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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%