsoft Corp.

    1,669       547,031  

Motorola Solutions, Inc.

    39       11,059  

NVIDIA Corp.

    1,058       522,176  

ON Semiconductor Corp.*

    182       17,920  

QUALCOMM, Inc.

    477       54,631  

ServiceNow, Inc.*

    87       51,228  

Texas Instruments, Inc.

    245       41,175  
   

 

 

 

(Cost $1,440,951)

      2,049,704  
   

 

 

 
Materials — 2.0%            

Air Products and Chemicals, Inc.

    96       28,367  

Albemarle Corp.

    49       9,737  

CF Industries Holdings, Inc.

    83       6,397  

Corteva, Inc.

    207       10,455  
   

Number 
of Shares

   

Value

 
Materials (Continued)            

Freeport-McMoRan, Inc.

    623     $ 24,864  

Linde PLC

    128       49,541  
   

 

 

 

(Cost $125,217)

      129,361  
   

 

 

 
Real Estate — 0.6%            

American Tower Corp. REIT

    109       19,764  

Extra Space Storage, Inc. REIT

    45       5,791  

Iron Mountain, Inc. REIT

    77       4,892  

SBA Communications Corp. REIT

    25       5,613  

Weyerhaeuser Co. REIT

    176       5,764  
   

 

 

 

(Cost $44,506)

      41,824  
   

 

 

 
Utilities — 0.2%            

Sempra

   

(Cost $12,284)

    158       11,095  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $5,452,331)

      6,555,280  
   

 

 

 
EXCHANGE-TRADED FUNDS — 0.1%            

SPDR Portfolio S&P 500 Growth ETF

    18       1,125  

Vanguard S&P 500 Growth ETF

      1,561  
   

 

 

 

(Cost $2,397)

    6       2,686  
   

 

 

 
CASH EQUIVALENTS — 0.0%            

DWS Government Money Market Series
“Institutional Shares”, 5.28% (a)
(Cost $1,630)

    1,630       1,630  
   

 

 

 

TOTAL INVESTMENTS — 99.9%

(Cost $5,456,358)

    $ 6,559,596  

Other assets and liabilities, net — 0.1%

      7,533  
   

 

 

 

NET ASSETS — 100.0%

    $ 6,567,129  
   

 

 

 

 

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

 

     Value ($) at
11/9/2022
(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
8/31/2023
     Value ($) at
8/31/2023
 

SECURITIES LENDING COLLATERAL 0.0%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (a)(b)

 

                   0 (c)                    1                       

CASH EQUIVALENTS0.0%

 

  

DWS Government Money Market Series “Institutional Shares”, 5.28% (a)

 

            81,207        (79,577                   109               1,630        1,630  
     

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      —        81,207        (79,577      —         —        110         —        1,630        1,630  
     

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

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

(b)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(c)

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

 

REIT:  Real Estate Investment Trust

 

 

See Notes to Financial Statements.   23  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 Growth ESG ETF (Continued)

August 31, 2023

 

Fair Value Measurements

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

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 6,555,280        $  —        $  —        $ 6,555,280  

Exchange-Traded Funds

       2,686                            2,686  

Short-Term Investments (a)

       1,630                            1,630  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 6,559,596        $        $        $ 6,559,596  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   24  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 Value ESG ETF

August 31, 2023

 

    

Number
of Shares

    

Value

 
COMMON STOCKS — 99.5%      
Communication Services — 8.1%              

AT&T, Inc.

     3,185      $ 47,106  

Charter Communications, Inc., Class A*

     47        20,592  

Comcast Corp., Class A

     1,880        87,909  

Electronic Arts, Inc.

     37        4,439  

Fox Corp., Class A

     133        4,397  

Fox Corp., Class B

     62        1,892  

Interpublic Group of Cos., Inc.

     174        5,674  

Live Nation Entertainment, Inc.*

     64        5,410  

Match Group, Inc.*

     125        5,859  

Netflix, Inc.*

     199        86,302  

News Corp., Class A

     171        3,675  

News Corp., Class B

     53        1,166  

Omnicom Group, Inc.

     91        7,372  

Paramount Global, Class B

     226        3,410  

Verizon Communications, Inc.

     1,877        65,658  

Walt Disney Co.*

     816        68,283  

Warner Bros Discovery, Inc.*

     987        12,969  
     

 

 

 

(Cost $401,435)

        432,113  
     

 

 

 
Consumer Discretionary — 12.8%              

Amazon.com, Inc.*

     2,162        298,378  

Aptiv PLC*

     121        12,275  

Best Buy Co., Inc.

     88        6,728  

BorgWarner, Inc.

     105        4,279  

Caesars Entertainment, Inc.*

     96        5,305  

Carnival Corp.*

     448        7,087  

Darden Restaurants, Inc.

     54        8,398  

eBay, Inc.

     242        10,837  

Etsy, Inc.*

     24        1,766  

General Motors Co.

     623        20,877  

Hasbro, Inc.

     58        4,176  

Hilton Worldwide Holdings, Inc.

     62        9,216  

Home Depot, Inc.

     214        70,684  

Las Vegas Sands Corp.

     147        8,064  

Lowe’s Cos., Inc.

     84        19,360  

Marriott International, Inc., Class A

     56        11,397  

McDonald’s Corp.

     124        34,863  

MGM Resorts International

     141        6,201  

Mohawk Industries, Inc.*

     24        2,433  

Newell Brands, Inc.

     168        1,777  

NIKE, Inc., Class B

     552        56,144  

Norwegian Cruise Line Holdings Ltd.*

     188        3,115  

PulteGroup, Inc.

     101        8,288  

Ralph Lauren Corp.

     19        2,216  

Royal Caribbean Cruises Ltd.*

     98        9,696  

Starbucks Corp.

     252        24,555  

Tapestry, Inc.

     105        3,499  

TJX Cos., Inc.

     186        17,201  

VF Corp.

     148        2,924  

Whirlpool Corp.

     24        3,359  

Yum! Brands, Inc.

     45        5,822  
     

 

 

 

(Cost $585,041)

        680,920  
     

 

 

 
Consumer Staples — 7.4%              

Archer-Daniels-Midland Co.

     125        9,913  

Brown-Forman Corp., Class B

     37        2,447  
    

Number
of Shares

    

Value

 
Consumer Staples (Continued)              

Bunge Ltd.

     39      $ 4,458  

Campbell Soup Co.

     37        1,543  

Coca-Cola Co.

     609        36,436  

Colgate-Palmolive Co.

     168        12,343  

Conagra Brands, Inc.

     213        6,364  

Constellation Brands, Inc., Class A

     32        8,338  

Estee Lauder Cos., Inc., Class A

     104        16,695  

General Mills, Inc.

     84        5,683  

Hormel Foods Corp.

     42        1,621  

J M Smucker Co.

     48        6,958  

Kellogg Co.

     51        3,112  

Keurig Dr Pepper, Inc.

     190        6,394  

Kraft Heinz Co.

     356        11,780  

Kroger Co.

     291        13,500  

McCormick & Co., Inc.

     55        4,514  

Molson Coors Beverage Co., Class B

     84        5,333  

Mondelez International, Inc., Class A

     280        19,953  

Procter & Gamble Co.

     474        73,157  

Target Corp.

     206        26,069  

Tyson Foods, Inc., Class A

     128        6,819  

Walgreens Boots Alliance, Inc.

     320        8,099  

Walmart, Inc.

     632        102,770  
     

 

 

 

(Cost $398,265)

        394,299  
     

 

 

 
Energy — 1.9%              

Baker Hughes Co.

     450        16,286  

Halliburton Co.

     404        15,603  

Kinder Morgan, Inc.

     884        15,222  

Marathon Petroleum Corp.

     99        14,134  

Phillips 66

     208        23,745  

Schlumberger NV

     298        17,570  
     

 

 

 

(Cost $93,186)

        102,560  
     

 

 

 
Financials — 19.0%              

Aflac, Inc.

     250        18,642  

Allstate Corp.

     118        12,722  

American Express Co.

     136        21,487  

American International Group, Inc.

     323        18,902  

Arthur J Gallagher & Co.

     34        7,836  

Assurant, Inc.

     24        3,344  

Bank of America Corp.

     3,104        88,992  

Bank of New York Mellon Corp.

     329        14,762  

BlackRock, Inc.

     67        46,936  

Capital One Financial Corp.

     170        17,406  

Cboe Global Markets, Inc.

     16        2,395  

Charles Schwab Corp.

     279        16,503  

Chubb Ltd.

     80        16,070  

Citigroup, Inc.

     866        35,757  

CME Group, Inc.

     161        32,631  

Discover Financial Services

     50        4,503  

FactSet Research Systems, Inc.

     7        3,055  

Fidelity National Information Services, Inc.

     265        14,803  

Fifth Third Bancorp

     305        8,098  

Fiserv, Inc.*

     88        10,682  

Franklin Resources, Inc.

     127        3,396  

Global Payments, Inc.

     118        14,949  

 

See Notes to Financial Statements.   25  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 Value ESG ETF (Continued)

August 31, 2023

 

    

Number
of Shares

    

Value

 
Financials (Continued)              

Globe Life, Inc.

     14      $ 1,562  

Goldman Sachs Group, Inc.

     149        48,829  

Hartford Financial Services Group, Inc.

     141        10,127  

Intercontinental Exchange, Inc.

     250        29,498  

Invesco Ltd.

     203        3,232  

JPMorgan Chase & Co.

     1,311        191,839  

Lincoln National Corp.

     60        1,540  

M&T Bank Corp.

     76        9,504  

MarketAxess Holdings, Inc.

     9        2,168  

MetLife, Inc.

     285        18,052  

Moody’s Corp.

     37        12,462  

Morgan Stanley

     584        49,728  

MSCI, Inc.

     15        8,154  

Nasdaq, Inc.

     55        2,886  

Northern Trust Corp.

     93        7,075  

PayPal Holdings, Inc.*

     500        31,255  

PNC Financial Services Group, Inc.

     179        21,611  

Principal Financial Group, Inc.

     40        3,108  

Prudential Financial, Inc.

     160        15,147  

Regions Financial Corp.

     417        7,648  

S&P Global, Inc.

     147        57,456  

State Street Corp.

     149        10,242  

Synchrony Financial

     195        6,295  

T. Rowe Price Group, Inc.

     100        11,223  

Travelers Cos., Inc.

     48        7,739  

Truist Financial Corp.

     593        18,116  

Willis Towers Watson PLC

     48        9,924  
     

 

 

 

(Cost $1,049,084)

        1,010,291  
     

 

 

 
Health Care — 8.5%              

Abbott Laboratories

     374        38,485  

Agilent Technologies, Inc.

     53        6,417  

Baxter International, Inc.

     226        9,176  

Becton Dickinson and Co.

     127        35,490  

Biogen, Inc.*

     34        9,090  

Bio-Rad Laboratories, Inc., Class A*

     10        4,002  

Bio-Techne Corp.

     37        2,901  

Boston Scientific Corp.*

     301        16,236  

Cardinal Health, Inc.

     115        10,043  

Catalent, Inc.*

     80        3,998  

Cencora, Inc.

     72        12,671  

Centene Corp.*

     246        15,166  

Cigna Group

     68        18,786  

CVS Health Corp.

     574        37,408  

DaVita, Inc.*

     24        2,458  

Edwards Lifesciences Corp.*

     276        21,106  

Henry Schein, Inc.*

     61        4,669  

Humana, Inc.

     20        9,233  

IDEXX Laboratories, Inc.*

     19        9,717  

Illumina, Inc.*

     70        11,565  

IQVIA Holdings, Inc.*

     43        9,573  

Medtronic PLC

     594        48,411  

Mettler-Toledo International, Inc.*

     3        3,640  

Organon & Co.

     114        2,503  

Quest Diagnostics, Inc.

     17        2,235  

Stryker Corp.

     151        42,816  

Teleflex, Inc.

     21        4,467  
    

Number
of Shares

    

Value

 
Health Care (Continued)              

Viatris, Inc.

     542      $ 5,826  

Zimmer Biomet Holdings, Inc.

     94        11,197  

Zoetis, Inc.

     208        39,626  
     

 

 

 

(Cost $467,764)

        448,911  
     

 

 

 
Industrials — 10.9%              

Alaska Air Group, Inc.*

     57        2,392  

American Airlines Group, Inc.*

     291        4,286  

Broadridge Financial Solutions, Inc.

     27        5,028  

C.H. Robinson Worldwide, Inc.

     24        2,170  

Carrier Global Corp.

     373        21,429  

Caterpillar, Inc.

     93        26,145  

Cintas Corp.

     16        8,067  

CSX Corp.

     489        14,768  

Cummins, Inc.

     31        7,131  

Dover Corp.

     62        9,195  

Eaton Corp. PLC

     178        41,006  

Emerson Electric Co.

     255        25,054  

Fortive Corp.

     158        12,458  

Generac Holdings, Inc.*

     28        3,327  

General Electric Co.

     487        55,742  

IDEX Corp.

     14        3,170  

Illinois Tool Works, Inc.

     61        15,088  

Ingersoll Rand, Inc.

     190        13,226  

Johnson Controls International PLC

     307        18,131  

Nordson Corp.

     24        5,859  

Norfolk Southern Corp.

     102        20,911  

Otis Worldwide Corp.

     185        15,827  

PACCAR, Inc.

     233        19,174  

Parker-Hannifin Corp.

     57        23,763  

Paychex, Inc.

     62        7,578  

Pentair PLC

     74        5,199  

Republic Services, Inc.

     41        5,909  

Robert Half, Inc.

     48        3,550  

Rockwell Automation, Inc.

     51        15,916  

Stanley Black & Decker, Inc.

     66        6,229  

Trane Technologies PLC

     102        20,937  

Union Pacific Corp.

     137        30,218  

United Parcel Service, Inc., Class B

     326        55,224  

United Rentals, Inc.

     31        14,773  

Verisk Analytics, Inc.

     35        8,478  

Waste Management, Inc.

     68        10,661  

Westinghouse Air Brake Technologies Corp.

     81        9,114  

Xylem, Inc.

     105        10,872  
     

 

 

 

(Cost $491,841)

        578,005  
     

 

 

 
Information Technology — 19.7%              

Adobe, Inc.*

     108        60,409  

Advanced Micro Devices, Inc.*

     331        34,993  

Akamai Technologies, Inc.*

     70        7,356  

Analog Devices, Inc.

     120        21,814  

Autodesk, Inc.*

     43        9,543  

Cisco Systems, Inc.

     1,836        105,295  

Corning, Inc.

     340        11,159  

Gen Digital, Inc.

     119        2,410  

Hewlett Packard Enterprise Co.

     573        9,735  

 

See Notes to Financial Statements.   26  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 Value ESG ETF (Continued)

August 31, 2023

 

    

Number
of Shares

    

Value

 
Information Technology (Continued)              

HP, Inc.

     386      $ 11,468  

Intel Corp.

     1,875        65,888  

Intuit, Inc.

     59        31,967  

Keysight Technologies, Inc.*

     37        4,932  

Microchip Technology, Inc.

     125        10,230  

Micron Technology, Inc.

     488        34,131  

Microsoft Corp.

     1,401        459,192  

Motorola Solutions, Inc.

     34        9,641  

NXP Semiconductors NV

     47        9,669  

Salesforce, Inc.*

     439        97,221  

TE Connectivity Ltd.

     141        18,667  

Teradyne, Inc.

     35        3,775  

Texas Instruments, Inc.

     150        25,209  

Tyler Technologies, Inc.*

     10        3,984  
     

 

 

 

(Cost $905,371)

        1,048,688  
     

 

 

 
Materials — 3.2%              

Amcor PLC

     664        6,467  

Ball Corp.

     140        7,623  

Corteva, Inc.

     99        5,001  

Dow, Inc.

     315        17,186  

Ecolab, Inc.

     111        20,403  

International Flavors & Fragrances, Inc.

     114        8,031  

Linde PLC

     86        33,285  

LyondellBasell Industries NV, Class A

     113        11,161  

Newmont Corp.

     355        13,994  

PPG Industries, Inc.

     105        14,885  

Sherwin-Williams Co.

     105        28,531  

Westrock Co.

     114        3,729  
     

 

 

 

(Cost $155,673)

        170,296  
     

 

 

 
Real Estate — 4.9%              

Alexandria Real Estate Equities, Inc. REIT

     70        8,144  

American Tower Corp. REIT

     98        17,769  

AvalonBay Communities, Inc. REIT

     63        11,581  

Boston Properties, Inc. REIT

     64        4,273  

CBRE Group, Inc., Class A*

     141        11,992  

Digital Realty Trust, Inc. REIT

     128        16,860  

Equinix, Inc. REIT

     42        32,818  

Equity Residential REIT

     152        9,854  

Essex Property Trust, Inc. REIT

     29        6,913  

Extra Space Storage, Inc. REIT

     47        6,048  

Federal Realty Investment Trust REIT

     33        3,232  
    

Number
of Shares

    

Value

 
Real Estate (Continued)              

Healthpeak Properties, Inc. REIT

     244      $ 5,022  

Host Hotels & Resorts, Inc. REIT

     320        5,053  

Iron Mountain, Inc. REIT

     52        3,304  

Kimco Realty Corp. REIT

     276        5,227  

Prologis, Inc. REIT

     412        51,170  

Regency Centers Corp. REIT

     69        4,292  

SBA Communications Corp. REIT

     21        4,715  

Simon Property Group, Inc. REIT

     146        16,570  

UDR, Inc. REIT

     138        5,506  

Ventas, Inc. REIT

     179        7,819  

Welltower, Inc. REIT

     223        18,482  

Weyerhaeuser Co. REIT

     141        4,618  
     

 

 

 

(Cost $251,078)

        261,262  
     

 

 

 
Utilities — 3.1%              

American Water Works Co., Inc.

     86        11,932  

CenterPoint Energy, Inc.

     281        7,837  

Constellation Energy Corp.

     146        15,207  

Edison International

     171        11,773  

Entergy Corp.

     95        9,049  

Eversource Energy

     156        9,956  

Exelon Corp.

     444        17,813  

NextEra Energy, Inc.

     910        60,788  

Public Service Enterprise Group, Inc.

     223        13,621  

Sempra

     112        7,865  
     

 

 

 

(Cost $174,030)

        165,841  
     

 

 

 

TOTAL COMMON STOCKS
(Cost $4,972,768)

        5,293,186  
     

 

 

 
EXCHANGE-TRADED FUNDS — 0.3%              

SPDR Portfolio S&P 500 Value ETF
(Cost $15,203)

     350        15,215  
     

 

 

 
CASH EQUIVALENTS — 0.0%              

DWS Government Money Market Series
“Institutional Shares”, 5.28% (a)
(Cost $493)

     493        493  
     

 

 

 

TOTAL INVESTMENTS — 99.8%

(Cost $4,988,464)

      $ 5,308,894  

Other assets and liabilities, net — 0.2%

        8,665  
     

 

 

 

NET ASSETS — 100.0%

      $ 5,317,559  
     

 

 

 

 

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

 

     Value ($) at
11/9/2022
(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
8/31/2023
     Value ($) at
8/31/2023
 

SECURITIES LENDING COLLATERAL0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (a)(b)

 

                   0 (c)                    3                       
CASH EQUIVALENTS0.0%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (a)

 

            145,924        (145,431                   107               493        493  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      —        145,924        (145,430      —         —        110         —        493        493  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

See Notes to Financial Statements.   27  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P 500 Value ESG ETF (Continued)

August 31, 2023

 

*

Non-income producing security.

(a)

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

(b)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(c)

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

 

REIT:  Real Estate Investment Trust

Fair Value Measurements

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

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 5,293,186        $  —        $  —        $ 5,293,186  

Exchange-Traded Funds

       15,215                        15,215  

Short-Term Investments (a)

       493                            493  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 5,308,894        $        $        $ 5,308,894  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   28  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P ESG Dividend Aristocrats ETF

August 31, 2023

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.5%    
Communication Services — 0.5%            

John Wiley & Sons, Inc., Class A
(Cost $27,105)

    639     $ 23,745  
   

 

 

 
Consumer Discretionary — 7.1%            

Genuine Parts Co.

    403       61,953  

Leggett & Platt, Inc.

    2,269       63,986  

Lowe’s Cos., Inc.

    277       63,843  

McDonald’s Corp.

    239       67,195  

NIKE, Inc., Class B

    267       27,156  

Polaris, Inc.

    644       72,186  
   

 

 

 

(Cost $368,485)

      356,319  
   

 

 

 
Consumer Staples — 21.0%            

Archer-Daniels-Midland Co.

    521       41,315  

Brown-Forman Corp., Class B

    530       35,049  

Church & Dwight Co., Inc.

    460       44,514  

Coca-Cola Co.

    1,250       74,787  

Colgate-Palmolive Co.

    907       66,637  

Flowers Foods, Inc.

    3,376       79,539  

Hormel Foods Corp.

    1,565       60,393  

J M Smucker Co.

    502       72,765  

Kimberly-Clark Corp.

    724       93,273  

McCormick & Co., Inc.

    681       55,896  

PepsiCo, Inc.

    417       74,193  

Procter & Gamble Co.

    482       74,392  

Sysco Corp.

    966       67,282  

Target Corp.

    512       64,794  

Walgreens Boots Alliance, Inc.

    3,863       97,773  

Walmart, Inc.

    318       51,710  
   

 

 

 

(Cost $1,141,276)

      1,054,312  
   

 

 

 
Energy — 3.4%            

Chevron Corp.

    485       78,133  

Exxon Mobil Corp.

    819       91,065  
   

 

 

 

(Cost $181,445)

      169,198  
   

 

 

 
Financials — 11.3%            

Aflac, Inc.

    882       65,771  

Chubb Ltd.

    182       36,558  

Cincinnati Financial Corp.

    743       78,602  

Commerce Bancshares, Inc.

    648       31,810  

FactSet Research Systems, Inc.

    56       24,439  

Franklin Resources, Inc.

    3,911       104,580  

S&P Global, Inc.

    74       28,924  

SEI Investments Co.

    620       38,477  

T. Rowe Price Group, Inc.

    1,005       112,791  

UMB Financial Corp.

    454       28,698  

W R Berkley Corp.

    213       13,176  
   

 

 

 

(Cost $568,616)

      563,826  
   

 

 

 
Health Care — 7.5%            

Abbott Laboratories

    417       42,909  

AbbVie, Inc.

    661       97,141  

Becton Dickinson and Co.

    156       43,594  

Cardinal Health, Inc.

    942       82,265  

Medtronic PLC

    1,169       95,273  
   

Number
of Shares

   

Value

 
Health Care (Continued)            

West Pharmaceutical Services, Inc.

    33     $ 13,428  
   

 

 

 

(Cost $352,367)

      374,610  
   

 

 

 
Industrials — 21.0%            

ABM Industries, Inc.

    856       38,880  

Automatic Data Processing, Inc.

    242       61,616  

Brady Corp., Class A

    488       24,615  

C.H. Robinson Worldwide, Inc.

    814       73,610  

Carlisle Cos., Inc.

    152       39,979  

Caterpillar, Inc.

    222       62,411  

Cintas Corp.

    67       33,779  

Dover Corp.

    310       45,973  

Emerson Electric Co.

    709       69,659  

Expeditors International of Washington, Inc.

    333       38,864  

Fastenal Co.

    1,571       90,458  

Franklin Electric Co., Inc.

    342       33,075  

Illinois Tool Works, Inc.

    310       76,678  

Lincoln Electric Holdings, Inc.

    325       62,550  

MSA Safety, Inc.

    293       53,525  

Nordson Corp.

    141       34,424  

Pentair PLC

    1,169       82,134  

Stanley Black & Decker, Inc.

    1,379       130,150  
   

 

 

 

(Cost $924,592)

      1,052,380  
   

 

 

 
Information Technology — 5.1%            

Badger Meter, Inc.

    197       32,718  

International Business Machines Corp.

    960       140,957  

Microchip Technology, Inc.

    785       64,245  

Roper Technologies, Inc.

    40       19,962  
   

 

 

 

(Cost $231,761)

      257,882  
   

 

 

 
Materials — 12.5%            

Air Products and Chemicals, Inc.

    196       57,916  

Albemarle Corp.

    92       18,281  

Amcor PLC

    10,282       100,147  

AptarGroup, Inc.

    341       45,203  

Ecolab, Inc.

    275       50,548  

HB Fuller Co.

    442       32,058  

International Flavors & Fragrances, Inc.

    721       50,794  

Linde PLC

    122       47,219  

Nucor Corp.

    301       51,802  

PPG Industries, Inc.

    409       57,980  

Sherwin-Williams Co.

    114       30,976  

Sonoco Products Co.

    1,142       65,608  

Stepan Co.

    200       17,454  
   

 

 

 

(Cost $647,692)

      625,986  
   

 

 

 
Real Estate — 4.6%            

Essex Property Trust, Inc. REIT

    516       123,009  

Federal Realty Investment Trust REIT

    1,086       106,363  
   

 

 

 

(Cost $231,510)

      229,372  
   

 

 

 
Utilities — 5.5%            

California Water Service Group

    563       28,291  

Consolidated Edison, Inc.

    936       83,266  

Essential Utilities, Inc.

    1,414       52,177  

Eversource Energy

    1,051       67,075  

 

See Notes to Financial Statements.   29  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P ESG Dividend Aristocrats ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Utilities (Continued)            

NextEra Energy, Inc.

    701     $ 46,827  
   

 

 

 

(Cost $320,337)

      277,636  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $4,995,186)

      4,985,266  
   

 

 

 

EXCHANGE-TRADED FUNDS — 0.3%

   

ProShares S&P 500 Dividend Aristocrats ETF
(Cost $14,244)

    150       14,169  
   

 

 

 
   

Number
of Shares

   

Value

 
CASH EQUIVALENTS — 0.0%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
(Cost $1,971)

    1,971     $ 1,971  
   

 

 

 

TOTAL INVESTMENTS — 99.8%

   

(Cost $5,011,401)

    $ 5,001,406  

Other assets and liabilities, net — 0.2%

      9,544  
   

 

 

 

NET ASSETS — 100.0%

    $ 5,010,950  
   

 

 

 

 

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

 

     Value ($) at
11/9/2022
(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
8/31/2023
     Value ($) at
8/31/2023
 

EXCHANGE-TRADED FUNDS0.0%

Xtrackers S&P 500 ESG ETF (b)

 

      —        24,714        (25,559     845         —        45         —         —         —  

Xtrackers S&P 500 Value ESG ETF (b)

 

      —        10,114        (10,276     162         —        73         —         —         —  

SECURITIES LENDING COLLATERAL0.0%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (a)(c)

 

      —         —        0 (d)       —         —        5         —         —         —  

CASH EQUIVALENTS0.0%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (a)

 

      —        162,132        (160,161      —         —        163         —        1,971        1,971  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      —         196,960         (195,996)        1,007         —         286         —         1,971         1,971  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

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

(b)

Affiliated fund advised by DBX Advisors LLC.

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d)

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

 

REIT:   Real Estate Investment Trust

Fair Value Measurements

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

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 4,985,266        $        $  —        $ 4,985,266  

Exchange-Traded Funds

       14,169                            14,169  

Short-Term Investments (a)

       1,971                            1,971  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 5,001,406        $  —        $        $ 5,001,406  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   30  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P MidCap 400 ESG ETF

August 31, 2023

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.3%    
Communication Services — 1.9%    

Cable One, Inc.

    36     $ 23,420  

Iridium Communications, Inc.

    958       46,894  

New York Times Co., Class A

    1,247       55,205  

Nexstar Media Group, Inc.

    277       45,096  

TEGNA, Inc.

    1,713       28,316  

Ziff Davis, Inc.*

    363       24,194  
   

 

 

 

(Cost $282,804)

      223,125  
   

 

 

 
Consumer Discretionary — 16.0%            

Adient PLC*

    729       28,555  

Aramark

    2,002       74,434  

Autoliv, Inc.

    585       57,096  

AutoNation, Inc.*

    241       37,859  

Boyd Gaming Corp.

    587       39,253  

Brunswick Corp.

    537       42,488  

Capri Holdings Ltd.*

    959       50,338  

Carter’s, Inc.

    283       20,254  

Choice Hotels International, Inc.

    205       26,015  

Columbia Sportswear Co.

    275       20,169  

Deckers Outdoor Corp.*

    202       106,876  

Dick’s Sporting Goods, Inc.

    467       54,331  

Five Below, Inc.*

    428       73,599  

Foot Locker, Inc.

    587       11,517  

Gap, Inc.

    1,660       19,223  

Goodyear Tire & Rubber Co.*

    2,158       27,860  

Grand Canyon Education, Inc.*

    237       27,788  

H&R Block, Inc.

    1,157       46,257  

Harley-Davidson, Inc.

    985       33,244  

Helen of Troy Ltd.*

    186       22,863  

KB Home

    604       30,683  

Kohl’s Corp.

    853       22,724  

Lear Corp.

    450       64,841  

Leggett & Platt, Inc.

    1,017       28,679  

Lithia Motors, Inc.

    210       64,684  

Macy’s, Inc.

    2,075       25,377  

Marriott Vacations Worldwide Corp.

    280       30,433  

Nordstrom, Inc.

    873       14,160  

Papa John’s International, Inc.

    227       17,184  

Polaris, Inc.

    411       46,069  

PVH Corp.

    482       40,295  

RH*

    136       49,666  

Service Corp. International

    1,162       73,334  

Taylor Morrison Home Corp.*

    838       39,721  

Tempur Sealy International, Inc.

    1,311       61,250  

Texas Roadhouse, Inc.

    511       53,195  

Thor Industries, Inc.

    408       42,767  

Toll Brothers, Inc.

    784       64,233  

Topgolf Callaway Brands Corp.*

    1,076       18,765  

Travel + Leisure Co.

    585       23,517  

Valvoline, Inc.

    1,046       36,024  

Visteon Corp.*

    216       30,082  

Wendy’s Co.

    1,308       25,885  

Williams-Sonoma, Inc.

    505       71,306  

Wingstop, Inc.

    230       36,947  

Wyndham Hotels & Resorts, Inc.

    654       49,305  
   

Number
of Shares

   

Value

 
Consumer Discretionary (Continued)            

YETI Holdings, Inc.*

    661     $ 33,017  
   

 

 

 

(Cost $1,793,724)

      1,914,162  
   

 

 

 
Consumer Staples — 3.8%            

BJ’s Wholesale Club Holdings, Inc.*

    1,023       68,940  

Coca-Cola Consolidated, Inc.

    36       25,160  

Coty, Inc., Class A*

    2,794       32,299  

Darling Ingredients, Inc.*

    1,214       74,977  

Energizer Holdings, Inc.

    508       17,450  

Flowers Foods, Inc.

    1,462       34,445  

Ingredion, Inc.

    503       51,764  

Pilgrim’s Pride Corp.*

    333       8,378  

Post Holdings, Inc.*

    409       36,691  

Sprouts Farmers Market, Inc.*

    784       31,979  

US Foods Holding Corp.*

    1,721       69,580  
   

 

 

 

(Cost $398,208)

      451,663  
   

 

 

 
Energy — 4.4%            

Antero Midstream Corp.

    2,569       31,136  

Antero Resources Corp.*

    2,100       58,107  

ChampionX Corp.

    1,502       54,207  

CNX Resources Corp.*

    1,260       28,161  

Equitrans Midstream Corp.

    3,315       31,824  

HF Sinclair Corp.

    980       53,988  

Murphy Oil Corp.

    1,127       51,166  

NOV, Inc.

    3,020       63,813  

Range Resources Corp.

    1,857       60,130  

Southwestern Energy Co.*

    8,349       56,606  

Valaris Ltd.*

    459       34,572  
   

 

 

 

(Cost $398,566)

      523,710  
   

 

 

 
Financials — 15.0%            

Affiliated Managers Group, Inc.

    274       36,719  

Annaly Capital Management, Inc. REIT

    3,748       75,972  

Associated Banc-Corp.

    1,167       20,224  

Bank OZK

    815       32,738  

Brighthouse Financial, Inc.*

    505       25,078  

Cadence Bank

    1,399       32,009  

Cathay General Bancorp

    565       20,131  

CNO Financial Group, Inc.

    888       20,779  

Columbia Banking System, Inc.

    1,595       32,666  

Commerce Bancshares, Inc.

    865       42,463  

East West Bancorp, Inc.

    1,087       60,155  

Evercore, Inc., Class A

    273       38,234  

Federated Hermes, Inc.

    656       22,803  

First American Financial Corp.

    785       48,419  

First Horizon Corp.

    4,100       51,455  

FNB Corp.

    2,770       32,215  

Glacier Bancorp, Inc.

    851       25,709  

Hanover Insurance Group, Inc.

    275       29,348  

Janus Henderson Group PLC

    1,021       28,047  

Jefferies Financial Group, Inc.

    1,425       50,858  

Kinsale Capital Group, Inc.

    166       66,173  

MGIC Investment Corp.

    2,173       38,201  

New York Community Bancorp, Inc.

    5,548       68,129  

Old National Bancorp.

    2,239       34,167  

Pinnacle Financial Partners, Inc.

    595       39,603  

Primerica, Inc.

    278       55,867  

 

See Notes to Financial Statements.   31  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P MidCap 400 ESG ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Financials (Continued)            

Reinsurance Group of America, Inc.

    506     $ 70,142  

RenaissanceRe Holdings Ltd.

    387       72,713  

SEI Investments Co.

    771       47,848  

Selective Insurance Group, Inc.

    464       46,033  

SLM Corp.

    1,844       26,259  

Stifel Financial Corp.

    809       52,601  

Synovus Financial Corp.

    1,130       34,985  

Texas Capital Bancshares, Inc.*

    373       23,290  

UMB Financial Corp.

    337       21,302  

United Bankshares, Inc.

    1,015       30,531  

Unum Group

    1,408       69,259  

Valley National Bancorp

    3,230       29,651  

Voya Financial, Inc.

    748       52,121  

Webster Financial Corp.

    1,325       56,193  

Western Union Co.

    2,848       35,173  

WEX, Inc.*

    329       64,543  

Wintrust Financial Corp.

    470       36,477  
   

 

 

 

(Cost $1,785,670)

      1,797,283  
   

 

 

 
Health Care — 10.3%    

Acadia Healthcare Co., Inc.*

    701       54,047  

Amedisys, Inc.*

    252       23,625  

Azenta, Inc.*

    505       28,497  

Encompass Health Corp.

    766       54,417  

Enovis Corp.*

    368       20,623  

Envista Holdings Corp.*

    1,243       39,801  

Exelixis, Inc.*

    2,480       55,527  

Haemonetics Corp.*

    385       34,546  

Halozyme Therapeutics, Inc.*

    1,001       42,602  

HealthEquity, Inc.*

    654       44,178  

Inari Medical, Inc.*

    397       26,448  

Integra LifeSciences Holdings Corp.*

    538       22,886  

Jazz Pharmaceuticals PLC*

    487       69,816  

Lantheus Holdings, Inc.*

    524       35,862  

LivaNova PLC*

    415       23,053  

Neurocrine Biosciences, Inc.*

    749       81,559  

Omnicell, Inc.*

    344       19,560  

Option Care Health, Inc.*

    1,272       44,304  

Patterson Cos., Inc.

    670       20,127  

Penumbra, Inc.*

    294       77,763  

Perrigo Co. PLC

    1,028       35,980  

Progyny, Inc.*

    582       21,732  

QuidelOrtho Corp.*

    416       34,262  

R1 RCM, Inc.*

    1,074       18,516  

Repligen Corp.*

    394       68,520  

Shockwave Medical, Inc.*

    281       61,930  

Syneos Health, Inc.*

    789       33,714  

Tenet Healthcare Corp.*

    776       60,186  

United Therapeutics Corp.*

    360       80,770  
   

 

 

 

(Cost $1,251,009)

      1,234,851  
   

 

 

 
Industrials — 22.7%            

Acuity Brands, Inc.

    244       39,352  

Advanced Drainage Systems, Inc.

    475       60,876  

AECOM

    1,068       93,717  

AGCO Corp.

    473       61,268  

ASGN, Inc.*

    382       31,385  
   

Number
of Shares

   

Value

 
Industrials (Continued)            

Avis Budget Group, Inc.*

    181     $ 38,624  

Carlisle Cos., Inc.

    391       102,841  

Chart Industries, Inc.*

    322       58,147  

Clean Harbors, Inc.*

    383       64,857  

Concentrix Corp.

    328       26,184  

Donaldson Co., Inc.

    921       58,824  

EMCOR Group, Inc.

    363       81,403  

EnerSys

    311       32,649  

ExlService Holdings, Inc.*

    1,280       37,414  

Flowserve Corp.

    999       39,530  

Fortune Brands Innovations, Inc.

    972       67,087  

FTI Consulting, Inc.*

    261       48,499  

Genpact Ltd.

    1,291       48,193  

GXO Logistics, Inc.*

    906       57,957  

Hubbell, Inc.

    411       134,007  

Insperity, Inc.

    277       28,068  

JetBlue Airways Corp.*

    2,516       14,895  

Kirby Corp.*

    456       37,770  

Knight-Swift Transportation Holdings, Inc.

    1,231       67,483  

Lennox International, Inc.

    248       93,449  

Lincoln Electric Holdings, Inc.

    442       85,067  

ManpowerGroup, Inc.

    386       30,444  

MasTec, Inc.*

    455       45,268  

Maximus, Inc.

    462       37,339  

Middleby Corp.*

    407       59,255  

MSA Safety, Inc.

    280       51,150  

MSC Industrial Direct Co., Inc., Class A

    360       36,742  

nVent Electric PLC

    1,259       71,184  

Owens Corning

    691       99,442  

Paylocity Holding Corp.*

    315       63,158  

Regal Rexnord Corp.

    509       82,555  

Ryder System, Inc.

    351       35,346  

Saia, Inc.*

    204       86,945  

Simpson Manufacturing Co., Inc.

    324       51,762  

Stericycle, Inc.*

    704       31,124  

Terex Corp.

    516       31,275  

Tetra Tech, Inc.

    405       63,727  

Timken Co.

    501       38,286  

Toro Co.

    793       81,140  

Trex Co., Inc.*

    829       59,166  

Valmont Industries, Inc.

    162       41,067  

Watts Water Technologies, Inc., Class A

    208       39,264  

XPO, Inc.*

    880       65,674  
   

 

 

 

(Cost $2,089,483)

      2,710,859  
   

 

 

 
Information Technology — 10.0%            

ACI Worldwide, Inc.*

    832       20,201  

Amkor Technology, Inc.

    778       21,753  

Arrow Electronics, Inc.*

    431       57,508  

Avnet, Inc.

    697       35,373  

Belden, Inc.

    328       30,799  

Blackbaud, Inc.*

    343       26,106  

Calix, Inc.*

    441       20,511  

Ciena Corp.*

    1,140       56,977  

Cirrus Logic, Inc.*

    425       34,867  

Coherent Corp.*

    1,055       39,700  

CommVault Systems, Inc.*

    330       22,542  

 

See Notes to Financial Statements.   32  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P MidCap 400 ESG ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Information Technology (Continued)            

Crane NXT Co.

    371     $ 22,022  

Envestnet, Inc.*

    410       22,398  

IPG Photonics Corp.*

    238       25,790  

Jabil, Inc.

    1,018       116,480  

Littelfuse, Inc.

    189       50,478  

Lumentum Holdings, Inc.*

    526       28,472  

Manhattan Associates, Inc.*

    477       96,650  

MKS Instruments, Inc.

    440       44,101  

National Instruments Corp.

    1,008       60,077  

NCR Corp.*

    1,089       33,498  

Novanta, Inc.*

    274       45,752  

Power Integrations, Inc.

    438       36,801  

Qualys, Inc.*

    256       39,846  

Silicon Laboratories, Inc.*

    243       32,771  

Synaptics, Inc.*

    304       26,612  

Teradata Corp.*

    777       35,952  

Universal Display Corp.

    334       54,295  

Wolfspeed, Inc. *(a)

    952       45,525  

Xerox Holdings Corp.

    830       13,189  
   

 

 

 

(Cost $1,081,135)

      1,197,046  
   

 

 

 
Materials — 6.5%            

Alcoa Corp.

    1,360       40,909  

AptarGroup, Inc.

    499       66,147  

Ashland, Inc.

    370       32,053  

Avient Corp.

    659       26,432  

Axalta Coating Systems Ltd.*

    1,687       47,742  

Cabot Corp.

    431       31,230  

Chemours Co.

    1,135       38,613  

Cleveland-Cliffs, Inc.*

    3,922       59,967  

Commercial Metals Co.

    890       50,098  

Greif, Inc., Class A

    198       14,373  

Louisiana-Pacific Corp.

    547       34,177  

Royal Gold, Inc.

    500       56,045  

RPM International, Inc.

    988       98,543  

Scotts Miracle-Gro Co.

    316       17,905  

Sensient Technologies Corp.

    326       20,085  

Sonoco Products Co.

    750       43,088  

United States Steel Corp.

    1,721       53,506  

Westlake Corp.

    263       34,448  

Worthington Industries, Inc.

    224       16,860  
   

 

 

 

(Cost $794,034)

      782,221  
   

 

 

 
Real Estate — 7.0%            

Agree Realty Corp. REIT

    719       44,449  

Apartment Income REIT Corp. REIT

    1,134       38,624  

Brixmor Property Group, Inc. REIT

    2,285       50,224  

Corporate Office Properties Trust REIT

    872       22,567  

Cousins Properties, Inc. REIT

    1,167       27,424  
   

Number
of Shares

   

Value

 
Real Estate (Continued)            

CubeSmart REIT

    1,705     $ 71,116  

EastGroup Properties, Inc. REIT

    342       61,433  

Healthcare Realty Trust, Inc. REIT

    2,904       50,878  

Highwoods Properties, Inc. REIT

    820       19,541  

Jones Lang LaSalle, Inc.*

    364       62,899  

Kilroy Realty Corp. REIT

    810       29,929  

Medical Properties Trust, Inc. REIT (a)

    4,551       32,858  

NNN REIT, Inc. REIT

    1,402       55,225  

Park Hotels & Resorts, Inc. REIT

    1,665       21,362  

Physicians Realty Trust REIT

    1,836       25,539  

PotlatchDeltic Corp. REIT

    617       29,159  

Rayonier, Inc. REIT

    1,129       33,757  

Rexford Industrial Realty, Inc. REIT

    1,544       82,558  

Spirit Realty Capital, Inc. REIT

    1,075       41,506  

Vornado Realty Trust REIT

    1,236       29,689  
   

 

 

 

(Cost $957,993)

      830,737  
   

 

 

 
Utilities — 1.7%            

Hawaiian Electric Industries, Inc.

    837       11,735  

National Fuel Gas Co.

    699       37,564  

ONE Gas, Inc.

    424       30,727  

Ormat Technologies, Inc.

    405       30,756  

Southwest Gas Holdings, Inc.

    508       31,461  

Spire, Inc.

    408       23,831  

UGI Corp.

    1,591       40,061  
   

 

 

 

(Cost $249,906)

      206,135  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $11,082,532)

      11,871,792  
   

 

 

 
EXCHANGE-TRADED FUNDS — 0.5%    

iShares ESG Screened S&P Mid-Cap ETF

    1,400       50,336  

SPDR S&P MidCap 400 ETF Trust

    24       11,606  
   

 

 

 

(Cost $59,078)

      61,942  
   

 

 

 
SECURITIES LENDING COLLATERAL — 0.7%    

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
(Cost $77,625)

    77,625       77,625  
   

 

 

 
CASH EQUIVALENTS — 0.1%    

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
(Cost $9,093)

    9,093       9,093  
   

 

 

 

TOTAL INVESTMENTS — 100.6%
(Cost $11,228,328)

    $ 12,020,452  

Other assets and liabilities, net — (0.6%)

      (67,527
   

 

 

 

NET ASSETS — 100.0%

    $ 11,952,925  
   

 

 

 

 

See Notes to Financial Statements.   33  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P MidCap 400 ESG ETF (Continued)

August 31, 2023

 

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

 

     Value ($) at
8/31/2022
     Purchases
Cost

($)
    Sales
Proceeds

($)
    Net Realized
Gain/(Loss)

($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
8/31/2023
     Value ($) at
8/31/2023
 

SECURITIES LENDING COLLATERAL0.7%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)

 

      —        77,625 (d)       —        —         —        374         —        77,625        77,625  

CASH EQUIVALENTS0.1%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (b)

 

     5,679        525,116       (521,702      —         —        317         —        9,093        9,093  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
      5,679         602,741        (521,702      —         —         691         —         86,718         86,718  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2023 amounted to $75,528, which is 0.6% of net assets.

(b)

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

(c)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d)

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

 

REIT:   Real Estate Investment Trust

Fair Value Measurements

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

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 11,871,792        $        $  —        $ 11,871,792  

Exchange-Traded Funds

       61,942                            61,942  

Short-Term Investments (a)

       86,718                            86,718  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 12,020,452        $  —        $        $ 12,020,452  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   34  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P SmallCap 600 ESG ETF

August 31, 2023

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.9%    
Communication Services — 1.6%            

Cars.com, Inc.*

    1,087     $ 20,316  

Cinemark Holdings, Inc.*

    1,933       31,469  

Consolidated Communications Holdings, Inc.*

    1,254       4,953  

EW Scripps Co., Class A*

    1,018       7,778  

Lumen Technologies, Inc.*

    16,694       26,543  

QuinStreet, Inc.*

    887       8,781  

Scholastic Corp.

    519       22,551  

TechTarget, Inc.*

    469       13,484  

Thryv Holdings, Inc.*

    538       10,970  

Yelp, Inc.*

    1,224       52,448  
   

 

 

 

(Cost $218,590)

      199,293  
   

 

 

 
Consumer Discretionary — 14.1%            

Aaron’s Co., Inc.

    529       6,385  

Abercrombie & Fitch Co., Class A*

    899       48,321  

Academy Sports & Outdoors, Inc.

    1,372       74,870  

Adtalem Global Education, Inc.*

    798       34,992  

American Axle & Manufacturing Holdings, Inc.*

    2,138       16,142  

American Eagle Outfitters, Inc.

    3,288       55,764  

America’s Car-Mart, Inc.*

    101       11,242  

BJ’s Restaurants, Inc.*

    410       12,058  

Bloomin’ Brands, Inc.

    1,541       43,240  

Boot Barn Holdings, Inc.*

    534       48,995  

Brinker International, Inc.*

    801       26,217  

Caleres, Inc.

    625       17,919  

Cavco Industries, Inc.*

    142       39,692  

Century Communities, Inc.

    511       37,942  

Cheesecake Factory, Inc.

    839       26,722  

Chico’s FAS, Inc.*

    2,194       11,255  

Chuy’s Holdings, Inc.*

    316       12,040  

Cracker Barrel Old Country Store, Inc.

    390       32,148  

Dine Brands Global, Inc.

    275       15,065  

Dorman Products, Inc.*

    508       41,915  

Ethan Allen Interiors, Inc.

    399       12,521  

Frontdoor, Inc.*

    1,459       47,884  

Gentherm, Inc.*

    582       35,042  

Green Brick Partners, Inc.*

    476       23,543  

Group 1 Automotive, Inc.

    256       67,692  

Guess?, Inc. (a)

    535       12,872  

Hanesbrands, Inc.

    6,297       33,059  

Haverty Furniture Cos., Inc.

    231       7,230  

Hibbett, Inc.

    223       10,327  

iRobot Corp.*

    478       18,589  

Jack in the Box, Inc.

    361       29,014  

La-Z-Boy, Inc.

    756       23,323  

LCI Industries

    447       56,000  

Leslie’s, Inc.*

    2,611       16,345  

LGI Homes, Inc.*

    370       45,547  

MDC Holdings, Inc.

    1,046       49,633  

Meritage Homes Corp.

    653       90,793  

Mister Car Wash, Inc.*

    1,389       10,056  

Monro, Inc.

    550       18,007  

Movado Group, Inc.

    275       7,521  

ODP Corp.*

    613       30,233  
   

Number
of Shares

   

Value

 
Consumer Discretionary (Continued)            

Oxford Industries, Inc.

    260     $ 26,257  

Sally Beauty Holdings, Inc.*

    1,883       19,131  

Shake Shack, Inc., Class A*

    668       46,760  

Signet Jewelers Ltd.

    798       59,850  

Sleep Number Corp.*

    386       9,874  

Sonos, Inc.*

    2,303       31,735  

Standard Motor Products, Inc.

    329       12,183  

Steven Madden Ltd.

    1,285       44,333  

Strategic Education, Inc.

    403       31,233  

Stride, Inc.*

    719       30,550  

Tri Pointe Homes, Inc.*

    1,771       55,078  

Upbound Group, Inc.

    879       26,915  

Urban Outfitters, Inc.*

    1,052       34,937  

Winnebago Industries, Inc.

    536       34,760  

Wolverine World Wide, Inc.

    1,383       11,175  
   

 

 

 

(Cost $1,744,354)

      1,732,926  
   

 

 

 
Consumer Staples — 4.8%            

Andersons, Inc.

    568       29,172  

B&G Foods, Inc. (a)

    1,258       16,090  

Calavo Growers, Inc.

    312       10,284  

Cal-Maine Foods, Inc.

    685       32,736  

Edgewell Personal Care Co.

    903       34,820  

elf Beauty, Inc.*

    905       125,533  

Fresh Del Monte Produce, Inc.

    537       13,720  

Hain Celestial Group, Inc.*

    1,571       16,637  

Hostess Brands, Inc.*

    2,351       66,956  

John B Sanfilippo & Son, Inc.

    157       15,755  

MGP Ingredients, Inc.

    270       32,373  

National Beverage Corp.*

    410       21,037  

PriceSmart, Inc.

    441       35,051  

Simply Good Foods Co.*

    1,510       54,481  

SpartanNash Co.

    620       13,491  

TreeHouse Foods, Inc.*

    916       42,612  

United Natural Foods, Inc.*

    1,050       21,137  
   

 

 

 

(Cost $473,824)

      581,885  
   

 

 

 
Energy — 5.4%            

Archrock, Inc.

    2,348       30,031  

Bristow Group, Inc.*

    414       11,468  

Callon Petroleum Co.*

    898       35,229  

Civitas Resources, Inc.

    874       71,860  

Comstock Resources, Inc. (a)

    1,607       19,702  

Core Laboratories, Inc.

    819       19,689  

Dril-Quip, Inc.*

    596       16,438  

Green Plains, Inc.*

    1,071       33,244  

Helix Energy Solutions Group, Inc.*

    2,506       25,411  

Helmerich & Payne, Inc.

    1,822       72,862  

Nabors Industries Ltd.*

    158       17,489  

Oil States International, Inc.*

    1,122       8,796  

Par Pacific Holdings, Inc.*

    1,001       34,384  

Patterson-UTI Energy, Inc.

    5,677       80,273  

SM Energy Co.

    2,156       91,220  

Talos Energy, Inc.*

    1,947       33,527  

US Silica Holdings, Inc.*

    1,401       17,274  

Vital Energy, Inc.*

    342       20,619  

World Kinect Corp.

    1,087       23,805  
   

 

 

 

(Cost $549,896)

      663,321  
   

 

 

 

 

See Notes to Financial Statements.   35  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Financials — 16.7%            

Ambac Financial Group, Inc.*

    788     $ 10,149  

American Equity Investment Life Holding Co.

    1,128       60,551  

Ameris Bancorp

    1,167       47,555  

AMERISAFE, Inc.

    336       17,405  

Assured Guaranty Ltd.

    1,054       62,017  

Atlantic Union Bankshares Corp.

    1,342       39,844  

Avantax, Inc.*

    699       14,623  

Axos Financial, Inc.*

    938       40,418  

Banc of California, Inc.

    965       12,091  

BancFirst Corp.

    306       29,247  

Bancorp, Inc.*

    977       35,866  

BankUnited, Inc.

    1,329       34,886  

Banner Corp.

    620       27,001  

Berkshire Hills Bancorp, Inc.

    777       16,239  

Bread Financial Holdings, Inc.

    899       33,784  

Brightsphere Investment Group, Inc.

    567       11,743  

Central Pacific Financial Corp.

    472       8,010  

City Holding Co.

    272       24,850  

Community Bank System, Inc.

    962       45,743  

Customers Bancorp, Inc.*

    535       18,800  

Donnelley Financial Solutions, Inc.*

    439       21,630  

Encore Capital Group, Inc.*

    411       19,259  

Enova International, Inc.*

    548       27,647  

EVERTEC, Inc.

    1,144       45,268  

FB Financial Corp.

    617       18,744  

First BanCorp

    3,209       44,477  

First Commonwealth Financial Corp.

    1,805       23,591  

First Financial Bancorp

    1,665       34,599  

First Hawaiian, Inc.

    2,285       43,209  

Franklin BSP Realty Trust, Inc. REIT

    1,438       20,333  

Genworth Financial, Inc., Class A*

    8,473       49,059  

Green Dot Corp., Class A*

    821       12,184  

Hanmi Financial Corp.

    535       9,266  

Heritage Financial Corp.

    616       10,608  

Hilltop Holdings, Inc.

    807       24,525  

Hope Bancorp, Inc.

    2,098       20,288  

Horace Mann Educators Corp.

    718       20,578  

Independent Bank Group, Inc.

    643       27,135  

Mr Cooper Group, Inc.*

    1,216       68,899  

National Bank Holdings Corp., Class A

    660       20,816  

NBT Bancorp, Inc.

    834       28,706  

Northfield Bancorp, Inc.

    731       7,705  

Northwest Bancshares, Inc.

    2,228       24,508  

OFG Bancorp

    836       25,214  

Pacific Premier Bancorp, Inc.

    1,723       39,663  

Park National Corp.

    253       25,745  

Pathward Financial, Inc.

    484       23,847  

PennyMac Mortgage Investment Trust REIT

    1,556       20,866  

Piper Sandler Cos.

    265       39,480  

PRA Group, Inc.*

    684       13,324  

ProAssurance Corp.

    947       16,743  

PROG Holdings, Inc.*

    842       28,881  

Provident Financial Services, Inc.

    1,375       22,660  

Radian Group, Inc.

    2,758       74,687  

Redwood Trust, Inc. REIT

    1,981       15,868  

Renasant Corp.

    983       27,377  
   

Number
of Shares

   

Value

 
Financials (Continued)            

S&T Bancorp, Inc.

    684     $ 19,378  

Safety Insurance Group, Inc.

    271       18,664  

Seacoast Banking Corp. of Florida

    1,506       35,557  

Simmons First National Corp., Class A

    2,281       40,647  

Southside Bancshares, Inc.

    526       15,833  

Stewart Information Services Corp.

    476       22,048  

StoneX Group, Inc.*

    308       28,915  

Tompkins Financial Corp.

    220       11,425  

Triumph Financial, Inc.*

    397       25,499  

Trupanion, Inc.*(a)

    617       18,343  

TrustCo Bank Corp. NY

    333       9,480  

Trustmark Corp.

    1,070       24,653  

Two Harbors Investment Corp. REIT

    1,760       24,235  

United Fire Group, Inc.

    380       7,513  

Universal Insurance Holdings, Inc.

    481       6,089  

Veritex Holdings, Inc.

    949       17,851  

Virtus Investment Partners, Inc.

    124       25,680  

Walker & Dunlop, Inc.

    554       47,278  

WisdomTree, Inc.

    1,960       14,308  

World Acceptance Corp.*

    59       7,954  

WSFS Financial Corp.

    1,082       42,523  
   

 

 

 

(Cost $2,182,962)

      2,052,084  
   

 

 

 
Health Care — 9.9%            

Addus HomeCare Corp.*

    292       25,608  

AMN Healthcare Services, Inc.*

    705       62,308  

Amphastar Pharmaceuticals, Inc.*

    663       35,345  

AngioDynamics, Inc.*

    685       5,501  

Anika Therapeutics, Inc.*

    256       4,570  

Arcus Biosciences, Inc.*

    916       18,778  

Avid Bioservices, Inc.*

    1,094       12,909  

Catalyst Pharmaceuticals, Inc.*

    1,731       24,303  

Certara, Inc.*

    1,850       29,896  

Coherus Biosciences, Inc.*

    1,134       6,044  

Community Health Systems, Inc.*

    2,199       7,433  

Computer Programs and Systems, Inc.*

    248       4,035  

CONMED Corp.

    544       60,634  

Cross Country Healthcare, Inc.*

    621       15,997  

Cytokinetics, Inc.*

    1,704       59,538  

Dynavax Technologies Corp.*

    2,146       30,817  

Embecta Corp.

    1,004       18,403  

Enanta Pharmaceuticals, Inc.*

    345       5,123  

Ensign Group, Inc.

    994       99,619  

Fulgent Genetics, Inc.*

    346       11,335  

Glaukos Corp.*

    859       64,545  

HealthStream, Inc.

    424       8,917  

Innoviva, Inc.*

    1,103       14,063  

Integer Holdings Corp.*

    595       50,759  

Ironwood Pharmaceuticals, Inc.*

    2,493       21,938  

iTeos Therapeutics, Inc.*

    430       5,188  

Ligand Pharmaceuticals, Inc.*

    297       19,534  

Merit Medical Systems, Inc.*

    1,021       66,651  

ModivCare, Inc.*

    243       7,800  

Myriad Genetics, Inc.*

    1,476       26,347  

NextGen Healthcare, Inc.*

    940       17,117  

OraSure Technologies, Inc.*

    1,273       8,224  

Orthofix Medical, Inc.*

    600       12,696  

Owens & Minor, Inc.*

    1,338       22,612  

 

See Notes to Financial Statements.   36  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Health Care (Continued)            

Pediatrix Medical Group, Inc.*

    1,498     $ 21,167  

Phibro Animal Health Corp., Class A

    341       4,757  

Prestige Consumer Healthcare, Inc.*

    873       50,922  

RadNet, Inc.*

    1,012       33,811  

REGENXBIO, Inc.*

    661       11,700  

Select Medical Holdings Corp.

    1,859       54,301  

uniQure NV*

    723       6,297  

US Physical Therapy, Inc.

    258       26,014  

Vanda Pharmaceuticals, Inc.*

    996       5,169  

Varex Imaging Corp.*

    701       13,789  

Veradigm, Inc.*

    1,918       25,663  

Vericel Corp.*

    857       28,135  

Vir Biotechnology, Inc.*

    1,332       16,863  

Xencor, Inc.*

    1,092       24,002  
   

 

 

 

(Cost $1,303,736)

      1,207,177  
   

 

 

 
Industrials — 17.6%            

AAON, Inc.

    1,143       72,078  

ABM Industries, Inc.

    1,181       53,641  

Alamo Group, Inc.

    180       30,897  

Allegiant Travel Co.

    275       24,431  

American Woodmark Corp.*

    291       22,602  

Applied Industrial Technologies, Inc.

    687       106,052  

ArcBest Corp.

    426       44,981  

Arcosa, Inc.

    862       67,426  

Astec Industries, Inc.

    399       21,873  

AZZ, Inc.

    437       21,457  

Barnes Group, Inc.

    912       35,842  

Boise Cascade Co.

    703       76,887  

Brady Corp., Class A

    810       40,856  

Comfort Systems USA, Inc.

    633       116,833  

CSG Systems International, Inc.

    545       29,599  

Deluxe Corp.

    756       15,286  

Dycom Industries, Inc.*

    519       51,864  

Encore Wire Corp.

    316       52,080  

Enerpac Tool Group Corp.

    999       26,174  

EnPro Industries, Inc.

    373       50,873  

Enviri Corp.*

    1,395       10,393  

Federal Signal Corp.

    1,084       66,070  

Forward Air Corp.

    456       32,294  

GEO Group, Inc.*

    2,179       15,776  

Gibraltar Industries, Inc.*

    544       40,816  

Granite Construction, Inc.

    767       31,669  

Greenbrier Cos., Inc.

    576       24,515  

Griffon Corp.

    833       34,878  

Heartland Express, Inc.

    817       12,329  

Heidrick & Struggles International, Inc.

    348       9,219  

Hillenbrand, Inc.

    1,241       60,114  

HNI Corp.

    836       27,387  

Hub Group, Inc., Class A*

    586       45,731  

Interface, Inc.

    1,020       10,537  

John Bean Technologies Corp.

    568       62,429  

Kelly Services, Inc., Class A

    607       11,223  

Kennametal, Inc.

    1,415       37,455  

Korn Ferry

    925       47,156  

Lindsay Corp.

    193       23,951  

Liquidity Services, Inc.*

    421       7,683  

Matson, Inc.

    640       56,243  
   

Number
of Shares

   

Value

 
Industrials (Continued)            

Matthews International Corp., Class A

    534     $ 22,524  

MillerKnoll, Inc.

    1,326       25,327  

MYR Group, Inc.*

    300       42,621  

NOW, Inc.*

    1,941       21,681  

OPENLANE, Inc.*

    1,973       30,799  

Pitney Bowes, Inc.

    2,841       9,347  

Powell Industries, Inc.

    160       13,435  

Proto Labs, Inc.*

    476       14,042  

Quanex Building Products Corp.

    584       15,756  

Resideo Technologies, Inc.*

    2,629       44,325  

Resources Connection, Inc.

    557       8,639  

SkyWest, Inc.*

    800       36,080  

SPX Technologies, Inc.*

    810       64,006  

Standex International Corp.

    210       32,262  

Tennant Co.

    327       26,955  

Trinity Industries, Inc.

    1,430       35,850  

TrueBlue, Inc.*

    575       8,700  

TTEC Holdings, Inc.

    331       9,851  

Veritiv Corp.

    243       40,904  

Viad Corp.*

    362       10,277  

Wabash National Corp.

    837       18,874  
   

 

 

 

(Cost $1,829,640)

      2,161,855  
   

 

 

 
Information Technology — 14.6%            

8x8, Inc.*

    1,984       6,448  

A10 Networks, Inc.

    1,126       16,766  

Adeia, Inc.

    1,932       19,436  

ADTRAN Holdings, Inc.

    1,341       11,466  

Agilysys, Inc.*

    349       24,620  

Alarm.com Holdings, Inc.*

    892       52,245  

Arlo Technologies, Inc.*

    1,682       16,433  

Axcelis Technologies, Inc.*

    582       111,831  

Badger Meter, Inc.

    518       86,030  

Benchmark Electronics, Inc.

    617       15,882  

Cohu, Inc.*

    836       31,258  

Consensus Cloud Solutions, Inc.*

    310       9,898  

CTS Corp.

    559       24,959  

Digi International, Inc.*

    627       20,929  

Digital Turbine, Inc.*

    1,585       14,122  

Diodes, Inc.*

    813       66,544  

Ebix, Inc.

    412       6,881  

ePlus, Inc.*

    472       31,331  

Extreme Networks, Inc.*

    2,301       63,163  

Fabrinet*

    643       103,375  

FormFactor, Inc.*

    1,382       48,812  

Harmonic, Inc.*

    1,997       21,328  

Insight Enterprises, Inc.*

    514       82,286  

InterDigital, Inc.

    472       40,927  

Itron, Inc.*

    810       55,412  

Kulicke & Soffa Industries, Inc.

    1,014       52,454  

LiveRamp Holdings, Inc.*

    1,136       36,738  

Methode Electronics, Inc.

    634       20,447  

NETGEAR, Inc.*

    508       6,696  

NetScout Systems, Inc.*

    1,184       33,898  

OneSpan, Inc.*

    620       7,595  

Onto Innovation, Inc.*

    869       120,774  

OSI Systems, Inc.*

    275       37,496  

Plexus Corp.*

    486       49,353  

 

See Notes to Financial Statements.   37  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

August 31, 2023

 

   

Number
of Shares

   

Value

 
Information Technology (Continued)            

Progress Software Corp.

    776     $ 47,212  

Rambus, Inc.*

    1,929       108,931  

Rogers Corp.*

    330       47,688  

ScanSource, Inc.*

    445       14,587  

Semtech Corp.*

    1,156       30,229  

SPS Commerce, Inc.*

    648       120,612  

Veeco Instruments, Inc.*

    903       26,359  

Viavi Solutions, Inc.*

    3,947       41,246  
   

 

 

 

(Cost $1,384,650)

      1,784,697  
   

 

 

 
Materials — 5.5%            

AdvanSix, Inc.

    485       16,044  

American Vanguard Corp.

    488       6,744  

Balchem Corp.

    577       81,069  

Carpenter Technology Corp.

    853       53,423  

Century Aluminum Co.*

    898       6,681  

Clearwater Paper Corp.*

    295       11,296  

Compass Minerals International, Inc.

    599       18,060  

Hawkins, Inc.

    332       20,647  

Haynes International, Inc.

    221       10,787  

HB Fuller Co.

    968       70,209  

Innospec, Inc.

    444       47,694  

Kaiser Aluminum Corp.

    280       21,258  

Koppers Holdings, Inc.

    367       14,052  

Livent Corp.*(a)

    3,194       68,575  

Materion Corp.

    369       40,144  

Minerals Technologies, Inc.

    570       34,827  

Quaker Chemical Corp.

    247       43,838  

Stepan Co.

    371       32,377  

SunCoke Energy, Inc.

    1,461       13,587  

TimkenSteel Corp.*

    695       15,227  

Trinseo PLC

    614       6,465  

Warrior Met Coal, Inc.

    930       36,791  
   

 

 

 

(Cost $648,923)

      669,795  
   

 

 

 
Real Estate — 7.7%            

Acadia Realty Trust REIT

    1,709       25,447  

Alexander & Baldwin, Inc. REIT

    1,278       23,017  

American Assets Trust, Inc. REIT

    919       19,676  

Anywhere Real Estate, Inc.*

    1,955       12,825  

Armada Hoffler Properties, Inc. REIT

    1,186       13,508  

Brandywine Realty Trust REIT

    3,022       15,110  

CareTrust REIT, Inc. REIT

    1,740       35,061  

Centerspace REIT

    261       16,897  

Chatham Lodging Trust REIT

    865       8,460  

Cushman & Wakefield PLC*

    2,851       26,201  

DiamondRock Hospitality Co. REIT

    3,666       29,548  

Easterly Government Properties, Inc. REIT

    1,688       22,569  

Elme Communities REIT

    1,583       24,347  

Four Corners Property Trust, Inc. REIT

    1,557       39,174  

Getty Realty Corp. REIT

    811       24,346  

Hudson Pacific Properties, Inc. REIT

    2,251       15,329  

Innovative Industrial Properties, Inc. REIT

    502       43,815  

JBG SMITH Properties REIT

    1,734       27,189  

Kennedy-Wilson Holdings, Inc.

    2,126       33,952  

LTC Properties, Inc. REIT

    748       24,579  

LXP Industrial Trust REIT

    5,218       51,241  

Office Properties Income Trust REIT

    856       6,334  

Pebblebrook Hotel Trust REIT

    2,215       32,051  
   

Number
of Shares

   

Value

 
Real Estate (Continued)            

Retail Opportunity Investments Corp. REIT

    2,203     $ 29,652  

RPT Realty REIT

    1,577       17,883  

SITE Centers Corp. REIT

    3,198       42,693  

SL Green Realty Corp. REIT (a)

    1,156       45,385  

St Joe Co.

    600       37,044  

Summit Hotel Properties, Inc. REIT

    1,869       10,859  

Sunstone Hotel Investors, Inc. REIT

    3,690       33,136  

Tanger Factory Outlet Centers, Inc. REIT

    1,883       43,780  

Uniti Group, Inc. REIT

    4,149       22,280  

Urban Edge Properties REIT

    2,083       34,078  

Veris Residential, Inc. REIT*

    1,402       26,091  

Whitestone REIT

    834       8,340  

Xenia Hotels & Resorts, Inc. REIT

    1,905       22,479  
   

 

 

 

(Cost $1,035,863)

      944,376  
   

 

 

 
Utilities — 2.0%            

American States Water Co.

    648       54,568  

Avista Corp.

    1,351       44,975  

California Water Service Group

    999       50,200  

Middlesex Water Co.

    309       23,255  

Northwest Natural Holding Co.

    648       25,453  

SJW Group

    496       32,617  

Unitil Corp.

    280       13,670  
   

 

 

 

(Cost $270,114)

      244,738  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $11,642,552)

      12,242,147  
   

 

 

 
OTHER INVESTMENTS — 0.0%    
Health Care — 0.0%            

Omniab, Inc. $12.50 Earnout*(b)(c)

    105       0  

Omniab, Inc. $15.00 Earnout*(b)(c)

    105       0  
   

 

 

 

(Cost $0)

      0  
   

 

 

 

TOTAL OTHER INVESTMENTS
(Cost $0)

      0  
   

 

 

 
EXCHANGE-TRADED FUNDS — 0.1%            

iShares ESG Screened S&P Small-Cap ETF

    20       707  

SPDR Portfolio S&P 600 Small Cap ETF

    63       2,475  
   

 

 

 

(Cost $2,877)

      3,182  
   

 

 

 
SECURITIES LENDING COLLATERAL — 1.2%        

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
(Cost $145,100)

    145,100       145,100  
   

 

 

 
CASH EQUIVALENTS — 0.0%            

DWS Government Money Market Series “Institutional Shares”, 5.28% (d)
(Cost $4,613)

    4,613       4,613  
   

 

 

 

TOTAL INVESTMENTS — 101.2%

(Cost $11,795,142)

    $ 12,395,042  

Other assets and liabilities, net — (1.2%)

      (141,560
   

 

 

 

NET ASSETS — 100.0%

    $ 12,253,482  
   

 

 

 

 

See Notes to Financial Statements.   38  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

August 31, 2023

 

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

 

     Value ($) at
8/31/2022
     Purchases
Cost ($)
    Sales
Proceeds ($)
    Net Realized
Gain/(Loss) ($)
     Net Change
in Unrealized
Appreciation
(Depreciation)
($)
     Income ($)      Capital Gain
Distributions
($)
     Number of
Shares at
8/31/2023
     Value ($) at
8/31/2023
 

SECURITIES LENDING COLLATERAL1.2%

 

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)

 

     22,525        122,575  (f)       —        —         —        508         —        145,100        145,100  

CASH EQUIVALENTS0.0%

 

DWS Government Money Market Series “Institutional Shares”, 5.28% (d)

 

     33,982        398,587       (427,956      —         —        248         —        4,613        4,613  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     56,507        521,162       (427,956      —         —        756         —        149,713        149,713  
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Non-income producing security.

(a)

All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at August 31, 2023 amounted to $140,371, which is 1.1% of net assets.

(b)

Investment was valued using significant unobservable inputs.

(c)

Earnout Shares: Will vest based upon the achievement of certain volume-weighted average trading prices (VWAP) for shares of OmniAb, Inc. Earnout Shares are not transferrable until the vesting condition for the applicable tranche of Earnout Shares has been achieved.

(d)

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

(e)

Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(f)

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

 

REIT:   Real Estate Investment Trust

Fair Value Measurements

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

The following is a summary of the inputs used as of August 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

 

Assets

     Level 1        Level 2        Level 3        Total  

Common Stocks (a)

     $ 12,242,147        $  —        $        $ 12,242,147  

Other Investments

                         0          0  

Exchange-Traded Funds

       3,182                            3,182  

Short-Term Investments (a)

       149,713                            149,713  
    

 

 

      

 

 

      

 

 

      

 

 

 

TOTAL

     $ 12,395,042        $        $ 0        $ 12,395,042  
    

 

 

      

 

 

      

 

 

      

 

 

 

 

(a)

See Schedule of Investments for additional detailed categorizations.

 

See Notes to Financial Statements.   39  


DBX ETF Trust

 

Statements of Assets and Liabilities

 

August 31, 2023

 

     Xtrackers
S&P 500
ESG ETF
     Xtrackers
S&P 500
Growth
ESG ETF
     Xtrackers
S&P 500
Value
ESG ETF
     Xtrackers
S&P ESG
Dividend
Aristocrats ETF
 

Assets

           

Investment in non-affiliated securities at value

   $ 882,437,630      $ 6,557,966      $ 5,308,401      $ 4,999,435  

Investment in DWS Government Money Market Series

     1,432,502        1,630        493        1,971  

Deposit with broker for futures contracts

     143,000                       
Receivables:            

Dividends

     1,235,921        8,344        9,324        13,747  

Interest

     4,918        6        16        12  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 885,253,971      $ 6,567,946      $ 5,318,234      $ 5,015,165  
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities

           
Payables:            

Investment securities purchased

   $      $      $      $ 3,574  

Investment advisory fees

     72,993        817        675        641  

Variation margin on futures contracts

     27,296                       
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     100,289        817        675        4,215  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net Assets, at value

   $ 885,153,682      $ 6,567,129      $ 5,317,559      $ 5,010,950  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net Assets Consist of

           

Paid-in capital

   $ 856,250,174      $ 5,513,707      $ 5,000,025      $ 5,074,580  

Distributable earnings (loss)

     28,903,508        1,053,422        317,534        (63,630
  

 

 

    

 

 

    

 

 

    

 

 

 

Net Assets, at value

   $ 885,153,682      $ 6,567,129      $ 5,317,559      $ 5,010,950  
  

 

 

    

 

 

    

 

 

    

 

 

 

Number of Common Shares outstanding

     21,400,001        200,001        200,001        200,001  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net Asset Value

   $ 41.36      $ 32.84      $ 26.59      $ 25.05  
  

 

 

    

 

 

    

 

 

    

 

 

 

Investment in non-affiliated securities at cost

   $ 837,995,246      $ 5,454,728      $ 4,987,971      $ 5,009,430  
  

 

 

    

 

 

    

 

 

    

 

 

 

Investment in DWS Government Money Market Series at cost

   $ 1,432,502      $ 1,630      $ 493      $ 1,971  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See Notes to Financial Statements.   40  


DBX ETF Trust

 

Statements of Assets and Liabilities (Continued)

 

August 31, 2023

 

       Xtrackers
S&P MidCap
400
ESG ETF
       Xtrackers
S&P SmallCap
600
ESG ETF
 

Assets

         

Investment in non-affiliated securities at value

     $ 11,933,734        $ 12,245,329  

Investment in DWS Government Money Market Series

       9,093          4,613  

Investment in DWS Government & Agency Securities Portfolio*

       77,625          145,100  
Receivables:          

Investment securities sold

                20,712  

Dividends

       11,557          12,291  

Interest

       50          19  

Securities lending income

       7          32  
    

 

 

      

 

 

 

Total assets

     $ 12,032,066        $ 12,428,096  
    

 

 

      

 

 

 

Liabilities

         

Payable upon return of securities loaned

     $ 77,625        $ 145,100  
Payables:          

Investment securities purchased

                27,955  

Investment advisory fees

       1,516          1,559  
    

 

 

      

 

 

 

Total liabilities

       79,141          174,614  
    

 

 

      

 

 

 

Net Assets, at value

     $ 11,952,925        $ 12,253,482  
    

 

 

      

 

 

 

Net Assets Consist of

         

Paid-in capital

     $ 11,668,515        $ 12,731,023  

Distributable earnings (loss)

       284,410          (477,541
    

 

 

      

 

 

 

Net Assets, at value

     $ 11,952,925        $ 12,253,482  
    

 

 

      

 

 

 

Number of Common Shares outstanding

       450,001          500,001  
    

 

 

      

 

 

 

Net Asset Value

     $ 26.56        $ 24.51  
    

 

 

      

 

 

 

Investment in non-affiliated securities at cost

     $ 11,141,610        $ 11,645,429  
    

 

 

      

 

 

 

Value of securities loaned

     $ 75,528        $ 140,371  
    

 

 

      

 

 

 

Investment in DWS Government Money Market Series at cost

     $ 9,093        $ 4,613  
    

 

 

      

 

 

 

Investment in DWS Government & Agency Securities Portfolio at cost*

     $ 77,625        $ 145,100  
    

 

 

      

 

 

 

 

*

Represents collateral on securities loaned.

 

See Notes to Financial Statements.   41  


DBX ETF Trust

 

Statements of Operations

 

For the Year Ended August 31, 2023

 

     Xtrackers
S&P 500
ESG ETF
    Xtrackers
S&P 500
Growth
ESG ETF(1)
    Xtrackers
S&P 500
Value
ESG ETF(1)
    Xtrackers
S&P ESG
Dividend
Aristocrats ETF(1)
 

Investment Income

        

Unaffiliated dividend income*

   $ 12,503,674     $ 58,511     $ 99,482     $ 117,717  

Affiliated dividend income

                       118  

Income distributions from affiliated funds

     64,810       109       107       163  

Affiliated securities lending income

     2       1       3       5  

Unaffiliated securities lending income, net of borrower rebates

     8,867       103             1  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

     12,577,353       58,724       99,592       118,004  
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

        

Investment advisory fees

     801,959       6,976       6,271       6,133  

Other expenses

     58                    
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     802,017       6,976       6,271       6,133  
  

 

 

   

 

 

   

 

 

   

 

 

 

Less fees waived (see note 3):

        

Waiver

     (74,020     (1     (1     (3
  

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     727,997       6,975       6,270       6,130  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income (loss)

     11,849,356       51,749       93,322       111,874  
  

 

 

   

 

 

   

 

 

   

 

 

 

Realized and Unrealized Gain (Loss)

        

Net realized gain (loss) from:

        

Investments

     (13,583,521     (67,505     (23,756     (79,500

Investments in affiliates

                       1,007  

In-kind redemptions

     38,801,871       524,991             87,740  

Futures contracts

     6,841                    
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain (loss)

     25,225,191       457,486       (23,756     9,247  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

        

Investments

     83,739,141       1,103,238       320,430       (9,995

Futures contracts

     60,342                    
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

     83,799,483       1,103,238       320,430       (9,995
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss) on investments and futures

     109,024,674       1,560,724       296,674       (748
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   $ 120,874,030     $ 1,612,473     $ 389,996     $ 111,126  
  

 

 

   

 

 

   

 

 

   

 

 

 

*   Unaffiliated foreign tax withheld

   $ 1,154     $     $ 7     $  

 

(1)

For the period November 9, 2022 (commencement of operations) through August 31, 2023.

 

See Notes to Financial Statements.   42  


DBX ETF Trust

 

Statements of Operations (Continued)

 

For the Year Ended August 31, 2023

 

       Xtrackers
S&P MidCap
400
ESG ETF
       Xtrackers
S&P SmallCap
600
ESG ETF
 

Investment Income

         

Unaffiliated dividend income*

     $ 180,432        $ 180,231  

Income distributions from affiliated funds

       317          248  

Affiliated securities lending income

       374          508  

Unaffiliated securities lending income, net of borrower rebates

       287          890  
    

 

 

      

 

 

 

Total investment income

       181,410          181,877  
    

 

 

      

 

 

 

Expenses

         

Investment advisory fees

       17,036          16,088  

Other expenses

       58          58  
    

 

 

      

 

 

 

Total expenses

       17,094          16,146  
    

 

 

      

 

 

 

Less fees waived (see note 3):

         

Waiver

       (5        (4
    

 

 

      

 

 

 

Net expenses

       17,089          16,142  
    

 

 

      

 

 

 

Net investment income (loss)

       164,321          165,735  
    

 

 

      

 

 

 

Realized and Unrealized Gain (Loss)

         

Net realized gain (loss) from:

         

Investments

       (229,076        (666,285
    

 

 

      

 

 

 

Net realized gain (loss)

       (229,076        (666,285
    

 

 

      

 

 

 

Net change in unrealized appreciation (depreciation) on:

         

Investments

       1,170,609          1,194,348  
    

 

 

      

 

 

 

Net change in unrealized appreciation (depreciation)

       1,170,609          1,194,348  
    

 

 

      

 

 

 

Net realized and unrealized gain (loss) on investments

       941,533          528,063  
    

 

 

      

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations

     $ 1,105,854        $ 693,798  
    

 

 

      

 

 

 

*   Unaffiliated foreign tax withheld

     $        $ 196  

 

See Notes to Financial Statements.   43  


DBX ETF Trust

 

Statements of Changes in Net Assets

 

     Xtrackers S&P 500 ESG ETF     Xtrackers S&P
500 Growth ESG
ETF
    Xtrackers S&P
500 Value ESG
ETF
 
     Year Ended
August 31, 2023
    Year Ended
August 31, 2022
    For the Period
November 9,
2022(1) to
August 31,
2023
    For the Period
November 9,
2022(1) to
August 31,
2023
 

Increase (Decrease) in Net Assets from Operations

        

Net investment income (loss)

   $ 11,849,356     $ 11,009,626     $ 51,749     $ 93,322  

Net realized gain (loss)

     25,225,191       82,828,583       457,486       (23,756

Net change in net unrealized appreciation (depreciation)

     83,799,483       (185,980,755     1,103,238       320,430  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     120,874,030       (92,142,546     1,612,473       389,996  
  

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to Shareholders

     (11,480,600     (10,676,805     (37,566     (72,462
  

 

 

   

 

 

   

 

 

   

 

 

 

Fund Shares Transactions

        

Proceeds from shares sold

     315,559,828       454,290,442       7,802,232       5,000,000  

Value of shares redeemed

     (287,664,724     (348,358,077     (2,810,035      
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from fund share transactions

     27,895,104       105,932,365       4,992,197       5,000,000  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total net increase (decrease) in Net Assets

     137,288,534       3,113,014       6,567,104       5,317,534  

Net Assets

        

Beginning of period

     747,865,148       744,752,134       25       25  
  

 

 

   

 

 

   

 

 

   

 

 

 

End of period

   $ 885,153,682     $ 747,865,148     $ 6,567,129     $ 5,317,559  
  

 

 

   

 

 

   

 

 

   

 

 

 

Changes in Shares Outstanding

        

Shares outstanding, beginning of period

     21,000,001       18,650,001       1       1  

Shares sold

     8,450,000       11,650,000       300,000       200,000  

Shares redeemed

     (8,050,000     (9,300,000     (100,000      
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding, end of period

     21,400,001       21,000,001       200,001       200,001  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Commencement of Operations.

 

See Notes to Financial Statements.   44  


DBX ETF Trust

 

Statements of Changes in Net Assets (Continued)

 

     Xtrackers S&P
ESG Dividend
Aristocrats
ETF
    Xtrackers S&P MidCap 400
ESG ETF
    Xtrackers S&P SmallCap 600
ESG ETF
 
     For the Period
November 9,
2022(1) to
August 31,
2023
    Year Ended
August 31,
2023
    Year Ended
August 31,
2022
    Year Ended
August 31,
2023
    Year Ended
August 31,
2022
 

Increase (Decrease) in Net Assets from Operations

          

Net investment income (loss)

   $ 111,874     $ 164,321     $ 134,537     $ 165,735     $ 125,129  

Net realized gain (loss)

     9,247       (229,076     (119,108     (666,285     (145,350

Net change in net unrealized appreciation (depreciation)

     (9,995     1,170,609       (1,161,848     1,194,348       (1,080,165
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     111,126       1,105,854       (1,146,419     693,798       (1,100,386
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to Shareholders

     (87,024     (160,493     (125,672     (153,399     (182,588
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund Shares Transactions

          

Proceeds from shares sold

     6,282,907             2,580,181       2,320,499       1,210,311  

Value of shares redeemed

     (1,296,084           (1,257,281           (1,205,460
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from fund share transactions

     4,986,823             1,322,900       2,320,499       4,851  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net increase (decrease) in Net Assets

     5,010,925       945,361       50,809       2,860,898       (1,278,123

Net Assets

          

Beginning of period

     25       11,007,564       10,956,755       9,392,584       10,670,707  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period

   $ 5,010,950     $ 11,952,925     $ 11,007,564     $ 12,253,482     $ 9,392,584  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Changes in Shares Outstanding

          

Shares outstanding, beginning of period

     1       450,001       400,001       400,001       400,001  

Shares sold

     250,000             100,000       100,000       50,000  

Shares redeemed

     (50,000           (50,000           (50,000
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding, end of period

     200,001       450,001       450,001       500,001       400,001  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Commencement of Operations.

 

See Notes to Financial Statements.   45  


DBX ETF Trust

 

Financial Highlights

 

Xtrackers S&P 500 ESG ETF
Selected Per Share Data
   Years Ended August 31,     Period Ended
8/31/2019(a)
 
   2023     2022     2021     2020  

Net Asset Value, beginning of period

   $ 35.61     $ 39.93     $ 31.08     $ 25.30     $ 25.00  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Income (loss) from investment operations:           

Net investment income (loss)(b)

     0.60       0.53       0.49       0.50       0.10  

Net realized and unrealized gain (loss)

     5.72       (4.32     8.79       5.85       0.20  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     6.32       (3.79     9.28       6.35       0.30  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Less distributions from:

 

Net investment income

     (0.57     (0.53     (0.43     (0.57      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

     (0.57     (0.53     (0.43     (0.57      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

   $ 41.36     $ 35.61     $ 39.93     $ 31.08     $ 25.30  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return (%)(c)

     17.99       (9.59     30.16       25.71       1.20 ** 

Ratios to Average Net Assets and Supplemental Data

          

Net Assets, end of period ($ millions)

     885       748       745       270       11  

Ratio of expenses before fee waiver (%)

     0.11       0.11       0.11       0.11       0.11

Ratio of expenses after fee waiver (%)

     0.10       0.10       0.10       0.11       0.11

Ratio of net investment income (loss) (%)

     1.63       1.37       1.41       1.86       2.08

Portfolio turnover rate (%)(d)

     9       6       13       11       0 ** 

 

Xtrackers S&P 500 Growth ESG ETF
Selected Per Share Data
   Period Ended
8/31/2023(e)
                            

Net Asset Value, beginning of period

   $ 25.00             
  

 

 

            
Income (loss) from investment operations:              

Net investment income (loss)(b)

     0.26             

Net realized and unrealized gain (loss)

     7.77             
  

 

 

            

Total from investment operations

     8.03             
  

 

 

            
Less distributions from:

 

          

Net investment income

     (0.19           
  

 

 

            

Total distributions

     (0.19           
  

 

 

            

Net Asset Value, end of period

   $ 32.84             
  

 

 

            

Total Return (%)(c)

     32.23 **            

Ratios to Average Net Assets and Supplemental Data

             

Net Assets, end of period ($ millions)

     7             

Ratio of expenses before fee waiver (%)

     0.15           

Ratio of expenses after fee waiver (%)

     0.15           

Ratio of net investment income (loss) (%)

     1.11           

Portfolio turnover rate (%)(d)

     57 **            

 

(a)

For the period June 26, 2019 (commencement of operations) through August 31, 2019.

(b)

Based on average shares outstanding during the period.

(c)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(d)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

(e)

For the period November 9, 2022 (commencement of operations) through August 31, 2023.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   46  


DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers S&P 500 Value ESG ETF
Selected Per Share Data
   Period Ended
8/31/2023(a)
                            

Net Asset Value, beginning of period

   $ 25.00             
  

 

 

            

Income (loss) from investment operations:

             

Net investment income (loss)(b)

     0.47             

Net realized and unrealized gain (loss)

     1.48             
  

 

 

            

Total from investment operations

     1.95             
  

 

 

            
Less distributions from:

 

          

Net investment income

     (0.36           
  

 

 

            

Total distributions

     (0.36           
  

 

 

            

Net Asset Value, end of period

   $ 26.59             
  

 

 

            

Total Return (%)(c)

     7.91 **            

Ratios to Average Net Assets and Supplemental Data

             

Net Assets, end of period ($ millions)

     5             

Ratio of expenses before fee waiver (%)

     0.15           

Ratio of expenses after fee waiver (%)

     0.15           

Ratio of net investment income (loss) (%)

     2.23           

Portfolio turnover rate (%)(d)

     66 **            

 

Xtrackers S&P ESG Dividend Aristocrats ETF
Selected Per Share Data
   Period Ended
8/31/2023(a)
                            

Net Asset Value, beginning of period

   $ 25.00             
  

 

 

            

Income (loss) from investment operations:

             

Net investment income (loss)(b)

     0.56             

Net realized and unrealized gain (loss)

     (0.07           
  

 

 

            

Total from investment operations

     0.49             
  

 

 

            
Less distributions from:

 

          

Net investment income

     (0.44           
  

 

 

            

Total distributions

     (0.44           
  

 

 

            

Net Asset Value, end of period

   $ 25.05             
  

 

 

            

Total Return (%)(c)

     1.99 **            

Ratios to Average Net Assets and Supplemental Data

             

Net Assets, end of period ($ millions)

     5             

Ratio of expenses before fee waiver (%)

     0.15           

Ratio of expenses after fee waiver (%)

     0.15           

Ratio of net investment income (loss) (%)

     2.74           

Portfolio turnover rate (%)(d)

     29 **            

 

(a)

For the period November 9, 2022 (commencement of operations) through August 31, 2023.

(b)

Based on average shares outstanding during the period.

(c)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(d)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   47  


DBX ETF Trust

 

Financial Highlights (Continued)

 

Xtrackers S&P MidCap 400 ESG ETF
Selected Per Share Data
   Years Ended
August 31,
    Period Ended
8/31/2021(a)
 
   2023     2022  

Net Asset Value, beginning of period

   $ 24.46     $ 27.39     $ 25.00  
  

 

 

   

 

 

   

 

 

 
Income (loss) from investment operations:       

Net investment income (loss)(b)

     0.37       0.32       0.14  

Net realized and unrealized gain (loss)

     2.09       (2.94     2.33  
  

 

 

   

 

 

   

 

 

 

Total from investment operations

     2.46       (2.62     2.47  
  

 

 

   

 

 

   

 

 

 
Less distributions from:

 

Net investment income

     (0.36     (0.31     (0.08
  

 

 

   

 

 

   

 

 

 

Total distributions

     (0.36     (0.31     (0.08
  

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

   $ 26.56     $ 24.46     $ 27.39  
  

 

 

   

 

 

   

 

 

 

Total Return (%)(c)

     10.18       (9.64     9.92 ** 

Ratios to Average Net Assets and Supplemental Data

      

Net Assets, end of period ($ millions)

     12       11       11  

Ratio of expenses before fee waiver (%)

     0.15       0.15       0.15

Ratio of expenses after fee waiver (%)

     0.15       0.15       0.15

Ratio of net investment income (loss) (%)

     1.45       1.24       1.00

Portfolio turnover rate (%)(d)

     39       41       27 ** 

 

Xtrackers S&P SmallCap 600 ESG ETF
Selected Per Share Data
   Years Ended
August 31,
    Period Ended
8/31/2021(a)
 
   2023     2022  

Net Asset Value, beginning of period

   $ 23.48     $ 26.68     $ 25.00  
  

 

 

   

 

 

   

 

 

 
Income (loss) from investment operations:       

Net investment income (loss)(b)

     0.36       0.31       0.16  

Net realized and unrealized gain (loss)

     1.01       (3.05     1.59  
  

 

 

   

 

 

   

 

 

 

Total from investment operations

     1.37       (2.74     1.75  
  

 

 

   

 

 

   

 

 

 
Less distributions from:

 

Net investment income

     (0.34     (0.34     (0.07

Net realized gains

           (0.12      
  

 

 

   

 

 

   

 

 

 

Total distributions

     (0.34     (0.46     (0.07
  

 

 

   

 

 

   

 

 

 

Net Asset Value, end of period

   $ 24.51     $ 23.48     $ 26.68  
  

 

 

   

 

 

   

 

 

 

Total Return (%)(c)

     5.95       (10.43     7.01 ** 

Ratios to Average Net Assets and Supplemental Data

      

Net Assets, end of period ($ millions)

     12       9       11  

Ratio of expenses before fee waiver (%)

     0.15       0.15       0.15

Ratio of expenses after fee waiver (%)

     0.15       0.15       0.15

Ratio of net investment income (loss) (%)

     1.55       1.22       1.19

Portfolio turnover rate (%)(d)

     31       43       25 ** 

 

(a)

For the period February 24, 2021 (commencement of operations) through August 31, 2021.

(b)

Based on average shares outstanding during the period.

(c)

Total Return would have been lower if certain expenses had not been reimbursed by the Advisor.

(d)

Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

*

Annualized.

**

Not Annualized.

 

See Notes to Financial Statements.   48  


DBX ETF Trust

 

Notes to Financial Statements

 

1. Organization

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 August 31, 2023, the Trust consists of forty-two 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:

 

Xtrackers S&P 500 ESG ETF
Xtrackers S&P 500 Growth ESG ETF
Xtrackers S&P 500 Value ESG ETF
Xtrackers S&P ESG Dividend Aristocrats ETF
Xtrackers S&P MidCap 400 ESG ETF
Xtrackers S&P SmallCap 600 ESG ETF

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”).

Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF offers shares that are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). 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, 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 Fund 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:

 

Fund

 

Underlying Index

Xtrackers S&P 500 ESG ETF   S&P 500 ESG Index
Xtrackers S&P 500 Growth ESG ETF   S&P 500 Growth ESG Index
Xtrackers S&P 500 Value ESG ETF   S&P 500 Value ESG Index
Xtrackers S&P ESG Dividend Aristocrats ETF   S&P ESG High Yield Dividend Aristocrats Index
Xtrackers S&P MidCap 400 ESG ETF   S&P MidCap 400 ESG Index
Xtrackers S&P SmallCap 600 ESG ETF   S&P SmallCap 600 ESG Index

S&P 500 ESG Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. 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.

S&P 500 Growth ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Growth Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.

 

49


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

S&P 500 Value ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Value Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. In addition, the Underlying Index reweights quarterly after the close of business on the last working day of July, October and January. The Fund rebalances/reweights its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance/reweighting schedule will result in corresponding changes to the Fund’s rebalance/reweighting schedule.

S&P ESG High Yield Dividend Aristocrats Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of January. Constituent weights are updated quarterly after the close of the last business day in April, July and October. 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.

S&P MidCap 400 ESG Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. 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.

S&P SmallCap 600 ESG is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. 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.

Each Fund is non-diversified and is 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.

2. Significant Accounting Policies

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

 

50


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

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.

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 IncomeInvestment 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.

 

51


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

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 each Fund 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 year ended August 31, 2023, the Funds did not incur any interest or penalties.

As of August 31, 2023 the components of accumulated earnings (losses) on a tax basis were as follows:

 

     Undistributed
Ordinary
Income*
     Capital and
Other Gains
(Losses)
    Unrealized
Appreciation
(Depreciation)
    Total
Accumulated
Earnings (Losses)
 

Xtrackers S&P 500 ESG ETF

   $ 2,593,173      $ (5,501,586   $ 31,811,921     $ 28,903,508  

Xtrackers S&P 500 Growth ESG ETF

     14,183        (25,585     1,064,824       1,053,422  

Xtrackers S&P 500 Value ESG ETF

     20,860        (23,434     320,108       317,534  

Xtrackers S&P ESG Dividend Aristocrats ETF

     24,850        (60,249     (28,231     (63,630

Xtrackers S&P MidCap 400 ESG ETF

     34,272        (310,016     560,154       284,410  

Xtrackers S&P SmallCap 600 ESG ETF

     40,178        (931,058     413,339       (477,541

The tax character of dividends and distributions declared for the period ended August 31, 2023 and year ended August 31, 2022 were as follows:

 

     Period Ended August 31, 2023  
     Ordinary Income*  

Xtrackers S&P 500 ESG ETF

   $ 11,480,600  

Xtrackers S&P 500 Growth ESG ETF

     37,566  

Xtrackers S&P 500 Value ESG ETF

     72,462  

Xtrackers S&P ESG Dividend Aristocrats ETF

     87,024  

Xtrackers S&P MidCap 400 ESG ETF

     160,493  

Xtrackers S&P SmallCap 600 ESG ETF

     153,399  
     Year Ended August 31, 2022  
     Ordinary Income*  

Xtrackers S&P 500 ESG ETF

   $ 10,676,805  

Xtrackers S&P MidCap 400 ESG ETF

     125,672  

Xtrackers S&P SmallCap 600 ESG ETF

     182,588  

 

*

For tax purposes short-term capital gain distributions are considered ordinary income distributions.

 

52


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

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.

 

     Short-Term      Long-Term      Total Amount  

Xtrackers S&P 500 ESG ETF

   $ 4,198,330      $ 1,301,855      $ 5,500,185  

Xtrackers S&P 500 Growth ESG ETF

     25,585               25,585  

Xtrackers S&P 500 Value ESG ETF

     23,406               23,406  

Xtrackers S&P ESG Dividend Aristocrats ETF

     60,249               60,249  

Xtrackers S&P MidCap 400 ESG ETF

     101,872        208,144        310,016  

Xtrackers S&P SmallCap 600 ESG ETF

     204,598        726,460        931,058  

For the period ended August 31, 2023, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.

 

     Distributable
earnings (loss)
     Paid-In
Capital
 

Xtrackers S&P 500 ESG ETF

   $ (35,888,734    $ 35,888,734  

Xtrackers S&P 500 Growth ESG ETF

     (521,485      521,485  

Xtrackers S&P ESG Dividend Aristocrats ETF

     (87,732      87,732  

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:

 

     Aggregate
Tax Cost
     Net
Unrealized
Appreciation
(Depreciation)
     Aggregate
Gross Unrealized
Appreciation
     Aggregate
Gross Unrealized
(Depreciation)
 

Xtrackers S&P 500 ESG ETF

   $ 852,058,211      $ 31,811,921      $ 91,642,695      $ (59,830,774

Xtrackers S&P 500 Growth ESG ETF

     5,494,772      $ 1,064,824        1,195,207        (130,383

Xtrackers S&P 500 Value ESG ETF

     4,988,786      $ 320,108        553,331        (233,223

Xtrackers S&P ESG Dividend Aristocrats ETF

     5,029,637      $ (28,231      288,332        (316,563

Xtrackers S&P MidCap 400 ESG ETF

     11,460,298      $ 560,154        1,615,342        (1,055,188

Xtrackers S&P SmallCap 600 ESG ETF

     11,981,703      $ 413,339        1,874,526        (1,461,187

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 August 31, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations The 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 The Bank of New York Mellon, as securities lending agent, lends securities of the Funds to certain financial institutions under the terms of its security lending agreement. Effective August 1, 2023, National Financial

 

53


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF. 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 and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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 year ended August 31, 2023, 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 (0.08% annualized effective rate as of August 31, 2023) 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 August 31, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

 

Remaining Contractual Maturity of the Agreements, as of August 31, 2023

 
Securities Lending Transactions    Overnight and
Continuous
     <30 Days      Between 30
& 90 days
     >90 days      Total  

Xtrackers S&P MidCap 400 ESG ETF

 

           

Common Stocks

   $ 77,625      $      $      $      $ 77,625  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities for securities lending transactions

 

   $ 77,625  

Xtrackers S&P SmallCap 600 ESG ETF

 

           

Common Stocks

   $ 145,100      $      $      $      $ 145,100  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross amount of recognized liabilities for securities lending transactions

 

   $ 145,100  

As of August 31, 2023, Xtrackers S&P 500 ESG ETF, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF had no securities on loan.

Derivatives

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. 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 year ended August 31, 2023, Xtrackers S&P 500 ESG 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).

 

54


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

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 August 31, 2023 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 August 31, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

 

       

Asset Derivatives

    

Liability Derivatives

 
Xtrackers S&P 500 ESG ETF       
        Equity contracts   Unrealized appreciation on futures contracts*   $ 22,523      Unrealized depreciation on futures contracts*   $   —  

 

*

Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended August 31, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

 

Net Realized Gain (Loss) from:

 
       Futures Contracts —
Equity Contracts
 
Xtrackers S&P 500 ESG ETF      $ 6,841  

Net Change in Unrealized Appreciation (Depreciation) on:

 
       Futures Contracts —
Equity Contracts
 
Xtrackers S&P 500 ESG ETF      $ 60,342  

For the period ended August 31, 2023 the average monthly volume of derivatives was as follows:

 

       Futures Contracts
(Contract Value)
 

Xtrackers S&P 500 ESG ETF

     $ 1,870,683  

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.

3. Investment Advisory and Other Agreements

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.

 

55


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

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:

 

     Unitary
Advisory Fee
 

Xtrackers S&P 500 ESG ETF

     0.11

Xtrackers S&P 500 Growth ESG ETF

     0.15

Xtrackers S&P 500 Value ESG ETF

     0.15

Xtrackers S&P ESG Dividend Aristocrats ETF

     0.15

Xtrackers S&P MidCap 400 ESG ETF

     0.15

Xtrackers S&P SmallCap 600 ESG ETF

     0.15

The Advisor for the Xtrackers S&P 500 ESG ETF has contractually agreed through December 21, 2023 to waive its fees and/or reimburse fund expenses to the extent necessary to prevent the operating expenses of the fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the year ended August 31, 2023, the Advisor waived $72,905 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 year ended August 31, 2023, the Advisor waived expenses of the Funds as follows:

 

     Expenses
Waived
 

Xtrackers S&P 500 ESG ETF

   $ 1,115  

Xtrackers S&P 500 Growth ESG ETF

     1  

Xtrackers S&P 500 Value ESG ETF

     1  

Xtrackers S&P ESG Dividend Aristocrats ETF

     3  

Xtrackers S&P MidCap 400 ESG ETF

     5  

Xtrackers S&P SmallCap 600 ESG ETF

     4  

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).

4. Investment Portfolio Transactions

For the year ended August 31, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

 

     Purchases      Sales  

Xtrackers S&P 500 ESG ETF

   $ 67,565,274      $ 67,564,792  

Xtrackers S&P 500 Growth ESG ETF

     3,399,858        3,407,448  

Xtrackers S&P 500 Value ESG ETF

     3,413,677        3,430,048  

Xtrackers S&P ESG Dividend Aristocrats ETF

     1,500,505        1,523,664  

Xtrackers S&P MidCap 400 ESG ETF

     4,472,022        4,467,723  

Xtrackers S&P SmallCap 600 ESG ETF

     3,325,327        3,306,903  

 

56


DBX ETF Trust

 

Notes to Financial Statements (Continued)

 

For the year ended August 31, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

 

     Purchases      Sales  

Xtrackers S&P 500 ESG ETF

   $ 315,413,013      $ 287,351,345  

Xtrackers S&P 500 Growth ESG ETF

     7,833,088        2,827,866  

Xtrackers S&P 500 Value ESG ETF

     5,029,282         

Xtrackers S&P ESG Dividend Aristocrats ETF

     6,303,911        1,279,430  

Xtrackers S&P MidCap 400 ESG ETF

             

Xtrackers S&P SmallCap 600 ESG ETF

     2,316,147         

5. Fund Share Transactions

As of August 31, 2023, there 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 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.

6. Concentration of Ownership

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 August 31, 2023, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

 

     Approximate Percent of
Outstanding Shares Held
 

Xtrackers S&P 500 Growth ESG ETF

     95

Xtrackers S&P 500 Value ESG ETF

     95

Xtrackers S&P ESG Dividend Aristocrats ETF

     93

Xtrackers S&P MidCap 400 ESG ETF

     49

Xtrackers S&P SmallCap 600 ESG ETF

     71

 

57


DBX ETF Trust

 

Report of Independent Registered Public Accounting Firm

 

To the Shareholders of

Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF, Xtrackers S&P SmallCap 600 ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P 500 Growth ESG ETF and Xtrackers S&P 500 Value ESG ETF and the Board of Trustees of DBX ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF, Xtrackers S&P SmallCap 600 ESG ETF, Xtrackers S&P ESG Dividend Aristocrats ETF, Xtrackers S&P 500 Growth ESG ETF, and Xtrackers S&P 500 Value ESG ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2023, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at August 31, 2023, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

 

Individual fund constituting the DBX ETF Trust   Statement of operations   Statements of changes in net assets   Financial highlights
Xtrackers S&P 500 ESG ETF   For the year ended August 31, 2023   For each of the two years in the period ended August 31, 2023   For each of the four years in the period ended August 31, 2023 and the period from June 26, 2019 (commencement of operations) through August 31, 2019

Xtrackers S&P MidCap 400 ESG ETF

 

Xtrackers S&P SmallCap 600 ESG ETF

  For the year ended August 31, 2023   For each of the two years in the period ended August 31, 2023   For each of the two years in the period ended August 31, 2023 and the period from February 24, 2021 (commencement of operations) through August 31, 2021

Xtrackers S&P ESG Dividend Aristocrats ETF

 

Xtrackers S&P 500 Growth ESG ETF

 

Xtrackers S&P 500 Value ESG ETF

  For the period from November 9, 2022 (commencement of operations) through August 31, 2023

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an

 

58


DBX ETF Trust

 

Report of Independent Registered Public Accounting Firm (Continued)

 

understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

LOGO

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

New York, New York

October 23, 2023

 

59


DBX ETF Trust

 

Other Information (Unaudited)

 

Regulatory Update — Tailored Shareholder Report

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.

 

60


DBX ETF Trust

 

Board Members and Officers (Unaudited)

 

Identification and Background

The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.

The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.

Shareholder Communications to the Board. Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.

 

Independent Board Members

Name, Year of Birth, Position with

the Trust and Length of Time Served(1)

 

Business Experience and

Directorships During the Past 5 Years

 

Number of
Portfolios in

Fund Complex

Overseen

 

Other Directorships

Held by Board Member

Stephen R. Byers (1953)

Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)

  Independent Director (2011-present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).   42   The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum

George O. Elston (1964)

Board Member since 2011, Chairperson of the Audit Committee since 2015

  Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); Chief Executive Officer, 2X Oncology, Inc. (2017- 2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).   42  

J. David Officer (1948)

Board Member since 2011, Chairperson of the Nominating Committee since 2015

  Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).   42   (Chairman of) Ilex Management Ltd; Old Westbury Funds

 

61


DBX ETF Trust

 

Board Members and Officers (Unaudited) (Continued)

 

Officers(2)

Name, Year of Birth, Position
with the Trust and Length of Time Served(3)
  Business Experience and
Directorships During the Past 5 Years

Freddi Klassen(4) (1975)

President and Chief Executive Officer, 2016-present

  Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014- 2020); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).

Diane Kenneally(4) (1966)

Treasurer, Chief Financial Officer and Controller, 2019-present

  Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018- present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).

Frank Gecsedi(4) (1967)

Chief Compliance Officer, 2010-present

  AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016- present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards(4) (1978)
Vice President, 2016-present
  Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette(5) (1962)
Secretary, 2020-present
  Legal (Associate General Counsel), DWS US Retail Legal (2003- present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015-present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011- present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020).

 

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DBX ETF Trust

 

Board Members and Officers (Unaudited) (Continued)

 

Name, Year of Birth, Position
with the Trust and Length of Time Served(3)
  Business Experience and
Directorships During the Past 5 Years
Caroline Pearson(5) (1962)
Assistant Secretary, 2020-present
  Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020- present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021).
Jeffrey Berry(5) (1959)
Assistant Treasurer, 2019-present
  Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan(5) (1966)
Assistant Treasurer, 2019-present
  Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018- present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present).
Christina A. Morse(6) (1964)
Assistant Secretary, 2017-present
  Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Christian Rijs(4) (1980)
Anti-Money Laundering Compliance Officer, since October 21, 2021
  Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.

 

(1)

The length of time served is represented by the year in which the Board Member joined the Board.

(2)

As a result of their respective positions held with the Advisor and its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Funds.

(3)

The length of time served is represented by the year in which the officer was first elected to the Trust in such capacity.

(4)

Address: 875 Third Avenue, New York, New York 10022.

(5)

Address: 100 Summer Street, Boston, MA 02110.

(6)

Address: BNY Mellon Asset Servicing, 240 Greenwich Street, New York, NY 10286.

The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.

 

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DBX ETF Trust

 

Additional Information (Unaudited)

 

Proxy Voting Policies and Procedures

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.

Portfolio Holdings Information

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.

Discount & Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe 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.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended August 31, 2023.

 

     Qualified Dividend
Income*
     Dividends Received
Deduction*
 

Xtrackers S&P 500 ESG ETF

     100%        98%  

Xtrackers S&P 500 Growth ESG ETF

     100%        100%  

Xtrackers S&P 500 Value ESG ETF

     100%        90%  

Xtrackers S&P ESG Dividend Aristocrats ETF

     100%        95%  

Xtrackers S&P MidCap 400 ESG ETF

     93%        90%  

Xtrackers S&P SmallCap 600 ESG ETF

     92%        89%  

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

 

64


DBX ETF Trust

 

This report is intended for the shareholders of the DBX ETF Trust.

This report must be preceded or accompanied by a prospectus.

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. Stocks may decline in value. Stocks of medium-sized companies involve greater risk than securities of larger, more established companies. Small company stocks tend to be more volatile than medium-sized or large company stocks. Each Fund is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. 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. 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.

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 CBOE BZX Exchange, Inc. 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.

The S&P 400 ESG Index, S&P 500 ESG Index and S&P 600 ESG Index are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and have been licensed for use by DBX Advisors LLC. S&P®, S&P 400®, S&P 500® and S&P 600®, are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by DBX Advisors. The ESG Scores used in the Indexes are calculated by SAM. DBX Advisors LLC Xtrackers ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates or SAM, and none of such parties make any representation regarding the advisability of investing in such ETFs, nor do they have any liability for any errors, omissions, or interruptions of the S&P 400 ESG Index, S&P 500 ESG Index and S&P 600 ESG Index.

Copyright © 2023 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

 

Not FDIC Insured | No Bank Guarantee | May Lose Value


DBX ETF Trust

 

Investment advisor

DBX Advisors LLC

875 Third Avenue

New York, NY 10022

 

Administrator, custodian, fund accounting agent & transfer agent

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

 

Distributor

ALPS Distributors, Inc.

1290 Broadway

Suite 1000

Denver, CO 80203

Independent registered public accounting firm

Ernst & Young LLP

One Manhattan West

New York, NY 10001

 

Legal counsel

Vedder Price P.C.

1633 Broadway

New York, NY 10019

 

 

R-097578-1 (10/23) DBX005648 (10/24)