February 28, 2022

Semi-Annual Report

DBX ETF Trust

 

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

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)

Xtrackers S&P 500 ESG ETF (SNPE)

Xtrackers S&P MidCap 400 ESG ETF (MIDE)

Xtrackers S&P SmallCap 600 ESG ETF (SMLE)

 

LOGO


DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Portfolio Summary

  

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

     3  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     4  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     5  

Xtrackers MSCI USA ESG Leaders Equity ETF

     6  

Xtrackers S&P 500 ESG ETF

     7  

Xtrackers S&P MidCap 400 ESG ETF

     8  

Xtrackers S&P SmallCap 600 ESG ETF

     9  

Fees and Expenses

     10  

Schedule of Investments

  

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

     11  

Xtrackers MSCI EAFE ESG Leaders Equity ETF

     26  

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

     32  

Xtrackers MSCI USA ESG Leaders Equity ETF

     40  

Xtrackers S&P 500 ESG ETF

     45  

Xtrackers S&P MidCap 400 ESG ETF

     50  

Xtrackers S&P SmallCap 600 ESG ETF

     54  

Statements of Assets and Liabilities

     60  

Statements of Operations

     62  

Statements of Changes in Net Assets

     64  

Financial Highlights

     68  

Notes to Financial Statements

     72  

Liquidity Risk Management

     83  

Board Consideration in Approval of Investment Advisory Contracts

     84  

Additional Information

     87  

Privacy Policy Notice

     88  


To our Shareholders: (Unaudited)

 

 

Dear Shareholder,

We are pleased to provide this semiannual report for seven of our equity ETFs tracking the environmental, social, and governance (ESG) market for the period ended February 28, 2022.

The recovery in global economy during the second half of 2021 was stalled by the emergence of the highly infectious Omicron variant of the coronavirus, which led to a spike in equity market volatility. To tackle the spread of the virus, countries had to restrict movements through different lockdown measures and expedite their vaccination programs. The services sector was heavily impacted, slowing the positive momentum it had gained in the past months, while global manufacturing sentiment remained upbeat. However, global equity markets started 2022 on a rough note as central banks shifted to a more hawkish stance in the face of rising inflation, with the U.S. Federal Reserve emphasizing multiple rate hikes this year and mentioning the possibility of shrinking its balance sheet as a next step. The European Central Bank maintained its accommodative stance initially, but pivoted to a more hawkish tone lately, stating rate hikes this year could not be ruled out. Meanwhile, the Bank of England became the only developed-economy central bank to make rate hikes. The geopolitical turmoil due to Russia’s invasion of Ukraine and retaliatory sanctions by the western countries further dented investor risk appetite.

ESG-focused funds continued to gain, while carbon- and water-focused themes were seen as a huge draw for investors. Global sustainable fund assets expanded in 4Q 2021, as investors poured in USD142bn. Europe accounted for the lion’s share of this increased inflow, while the U.S. still lagged behind its developed contemporaries. In the U.S., the Biden administration continued its ESG initiatives from 2021 policy actions, which started showing visible results. The Department of Labor proposed rules to permit fiduciaries of retirement plans to make allowances on ESG matters in their investment decision-making. The U.S. Securities and Exchange Commission’s (SEC’s) semiannual regulatory agenda published in December 2021 included disclosure requirements on climate change, human capital management, and corporate board diversity. The SEC also considered policies on cybersecurity governance, strategy, and risk management.

The UK introduced a series of ESG-related rules and regulations. All companies are currently required to include climate-related disclosures on a “comply or explain” basis. In the EU, the sustainable finance disclosure regulation hastened the mainstreaming of ESG more than any other catalysts in the past year, designating funds that promote ESG characteristics along with a sustainable investment objective. The EU started its implementation of the EU Taxonomy Regulation, which covers environmentally sustainable economic activities. Once it is fully implemented, it will cover 80% of all greenhouse gas emissions in the EU. European authorities drafted a new Corporate Sustainability Reporting Directive (CSRD), which emphasizes “double materiality,” requiring companies to detail both their environmental impact and climate-related risks. Meanwhile, China furthered its commitment to carbon emissions reduction, pledged in October before the UN Climate Change Conference (COP26), announcing it would reach peak carbon emissions before 2030 and achieve neutrality before 2060.

We believe 2022 will be viewed as a year of transition as the global economy, along with the investment environment, evolves in search of a new normal. Geopolitical pressures, coupled with disparities in central bank policies across different regions, are expected to impact investment decisions. On one hand, the economic effects of the war between Russia and Ukraine and other supporting nations need to be monitored. On the other, we believe high inflation signals a readjustment to demand supply-mismatches and labor markets. However, ESG-focused funds should continue to attract investors’ interest, and from a strategic perspective, we believe, actively managing asset allocation around this near-term geopolitical headwind will be vital.

 

1


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.

 

2


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

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

 

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

Ten Largest Equity Holdings
as of February 28, 2022 (28.6% of Net Assets)

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

    9.5%  

Tencent Holdings Ltd. (China)

    6.6%  

Samsung Electronics Co. Ltd. (South Korea)

    4.0%  

Alibaba Group Holding Ltd. (China)

    2.4%  

Infosys Ltd. (India)

    1.5%  

China Construction Bank Corp. (China)

    1.4%  

Meituan (China)

    1.1%  

Ping An Insurance Group Co. of China Ltd. (China)

    1.1%  

JD.com, Inc. (China)

    1.0%  

Housing Development Finance Corp. Ltd. (India)

    1.0%  
Country Diversification* as of February 28, 2022

 

China

    31.5%  

Taiwan

    19.9%  

India

    12.8%  

South Korea

    11.0%  

Brazil

    4.0%  

South Africa

    3.3%  

Saudi Arabia

    2.8%  

Mexico

    2.3%  

Indonesia

    2.0%  

Thailand

    2.0%  

Other

    8.4%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 28, 2022

 

Financials

    27.4%  

Information Technology

    24.7%  

Communication Services

    12.6%  

Consumer Discretionary

    12.1%  

Materials

    6.5%  

Industrials

    4.9%  

Consumer Staples

    4.7%  

Health Care

    3.8%  

Real Estate

    1.9%  

Utilities

    1.3%  

Energy

    0.1%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 11.

 

3


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

 

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

Ten Largest Equity Holdings
as of February 28, 2022 (20.0% of Net Assets)

 

Description   % of Net Assets  

ASML Holding NV (Netherlands)

    3.4%  

Roche Holding AG (Switzerland)

    3.3%  

AstraZeneca PLC (United Kingdom)

    2.3%  

Novo Nordisk A/S (Denmark)

    2.1%  

Sony Group Corp. (Japan)

    1.6%  

Unilever PLC (United Kingdom)

    1.6%  

TotalEnergies SE (France)

    1.6%  

SAP SE (Germany)

    1.4%  

Commonwealth Bank of Australia (Australia)

    1.4%  

GlaxoSmithKline PLC (United Kingdom)

    1.3%  
Country Diversification* as of February 28, 2022

 

Japan

    24.2%  

United Kingdom

    14.2%  

France

    10.7%  

Switzerland

    9.9%  

Germany

    7.8%  

Australia

    6.7%  

Netherlands

    6.6%  

Denmark

    4.0%  

Sweden

    3.2%  

Spain

    2.2%  

Other

    10.5%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 28, 2022

 

Financials

    17.4%  

Industrials

    14.7%  

Health Care

    14.6%  

Consumer Discretionary

    11.4%  

Consumer Staples

    9.4%  

Materials

    9.0%  

Information Technology

    8.7%  

Communication Services

    5.3%  

Utilities

    3.3%  

Energy

    3.2%  

Real Estate

    3.0%  
 

 

 

 

Total

    100.0%  

 

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

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

 

4


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

 

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

Ten Largest Equity Holdings
as of February 28, 2022 (38.1% of Net Assets)

 

Description   % of Net Assets  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

    13.2%  

Tencent Holdings Ltd. (China)

    7.7%  

Alibaba Group Holding Ltd. (China)

    5.0%  

Meituan (China)

    2.3%  

Reliance Industries Ltd. (India)

    2.2%  

Infosys Ltd. (India)

    1.9%  

China Construction Bank Corp. (China)

    1.8%  

MediaTek, Inc. (Taiwan)

    1.5%  

Housing Development Finance Corp. Ltd. (India)

    1.3%  

Ping An Insurance Group Co. of China Ltd. (China)

    1.2%  
Country Diversification* as of February 28, 2022

 

China

    30.0%  

Taiwan

    23.7%  

India

    12.5%  

South Korea

    6.5%  

South Africa

    5.5%  

Brazil

    3.7%  

Thailand

    2.5%  

Malaysia

    2.1%  

United Arab Emirates

    2.1%  

Hong Kong

    2.0%  

Other

    9.4%  
 

 

 

 

Total

    100.0%  
Sector Diversification* as of February 28, 2022

 

Information Technology

    22.2%  

Financials

    20.1%  

Consumer Discretionary

    15.6%  

Communication Services

    12.9%  

Materials

    7.2%  

Consumer Staples

    5.5%  

Industrials

    4.7%  

Energy

    4.2%  

Health Care

    3.6%  

Real Estate

    2.3%  

Utilities

    1.7%  
 

 

 

 

Total

    100.0%  

 

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.

 

5


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG)

 

Xtrackers MSCI USA ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market. The S&P 500 Index or the Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 28, 2022 (36.6% of Net Assets)

 

Description   % of Net Assets  

Microsoft Corp.

    10.9%  

Alphabet, Inc.

    8.1%  

Tesla, Inc.

    3.8%  

NVIDIA Corp.

    3.1%  

Johnson & Johnson

    2.2%  

Procter & Gamble Co.

    1.9%  

Visa, Inc.

    1.9%  

Home Depot, Inc.

    1.7%  

Mastercard, Inc.

    1.6%  

Walt Disney Co.

    1.4%  
Sector Diversification* as of February 28, 2022

 

Information Technology

    28.7%  

Health Care

    13.3%  

Consumer Discretionary

    12.5%  

Financials

    11.6%  

Communication Services

    11.6%  

Industrials

    7.8%  

Consumer Staples

    6.5%  

Materials

    2.8%  

Real Estate

    2.7%  

Energy

    1.5%  

Utilities

    1.0%  
 

 

 

 

Total

    100.0%  

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.

 

6


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 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 Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 28, 2022 (37.4% of Net Assets)

 

Description   % of Net Assets  

Apple, Inc.

    9.0%  

Microsoft Corp.

    7.9%  

Alphabet, Inc.

    5.5%  

Amazon.com, Inc.

    4.7%  

Tesla, Inc.

    2.5%  

NVIDIA Corp.

    2.1%  

UnitedHealth Group, Inc.

    1.6%  

JPMorgan Chase & Co.

    1.5%  

Procter & Gamble Co.

    1.3%  

Visa, Inc.

    1.3%  
Sector Diversification* as of February 28, 2022

 

Information Technology

    31.1%  

Consumer Discretionary

    13.5%  

Health Care

    12.9%  

Financials

    10.3%  

Communication Services

    9.5%  

Industrials

    6.4%  

Consumer Staples

    5.7%  

Energy

    4.0%  

Real Estate

    2.6%  

Materials

    2.5%  

Utilities

    1.5%  
 

 

 

 

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 45.

 

7


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 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 MidCap 400 Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 28, 2022 (8.9% of Net Assets)

 

Description   % of Net Assets  

Molina Healthcare, Inc.

    1.2%  

Camden Property Trust

    1.1%  

Steel Dynamics, Inc.

    0.9%  

Fair Isaac Corp.

    0.9%  

First Horizon Corp.

    0.8%  

Jones Lang LaSalle, Inc.

    0.8%  

East West Bancorp, Inc.

    0.8%  

Carlisle Cos., Inc.

    0.8%  

Graco, Inc.

    0.8%  

Medical Properties Trust, Inc.

    0.8%  
Sector Diversification* as of February 28, 2022

 

Industrials

    19.5%  

Financials

    15.6%  

Consumer Discretionary

    15.4%  

Information Technology

    13.2%  

Real Estate

    11.9%  

Health Care

    8.6%  

Materials

    7.6%  

Consumer Staples

    3.5%  

Communication Services

    2.0%  

Utilities

    1.5%  

Energy

    1.2%  
 

 

 

 

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 50.

 

8


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 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 SmallCap 600 Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 28, 2022 (7.4% of Net Assets)

 

Description   % of Net Assets  

Range Resources Corp.

    0.8%  

Omnicell, Inc.

    0.8%  

Vonage Holdings Corp.

    0.8%  

Chart Industries, Inc.

    0.8%  

Rogers Corp.

    0.7%  

Southwestern Energy Co.

    0.7%  

AMN Healthcare Services, Inc.

    0.7%  

Exponent, Inc.

    0.7%  

Matson, Inc.

    0.7%  

SPS Commerce, Inc.

    0.7%  
Sector Diversification* as of February 28, 2022

 

Financials

    18.5%  

Industrials

    17.9%  

Information Technology

    14.2%  

Consumer Discretionary

    12.6%  

Health Care

    11.8%  

Real Estate

    8.2%  

Materials

    5.9%  

Consumer Staples

    4.4%  

Energy

    4.4%  

Communication Services

    1.1%  

Utilities

    1.0%  
 

 

 

 

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 54.

 

9


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 (Septemebr 1, 2021 to February 28, 2022).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

 

      Beginning
Account Value
September 1, 2021
     Ending
Account Value
February 28, 2022
     Annualized
Expense Ratio
    Expenses Paid
During the Period
Per $1,000(1)
 
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

 

Actual

   $ 1,000.00      $ 911.50        0.15   $ 0.71  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.05        0.15   $ 0.76  
Xtrackers MSCI EAFE ESG Leaders Equity ETF

 

Actual

   $ 1,000.00      $ 919.30        0.14   $ 0.64  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.12        0.14   $ 0.68  
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

 

Actual

   $ 1,000.00      $ 879.30        0.20   $ 0.93  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.81        0.20   $ 1.00  
Xtrackers MSCI USA ESG Leaders Equity ETF

 

Actual

   $ 1,000.00      $ 966.20        0.09   $ 0.44  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.35        0.09   $ 0.45  
Xtrackers S&P 500 ESG ETF

 

Actual

   $ 1,000.00      $ 996.00        0.10   $ 0.49  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.30        0.10   $ 0.50  
Xtrackers S&P MidCap 400 ESG ETF

 

Actual

   $ 1,000.00      $ 978.30        0.15   $ 0.74  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.05        0.15   $ 0.76  
Xtrackers S&P SmallCap 600 ESG ETF

 

Actual

   $ 1,000.00      $ 982.80        0.15   $ 0.74  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.05        0.15   $ 0.76  

(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.

 

10


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 97.8%    
Argentina — 0.0%            

Adecoagro SA*

    9,879     $ 94,443  

Despegar.com Corp.*

    7,920       91,159  

Grupo Financiero Galicia SA, ADR

    10,673       101,073  

Telecom Argentina SA, ADR* (a)

    19,570       98,242  
   

 

 

 

(Cost $375,106)

             384,917  
   

 

 

 
Brazil — 2.8%            

Ambev SA

    410,483       1,211,123  

Americanas SA

    62,529       370,195  

Atacadao SA

    23,300       86,159  

B3 SA — Brasil Bolsa Balcao

    924,980       2,617,817  

Banco Bradesco SA

    183,960       609,189  

Banco BTG Pactual SA

    216,589       1,080,065  

Banco do Brasil SA

    133,837       914,727  

Banco Inter SA

    55,557       217,733  

Banco Santander Brasil SA

    54,255       325,844  

BB Seguridade Participacoes SA

    108,208       483,940  

BRF SA*

    53,637       173,976  

CCR SA

    99,189       226,423  

Centrais Eletricas Brasileiras SA

    62,689       423,102  

Cia de Saneamento Basico do Estado de Sao Paulo

    33,083       265,925  

Cia Siderurgica Nacional SA

    57,636       280,813  

CPFL Energia SA

    14,484       85,076  

Energisa SA

    28,890       247,250  

Equatorial Energia SA

    50,840       252,340  

Hapvida Participacoes e Investimentos SA, 144A

    493,784       1,162,645  

Hypera SA

    46,127       299,950  

Itau Unibanco Holding SA

    43,671       185,053  

Klabin SA

    78,572       353,839  

Localiza Rent a Car SA

    55,557       620,308  

Lojas Renner SA

    143,637       705,959  

Magazine Luiza SA

    257,540       300,448  

Multiplan Empreendimentos Imobiliarios SA

    34,477       147,834  

Natura & Co. Holding SA*

    138,903       624,183  

Neoenergia SA

    25,559       79,827  

Pagseguro Digital Ltd., Class A* (a)

    25,162       401,082  

Porto Seguro SA

    24,210       98,594  

Raia Drogasil SA

    182,234       826,327  

Rede D’Or Sao Luiz SA, 144A

    70,710       700,004  

Rumo SA*

    174,506       525,039  

Sendas Distribuidora SA

    103,549       270,546  

StoneCo Ltd., Class A*

    19,572       219,989  

Suzano SA

    72,798       778,187  

Telefonica Brasil SA

    40,069       390,213  

TIM SA

    107,198       283,201  

TOTVS SA

    44,932       288,255  

Via S/A*

    192,954       141,952  

WEG SA

    135,698       774,409  

XP, Inc.*

    1,919       61,540  

XP, Inc., Class A* (a)

    7,287       235,662  
   

 

 

 

(Cost $22,494,537)

      20,346,743  
   

 

 

 
   

Number
of Shares

   

Value

 
Chile — 0.3%            

Banco de Chile

    4,282,617     $ 456,820  

Banco de Credito e Inversiones SA

    10,250       368,461  

Banco Santander Chile

    10,350,842       510,510  

Cencosud SA

    128,246       237,194  

Cencosud Shopping SA

    40,660       43,893  

Cia Sud Americana de Vapores SA

    1,820,483       178,200  

Empresas CMPC SA

    100,739       167,357  

Falabella SA

    81,648       270,174  
   

 

 

 

(Cost $2,251,299)

      2,232,609  
   

 

 

 
China — 31.5%            

360 Security Technology, Inc., Class A*

    38,200       63,324  

51job, Inc., ADR*

    5,591       289,614  

AAC Technologies Holdings, Inc. (a)

    69,533       190,436  

Agile Group Holdings Ltd.

    91,432       41,657  

Agricultural Bank of China Ltd., Class A

    776,600       366,762  

Agricultural Bank of China Ltd., Class H

    4,316,518       1,635,191  

Aier Eye Hospital Group Co. Ltd., Class A

    30,400       174,692  

Air China Ltd., Class A*

    59,100       92,537  

Air China Ltd., Class H*

    157,466       120,915  

Airtac International Group

    7,457       244,710  

Alibaba Group Holding Ltd., ADR*

    167,041       17,571,043  

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

    80,254       143,998  

Aluminum Corp. of China Ltd., Class A*

    66,600       68,394  

Aluminum Corp. of China Ltd., Class H*

    405,824       280,982  

Angang Steel Co. Ltd., Class A

    34,600       21,056  

Angang Steel Co. Ltd., Class H

    226,789       112,615  

Angel Yeast Co. Ltd., Class A

    11,300       89,361  

Anhui Conch Cement Co. Ltd., Class A

    35,000       223,534  

Anhui Conch Cement Co. Ltd., Class H

    102,149       547,761  

ANTA Sports Products Ltd.

    108,374       1,649,112  

Apeloa Pharmaceutical Co. Ltd., Class A

    6,900       31,012  

Asymchem Laboratories Tianjin Co. Ltd., Class A

    2,000       107,895  

Autohome, Inc., ADR*

    5,590       170,998  

Avary Holding Shenzhen Co. Ltd., Class A

    5,400       29,619  

Baidu, Inc., ADR*

    24,790       3,778,988  

Bank of Beijing Co. Ltd., Class A

    106,000       75,762  

Bank of China Ltd., Class A

    305,200       149,940  

Bank of China Ltd., Class H

    7,428,510       2,890,138  

Bank of Communications Co. Ltd., Class A

    371,500       281,422  

Bank of Communications Co. Ltd., Class H

    1,072,659       735,817  

Bank of Hangzhou Co. Ltd., Class A

    68,900       156,363  

Bank of Jiangsu Co. Ltd., Class A

    77,900       82,097  

Bank of Nanjing Co. Ltd., Class A

    85,700       132,557  

Bank of Ningbo Co. Ltd., Class A

    39,360       237,657  

Bank of Shanghai Co. Ltd., Class A

    82,100       90,948  

Baoshan Iron & Steel Co. Ltd., Class A

    75,000       85,816  

BBMG Corp., Class A

    203,800       93,018  

BeiGene Ltd., ADR*

    5,488       1,155,334  

Beijing Dabeinong Technology Group Co. Ltd., Class A

    21,200       27,819  

 

See Notes to Financial Statements.   11  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
China (Continued)            

Beijing Shiji Information Technology Co. Ltd., Class A

    6,200     $ 23,523  

Beijing United Information Technology Co. Ltd., Class A

    4,000       74,796  

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

    2,300       91,781  

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

    248,900       203,538  

Bilibili, Inc., ADR* (a)

    22,367       707,021  

Blue Moon Group Holdings Ltd., 144A (a)

    155,975       121,767  

BOC International China Co. Ltd., Class A

    16,100       29,904  

BOE Technology Group Co. Ltd., Class A

    250,500       186,585  

BYD Co. Ltd., Class A

    10,200       403,474  

BYD Co. Ltd., Class H

    76,992       2,339,212  

By-health Co. Ltd., Class A

    4,800       18,842  

CanSino Biologics, Inc., Class H, 144A* (a)

    6,057       109,067  

CGN Power Co. Ltd., Class A

    141,100       65,742  

CGN Power Co. Ltd., Class H, 144A

    1,831,480       518,009  

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

    1,700       49,047  

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A

    1,600       39,120  

China Baoan Group Co. Ltd., Class A

    15,100       32,928  

China Bohai Bank Co. Ltd., Class H, 144A (a)

    314,387       52,306  

China Cinda Asset Management Co. Ltd., Class H

    676,696       122,111  

China CITIC Bank Corp. Ltd., Class H

    820,493       385,376  

China Conch Venture Holdings Ltd.

    148,250       713,388  

China Construction Bank Corp., Class A

    140,300       134,074  

China Construction Bank Corp., Class H

    13,775,109       10,330,847  

China CSSC Holdings Ltd., Class A

    9,600       33,334  

China Eastern Airlines Corp. Ltd., Class A*

    62,800       53,743  

China Everbright Bank Co. Ltd., Class A

    360,500       190,819  

China Everbright Bank Co. Ltd., Class H

    597,247       221,664  

China Evergrande Group (a)

    185,090       37,901  

China Feihe Ltd., 144A

    144,494       172,349  

China Galaxy Securities Co. Ltd., Class H

    381,125       218,031  

China Greatwall Technology Group Co. Ltd., Class A

    15,300       32,200  

China Hongqiao Group Ltd.

    223,994       311,322  

China International Capital Corp. Ltd., Class A

    11,800       79,178  

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

    222,756       541,659  

China International Marine Containers Group Co. Ltd., Class H

    58,819       97,408  

China Lesso Group Holdings Ltd.

    133,370       204,483  

China Life Insurance Co. Ltd., Class A

    21,600       98,518  

China Life Insurance Co. Ltd., Class H

    1,127,148       1,869,516  

China Literature Ltd., 144A*

    42,187       227,572  

China Meidong Auto Holdings Ltd.

    64,838       304,121  

China Merchants Bank Co. Ltd., Class A

    111,200       877,616  
   

Number
of Shares

   

Value

 
China (Continued)            

China Merchants Bank Co. Ltd., Class H

    367,463     $ 3,094,445  

China Merchants Securities Co. Ltd., Class A

    42,400       106,437  

China Merchants Securities Co. Ltd., Class H, 144A

    31,640       39,886  

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

    14,300       30,708  

China Minsheng Banking Corp. Ltd., Class A

    281,900       174,680  

China Minsheng Banking Corp. Ltd., Class H

    575,455       223,887  

China Molybdenum Co. Ltd., Class H

    329,296       197,231  

China National Building Material Co. Ltd., Class H

    329,766       422,880  

China National Chemical Engineering Co. Ltd., Class A

    66,000       108,884  

China National Nuclear Power Co. Ltd., Class A

    137,200       160,900  

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

    15,200       118,541  

China Pacific Insurance Group Co. Ltd., Class A

    36,900       154,617  

China Pacific Insurance Group Co. Ltd., Class H

    225,079       626,524  

China Railway Group Ltd., Class A

    153,900       151,461  

China Railway Group Ltd., Class H

    392,311       230,455  

China Railway Signal & Communication Corp. Ltd., Class H, 144A

    249,186       90,570  

China Reinsurance Group Corp., Class H

    848,934       81,485  

China Resources Mixc Lifestyle Services Ltd., 144A

    58,816       302,597  

China Southern Airlines Co. Ltd., Class H*

    149,015       94,020  

China State Construction Engineering Corp. Ltd., Class A

    248,500       200,454  

China Tower Corp. Ltd., Class H, 144A

    3,990,424       464,733  

China United Network Communications Ltd., Class A

    176,600       106,912  

China Vanke Co. Ltd., Class A

    62,800       191,087  

China Vanke Co. Ltd., Class H

    167,165       396,214  

China Yangtze Power Co. Ltd., Class A

    270,300       992,956  

China Zhenhua Group Science & Technology Co. Ltd., Class A

    5,700       105,843  

Chongqing Changan Automobile Co. Ltd., Class A

    38,200       78,337  

Chongqing Rural Commercial Bank Co. Ltd., Class H

    320,912       118,283  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    9,400       192,588  

CIFI Holdings Group Co. Ltd.

    369,885       257,519  

CITIC Securities Co. Ltd., Class A

    98,555       364,388  

CITIC Securities Co. Ltd., Class H

    193,829       469,831  

Contemporary Amperex Technology Co. Ltd., Class A

    21,100       1,783,502  

COSCO SHIPPING Holdings Co. Ltd., Class A*

    77,700       215,738  

COSCO SHIPPING Holdings Co. Ltd., Class H*

    308,329       619,523  

 

See Notes to Financial Statements.   12  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
China (Continued)            

Country Garden Holdings Co. Ltd.

    789,746     $ 612,496  

Country Garden Services Holdings Co. Ltd.

    173,200       1,035,161  

CRRC Corp. Ltd., Class A

    138,800       127,362  

CRRC Corp. Ltd., Class H

    411,288       182,650  

CSC Financial Co. Ltd., Class H, 144A

    131,508       139,693  

Dada Nexus Ltd., ADR*

    28,888       240,059  

Dali Foods Group Co. Ltd., 144A

    179,908       94,631  

DaShenLin Pharmaceutical Group Co. Ltd., Class A

    5,300       29,893  

Dongfang Electric Corp. Ltd., Class A

    11,300       29,119  

Dongfang Electric Corp. Ltd., Class H

    30,880       38,690  

Dongfeng Motor Group Co. Ltd., Class H

    157,073       134,886  

East Money Information Co. Ltd., Class A

    62,300       264,010  

Ecovacs Robotics Co. Ltd., Class A

    2,200       47,232  

Eve Energy Co. Ltd., Class A

    12,000       170,206  

Everbright Securities Co. Ltd., Class A

    54,400       114,835  

Evergrande Property Services Group Ltd., 144A*

    362,957       109,161  

Flat Glass Group Co. Ltd., Class A

    11,900       92,409  

Flat Glass Group Co. Ltd., Class H

    76,361       314,681  

Focus Media Information Technology Co. Ltd., Class A

    95,500       115,780  

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

    12,800       200,824  

Founder Securities Co. Ltd., Class A

    49,100       55,870  

Foxconn Industrial Internet Co. Ltd., Class A

    70,000       123,914  

Fujian Sunner Development Co. Ltd., Class A*

    9,200       28,737  

Fuyao Glass Industry Group Co. Ltd., Class A

    15,200       105,990  

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

    47,115       230,338  

Ganfeng Lithium Co. Ltd., Class A

    7,000       167,967  

Ganfeng Lithium Co. Ltd., Class H, 144A

    20,970       352,913  

GDS Holdings Ltd., ADR* (a)

    27,957       1,244,646  

GEM Co. Ltd., Class A

    75,600       114,538  

Gemdale Corp., Class A

    14,900       30,012  

Genscript Biotech Corp.*

    153,488       606,000  

GF Securities Co. Ltd., Class A

    50,300       148,349  

GF Securities Co. Ltd., Class H

    109,027       163,533  

Gigadevice Semiconductor Beijing, Inc., Class A

    3,600       87,467  

GoerTek, Inc., Class A

    12,100       83,952  

Gotion High-tech Co. Ltd., Class A*

    10,500       71,686  

Great Wall Motor Co. Ltd., Class A

    7,900       45,710  

Great Wall Motor Co. Ltd., Class H

    195,286       406,382  

Gree Electric Appliances, Inc. of Zhuhai, Class A

    50,900       296,607  

Guangdong Haid Group Co. Ltd., Class A

    7,000       73,084  

Guangdong Kinlong Hardware Products Co. Ltd., Class A

    3,200       53,756  

Guangzhou Automobile Group Co. Ltd., Class H

    157,073       154,787  
   

Number
of Shares

   

Value

 
China (Continued)            

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    35,300     $ 166,654  

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

    3,200       42,700  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    7,000       117,802  

Guosen Securities Co. Ltd., Class A

    24,000       39,366  

Guotai Junan Securities Co. Ltd., Class A

    52,200       138,069  

Guotai Junan Securities Co. Ltd., Class H, 144A

    78,389       115,572  

Haidilao International Holding Ltd., 144A (a)

    85,379       195,809  

Haier Smart Home Co. Ltd., Class A

    46,600       188,246  

Haier Smart Home Co. Ltd., Class H

    200,873       700,537  

Haitong Securities Co. Ltd., Class A

    56,600       100,822  

Haitong Securities Co. Ltd., Class H

    252,989       217,578  

Hangzhou First Applied Material Co. Ltd., Class A

    12,400       233,144  

Hangzhou Silan Microelectronics Co. Ltd., Class A

    12,300       111,090  

Hangzhou Tigermed Consulting Co. Ltd., Class A

    7,000       112,910  

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

    9,782       109,542  

Hansoh Pharmaceutical Group Co. Ltd., 144A

    117,993       252,485  

Hengan International Group Co. Ltd.

    58,353       309,550  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    4,300       73,563  

Hongfa Technology Co. Ltd., Class A

    10,000       99,525  

Hua Hong Semiconductor Ltd., 144A*

    95,161       493,239  

Huadong Medicine Co. Ltd., Class A

    23,200       139,310  

Huaneng Lancang River Hydropower, Inc., Class A

    73,600       71,850  

Huatai Securities Co. Ltd., Class A

    44,700       112,210  

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

    126,281       206,544  

Huaxia Bank Co. Ltd., Class A

    109,400       97,610  

Huaxin Cement Co. Ltd., Class B

    51,300       97,111  

Huayu Automotive Systems Co. Ltd., Class A

    26,800       107,710  

Huazhu Group Ltd., ADR*

    9,319       385,434  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    4,600       96,316  

Hunan Valin Steel Co. Ltd., Class A

    39,300       36,310  

Hundsun Technologies, Inc., Class A

    7,000       57,952  

Iflytek Co. Ltd., Class A

    15,200       118,011  

Industrial & Commercial Bank of China Ltd., Class A

    572,100       422,502  

Industrial & Commercial Bank of China Ltd., Class H

    11,637,133       6,955,144  

Industrial Bank Co. Ltd., Class A

    125,200       437,902  

Industrial Securities Co. Ltd., Class A

    94,500       122,506  

Ingenic Semiconductor Co. Ltd., Class A

    4,500       79,374  

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

    282,000       119,772  

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

    34,400       215,450  

 

See Notes to Financial Statements.   13  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
China (Continued)            

Innovent Biologics, Inc., 144A*

    76,987     $ 344,356  

Inspur Electronic Information Industry Co. Ltd., Class A

    24,600       128,380  

Intco Medical Technology Co. Ltd., Class A

    4,800       38,970  

iQIYI, Inc., ADR*

    29,823       123,467  

JA Solar Technology Co. Ltd., Class A

    12,200       183,599  

Jafron Biomedical Co. Ltd., Class A

    9,800       71,054  

Jason Furniture Hangzhou Co. Ltd., Class A

    10,200       113,800  

JCET Group Co. Ltd., Class A

    25,900       114,888  

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

    63,503       470,561  

JD.com, Inc., ADR*

    82,749       5,927,311  

JD.com, Inc., Class A*

    43,777       1,564,245  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    27,400       82,678  

Jiangsu Hengrui Medicine Co. Ltd., Class A

    38,200       242,640  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    34,900       103,483  

Jiangxi Copper Co. Ltd., Class A

    38,200       134,154  

Jiangxi Copper Co. Ltd., Class H

    76,521       137,496  

Jiangxi Zhengbang Technology Co. Ltd., Class A

    21,900       23,913  

Joinn Laboratories China Co. Ltd., Class H, 144A

    10,629       88,556  

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A

    6,100       33,265  

KE Holdings, Inc., ADR*

    55,079       1,069,083  

Kingdee International Software Group Co. Ltd.*

    428,655       1,052,204  

Kingfa Sci & Tech Co. Ltd., Class A

    4,300       7,319  

Kingsoft Cloud Holdings Ltd., ADR* (a)

    13,756       92,715  

Kingsoft Corp. Ltd.

    129,117       479,209  

Kuaishou Technology, 144A*

    91,859       1,052,763  

Kuang-Chi Technologies Co. Ltd., Class A*

    9,700       31,191  

LB Group Co. Ltd., Class A

    8,000       33,534  

Legend Holdings Corp., Class H, 144A

    142,165       199,774  

Lenovo Group Ltd.

    1,021,913       1,136,520  

Lens Technology Co. Ltd., Class A

    46,600       107,379  

Li Auto, Inc., ADR*

    89,342       2,720,464  

Li Ning Co. Ltd.

    210,422       2,091,105  

Lingyi iTech Guangdong Co., Class A*

    43,900       41,674  

Livzon Pharmaceutical Group, Inc., Class H

    26,124       97,793  

Logan Group Co. Ltd.

    204,659       68,100  

Longfor Group Holdings Ltd., 144A

    183,324       980,706  

LONGi Green Energy Technology Co. Ltd., Class A

    62,300       766,853  

Lufax Holding Ltd., ADR*

    290,360       1,878,629  

Luxshare Precision Industry Co. Ltd., Class A

    36,700       252,596  

Mango Excellent Media Co. Ltd., Class A

    9,200       49,762  

Maxscend Microelectronics Co. Ltd., Class A

    1,500       64,101  

Meituan, Class B, 144A*

    359,436       7,921,328  
   

Number
of Shares

   

Value

 
China (Continued)            

Metallurgical Corp. of China Ltd., Class A

    203,500     $ 131,259  

Metallurgical Corp. of China Ltd., Class H

    244,500       74,160  

Microport Scientific Corp. (a)

    65,564       181,243  

Ming Yang Smart Energy Group Ltd., Class A

    19,900       81,051  

Ming Yuan Cloud Group Holdings Ltd.* (a)

    43,800       85,989  

MINISO Group Holding Ltd., ADR

    28,425       248,150  

Montage Technology Co. Ltd., Class A

    10,348       126,767  

Muyuan Foods Co. Ltd., Class A

    23,200       209,866  

NARI Technology Co. Ltd., Class A

    27,860       156,078  

NAURA Technology Group Co. Ltd., Class A

    4,100       196,975  

NavInfo Co. Ltd., Class A*

    12,300       33,352  

NetEase, Inc., ADR

    36,479       3,477,908  

New China Life Insurance Co. Ltd., Class A

    18,300       110,496  

New China Life Insurance Co. Ltd., Class H

    135,022       386,212  

New Hope Liuhe Co. Ltd., Class A*

    12,100       29,473  

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

    144,899       218,797  

Ninestar Corp., Class A

    17,000       134,437  

NIO, Inc., ADR*

    194,127       4,433,861  

Nongfu Spring Co. Ltd., Class H, 144A

    161,736       1,013,217  

Offcn Education Technology Co. Ltd., Class A*

    29,300       32,550  

Oppein Home Group, Inc., Class A

    3,200       64,208  

Orient Securities Co. Ltd., Class A

    55,500       107,834  

Ovctek China, Inc., Class A

    4,100       26,634  

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*

    52,700       35,078  

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

    187,800       137,799  

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

    1,183,386       380,140  

Pharmaron Beijing Co. Ltd., Class A

    4,600       88,377  

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

    11,651       140,760  

PICC Property & Casualty Co. Ltd., Class H

    620,673       655,330  

Pinduoduo, Inc., ADR*

    58,119       3,014,051  

Ping An Bank Co. Ltd., Class A

    116,900       291,787  

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

    45,199       139,408  

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

    107,900       867,988  

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

    922,628       7,131,926  

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

    54,400       136,388  

Poly Property Services Co. Ltd., Class H

    13,771       97,374  

Pop Mart International Group Ltd., 144A*

    24,238       121,443  

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

    203,200       179,692  

 

See Notes to Financial Statements.   14  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
China (Continued)            

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

    1,141,691     $ 936,591  

Rongsheng Petrochemical Co. Ltd., Class A

    27,500       82,064  

SAIC Motor Corp. Ltd., Class A

    54,400       156,131  

Sangfor Technologies, Inc., Class A

    1,700       39,200  

Sany Heavy Industry Co. Ltd., Class A

    38,200       118,717  

Satellite Chemical Co. Ltd., Class A

    17,700       126,453  

SDIC Capital Co. Ltd., Class A

    63,300       74,235  

Seazen Group Ltd.*

    186,429       98,300  

Seazen Holdings Co. Ltd., Class A

    20,700       99,038  

SF Holding Co. Ltd., Class A

    15,200       145,496  

SG Micro Corp., Class A

    900       49,635  

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

    117,058       221,721  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    23,200       129,310  

Shandong Linglong Tyre Co. Ltd., Class A

    17,800       78,873  

Shandong Nanshan Aluminum Co. Ltd., Class A

    124,200       95,660  

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

    236,110       325,140  

Shanghai Baosight Software Co. Ltd., Class A

    9,800       83,432  

Shanghai Baosight Software Co. Ltd., Class B

    54,400       234,355  

Shanghai Electric Group Co. Ltd., Class H

    388,620       108,921  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    24,700       165,971  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    69,878       279,916  

Shanghai International Airport Co. Ltd., Class A*

    8,300       68,860  

Shanghai Jinjiang International Hotels Co. Ltd., Class A

    6,500       57,882  

Shanghai Junshi Biosciences Co. Ltd., Class H, 144A*

    20,504       138,815  

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

    144,004       128,308  

Shanghai MicroPort MedBot Group Co. Ltd.*

    24,858       154,454  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    60,215       108,505  

Shanghai Pudong Development Bank Co. Ltd., Class A

    195,800       260,343  

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

    3,300       76,083  

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A

    21,000       34,845  

Shanxi Taigang Stainless Steel Co. Ltd., Class A

    49,700       57,576  

Shenwan Hongyuan Group Co. Ltd., Class A

    182,700       132,609  

Shenzhen Capchem Technology Co. Ltd., Class A

    2,100       31,949  
   

Number
of Shares

   

Value

 
China (Continued)            

Shenzhen Inovance Technology Co. Ltd., Class A

    11,050     $ 111,481  

Shenzhen Kangtai Biological Products Co. Ltd., Class A

    2,500       33,455  

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

    6,100       316,224  

Shenzhen Overseas Chinese Town Co. Ltd., Class A

    40,600       44,396  

Shenzhou International Group Holdings Ltd.

    72,794       1,223,217  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

    23,200       63,864  

Sichuan Road & Bridge Co. Ltd., Class A

    48,200       95,178  

Sinoma Science & Technology Co. Ltd., Class A

    18,100       85,423  

Sinopharm Group Co. Ltd., Class H

    209,317       505,766  

Sinotrans Ltd., Class H

    179,300       55,990  

Sinotruk Hong Kong Ltd.

    56,264       83,816  

Sunac China Holdings Ltd.

    230,518       188,811  

Sunac Services Holdings Ltd., 144A

    76,988       65,325  

Sungrow Power Supply Co. Ltd., Class A

    12,400       237,978  

Suning.com Co. Ltd., Class A*

    50,300       28,618  

Sunny Optical Technology Group Co. Ltd.

    40,537       968,588  

Sunwoda Electronic Co. Ltd., Class A

    11,300       65,758  

Suzhou Maxwell Technologies Co. Ltd., Class A

    1,000       86,704  

TCL Technology Group Corp., Class A

    109,400       96,397  

Tencent Holdings Ltd.

    890,666       48,011,636  

Tencent Music Entertainment Group, ADR*

    94,972       511,899  

Thunder Software Technology Co. Ltd., Class A

    3,200       70,714  

Tianjin Zhonghuan Semiconductor Co. Ltd., Class A

    30,400       231,156  

Tingyi Cayman Islands Holding Corp.

    120,322       266,092  

Tongcheng Travel Holdings Ltd.*

    129,611       240,521  

Tongwei Co. Ltd., Class A

    23,200       157,731  

Topchoice Medical Corp., Class A*

    2,200       56,234  

Topsports International Holdings Ltd., 144A

    236,576       244,942  

TravelSky Technology Ltd., Class H

    157,073       295,905  

Trip.com Group Ltd., ADR*

    56,486       1,458,468  

Unigroup Guoxin Microelectronics Co. Ltd., Class A

    3,100       108,726  

Uni-President China Holdings Ltd.

    162,488       168,442  

Vipshop Holdings Ltd., ADR*

    51,365       445,335  

Walvax Biotechnology Co. Ltd., Class A

    7,000       51,862  

Wanhua Chemical Group Co. Ltd., Class A

    15,200       228,361  

Want Want China Holdings Ltd.

    401,164       426,645  

Weibo Corp., ADR*

    8,393       230,220  

Weichai Power Co. Ltd., Class A

    54,400       130,698  

Weichai Power Co. Ltd., Class H

    188,293       318,091  

Wens Foodstuffs Group Co. Ltd., Class A

    45,400       140,229  

Western Securities Co. Ltd., Class A

    51,900       62,510  

Will Semiconductor Co. Ltd., Class A

    3,900       151,927  

 

See Notes to Financial Statements.   15  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
China (Continued)            

Wingtech Technology Co. Ltd., Class A

    7,000     $ 129,461  

Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A

    22,400       73,945  

WuXi AppTec Co. Ltd., Class A

    12,168       200,415  

WuXi AppTec Co. Ltd., Class H, 144A

    33,550       475,746  

Wuxi Biologics Cayman, Inc., 144A*

    533,301       4,385,194  

Wuxi Lead Intelligent Equipment Co. Ltd., Class A

    8,800       93,760  

XCMG Construction Machinery Co. Ltd., Class A

    166,900       146,269  

Xiaomi Corp., Class B, 144A*

    880,894       1,652,726  

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

    65,300       154,712  

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

    128,115       208,888  

Xinyi Solar Holdings Ltd.

    774,778       1,400,088  

XPeng, Inc., ADR* (a)

    82,454       2,998,852  

Yealink Network Technology Corp. Ltd., Class A

    8,600       104,154  

Yifeng Pharmacy Chain Co. Ltd., Class A

    7,000       54,813  

Yihai International Holding Ltd.*

    42,399       176,895  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

    8,300       70,293  

Yonyou Network Technology Co. Ltd., Class A

    23,200       115,265  

YTO Express Group Co. Ltd., Class A

    16,300       44,922  

Yunda Holding Co. Ltd., Class A

    28,100       86,348  

Yunnan Aluminium Co. Ltd., Class A*

    39,700       90,662  

Yunnan Baiyao Group Co. Ltd., Class A

    7,000       100,119  

Yunnan Energy New Material Co. Ltd., Class A

    5,200       214,263  

Zai Lab Ltd., ADR*

    6,833       373,765  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    3,800       217,588  

Zhejiang Century Huatong Group Co. Ltd., Class A*

    91,100       93,987  

Zhejiang Chint Electrics Co. Ltd., Class A

    8,400       66,455  

Zhejiang Dahua Technology Co. Ltd., Class A

    41,900       124,173  

Zhejiang Dingli Machinery Co. Ltd., Class A

    2,700       24,612  

Zhejiang Expressway Co. Ltd., Class H

    89,570       80,701  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    2,800       54,638  

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

    11,500       118,463  

Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A

    4,500       34,132  

Zhejiang NHU Co. Ltd., Class A

    13,000       69,945  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

    7,500       23,891  

Zheshang Securities Co. Ltd., Class A

    54,900       100,490  

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

    109,606       359,102  

Zhongsheng Group Holdings Ltd.

    34,014       236,810  

Zhuzhou CRRC Times Electric Co. Ltd.

    50,843       263,530  
   

Number
of Shares

   

Value

 
China (Continued)            

Zhuzhou Kibing Group Co. Ltd., Class A

    27,700     $ 68,965  

Zijin Mining Group Co. Ltd., Class A

    109,400       194,527  

Zijin Mining Group Co. Ltd., Class H

    334,878       496,293  

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

    197,145       130,695  

ZTE Corp., Class A

    38,200       175,926  

ZTE Corp., Class H

    51,306       126,070  

ZTO Express Cayman, Inc., ADR

    43,331       1,275,665  
   

 

 

 

(Cost $258,463,300)

      230,022,749  
   

 

 

 
Colombia — 0.1%            

Bancolombia SA

    38,671       387,106  

Interconexion Electrica SA ESP

    40,535       252,564  
   

 

 

 

(Cost $573,737)

      639,670  
   

 

 

 
Czech Republic — 0.1%            

Komercni Banka AS

    10,719       422,362  

Moneta Money Bank AS, 144A

    49,064       194,421  
   

 

 

 

(Cost $641,376)

      616,783  
   

 

 

 
Egypt — 0.1%            

Commercial International Bank Egypt SAE*

    308,333       938,345  

Fawry for Banking & Payment Technology Services SAE*

    146,823       90,374  
   

 

 

 

(Cost $1,113,455)

      1,028,719  
   

 

 

 
Greece — 0.3%            

Alpha Services and Holdings SA*

    289,060       393,503  

Eurobank Ergasias Services and Holdings SA*

    407,676       447,004  

Hellenic Telecommunications Organization SA

    33,549       670,744  

JUMBO SA

    12,578       180,692  

National Bank of Greece SA*

    88,875       329,421  

Piraeus Financial Holdings SA*

    92,400       146,958  

Star Bulk Carriers Corp.

    7,362       221,449  

Terna Energy SA

    6,072       88,115  
   

 

 

 

(Cost $2,388,136)

      2,477,886  
   

 

 

 
Hong Kong — 1.2%            

Beijing Enterprises Water Group Ltd.

    313,922       123,742  

BOC Hong Kong Holdings Ltd.

    536,759       1,930,318  

China Everbright Environment Group Ltd.

    326,288       233,847  

China Jinmao Holdings Group Ltd.

    637,555       212,146  

China Mengniu Dairy Co. Ltd.*

    277,115       1,799,863  

China Merchants Port Holdings Co. Ltd.

    103,082       193,929  

China Overseas Land & Investment Ltd.

    436,573       1,332,565  

China Resources Cement Holdings Ltd.

    163,660       139,914  

China Resources Land Ltd.

    259,875       1,263,838  

China State Construction International Holdings Ltd.

    179,441       252,155  

China Taiping Insurance Holdings Co. Ltd.

    224,925       265,695  

Guangdong Investment Ltd.

    272,903       366,725  

Jinmao Property Services Co. Ltd.*

    9,630       37  

Orient Overseas International Ltd.

    18,964       533,944  
   

 

 

 

(Cost $7,883,638)

      8,648,718  
   

 

 

 

 

See Notes to Financial Statements.   16  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
Hungary — 0.2%            

OTP Bank Nyrt*

    32,641     $ 1,261,780  

Richter Gedeon Nyrt

    13,981       295,236  
   

 

 

 

(Cost $2,328,328)

      1,557,016  
   

 

 

 
India — 12.8%            

Aarti Industries Ltd.

    20,590       253,086  

ABB India Ltd.

    3,953       113,292  

ACC Ltd.

    7,639       211,806  

Adani Green Energy Ltd.*

    80,018       1,957,665  

Adani Ports & Special Economic Zone Ltd.

    65,339       613,522  

Adani Transmission Ltd.*

    35,411       1,003,102  

Alkem Laboratories Ltd.

    3,727       162,141  

Ambuja Cements Ltd.

    51,776       215,941  

Apollo Hospitals Enterprise Ltd.

    11,649       742,531  

Ashok Leyland Ltd.

    184,567       290,638  

Asian Paints Ltd.

    56,489       2,380,076  

Astral Ltd.

    8,033       207,015  

AU Small Finance Bank Ltd., 144A*

    19,570       312,611  

Aurobindo Pharma Ltd.

    27,025       224,259  

Avenue Supermarts Ltd., 144A*

    20,523       1,182,216  

Axis Bank Ltd., GDR*

    15,970       776,142  

Axis Bank Ltd.*

    258,482       2,546,827  

Bajaj Auto Ltd.

    5,052       236,708  

Bajaj Finance Ltd.

    21,921       2,037,193  

Bajaj Finserv Ltd.

    3,364       714,904  

Bajaj Holdings & Investment Ltd.

    3,260       225,088  

Balkrishna Industries Ltd.

    8,439       204,128  

Bandhan Bank Ltd., 144A

    95,160       386,841  

Bank of Baroda*

    105,822       149,644  

Berger Paints India Ltd.

    34,012       311,670  

Bharat Forge Ltd.

    31,721       285,709  

Bharti Airtel Ltd.*

    208,547       1,900,096  

Biocon Ltd.*

    57,888       268,015  

Bosch Ltd.

    348       72,737  

Britannia Industries Ltd.

    6,992       318,056  

Cadila Healthcare Ltd.

    21,432       102,513  

Cholamandalam Investment and Finance Co. Ltd.

    56,489       518,014  

Cipla Ltd.

    44,733       549,192  

Colgate-Palmolive India Ltd.

    17,704       340,793  

Container Corp. Of India Ltd.

    23,765       188,991  

Dabur India Ltd.

    58,352       436,280  

Dalmia Bharat Ltd.

    10,419       216,684  

Deepak Nitrite Ltd.

    11,621       308,318  

Divi’s Laboratories Ltd.

    12,113       685,649  

DLF Ltd.

    62,078       288,979  

Dr. Reddy’s Laboratories Ltd.

    16,263       877,044  

Eicher Motors Ltd.

    8,767       301,334  

Embassy Office Parks REIT

    120,321       597,090  

Gland Pharma Ltd., 144A*

    4,923       213,209  

Godrej Consumer Products Ltd.*

    58,295       594,149  

Godrej Properties Ltd.*

    12,579       250,779  

Grasim Industries Ltd.

    28,739       609,699  

Havells India Ltd.

    34,948       549,956  

HCL Technologies Ltd.

    90,503       1,353,626  

HDFC Asset Management Co. Ltd., 144A

    6,987       193,454  

HDFC Life Insurance Co. Ltd., 144A

    112,868       783,736  
   

Number
of Shares

   

Value

 
India (Continued)            

Hero MotoCorp Ltd.

    12,582     $ 423,385  

Hindalco Industries Ltd.

    118,745       904,210  

Hindustan Unilever Ltd.

    72,913       2,101,919  

Honeywell Automation India Ltd.

    218       118,482  

Housing Development Finance Corp. Ltd.

    238,103       7,471,974  

ICICI Bank Ltd.

    457,922       4,513,735  

ICICI Lombard General Insurance Co. Ltd., 144A

    26,118       438,076  

ICICI Prudential Life Insurance Co. Ltd., 144A

    48,705       309,725  

IDFC First Bank Ltd.*

    339,914       189,925  

Indian Railway Catering & Tourism Corp. Ltd.

    26,746       287,294  

Indus Towers Ltd.*

    65,805       187,858  

Info Edge India Ltd.

    8,854       523,420  

Infosys Ltd., ADR

    146,236       3,284,461  

Infosys Ltd.

    343,736       7,826,583  

InterGlobe Aviation Ltd., 144A*

    7,454       185,481  

JSW Energy Ltd.

    75,069       338,943  

JSW Steel Ltd.

    90,967       757,520  

Jubilant Foodworks Ltd.

    8,856       342,087  

Kansai Nerolac Paints Ltd.

    13,977       84,338  

Kotak Mahindra Bank Ltd.

    98,488       2,408,690  

L&T Technology Services Ltd., 144A

    2,918       175,514  

Larsen & Toubro Infotech Ltd., 144A

    5,589       433,917  

Laurus Labs Ltd., 144A

    38,779       278,719  

Lupin Ltd.

    19,568       193,700  

Mahindra & Mahindra Ltd.

    92,378       969,603  

Marico Ltd.

    69,066       471,791  

Maruti Suzuki India Ltd.

    10,285       1,134,889  

Max Financial Services Ltd.*

    28,735       316,458  

Mindtree Ltd.

    6,525       336,107  

Motherson Sumi Systems Ltd.

    92,192       184,084  

Motherson Sumi Wiring India Ltd.* (b)

    92,192       42,580  

Mphasis Ltd.

    9,193       379,286  

MRF Ltd.

    434       378,666  

Muthoot Finance Ltd.

    14,447       260,524  

Nestle India Ltd.

    3,261       763,413  

NHPC Ltd.

    287,826       104,667  

NMDC Ltd.

    65,806       125,022  

Oracle Financial Services Software Ltd.

    3,725       167,571  

Page Industries Ltd.

    467       261,902  

PI Industries Ltd.

    9,787       320,618  

Pidilite Industries Ltd.

    12,421       396,125  

Piramal Enterprises Ltd.

    10,304       283,113  

Polycab India Ltd.

    4,177       131,653  

Power Finance Corp. Ltd.

    84,447       123,116  

Power Grid Corp. of India Ltd.

    270,035       749,565  

Punjab National Bank*

    205,373       95,126  

REC Ltd.

    84,911       138,105  

SBI Cards & Payment Services Ltd.*

    21,350       222,589  

SBI Life Insurance Co. Ltd., 144A

    49,715       699,497  

Shree Cement Ltd.

    802       259,870  

Shriram Transport Finance Co. Ltd.

    17,705       264,162  

Siemens Ltd.

    5,593       174,250  

SRF Ltd.

    16,300       515,657  

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
India (Continued)            

State Bank of India

    266,946     $ 1,711,912  

Steel Authority of India Ltd.

    157,543       201,457  

Sun Pharmaceutical Industries Ltd.

    82,169       920,302  

Tata Communications Ltd.

    11,819       185,604  

Tata Consultancy Services Ltd.

    132,038       6,228,335  

Tata Consumer Products Ltd.

    81,648       778,689  

Tata Elxsi Ltd.

    3,984       340,084  

Tata Motors Ltd.*

    147,245       887,310  

Tata Motors Ltd., Class A*

    24,360       70,092  

Tata Power Co. Ltd.

    132,392       391,918  

Tata Steel Ltd.

    56,792       920,121  

Tech Mahindra Ltd.

    54,101       1,012,408  

Titan Co. Ltd.

    32,153       1,086,688  

Torrent Pharmaceuticals Ltd.

    6,521       237,992  

Trent Ltd.

    19,224       282,718  

UltraTech Cement Ltd.

    9,786       853,027  

UPL Ltd.

    41,005       362,146  

Varun Beverages Ltd.

    16,389       205,658  

Vedanta Ltd.

    59,290       299,253  

Voltas Ltd.

    27,026       453,073  

Wipro Ltd.

    195,283       1,440,503  

Yes Bank Ltd.*

    2,173,312       382,181  
   

 

 

 

(Cost $98,907,796)

      93,564,584  
   

 

 

 
Indonesia — 2.0%            

Aneka Tambang Tbk

    1,038,467       160,465  

PT Bank Central Asia Tbk

    8,159,797       4,572,031  

PT Bank Jago Tbk*

    752,298       846,970  

PT Bank Mandiri Persero Tbk

    2,628,708       1,408,857  

PT Bank Negara Indonesia Persero Tbk

    705,182       392,668  

PT Bank Rakyat Indonesia Persero Tbk

    9,664,695       3,060,789  

PT Barito Pacific Tbk

    3,506,284       217,206  

PT Chandra Asri Petrochemical Tbk

    455,459       286,108  

PT Charoen Pokphand Indonesia Tbk

    438,950       177,205  

PT Elang Mahkota Teknologi Tbk*

    2,186,824       315,078  

PT Indah Kiat Pulp & Paper Tbk

    246,937       138,791  

PT Indocement Tunggal Prakarsa Tbk

    235,751       179,681  

PT Indofood CBP Sukses Makmur Tbk

    183,132       108,347  

PT Indofood Sukses Makmur Tbk

    352,117       151,954  

PT Kalbe Farma Tbk

    1,837,791       210,424  

PT Merdeka Copper Gold Tbk*

    1,297,745       349,570  

PT Sarana Menara Nusantara Tbk

    2,886,628       207,953  

PT Semen Indonesia Persero Tbk

    317,173       158,951  

PT Telkom Indonesia Persero Tbk

    4,303,062       1,299,874  

PT Tower Bersama Infrastructure Tbk

    807,810       165,307  

PT Unilever Indonesia Tbk

    894,134       229,026  
   

 

 

 

(Cost $13,413,245)

      14,637,255  
   

 

 

 
Kuwait — 0.7%            

Agility Public Warehousing Co. KSC

    139,894       469,393  

Boubyan Bank KSCP*

    131,973       358,698  

Kuwait Finance House KSCP

    386,070       1,203,600  

Mabanee Co KPSC

    47,699       133,582  

Mobile Telecommunications Co. KSCP

    277,554       568,308  

National Bank of Kuwait SAKP

    604,742       2,107,011  
   

 

 

 

(Cost $4,468,433)

      4,840,592  
   

 

 

 
   

Number
of Shares

   

Value

 
Malaysia — 0.9%            

AMMB Holdings Bhd*

    203,200     $ 162,618  

Axiata Group Bhd

    279,352       261,487  

CIMB Group Holdings Bhd

    347,493       472,594  

DiGi.Com Bhd

    183,400       176,913  

Greatech Technology Bhd*

    61,300       60,884  

Hartalega Holdings Bhd

    93,000       102,336  

Hong Leong Bank Bhd

    62,800       300,052  

IHH Healthcare Bhd

    93,300       146,000  

Inari Amertron Bhd

    279,500       214,360  

IOI Corp. Bhd

    106,000       116,137  

Kossan Rubber Industries Bhd

    93,100       38,362  

Kuala Lumpur Kepong Bhd

    29,700       183,923  

Malayan Banking Bhd

    273,557       570,765  

Malaysia Airports Holdings Bhd*

    46,900       68,699  

Malaysian Pacific Industries Bhd

    8,000       68,177  

Maxis Bhd

    181,800       174,071  

MISC Bhd

    49,500       86,656  

MR DIY Group M Bhd, 144A

    232,800       201,278  

Nestle Malaysia Bhd

    5,319       169,762  

Petronas Chemicals Group Bhd

    139,500       317,310  

PPB Group Bhd

    46,700       199,547  

Press Metal Aluminium Holdings Bhd

    169,400       275,575  

Public Bank Bhd

    955,600       1,012,843  

QL Resources Bhd

    66,000       77,813  

RHB Bank Bhd

    188,649       265,102  

Sime Darby Bhd

    140,000       75,694  

Sime Darby Plantation Bhd

    93,500       109,345  

Supermax Corp. Bhd

    95,238       23,818  

Telekom Malaysia Bhd

    139,600       168,245  

TIME dotCom Bhd

    93,300       94,444  

Top Glove Corp. Bhd

    372,500       181,880  

Westports Holdings Bhd

    93,100       86,703  
   

 

 

 

(Cost $6,425,185)

      6,463,393  
   

 

 

 
Mexico — 2.3%            

Alfa SAB de CV, Class A

    477,910       358,798  

America Movil SAB de CV, Series L

    2,507,070       2,271,179  

Arca Continental SAB de CV

    41,006       271,172  

Cemex SAB de CV, Series CPO*

    1,305,850       672,338  

Coca-Cola Femsa SAB de CV

    75,829       417,435  

El Puerto de Liverpool SAB de CV, Class C1

    16,203       78,872  

Fibra Uno Administracion SA de CV REIT

    298,536       337,218  

Fomento Economico Mexicano SAB de CV

    182,570       1,474,588  

Gruma SAB de CV, Class B

    12,674       172,297  

Grupo Aeroportuario del Pacifico SAB de CV, Class B*

    35,413       516,329  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    12,112       262,549  

Grupo Bimbo SAB de CV, Series A

    117,751       363,468  

Grupo Elektra SAB DE CV

    6,992       459,817  

Grupo Financiero Banorte SAB de CV, Class O

    423,448       2,871,136  

Grupo Financiero Inbursa SAB de CV, Class O*

    188,171       307,410  

Grupo Mexico SAB de CV, Series B

    287,353       1,477,655  

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
Mexico (Continued)            

Grupo Televisa SAB, Series CPO

    398,820     $ 856,880  

Industrias Penoles SAB de CV

    12,114       151,552  

Kimberly-Clark de Mexico SAB de CV, Class A

    265,106       372,893  

Orbia Advance Corp. SAB de CV

    98,659       252,629  

Telesites SAB de CV

    180,253       200,345  

Wal-Mart de Mexico SAB de CV

    738,955       2,817,305  
   

 

 

 

(Cost $16,742,915)

      16,963,865  
   

 

 

 
Peru — 0.2%            

Credicorp Ltd.

    7,930       1,199,412  

Credicorp Ltd.

    1,733       259,950  

InRetail Peru Corp., 144A

    4,448       157,415  

Intercorp Financial Services, Inc. (a)

    4,120       133,076  
   

 

 

 

(Cost $1,422,951)

      1,749,853  
   

 

 

 
Philippines — 0.6%            

Ayala Corp.

    23,320       386,620  

Ayala Land, Inc.

    540,300       410,995  

Bank of the Philippine Islands

    260,930       508,933  

BDO Unibank, Inc.

    260,910       657,491  

Globe Telecom, Inc.

    1,900       95,167  

International Container Terminal Services, Inc.

    74,530       306,144  

Jollibee Foods Corp.

    41,950       197,190  

Metropolitan Bank & Trust Co.

    139,600       155,474  

PLDT, Inc.

    6,995       245,446  

SM Investments Corp.

    37,570       653,646  

SM Prime Holdings, Inc.

    978,200       759,360  

Universal Robina Corp.

    74,560       174,511  
   

 

 

 

(Cost $4,323,234)

      4,550,977  
   

 

 

 
Qatar — 1.1%            

Commercial Bank PSQC

    162,669       308,271  

Industries Qatar QSC

    273,849       1,376,390  

Masraf Al Rayan QSC

    359,692       493,947  

Mesaieed Petrochemical Holding Co.

    597,379       438,067  

Ooredoo QPSC

    90,567       190,910  

Qatar International Islamic Bank QSC

    122,187       343,976  

Qatar Islamic Bank SAQ

    102,975       596,469  

Qatar National Bank QPSC

    663,906       3,975,048  
   

 

 

 

(Cost $6,852,169)

      7,723,078  
   

 

 

 
Russia — 0.2%            

Alrosa PJSC (b)

    246,725       93,198  

MMC Norilsk Nickel PJSC (b)

    5,593       597,891  

Mobile TeleSystems PJSC, ADR (b)

    25,457       65,918  

Mobile TeleSystems PJSC (b)

    32,151       33,186  

Novolipetsk Steel PJSC (b)

    121,611       62,856  

PIK Group PJSC (b)

    21,692       47,830  

Polymetal International PLC (b)

    28,889       106,155  

Polyus PJSC (b)

    2,793       199,813  

Sberbank of Russia PJSC (b)

    989,954       313,338  

United Co RUSAL International PJSC* (b)

    255,320       69,866  

Yandex NV, Class A* (b)

    28,401       240,759  
   

 

 

 

(Cost $10,259,194)

      1,830,810  
   

 

 

 
   

Number
of Shares

   

Value

 
Saudi Arabia — 2.8%            

Advanced Petrochemical Co.

    13,514     $ 270,158  

Al Rajhi Bank

    108,287       4,629,697  

Alinma Bank

    113,135       1,070,526  

Almarai Co. JSC

    35,094       468,643  

Arab National Bank

    78,979       589,443  

Arabian Centres Co. Ltd.

    24,229       146,600  

Bank AlBilad*

    42,165       661,971  

Banque Saudi Fransi

    73,261       1,036,906  

BinDawood Holding Co.

    2,910       69,653  

Bupa Arabia for Cooperative Insurance Co.

    6,989       301,788  

Dar Al Arkan Real Estate Development Co.*

    71,398       208,197  

Dr Sulaiman Al Habib Medical Services Group Co.

    10,253       467,872  

Etihad Etisalat Co.

    46,650       433,959  

Jarir Marketing Co.

    7,920       440,786  

Mouwasat Medical Services Co.

    6,057       334,841  

National Industrialization Co.*

    42,864       257,753  

National Petrochemical Co.

    16,308       195,607  

Riyad Bank

    130,444       1,234,310  

Sahara International Petrochemical Co.

    48,048       596,806  

Saudi British Bank

    89,808       926,399  

Saudi Industrial Investment Group

    30,287       284,569  

Saudi Kayan Petrochemical Co.*

    92,833       503,298  

Saudi National Bank

    197,059       3,582,222  

Saudi Telecom Co.

    53,440       1,623,840  

Savola Group

    33,085       298,953  
   

 

 

 

(Cost $18,365,717)

      20,634,797  
   

 

 

 
Singapore — 0.0%            

BOC Aviation Ltd., 144A
(Cost $109,798)

    13,979       121,207  
   

 

 

 
South Africa — 3.3%            

Absa Group Ltd.

    91,667       1,047,860  

Anglo American Platinum Ltd.

    3,827       594,389  

AngloGold Ashanti Ltd.

    34,479       811,029  

Aspen Pharmacare Holdings Ltd.

    34,016       442,467  

Bid Corp. Ltd.

    29,354       593,444  

Bidvest Group Ltd.

    19,102       260,128  

Capitec Bank Holdings Ltd.

    5,594       750,941  

Clicks Group Ltd. (a)

    22,833       441,736  

Discovery Ltd.*

    53,465       545,981  

FirstRand Ltd.

    549,326       2,350,522  

Gold Fields Ltd.

    97,345       1,353,349  

Harmony Gold Mining Co. Ltd.

    67,441       293,245  

Impala Platinum Holdings Ltd.

    73,034       1,389,170  

Investec Ltd.

    23,164       129,592  

Kumba Iron Ore Ltd.

    5,123       200,398  

MTN Group Ltd.*

    147,581       1,829,899  

MultiChoice Group

    38,672       315,382  

Naspers Ltd., Class N

    19,537       2,438,202  

Nedbank Group Ltd.

    58,945       833,832  

Northam Platinum Holdings Ltd.*

    29,103       467,588  

Old Mutual Ltd.

    720,828       587,765  

Pepkor Holdings Ltd., 144A

    106,170       150,813  

Rand Merchant Investment Holdings Ltd.

    92,599       289,917  

 

See Notes to Financial Statements.   19  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
South Africa (Continued)            

Sanlam Ltd.

    256,719     $ 1,074,224  

Shoprite Holdings Ltd.

    37,276       552,416  

Sibanye Stillwater Ltd.

    246,019       1,136,281  

Standard Bank Group Ltd.

    198,424       2,088,444  

Vodacom Group Ltd.

    52,293       500,883  

Woolworths Holdings Ltd.

    146,181       477,731  
   

 

 

 

(Cost $22,305,164)

      23,947,628  
   

 

 

 
South Korea — 10.4%            

Alteogen, Inc.*

    2,796       124,179  

Amorepacific Corp.

    2,332       356,874  

AMOREPACIFIC Group

    1,865       75,695  

BGF retail Co. Ltd.

    934       131,670  

BNK Financial Group, Inc.

    41,005       268,740  

Celltrion Healthcare Co. Ltd.

    8,491       448,437  

Celltrion Pharm, Inc.*

    1,895       138,537  

Celltrion, Inc.

    8,016       1,063,378  

Cheil Worldwide, Inc.

    6,988       130,769  

Chong Kun Dang Pharmaceutical Corp.

    980       78,328  

CJ CheilJedang Corp.

    514       161,807  

CJ Corp.

    932       65,190  

CJ ENM Co. Ltd.

    1,399       151,262  

Coway Co. Ltd.

    7,458       447,226  

CS Wind Corp.

    2,331       115,547  

Daewoo Engineering & Construction Co. Ltd.*

    16,441       85,736  

DB Insurance Co. Ltd.

    6,058       311,377  

DL E&C Co. Ltd.

    2,327       248,696  

Dongsuh Cos., Inc.

    3,479       79,427  

Doosan Bobcat, Inc.

    3,260       103,438  

Doosan Co. Ltd.*

    932       87,979  

Doosan Fuel Cell Co. Ltd.*

    4,195       135,373  

Doosan Heavy Industries & Construction Co. Ltd.*

    28,630       495,283  

Douzone Bizon Co. Ltd.

    2,796       112,319  

Ecopro BM Co. Ltd.

    469       146,354  

E-MART, Inc.

    1,399       151,262  

F&F Co. Ltd. / New

    382       282,763  

Fila Holdings Corp.

    4,658       136,368  

Genexine, Inc.*

    2,328       89,937  

Green Cross Corp.

    467       70,690  

GS Engineering & Construction Corp.

    3,726       132,789  

Hana Financial Group, Inc.

    36,934       1,495,975  

Hanjin Kal Corp.*

    1,665       72,978  

Hankook Tire & Technology Co. Ltd.

    6,989       204,610  

Hanmi Pharm. Co. Ltd.*

    474       104,470  

Hanmi Science Co. Ltd.*

    2,357       89,097  

Hanon Systems

    13,977       134,266  

Hansol Chemical Co. Ltd.

    933       166,448  

Hanssem Co. Ltd.

    1,219       74,011  

Hanwha Life Insurance Co. Ltd.*

    68,135       167,455  

Hanwha Solutions Corp.*

    8,853       249,240  

Helixmith Co. Ltd.*

    5,240       87,598  

HLB, Inc.*

    6,059       156,722  

HMM Co. Ltd.*

    33,546       804,925  

Hugel, Inc.

    930       113,548  

HYBE Co. Ltd.*

    1,471       352,962  
   

Number
of Shares

   

Value

 
South Korea (Continued)            

Hyosung Advanced Materials Corp.

    245     $ 94,548  

Hyosung TNC Corp.

    244       97,815  

Hyundai Autoever Corp.

    728       65,089  

Hyundai Department Store Co. Ltd.

    1,247       80,689  

Hyundai Doosan Infracore Co. Ltd.*

    14,964       84,132  

Hyundai Elevator Co. Ltd.*

    3,262       102,417  

Hyundai Engineering & Construction Co. Ltd.

    5,614       202,176  

Hyundai Glovis Co. Ltd.

    1,400       204,932  

Hyundai Marine & Fire Insurance Co. Ltd.

    8,386       200,871  

Hyundai Mipo Dockyard Co. Ltd.

    2,332       154,775  

Hyundai Mobis Co. Ltd.

    4,619       860,528  

Hyundai Motor Co.

    10,810       1,573,377  

Hyundai Steel Co.

    7,455       246,154  

Iljin Materials Co. Ltd.

    860       65,018  

Industrial Bank of Korea

    20,967       187,462  

Kakao Corp.

    23,506       1,839,660  

Kakao Games Corp.*

    4,196       256,503  

KakaoBank Corp.*

    23,321       931,017  

KB Financial Group, Inc.

    46,098       2,288,893  

KCC Corp.

    467       128,757  

Kia Corp.

    20,038       1,229,928  

KIWOOM Securities Co. Ltd.*

    1,861       157,102  

KMW Co. Ltd.

    3,261       84,213  

Korea Gas Corp.

    2,566       87,607  

Korea Investment Holdings Co. Ltd.*

    2,798       184,307  

Korea Zinc Co. Ltd.

    873       399,343  

Korean Air Lines Co. Ltd.*

    17,705       431,452  

KT Corp.

    6,250       166,341  

Kumho Petrochemical Co. Ltd.*

    1,397       186,484  

L&F Co. Ltd.

    2,569       416,647  

LEENO Industrial, Inc.

    1,398       209,406  

LG Chem Ltd.

    3,868       1,817,624  

LG Corp.

    8,390       524,746  

LG Display Co. Ltd.

    20,036       311,617  

LG Electronics, Inc.

    13,981       1,436,066  

LG Household & Health Care Ltd.

    1,211       956,835  

LG Innotek Co. Ltd.

    935       254,290  

LG Uplus Corp.

    34,013       371,997  

Lotte Chemical Corp.

    1,081       197,796  

Lotte Shopping Co. Ltd.

    1,134       80,451  

LS Corp.

    2,793       113,128  

Mando Corp.

    3,729       140,650  

MedPacto, Inc.*

    1,532       44,277  

Meritz Financial Group, Inc.

    3,814       116,893  

Meritz Fire & Marine Insurance Co. Ltd.

    5,125       175,188  

Meritz Securities Co. Ltd.

    37,275       181,670  

Mirae Asset Securities Co. Ltd.

    46,650       341,043  

NAVER Corp.

    11,184       2,957,967  

NCSoft Corp.

    1,344       495,749  

Netmarble Corp., 144A

    1,861       158,650  

NH Investment & Securities Co. Ltd.

    11,646       111,874  

Orion Corp.

    1,400       106,541  

Pan Ocean Co. Ltd.

    18,638       101,844  

Pearl Abyss Corp.*

    2,797       221,229  

S-1 Corp.

    2,328       135,147  

 

See Notes to Financial Statements.   20  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
South Korea (Continued)            

Samsung Biologics Co. Ltd., 144A*

    1,150     $ 745,083  

Samsung C&T Corp.

    6,524       596,864  

Samsung Electro-Mechanics Co. Ltd.

    4,661       643,511  

Samsung Electronics Co. Ltd.

    420,776       25,232,212  

Samsung Engineering Co. Ltd.*

    13,510       260,683  

Samsung Fire & Marine Insurance Co. Ltd.

    4,659       738,171  

Samsung Life Insurance Co. Ltd.

    10,250       509,793  

Samsung SDI Co. Ltd.

    4,094       1,865,939  

Samsung SDS Co. Ltd.

    2,796       325,562  

Samsung Securities Co. Ltd.

    8,387       295,064  

Seegene, Inc.

    3,730       159,146  

Shin Poong Pharmaceutical Co. Ltd.*

    3,727       107,562  

Shinhan Financial Group Co. Ltd.

    63,361       2,057,843  

Shinsegae, Inc.

    468       101,786  

SK Biopharmaceuticals Co. Ltd.*

    2,798       196,873  

SK Bioscience Co. Ltd.*

    1,779       216,022  

SK Chemicals Co. Ltd.

    1,398       145,340  

SK Hynix, Inc.

    41,535       4,266,289  

SK IE Technology Co. Ltd., 144A*

    2,796       287,193  

SK Telecom Co. Ltd.

    5,625       255,437  

SKC Co. Ltd.

    952       108,870  

Solus Advanced Materials Co. Ltd.

    1,316       68,955  

Soulbrain Co. Ltd./New

    469       88,663  

SSANGYONG C&E Co. Ltd.

    18,172       114,562  

Studio Dragon Corp.*

    1,861       132,028  

Wemade Co. Ltd.

    1,864       169,137  

WONIK IPS Co. Ltd.

    5,125       152,810  

Woori Financial Group, Inc.

    45,870       545,549  

Yuhan Corp.

    2,402       116,070  
   

 

 

 

(Cost $85,318,789)

      75,775,667  
   

 

 

 
Taiwan — 19.9%            

Accton Technology Corp.

    59,226       532,368  

Acer, Inc.

    468,779       481,571  

Advantech Co. Ltd.

    36,346       475,149  

ASE Technology Holding Co. Ltd.

    285,360       1,010,745  

Asia Cement Corp.

    168,257       270,676  

ASMedia Technology, Inc.

    3,262       197,803  

Asustek Computer, Inc.

    90,228       1,195,638  

AU Optronics Corp.

    1,278,970       937,501  

Catcher Technology Co. Ltd.

    63,941       326,148  

Cathay Financial Holding Co. Ltd.

    1,087,985       2,417,744  

Chailease Holding Co. Ltd.

    188,941       1,691,607  

Chang Hwa Commercial Bank Ltd.

    724,430       457,372  

Cheng Shin Rubber Industry Co. Ltd.

    176,648       224,315  

Chicony Electronics Co. Ltd.

    61,613       196,915  

China Airlines Ltd. *

    292,486       291,078  

China Development Financial Holding Corp.*

    259,946       86,417  

China Development Financial Holding Corp.

    2,493,276       1,685,307  

China Steel Corp.

    1,035,010       1,329,066  

Chroma ATE, Inc.

    49,447       332,469  

Chunghwa Telecom Co. Ltd.

    339,549       1,507,895  

Compal Electronics, Inc.

    538,036       487,466  

CTBC Financial Holding Co. Ltd.

    2,693,112       2,608,097  
   

Number
of Shares

   

Value

 
Taiwan (Continued)            

Delta Electronics, Inc.

    269,848     $ 2,372,660  

E.Sun Financial Holding Co. Ltd.

    1,739,424       1,827,217  

Eclat Textile Co. Ltd.

    28,420       586,951  

eMemory Technology, Inc.

    7,000       460,674  

Eva Airways Corp.*

    254,281       292,512  

Evergreen Marine Corp. Taiwan Ltd.

    238,436       1,220,459  

Far Eastern New Century Corp.

    240,769       253,780  

Far EasTone Telecommunications Co. Ltd.

    252,415       623,947  

Feng TAY Enterprise Co. Ltd.

    64,876       479,020  

First Financial Holding Co. Ltd.

    1,494,201       1,369,751  

Formosa Chemicals & Fibre Corp.

    300,094       845,637  

Formosa Plastics Corp.

    281,306       1,053,580  

Formosa Sumco Technology Corp.

    7,000       64,170  

Foxconn Technology Co. Ltd.

    75,865       172,648  

Fubon Financial Holding Co. Ltd.

    1,043,732       2,795,943  

Giant Manufacturing Co. Ltd.

    28,887       298,298  

Globalwafers Co. Ltd.

    19,569       480,238  

Highwealth Construction Corp.

    99,819       174,287  

Hiwin Technologies Corp.

    20,585       194,212  

Hon Hai Precision Industry Co. Ltd.

    1,034,282       3,799,930  

Hotai Motor Co. Ltd.

    23,766       534,067  

Hua Nan Financial Holdings Co. Ltd.

    795,773       627,308  

Innolux Corp.

    835,407       499,128  

Inventec Corp.

    235,883       215,816  

Largan Precision Co. Ltd.

    8,386       604,235  

Lite-On Technology Corp.

    185,967       453,724  

Macronix International Co. Ltd.

    190,160       295,058  

MediaTek, Inc.

    127,974       4,952,801  

Mega Financial Holding Co. Ltd.

    1,484,555       1,991,056  

Merida Industry Co. Ltd.

    32,614       329,223  

Micro-Star International Co. Ltd.

    106,811       592,442  

momo.com, Inc.

    7,457       261,467  

Nan Ya Plastics Corp.

    433,779       1,356,962  

Nan Ya Printed Circuit Board Corp.

    24,966       466,638  

Nanya Technology Corp.

    179,906       494,766  

Nien Made Enterprise Co. Ltd.

    14,445       186,005  

Novatek Microelectronics Corp.

    33,551       546,318  

Oneness Biotech Co. Ltd.*

    28,424       250,934  

Pegatron Corp.

    157,075       387,155  

Phison Electronics Corp.

    16,306       296,631  

Pou Chen Corp.

    209,319       239,670  

Powerchip Semiconductor Manufacturing Corp.

    280,000       532,335  

Powertech Technology, Inc.

    64,876       217,989  

Quanta Computer, Inc.

    237,043       785,493  

Realtek Semiconductor Corp.

    33,957       552,324  

Ruentex Development Co. Ltd.

    121,015       309,066  

Ruentex Industries Ltd.

    51,576       211,566  

Shanghai Commercial & Savings Bank Ltd.

    503,312       822,247  

Shin Kong Financial Holding Co. Ltd.

    1,723,694       691,691  

Silicon Motion Technology Corp., ADR

    4,657       337,819  

Sino-American Silicon Products, Inc.

    50,841       330,054  

SinoPac Financial Holdings Co. Ltd.

    1,559,163       951,014  

Standard Foods Corp.

    47,053       85,261  

Synnex Technology International Corp.

    85,840       220,150  

 

See Notes to Financial Statements.   21  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
Taiwan (Continued)            

Taishin Financial Holding Co. Ltd.

    1,455,622     $ 1,012,471  

Taiwan Business Bank

    283,163       112,114  

Taiwan Cement Corp.

    275,100       464,633  

Taiwan Cooperative Financial Holding Co. Ltd.

    774,899       731,089  

Taiwan Fertilizer Co. Ltd.

    88,936       216,987  

Taiwan High Speed Rail Corp.

    345,193       363,847  

Taiwan Mobile Co. Ltd.

    246,823       911,225  

Taiwan Semiconductor Manufacturing Co. Ltd.

    3,211,708       69,194,636  

Tatung Co. Ltd.*

    201,397       224,493  

Teco Electric and Machinery Co. Ltd.

    191,553       205,321  

Tripod Technology Corp.

    62,078       282,324  

Unimicron Technology Corp.

    134,084       1,214,815  

Uni-President Enterprises Corp.

    373,365       893,625  

United Microelectronics Corp.

    1,662,852       3,090,230  

Vanguard International Semiconductor Corp.

    141,231       632,227  

Voltronic Power Technology Corp.

    7,924       407,011  

Walsin Lihwa Corp.

    346,181       344,514  

Walsin Technology Corp.*

    34,943       181,975  

Wan Hai Lines Ltd.

    72,551       483,932  

Win Semiconductors Corp.

    29,820       321,228  

Winbond Electronics Corp.

    273,384       321,800  

Wistron Corp.

    202,084       211,923  

Wiwynn Corp.

    9,650       339,738  

WPG Holdings Ltd.

    109,138       216,836  

Yageo Corp.

    34,946       562,801  

Yang Ming Marine Transport Corp.*

    212,114       873,878  

Yuanta Financial Holding Co. Ltd.

    1,707,852       1,513,826  

Zhen Ding Technology Holding Ltd.

    90,035       295,460  
   

 

 

 

(Cost $145,039,573)

      145,362,633  
   

 

 

 
Thailand — 2.0%            

Advanced Info Service PCL, NVDR

    93,400       654,586  

Airports of Thailand PCL, NVDR*

    372,600       732,657  

Asset World Corp. PCL, NVDR*

    1,039,800       152,748  

Bangkok Bank PCL

    93,100       396,049  

Bangkok Bank PCL, NVDR

    93,100       398,898  

Bangkok Commercial Asset Management PCL, NVDR

    246,200       165,012  

Bangkok Dusit Medical Services PCL, NVDR

    605,700       439,329  

Bangkok Expressway & Metro PCL

    95,100       25,903  

Bangkok Expressway & Metro PCL, NVDR

    605,800       165,008  

Berli Jucker PCL, NVDR

    139,500       143,022  

BTS Group Holdings PCL, NVDR

    747,100       217,213  

Bumrungrad Hospital PCL, NVDR

    46,600       218,917  

Carabao Group PCL, NVDR

    46,500       151,561  

Central Pattana PCL, NVDR

    186,300       315,014  

Central Retail Corp. PCL

    232,800       272,520  

Central Retail Corp. PCL, NVDR

    232,800       272,520  

Charoen Pokphand Foods PCL, NVDR

    326,300       252,152  

Com7 PCL, NVDR

    64,000       161,591  

Energy Absolute PCL, NVDR

    326,200       948,401  

Fabrinet*

    2,086       208,871  
   

Number
of Shares

   

Value

 
Thailand (Continued)            

Hana Microelectronics PCL, NVDR

    66,000     $ 103,015  

Home Product Center PCL, NVDR

    559,200       260,133  

Indorama Ventures PCL, NVDR

    186,300       256,572  

Intouch Holdings PCL, Class F

    19,200       44,511  

Intouch Holdings PCL, NVDR

    186,400       432,129  

Kasikornbank PCL, NVDR

    233,000       1,165,891  

KCE Electronics PCL, NVDR

    65,000       120,352  

Krung Thai Bank PCL, NVDR

    792,300       339,471  

Krungthai Card PCL

    46,900       90,786  

Krungthai Card PCL, NVDR

    46,900       90,786  

Land & Houses PCL, NVDR

    559,200       164,294  

Minor International PCL, NVDR*

    186,631       175,636  

Muangthai Capital PCL

    600       946  

Osotspa PCL

    139,700       150,709  

Osotspa PCL, NVDR

    139,700       150,709  

PTT Exploration & Production PCL, NVDR

    107,000       446,993  

PTT Global Chemical PCL, NVDR

    326,700       529,919  

SCG Packaging PCL

    93,000       174,331  

SCG Packaging PCL, NVDR

    93,000       174,331  

Siam Cement PCL, NVDR

    46,600       559,057  

Siam Commercial Bank PCL, NVDR

    277,100       1,064,301  

Siam Global House PCL, NVDR

    261,893       157,897  

Sri Trang Agro-Industry PCL, NVDR

    79,680       65,232  

Sri Trang Gloves Thailand PCL

    93,500       73,684  

Srisawad Corp. PCL, NVDR

    48,000       84,836  

Thai Union Group PCL, NVDR

    140,000       87,406  

Tisco Financial Group PCL, NVDR

    59,700       178,598  

TMBThanachart Bank PCL, NVDR

    6,697,700       280,822  

Total Access Communication PCL, NVDR

    105,400       151,608  

True Corp. PCL, NVDR

    3,263,900       499,449  
   

 

 

 

(Cost $13,327,135)

      14,366,376  
   

 

 

 
Turkey — 0.5%            

Akbank TAS

    529,165       268,407  

Akcansa Cimento AS

    17,385       20,772  

Anadolu Efes Biracilik Ve Malt Sanayii AS

    34,267       59,734  

Arcelik AS

    46,892       187,268  

Aselsan Elektronik Sanayi Ve Ticaret AS

    56,955       91,393  

BIM Birlesik Magazalar AS

    50,429       265,978  

Borusan Yatirim ve Pazarlama AS

    1,125       28,004  

Coca-Cola Icecek AS

    10,364       81,284  

Eregli Demir ve Celik Fabrikalari TAS

    111,079       249,093  

Ford Otomotiv Sanayi AS

    7,919       154,042  

Hektas Ticaret TAS*

    74,210       69,125  

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D*

    193,146       163,467  

KOC Holding AS

    42,999       98,162  

Koza Altin Isletmeleri AS*

    12,502       103,284  

Koza Anadolu Metal Madencilik Isletmeleri AS*

    43,737       61,915  

Nuh Cimento Sanayi AS

    8,708       26,389  

Petkim Petrokimya Holding AS*

    86,251       48,230  

Sasa Polyester Sanayi AS*

    26,646       89,322  

Tekfen Holding AS*

    38,854       51,863  

Tofas Turk Otomobil Fabrikasi AS

    23,809       137,944  

 

See Notes to Financial Statements.   22  


DBX ETF Trust

 

Schedule of Investments

 

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

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
Turkey (Continued)            

Turk Hava Yollari AO*

    94,017     $ 173,793  

Turk Telekomunikasyon AS

    75,480       47,163  

Turkcell Iletisim Hizmetleri AS

    106,169       157,189  

Turkiye Garanti Bankasi AS

    353,514       282,614  

Turkiye Halk Bankasi AS*

    110,660       34,971  

Turkiye Is Bankasi AS, Class C

    293,877       168,782  

Turkiye Sise ve Cam Fabrikalari AS

    239,100       213,574  

Turkiye Vakiflar Bankasi TAO, Class D*

    265,430       63,965  

Ulker Biskuvi Sanayi AS

    33,629       36,032  

Yapi ve Kredi Bankasi AS

    500,739       129,343  
   

 

 

 

(Cost $4,102,487)

      3,563,102  
   

 

 

 
United Arab Emirates — 1.5%            

Abu Dhabi Commercial Bank PJSC

    240,766       705,311  

Aldar Properties PJSC

    369,014       421,954  

Dubai Islamic Bank PJSC

    248,716       412,377  

Emaar Properties PJSC

    329,761       456,075  

Emirates NBD Bank PJSC

    225,301       877,147  

Emirates Telecommunications Group Co. PJSC

    306,243       2,916,481  

First Abu Dhabi Bank PJSC

    389,683       2,193,993  

International Holding Co. PJSC*

    56,905       2,915,702  
   

 

 

 

(Cost $9,208,114)

      10,899,040  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $759,104,811)

      714,950,667  
   

 

 

 
PREFERRED STOCKS — 2.0%    
Brazil — 1.2%            

Alpargatas SA

    24,232       121,026  

Banco Bradesco SA

    710,043       2,804,778  

Bradespar SA

    32,120       187,793  

Braskem SA, Class A

    15,630       144,811  

Centrais Eletricas Brasileiras SA, Class B

    29,333       195,925