DBX ETF TRUST

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February 28, 2023

Semi-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
Portfolio Summary
Xtrackers S&P 500 ESG ETF		2
Xtrackers S&P 500 Growth ESG ETF		3
Xtrackers S&P 500 Value ESG ETF		4
Xtrackers S&P ESG Dividend Aristocrats ETF		5
Xtrackers S&P MidCap 400 ESG ETF		6
Xtrackers S&P SmallCap 600 ESG ETF		7
Fees and Expenses		8
Schedule of Investments
Xtrackers S&P 500 ESG ETF		9
Xtrackers S&P 500 Growth ESG ETF		14
Xtrackers S&P 500 Value ESG ETF		16
Xtrackers S&P ESG Dividend Aristocrats ETF		20
Xtrackers S&P MidCap 400 ESG ETF		22
Xtrackers S&P SmallCap 600 ESG ETF		26
Statements of Assets and Liabilities		31
Statements of Operations		33
Statements of Changes in Net Assets		35
Financial Highlights		37
Notes to Financial Statements		40
Liquidity Risk Management		48
Board Considerations in Approval of Investment Advisory Contracts		49
Additional Information		55

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semi-annual report on six of our equity ETFs tracking the environmental, social, and governance (ESG) market for the period ended February 28, 2023.

The global economy showed signs of recovery during the reporting period on cooling inflation, a robust job market, and declining energy prices. Driven by slowing inflation in the U.S., central banks across developed countries announced slower rate hikes in their fight against rising prices. While central banks readjusted their stance again by revising the possible peak level for lending rates, the Bank of Japan continued to hold an accommodative stance on monetary policy in its push to solidify the economic recovery. While the Russia-Ukraine war continued, concerns of an energy crisis in Europe were largely abated as winter was not as cold as expected. In early 2023, developing markets continue to rally, even though inflation numbers seem primed to stay resolute.

U.S. equities wobbled through the period on high inflation levels and the consequent rate hikes by the U.S. Federal Reserve (Fed). Multiple rate hikes by the Fed slowed inflation; however, it remained at its highest in decades, denting market expectations of further slowdown in rate hikes. Furthermore, a growing realization that the rate hikes by the Fed have not had much of an impact in taming inflation, weighed on investor sentiment. Meanwhile, the U.S. economy expanded at a healthy pace in Q4 2022 despite looming fears of a recession. By February 2023, the unemployment rate had dipped to its lowest level in 53 years.

ESG policy faced headwinds in 2022, with ESG-focused investment strategies having a mixed performance during the reporting period. Volatility in the energy sector took its toll. However, as the uncertainty around natural gas and energy waned, sustainability-centered investments picked up pace towards the end of the period. A new global climate pact was agreed upon at the COP27 summit in November 2022; this includes a commitment by richer nations to allocate funds to developing nations to help them recover from economic losses due to the impact of climate change.

Commitments from policymakers for 2023 could fuel investment in sustainable technology and infrastructure for the next decade. The Biden administration passed the landmark Inflation Reduction Act, allocating about USD 369 billion to clean energy and decarbonization projects, as well as clean energy tax credits, aiming to reduce U.S. carbon emissions by around 40% by 2030. The EU also outlined plans under the REPowerEU proposal to source 45% of its energy mix from renewables and save 13% of energy consumption through increased efficiency. At the United Nations COP15 biodiversity conference, negotiators struck an agreement (known as the “30x30” initiative) to safeguard 30% of land and water considered vital for biodiversity by 2030.

We believe 2023 will be a year of tackling uncertainties that can plague the investment environment including inflation rates, interest rate hikes, changing economic growth prospects, and geopolitical developments. Although there is a chance of a recession in 2023, we believe it will be shallow and mild, given the absence of structural imbalances in the economy. However, as demand for better reporting and climate-conscious investing grows, ESG-focused funds should continue to attract investor interest. In this environment, being cognizant of multiple headwinds will be critical in 2023.

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.

DBX ETF Trust

Portfolio 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.

Ten Largest Equity Holdings
as of February 28, 2023 (35.6% of Net Assets)


Description	% of Net Assets
Apple, Inc.		9.2%
Microsoft Corp.		7.8%
Alphabet, Inc.		4.2%
Amazon.com, Inc.		3.5%
NVIDIA Corp.		2.4%
Exxon Mobil Corp.		1.9%
UnitedHealth Group, Inc.		1.9%
JPMorgan Chase & Co.		1.8%
Visa, Inc.		1.5%
Procter & Gamble Co.		1.4%

Sector Diversification* as of February 28, 2023


Information Technology			30.5%
Health Care			15.5%
Financials			11.7%
Consumer Discretionary			8.8%
Communication Services			7.6%
Consumer Staples			6.8%
Industrials			6.8%
Energy			5.2%
Materials			2.8%
Real Estate			2.7%
Utilities			1.6%

Total			100.0%

* As a percent of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.

DBX ETF Trust

Portfolio 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.

Ten Largest Equity Holdings
as of February 28, 2023 (59.5% of Net Assets)



Description	% of Net Assets
Apple, Inc.		9.6%
Microsoft Corp.		9.3%
Alphabet, Inc.		8.2%
NVIDIA Corp.		7.4%
UnitedHealth Group, Inc.		5.7%
Amazon.com, Inc.		4.9%
Visa, Inc.		4.6%
AbbVie, Inc.		3.5%
Eli Lilly & Co.		3.2%
PepsiCo, Inc.		3.1%

Sector Diversification* as of February 28, 2023


Information Technology			40.2%
Health Care			22.6%
Consumer Discretionary			9.1%
Communication Services			8.2%
Consumer Staples			5.4%
Industrials			4.3%
Materials			3.3%
Financials			3.2%
Energy			2.6%
Real Estate			1.1%

Total			100.0%

* 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 14.

DBX ETF Trust

Portfolio 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.

Ten Largest Equity Holdings
as of February 28, 2023 (21.2% of Net Assets)



Description	% of Net Assets
JPMorgan Chase & Co.		4.4%
Bank of America Corp.		2.5%
Walmart, Inc.		2.1%
Cisco Systems, Inc.		2.1%
Walt Disney Co.		1.9%
Salesforce, Inc.		1.7%
Verizon Communications, Inc.		1.7%
Comcast Corp.		1.7%
NIKE, Inc.		1.6%
Procter & Gamble Co.		1.5%

Sector Diversification* as of February 28, 2023


Financials			23.5%
Information Technology			13.2%
Industrials			12.1%
Consumer Discretionary			10.0%
Health Care			8.8%
Consumer Staples			8.6%
Communication Services			8.1%
Real Estate			5.8%
Utilities			3.8%
Materials			3.3%
Energy			2.8%

Total			100.0%

* 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 16.

DBX ETF Trust

Portfolio 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.

Ten Largest Equity Holdings
as of February 28, 2023 (23.1% of Net Assets)



Description	% of Net Assets
Walgreens Boots Alliance, Inc.		2.8%
Franklin Resources, Inc.		2.5%
Essex Property Trust, Inc. REIT		2.4%
International Business Machines Corp.		2.4%
Stanley Black & Decker, Inc.		2.3%
Federal Realty Investment Trust REIT		2.3%
T. Rowe Price Group, Inc.		2.3%
Amcor PLC		2.1%
AbbVie, Inc.		2.0%
Medtronic PLC		2.0%

Sector Diversification* as of February 28, 2023


Consumer Staples			20.2%
Industrials			17.6%
Materials			12.7%
Financials			12.6%
Consumer Discretionary			9.1%
Health Care			7.4%
Utilities			6.4%
Information Technology			5.4%
Real Estate			4.8%
Energy			3.3%
Communication Services			0.5%

Total			100.0%

* 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 20.

DBX ETF Trust

Portfolio 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.

Ten Largest Equity Holdings
as of February 28, 2023 (9.0% of Net Assets)



Description	% of Net Assets
Fair Isaac Corp.		1.2%
iShares ESG Screened S&P Mid-Cap ETF		1.0%
Axon Enterprise, Inc.		0.9%
Hubbell, Inc.		0.9%
Carlisle Cos., Inc.		0.9%
First Horizon Corp.		0.9%
AECOM		0.8%
Graco, Inc.		0.8%
Toro Co.		0.8%
Five Below, Inc.		0.8%

Sector Diversification* as of February 28, 2023


Industrials			22.0%
Consumer Discretionary			16.7%
Financials			16.6%
Information Technology			12.3%
Health Care			9.3%
Real Estate			7.7%
Materials			6.4%
Consumer Staples			3.0%
Energy			2.3%
Utilities			2.2%
Communication Services			1.5%

Total			100.0%

* 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.

DBX ETF Trust

Portfolio 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.

Ten Largest Equity Holdings
as of February 28, 2023 (7.9% of Net Assets)



Description	% of Net Assets
Applied Industrial Technologies, Inc.		0.9%
SPS Commerce, Inc.*		0.9%
Comfort Systems USA, Inc.		0.9%
Asbury Automotive Group, Inc.*		0.8%
Ensign Group, Inc.		0.8%
Rambus, Inc.*		0.8%
Fabrinet*		0.7%
Helmerich & Payne, Inc.		0.7%
Axcelis Technologies, Inc.*		0.7%
Livent Corp.*		0.7%

Sector Diversification* as of February 28, 2023


Financials			20.1%
Industrials			16.7%
Information Technology			14.9%
Consumer Discretionary			13.3%
Health Care			10.5%
Real Estate			6.7%
Materials			5.7%
Consumer Staples			5.0%
Energy			4.0%
Utilities			1.8%
Communication Services			1.3%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 26.

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 (September 1, 2022 to February 28, 2023) except Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETS which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to February 28, 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 September 1, 2022		Ending Account Value February 28, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers S&P 500 ESG ETF
Actual	$	1,000.00	$	1,012.70		0.10	%	$	0.50
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.30		0.10	%	$	0.50
Xtrackers S&P 500 Growth ESG ETF
Actual ⁽²⁾	$	1,000.00	$	1,061.70		0.15	%	$	0.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88		0.15	%	$	0.46
Xtrackers S&P 500 Value ESG ETF
Actual ⁽²⁾	$	1,000.00	$	1,028.70		0.15	%	$	0.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88		0.15	%	$	0.46
Xtrackers S&P ESG Dividend Aristocrats ETF
Actual ⁽²⁾	$	1,000.00	$	1,009.40		0.15	%	$	0.46
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.88		0.15	%	$	0.46
Xtrackers S&P MidCap 400 ESG ETF
Actual	$	1,000.00	$	1,092.70		0.15	%	$	0.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05		0.15	%	$	0.75
Xtrackers S&P SmallCap 600 ESG ETF
Actual	$	1,000.00	$	1,063.60		0.15	%	$	0.77
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05		0.15	%	$	0.75

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 112 (the number of days in the period November 9, 2022 (commencement of operations) to February 28, 2023), then divided by 365.

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF

February 28, 2023 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 7.5%
Alphabet, Inc., Class A*		160,729	$	14,475,254
Alphabet, Inc., Class C*		142,554		12,872,626
AT&T, Inc.		192,103		3,632,668
Charter Communications, Inc., Class A*		2,985		1,097,316
Comcast Corp., Class A		116,509		4,330,639
Electronic Arts, Inc.		7,061		783,347
Interpublic Group of Cos., Inc.		10,432		370,753
Omnicom Group, Inc.		5,740		519,872
Take-Two Interactive Software, Inc.*		4,165		456,276
Verizon Communications, Inc.		113,490		4,404,547
Walt Disney Co.*		49,192		4,900,015
Warner Bros Discovery, Inc.*		58,619		915,629

(Cost $69,266,361)				48,758,942

Consumer Discretionary — 8.8%
Amazon.com, Inc.*		239,257		22,545,187
Aptiv PLC*		7,272		845,588
Best Buy Co., Inc.		5,397		448,545
BorgWarner, Inc.		6,398		321,692
Caesars Entertainment, Inc.*		5,685		288,571
Darden Restaurants, Inc.		3,405		486,881
Dollar Tree, Inc.*		5,633		818,362
eBay, Inc.		14,928		685,195
Etsy, Inc.*		3,417		414,858
Expedia Group, Inc.*		4,014		437,406
Ford Motor Co.		106,991		1,291,381
General Motors Co.		38,503		1,491,606
Hasbro, Inc.		3,452		189,895
Hilton Worldwide Holdings, Inc.		7,381		1,066,628
Las Vegas Sands Corp.*		8,822		507,000
Lowe’s Cos., Inc.		16,667		3,429,235
Marriott International, Inc., Class A		7,331		1,240,699
McDonald’s Corp.		19,810		5,228,057
MGM Resorts International		8,339		358,660
Mohawk Industries, Inc.*		1,487		152,938
Newell Brands, Inc.		10,087		148,178
NIKE, Inc., Class B		33,841		4,019,972
PulteGroup, Inc.		6,614		361,587
Ralph Lauren Corp.		1,259		148,801
Royal Caribbean Cruises Ltd.*		5,860		413,950
Starbucks Corp.		30,761		3,140,391
Tapestry, Inc.		7,014		305,179
Target Corp.		12,339		2,079,122
TJX Cos., Inc.		31,601		2,420,637
VF Corp.		8,524		211,566
Whirlpool Corp.		1,589		219,250
Yum! Brands, Inc.		7,602		966,670

(Cost $75,862,825)				56,683,687

Consumer Staples — 6.8%
Archer-Daniels-Midland Co.		14,853		1,182,299
Brown-Forman Corp., Class B		4,896		317,604
Campbell Soup Co.		5,372		282,137
Coca-Cola Co.		104,945		6,245,277
Colgate-Palmolive Co.		22,281		1,633,197


	Number of Shares		Value
Consumer Staples (Continued)
Conagra Brands, Inc.		12,656	$	460,805
Constellation Brands, Inc., Class A		4,351		973,319
Estee Lauder Cos., Inc., Class A		6,213		1,510,070
General Mills, Inc.		15,989		1,271,285
Hershey Co.		3,936		938,028
Hormel Foods Corp.		7,742		343,590
J M Smucker Co.		2,912		430,656
Kellogg Co.		7,081		466,921
Kraft Heinz Co.		21,365		831,953
Kroger Co.		17,751		765,778
McCormick & Co., Inc.		6,653		494,451
Molson Coors Beverage Co., Class B		5,046		268,397
Mondelez International, Inc., Class A		36,736		2,394,452
PepsiCo, Inc.		37,223		6,459,307
Procter & Gamble Co.		63,972		8,799,988
Sysco Corp.		13,468		1,004,309
Tyson Foods, Inc., Class A		7,776		460,650
Walgreens Boots Alliance, Inc.		19,085		678,090
Walmart, Inc.		38,209		5,430,645

(Cost $44,769,706)				43,643,208

Energy — 5.2%
APA Corp.		9,015		345,996
Baker Hughes Co.		27,384		837,950
ConocoPhillips		33,626		3,475,247
Devon Energy Corp.		17,592		948,561
EOG Resources, Inc.		15,627		1,766,164
Exxon Mobil Corp.		110,953		12,194,844
Halliburton Co.		24,621		892,019
Hess Corp.		7,294		982,502
Kinder Morgan, Inc.		53,341		909,997
Marathon Oil Corp.		17,055		428,933
Marathon Petroleum Corp.		12,639		1,562,180
Occidental Petroleum Corp.		19,983		1,170,204
ONEOK, Inc.		11,695		765,438
Phillips 66		12,967		1,329,896
Pioneer Natural Resources Co.		6,377		1,278,015
Schlumberger NV		38,307		2,038,315
Valero Energy Corp.		10,386		1,368,148
Williams Cos., Inc.		33,295		1,002,180

(Cost $27,299,449)				33,296,589

Financials — 11.7%
Aflac, Inc.		15,184		1,034,790
Allstate Corp.		7,141		919,618
American Express Co.		16,020		2,787,320
American International Group, Inc.		19,866		1,214,011
Ameriprise Financial, Inc.		2,966		1,016,952
Assurant, Inc.		1,527		194,525
Bank of America Corp.		188,310		6,459,033
Bank of New York Mellon Corp.		19,632		998,876
BlackRock, Inc.		4,056		2,796,328
Capital One Financial Corp.		10,482		1,143,377
Cboe Global Markets, Inc.		2,791		352,140
Charles Schwab Corp.		41,296		3,217,784
Chubb Ltd.		11,198		2,363,002
Cincinnati Financial Corp.		4,002		483,041


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 28, 2023 (Unaudited)


	Number of Shares		Value
Financials (Continued)
Citigroup, Inc.		51,768	$	2,624,120
CME Group, Inc.		9,581		1,775,934
Comerica, Inc.		3,414		239,321
Discover Financial Services		7,312		818,944
FactSet Research Systems, Inc.		1,000		414,550
Fifth Third Bancorp		18,329		665,343
Franklin Resources, Inc.		7,378		217,430
Globe Life, Inc.		2,375		289,014
Goldman Sachs Group, Inc.		9,123		3,208,103
Hartford Financial Services Group, Inc.		8,969		702,093
Intercontinental Exchange, Inc.		14,969		1,523,844
Invesco Ltd.		12,171		214,940
JPMorgan Chase & Co.		78,959		11,318,773
KeyCorp		24,521		448,489
Lincoln National Corp.		4,406		139,758
MarketAxess Holdings, Inc.		989		337,694
Marsh & McLennan Cos., Inc.		13,413		2,174,784
MetLife, Inc.		17,635		1,264,959
Moody’s Corp.		4,300		1,247,645
Morgan Stanley		35,435		3,419,478
MSCI, Inc.		2,147		1,121,056
Nasdaq, Inc.		9,074		508,688
Northern Trust Corp.		5,539		527,701
PNC Financial Services Group, Inc.		10,920		1,724,486
Principal Financial Group, Inc.		6,016		538,793
Prudential Financial, Inc.		9,917		991,700
Raymond James Financial, Inc.		5,219		566,053
Regions Financial Corp.		25,589		596,735
S&P Global, Inc.		8,994		3,068,753
State Street Corp.		9,747		864,364
Synchrony Financial		11,935		426,199
T. Rowe Price Group, Inc.		6,107		685,694
Travelers Cos., Inc.		6,370		1,179,214
Truist Financial Corp.		35,584		1,670,669
US Bancorp		36,010		1,718,757
W R Berkley Corp.		5,563		368,215
Willis Towers Watson PLC		2,987		700,033

(Cost $78,524,630)				75,283,123

Health Care — 15.4%
Abbott Laboratories		46,873		4,767,922
AbbVie, Inc.		47,636		7,331,180
Agilent Technologies, Inc.		7,970		1,131,501
AmerisourceBergen Corp.		4,376		680,731
Amgen, Inc.		14,338		3,321,541
Baxter International, Inc.		13,491		538,965
Becton Dickinson and Co.		7,727		1,812,368
Biogen, Inc.*		3,849		1,038,691
Bio-Rad Laboratories, Inc., Class A*		534		255,167
Boston Scientific Corp.*		38,742		1,810,026
Bristol-Myers Squibb Co.		57,248		3,947,822
Cardinal Health, Inc.		7,356		556,923
Catalent, Inc.*		4,794		327,047
Centene Corp.*		15,575		1,065,330
Charles River Laboratories International, Inc.*		1,344		294,793
Cigna Group		8,162		2,384,120


	Number of Shares		Value
Health Care (Continued)
CVS Health Corp.		35,171	$	2,938,185
DaVita, Inc.*		1,619		133,179
Edwards Lifesciences Corp.*		16,685		1,342,141
Elevance Health, Inc.		6,428		3,019,039
Eli Lilly & Co.		21,233		6,608,134
Gilead Sciences, Inc.		33,982		2,736,570
Henry Schein, Inc.*		3,573		279,802
Hologic, Inc.*		6,647		529,367
Humana, Inc.		3,420		1,692,968
IDEXX Laboratories, Inc.*		2,266		1,072,362
Illumina, Inc.*		4,267		849,986
Laboratory Corp. of America Holdings		2,418		578,773
McKesson Corp.		3,869		1,353,415
Medtronic PLC		35,634		2,950,495
Merck & Co., Inc.		68,235		7,249,286
Mettler-Toledo International, Inc.*		583		835,853
Moderna, Inc.*		9,032		1,253,732
Organon & Co.		6,848		167,708
PerkinElmer, Inc.		3,411		424,908
Pfizer, Inc.		151,196		6,134,022
Quest Diagnostics, Inc.		3,230		446,903
Regeneron Pharmaceuticals, Inc.*		2,894		2,200,656
Thermo Fisher Scientific, Inc.		10,586		5,735,071
UnitedHealth Group, Inc.		25,154		11,971,795
Vertex Pharmaceuticals, Inc.*		6,869		1,994,002
Viatris, Inc.		32,113		366,088
Waters Corp.*		1,618		503,020
West Pharmaceutical Services, Inc.		1,981		628,036
Zoetis, Inc.		12,619		2,107,373

(Cost $101,591,042)				99,366,996

Industrials — 6.7%
American Airlines Group, Inc.*		17,374		277,637
Carrier Global Corp.		22,839		1,028,440
Caterpillar, Inc.		13,963		3,344,837
Cintas Corp.		2,334		1,023,389
CSX Corp.		57,436		1,751,224
Cummins, Inc.		3,781		919,085
Deere & Co.		7,408		3,105,730
Dover Corp.		3,781		566,772
Eaton Corp. PLC		10,612		1,856,357
Emerson Electric Co.		15,748		1,302,517
Fastenal Co.		15,269		787,270
FedEx Corp.		6,454		1,311,582
Fortive Corp.		9,328		621,804
Generac Holdings, Inc.*		1,657		198,857
General Electric Co.		29,142		2,468,619
IDEX Corp.		1,988		447,260
Illinois Tool Works, Inc.		7,609		1,774,114
Ingersoll Rand, Inc.		10,818		628,201
JB Hunt Transport Services, Inc.		2,256		407,862
Johnson Controls International PLC		18,572		1,164,836
Nordson Corp.		1,465		321,773
Otis Worldwide Corp.		11,325		958,322
PACCAR, Inc.		13,682		987,840
Parker-Hannifin Corp.		3,410		1,199,809
Pentair PLC		4,352		243,451


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 28, 2023 (Unaudited)


	Number of Shares		Value
Industrials (Continued)
Republic Services, Inc.		5,493	$	708,212
Robert Half International, Inc.		2,911		234,685
Rockwell Automation, Inc.		3,056		901,306
Snap-on, Inc.		1,378		342,681
Stanley Black & Decker, Inc.		4,267		365,298
Trane Technologies PLC		6,293		1,164,016
Union Pacific Corp.		16,498		3,419,705
United Parcel Service, Inc., Class B		19,584		3,573,884
United Rentals, Inc.		1,957		916,913
Verisk Analytics, Inc.		4,243		726,020
Waste Management, Inc.		10,252		1,535,340
Westinghouse Air Brake Technologies Corp.		5,042		526,032
Xylem, Inc.		4,716		484,097

(Cost $43,243,344)				43,595,777

Information Technology — 30.3%
Adobe, Inc.*		12,487		4,045,164
Advanced Micro Devices, Inc.*		43,344		3,405,971
ANSYS, Inc.*		2,337		709,537
Apple, Inc.		403,077		59,417,581
Applied Materials, Inc.		23,085		2,681,323
Arista Networks, Inc.*		6,656		923,187
Autodesk, Inc.*		5,870		1,166,310
CDW Corp.		3,622		733,165
Cisco Systems, Inc.		110,717		5,360,917
Corning, Inc.		19,803		672,312
Gen Digital, Inc.		15,231		297,157
Hewlett Packard Enterprise Co.		34,741		542,307
HP, Inc.		24,301		717,366
Intel Corp.		110,746		2,760,898
Intuit, Inc.		7,606		3,097,011
Juniper Networks, Inc.		8,595		264,554
Keysight Technologies, Inc.*		4,864		778,045
Lam Research Corp.		3,716		1,806,013
Mastercard, Inc., Class A		22,933		8,147,866
Micron Technology, Inc.		29,815		1,723,903
Microsoft Corp.		200,984		50,129,429
Motorola Solutions, Inc.		4,500		1,182,645
NVIDIA Corp.		67,072		15,571,436
Oracle Corp.		41,408		3,619,059
QUALCOMM, Inc.		30,140		3,723,194
Roper Technologies, Inc.		2,892		1,244,138
Salesforce, Inc.*		26,975		4,413,380
Seagate Technology Holdings PLC		5,338		344,621
TE Connectivity Ltd.		8,634		1,099,281
Texas Instruments, Inc.		24,482		4,197,439
Trimble, Inc.*		6,658		346,615
Tyler Technologies, Inc.*		1,095		351,769
Visa, Inc., Class A (a)		44,115		9,702,653
Zebra Technologies Corp., Class A*		1,399		420,050

(Cost $213,507,153)				195,596,296

Materials — 2.8%
Air Products and Chemicals, Inc.		5,984		1,711,304
Albemarle Corp.		3,079		783,021
Amcor PLC		40,600		452,284


	Number of Shares		Value
Materials (Continued)
Ball Corp.		8,809	$	495,154
CF Industries Holdings, Inc.		5,585		479,696
Corteva, Inc.		19,265		1,200,017
Dow, Inc.		19,533		1,117,288
Ecolab, Inc.		6,629		1,056,464
FMC Corp.		3,375		435,881
Freeport-McMoRan, Inc.		38,994		1,597,584
International Flavors & Fragrances, Inc.		6,694		623,881
International Paper Co.		10,165		369,904
Linde PLC		13,271		4,623,218
LyondellBasell Industries NV, Class A		6,922		664,443
Mosaic Co.		9,069		482,380
Newmont Corp.		21,122		921,130
PPG Industries, Inc.		6,304		832,506
Westrock Co.		7,016		220,302

(Cost $18,964,084)				18,066,457

Real Estate — 2.7%
Alexandria Real Estate Equities, Inc. REIT		3,883		581,596
American Tower Corp. REIT		12,646		2,504,034
AvalonBay Communities, Inc. REIT		3,711		640,222
Boston Properties, Inc. REIT		3,735		244,568
CBRE Group, Inc., Class A*		8,832		751,957
Digital Realty Trust, Inc. REIT		7,863		819,561
Equinix, Inc. REIT		2,518		1,733,064
Equity Residential REIT		9,181		573,996
Essex Property Trust, Inc. REIT		1,712		390,439
Extra Space Storage, Inc. REIT		3,493		575,122
Federal Realty Investment Trust REIT		1,904		203,309
Healthpeak Properties, Inc. REIT		14,154		340,545
Host Hotels & Resorts, Inc. REIT		18,929		318,007
Iron Mountain, Inc. REIT		7,735		408,021
Kimco Realty Corp. REIT		15,980		329,348
Prologis, Inc. REIT		24,774		3,057,112
Regency Centers Corp. REIT		4,433		278,836
Simon Property Group, Inc. REIT		8,734		1,066,334
UDR, Inc. REIT		8,006		342,977
Ventas, Inc. REIT		10,502		510,922
Welltower, Inc. REIT		13,012		964,449
Weyerhaeuser Co. REIT		19,689		615,281

(Cost $20,332,668)				17,249,700

Utilities — 1.6%
American Water Works Co., Inc.		4,864		682,808
Consolidated Edison, Inc.		9,410		840,783
Edison International		10,099		668,655
Entergy Corp.		5,342		549,532
Eversource Energy		9,523		717,653
Exelon Corp.		27,095		1,094,367
NextEra Energy, Inc.		53,558		3,804,225
Public Service Enterprise Group, Inc.		13,474		814,234
Sempra Energy		8,536		1,280,059

(Cost $11,253,710)				10,452,316

TOTAL COMMON STOCKS (Cost $704,614,972)				641,993,091


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 28, 2023 (Unaudited)


	Number of Shares		Value
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b) (Cost $2,189,692)		2,189,692	$	2,189,692


TOTAL INVESTMENTS — 99.8% (Cost $706,804,664)			$	644,182,783
Other assets and liabilities, net — 0.2%				1,167,848

NET ASSETS — 100.0%			$	645,350,631

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 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 ($)		Number of Shares at 2/28/2023		Value ($) at 2/28/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 4.39% (b)(c)
	—		—		0	(d)		—		—		2		—		—		—
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b)
	1,156,171		8,946,706		(7,913,185	)		—		—		30,375		—		2,189,692		2,189,692

	1,156,171		8,946,706		(7,913,185	)		—		—		30,377		—		2,189,692		2,189,692

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2023 amounted to $9,217,465, which is 1.4% of net assets.

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

(c)	Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $9,421,003.

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2023.

REIT:

Real Estate Investment Trust

At February 28, 2023, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
E-Mini S&P 500 ESG Futures	USD	18	$	3,148,829	$3,121,200		3/17/2023	$	(27,629	)

For information on the Fund’s policy and additional disclosures regarding open 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.		12

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 28, 2023 (Unaudited)

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 February 28, 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)	$	641,993,091		$	—	$	—	$	641,993,091
Short-Term Investments (a)		2,189,692			—		—		2,189,692

TOTAL	$	644,182,783		$	—	$	—	$	644,182,783


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(27,629	)	$	—	$	—	$	(27,629	)

TOTAL	$	(27,629	)	$	—	$	—	$	(27,629	)

(a)	See Schedule of Investments for additional detailed categorizations.

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


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Growth ESG ETF

February 28, 2023 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 8.2%
Alphabet, Inc., Class A*		2,552	$	229,833
Alphabet, Inc., Class C*		2,262		204,259

(Cost $444,365)				434,092

Consumer Discretionary — 9.0%
Amazon.com, Inc.*		2,783		262,242
Etsy, Inc.*		50		6,070
Hilton Worldwide Holdings, Inc.		88		12,717
Lowe’s Cos., Inc.		292		60,079
McDonald’s Corp.		309		81,548
Starbucks Corp.		399		40,734
Yum! Brands, Inc.		124		15,768

(Cost $479,433)				479,158

Consumer Staples — 5.3%
Costco Wholesale Corp.		199		96,352
Hershey Co.		100		23,832
PepsiCo, Inc.		939		162,945

(Cost $284,772)				283,129

Energy — 2.6%
APA Corp.		219		8,405
Devon Energy Corp.		446		24,048
Hess Corp.		189		25,458
Occidental Petroleum Corp.		496		29,046
ONEOK, Inc.		305		19,962
Pioneer Natural Resources Co.		162		32,467

(Cost $162,084)				139,386

Financials — 3.2%
American Express Co.		200		34,798
Aon PLC, Class A		93		28,277
Cboe Global Markets, Inc.		48		6,056
FactSet Research Systems, Inc.		16		6,633
MarketAxess Holdings, Inc.		13		4,439
Marsh & McLennan Cos., Inc.		216		35,022
Moody’s Corp.		50		14,507
MSCI, Inc.		31		16,186
Nasdaq, Inc.		148		8,297
Raymond James Financial, Inc.		132		14,317

(Cost $165,464)				168,532

Health Care — 22.5%
Abbott Laboratories		618		62,863
AbbVie, Inc.		1,205		185,450
Agilent Technologies, Inc.		121		17,178
Amgen, Inc.		364		84,324
Eli Lilly & Co.		538		167,436
HCA Healthcare, Inc.		78		18,989
Hologic, Inc.*		173		13,778
IDEXX Laboratories, Inc.*		28		13,251
Mettler-Toledo International, Inc.*		10		14,337
Moderna, Inc.*		225		31,232
Quest Diagnostics, Inc.		49		6,780
Regeneron Pharmaceuticals, Inc.*		73		55,511
ResMed, Inc.		54		11,502
Thermo Fisher Scientific, Inc.		267		144,650


	Number of Shares		Value
Health Care (Continued)
UnitedHealth Group, Inc.		637	$	303,174
Vertex Pharmaceuticals, Inc.*		175		50,801
Waters Corp.*		41		12,746

(Cost $1,260,106)				1,194,002

Industrials — 4.3%
Cintas Corp.		35		15,346
Deere & Co.		187		78,398
Fastenal Co.		191		9,848
IDEX Corp.		29		6,524
Illinois Tool Works, Inc.		97		22,617
JB Hunt Transport Services, Inc.		56		10,124
Republic Services, Inc.		77		9,928
Union Pacific Corp.		210		43,529
Verisk Analytics, Inc.		49		8,384
Waste Management, Inc.		150		22,464

(Cost $225,237)				227,162

Information Technology — 40.1%
Adobe, Inc.*		149		48,269
Advanced Micro Devices, Inc.*		593		46,598
Apple, Inc.		3,443		507,533
Applied Materials, Inc.		586		68,064
Arista Networks, Inc.*		169		23,440
CDW Corp.		58		11,740
Keysight Technologies, Inc.*		66		10,557
Lam Research Corp.		93		45,199
Microsoft Corp.		1,976		492,854
Motorola Solutions, Inc.		63		16,557
NVIDIA Corp.		1,697		393,976
Oracle Corp.		618		54,013
QUALCOMM, Inc.		764		94,377
Texas Instruments, Inc.		390		66,865
Visa, Inc., Class A		1,114		245,013

(Cost $1,926,976)				2,125,055

Materials — 3.3%
Albemarle Corp.		80		20,345
CF Industries Holdings, Inc.		134		11,509
Freeport-McMoRan, Inc.		974		39,905
Linde PLC		206		71,764
Nucor Corp.		175		29,302

(Cost $167,115)				172,825

Real Estate — 1.1%
American Tower Corp. REIT		168		33,266
Extra Space Storage, Inc. REIT		46		7,574
Iron Mountain, Inc. REIT		125		6,594
Weyerhaeuser Co. REIT		290		9,062

(Cost $57,953)				56,496

TOTAL COMMON STOCKS (Cost $5,173,505)				5,279,837

EXCHANGE-TRADED FUNDS — 0.2%
SPDR Portfolio S&P 500 Growth ETF (Cost $8,720)		170		8,920


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Growth ESG ETF (Continued)

February 28, 2023 (Unaudited)


	Number of Shares		Value
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “ Institutional Shares”, 4.51% (a) (Cost $4,824)		4,824	$	4,824


TOTAL INVESTMENTS — 99.9% (Cost $5,187,049)			$	5,293,581
Other assets and liabilities, net — 0.1%				3,940

NET ASSETS — 100.0%			$	5,297,521

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Value ($) at 11/9/2022 (Commence- ment of Operations)		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2023		Value ($) at 2/28/2023
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.51% (a)

		—		28,984		(24,160	)		—		—		31		—		4,824		4,824

*	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.

REIT:

Real Estate Investment Trust

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	5,279,837	$	—	$	—	$	5,279,837
Exchange-Traded Funds		8,920		—		—		8,920
Short-Term Investments (a)		4,824		—		—		4,824

TOTAL	$	5,293,581	$	—	$	—	$	5,293,581

(a)	See Schedule of Investments for additional detailed categorizations.


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF

February 28, 2023 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 8.1%
AT&T, Inc.		3,830	$	72,425
Charter Communications, Inc., Class A*		58		21,321
Comcast Corp., Class A		2,318		86,160
Electronic Arts, Inc.		45		4,992
Interpublic Group of Cos., Inc.		213		7,570
Omnicom Group, Inc.		113		10,235
Take-Two Interactive Software, Inc.*		85		9,312
Verizon Communications, Inc.		2,256		87,555
Walt Disney Co.*		980		97,618
Warner Bros Discovery, Inc.*		1,167		18,229

(Cost $387,836)				415,417

Consumer Discretionary — 9.9%
Aptiv PLC*		145		16,861
Bath & Body Works, Inc.		122		4,986
Best Buy Co., Inc.		110		9,142
BorgWarner, Inc.		129		6,486
Caesars Entertainment, Inc.*		114		5,787
CarMax, Inc.*		85		5,868
Darden Restaurants, Inc.		67		9,580
eBay, Inc.		291		13,357
Expedia Group, Inc.*		83		9,045
General Motors Co.		762		29,520
Hasbro, Inc.		73		4,016
Hilton Worldwide Holdings, Inc.		75		10,838
Home Depot, Inc.		255		75,618
Las Vegas Sands Corp.*		181		10,402
Marriott International, Inc., Class A		70		11,847
McDonald’s Corp.		149		39,323
MGM Resorts International		172		7,398
Mohawk Industries, Inc.*		30		3,085
Newell Brands, Inc.		199		2,923
NIKE, Inc., Class B		677		80,421
Norwegian Cruise Line Holdings Ltd.*		242		3,586
PulteGroup, Inc.		125		6,834
Ralph Lauren Corp.		19		2,246
Ross Stores, Inc.		185		20,450
Royal Caribbean Cruises Ltd.*		121		8,547
Starbucks Corp.		302		30,831
Tapestry, Inc.		132		5,743
Target Corp.		247		41,619
TJX Cos., Inc.		225		17,235
VF Corp.		181		4,492
Whirlpool Corp.		31		4,277
Yum! Brands, Inc.		54		6,867

(Cost $486,157)				509,230

Consumer Staples — 8.6%
Archer-Daniels-Midland Co.		150		11,940
Brown-Forman Corp., Class B		43		2,789
Campbell Soup Co.		44		2,311
Coca-Cola Co.		732		43,561
Colgate-Palmolive Co.		201		14,733
Conagra Brands, Inc.		266		9,685
Constellation Brands, Inc., Class A		38		8,501
Estee Lauder Cos., Inc., Class A		124		30,138


	Number of Shares		Value
Consumer Staples (Continued)
General Mills, Inc.		102	$	8,110
Hormel Foods Corp.		42		1,864
J M Smucker Co.		59		8,725
Kellogg Co.		61		4,022
Kraft Heinz Co.		422		16,433
Kroger Co.		361		15,573
McCormick & Co., Inc.		65		4,831
Molson Coors Beverage Co., Class B		104		5,532
Mondelez International, Inc., Class A		337		21,966
Procter & Gamble Co.		573		78,822
Sysco Corp.		271		20,208
Tyson Foods, Inc., Class A		161		9,538
Walgreens Boots Alliance, Inc.		375		13,324
Walmart, Inc.		759		107,877

(Cost $450,055)				440,483

Energy — 2.8%
Baker Hughes Co.		530		16,218
Halliburton Co.		483		17,499
Kinder Morgan, Inc.		1,056		18,015
Marathon Petroleum Corp.		132		16,315
Phillips 66		255		26,153
Schlumberger NV		361		19,209
Valero Energy Corp.		208		27,400

(Cost $141,101)				140,809

Financials — 23.4%
Aflac, Inc.		302		20,581
Allstate Corp.		147		18,931
American Express Co.		164		28,534
American International Group, Inc.		398		24,322
Bank of America Corp.		3,752		128,694
Bank of New York Mellon Corp.		390		19,843
BlackRock, Inc.		81		55,844
Capital One Financial Corp.		205		22,361
Cboe Global Markets, Inc.		19		2,397
Charles Schwab Corp.		336		26,181
Chubb Ltd.		96		20,258
Cincinnati Financial Corp.		84		10,139
Citigroup, Inc.		1,041		52,768
CME Group, Inc.		193		35,775
Comerica, Inc.		70		4,907
FactSet Research Systems, Inc.		8		3,316
Fifth Third Bancorp		357		12,959
Franklin Resources, Inc.		153		4,509
Globe Life, Inc.		14		1,704
Hartford Financial Services Group, Inc.		166		12,994
Huntington Bancshares, Inc.		798		12,225
Intercontinental Exchange, Inc.		295		30,031
Invesco Ltd.		248		4,380
JPMorgan Chase & Co.		1,577		226,063
KeyCorp		513		9,383
Lincoln National Corp.		96		3,045
MarketAxess Holdings, Inc.		12		4,097
Marsh & McLennan Cos., Inc.		96		15,565
MetLife, Inc.		354		25,392
Moody’s Corp.		45		13,057
Morgan Stanley		709		68,419


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

February 28, 2023 (Unaudited)


	Number of Shares		Value
Financials (Continued)
Nasdaq, Inc.		66	$	3,700
Northern Trust Corp.		115		10,956
PNC Financial Services Group, Inc.		217		34,269
Principal Financial Group, Inc.		48		4,299
Prudential Financial, Inc.		196		19,600
Regions Financial Corp.		501		11,683
S&P Global, Inc.		179		61,075
State Street Corp.		194		17,204
Synchrony Financial		241		8,606
T. Rowe Price Group, Inc.		120		13,474
Travelers Cos., Inc.		58		10,737
Truist Financial Corp.		713		33,475
US Bancorp		727		34,700
Willis Towers Watson PLC		60		14,062

(Cost $1,163,199)				1,196,514

Health Care — 8.8%
Abbott Laboratories		454		46,181
Agilent Technologies, Inc.		65		9,228
AmerisourceBergen Corp.		85		13,223
Baxter International, Inc.		279		11,146
Becton Dickinson and Co.		153		35,886
Biogen, Inc.*		41		11,064
Bio-Rad Laboratories, Inc., Class A*		11		5,256
Boston Scientific Corp.*		361		16,866
Catalent, Inc.*		96		6,549
Centene Corp.*		304		20,794
Cigna Group		84		24,536
CVS Health Corp.		707		59,063
DaVita, Inc.*		24		1,974
Edwards Lifesciences Corp.*		332		26,706
Humana, Inc.		25		12,376
Illumina, Inc.*		84		16,733
IQVIA Holdings, Inc.*		52		10,840
Medtronic PLC		714		59,119
Mettler-Toledo International, Inc.*		4		5,735
Organon & Co.		145		3,551
Quest Diagnostics, Inc.		21		2,906
Viatris, Inc.		670		7,638
Zoetis, Inc.		250		41,750

(Cost $461,349)				449,120

Industrials — 12.1%
American Airlines Group, Inc.*		358		5,721
Carrier Global Corp.		445		20,038
Caterpillar, Inc.		112		26,830
Cintas Corp.		19		8,331
CSX Corp.		585		17,837
Cummins, Inc.		37		8,994
Dover Corp.		75		11,242
Eaton Corp. PLC		214		37,435
Emerson Electric Co.		318		26,302
Fastenal Co.		166		8,559
FedEx Corp.		128		26,012
Fortive Corp.		184		12,265
General Electric Co.		587		49,725
IDEX Corp.		18		4,050


	Number of Shares		Value
Industrials (Continued)
Illinois Tool Works, Inc.		74	$	17,254
Ingersoll Rand, Inc.		224		13,008
Johnson Controls International PLC		370		23,206
Nordson Corp.		29		6,369
Otis Worldwide Corp.		224		18,955
PACCAR, Inc.		279		20,144
Parker-Hannifin Corp.		68		23,926
Pentair PLC		87		4,867
Republic Services, Inc.		50		6,446
Robert Half International, Inc.		60		4,837
Rockwell Automation, Inc.		62		18,286
Snap-on, Inc.		12		2,984
Stanley Black & Decker, Inc.		82		7,020
Trane Technologies PLC		124		22,936
Union Pacific Corp.		165		34,201
United Parcel Service, Inc., Class B		392		71,536
United Rentals, Inc.		37		17,336
Verisk Analytics, Inc.		44		7,529
Waste Management, Inc.		83		12,430
Westinghouse Air Brake Technologies Corp.		100		10,433
Xylem, Inc.		97		9,957

(Cost $577,257)				617,001

Information Technology — 13.1%
Accenture PLC, Class A		173		45,940
Akamai Technologies, Inc.*		84		6,098
Analog Devices, Inc.		147		26,970
ANSYS, Inc.*		47		14,270
Autodesk, Inc.*		52		10,332
Cisco Systems, Inc.		2,207		106,863
Corning, Inc.		422		14,327
DXC Technology Co.*		134		3,717
Gen Digital, Inc.		145		2,829
Hewlett Packard Enterprise Co.		675		10,537
HP, Inc.		474		13,993
Intel Corp.		2,218		55,295
International Business Machines Corp.		486		62,840
Juniper Networks, Inc.		180		5,540
Keysight Technologies, Inc.*		44		7,038
Microchip Technology, Inc.		148		11,992
Micron Technology, Inc.		585		33,825
Motorola Solutions, Inc.		41		10,775
Paychex, Inc.		74		8,170
PayPal Holdings, Inc.*		613		45,117
Roper Technologies, Inc.		57		24,521
Salesforce, Inc.*		537		87,859
Seagate Technology Holdings PLC		103		6,650
TE Connectivity Ltd.		170		21,644
Texas Instruments, Inc.		181		31,032
Tyler Technologies, Inc.*		12		3,855

(Cost $669,620)				672,029

Materials — 3.3%
Amcor PLC		825		9,191
Ball Corp.		173		9,724
Corteva, Inc.		119		7,413


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

February 28, 2023 (Unaudited)


	Number of Shares		Value
Materials (Continued)
Dow, Inc.		376	$	21,507
Ecolab, Inc.		132		21,037
International Flavors & Fragrances, Inc.		141		13,141
Linde PLC		104		36,230
LyondellBasell Industries NV, Class A		133		12,767
Newmont Corp.		426		18,578
PPG Industries, Inc.		124		16,375
Westrock Co.		140		4,396

(Cost $158,561)				170,359

Real Estate — 5.7%
Alexandria Real Estate Equities, Inc. REIT		78		11,683
American Tower Corp. REIT		118		23,365
AvalonBay Communities, Inc. REIT		75		12,939
Boston Properties, Inc. REIT		79		5,173
CBRE Group, Inc., Class A*		169		14,389
Digital Realty Trust, Inc. REIT		152		15,843
Equinix, Inc. REIT		50		34,413
Equity Residential REIT		189		11,816
Essex Property Trust, Inc. REIT		32		7,298
Federal Realty Investment Trust REIT		39		4,164
Healthpeak Properties, Inc. REIT		297		7,146
Host Hotels & Resorts, Inc. REIT		396		6,653
Iron Mountain, Inc. REIT		52		2,743
Kimco Realty Corp. REIT		341		7,028
Prologis, Inc. REIT		497		61,330
Regency Centers Corp. REIT		85		5,346
Simon Property Group, Inc. REIT		175		21,366
UDR, Inc. REIT		163		6,983
Ventas, Inc. REIT		220		10,703
Welltower, Inc. REIT		250		18,530


	Number of Shares		Value
Real Estate (Continued)
Weyerhaeuser Co. REIT		170	$	5,313

(Cost $287,036)				294,224

Utilities — 3.8%
American Water Works Co., Inc.		101		14,178
Consolidated Edison, Inc.		197		17,602
Edison International		211		13,970
Entergy Corp.		113		11,624
Eversource Energy		193		14,545
Exelon Corp.		525		21,205
NextEra Energy, Inc.		1,065		75,647
Public Service Enterprise Group, Inc.		262		15,833
Sempra Energy		65		9,747

(Cost $202,331)				194,351

TOTAL COMMON STOCKS (Cost $4,984,502)				5,099,537

EXCHANGE-TRADED FUNDS — 0.2%
SPDR Portfolio S&P 500 Value ETF (Cost $11,844)		300		12,108

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.51% (a) (Cost $2,167)		2,167		2,167

TOTAL INVESTMENTS — 99.8% (Cost $4,998,513)			$	5,113,812
Other assets and liabilities, net — 0.2%				8,626

NET ASSETS — 100.0%			$	5,122,438

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Value ($) at 11/9/2022 (Commence- ment of Operations)		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2023		Value ($) at 2/28/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (a)(b)
		—		—		0	(c)		—		—		3		—		—		—
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.51% (a)
		—		50,834		(48,667	)		—		—		25		—		2,167		2,167


		—		50,834		(48,667	)		—		—		28		—		2,167		2,167

*	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 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 February 28, 2023.

REIT: Real Estate Investment Trust

Fair Value Measurements


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 Value ESG ETF (Continued)

February 28, 2023 (Unaudited)

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.


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	5,099,537	$	—	$	—	$	5,099,537
Exchange-Traded Funds		12,108		—		—		12,108
Short-Term Investments (a)		2,167		—		—		2,167

TOTAL	$	5,113,812	$	—	$	—	$	5,113,812

(a)	See Schedule of Investments for additional detailed categorizations.


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of Investments

Xtrackers S&P ESG Dividend Aristocrats ETF

February 28, 2023 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 98.1%
Communication Services — 0.5%
John Wiley & Sons, Inc., Class A (Cost $25,215)		587	$	26,116

Consumer Discretionary — 8.9%
Genuine Parts Co.		345		61,017
Leggett & Platt, Inc.		2,225		76,740
Lowe’s Cos., Inc.		286		58,844
McDonald’s Corp.		232		61,227
NIKE, Inc., Class B		248		29,460
Polaris, Inc.		674		76,668
Target Corp.		493		83,071

(Cost $440,943)				447,027

Consumer Staples — 19.9%
Archer-Daniels-Midland Co.		549		43,700
Brown-Forman Corp., Class B		510		33,084
Church & Dwight Co., Inc.		439		36,779
Coca-Cola Co.		1,272		75,697
Colgate-Palmolive Co.		873		63,991
Flowers Foods, Inc.		3,165		88,240
Hormel Foods Corp.		1,464		64,972
J M Smucker Co.		477		70,544
Kimberly-Clark Corp.		698		87,285
McCormick & Co., Inc.		657		48,828
PepsiCo, Inc.		405		70,280
Procter & Gamble Co.		458		63,002
Sysco Corp.		890		66,367
Walgreens Boots Alliance, Inc.		3,954		140,486
Walmart, Inc.		304		43,208

(Cost $1,026,040)				996,463

Energy — 3.3%
Chevron Corp.		471		75,723
Exxon Mobil Corp.		804		88,367

(Cost $178,279)				164,090

Financials — 12.3%
Aflac, Inc.		907		61,812
Chubb Ltd.		191		40,305
Cincinnati Financial Corp.		724		87,387
Commerce Bancshares, Inc.		611		40,418
FactSet Research Systems, Inc.		56		23,215
Franklin Resources, Inc.		4,182		123,243
S&P Global, Inc.		78		26,613
SEI Investments Co.		663		39,946
T. Rowe Price Group, Inc.		1,031		115,761
UMB Financial Corp.		512		46,418
W R Berkley Corp.		213		14,098

(Cost $589,905)				619,216

Health Care — 7.3%
Abbott Laboratories		458		46,588
AbbVie, Inc.		659		101,420
Becton Dickinson and Co.		158		37,059
Cardinal Health, Inc.		919		69,577
Medtronic PLC		1,194		98,863


	Number of Shares		Value
Health Care (Continued)
West Pharmaceutical Services, Inc.		34	$	10,779

(Cost $357,232)				364,286

Industrials — 17.2%
ABM Industries, Inc.		812		39,309
Brady Corp., Class A		454		25,043
C.H. Robinson Worldwide, Inc.		786		78,568
Carlisle Cos., Inc.		146		37,700
Caterpillar, Inc.		222		53,180
Cintas Corp.		66		28,939
Dover Corp.		298		44,670
Emerson Electric Co.		670		55,416
Expeditors International of Washington, Inc.		325		33,982
Fastenal Co.		1,477		76,154
Franklin Electric Co., Inc.		308		29,436
Illinois Tool Works, Inc.		290		67,616
Lincoln Electric Holdings, Inc.		313		52,562
MSA Safety, Inc.		261		35,065
Nordson Corp.		125		27,455
Pentair PLC		1,104		61,758
Stanley Black & Decker, Inc.		1,370		117,286

(Cost $824,902)				864,139

Information Technology — 5.3%
Automatic Data Processing, Inc.		238		52,317
Badger Meter, Inc.		192		23,351
International Business Machines Corp.		916		118,439
Microchip Technology, Inc.		706		57,207
Roper Technologies, Inc.		38		16,348

(Cost $275,104)				267,662

Materials — 12.5%
Air Products and Chemicals, Inc.		191		54,622
Albemarle Corp.		79		20,090
Amcor PLC		9,563		106,532
AptarGroup, Inc.		329		38,401
Ecolab, Inc.		264		42,074
HB Fuller Co.		416		29,020
International Flavors & Fragrances, Inc.		760		70,832
Linde PLC		122		42,501
Nucor Corp.		272		45,544
PPG Industries, Inc.		417		55,069
Sherwin-Williams Co.		111		24,570
Sonoco Products Co.		1,298		76,660
Stepan Co.		184		19,152

(Cost $638,684)				625,067

Real Estate — 4.7%
Essex Property Trust, Inc. REIT		530		120,872
Federal Realty Investment Trust REIT		1,097		117,137

(Cost $236,363)				238,009

Utilities — 6.2%
California Water Service Group		644		36,863
Consolidated Edison, Inc.		976		87,206
Essential Utilities, Inc.		1,431		61,218
Eversource Energy		1,053		79,354


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of Investments

Xtrackers S&P ESG Dividend Aristocrats ETF (Continued)

February 28, 2023 (Unaudited)


	Number of Shares		Value
Utilities (Continued)
NextEra Energy, Inc.		671	$	47,661

(Cost $328,132)				312,302

TOTAL COMMON STOCKS
(Cost $4,920,799)				4,924,377

EXCHANGE-TRADED FUNDS — 1.6%
ProShares S&P 500 Dividend Aristocrats ETF		635		57,601
Xtrackers S&P 500 ESG ETF (a)		500		17,875

TOTAL EXCHANGE-TRADED FUNDS
(Cost $75,635)				75,476


	Number of Shares		Value
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b) (Cost $1,425)		1,425	$	1,425


TOTAL INVESTMENTS — 99.7%
(Cost $4,997,859)			$	5,001,278
Other assets and liabilities, net — 0.3%				16,335

NET ASSETS — 100.0%			$	5,017,613

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Value ($) at 11/9/2022 (Commence -ment of Operations)		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2023		Value ($) at 2/28/2023
EXCHANGE-TRADED FUNDS — 0.4% (a) Xtrackers S&P 500 ESG ETF
EXCHANGE-TRADED FUNDS — 0.4% (a) Xtrackers S&P 500 ESG ETF
		—		17,880		—			—		(5	)		—		—		500		17,875
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b)
		—		65,999		(64,574	)		—		—			83		—		1,425		1,425

		—		83,879		(64,574	)		—		(5	)		83		—		1,925		19,300

(a)	Affiliated fund advised by DBX Advisors LLC.

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

REIT:

Real Estate Investment Trust

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	4,924,377	$	—	$	—	$	4,924,377
Exchange-Traded Funds		75,476		—		—		75,476
Short-Term Investments (a)		1,425		—		—		1,425

TOTAL	$	5,001,278	$	—	$	—	$	5,001,278

(a)	See Schedule of Investments for additional detailed categorizations.


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF

February 28, 2023 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 98.9%
Communication Services — 1.5%
Cable One, Inc.		39	$	26,934
John Wiley & Sons, Inc., Class A		379		16,862
New York Times Co., Class A		1,365		52,552
TEGNA, Inc.		1,877		32,660
TripAdvisor, Inc.*		848		18,291
Ziff Davis, Inc.*		415		32,777

(Cost $248,667)				180,076

Consumer Discretionary — 16.5%
Adient PLC*		802		34,261
AutoNation, Inc.*		284		38,769
Boyd Gaming Corp.		674		43,898
Brunswick Corp.		600		52,452
Capri Holdings Ltd.*		1,065		52,792
Carter’s, Inc.		310		23,371
Columbia Sportswear Co.		304		26,509
Cracker Barrel Old Country Store, Inc.		179		19,504
Crocs, Inc.*		511		62,194
Dana, Inc.		1,046		16,569
Deckers Outdoor Corp.*		222		92,430
Dick’s Sporting Goods, Inc.		470		60,456
Five Below, Inc.*		466		95,204
Foot Locker, Inc.		675		29,511
Gap, Inc.		1,728		22,481
Goodyear Tire & Rubber Co.*		2,420		27,491
Graham Holdings Co., Class B		31		19,426
Grand Canyon Education, Inc.*		259		29,342
H&R Block, Inc.		1,274		46,883
Hanesbrands, Inc.		3,010		17,097
Harley-Davidson, Inc.		1,114		52,971
KB Home		683		24,089
Kohl’s Corp.		963		27,003
Lear Corp.		489		68,289
Leggett & Platt, Inc.		1,105		38,111
Lithia Motors, Inc.		229		58,436
Macy’s, Inc.		2,241		45,851
Marriott Vacations Worldwide Corp.		317		48,498
Nordstrom, Inc.		912		17,766
Papa John’s International, Inc.		261		21,911
Polaris, Inc.		447		50,846
RH*		159		47,546
Service Corp. International		1,287		86,911
Taylor Morrison Home Corp.*		905		32,426
Tempur Sealy International, Inc.		1,415		60,477
Texas Roadhouse, Inc.		554		56,253
Thor Industries, Inc. (a)		456		41,491
Toll Brothers, Inc.		900		53,946
Topgolf Callaway Brands Corp.*		1,189		27,561
Travel + Leisure Co.		670		28,106
Visteon Corp.*		238		39,756
Wendy’s Co.		1,440		31,622
Williams-Sonoma, Inc. (a)		553		69,081
Wingstop, Inc.		253		43,099
Wyndham Hotels & Resorts, Inc.		741		57,072
YETI Holdings, Inc.*		734		28,611

(Cost $1,899,977)				1,968,369


	Number of Shares		Value
Consumer Staples — 3.0%
BJ’s Wholesale Club Holdings, Inc.*		1,136	$	81,565
Coty, Inc., Class A*		3,117		35,222
Darling Ingredients, Inc.*		1,325		83,833
Flowers Foods, Inc.		1,590		44,329
Grocery Outlet Holding Corp.*		759		20,531
Ingredion, Inc.		547		54,372
Pilgrim’s Pride Corp.*		356		8,327
Sprouts Farmers Market, Inc.*		854		25,867

(Cost $314,052)				354,046

Energy — 2.3%
CNX Resources Corp.*		1,525		23,409
Equitrans Midstream Corp.		3,705		22,341
HF Sinclair Corp.		1,104		54,891
Murphy Oil Corp.		1,216		47,448
NOV, Inc.		3,298		72,160
Range Resources Corp.		1,989		53,584

(Cost $238,956)				273,833

Financials — 16.4%
Affiliated Managers Group, Inc.		317		50,533
Associated Banc-Corp.		1,207		27,942
Bank of Hawaii Corp.		321		24,030
Bank OZK		936		43,084
Brighthouse Financial, Inc.*		573		33,137
Cadence Bank		1,540		40,902
CNO Financial Group, Inc.		924		23,673
Commerce Bancshares, Inc.		943		62,379
East West Bancorp, Inc.		1,163		88,632
Evercore, Inc., Class A		303		39,747
First American Financial Corp.		873		49,569
First Horizon Corp.		4,492		111,267
FNB Corp.		2,963		42,282
Fulton Financial Corp.		1,434		24,665
Hancock Whitney Corp.		710		34,875
Hanover Insurance Group, Inc.		295		41,147
Janus Henderson Group PLC		1,121		30,783
Jefferies Financial Group, Inc.		1,539		58,159
Kemper Corp.		543		33,449
Kinsale Capital Group, Inc.		179		57,047
MGIC Investment Corp.		2,413		33,203
Navient Corp.		905		16,335
Old National Bancorp.		2,435		43,026
PacWest Bancorp		1,001		27,778
Pinnacle Financial Partners, Inc.		634		46,973
Primerica, Inc.		310		59,501
Prosperity Bancshares, Inc.		762		55,999
Reinsurance Group of America, Inc.		565		81,626
RenaissanceRe Holdings Ltd.		360		77,364
SEI Investments Co.		857		51,634
Selective Insurance Group, Inc.		499		50,663
SLM Corp.		2,099		30,184
Stifel Financial Corp.		885		59,145
Synovus Financial Corp.		1,210		50,590
Texas Capital Bancshares, Inc.*		426		28,214
UMB Financial Corp.		369		33,454
Unum Group		1,546		68,874
Valley National Bancorp		3,500		40,530


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

February 28, 2023 (Unaudited)


	Number of Shares		Value
Financials (Continued)
Voya Financial, Inc.		812	$	60,486
Webster Financial Corp.		1,438		76,387
Wintrust Financial Corp.		505		46,526

(Cost $1,765,249)				1,955,794

Health Care — 9.3%
Acadia Healthcare Co., Inc.*		755		54,745
Amedisys, Inc.*		278		25,562
Arrowhead Pharmaceuticals, Inc.*		895		28,908
Azenta, Inc.*		626		27,475
Encompass Health Corp.		833		47,081
Enovis Corp.*		375		21,608
Envista Holdings Corp.*		1,350		52,191
Exelixis, Inc.*		2,710		46,287
Haemonetics Corp.*		411		31,963
Halozyme Therapeutics, Inc.*		1,141		54,757
HealthEquity, Inc.*		704		45,880
ICU Medical, Inc.*(a)		175		29,862
Integra LifeSciences Holdings Corp.*		614		34,151
Jazz Pharmaceuticals PLC*		518		72,727
LivaNova PLC*		450		21,294
Neurocrine Biosciences, Inc.*		807		83,202
Patterson Cos., Inc.		720		19,094
Penumbra, Inc.*		322		83,717
Perrigo Co. PLC		1,125		42,401
Progyny, Inc.*		598		22,461
QuidelOrtho Corp.*		445		38,688
R1 RCM, Inc.*		1,117		15,861
STAAR Surgical Co.*(a)		410		22,710
Syneos Health, Inc.*		864		34,750
Tenet Healthcare Corp.*		905		52,970
United Therapeutics Corp.*		379		93,249

(Cost $1,200,747)				1,103,594

Industrials — 21.8%
Acuity Brands, Inc.		264		51,205
AECOM		1,171		101,128
AGCO Corp.		511		71,954
Avis Budget Group, Inc.*		205		45,030
Axon Enterprise, Inc.*		564		112,975
Brink’s Co.		377		24,599
Carlisle Cos., Inc.		431		111,293
Chart Industries, Inc.*(a)		345		46,058
Clean Harbors, Inc.*		420		55,469
Donaldson Co., Inc.		1,014		64,136
EMCOR Group, Inc.		396		66,219
EnerSys		350		31,742
Flowserve Corp.		1,092		37,881
FTI Consulting, Inc.*		289		53,092
Graco, Inc.		1,415		98,399
Hubbell, Inc.		448		112,690
IAA, Inc.*		1,105		45,206
Insperity, Inc.		305		37,847
ITT, Inc.		685		62,260
Kennametal, Inc.		705