DBX ETF TRUST

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.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers 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.

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.

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.

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.

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.

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.

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.

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.

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
Gerdau SA		108,674		537,073
Itau Unibanco Holding SA		745,653		3,686,508
Itausa SA		399,759		777,527
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A		66,272		189,231

(Cost $9,202,305)				8,644,672

Chile — 0.1%
Embotelladora Andina SA, Class B		52,242		114,304
Sociedad Quimica y Minera de Chile SA, Class B		12,583		839,078

(Cost $788,684)				953,382

Colombia — 0.1%
Bancolombia SA		73,115		652,410
Grupo Aval Acciones y Valores SA		122,160		33,202

(Cost $638,818)				685,612

Russia — 0.0%
Sberbank of Russia PJSC (b) (Cost $275,893)		71,636		41,360

South Korea — 0.6%
Hyundai Motor Co.		1,865		135,724
Hyundai Motor Co.—2nd Preferred		3,278		240,462


	Number of Shares		Value
South Korea (Continued)
LG Chem Ltd.		290	$	65,243
LG Electronics, Inc.		2,796		138,596
Samsung Electronics Co. Ltd.		72,605		3,991,509

(Cost $5,050,729)				4,571,534

TOTAL PREFERRED STOCKS (Cost $15,956,429)				14,896,560


	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 (Cost $0)	INR	2,494		33


	Number of Shares
RIGHTS — 0.0%
Brazil — 0.0%
Americanas SA*, expires 3/9/22 (Cost $0)		1,749		2,299

South Korea — 0.0%
Samsung Biologics Co. Ltd.*, expires 5/9/22 (Cost $0)		76		8,849

TOTAL RIGHTS (Cost $0)				11,148

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		746		659

Thailand — 0.0%
BTS Group Holdings PCL*, expires 9/5/22		200		4
BTS Group Holdings PCL*, expires 11/7/24		400		8
BTS Group Holdings PCL*, expires 11/20/26		800		14
Minor International PCL*, expires 2/15/24		52		5

(Cost $0)				31

TOTAL WARRANTS (Cost $0)				690

SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $1,966,294)		1,966,294		1,966,294


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of Investments

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

February 28, 2022 (Unaudited)


	Number of Shares		Value
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $406,136)		406,136	$	406,136

TOTAL INVESTMENTS — 100.2% (Cost $777,433,670)			$	732,231,528
Other assets and liabilities, net — (0.2%)				(1,098,007	)

NET ASSETS — 100.0%			$	731,133,521

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:


	Value ($) at 8/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2022		Value ($) at 2/28/2022
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers MSCI EAFE ESG Leaders Equity ETF (e)
		3,087		—			(3,141	)		297		(243	)		—		—		—		—
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		1,768,050		198,244	(f)		—			—		—			146		—		1,966,294		1,966,294
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		3,753,775		17,973,920			(21,321,559	)		—		—			101		—		406,136		406,136

		5,524,912		18,172,164			(21,324,700	)		297		(243	)		247		—		2,372,430		2,372,430

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2022 amounted to $5,743,295, which is 0.8% of net assets.

(b)	Investment was valued using significant unobservable inputs.

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

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $4,447,594.

(e)	Affiliated fund advised by DBX Advisors LLC.

(f)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2022.

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC:

Joint Stock Company

KSC:

Kuwait Shareholding Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

SAQ:

Societe Anonyme Qatar

144A:

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.


See Notes to Financial Statements.		24

DBX ETF Trust

Schedule of Investments

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

February 28, 2022 (Unaudited)

Securities are listed in country of domicile.

At February 28, 2022, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
MSCI Emerging Markets Index Future		USD		12	$	730,580	$	705,300		3/18/2022	$	(25,280	)

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

Currency Abbreviations

INR

Indian Rupee

USD

U.S. Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of February 28, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (g)	$	713,077,277	$	—	$	1,873,390	$	714,950,667
Preferred Stocks (g)		14,855,200		—		41,360		14,896,560
Corporate Bonds		—		33		—		33
Rights (g)		—		11,148		—		11,148
Warrants (g)		690		—		—		690
Short-Term Investments (g)		2,372,430		—		—		2,372,430

TOTAL	$	730,305,597	$	11,181	$	1,914,750	$	732,231,528


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (h)
Futures Contracts	$	(25,280	)	$	—	$	—	$	(25,280	)

TOTAL	$	(25,280	)	$	—	$	—	$	(25,280	)

(g)

See Schedule of Investments for additional detailed categorizations.

(h)

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

During the period ended February 28, 2022, the amount of transfers from Level 1 to Level 3 was $7,043,013 and between Level 3 and Level 1 was $31. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


See Notes to Financial Statements.		25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF

February 28, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.4%
Australia — 6.7%
APA Group (a)		4,033	$	29,412
Aristocrat Leisure Ltd.		2,020		54,631
ASX Ltd.		625		37,339
Aurizon Holdings Ltd.		6,131		15,571
Australia & New Zealand Banking Group Ltd.		9,594		181,079
BlueScope Steel Ltd.		1,558		22,883
Brambles Ltd.		4,896		35,172
Cochlear Ltd.		220		35,584
Coles Group Ltd.		4,627		58,355
Commonwealth Bank of Australia		5,691		385,959
Computershare Ltd.		1,626		25,557
Dexus REIT		3,649		28,915
Evolution Mining Ltd.		6,105		18,916
Fortescue Metals Group Ltd.		5,721		75,349
Goodman Group REIT		5,549		89,512
GPT Group REIT		6,727		24,114
Insurance Australia Group Ltd.		8,047		26,861
Lendlease Corp. Ltd. (a)		2,255		17,280
Macquarie Group Ltd.		1,140		149,549
Mineral Resources Ltd.		566		18,585
Mirvac Group REIT		13,165		24,743
Newcrest Mining Ltd.		2,716		50,592
Northern Star Resources Ltd.		3,565		26,671
Orica Ltd.		1,258		13,319
QBE Insurance Group Ltd.		4,939		41,180
Ramsay Health Care Ltd.		663		30,776
REA Group Ltd.		168		16,053
SEEK Ltd.		1,093		21,153
Sonic Healthcare Ltd.		1,472		37,439
Stockland REIT		7,920		23,908
Telstra Corp. Ltd.		14,038		40,339
Transurban Group (a)		10,421		95,962
Vicinity Centres REIT		12,090		15,792
Woodside Petroleum Ltd. (b)		3,215		66,583

(Cost $1,729,512)				1,835,133

Austria — 0.3%
Erste Group Bank AG		1,180		42,399
OMV AG		493		23,467
voestalpine AG		360		11,904

(Cost $79,597)				77,770

Belgium — 0.6%
Etablissements Franz Colruyt NV		205		8,216
KBC Group NV		845		61,236
Solvay SA		235		26,321
UCB SA		417		45,760
Umicore SA		654		26,952

(Cost $174,288)				168,485

Chile — 0.1%
Antofagasta PLC (Cost $28,501)		1,336		27,265

Denmark — 4.0%
Ambu A/S, Class B		562		10,421


	Number of Shares		Value
Denmark (Continued)
Chr Hansen Holding A/S		343	$	25,099
Coloplast A/S, Class B		399		60,140
Demant A/S*		336		14,201
Genmab A/S*		222		74,754
GN Store Nord AS		429		22,705
Novo Nordisk A/S, Class B		5,614		578,223
Novozymes A/S, Class B		675		44,357
Orsted AS, 144A		637		82,836
Pandora A/S		340		35,198
Tryg A/S		1,100		25,014
Vestas Wind Systems A/S		3,402		111,730

(Cost $854,787)				1,084,678

Finland — 1.3%
Elisa OYJ		470		26,157
Kesko OYJ, Class B		930		27,514
Neste OYJ (b)		1,431		56,545
Nordea Bank Abp		10,657		119,327
Orion OYJ, Class B		324		15,281
Stora Enso OYJ, Class R		1,910		36,835
UPM-Kymmene OYJ		1,794		62,466
Wartsila OYJ Abp		1,494		16,898

(Cost $368,907)				361,023

France — 10.6%
Accor SA*		585		20,100
Air Liquide SA		1,582		264,225
Alstom SA		1,073		27,599
Amundi SA, 144A		220		15,419
AXA SA		6,382		174,010
BNP Paribas SA		3,725		219,698
Bouygues SA		750		26,974
Bureau Veritas SA		966		27,841
Carrefour SA		2,079		41,799
Cie Generale des Etablissements Michelin SCA		563		78,413
CNP Assurances		603		14,745
Covivio REIT		184		15,178
Danone SA		2,167		132,189
Eiffage SA		304		31,181
EssilorLuxottica SA		957		168,459
Eurazeo SE		126		9,800
Gecina SA REIT		145		18,485
Kering SA		248		177,466
Klepierre SA REIT*		677		19,512
L’Oreal SA		842		335,736
Orange SA		6,446		78,295
Publicis Groupe SA		753		50,442
Schneider Electric SE		1,797		282,131
SEB SA		88		12,919
Societe Generale SA		2,730		78,621
Teleperformance		202		75,304
TotalEnergies SE		8,368		428,498
Unibail-Rodamco-Westfield REIT* (b)		430		32,784
Valeo		698		15,511
Vivendi SE		2,626		33,359
Wendel SE		93		9,511

(Cost $2,867,080)				2,916,204


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Germany — 7.6%
adidas AG		636	$	151,479
Allianz SE		1,359		310,323
BASF SE		3,098		206,171
Bayerische Motoren Werke AG		1,136		110,447
Beiersdorf AG		337		34,226
Brenntag SE		510		42,894
Commerzbank AG*		3,532		29,888
Delivery Hero SE, 144A*		524		28,139
Deutsche Boerse AG		623		106,852
Deutsche Post AG		3,333		169,062
HeidelbergCement AG		500		32,651
HelloFresh SE*		532		29,208
Henkel AG & Co. KGaA		361		27,816
LANXESS AG		278		13,608
LEG Immobilien SE		241		31,211
Merck KGaA		435		86,749
MTU Aero Engines AG		184		44,682
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		464		128,806
Puma SE		372		34,254
SAP SE		3,477		395,692
Symrise AG		433		51,796
Telefonica Deutschland Holding AG		3,675		10,092

(Cost $2,261,570)				2,076,046

Hong Kong — 1.6%
BOC Hong Kong Holdings Ltd.		12,506		44,975
CK Infrastructure Holdings Ltd.		2,208		13,705
ESR Cayman Ltd., 144A*		5,977		18,473
Hang Seng Bank Ltd.		2,533		46,746
HKT Trust & HKT Ltd. (a)		10,579		14,270
Hong Kong & China Gas Co. Ltd.		37,254		56,355
Hong Kong Exchanges & Clearing Ltd.		4,024		194,462
MTR Corp. Ltd.		5,143		26,624
Swire Pacific Ltd., Class A		1,373		7,591
Swire Properties Ltd.		3,092		8,033

(Cost $429,012)				431,234

Ireland — 1.1%
CRH PLC		2,589		118,092
DCC PLC		317		24,924
James Hardie Industries PLC CDI		1,483		48,050
Kerry Group PLC, Class A		545		65,010
Kingspan Group PLC		525		51,208

(Cost $288,074)				307,284

Israel — 0.4%
Bank Hapoalim BM		3,853		40,736
Bank Leumi Le-Israel BM		5,024		54,355
CyberArk Software Ltd.*		126		21,438

(Cost $89,674)				116,529

Italy — 1.6%
Amplifon SpA		409		17,663
Assicurazioni Generali SpA		3,724		74,161
Enel SpA		26,908		199,442
Intesa Sanpaolo SpA		54,584		140,612

(Cost $445,303)				431,878


	Number of Shares		Value
Japan — 24.1%
Aeon Co. Ltd.		2,100	$	47,361
Ajinomoto Co., Inc.		1,700		49,284
ANA Holdings, Inc.*		300		6,581
Asahi Kasei Corp.		4,200		39,292
Astellas Pharma, Inc.		6,000		99,944
Azbil Corp.		300		11,278
Bridgestone Corp.		1,900		77,947
Capcom Co. Ltd.		600		14,456
Central Japan Railway Co.		510		68,590
Chugai Pharmaceutical Co. Ltd.		2,098		69,220
CyberAgent, Inc.		1,512		19,508
Dai Nippon Printing Co. Ltd.		765		19,840
Daifuku Co. Ltd.		316		22,663
Dai-ichi Life Holdings, Inc.		3,400		71,085
Daikin Industries Ltd.		824		151,708
Daiwa House Industry Co. Ltd.		1,900		53,928
Denso Corp.		1,460		102,007
East Japan Railway Co.		1,029		60,842
Eisai Co. Ltd.		758		37,632
ENEOS Holdings, Inc.		10,600		41,765
Fast Retailing Co. Ltd.		198		106,293
FUJIFILM Holdings Corp.		1,250		78,815
Fujitsu Ltd.		659		94,780
Hankyu Hanshin Holdings, Inc.		800		23,859
Hikari Tsushin, Inc.		40		4,932
Hirose Electric Co. Ltd.		80		11,912
Hitachi Construction Machinery Co. Ltd.		200		4,867
Hitachi Metals Ltd.*		700		12,441
Hoshizaki Corp.		200		13,857
Hoya Corp.		1,250		161,222
Hulic Co. Ltd.		1,500		13,636
Ibiden Co. Ltd.		400		19,171
Inpex Corp.		3,400		34,982
Isuzu Motors Ltd.		1,900		25,685
ITOCHU Corp.		3,900		126,744
JFE Holdings, Inc.		1,600		23,894
JSR Corp.		700		21,819
Kajima Corp.		1,600		21,449
Kansai Paint Co. Ltd.		600		11,977
Kao Corp.		1,684		78,662
KDDI Corp.		5,400		176,101
Keio Corp.		239		9,753
Kikkoman Corp.		500		37,074
Kobayashi Pharmaceutical Co. Ltd.		180		15,347
Komatsu Ltd.		2,900		66,536
Kubota Corp.		3,600		64,452
Kurita Water Industries Ltd.		300		12,242
Kyowa Kirin Co. Ltd.		1,000		25,648
Lawson, Inc.		100		4,168
Lixil Corp.		900		19,965
Marubeni Corp.		5,400		56,426
Mazda Motor Corp.*		2,000		14,864
Mercari, Inc.*		250		7,706
Mitsubishi Chemical Holdings Corp.		4,100		29,098
Mitsubishi Estate Co. Ltd.		3,900		59,495
Mitsui Chemicals, Inc.		500		12,755
Mitsui Fudosan Co. Ltd.		3,300		73,263


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Japan (Continued)
Miura Co. Ltd.		200	$	5,444
Mizuho Financial Group, Inc.		7,890		104,469
MS&AD Insurance Group Holdings, Inc.		1,600		54,248
Murata Manufacturing Co. Ltd.		1,900		128,459
NEC Corp.		800		34,417
Nintendo Co. Ltd.		374		188,404
Nippon Building Fund, Inc. REIT		5		28,565
Nippon Express Holdings, Inc.		250		15,151
Nippon Paint Holdings Co. Ltd.		2,850		25,215
Nippon Steel Corp.		2,800		51,259
Nippon Yusen KK		470		43,542
Nissin Foods Holdings Co. Ltd.		250		19,904
Nitori Holdings Co. Ltd.		294		44,020
Nitto Denko Corp.		450		32,624
Nomura Holdings, Inc.		10,700		48,894
Nomura Real Estate Holdings, Inc.		300		7,463
Nomura Real Estate Master Fund, Inc. REIT		16		21,088
Nomura Research Institute Ltd.		1,200		41,415
NTT Data Corp.		2,200		41,507
Obayashi Corp.		2,000		16,688
Odakyu Electric Railway Co. Ltd.		1,000		16,445
Omron Corp.		613		41,301
Oriental Land Co. Ltd.		665		122,001
ORIX Corp.		4,000		79,288
Orix JREIT, Inc. REIT (b)		9		12,573
Osaka Gas Co. Ltd.		1,500		27,467
Otsuka Corp.		350		13,477
Pan Pacific International Holdings Corp.		1,600		26,117
Panasonic Corp.		7,500		77,491
Recruit Holdings Co. Ltd.		4,500		188,283
Resona Holdings, Inc.		6,800		30,571
Rohm Co. Ltd.		290		22,737
SCSK Corp.		300		5,100
Secom Co. Ltd.		740		54,111
Sekisui Chemical Co. Ltd.		1,300		21,231
Sekisui House Ltd.		2,000		40,738
Seven & i Holdings Co. Ltd.		2,500		121,359
SG Holdings Co. Ltd.		1,100		23,227
Sharp Corp.		1,100		10,343
Shimadzu Corp.		840		29,939
Shimizu Corp.		1,900		12,554
Shin-Etsu Chemical Co. Ltd.		1,188		182,261
Shionogi & Co. Ltd.		900		59,708
Shiseido Co. Ltd.		1,350		76,962
SoftBank Corp.		9,600		120,901
Sohgo Security Services Co. Ltd.		200		7,189
Sompo Holdings, Inc.		1,040		45,329
Sony Group Corp.		4,205		431,179
Stanley Electric Co. Ltd.		300		7,103
Sumitomo Chemical Co. Ltd.		5,100		24,354
Sumitomo Metal Mining Co. Ltd.		853		42,556
Sumitomo Mitsui Trust Holdings, Inc.		1,100		39,253
Suntory Beverage & Food Ltd.		300		11,982
Sysmex Corp.		550		43,570
T&D Holdings, Inc.		1,700		24,856
Taisei Corp.		674		22,325


	Number of Shares		Value
Japan (Continued)
Takeda Pharmaceutical Co. Ltd.		5,450	$	165,665
TDK Corp.		1,325		52,919
Terumo Corp.		2,050		66,017
Tobu Railway Co. Ltd.		400		9,811
Tokyo Century Corp.		100		4,376
Tokyo Electron Ltd.		493		238,720
Tokyo Gas Co. Ltd.		1,200		24,464
Tokyu Corp.		1,800		23,943
Toray Industries, Inc.		5,000		28,639
TOTO Ltd.		400		16,792
Toyo Suisan Kaisha Ltd.		250		10,506
Unicharm Corp.		1,300		48,761
USS Co. Ltd.		700		11,572
West Japan Railway Co.		750		32,247
Yakult Honsha Co. Ltd.		380		20,555
Yamaha Corp.		419		19,499
Yamaha Motor Co. Ltd.		1,000		22,366
Yaskawa Electric Corp.		801		31,783
Yokogawa Electric Corp.		1,100		17,621
Z Holdings Corp.		9,100		44,056
ZOZO, Inc.		300		8,465

(Cost $6,300,000)				6,608,255

Luxembourg — 0.1%
Tenaris SA (Cost $19,505)		1,664		21,568

Netherlands — 6.5%
Aegon NV		6,194		30,715
Akzo Nobel NV		639		61,007
ASML Holding NV		1,378		926,959
ING Groep NV		13,148		155,033
JDE Peet’s NV		248		8,155
Koninklijke Ahold Delhaize NV		3,535		109,110
Koninklijke DSM NV		582		109,364
Koninklijke KPN NV		11,386		39,006
NN Group NV		828		39,786
Prosus NV*		3,135		195,147
Randstad NV		394		26,862
Wolters Kluwer NV		908		92,624

(Cost $1,513,382)				1,793,768

New Zealand — 0.5%
Auckland International Airport Ltd.*		4,253		20,493
Fisher & Paykel Healthcare Corp. Ltd.		1,919		35,727
Mercury NZ Ltd.		2,569		9,945
Meridian Energy Ltd.		4,194		14,177
Ryman Healthcare Ltd.		1,286		8,703
Spark New Zealand Ltd.		6,110		18,628
Xero Ltd.*		464		31,559

(Cost $159,058)				139,232

Norway — 1.2%
Aker BP ASA		374		11,632
DNB Bank ASA		3,148		70,559
Equinor ASA		3,284		103,987
Mowi ASA		1,523		39,211
Norsk Hydro ASA		4,448		42,266


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Norway (Continued)
Orkla ASA		2,451	$	23,006
Telenor ASA		2,129		31,583

(Cost $289,034)				322,244

Portugal — 0.1%
Galp Energia SGPS SA		1,674		18,536
Jeronimo Martins SGPS SA		862		18,807

(Cost $39,233)				37,343

Singapore — 1.6%
CapitaLand Integrated Commercial Trust REIT		16,865		26,215
Capitaland Investment Ltd.*		9,200		25,008
City Developments Ltd.		1,300		6,819
DBS Group Holdings Ltd.		5,747		143,183
Keppel Corp. Ltd.		5,400		23,828
Oversea-Chinese Banking Corp. Ltd.		11,400		98,006
Singapore Airlines Ltd.*		5,250		19,686
Singapore Exchange Ltd.		3,100		21,330
Singapore Telecommunications Ltd.		28,300		52,537
UOL Group Ltd.		1,800		9,255

(Cost $401,149)				425,867

Spain — 2.2%
Banco Bilbao Vizcaya Argentaria SA		22,001		130,724
CaixaBank SA		14,546		48,034
Iberdrola SA		19,438		222,257
Industria de Diseno Textil SA		3,608		95,639
Naturgy Energy Group SA		657		17,733
Red Electrica Corp. SA (b)		1,411		28,250
Repsol SA		5,035		65,749

(Cost $588,941)				608,386

Sweden — 3.2%
Alfa Laval AB		1,074		35,276
Assa Abloy AB, Class B		3,375		89,970
Atlas Copco AB, Class A		2,286		119,747
Atlas Copco AB, Class B		1,319		60,470
Boliden AB		920		41,281
Electrolux AB, Class B (b)		680		12,302
Essity AB, Class B		2,075		53,798
Evolution AB, 144A		577		67,297
H & M Hennes & Mauritz AB, Class B (b)		2,495		42,418
Husqvarna AB, Class B		1,413		17,134
Nibe Industrier AB, Class B		4,781		43,017
Sandvik AB		3,799		83,280
SKF AB, Class B		1,266		23,581
Svenska Cellulosa AB SCA, Class B		1,946		32,062
Tele2 AB, Class B		1,697		22,610
Telefonaktiebolaget LM Ericsson, Class B		9,819		91,446
Telia Co. AB		8,786		32,875

(Cost $920,164)				868,564

Switzerland — 9.8%
ABB Ltd.		5,487		186,299
Adecco Group AG		520		24,678
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		7		74,582


	Number of Shares		Value
Switzerland (Continued)
Cie Financiere Richemont SA		1,738	$	236,987
Clariant AG*		660		11,931
Coca-Cola HBC AG*		697		17,806
Geberit AG		124		81,284
Givaudan SA		31		130,123
Kuehne + Nagel International AG		183		50,146
Lonza Group AG		249		172,993
Roche Holding AG		2,346		894,597
SGS SA		20		57,442
Sika AG		475		158,428
Sonova Holding AG		182		70,820
Straumann Holding AG		33		52,497
Swiss Life Holding AG		106		64,748
Swiss Re AG		1,017		97,349
Swisscom AG		86		51,612
Vifor Pharma AG		165		28,982
Zurich Insurance Group AG		509		233,903

(Cost $2,297,964)				2,697,207

United Kingdom — 14.2%
abrdn PLC		7,252		20,113
Ashtead Group PLC		1,486		97,220
Associated British Foods PLC		1,148		29,574
AstraZeneca PLC		5,172		628,652
Barratt Developments PLC		3,243		26,586
Berkeley Group Holdings PLC		382		19,969
British Land Co. PLC REIT		3,106		22,071
BT Group PLC (b)		30,133		75,303
Burberry Group PLC		1,336		34,776
CNH Industrial NV		3,454		49,755
Coca-Cola Europacific Partners PLC		697		35,693
Compass Group PLC		5,990		136,148
Croda International PLC		474		47,598
Ferguson PLC		737		112,880
GlaxoSmithKline PLC		16,798		348,314
Informa PLC*		4,997		39,853
InterContinental Hotels Group PLC*		584		41,028
Intertek Group PLC		542		39,154
J Sainsbury PLC		5,782		21,389
JD Sports Fashion PLC		8,880		17,991
Johnson Matthey PLC		641		16,195
Kingfisher PLC		7,188		29,532
Land Securities Group PLC REIT		2,344		24,978
Legal & General Group PLC		20,154		74,959
Lloyds Banking Group PLC		233,279		151,603
Mondi PLC		1,603		33,800
National Grid PLC		12,099		183,572
Next PLC		456		41,984
Ocado Group PLC*		1,680		30,949
Reckitt Benckiser Group PLC		2,374		201,344
RELX PLC		6,433		196,884
Rentokil Initial PLC		6,216		42,352
Schroders PLC		415		17,061
Segro PLC REIT		3,889		67,913
Spirax-Sarco Engineering PLC		247		39,587
St James’s Place PLC		1,754		33,030
Standard Chartered PLC		9,051		64,704


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
United Kingdom (Continued)
Taylor Wimpey PLC		12,303	$	24,803
Tesco PLC		26,101		101,474
Unilever PLC		8,573		430,954
Vodafone Group PLC		90,546		159,687
Whitbread PLC*		644		25,266
WPP PLC		3,901		55,351

(Cost $3,793,894)				3,892,049

TOTAL COMMON STOCKS (Cost $25,938,629)				27,248,012

PREFERRED STOCKS — 0.2%
Germany — 0.2%
Bayerische Motoren Werke AG		153		12,528
Henkel AG & Co. KGaA		590		46,945

(Cost $71,993)				59,473

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		1,880		1,660


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 0.1%
iShares Trust iShares ESG Aware MSCI EAFE ETF (Cost $33,643)		450	$	33,160

SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $70,402)		70,402		70,402


TOTAL INVESTMENTS — 100.0% (Cost $26,114,667)			$	27,412,707
Other assets and liabilities, net — 0.0%				637

NET ASSETS — 100.0%			$	27,413,344

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:


	Value ($) at 8/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2022		Value ($) at 2/28/2022
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		61,137		9,265	(e)		—			—		—		7		—		70,402		70,402

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series Institutional Shares, 0.04% (c)
		2,532		464,838			(467,370	)		—		—		2		—		—		—

		63,669		474,103			(467,370	)		—		—		9		—		70,402		70,402

*	Non-income producing security.

(a)	Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(b)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2022 amounted to $234,309, which is 0.9% of net assets.

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

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $177,822.

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2022.

CDI:

Chess Depositary Interest

REIT:

Real Estate Investment Trust

144A:

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Securities are listed in country of domicile.


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)

At February 28, 2022, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
EURO STOXX 50 Futures	EUR	1	$	46,799	$	44,108	3/18/2022	$	(2,691	)
MINI TOPIX Index Futures	JPY	1		16,996		16,418	3/10/2022		(578	)

Total unrealized depreciation								$	(3,269	)

Currency Abbreviations

EUR

Euro

JPY

Japanese Yen

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (f)	$	27,248,012		$	—	$	—	$	27,248,012
Preferred Stocks		59,473			—		—		59,473
Warrants		1,660			—		—		1,660
Exchange-Traded Funds		33,160			—		—		33,160
Short-Term Investments (f)		70,402			—		—		70,402

TOTAL	$	27,412,707		$	—	$	—	$	27,412,707


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contracts	$	(3,269	)	$	—	$	—	$	(3,269	)

TOTAL	$	(3,269	)	$	—	$	—	$	(3,269	)

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

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


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

February 28, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 98.9%
Brazil — 3.0%
Americanas SA		3,677	$	21,769
Atacadao SA		2,898		10,716
B3 SA — Brasil Bolsa Balcao		35,700		101,036
Banco Bradesco SA		8,606		28,499
Banco do Brasil SA		4,973		33,989
Banco Santander Brasil SA		2,490		14,954
CCR SA		7,093		16,191
Cosan SA		6,089		24,951
Energisa SA		1,081		9,252
Equatorial Energia SA		5,899		29,279
Hapvida Participacoes e Investimentos SA, 144A		24,838		58,483
Hypera SA		2,243		14,586
Klabin SA		4,159		18,729
Localiza Rent a Car SA		3,421		38,196
Lojas Renner SA		5,783		28,423
Natura & Co. Holding SA*		5,238		23,538
Petro Rio SA*		4,069		20,394
Raia Drogasil SA		6,099		27,655
Rede D’Or Sao Luiz SA, 144A		2,342		23,185
Rumo SA*		7,495		22,550
Telefonica Brasil SA		3,023		29,440
TIM SA		4,773		12,609
TOTVS SA		2,982		19,131
Ultrapar Participacoes SA		3,983		11,450
WEG SA		9,663		55,145

(Cost $751,750)				694,150

Chile — 0.2%
Empresas CMPC SA		6,062		10,071
Empresas COPEC SA		2,200		17,162
Enel Americas SA		134,219		15,789
Falabella SA		4,349		14,391

(Cost $79,045)				57,413

China — 30.0%
360 Security Technology, Inc., Class A*		2,700		4,476
3SBio, Inc., 144A*		7,378		5,854
51job, Inc., ADR*		189		9,790
AAC Technologies Holdings, Inc. (a)		4,150		11,366
Air China Ltd., Class A*		2,300		3,601
Air China Ltd., Class H*		10,611		8,148
Alibaba Group Holding Ltd.*		87,976		1,173,208
A-Living Smart City Services Co. Ltd., 144A		3,103		5,568
Angel Yeast Co. Ltd., Class A		200		1,582
Anjoy Foods Group Co. Ltd., Class A		100		1,957
BBMG Corp., Class A		2,500		1,141
Beijing Capital International Airport Co. Ltd., Class H*		10,259		6,565
BYD Co. Ltd., Class A		700		27,689
BYD Co. Ltd., Class H		4,600		139,760
By-health Co. Ltd., Class A		300		1,178
CanSino Biologics, Inc., Class A*		26		1,041
CanSino Biologics, Inc., Class H, 144A*		412		7,419
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		100		2,445


	Number of Shares		Value
China (Continued)
China Communications Services Corp. Ltd., Class H		13,055	$	7,168
China Conch Venture Holdings Ltd.		9,663		46,499
China Construction Bank Corp., Class A		1,800		1,720
China Construction Bank Corp., Class H		559,778		419,814
China Eastern Airlines Corp. Ltd., Class A*		4,800		4,108
China Feihe Ltd., 144A		20,878		24,903
China Jushi Co. Ltd., Class A		1,028		2,778
China Lesso Group Holdings Ltd.		7,105		10,893
China Medical System Holdings Ltd.		7,570		13,428
China Merchants Bank Co. Ltd., Class H		22,794		191,951
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,100		4,509
China Molybdenum Co. Ltd., Class A		6,200		5,905
China Molybdenum Co. Ltd., Class H		19,482		11,669
China National Medicines Corp. Ltd., Class A		200		882
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		400		2,270
China Southern Airlines Co. Ltd., Class A*		4,200		4,613
China Southern Airlines Co. Ltd., Class H*		9,335		5,890
China Three Gorges Renewables Group Co. Ltd., Class A		9,900		11,186
China Tourism Group Duty Free Corp. Ltd., Class A		700		22,464
China Vanke Co. Ltd., Class A		3,300		10,041
China Vanke Co. Ltd., Class H		9,662		22,901
CIFI Ever Sunshine Services Group Ltd.		4,248		7,742
CIFI Holdings Group Co. Ltd.		22,556		15,704
CITIC Ltd.		33,884		39,505
Contemporary Amperex Technology Co. Ltd., Class A		804		67,959
Country Garden Services Holdings Co. Ltd.		11,680		69,808
CSPC Pharmaceutical Group Ltd.		52,930		62,659
Dali Foods Group Co. Ltd., 144A		13,444		7,071
Dongfeng Motor Group Co. Ltd., Class H		16,051		13,784
ENN Energy Holdings Ltd.		4,599		66,745
ENN Natural Gas Co. Ltd., Class A		800		2,264
Eve Energy Co. Ltd., Class A		680		9,645
Fosun International Ltd.		14,939		16,194
Fuyao Glass Industry Group Co. Ltd., Class A		600		4,184
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,632		17,756
Ganfeng Lithium Co. Ltd., Class A		400		9,598
Ganfeng Lithium Co. Ltd., Class H, 144A		1,518		25,547
GEM Co. Ltd., Class A		1,200		1,818
Genscript Biotech Corp.*		6,754		26,666
GoerTek, Inc., Class A		1,300		9,020
Gotion High-tech Co. Ltd., Class A*		500		3,414
Great Wall Motor Co. Ltd., Class A		800		4,629
Great Wall Motor Co. Ltd., Class H		17,720		36,875
Greenland Holdings Corp. Ltd., Class A		3,460		2,369
Greentown Service Group Co. Ltd.		8,419		8,436
Guangzhou Automobile Group Co. Ltd., Class H		18,051		17,788


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
China (Continued)
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		300	$	1,416
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		200		2,669
Guangzhou R&F Properties Co. Ltd., Class H (a)		8,808		3,742
Hangzhou Robam Appliances Co. Ltd., Class A		300		1,582
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,033		15,049
Huaxia Bank Co. Ltd., Class A		5,100		4,550
Industrial Bank Co. Ltd., Class A		7,300		25,533
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,100		13,152
Jafron Biomedical Co. Ltd., Class A		200		1,450
JD.com, Inc., Class A*		1,596		57,028
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,100		3,262
Jinke Properties Group Co. Ltd., Class A		1,400		998
Jinxin Fertility Group Ltd., 144A*		8,019		9,329
Kingdee International Software Group Co. Ltd.*		15,162		37,218
Kuang-Chi Technologies Co. Ltd., Class A*		600		1,929
KWG Group Holdings Ltd.		6,775		3,165
Lenovo Group Ltd.		41,288		45,918
Li Auto, Inc., ADR*		3,200		97,440
Li Ning Co. Ltd.		13,035		129,538
Logan Group Co. Ltd.		8,775		2,920
Longfor Group Holdings Ltd., 144A		10,638		56,909
Meituan, Class B, 144A*		23,785		524,179
Microport Scientific Corp. (a)		3,764		10,405
Ming Yang Smart Energy Group Ltd., Class A		600		2,444
Minth Group Ltd.		4,482		16,118
NIO, Inc., ADR*		7,613		173,881
Offshore Oil Engineering Co. Ltd., Class A		100		78
Ovctek China, Inc., Class A		340		2,209
Pharmaron Beijing Co. Ltd., Class A		200		3,842
Pharmaron Beijing Co. Ltd., Class H, 144A		802		9,689
Ping An Insurance Group Co. of China Ltd., Class A		3,800		30,569
Ping An Insurance Group Co. of China Ltd., Class H		36,915		285,353
Poly Developments and Holdings Group Co. Ltd., Class A		4,100		10,279
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		15,336		21,119
Shanghai Electric Group Co. Ltd., Class A		4,200		2,935
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		600		4,032
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		2,903		11,629
Shanghai M&G Stationery, Inc., Class A		200		1,721
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		300		888
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,327		7,797


	Number of Shares		Value
China (Continued)
Shenzhen Inovance Technology Co. Ltd., Class A		850	$	8,575
Shenzhen Overseas Chinese Town Co. Ltd., Class A		1,900		2,078
Shenzhou International Group Holdings Ltd.		4,814		80,894
Sinotrans Ltd., Class A		1,400		952
Sinotruk Hong Kong Ltd.		3,625		5,400
Skshu Paint Co. Ltd., Class A		140		1,970
Sungrow Power Supply Co. Ltd., Class A		500		9,596
Suning.com Co. Ltd., Class A*		2,700		1,536
TCL Technology Group Corp., Class A		3,700		3,260
Tencent Holdings Ltd.		33,339		1,797,149
Tongcheng Travel Holdings Ltd.*		5,137		9,533
Topchoice Medical Corp., Class A*		100		2,556
Topsports International Holdings Ltd., 144A		9,631		9,972
Uni-President China Holdings Ltd.		8,468		8,778
Unisplendour Corp. Ltd., Class A		1,040		3,624
Vipshop Holdings Ltd., ADR*		2,610		22,629
Want Want China Holdings Ltd.		27,733		29,494
Wuchan Zhongda Group Co. Ltd., Class A		1,100		988
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		700		2,311
WuXi AppTec Co. Ltd., Class A		856		14,099
WuXi AppTec Co. Ltd., Class H, 144A		2,102		29,807
Wuxi Biologics Cayman, Inc., 144A*		21,018		172,825
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,700		4,028
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		4,238		6,910
Xinyi Solar Holdings Ltd.		28,501		51,504
XPeng, Inc., ADR* (a)		2,260		82,196
Yadea Group Holdings Ltd., 144A		6,422		9,485
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		500		3,538
Yum China Holdings, Inc.		2,484		129,218
Yunnan Baiyao Group Co. Ltd., Class A		400		5,721
Zhejiang Chint Electrics Co. Ltd., Class A		700		5,538
Zhejiang Expressway Co. Ltd., Class H		9,035		8,140
Zhejiang Huayou Cobalt Co. Ltd., Class A		500		9,757
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		300		2,275
Zhejiang Weixing New Building Materials Co. Ltd., Class A		300		1,101
Zhongsheng Group Holdings Ltd.		3,386		23,574
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,800		4,240
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		7,378		4,891

(Cost $8,311,001)				6,989,666

Czech Republic — 0.1%
Komercni Banka AS		446		17,574
Moneta Money Bank AS, 144A		2,246		8,900

(Cost $23,182)				26,474


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Egypt — 0.1%
Commercial International Bank Egypt SAE* (Cost $24,922)		9,459	$	28,786

Greece — 0.2%
Eurobank Ergasias Services and Holdings SA*		15,249		16,720
Hellenic Telecommunications Organization SA		1,350		26,991
Public Power Corp. SA*		1,214		11,549

(Cost $46,538)				55,260

Hong Kong — 2.0%
Alibaba Health Information Technology Ltd.*		22,634		15,758
Beijing Enterprises Water Group Ltd.		24,465		9,643
China Education Group Holdings Ltd.		4,512		3,846
China Everbright Environment Group Ltd.		23,363		16,744
China Gas Holdings Ltd.		17,781		28,127
China Jinmao Holdings Group Ltd.		30,086		10,011
China Mengniu Dairy Co. Ltd.*		18,469		119,956
China Overseas Land & Investment Ltd.		22,471		68,589
China Resources Gas Group Ltd.		5,350		24,546
China Ruyi Holdings Ltd.* (a)		14,243		4,211
Geely Automobile Holdings Ltd.		34,298		63,296
Hopson Development Holdings Ltd. (a)		3,808		7,807
HUTCHMED China Ltd., ADR* (a)		475		12,944
Jinmao Property Services Co. Ltd.*		454		2
Kunlun Energy Co. Ltd.		22,410		21,912
Lee & Man Paper Manufacturing Ltd.		6,934		4,455
Shenzhen International Holdings Ltd.		6,769		6,965
Shimao Group Holdings Ltd. (a)		6,769		4,045
Sino Biopharmaceutical Ltd.		60,940		38,840
Vinda International Holdings Ltd.		1,753		4,992

(Cost $573,716)				466,689

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		2,437		19,137
OTP Bank Nyrt*		1,283		49,596

(Cost $83,233)				68,733

India — 12.5%
Adani Green Energy Ltd.*		2,300		56,270
Adani Total Gas Ltd.		1,602		33,774
Asian Paints Ltd.		2,246		94,632
Axis Bank Ltd.*		13,309		131,134
Bajaj Auto Ltd.		416		19,491
Bandhan Bank Ltd., 144A		3,700		15,041
Berger Paints India Ltd.		1,366		12,517
Bharat Petroleum Corp. Ltd.		5,249		24,368
Biocon Ltd.*		2,358		10,917
Britannia Industries Ltd.		620		28,203
Colgate-Palmolive India Ltd.		699		13,455
Dabur India Ltd.		3,533		26,415
DLF Ltd.		3,477		16,186
Eicher Motors Ltd.		797		27,394
Grasim Industries Ltd.		1,551		32,905
Havells India Ltd.		1,534		24,140
HCL Technologies Ltd.		6,337		94,781
Hero MotoCorp Ltd.		698		23,488


	Number of Shares		Value
India (Continued)
Hindalco Industries Ltd.		9,242	$	70,375
Hindustan Unilever Ltd.		4,810		138,662
Housing Development Finance Corp. Ltd.		9,991		313,530
Indraprastha Gas Ltd.		1,618		7,448
Info Edge India Ltd.		457		27,016
Infosys Ltd.		7,664		174,503
Infosys Ltd., ADR		11,803		265,095
Lupin Ltd.		1,359		13,452
Mahindra & Mahindra Ltd.		5,115		53,687
Marico Ltd.		3,008		20,548
Motherson Sumi Systems Ltd.		7,494		14,964
Motherson Sumi Wiring India Ltd.* (b)		7,494		3,461
Nestle India Ltd.		197		46,118
PI Industries Ltd.		496		16,249
Piramal Enterprises Ltd.		649		17,832
Reliance Industries Ltd.		16,604		519,964
Shree Cement Ltd.		66		21,386
Siemens Ltd.		397		12,369
State Bank of India		10,487		67,253
Tata Consultancy Services Ltd.		5,409		255,147
Titan Co. Ltd.		2,089		70,603
Trent Ltd.		1,086		15,971
UPL Ltd.		2,836		25,047
Wipro Ltd., ADR		542		3,951
Wipro Ltd.		7,473		55,124

(Cost $2,542,711)				2,914,866

Indonesia — 1.1%
Aneka Tambang Tbk		48,806		7,542
PT Bank Central Asia Tbk		321,082		179,906
PT Barito Pacific Tbk		153,304		9,497
PT Indah Kiat Pulp & Paper Tbk		15,986		8,985
PT Kalbe Farma Tbk		128,844		14,752
PT Merdeka Copper Gold Tbk*		67,303		18,129
PT Tower Bersama Infrastructure Tbk		45,916		9,396
PT Unilever Indonesia Tbk		46,118		11,813

(Cost $220,989)				260,020

Kuwait — 0.4%
Kuwait Finance House KSCP (Cost $68,411)		26,801		83,554

Malaysia — 2.1%
AMMB Holdings Bhd*		10,100		8,083
Axiata Group Bhd		15,983		14,961
CIMB Group Holdings Bhd		38,135		51,864
Dialog Group Bhd		21,300		14,307
DiGi.Com Bhd		18,900		18,232
Fraser & Neave Holdings Bhd		700		3,768
HAP Seng Consolidated Bhd		3,900		7,041
Hartalega Holdings Bhd		11,100		12,214
IHH Healthcare Bhd		9,900		15,492
Kuala Lumpur Kepong Bhd		2,500		15,482
Malayan Banking Bhd		27,775		57,951
Malaysia Airports Holdings Bhd*		6,300		9,228
Maxis Bhd		13,000		12,447
MISC Bhd		7,700		13,480
Nestle Malaysia Bhd		400		12,766


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Malaysia (Continued)
Petronas Dagangan Bhd		1,500	$	7,688
Petronas Gas Bhd		4,900		20,307
PPB Group Bhd		3,700		15,810
Press Metal Aluminium Holdings Bhd		19,400		31,559
Public Bank Bhd		85,875		91,019
QL Resources Bhd		5,400		6,367
RHB Bank Bhd		9,581		13,464
Sime Darby Bhd		15,000		8,110
Telekom Malaysia Bhd		6,100		7,352
Top Glove Corp. Bhd		30,500		14,892
Westports Holdings Bhd		5,900		5,495

(Cost $484,482)				489,379

Mexico — 1.6%
Arca Continental SAB de CV		2,584		17,088
Cemex SAB de CV, Series CPO*		86,765		44,672
Coca-Cola Femsa SAB de CV		3,171		17,456
Fomento Economico Mexicano SAB de CV		11,272		91,042
Gruma SAB de CV, Class B		1,368		18,597
Grupo Bimbo SAB de CV, Series A		9,010		27,812
Grupo Financiero Banorte SAB de CV, Class O		15,145		102,689
Grupo Televisa SAB, Series CPO		13,892		29,848
Industrias Penoles SAB de CV		807		10,096
Kimberly-Clark de Mexico SAB de CV, Class A		9,258		13,022
Telesites SAB de CV		8,024		8,918

(Cost $377,816)				381,240

Philippines — 0.7%
Ayala Land, Inc.		45,900		34,915
Bank of the Philippine Islands		10,520		20,519
Globe Telecom, Inc.		155		7,763
GT Capital Holdings, Inc.		460		5,186
JG Summit Holdings, Inc.		18,050		21,229
SM Investments Corp.		1,472		25,610
SM Prime Holdings, Inc.		59,000		45,801
Universal Robina Corp.		5,630		13,177

(Cost $170,288)				174,200

Poland — 0.9%
Bank Polska Kasa Opieki SA		1,078		29,788
CD Projekt SA (a)		411		16,544
Cyfrowy Polsat SA		1,343		8,738
KGHM Polska Miedz SA		809		32,004
Orange Polska SA*		4,075		7,588
Polski Koncern Naftowy ORLEN SA		1,764		29,963
Powszechna Kasa Oszczednosci Bank Polski SA*		5,086		49,030
Powszechny Zaklad Ubezpieczen SA		3,474		26,191
Santander Bank Polska SA		216		16,249

(Cost $233,252)				216,095

Qatar — 0.9%
Commercial Bank PSQC		10,928		20,710
Ooredoo QPSC		5,392		11,366
Qatar Fuel QSC		2,741		14,002


	Number of Shares		Value
Qatar (Continued)
Qatar National Bank QPSC		26,361	$	157,833

(Cost $173,668)				203,911

Romania — 0.1%
NEPI Rockcastle PLC (Cost $17,660)		2,485		15,728

Russia — 0.9%
Gazprom PJSC (b)		68,905		100,739
LUKOIL PJSC (b)		2,408		43,021
LUKOIL PJSC, ADR		1		19
Mobile TeleSystems PJSC, ADR (b)		2,662		6,893
Moscow Exchange MICEX-RTS PJSC (b)		8,602		3,754
Novatek PJSC, GDR		530		20,331
Novolipetsk Steel PJSC (b)		8,462		4,374
PhosAgro PJSC, GDR		810		4,933
Polymetal International PLC (b)		2,070		7,606
Polyus PJSC (b)		193		13,807

(Cost $684,406)				205,477

Saudi Arabia — 1.4%
Almarai Co. JSC		1,512		20,191
Bank AlBilad*		2,119		33,267
Dr Sulaiman Al Habib Medical Services Group Co.		330		15,059
Saudi Arabian Mining Co.*		2,496		71,054
Saudi Basic Industries Corp.		5,244		174,162
Savola Group		1,471		13,292

(Cost $265,480)				327,025

Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $8,753)		1,104		9,572

South Africa — 5.5%
Absa Group Ltd.		4,155		47,496
Anglo American Platinum Ltd.		318		49,390
Aspen Pharmacare Holdings Ltd.		2,300		29,917
Bid Corp. Ltd.		1,945		39,322
Bidvest Group Ltd.		1,612		21,952
Capitec Bank Holdings Ltd.		476		63,898
Clicks Group Ltd. (a)		1,428		27,627
Discovery Ltd.*		2,537		25,908
FirstRand Ltd.		29,393		125,770
Gold Fields Ltd.		5,190		72,155
Growthpoint Properties Ltd. REIT		21,251		18,428
Impala Platinum Holdings Ltd.		4,758		90,501
Kumba Iron Ore Ltd.		380		14,865
MTN Group Ltd.*		9,817		121,724
MultiChoice Group		2,198		17,925
Naspers Ltd., Class N		1,267		158,121
Nedbank Group Ltd.		2,663		37,671
Northam Platinum Holdings Ltd.*		2,088		33,547
Old Mutual Ltd.		27,029		22,039
Remgro Ltd.		3,000		27,128
Sanlam Ltd.		11,158		46,690
Shoprite Holdings Ltd.		2,967		43,970
SPAR Group Ltd.		1,072		11,383
Standard Bank Group Ltd.		7,406		77,949


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
South Africa (Continued)
Vodacom Group Ltd.		3,710	$	35,536
Woolworths Holdings Ltd.		5,831		19,056

(Cost $1,129,835)				1,279,968

South Korea — 6.4%
Amorepacific Corp.		190		29,076
AMOREPACIFIC Group		165		6,697
BGF retail Co. Ltd.		43		6,062
Celltrion Healthcare Co. Ltd.		498		26,301
CJ CheilJedang Corp.		49		15,425
CJ Corp.		94		6,575
CJ Logistics Corp.*		47		4,847
Coway Co. Ltd.		309		18,529
Doosan Bobcat, Inc.		266		8,440
GS Engineering & Construction Corp.		364		12,972
GS Holdings Corp.		267		8,883
Hankook Tire & Technology Co. Ltd.		426		12,472
Hanon Systems		1,078		10,355
Hanwha Solutions Corp.*		681		19,172
Hyundai Engineering & Construction Co. Ltd.		461		16,602
Hyundai Glovis Co. Ltd.		109		15,955
Hyundai Heavy Industries Holdings Co. Ltd.		289		12,355
Kakao Corp.		1,820		142,439
KB Financial Group, Inc.		2,295		113,953
Korean Air Lines Co. Ltd.*		1,008		24,564
LG Chem Ltd.		266		124,997
LG Corp.		494		30,897
LG Display Co. Ltd.		1,328		20,654
LG Electronics, Inc.		620		63,684
LG Household & Health Care Ltd.		54		42,666
Lotte Chemical Corp.		99		18,114
NAVER Corp.		717		189,634
POSCO Chemical Co. Ltd.		178		16,803
Samsung Electro-Mechanics Co. Ltd.		327		45,147
Samsung Engineering Co. Ltd.*		892		17,212
Samsung Fire & Marine Insurance Co. Ltd.		179		28,361
Samsung SDI Co. Ltd.		320		145,848
Samsung SDS Co. Ltd.		202		23,521
Shinhan Financial Group Co. Ltd.		2,533		82,267
SK Biopharmaceuticals Co. Ltd.*		161		11,328
SK Innovation Co. Ltd.*		295		49,193
SK Telecom Co. Ltd.		142		6,448
SK, Inc.		247		46,736
SKC Co. Ltd.		124		14,181
Yuhan Corp.		300		14,497

(Cost $1,750,351)				1,503,862

Taiwan — 23.7%
Acer, Inc.		16,926		17,388
ASE Technology Holding Co. Ltd.		19,266		68,240
AU Optronics Corp.		48,404		35,481
Cathay Financial Holding Co. Ltd.		45,472		101,049
Chailease Holding Co. Ltd.		7,736		69,261
Cheng Shin Rubber Industry Co. Ltd.		10,798		13,712
China Steel Corp.		68,627		88,125


	Number of Shares		Value
Taiwan (Continued)
Chunghwa Telecom Co. Ltd.		21,794	$	96,784
Compal Electronics, Inc.		22,846		20,699
CTBC Financial Holding Co. Ltd.		105,708		102,371
Delta Electronics, Inc.		11,714		102,996
E.Sun Financial Holding Co. Ltd.		67,710		71,127
Eclat Textile Co. Ltd.		1,118		23,090
Evergreen Marine Corp. Taiwan Ltd.		14,968		76,615
Far Eastern New Century Corp.		16,038		16,905
Far EasTone Telecommunications Co. Ltd.		8,804		21,763
Feng TAY Enterprise Co. Ltd.		2,655		19,604
First Financial Holding Co. Ltd.		60,946		55,870
Fubon Financial Holding Co. Ltd.		43,351		116,128
Hiwin Technologies Corp.		1,696		16,001
Hotai Motor Co. Ltd.		1,753		39,393
Hua Nan Financial Holdings Co. Ltd.		50,784		40,033
Innolux Corp.		55,234		33,001
Inventec Corp.		13,656		12,494
Lite-On Technology Corp.		12,163		29,675
MediaTek, Inc.		8,860		342,896
Mega Financial Holding Co. Ltd.		63,594		85,291
Nan Ya Plastics Corp.		29,728		92,996
Nien Made Enterprise Co. Ltd.		973		12,529
Oneness Biotech Co. Ltd.*		1,406		12,413
President Chain Store Corp.		3,159		29,466
Ruentex Development Co. Ltd.		6,153		15,714
Shanghai Commercial & Savings Bank Ltd.		20,865		34,087
SinoPac Financial Holdings Co. Ltd.		57,944		35,343
Taishin Financial Holding Co. Ltd.		58,121		40,427
Taiwan Cement Corp.		29,696		50,155
Taiwan High Speed Rail Corp.		12,863		13,558
Taiwan Mobile Co. Ltd.		10,272		37,922
Taiwan Semiconductor Manufacturing Co. Ltd.		143,406		3,089,610
Uni-President Enterprises Corp.		27,978		66,964
United Microelectronics Corp.		68,569		127,428
Wan Hai Lines Ltd.		3,552		23,693
Yageo Corp.		2,135		34,384
Yang Ming Marine Transport Corp.*		10,292		42,402
Yuanta Financial Holding Co. Ltd.		54,228		48,067

(Cost $4,151,477)				5,523,150

Thailand — 2.5%
Advanced Info Service PCL, NVDR		7,100		49,760
Airports of Thailand PCL, NVDR*		25,200		49,552
Asset World Corp. PCL, NVDR*		55,300		8,124
B Grimm Power PCL, NVDR		4,700		4,963
Bangkok Dusit Medical Services PCL, NVDR		54,300		39,385
Berli Jucker PCL, NVDR		8,100		8,305
BTS Group Holdings PCL, NVDR		49,100		14,276
Bumrungrad Hospital PCL, NVDR		3,100		14,563
Central Pattana PCL, NVDR		11,400		19,276
Charoen Pokphand Foods PCL, NVDR		23,500		18,160
CP ALL PCL, NVDR		33,600		69,925
Energy Absolute PCL, NVDR		8,600		25,004
Home Product Center PCL, NVDR		33,500		15,584
Indorama Ventures PCL, NVDR		9,500		13,083


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Thailand (Continued)
Intouch Holdings PCL, NVDR		6,500	$	15,069
Land & Houses PCL, NVDR		48,700		14,308
Minor International PCL, NVDR*		18,954		17,837
Muangthai Capital PCL, NVDR		4,800		7,565
Osotspa PCL		2,300		2,481
Osotspa PCL, NVDR		4,700		5,070
PTT Exploration & Production PCL, NVDR		8,100		33,838
PTT Global Chemical PCL, NVDR		13,000		21,087
Siam Cement PCL, NVDR		4,600		55,186
Siam Commercial Bank PCL, NVDR		4,900		18,820
Sri Trang Gloves Thailand PCL, NVDR		5,600		4,413
Thai Oil PCL, NVDR		6,500		10,692
Thai Union Group PCL, NVDR		15,700		9,802
True Corp. PCL, NVDR		66,600		10,191

(Cost $553,369)				576,319

Turkey — 0.2%
KOC Holding AS		4,583		10,462
Turkcell Iletisim Hizmetleri AS		7,039		10,422
Turkiye Garanti Bankasi AS		12,919		10,328
Turkiye Is Bankasi AS, Class C		7,924		4,551
Turkiye Sise ve Cam Fabrikalari AS		7,971		7,120

(Cost $51,977)				42,883

United Arab Emirates — 2.1%
Abu Dhabi Commercial Bank PJSC		16,106		47,182
Abu Dhabi Islamic Bank PJSC		8,165		19,673
Aldar Properties PJSC		23,047		26,353
Emirates NBD Bank PJSC		14,802		57,627
Emirates Telecommunications Group Co. PJSC		20,324		193,554
First Abu Dhabi Bank PJSC		25,455		143,317

(Cost $362,777)				487,706

TOTAL COMMON STOCKS (Cost $23,141,089)				23,082,126

PREFERRED STOCKS — 1.1%
Brazil — 0.7%
Banco Bradesco SA		27,950		110,407
Cia Energetica de Minas Gerais		6,427		15,969
Gerdau SA		6,602		32,627

(Cost $191,190)				159,003

Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $38,931)		787		52,480

Colombia — 0.1%
Bancolombia SA (Cost $19,706)		2,705		24,137

South Korea — 0.1%
LG Chem Ltd.		47		10,574
LG Household & Health Care Ltd.		13		5,676

(Cost $21,449)				16,250

TOTAL PREFERRED STOCKS (Cost $271,276)				251,870


	Principal Amount		Value
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd.
8.00%, 8/28/22	INR	4,500	$	61
Series N3, 5.50%, 6/3/24	INR	12,383		164

(Cost $64)				225


	Number of Shares
RIGHTS — 0.0%
Brazil — 0.0%
Americanas SA*, expires 3/9/22 (Cost $0)		81		107

WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 9/5/22		1,525		32
BTS Group Holdings PCL*, expires 11/7/24		3,050		60
BTS Group Holdings PCL*, expires 11/20/26		6,100		106

TOTAL WARRANTS (Cost $0)				198

EXCHANGE-TRADED FUNDS — 0.0%
iShares ESG Aware MSCI EM ETF (a) (Cost $10,095)		250		9,480

SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $161,048)		161,048		161,048


TOTAL INVESTMENTS — 100.7% (Cost $23,583,572)			$	23,505,054
Other assets and liabilities, net — (0.7%)				(172,262	)

NET ASSETS — 100.0%			$	23,332,792


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:


	Value ($) at 8/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2022		Value ($) at 2/28/2022
SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		79,911		81,137	(e)		—			—		—		5		—		161,048		161,048

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		149,313		1,513,286			(1,662,599	)		—		—		13		—		—		—

		229,224		1,594,423			(1,662,599	)		—		—		18		—		161,048		161,048

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2022 amounted to $235,383, which is 1.0% of net assets.

(b)	Investment was valued using significant unobservable inputs.

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

(d)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $125,469.

(e)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2022.

ADR:

American Depositary Receipt

CPO:

Ordinary Participation Certificates

GDR:

Global Depositary Receipt

JSC:

Joint Stock Company

KSCP:

Kuwait Shareholding Company Public

NVDR:

Non Voting Depositary Receipt

PJSC:

Public Joint Stock Company

PSQC:

Public Shareholders Qatari Company

QPSC:

Qatari Public Shareholders Company

QSC:

Qatari Shareholders Company

REIT:

Real Estate Investment Trust

SAE:

Societe Anonyme Egyptienne

144A:

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

Securities are listed in country of domicile.

At February 28, 2022, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
MSCI Emerging Markets Index Futures	USD	1	$	60,760	$	58,775	3/18/2022	$	(1,985	)

Currency Abbreviations

INR

Indian Rupee

USD

U.S. Dollar


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (f)	$	22,898,471		$	—	$	183,655	$	23,082,126
Preferred Stocks (f)		251,870			—		—		251,870
Corporate Bonds		—			225		—		225
Rights		—			107		—		107
Warrants		198			—		—		198
Exchange-Traded Funds		9,480			—		—		9,480
Short-Term Investments (f)		161,048			—		—		161,048

TOTAL	$	23,321,067		$	332	$	183,655	$	23,505,054


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contracts	$	(1,985	)	$	—	$	—	$	(1,985	)

TOTAL	$	(1,985	)	$	—	$	—	$	(1,985	)

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

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

During the year ended February 28, 2022, the amount of transfers from Level 1 to Level 3 was $608,106, and between Level 3 to Level 1 was $243. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


See Notes to Financial Statements.		39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF

February 28, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 11.6%
Activision Blizzard, Inc.		128,026	$	10,434,119
Alphabet, Inc., Class A*		49,048		132,485,515
Alphabet, Inc., Class C*		46,627		125,791,253
Cable One, Inc.		857		1,227,952
Discovery, Inc., Class A*		26,876		753,872
Discovery, Inc., Class C*		53,673		1,501,234
Electronic Arts, Inc.		46,746		6,081,187
Interpublic Group of Cos., Inc.		64,908		2,388,614
Omnicom Group, Inc.		35,735		2,997,809
Sirius XM Holdings, Inc. (a)		146,132		900,173
Take-Two Interactive Software, Inc.*		18,198		2,948,076
Verizon Communications, Inc.		674,480		36,199,342
Walt Disney Co.*		295,422		43,858,350

(Cost $257,668,503)				367,567,496

Consumer Discretionary — 12.5%
Advance Auto Parts, Inc.		9,954		2,035,394
Aptiv PLC*		43,654		5,650,574
Best Buy Co., Inc.		35,674		3,447,535
Booking Holdings, Inc.*		6,708		14,571,453
BorgWarner, Inc.		40,174		1,647,536
Burlington Stores, Inc.*		10,951		2,473,721
CarMax, Inc.*		26,635		2,912,005
Darden Restaurants, Inc.		20,345		2,954,501
Domino’s Pizza, Inc.		5,905		2,552,200
eBay, Inc.		105,535		5,761,156
Garmin Ltd.		25,795		2,848,800
Genuine Parts Co.		23,409		2,859,643
Hasbro, Inc.		20,338		1,973,803
Hilton Worldwide Holdings, Inc.*		45,048		6,705,845
Home Depot, Inc.		170,266		53,775,111
LKQ Corp.		47,332		2,222,237
Lowe’s Cos., Inc.		109,853		24,284,104
Lululemon Athletica, Inc.*		19,528		6,247,788
McDonald’s Corp.		122,125		29,892,536
MercadoLibre, Inc.*		7,391		8,327,070
Mohawk Industries, Inc.*		9,027		1,270,821
Newell Brands, Inc.		64,266		1,526,318
NIKE, Inc., Class B		207,990		28,401,035
NVR, Inc.*		540		2,677,558
Pool Corp.		6,300		2,889,054
Starbucks Corp.		191,585		17,585,587
Target Corp.		78,120		15,606,032
Tesla, Inc.*		139,189		121,154,281
TJX Cos., Inc.		196,304		12,975,694
Tractor Supply Co.		18,479		3,765,835
Vail Resorts, Inc.		6,832		1,780,078
VF Corp.		54,089		3,138,244

(Cost $280,538,441)				395,913,549

Consumer Staples — 6.5%
Bunge Ltd.		21,962		2,296,127
Campbell Soup Co.		31,257		1,405,627
Clorox Co.		19,727		2,875,999
Coca-Cola Co.		667,216		41,527,524
Colgate-Palmolive Co.		131,269		10,101,150


	Number of Shares		Value
Consumer Staples (Continued)
Conagra Brands, Inc.		80,508	$	2,815,365
Estee Lauder Cos., Inc., Class A		37,871		11,222,313
General Mills, Inc.		99,575		6,714,342
Hormel Foods Corp.		45,873		2,185,390
J M Smucker Co.		17,975		2,422,131
Kellogg Co.		42,223		2,699,739
Keurig Dr Pepper, Inc.		117,123		4,529,146
Kimberly-Clark Corp.		55,095		7,170,614
Kroger Co.		116,191		5,437,739
McCormick & Co., Inc.		41,550		3,954,314
PepsiCo, Inc.		225,055		36,850,506
Procter & Gamble Co.		394,266		61,462,127

(Cost $172,126,035)				205,670,153

Energy — 1.5%
Baker Hughes Co.		131,587		3,866,026
Cheniere Energy, Inc.		39,288		5,221,375
Marathon Petroleum Corp.		100,368		7,815,656
ONEOK, Inc.		72,541		4,736,928
Phillips 66		71,025		5,983,146
Schlumberger N.V.		230,205		9,033,244
Valero Energy Corp.		66,553		5,557,841
Williams Cos., Inc.		199,251		6,232,571

(Cost $40,248,633)				48,446,787

Financials — 11.6%
Aflac, Inc.		106,401		6,500,037
Allstate Corp.		46,480		5,687,293
Ally Financial, Inc.		61,792		3,083,421
American Express Co.		107,573		20,927,252
American International Group, Inc.		136,622		8,366,731
Ameriprise Financial, Inc.		18,544		5,559,306
Annaly Capital Management, Inc. REIT		235,585		1,639,672
Aon PLC, Class A		35,926		10,495,422
Arch Capital Group Ltd.*		62,100		2,925,531
Arthur J Gallagher & Co.		33,631		5,320,088
Assurant, Inc.		9,317		1,581,188
Bank of New York Mellon Corp.		127,909		6,798,363
BlackRock, Inc.		24,770		18,426,155
Carlyle Group, Inc.		24,068		1,128,067
Cboe Global Markets, Inc.		17,529		2,055,976
Charles Schwab Corp.		234,574		19,812,120
Chubb Ltd.		70,897		14,437,465
Citizens Financial Group, Inc.		69,237		3,629,404
CME Group, Inc.		58,378		13,808,148
Discover Financial Services		47,678		5,885,372
Equitable Holdings, Inc.		58,570		1,912,896
Erie Indemnity Co., Class A		3,490		611,099
FactSet Research Systems, Inc.		5,838		2,370,753
First Republic Bank		27,870		4,828,756
Franklin Resources, Inc.		49,726		1,478,354
Hartford Financial Services Group, Inc.		55,421		3,850,651
Huntington Bancshares, Inc.		239,903		3,723,295
Intercontinental Exchange, Inc.		92,409		11,839,441
Invesco Ltd.		54,050		1,148,022
KeyCorp		161,025		4,036,897
Lincoln National Corp.		27,950		1,884,389


See Notes to Financial Statements.		40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Financials (Continued)
Loews Corp.		35,010	$	2,147,513
M&T Bank Corp.		21,006		3,827,923
MarketAxess Holdings, Inc.		5,962		2,274,086
Marsh & McLennan Cos., Inc.		82,774		12,863,907
Moody’s Corp.		27,413		8,827,808
Morgan Stanley		221,762		20,122,684
Nasdaq, Inc.		19,211		3,287,963
Northern Trust Corp.		32,585		3,711,432
PNC Financial Services Group, Inc.		69,281		13,804,239
Principal Financial Group, Inc.		43,755		3,090,853
Progressive Corp.		95,552		10,121,823
Prudential Financial, Inc.		61,675		6,886,631
Raymond James Financial, Inc.		30,062		3,296,298
Regions Financial Corp.		153,332		3,709,101
S&P Global, Inc.		56,355		21,172,453
State Street Corp.		60,652		5,175,435
SVB Financial Group*		9,463		5,734,578
T. Rowe Price Group, Inc.		37,037		5,354,069
Travelers Cos., Inc.		40,612		6,978,360
Truist Financial Corp.		217,981		13,562,778
US Bancorp		227,827		12,881,339
Willis Towers Watson PLC		20,626		4,585,160

(Cost $289,040,453)				369,167,997

Health Care — 13.2%
ABIOMED, Inc.*		7,263		2,256,905
Agilent Technologies, Inc.		49,638		6,470,810
Align Technology, Inc.*		12,125		6,201,452
AmerisourceBergen Corp.		24,408		3,478,872
Amgen, Inc.		92,900		21,039,992
Baxter International, Inc.		82,678		7,025,150
Biogen, Inc.*		24,165		5,099,057
BioMarin Pharmaceutical, Inc.*		29,324		2,290,791
Bio-Techne Corp.		6,501		2,726,584
Bristol-Myers Squibb Co.		361,158		24,800,720
Cardinal Health, Inc.		44,949		2,427,695
Catalent, Inc.*		27,256		2,781,202
Centene Corp.*		94,521		7,809,325
Cerner Corp.		49,926		4,655,600
Cigna Corp.		54,037		12,848,918
DaVita, Inc.*		11,612		1,309,485
DENTSPLY SIRONA, Inc.		35,173		1,904,266
Dexcom, Inc.*		15,664		6,483,486
Edwards Lifesciences Corp.*		101,703		11,428,366
Eli Lilly & Co.		132,479		33,113,126
Gilead Sciences, Inc.		202,608		12,237,523
HCA Healthcare, Inc.		40,568		10,154,576
Hologic, Inc.*		40,899		2,910,782
Horizon Therapeutics PLC*		35,453		3,232,250
Humana, Inc.		21,102		9,165,021
IDEXX Laboratories, Inc.*		13,903		7,401,262
Illumina, Inc.*		24,170		7,893,922
Insulet Corp.*		11,072		2,930,648
Jazz Pharmaceuticals PLC*		8,865		1,218,228
Johnson & Johnson		429,116		70,619,620
Laboratory Corp. of America Holdings*		15,247		4,135,901
Merck & Co., Inc.		411,869		31,540,928


	Number of Shares		Value
Health Care (Continued)
Mettler-Toledo International, Inc.*		3,773	$	5,315,176
Novocure Ltd.* (a)		14,940		1,222,988
Quest Diagnostics, Inc.		19,671		2,582,212
ResMed, Inc.		23,690		5,845,508
STERIS PLC		16,273		3,905,520
Teladoc Health, Inc.*		21,889		1,661,594
Teleflex, Inc.		7,735		2,601,358
Thermo Fisher Scientific, Inc.		64,138		34,891,072
Vertex Pharmaceuticals, Inc.*		42,146		9,694,423
Waters Corp.*		10,024		3,174,902
West Pharmaceutical Services, Inc.		12,164		4,708,441
Zoetis, Inc.		77,414		14,991,221

(Cost $370,864,110)				420,186,878

Industrials — 7.8%
3M Co.		93,614		13,915,721
Allegion PLC		14,124		1,617,480
AMERCO		1,708		986,558
C.H. Robinson Worldwide, Inc.		21,488		2,077,460
Caterpillar, Inc.		88,758		16,649,226
Copart, Inc.*		35,173		4,322,058
CSX Corp.		365,816		12,404,821
Cummins, Inc.		24,021		4,903,167
Deere & Co.		47,953		17,264,039
Delta Air Lines, Inc.*		29,478		1,176,762
Dover Corp.		22,799		3,576,251
Eaton Corp. PLC		64,662		9,976,700
Expeditors International of Washington, Inc.		28,177		2,912,375
Fastenal Co.		93,002		4,785,883
Fortive Corp.		55,986		3,625,094
Fortune Brands Home & Security, Inc.		22,873		1,987,664
Generac Holdings, Inc.*		10,150		3,202,021
Howmet Aerospace, Inc.		64,407		2,313,499
IDEX Corp.		11,831		2,270,369
Illinois Tool Works, Inc.		51,246		11,086,560
Johnson Controls International PLC		116,467		7,565,696
Lennox International, Inc.		5,064		1,351,734
Masco Corp.		40,182		2,251,799
Norfolk Southern Corp.		40,210		10,314,669
Owens Corning		16,796		1,565,219
PACCAR, Inc.		56,327		5,171,382
Pentair PLC		27,841		1,612,272
Robert Half International, Inc.		17,473		2,101,827
Rockwell Automation, Inc.		18,838		5,021,834
Roper Technologies, Inc.		17,028		7,632,290
Snap-on, Inc.		8,684		1,825,203
Stanley Black & Decker, Inc.		27,120		4,412,424
Trane Technologies PLC		39,596		6,095,012
Union Pacific Corp.		104,898		25,799,663
United Parcel Service, Inc., Class B		118,146		24,860,281
United Rentals, Inc.*		11,794		3,793,186
W.W. Grainger, Inc.		7,086		3,380,447
Waste Management, Inc.		68,572		9,901,797
Xylem, Inc.		29,040		2,583,108

(Cost $196,424,458)				248,293,551


See Notes to Financial Statements.		41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Information Technology — 28.7%
Accenture PLC, Class A		103,306	$	32,646,762
Adobe, Inc.*		77,528		36,258,295
ANSYS, Inc.*		14,365		4,656,989
Applied Materials, Inc.		147,014		19,729,279
Autodesk, Inc.*		35,839		7,892,823
Automatic Data Processing, Inc.		68,826		14,070,787
Cadence Design Systems, Inc.*		44,213		6,695,175
Cisco Systems, Inc.		686,751		38,300,103
Citrix Systems, Inc.		19,824		2,031,960
Cognex Corp.		27,090		1,830,200
Hewlett Packard Enterprise Co.		206,925		3,294,246
HP, Inc.		195,261		6,709,168
Intel Corp.		663,518		31,649,809
International Business Machines Corp.		145,857		17,868,941
Intuit, Inc.		43,963		20,854,728
Keysight Technologies, Inc.*		30,185		4,750,213
Lam Research Corp.		23,100		12,967,185
Mastercard, Inc., Class A		143,306		51,707,671
Microsoft Corp.		1,163,556		347,658,897
Motorola Solutions, Inc.		27,202		5,996,137
NVIDIA Corp.		407,970		99,483,485
Okta, Inc.*		24,356		4,453,251
salesforce.com, Inc.*		160,109		33,707,748
Teledyne Technologies, Inc.*		7,721		3,315,243
Texas Instruments, Inc.		150,094		25,514,479
Trimble, Inc.*		42,035		2,931,941
Visa, Inc., Class A		272,432		58,878,004
VMware, Inc., Class A		33,908		3,978,087
Western Union Co.		58,346		1,060,730
Workday, Inc., Class A*		31,218		7,150,483
Zebra Technologies Corp., Class A*		8,646		3,573,738

(Cost $656,337,559)				911,616,557

Materials — 2.8%
Amcor PLC		253,702		2,950,554
Ball Corp.		52,141		4,679,133
DuPont de Nemours, Inc.		85,360		6,604,303
Ecolab, Inc.		42,295		7,454,917
International Flavors & Fragrances, Inc.		40,158		5,341,014
International Paper Co.		60,147		2,618,199
Linde PLC		84,338		24,731,275
LyondellBasell Industries NV, Class A		42,673		4,149,096
Mosaic Co.		60,027		3,147,216
Newmont Corp.		129,769		8,590,708
PPG Industries, Inc.		38,277		5,108,066
Sherwin-Williams Co.		40,464		10,647,292
Steel Dynamics, Inc.		35,455		2,502,414

(Cost $74,268,961)				88,524,187

Real Estate — 2.7%
American Tower Corp. REIT		74,257		16,846,686
Boston Properties, Inc. REIT		23,016		2,815,087
CBRE Group, Inc., Class A*		54,420		5,270,577
Crown Castle International Corp. REIT		70,713		11,780,079
Equinix, Inc. REIT		14,598		10,360,638
Equity Residential REIT		59,106		5,041,742
Healthpeak Properties, Inc. REIT		85,912		2,668,427


	Number of Shares		Value
Real Estate (Continued)
Host Hotels & Resorts, Inc. REIT*		120,130	$	2,194,775
Prologis, Inc. REIT		120,325		17,549,401
Welltower, Inc. REIT		70,853		5,901,346
Weyerhaeuser Co. REIT		122,407		4,759,184

(Cost $74,987,093)				85,187,942

Utilities — 1.0%
American Water Works Co., Inc.		29,562		4,466,523
Atmos Energy Corp.		21,660		2,378,485
Consolidated Edison, Inc.		57,497		4,931,518
Edison International		62,808		3,983,283
Essential Utilities, Inc.		36,855		1,736,239
Eversource Energy		56,013		4,581,863
Sempra Energy		51,503		7,427,763
UGI Corp.		32,271		1,240,497

(Cost $28,821,526)				30,746,171


TOTAL COMMON STOCKS (Cost $2,441,325,772)				3,171,321,268

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $865,404)		865,404		865,404

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $860,638)		860,638		860,638


TOTAL INVESTMENTS — 99.9% (Cost $2,443,051,814)			$	3,173,047,310
Other assets and liabilities, net — 0.1%				2,673,127

NET ASSETS — 100.0%			$	3,175,720,437


See Notes to Financial Statements.		42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:


	Value ($) at 8/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2022		Value ($) at 2/28/2022
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c)
		852,902		12,502	(d)		—			—		—		45		—		865,404		865,404

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b)
		3,332,190		38,488,158			(40,959,710	)		—		—		626		—		860,638		860,638

		4,185,092		38,500,660			(40,959,710	)		—		—		671		—		1,726,042		1,726,042

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2022 amounted to $863,808, which is 0.0% of net assets.

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

(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $45,408.

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2022.

REIT:

Real Estate Investment Trust

At February 28, 2022, open futures contracts purchased were as follows:


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
E-Mini S&P 500 ESG Futures	USD	10	$	2,035,840	$	1,912,500	3/18/2022	$	(123,340	)
MSCI USA ESG Leaders GTR Index Futures	USD	50		2,538,950		2,369,000	3/18/2022		(169,950	)

Total unrealized depreciation								$	(293,290	)

Currency Abbreviations

USD

U.S. Dollar


See Notes to Financial Statements.		43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI USA ESG Leaders Equity ETF (Continued)

February 28, 2022 (Unaudited)

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (e)	$	3,171,321,268		$	—	$	—	$	3,171,321,268
Short-Term Investments (e)		1,726,042			—		—		1,726,042

TOTAL	$	3,173,047,310		$	—	$	—	$	3,173,047,310


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (f)
Futures Contracts	$	(293,290	)	$	—	$	—	$	(293,290	)

TOTAL	$	(293,290	)	$	—	$	—	$	(293,290	)

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

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


See Notes to Financial Statements.		44

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF

February 28, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.8%
Communication Services — 9.5%
Activision Blizzard, Inc.		23,486	$	1,914,109
Alphabet, Inc., Class A*		9,161		24,745,143
Alphabet, Inc., Class C*		8,516		22,974,635
AT&T, Inc.		215,911		5,114,932
Charter Communications, Inc., Class A*		3,859		2,322,269
Comcast Corp., Class A		138,945		6,497,068
Discovery, Inc., Class A*		4,892		137,221
Discovery, Inc., Class C*		9,887		276,539
Electronic Arts, Inc.		8,746		1,137,767
Interpublic Group of Cos., Inc.		11,851		436,117
Live Nation Entertainment, Inc.*		4,394		530,883
News Corp., Class A		11,871		264,961
News Corp., Class B		3,654		81,959
Omnicom Group, Inc.		6,520		546,963
Take-Two Interactive Software, Inc.*		3,503		567,486
Verizon Communications, Inc.		125,334		6,726,676
Walt Disney Co.*		54,994		8,164,409

(Cost $76,043,106)				82,439,137

Consumer Discretionary — 13.5%
Amazon.com, Inc.*		13,259		40,721,836
Aptiv PLC*		8,240		1,066,586
Best Buy Co., Inc.		6,998		676,287
Booking Holdings, Inc.*		1,264		2,745,724
BorgWarner, Inc.		7,272		298,225
CarMax, Inc.*		5,184		566,767
Dollar Tree, Inc.*		7,099		1,008,626
eBay, Inc.		19,638		1,072,038
Etsy, Inc.*		3,865		598,650
Ford Motor Co.		118,262		2,076,681
General Motors Co.*		44,499		2,078,993
Hasbro, Inc.		4,396		426,632
Hilton Worldwide Holdings, Inc.*		8,414		1,252,508
Home Depot, Inc.		32,170		10,160,251
Las Vegas Sands Corp.*		10,013		429,157
Lowe’s Cos., Inc.		21,085		4,661,050
Marriott International, Inc., Class A*		8,299		1,411,992
McDonald’s Corp.		22,568		5,523,969
MGM Resorts International		12,572		556,814
Newell Brands, Inc.		11,459		272,151
NIKE, Inc., Class B		38,739		5,289,810
PulteGroup, Inc.		7,844		389,533
PVH Corp.		2,068		202,437
Ralph Lauren Corp.		1,434		189,345
Royal Caribbean Cruises Ltd.*		6,640		535,981
Starbucks Corp.		35,667		3,273,874
Tapestry, Inc.		8,801		359,961
Target Corp.		14,986		2,993,753
Tesla, Inc.*		24,726		21,522,252
TJX Cos., Inc.		36,436		2,408,420
Under Armour, Inc., Class A*		6,182		110,596
Under Armour, Inc., Class C*		6,006		93,874
VF Corp.		9,708		563,258
Whirlpool Corp.		1,841		370,538
Yum! Brands, Inc.		9,142		1,120,626

(Cost $112,942,813)				117,029,195


	Number of Shares		Value
Consumer Staples — 5.7%
Archer-Daniels-Midland Co.		16,770	$	1,315,606
Brown-Forman Corp., Class B		5,582		364,114
Campbell Soup Co.		6,105		274,542
Coca-Cola Co.		118,236		7,359,009
Colgate-Palmolive Co.		25,595		1,969,535
Conagra Brands, Inc.		14,809		517,871
Constellation Brands, Inc., Class A		5,186		1,118,205
General Mills, Inc.		18,452		1,244,218
Hershey Co.		4,434		896,821
Hormel Foods Corp.		8,197		390,505
J M Smucker Co.		3,157		425,406
Kellogg Co.		7,584		484,921
Kraft Heinz Co.		20,380		799,304
Kroger Co.		20,622		965,110
McCormick & Co., Inc.		7,837		745,847
Molson Coors Beverage Co., Class B		5,385		280,989
Mondelez International, Inc., Class A		42,630		2,791,412
PepsiCo, Inc.		42,062		6,887,232
Procter & Gamble Co.		73,534		11,463,215
Sysco Corp.		15,455		1,346,131
Tyson Foods, Inc., Class A		8,866		821,524
Walgreens Boots Alliance, Inc.		21,688		999,600
Walmart, Inc.		43,315		5,854,455

(Cost $44,776,455)				49,315,572

Energy — 4.0%
APA Corp.		12,218		435,327
Chevron Corp.		58,566		8,433,504
ConocoPhillips		40,875		3,877,402
Devon Energy Corp.		19,089		1,136,750
Exxon Mobil Corp.		128,259		10,058,071
Halliburton Co.		26,843		900,046
Hess Corp.		8,262		834,957
Kinder Morgan, Inc.		58,735		1,021,989
Marathon Petroleum Corp.		19,755		1,538,322
Occidental Petroleum Corp.		26,863		1,174,719
ONEOK, Inc.		13,536		883,901
Pioneer Natural Resources Co.		7,020		1,681,992
Schlumberger N.V.		42,116		1,652,632
Williams Cos., Inc.		36,810		1,151,417

(Cost $24,298,113)				34,781,029

Financials — 10.3%
Aflac, Inc.		19,244		1,175,616
Allstate Corp.		9,216		1,127,670
American Express Co.		19,090		3,713,769
Ameriprise Financial, Inc.		3,551		1,064,554
Arthur J Gallagher & Co.		6,201		980,936
Assurant, Inc.		1,834		311,248
Bank of America Corp.		219,299		9,693,016
Bank of New York Mellon Corp.		23,149		1,230,369
BlackRock, Inc.		4,325		3,217,324
Capital One Financial Corp.		12,945		1,984,080
Cboe Global Markets, Inc.		3,195		374,742
Charles Schwab Corp.		45,342		3,829,585
Chubb Ltd.		13,282		2,704,747
Citigroup, Inc.		60,403		3,577,670
CME Group, Inc.		10,906		2,579,596


See Notes to Financial Statements.		45

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Financials (Continued)
Comerica, Inc.		4,072	$	388,835
Discover Financial Services		9,295		1,147,375
Fifth Third Bancorp		21,541		1,030,521
Franklin Resources, Inc.		9,360		278,273
Globe Life, Inc.		2,732		275,823
Goldman Sachs Group, Inc.		10,380		3,542,590
Hartford Financial Services Group, Inc.		10,858		754,414
Intercontinental Exchange, Inc.		17,027		2,181,499
Invesco Ltd.		10,375		220,365
JPMorgan Chase & Co.		89,864		12,742,715
KeyCorp		29,356		735,955
Lincoln National Corp.		5,386		363,124
MarketAxess Holdings, Inc.		1,200		457,716
Marsh & McLennan Cos., Inc.		15,332		2,382,746
MetLife, Inc.		22,497		1,519,672
Moody’s Corp.		4,861		1,565,388
Morgan Stanley		44,103		4,001,906
MSCI, Inc.		2,547		1,277,804
Nasdaq, Inc.		3,477		595,089
Northern Trust Corp.		6,272		714,381
PNC Financial Services Group, Inc.		12,833		2,556,975
Principal Financial Group, Inc.		7,541		532,696
Progressive Corp.		17,650		1,869,665
Prudential Financial, Inc.		11,741		1,311,000
Raymond James Financial, Inc.		5,370		588,821
Regions Financial Corp.		29,066		703,107
S&P Global, Inc.		10,775		4,048,063
State Street Corp.		11,072		944,774
Synchrony Financial		16,537		707,453
T. Rowe Price Group, Inc.		6,934		1,002,379
Travelers Cos., Inc.		7,546		1,296,629

(Cost $77,786,844)				89,302,675

Health Care — 12.9%
Abbott Laboratories		53,676		6,474,399
AbbVie, Inc.		53,558		7,914,266
Agilent Technologies, Inc.		9,257		1,206,743
AmerisourceBergen Corp.		4,418		629,698
Amgen, Inc.		17,200		3,895,456
Anthem, Inc.		7,398		3,342,786
Baxter International, Inc.		15,329		1,302,505
Becton Dickinson and Co.		8,713		2,363,663
Biogen, Inc.*		4,673		986,050
Bio-Rad Laboratories, Inc., Class A*		626		391,851
Boston Scientific Corp.*		42,987		1,898,736
Bristol-Myers Squibb Co.		67,993		4,669,079
Cardinal Health, Inc.		8,796		475,072
Cigna Corp.		10,093		2,399,914
CVS Health Corp.		39,748		4,119,880
Danaher Corp.		19,247		5,281,569
DaVita, Inc.*		2,114		238,396
Edwards Lifesciences Corp.*		18,931		2,127,276
Eli Lilly & Co.		24,129		6,031,044
Gilead Sciences, Inc.		38,138		2,303,535
Henry Schein, Inc.*		4,235		365,819
Hologic, Inc.*		7,845		558,329
Humana, Inc.		3,921		1,702,969
IDEXX Laboratories, Inc.*		2,607		1,387,836


	Number of Shares		Value
Health Care (Continued)
Illumina, Inc.*		4,767	$	1,556,902
Incyte Corp.*		5,666		386,988
Laboratory Corp. of America Holdings*		3,008		815,950
McKesson Corp.		4,824		1,326,407
Medtronic PLC		40,849		4,288,736
Merck & Co., Inc.		76,753		5,877,745
Mettler-Toledo International, Inc.*		723		1,018,519
PerkinElmer, Inc.		3,850		691,498
Pfizer, Inc.		170,813		8,017,962
Quest Diagnostics, Inc.		3,681		483,205
Regeneron Pharmaceuticals, Inc.*		3,160		1,954,018
Thermo Fisher Scientific, Inc.		11,916		6,482,304
UnitedHealth Group, Inc.		28,633		13,625,586
Vertex Pharmaceuticals, Inc.*		7,901		1,817,388
Viatris, Inc.		36,451		401,325
Waters Corp.*		1,810		573,281
West Pharmaceutical Services, Inc.		2,238		866,285

(Cost $99,311,930)				112,250,970

Industrials — 6.4%
Alaska Air Group, Inc.*		3,582		201,094
American Airlines Group, Inc.*		18,541		319,832
AMETEK, Inc.		6,994		907,751
Caterpillar, Inc.		16,568		3,107,825
Cintas Corp.		2,662		999,102
CSX Corp.		69,308		2,350,234
Cummins, Inc.		4,449		908,130
Deere & Co.		8,629		3,106,613
Delta Air Lines, Inc.*		19,388		773,969
Dover Corp.		4,326		678,576
Eaton Corp. PLC		11,994		1,850,554
Emerson Electric Co.		18,124		1,684,082
Fastenal Co.		17,324		891,493
FedEx Corp.		7,418		1,648,799
Fortive Corp.		10,871		703,897
General Electric Co.		33,250		3,175,708
Howmet Aerospace, Inc.		11,743		421,809
IDEX Corp.		2,251		431,967
Illinois Tool Works, Inc.		8,720		1,886,485
Ingersoll Rand, Inc.		12,284		620,588
Johnson Controls International PLC		21,846		1,419,116
L3Harris Technologies, Inc.		6,097		1,538,334
Leidos Holdings, Inc.		4,017		409,091
Nielsen Holdings PLC		10,509		183,067
Norfolk Southern Corp.		7,580		1,944,422
PACCAR, Inc.		10,518		965,658
Parker-Hannifin Corp.		3,923		1,162,738
Pentair PLC		4,944		286,307
Republic Services, Inc.		6,226		748,863
Robert Half International, Inc.		3,447		414,640
Rockwell Automation, Inc.		3,518		937,828
Roper Technologies, Inc.		3,167		1,419,513
Snap-on, Inc.		1,630		342,593
Stanley Black & Decker, Inc.		4,859		790,559
Trane Technologies PLC		7,181		1,105,371
TransDigm Group, Inc.*		1,689		1,125,871
Union Pacific Corp.		19,764		4,860,956
United Parcel Service, Inc., Class B		22,067		4,643,338


See Notes to Financial Statements.		46

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Industrials (Continued)
United Rentals, Inc.*		2,192	$	704,991
Verisk Analytics, Inc.		4,899		868,789
W.W. Grainger, Inc.		1,321		630,196
Waste Management, Inc.		11,755		1,697,422
Westinghouse Air Brake Technologies Corp.		5,728		531,673
Xylem, Inc.		5,355		476,327

(Cost $50,728,846)				55,876,171

Information Technology — 31.0%
Accenture PLC, Class A		19,261		6,086,861
Adobe, Inc.*		14,444		6,755,170
Advanced Micro Devices, Inc.*		49,751		6,136,288
Akamai Technologies, Inc.*		4,912		531,773
Amphenol Corp., Class A		18,101		1,375,857
Analog Devices, Inc.		16,249		2,604,552
ANSYS, Inc.*		2,635		854,241
Apple, Inc.		474,034		78,272,494
Applied Materials, Inc.		27,778		3,727,808
Arista Networks, Inc.*		6,727		825,605
Autodesk, Inc.*		6,650		1,464,530
Cisco Systems, Inc.		127,916		7,133,875
Corning, Inc.		23,283		940,633
DXC Technology Co.*		7,482		254,613
Hewlett Packard Enterprise Co.		39,488		628,649
HP, Inc.		35,099		1,206,002
Intel Corp.		123,143		5,873,921
Intuit, Inc.		8,587		4,073,415
Juniper Networks, Inc.		9,779		330,433
Keysight Technologies, Inc.*		5,657		890,242
KLA Corp.		4,654		1,621,919
Lam Research Corp.		4,350		2,441,873
Mastercard, Inc., Class A		26,393		9,523,122
Micron Technology, Inc.		33,884		3,010,932
Microsoft Corp.		228,367		68,233,776
Motorola Solutions, Inc.		5,173		1,140,284
NortonLifeLock, Inc.		17,288		501,006
NVIDIA Corp.		76,041		18,542,598
Oracle Corp.		49,121		3,731,722
QUALCOMM, Inc.		34,401		5,916,628
salesforce.com, Inc.*		29,817		6,277,373
Seagate Technology Holdings PLC		6,071		626,284
TE Connectivity Ltd.		10,050		1,431,422
Texas Instruments, Inc.		28,019		4,762,950
Trimble, Inc.*		7,581		528,775
Visa, Inc., Class A (a)		51,134		11,051,080
Zebra Technologies Corp., Class A*		1,660		686,144

(Cost $227,170,446)				269,994,850

Materials — 2.5%
Air Products and Chemicals, Inc.		6,667		1,575,412
Albemarle Corp.		3,530		691,492
Ball Corp.		9,974		895,067
CF Industries Holdings, Inc.		6,247		507,194
Corteva, Inc.		22,521		1,171,768
Dow, Inc.		22,539		1,328,899
Eastman Chemical Co.		4,302		509,658


	Number of Shares		Value
Materials (Continued)
Ecolab, Inc.		7,503	$	1,322,479
FMC Corp.		3,926		460,323
Freeport-McMoRan, Inc.		44,283		2,079,087
International Flavors & Fragrances, Inc.		7,517		999,761
International Paper Co.		11,861		516,309
Linde PLC		15,669		4,594,777
LyondellBasell Industries NV, Class A		7,827		761,019
Martin Marietta Materials, Inc.		1,862		706,443
Mosaic Co.		10,483		549,624
Newmont Corp.		24,263		1,606,211
PPG Industries, Inc.		7,131		951,632
Westrock Co.		7,968		360,711

(Cost $19,685,589)				21,587,866

Real Estate — 2.5%
American Tower Corp. REIT		13,712		3,110,841
AvalonBay Communities, Inc. REIT		4,277		1,020,449
Boston Properties, Inc. REIT		4,333		529,969
CBRE Group, Inc., Class A*		10,496		1,016,538
Digital Realty Trust, Inc. REIT		8,473		1,143,177
Duke Realty Corp. REIT		11,371		602,663
Equinix, Inc. REIT		2,687		1,907,044
Equity Residential REIT		10,445		890,958
Essex Property Trust, Inc. REIT		1,933		613,090
Extra Space Storage, Inc. REIT		3,991		750,907
Healthpeak Properties, Inc. REIT		16,495		512,335
Host Hotels & Resorts, Inc. REIT*		21,532		393,390
Iron Mountain, Inc. REIT		9,484		466,423
Kimco Realty Corp. REIT		18,161		427,328
Prologis, Inc. REIT		22,434		3,271,999
Realty Income Corp. REIT		16,644		1,100,002
Regency Centers Corp. REIT		4,521		297,889
Simon Property Group, Inc. REIT		10,018		1,378,076
Ventas, Inc. REIT		11,921		643,734
Vornado Realty Trust REIT		4,342		187,922
Welltower, Inc. REIT		13,230		1,101,927
Weyerhaeuser Co. REIT		22,742		884,209

(Cost $20,646,965)				22,250,870

Utilities — 1.5%
American Water Works Co., Inc.		5,550		838,549
Consolidated Edison, Inc.		10,688		916,710
Edison International		11,471		727,491
Entergy Corp.		6,075		639,151
Eversource Energy		10,422		852,519
Exelon Corp.		29,435		1,252,754
FirstEnergy Corp.		16,436		687,847
NextEra Energy, Inc.		59,384		4,647,986
Public Service Enterprise Group, Inc.		15,311		992,612
Sempra Energy		9,573		1,380,618

(Cost $12,059,791)				12,936,237

TOTAL COMMON STOCKS (Cost $765,450,898)				867,764,572


See Notes to Financial Statements.		47

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $451,432)		451,432	$	451,432


TOTAL INVESTMENTS — 99.9% (Cost $765,902,330)			$	868,216,004
Other assets and liabilities, net — 0.1%				1,016,235

NET ASSETS — 100.0%			$	869,232,239

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:


	Value ($) at 8/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2022		Value ($) at 2/28/2022
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c)
		107,727		—		(107,727	)(d)		—		—		3		—		—		—

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b)
		1,353,973		7,391,417		(8,293,958	)		—		—		206		—		451,432		451,432

		1,461,700		7,391,417		(8,401,685	)		—		—		209		—		451,432		451,432

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2022 amounted to $1,251,335, which is 0.1% of net assets.

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

(c)	Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,295,096.

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2022.

REIT:

Real Estate Investment Trust

At February 28, 2022, open futures contracts purchased were as follows:


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
E-Mini S&P 500 ESG Futures		USD		6	$	1,172,720	$	1,147,500		3/18/2022	$	(25,220	)
S&P 500 E-Mini Futures		USD		1		228,625		218,400		3/18/2022		(10,225	)

Total unrealized depreciation											$	(35,445	)

Currency Abbreviations

USD

U.S. Dollar


See Notes to Financial Statements.		48

DBX ETF Trust

Schedule of Investments

Xtrackers S&P 500 ESG ETF (Continued)

February 28, 2022 (Unaudited)

Fair Value Measurements


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (e)	$	867,764,572		$	—	$	—	$	867,764,572
Short-Term Investments (e)		451,432			—		—		451,432

TOTAL	$	868,216,004		$	—	$	—	$	868,216,004


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (f)
Futures Contracts	$	(35,445	)	$	—	$	—	$	(35,445	)

TOTAL	$	(35,445	)	$	—	$	—	$	(35,445	)

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

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


See Notes to Financial Statements.		49

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF

February 28, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.4%
Communication Services — 2.0%
Cable One, Inc.		36	$	51,583
Iridium Communications, Inc.*		928		36,739
New York Times Co., Class A		1,185		52,128
TEGNA, Inc.		1,565		35,870
TripAdvisor, Inc.*		705		17,935
Yelp, Inc.*		495		16,776

(Cost $245,046)				211,031

Consumer Discretionary — 15.3%
American Eagle Outfitters, Inc. (a)		1,092		23,019
AutoNation, Inc.*		293		33,595
Brunswick Corp.		554		52,918
Capri Holdings Ltd.*		1,077		72,956
Carter’s, Inc.		299		28,907
Columbia Sportswear Co.		250		23,180
Cracker Barrel Old Country Store, Inc.		170		22,826
Dana, Inc.		1,048		19,514
Deckers Outdoor Corp.*		196		56,573
Dick’s Sporting Goods, Inc. (a)		461		48,405
Foot Locker, Inc.		644		20,363
Gentex Corp.		1,692		51,217
Goodyear Tire & Rubber Co.*		1,990		30,825
Graham Holdings Co., Class B		28		16,832
Grand Canyon Education, Inc.*		300		26,049
H&R Block, Inc.		1,248		30,963
Harley-Davidson, Inc.		1,109		45,802
Helen of Troy Ltd.*		171		35,170
KB Home		598		23,089
Kohl’s Corp.		1,078		59,958
Lear Corp.		427		67,184
Lithia Motors, Inc.		217		73,958
Mattel, Inc.*		2,509		62,675
Murphy USA, Inc.		167		30,184
Nordstrom, Inc.*		813		16,862
Papa John’s International, Inc.		230		24,569
Polaris, Inc.		402		48,847
RH*		123		49,430
Service Corp. International		1,181		71,864
Six Flags Entertainment Corp.*		554		24,188
Tempur Sealy International, Inc.		1,364		45,026
Texas Roadhouse, Inc.		502		47,645
Thor Industries, Inc. (a)		389		35,204
Toll Brothers, Inc.		836		45,361
Travel + Leisure Co.		619		34,695
Urban Outfitters, Inc.*		465		12,792
Visteon Corp.*		202		24,274
Wendy’s Co.		1,264		28,743
Williams-Sonoma, Inc.		532		77,066
Wingstop, Inc.		210		30,523
Wyndham Hotels & Resorts, Inc.		668		57,722

(Cost $1,646,060)				1,630,973

Consumer Staples — 3.5%
BJ’s Wholesale Club Holdings, Inc.*		966		60,732
Boston Beer Co., Inc., Class A*		70		26,842
Coty, Inc., Class A*		2,398		21,990


	Number of Shares		Value
Consumer Staples (Continued)
Darling Ingredients, Inc.*		1,168	$	84,657
Flowers Foods, Inc.		1,400		38,374
Hain Celestial Group, Inc.*		678		24,652
Ingredion, Inc.		474		42,063
Nu Skin Enterprises, Inc., Class A		353		16,376
Pilgrim’s Pride Corp.*		347		8,182
Sanderson Farms, Inc.		152		27,146
Sprouts Farmers Market, Inc.*		801		22,812

(Cost $368,296)				373,826

Energy — 1.2%
CNX Resources Corp.*		1,501		24,526
EQT Corp.		2,186		50,584
Equitrans Midstream Corp.		2,904		18,615
Murphy Oil Corp.		1,034		35,849

(Cost $99,426)				129,574

Financials — 15.6%
Affiliated Managers Group, Inc.		288		39,848
Alleghany Corp.*		99		65,530
Associated Banc-Corp.		1,083		26,414
Bank of Hawaii Corp.		292		25,165
Bank OZK		865		40,672
Cadence Bank		1,415		44,742
CNO Financial Group, Inc.		892		21,560
Commerce Bancshares, Inc.		797		57,209
East West Bancorp, Inc.		1,017		89,048
Essent Group Ltd.		784		34,637
Evercore, Inc., Class A		278		35,309
First American Financial Corp.		788		52,827
First Horizon Corp.		3,859		90,609
FNB Corp.		2,440		32,769
Fulton Financial Corp.		1,165		20,993
Hancock Whitney Corp.		616		34,299
Hanover Insurance Group, Inc.		265		36,970
Interactive Brokers Group, Inc., Class A		620		41,032
Janus Henderson Group PLC		1,205		40,452
Kemper Corp.		427		22,819
MGIC Investment Corp.		2,305		34,990
Navient Corp.		1,142		20,111
New York Community Bancorp, Inc.		3,268		37,713
PacWest Bancorp		839		41,463
Pinnacle Financial Partners, Inc.		540		54,583
Primerica, Inc.		281		36,499
PROG Holdings, Inc.*		409		12,532
Prosperity Bancshares, Inc.		662		49,292
Reinsurance Group of America, Inc.		479		53,102
RenaissanceRe Holdings Ltd.		327		49,305
RLI Corp.		282		28,623
SEI Investments Co.		769		45,048
Selective Insurance Group, Inc.		430		35,772
SLM Corp.		2,080		40,976
Synovus Financial Corp.		1,037		54,598
Texas Capital Bancshares, Inc.*		364		24,242
UMB Financial Corp.		308		31,373
Umpqua Holdings Corp.		1,559		33,285
Webster Financial Corp.		1,289		77,611


See Notes to Financial Statements.		50

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Financials (Continued)
Wintrust Financial Corp.		409	$	40,638

(Cost $1,542,848)				1,654,660

Health Care — 8.5%
Acadia Healthcare Co., Inc.*		656		37,202
Amedisys, Inc.*		228		36,535
Encompass Health Corp.		711		46,940
Exelixis, Inc.*		2,308		47,383
Haemonetics Corp.*		357		20,603
ICU Medical, Inc.*		145		34,326
Integra LifeSciences Holdings Corp.*		514		34,469
Jazz Pharmaceuticals PLC*		445		61,152
LHC Group, Inc.*		225		30,638
LivaNova PLC*		381		30,030
Masimo Corp.*		366		57,627
Molina Healthcare, Inc.*		420		128,885
Neurocrine Biosciences, Inc.*		674		60,572
NuVasive, Inc.*		372		20,133
Penumbra, Inc.*		249		55,213
Quidel Corp.*		276		29,198
Syneos Health, Inc.*		734		58,133
Tenet Healthcare Corp.*		759		65,266
United Therapeutics Corp.*		320		53,184

(Cost $981,467)				907,489

Industrials — 19.4%
Acuity Brands, Inc.		246		44,863
AECOM		1,032		74,985
AGCO Corp.		440		52,870
Avis Budget Group, Inc.*		285		52,280
Axon Enterprise, Inc.*		465		65,216
Brink’s Co.		351		24,591
Carlisle Cos., Inc.		375		89,025
Clean Harbors, Inc.*		365		34,832
Colfax Corp.*		972		39,084
Crane Co.		355		35,883
Curtiss-Wright Corp.		286		42,191
Donaldson Co., Inc.		889		48,246
Dycom Industries, Inc.*		223		19,414
EMCOR Group, Inc.		379		43,790
EnerSys		303		22,037
Flowserve Corp.		935		28,396
FTI Consulting, Inc.*		241		35,186
Graco, Inc.		1,220		87,950
Hexcel Corp.		596		34,508
Hubbell, Inc.		389		69,339
Insperity, Inc.		255		22,937
ITT, Inc.		608		53,425
KBR, Inc.		1,015		50,385
Kennametal, Inc.		593		18,804
Kirby Corp.*		432		28,145
Lincoln Electric Holdings, Inc.		424		54,043
ManpowerGroup, Inc.		391		41,556
MasTec, Inc.*		405		31,898
Mercury Systems, Inc.*		402		24,209
Middleby Corp.*		394		69,982
MillerKnoll, Inc.		541		21,034


	Number of Shares		Value
Industrials (Continued)
MSA Safety, Inc.		258	$	35,888
Oshkosh Corp.		487		54,077
Owens Corning		716		66,724
Regal Rexnord Corp.		489		78,411
Ryder System, Inc.		386		30,432
Science Applications International Corp.		407		35,690
Stericycle, Inc.*		662		38,634
Terex Corp.		498		20,557
Tetra Tech, Inc.		384		60,968
Timken Co.		495		32,452
Toro Co.		763		71,577
Trinity Industries, Inc.		581		16,768
Univar Solutions, Inc.*		1,224		37,589
Werner Enterprises, Inc.		437		18,992
Woodward, Inc.		455		56,707
XPO Logistics, Inc.*		707		51,385

(Cost $1,943,182)				2,067,955

Information Technology — 13.1%
ACI Worldwide, Inc.*		837		28,056
Alliance Data Systems Corp.		352		23,742
Amkor Technology, Inc.		714		16,186
Arrow Electronics, Inc.*		496		60,453
Avnet, Inc.		709		29,828
Belden, Inc.		320		18,032
Blackbaud, Inc.*		318		19,872
Ciena Corp.*		1,110		75,946
CMC Materials, Inc.		203		37,642
Cognex Corp.		1,268		85,666
Coherent, Inc.*		176		46,520
CommVault Systems, Inc.*		323		20,320
Fair Isaac Corp.*		196		92,353
First Solar, Inc.*		702		52,854
Jabil, Inc.		1,029		59,487
Littelfuse, Inc.		177		45,703
LiveRamp Holdings, Inc.*		483		20,846
Manhattan Associates, Inc.*		449		60,022
Maximus, Inc.		440		34,698
National Instruments Corp.		942		37,821
Paylocity Holding Corp.*		285		60,545
Qualys, Inc.*		238		29,824
Semtech Corp.*		454		31,499
Silicon Laboratories, Inc.*		286		43,961
Synaptics, Inc.*		278		63,504
TD SYNNEX Corp.		293		29,836
Teradata Corp.*		772		38,592
Universal Display Corp.		315		48,797
Viasat, Inc.*		531		24,235
WEX, Inc.*		319		53,755
Wolfspeed, Inc.*		834		85,668
Xerox Holdings Corp.		974		19,198

(Cost $1,403,005)				1,395,461

Materials — 7.5%
AptarGroup, Inc.		476		58,015
Ashland Global Holdings, Inc.		410		37,835
Avient Corp.		647		33,896


See Notes to Financial Statements.		51

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Materials (Continued)
Cabot Corp.		411	$	30,069
Chemours Co.		1,156		31,906
Cleveland-Cliffs, Inc.*		3,257		72,827
Commercial Metals Co.		844		32,536
Eagle Materials, Inc.		289		39,544
Greif, Inc., Class A		194		11,153
Ingevity Corp.*		278		18,968
Minerals Technologies, Inc.		250		17,497
Olin Corp.		1,020		52,540
RPM International, Inc.		935		79,073
Scotts Miracle-Gro Co.		290		40,617
Sonoco Products Co.		702		41,221
Steel Dynamics, Inc.		1,349		95,212
United States Steel Corp.		1,917		52,162
Valvoline, Inc.		1,275		41,221
Worthington Industries, Inc.		238		13,571

(Cost $725,949)				799,863

Real Estate — 11.8%
American Campus Communities, Inc. REIT		1,000		53,810
Brixmor Property Group, Inc. REIT		2,133		53,581
Camden Property Trust REIT		734		121,191
Corporate Office Properties Trust REIT		810		21,230
Cousins Properties, Inc. REIT		1,053		40,677
CyrusOne, Inc. REIT		909		82,128
Douglas Emmett, Inc. REIT		1,247		39,530
Healthcare Realty Trust, Inc. REIT		1,048		27,332
Highwoods Properties, Inc. REIT		753		32,831
Hudson Pacific Properties, Inc. REIT		1,078		28,459
JBG SMITH Properties REIT		797		21,264
Jones Lang LaSalle, Inc.*		362		89,132
Kilroy Realty Corp. REIT		753		53,930
Life Storage, Inc. REIT		589		74,561
Macerich Co. REIT (a)		1,531		23,424
Medical Properties Trust, Inc. REIT		4,279		87,035


	Number of Shares		Value
Real Estate (Continued)
National Retail Properties, Inc. REIT		1,246	$	53,092
Park Hotels & Resorts, Inc. REIT*		1,677		31,595
Pebblebrook Hotel Trust REIT		950		21,384
PotlatchDeltic Corp. REIT		478		26,242
PS Business Parks, Inc. REIT		144		22,938
Rayonier, Inc. REIT		1,028		40,812
Rexford Industrial Realty, Inc. REIT		1,075		75,390
SL Green Realty Corp. REIT		476		37,852
Spirit Realty Capital, Inc. REIT		881		40,852
STORE Capital Corp. REIT		1,763		54,159

(Cost $1,127,739)				1,254,431

Utilities — 1.5%
Hawaiian Electric Industries, Inc.		775		31,759
National Fuel Gas Co.		665		41,390
New Jersey Resources Corp.		688		30,011
Southwest Gas Holdings, Inc.		424		30,079
Spire, Inc.		367		24,629

(Cost $139,754)				157,868

TOTAL COMMON STOCKS (Cost $10,222,772)				10,583,131

EXCHANGE-TRADED FUNDS — 0.5%
iShares ESG Screened S&P Mid-Cap ETF (Cost $58,845)		1,600		58,102

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $9,786)		9,786		9,786


TOTAL INVESTMENTS — 100.0% (Cost $10,291,403)			$	10,651,019
Other assets and liabilities, net — (0.0)%				(2,141	)

NET ASSETS — 100.0%			$	10,648,878

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:


	Value ($) at 8/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2022		Value ($) at 2/28/2022
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c)
		1,305		—		(1,305	)(d)		—		—		—		—		—		—

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b)
		10,177		200,751		(201,142	)		—		—		1		—		9,786		9,786

		11,482		200,751		(202,447	)		—		—		1		—		9,786		9,786

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2022 amounted to $123,386, which is 1.2% of net assets.

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


See Notes to Financial Statements.		52

DBX ETF Trust

Schedule of Investments

Xtrackers S&P MidCap 400 ESG ETF (Continued)

February 28, 2022 (Unaudited)

(c)	Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $135,638.

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2022.

REIT:

Real Estate Investment Trust

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (e)	$	10,583,131	$	—	$	—	$	10,583,131
Exchange-Traded Funds		58,102		—		—		58,102
Short-Term Investments (e)		9,786		—		—		9,786

TOTAL	$	10,651,019	$	—	$	—	$	10,651,019

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


See Notes to Financial Statements.		53

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF

February 28, 2022 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 1.1%
ATN International, Inc.		154	$	5,133
Consolidated Communications Holdings, Inc.*		1,076		7,661
EW Scripps Co., Class A*		900		20,034
Marcus Corp.*		316		5,745
QuinStreet, Inc.*		742		8,347
Scholastic Corp.		448		18,852
Shenandoah Telecommunications Co.		744		16,628
TechTarget, Inc.*		397		31,117

(Cost $132,370)				113,517

Consumer Discretionary — 12.5%
Abercrombie & Fitch Co., Class A*		909		34,615
American Axle & Manufacturing Holdings, Inc.*		1,689		15,640
American Public Education, Inc.*		306		6,108
Asbury Automotive Group, Inc.*		351		68,133
Bed Bath & Beyond, Inc.* (a)		1,522		25,707
Big Lots, Inc.		507		17,623
Bloomin’ Brands, Inc.*		1,213		29,852
Boot Barn Holdings, Inc.*		451		39,246
Brinker International, Inc.*		699		29,735
Buckle, Inc. (a)		440		15,840
Caleres, Inc.		596		12,373
Cato Corp., Class A		267		4,699
Cheesecake Factory, Inc.*		746		31,921
Chico’s FAS, Inc.*		1,788		8,404
Children’s Place, Inc.*		208		13,096
Cooper-Standard Holdings, Inc.*		251		3,193
Designer Brands, Inc., Class A*		908		11,849
Dine Brands Global, Inc.		258		21,631
Ethan Allen Interiors, Inc.		356		9,277
Fiesta Restaurant Group, Inc.*		283		2,850
Fossil Group, Inc.*		685		9,261
Genesco, Inc.*		212		13,600
Gentherm, Inc.*		506		42,929
G-III Apparel Group Ltd.*		655		18,170
Group 1 Automotive, Inc.		275		50,031
Guess?, Inc. (a)		609		13,337
Hibbett, Inc. (a)		235		10,594
Installed Building Products, Inc.		360		34,812
iRobot Corp.*		407		25,299
Kontoor Brands, Inc.		731		36,214
La-Z-Boy, Inc.		666		19,434
LCI Industries		383		47,691
MarineMax, Inc.*		321		14,689
MDC Holdings, Inc.		862		38,221
Meritage Homes Corp.*		564		55,599
ODP Corp.*		688		30,272
Oxford Industries, Inc.		237		20,948
Perdoceo Education Corp.*		1,101		11,527
Red Robin Gourmet Burgers, Inc.*		218		3,826
Rent-A-Center, Inc.		928		26,364
Ruth’s Hospitality Group, Inc.		481		11,934
Sally Beauty Holdings, Inc.*		1,741		30,084
Shake Shack, Inc., Class A*		600		44,832


	Number of Shares		Value
Consumer Discretionary (Continued)
Shoe Carnival, Inc.		273	$	7,961
Signet Jewelers Ltd.		802		56,541
Sleep Number Corp.*		349		22,929
Standard Motor Products, Inc.		281		12,283
Steven Madden Ltd.		1,160		49,486
Sturm Ruger & Co., Inc.		266		19,261
Tupperware Brands Corp.*		724		13,199
Unifi, Inc.*		198		3,716
Universal Electronics, Inc.*		193		6,413
Vera Bradley, Inc.*		394		2,979
Vista Outdoor, Inc.*		856		31,201
Winnebago Industries, Inc. (a)		514		32,932
Wolverine World Wide, Inc.		1,236		28,465

(Cost $1,452,712)				1,298,826

Consumer Staples — 4.4%
Andersons, Inc.		468		21,341
B&G Foods, Inc. (a)		969		28,682
Calavo Growers, Inc.		263		11,228
Cal-Maine Foods, Inc.		577		25,544
Celsius Holdings, Inc.*		585		37,376
Chefs’ Warehouse, Inc.*		507		16,655
Coca-Cola Consolidated, Inc.		70		34,785
Edgewell Personal Care Co.		829		29,579
elf Beauty, Inc.*		738		19,505
Fresh Del Monte Produce, Inc.		488		12,629
J & J Snack Foods Corp.		227		37,164
John B Sanfilippo & Son, Inc.		135		10,735
Medifast, Inc.		178		33,108
MGP Ingredients, Inc.		184		14,648
Seneca Foods Corp., Class A*		102		5,075
Simply Good Foods Co.*		1,284		50,885
SpartanNash Co.		543		15,280
United Natural Foods, Inc.*		844		33,954
USANA Health Sciences, Inc.*		177		15,578

(Cost $428,161)				453,751

Energy — 4.4%
Callon Petroleum Co.* (a)		727		40,974
Core Laboratories NV		709		19,540
Helix Energy Solutions Group, Inc.*		2,139		8,663
Helmerich & Payne, Inc.		1,640		59,417
Laredo Petroleum, Inc.* (a)		213		16,307
Par Pacific Holdings, Inc.*		681		9,262
PBF Energy, Inc., Class A*		1,436		23,866
Range Resources Corp.*		3,783		86,820
Renewable Energy Group, Inc.*		756		46,494
SM Energy Co.		1,840		65,339
Southwestern Energy Co.* (a)		15,363		76,661

(Cost $333,337)				453,343

Financials — 18.5%
Ambac Financial Group, Inc.*		708		9,084
Ameris Bancorp		1,008		49,896
AMERISAFE, Inc.		288		13,565
Assured Guaranty Ltd.		1,064		65,936
Banc of California, Inc.		813		15,975
BankUnited, Inc.		1,357		59,979


See Notes to Financial Statements.		54

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Financials (Continued)
Banner Corp.		520	$	32,037
Berkshire Hills Bancorp, Inc.		736		22,890
Blucora, Inc.*		762		15,164
Brightsphere Investment Group, Inc.		535		12,770
Central Pacific Financial Corp.		432		12,610
City Holding Co.		234		18,643
Columbia Banking System, Inc.		1,192		43,663
Community Bank System, Inc.		818		59,665
Customers Bancorp, Inc.*		456		28,067
Donnelley Financial Solutions, Inc.*		441		14,156
Eagle Bancorp, Inc.		477		28,582
eHealth, Inc.*		353		5,486
Employers Holdings, Inc.		421		16,360
Encore Capital Group, Inc.*		377		24,878
Enova International, Inc.*		562		22,913
First BanCorp		3,113		43,956
First Financial Bancorp		1,426		35,051
First Hawaiian, Inc.		1,948		56,628
Franklin BSP Realty Trust, Inc. REIT		656		8,659
Granite Point Mortgage Trust, Inc. REIT		855		9,593
Green Dot Corp., Class A*		820		23,493
Greenhill & Co., Inc.		232		4,102
Hanmi Financial Corp.		468		12,224
Heritage Financial Corp.		546		14,316
Hilltop Holdings, Inc.		921		28,477
HomeStreet, Inc.		307		15,798
Hope Bancorp, Inc.		1,801		30,545
Horace Mann Educators Corp.		640		26,618
Independent Bank Corp.		719		61,841
Independent Bank Group, Inc.		562		43,358
Invesco Mortgage Capital, Inc. REIT		4,644		10,124
Investors Bancorp, Inc.		3,428		57,385
KKR Real Estate Finance Trust, Inc. REIT		659		14,149
Meta Financial Group, Inc.		474		26,255
National Bank Holdings Corp., Class A		464		20,592
NBT Bancorp, Inc.		647		24,825
New York Mortgage Trust, Inc. REIT		5,653		19,842
NMI Holdings, Inc., Class A*		1,311		30,337
Northfield Bancorp, Inc.		656		10,299
Northwest Bancshares, Inc.		1,942		27,343
OFG Bancorp		764		21,530
Pacific Premier Bancorp, Inc.		1,435		55,549
Palomar Holdings, Inc.*		363		23,388
Park National Corp.		222		29,761
PennyMac Mortgage Investment Trust REIT (a)		1,448		22,589
Piper Sandler Cos.		211		31,230
PRA Group, Inc.*		658		29,367
Preferred Bank		213		16,716
ProAssurance Corp.		814		19,617
Provident Financial Services, Inc.		1,148		27,242
Redwood Trust, Inc. REIT		1,702		17,684
S&T Bancorp, Inc.		584		18,157
Safety Insurance Group, Inc.		214		17,856
Seacoast Banking Corp. of Florida		894		32,765
Simmons First National Corp., Class A		1,742		49,682
Southside Bancshares, Inc.		496		20,678


	Number of Shares		Value
Financials (Continued)
Stewart Information Services Corp.		400	$	27,152
Tompkins Financial Corp.		179		14,159
Trupanion, Inc.* (a)		523		46,876
United Community Banks, Inc.		1,587		61,353
United Fire Group, Inc.		332		9,167
Universal Insurance Holdings, Inc.		398		4,601
Veritex Holdings, Inc.		756		30,716
WisdomTree Investments, Inc. (a)		1,571		8,845
WSFS Financial Corp.		988		50,220

(Cost $1,827,630)				1,915,029

Health Care — 11.7%
Addus HomeCare Corp.*		239		20,325
Allscripts Healthcare Solutions, Inc.* (a)		1,839		35,787
AMN Healthcare Services, Inc.*		714		75,784
Amphastar Pharmaceuticals, Inc.*		574		15,905
AngioDynamics, Inc.*		585		13,765
Anika Therapeutics, Inc.*		211		6,857
Artivion, Inc.*		622		12,160
Cardiovascular Systems, Inc.*		602		12,678
Coherus Biosciences, Inc.*		961		11,330
Collegium Pharmaceutical, Inc.*		527		10,261
Community Health Systems, Inc.*		1,854		19,485
Computer Programs and Systems, Inc.*		226		6,956
CONMED Corp.		443		64,749
Corcept Therapeutics, Inc.*		1,415		31,540
CorVel Corp.*		140		22,268
Covetrus, Inc.*		1,592		28,210
Cross Country Healthcare, Inc.*		527		11,768
Cutera, Inc.*		238		9,130
Cytokinetics, Inc.*		1,273		44,962
Eagle Pharmaceuticals, Inc.*		177		8,388
Enanta Pharmaceuticals, Inc.*		273		19,225
Endo International PLC* (a)		3,470		10,792
Ensign Group, Inc.		795		66,812
Glaukos Corp.*		717		39,657
Heska Corp.*		162		23,004
Inogen, Inc.*		304		10,607
Merit Medical Systems, Inc.*		775		50,398
Myriad Genetics, Inc.*		1,228		29,939
Natus Medical, Inc.*		500		13,910
NextGen Healthcare, Inc.*		858		16,757
Omnicell, Inc.*		670		86,618
OraSure Technologies, Inc.*		1,056		8,237
Orthofix Medical, Inc.*		314		10,670
Owens & Minor, Inc.		1,148		50,684
Pacira BioSciences, Inc.* (a)		680		45,349
Phibro Animal Health Corp., Class A		317		6,752
Prestige Consumer Healthcare, Inc.*		764		45,481
RadNet, Inc.*		658		16,233
REGENXBIO, Inc.*		566		14,835
Select Medical Holdings Corp.		1,626		37,642
Supernus Pharmaceuticals, Inc.*		814		26,007
Surmodics, Inc.*		212		9,515
Tabula Rasa HealthCare, Inc.* (a)		352		2,006
Tactile Systems Technology, Inc.*		299		6,088
Tivity Health, Inc.*		688		18,769


See Notes to Financial Statements.		55

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Health Care (Continued)
US Physical Therapy, Inc.		201	$	18,486
Vanda Pharmaceuticals, Inc.*		876		9,951
Vericel Corp.*		696		28,682
Xencor, Inc.*		894		27,991

(Cost $1,263,205)				1,213,405

Industrials — 17.8%
AAR Corp.*		502		22,560
ABM Industries, Inc.		1,031		46,220
AeroVironment, Inc.*		347		24,654
Alamo Group, Inc.		153		21,284
Albany International Corp., Class A		496		43,559
Applied Industrial Technologies, Inc.		582		58,840
ArcBest Corp.		391		36,238
Arcosa, Inc.		743		39,134
Astec Industries, Inc.		349		17,380
Atlas Air Worldwide Holdings, Inc.*		415		32,519
AZZ, Inc.		365		17,969
Barnes Group, Inc.		697		32,376
Boise Cascade Co.		598		47,804
Brady Corp., Class A		736		33,915
Chart Industries, Inc.*		539		77,832
CIRCOR International, Inc.*		311		8,378
Comfort Systems USA, Inc.		548		47,117
CoreCivic, Inc.*		1,812		16,507
Deluxe Corp.		660		20,533
Encore Wire Corp.		311		36,207
Enerpac Tool Group Corp.		894		15,421
EnPro Industries, Inc.		316		34,899
ESCO Technologies, Inc.		388		26,993
Exponent, Inc.		787		74,576
Federal Signal Corp.		937		33,835
Forward Air Corp.		413		42,613
Franklin Electric Co., Inc.		587		49,637
GEO Group, Inc. REIT*		1,777		10,591
GMS, Inc.*		652		35,371
Granite Construction, Inc.		705		21,340
Greenbrier Cos., Inc.		488		21,682
Harsco Corp.*		1,178		14,030
Heartland Express, Inc.		735		10,555
Heidrick & Struggles International, Inc.		307		13,124
Hillenbrand, Inc.		1,109		52,910
HNI Corp.		648		26,367
Hub Group, Inc., Class A*		521		43,972
Interface, Inc.		927		12,097
John Bean Technologies Corp.		481		54,531
Kaman Corp.		421		18,276
Kelly Services, Inc., Class A		573		12,159
Lindsay Corp.		164		21,518
Marten Transport Ltd.		887		15,301
Matson, Inc.		638		70,671
Meritor, Inc.*		1,082		38,530
Mueller Industries, Inc.		873		49,805
MYR Group, Inc.*		260		23,335
National Presto Industries, Inc.		73		5,803
Pitney Bowes, Inc.		2,573		12,814
Powell Industries, Inc.		139		2,938


	Number of Shares		Value
Industrials (Continued)
Proto Labs, Inc.*		411	$	23,111
SPX Corp.*		689		34,932
SPX FLOW, Inc.		637		54,712
Standex International Corp.		183		19,385
Tennant Co.		278		21,901
Titan International, Inc.*		854		9,565
Triumph Group, Inc.*		995		24,915
UniFirst Corp.		232		42,050
US Ecology, Inc.*		474		22,487
Veritiv Corp.*		215		23,042
Viad Corp.*		324		11,321
Wabash National Corp.		727		12,388

(Cost $1,786,728)				1,846,529

Information Technology — 14.2%
8x8, Inc.*		1,751		22,693
ADTRAN, Inc.		736		15,154
Advanced Energy Industries, Inc.		575		49,364
Agilysys, Inc.*		297		12,483
Badger Meter, Inc.		446		44,337
Benchmark Electronics, Inc.		538		14,063
Bottomline Technologies DE, Inc.*		579		32,795
Cohu, Inc.*		724		22,574
CSG Systems International, Inc.		492		30,366
CTS Corp.		490		18,591
Diodes, Inc.*		682		61,100
Ebix, Inc.		353		10,417
EVERTEC, Inc.		915		36,929
ExlService Holdings, Inc.*		504		60,878
Extreme Networks, Inc.*		1,935		22,233
Fabrinet*		561		56,173
FARO Technologies, Inc.*		284		15,546
FormFactor, Inc.*		1,192		48,264
Ichor Holdings Ltd.*		441		15,536
Insight Enterprises, Inc.*		529		55,016
Itron, Inc.*		691		32,940
Knowles Corp.*		1,420		30,928
Kulicke & Soffa Industries, Inc.		948		49,524
LivePerson, Inc.*		979		19,854
MaxLinear, Inc.*		1,070		65,645
Methode Electronics, Inc.		570		26,015
NETGEAR, Inc.*		446		11,868
OneSpan, Inc.*		506		6,973
Onto Innovation, Inc.*		745		64,226
PDF Solutions, Inc.*		457		12,504
Plantronics, Inc.*		644		18,141
Plexus Corp.*		433		35,277
Progress Software Corp.		667		29,401
Rogers Corp.*		283		77,259
Sanmina Corp.*		984		39,144
ScanSource, Inc.*		386		12,190
SPS Commerce, Inc.*		544		70,638
TTEC Holdings, Inc.		272		21,624
TTM Technologies, Inc.*		1,556		19,559
Unisys Corp.*		1,006		21,498
Veeco Instruments, Inc.*		777		22,199
Viavi Solutions, Inc.*		3,600		59,040


See Notes to Financial Statements.		56

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

February 28, 2022 (Unaudited)


	Number of Shares		Value
Information Technology (Continued)
Vonage Holdings Corp.*		3,853	$	78,293

(Cost $1,454,910)				1,469,252

Materials — 5.9%
AdvanSix, Inc.		415		16,625
Allegheny Technologies, Inc.*		1,909		49,138
American Vanguard Corp.		438		6,601
Balchem Corp.		489		67,648
Carpenter Technology Corp.		740		28,409
Century Aluminum Co.*		751		17,739
Clearwater Paper Corp.*		254		7,323
Ferro Corp.*		1,275		27,706
GCP Applied Technologies, Inc.*		821		25,927
Glatfelter Corp.		643		8,835
Hawkins, Inc.		285		12,899
Haynes International, Inc.		198		7,239
HB Fuller Co.		798		54,559
Innospec, Inc.		379		36,194
Kaiser Aluminum Corp.		245		23,642
Koppers Holdings, Inc.*		327		9,362
Kraton Corp.*		484		22,337
Livent Corp.*		2,453		57,768
Mercer International, Inc.		620		8,289
Neenah, Inc.		256		9,971
Stepan Co.		325		33,676
SunCoke Energy, Inc.		1,302		10,325
TimkenSteel Corp.*		607		10,944
Tredegar Corp.		429		4,938
Trinseo PLC		582		30,241
Warrior Met Coal, Inc.		789		24,853

(Cost $574,505)				613,188

Real Estate — 8.2%
Acadia Realty Trust REIT		1,358		29,115
Agree Realty Corp. REIT		1,059		67,935
Alexander & Baldwin, Inc. REIT		1,113		24,965
American Assets Trust, Inc. REIT		802		29,321
Armada Hoffler Properties, Inc. REIT		910		13,359
Brandywine Realty Trust REIT		2,571		34,271
CareTrust REIT, Inc. REIT		1,488		26,040
Centerspace REIT		213		20,020
Chatham Lodging Trust REIT*		769		10,574
Community Healthcare Trust, Inc. REIT		353		14,720
DiamondRock Hospitality Co. REIT*		3,177		30,340
Diversified Healthcare Trust REIT		3,538		10,189
Easterly Government Properties, Inc. REIT		1,290		26,858
Four Corners Property Trust, Inc. REIT		1,190		31,392
Getty Realty Corp. REIT		592		16,310
Hersha Hospitality Trust REIT*		511		4,717
Independence Realty Trust, Inc. REIT		1,605		40,558
iStar, Inc. REIT (a)		1,045		26,250
LTC Properties, Inc. REIT (a)		606		20,501
LXP Industrial Trust REIT		4,293		66,370
Office Properties Income Trust REIT		712		17,836
Realogy Holdings Corp.*		1,751		31,833
Retail Opportunity Investments Corp. REIT		1,812		32,906


	Number of Shares		Value
Real Estate (Continued)
RPT Realty REIT		1,252	$	16,213
SITE Centers Corp. REIT		2,739		42,591
Summit Hotel Properties, Inc. REIT*		1,657		16,388
Tanger Factory Outlet Centers, Inc. REIT		1,604		26,755
Uniti Group, Inc. REIT		3,599		46,679
Washington Real Estate Investment Trust REIT		1,302		30,415
Whitestone REIT		703		8,281
Xenia Hotels & Resorts, Inc. REIT*		1,738		32,223

(Cost $792,926)				845,925

Utilities — 1.0%
California Water Service Group		801		45,601
South Jersey Industries, Inc.		1,721		58,394

(Cost $91,181)				103,995

TOTAL COMMON STOCKS (Cost $10,137,665)				10,326,760

EXCHANGE-TRADED FUNDS — 0.2%
iShares Core S&P Small-Cap ETF (Cost $23,351)		205		22,081

SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $54,608)		54,608		54,608

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $4,559)		4,559		4,559


TOTAL INVESTMENTS — 100.5% (Cost $10,220,183)			$	10,408,008
Other assets and liabilities, net — (0.5%)				(50,569	)

NET ASSETS — 100.0%			$	10,357,439


See Notes to Financial Statements.		57

DBX ETF Trust

Schedule of Investments

Xtrackers S&P SmallCap 600 ESG ETF (Continued)

February 28, 2022 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:


	Value ($) at 8/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2022		Value ($) at 2/28/2022

SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c)
		50,397		4,211	(d)		—			—		—		2		—		54,608		54,608

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b)
		12,273		280,898			(288,612	)		—		—		1		—		4,559		4,559

		62,670		285,109			(288,612	)		—		—		3		—		59,167		59,167

*	Non-income producing security.

(a)	All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2022 amounted to $442,397, which is 4.3% of net assets.

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

(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $393,469.

(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2022.

REIT:

Real Estate Investment Trust

Fair Value Measurements


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (e)	$	10,326,760	$	—	$	—	$	10,326,760
Exchange-Traded Funds		22,081		—		—		22,081
Short-Term Investments (e)		59,167		—		—		59,167

TOTAL	$	10,408,008	$	—	$	—	$	10,408,008

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


See Notes to Financial Statements.		58

This Page is Intentionally Left Blank

DBX ETF Trust

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			Xtrackers MSCI EAFE ESG Leaders Equity ETF		Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			Xtrackers MSCI USA ESG Leaders Equity ETF
Assets
Investment in non-affiliated securities at value	$	729,859,098		$	27,342,305	$	23,344,006		$	3,171,321,268
Investment in DWS Government Money Market Series		406,136			—		—			860,638
Investment in DWS Government & Agency Securities Portfolio*		1,966,294			70,402		161,048			865,404
Foreign currency at value		57,876			49,813		37,707			—
Due from broker		—			—		4,172			—
Deposit with broker for futures contracts		30,586			4,523		2,549			206,040
Receivables:
Investment securities sold		931,054			304,857		143,108			10,687,247
Variation margin on futures contracts		—			—		—			9,253
Dividends		796,853			46,153		27,249			4,251,058
Interest		7			—		9			56
Securities lending income		2,867			29		95			3,294
Foreign tax reclaim		7,290			17,116		—			—

Total assets	$	734,058,061		$	27,835,198	$	23,719,943		$	3,188,204,258


Liabilities
Due to custodian	$	—		$	18,713	$	9,376		$	—
Payable upon return of securities loaned		1,966,294			70,402		161,048			865,404
Payables:
Investment securities purchased		861,324			329,467		170,448			7,364,248
Capital shares		—			—		—			4,031,504
Investment advisory fees		87,340			3,033		3,788			222,665
Variation margin on futures contracts		8,568			239		714			—
Deferred foreign tax payable		1,014			—		41,777			—

Total liabilities		2,924,540			421,854		387,151			12,483,821

Net Assets, at value	$	731,133,521		$	27,413,344	$	23,332,792		$	3,175,720,437


Net Assets Consist of
Paid-in capital	$	782,334,626		$	26,617,450	$	24,058,459		$	2,021,422,816
Distributable earnings (loss)		(51,201,105	)		795,894		(725,667	)		1,154,297,621

Net Assets, at value	$	731,133,521		$	27,413,344	$	23,332,792		$	3,175,720,437


Number of Common Shares outstanding		23,300,001			950,001		800,001			78,950,001

Net Asset Value	$	31.38		$	28.86	$	29.17		$	40.22


Investment in non-affiliated securities at cost	$	775,061,240		$	26,044,265	$	23,422,524		$	2,441,325,772

Value of securities loaned	$	5,743,295		$	234,309	$	235,383		$	863,808

Investment in DWS Government Money Market Series at cost	$	406,136		$	—	$	—		$	860,638

Investment in DWS Government & Agency Securities Portfolio at cost*	$	1,966,294		$	70,402	$	161,048		$	865,404

Non-cash collateral for securities on loan	$	4,447,594		$	177,822	$	125,469		$	45,408

Foreign currency at cost	$	58,658		$	50,739	$	47,200		$	—

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		60

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

February 28, 2022 (Unaudited)


	Xtrackers S&P 500 ESG ETF		Xtrackers S&P MidCap 400 ESG ETF		Xtrackers S&P SmallCap 600 ESG ETF
Assets
Investment in non-affiliated securities at value	$	867,764,572	$	10,641,233	$	10,348,841
Investment in DWS Government Money Market Series		451,432		9,786		4,559
Investment in DWS Government & Agency Securities Portfolio*		—		—		54,608
Deposit with broker for futures contracts		67,800		—		—
Receivables:
Investment securities sold		3,943,760		—		—
Dividends		1,036,444		7,975		5,155
Interest		22		—		—
Securities lending income		910		29		59

Total assets	$	873,264,940	$	10,659,023	$	10,413,222


Liabilities
Due to custodian	$	865	$	—	$	—
Payable upon return of securities loaned		—		—		54,608
Payables:
Investment securities purchased		—		8,928		—
Capital shares		3,960,992		—		—
Investment advisory fees		67,004		1,217		1,175
Variation margin on futures contracts		3,840		—		—

Total liabilities		4,032,701		10,145		55,783

Net Assets, at value	$	869,232,239	$	10,648,878	$	10,357,439


Net Assets Consist of
Paid-in capital	$	734,715,049	$	10,172,141	$	10,142,260
Distributable earnings (loss)		134,517,190		476,737		215,179

Net Assets, at value	$	869,232,239	$	10,648,878	$	10,357,439


Number of Common Shares outstanding		22,000,001		400,001		400,001

Net Asset Value	$	39.51	$	26.62	$	25.89


Investment in non-affiliated securities at cost	$	765,450,898	$	10,281,617	$	10,161,016

Value of securities loaned	$	1,251,335	$	123,386	$	442,397

Investment in DWS Government Money Market Series at cost	$	451,432	$	9,786	$	4,559

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	—	$	54,608

Non-cash collateral for securities on loan	$	1,295,096	$	135,638	$	393,469

*	Represents collateral on securities loaned.


See Notes to Financial Statements.		61

DBX ETF Trust

Statements of Operations

For the Six Months Ended February 28, 2022 (Unaudited)


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			Xtrackers MSCI EAFE ESG Leaders Equity ETF			Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			Xtrackers MSCI USA ESG Leaders Equity ETF
Investment Income
Unaffiliated dividend income*	$	3,168,654		$	186,652		$	165,087		$	25,876,108
Income distributions from affiliated funds		101			2			13			626
Affiliated securities lending income		146			7			5			45
Unaffiliated non-cash dividend income		463,823			42,589			58,240			—
Unaffiliated securities lending income, net of borrower rebates		24,462			4,334			752			24,681

Total investment income		3,657,186			233,584			224,097			25,901,460


Expenses
Investment advisory fees		403,976			15,354			24,599			1,894,997
Other expenses		57			57			57			172

Total expenses		404,033			15,411			24,656			1,895,169

Less fees waived (see note 3):
Waiver		(65	)		(2	)		(14	)		(190,093	)

Net expenses		403,968			15,409			24,642			1,705,076

Net investment income (loss)		3,253,218			218,175			199,455			24,196,384


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(5,466,275	)		(151,103	)		(182,194	)		226,073
Investments in affiliates		297			—			—			—
In-kind redemptions		—			—			—			452,537,309
Futures contracts		(32,170	)		1,923			(8,552	)		234,678
Foreign currency transactions		7,789			(1,640	)		2,512			—

Net realized gain (loss)		(5,490,359	)		(150,820	)		(188,234	)		452,998,060

Net change in unrealized appreciation (depreciation) on:
Investments***		(61,656,677	)		(2,393,629	)		(3,201,348	)		(554,765,103	)
Investments in affiliates		(243	)		—			—			—
Futures contracts		(24,824	)		(3,352	)		(6,050	)		(589,415	)
Foreign currency translations		2,959			(1,072	)		(9,965	)		—

Net change in unrealized appreciation (depreciation)		(61,678,785	)		(2,398,053	)		(3,217,363	)		(555,354,518	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(67,169,144	)		(2,548,873	)		(3,405,597	)		(102,356,458	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(63,915,926	)	$	(2,330,698	)	$	(3,206,142	)	$	(78,160,074	)

* Unaffiliated foreign tax withheld	$	471,677		$	24,905		$	25,494		$	—
** Including foreign taxes	$	61,355		$	—		$	3,261		$	—
*** Net of change in deferred foreign taxes	$	(332,653	)	$	—		$	(26,328	)	$	—


See Notes to Financial Statements.		62

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended February 28, 2022 (Unaudited)


	Xtrackers S&P 500 ESG ETF			Xtrackers S&P MidCap 400 ESG ETF			Xtrackers S&P SmallCap 600 ESG ETF
Investment Income
Unaffiliated dividend income*	$	5,712,169		$	75,157		$	69,807
Income distributions from affiliated funds		206			1			1
Affiliated securities lending income		3			—			2
Unaffiliated securities lending income, net of borrower rebates		7,712			270			800

Total investment income		5,720,090			75,428			70,610

Expenses
Investment advisory fees		446,579			8,118			7,935
Other expenses		57			44			44

Total expenses		446,636			8,162			7,979

Less fees waived (see note 3):
Waiver		(40,789	)		(1	)		(1	)

Net expenses		405,847			8,161			7,978

Net investment income (loss)		5,314,243			67,267			62,632


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(96,974	)		119,579			56,700
In-kind redemptions		33,170,777			—			—
Futures contracts		71,895			—			—

Net realized gain (loss)		33,145,698			119,579			56,700

Net change in unrealized appreciation (depreciation) on:
Investments		(44,259,945	)		(423,747	)		(297,892	)
Futures contracts		(108,005	)		—			—

Net change in unrealized appreciation (depreciation)		(44,367,950	)		(423,747	)		(297,892	)

Net realized and unrealized gain (loss) on investments and futures		(11,222,252	)		(304,168	)		(241,192	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(5,908,009	)	$	(236,901	)	$	(178,560	)

* Unaffiliated foreign tax withheld	$	—		$	—		$	101


See Notes to Financial Statements.		63

DBX ETF Trust

Statements of Changes in Net Assets


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF						Xtrackers MSCI EAFE ESG Leaders Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	3,253,218		$	297,064		$	218,175		$	408,101
Net realized gain (loss)		(5,490,359	)		1,511,757			(150,820	)		264,176
Net change in net unrealized appreciation (depreciation)		(61,678,785	)		15,562,693			(2,398,053	)		2,955,505

Net increase (decrease) in net assets resulting from operations		(63,915,926	)		17,371,514			(2,330,698	)		3,627,782


Distributions to Shareholders		(3,512,080	)		(192,472	)		(252,337	)		(404,392	)


Fund Shares Transactions
Proceeds from shares sold		302,459,423			475,859,618			10,920,293			5,739,352
Value of shares redeemed		—			(5,307,482	)		—			(1,567,175	)

Net increase (decrease) in net assets resulting from fund share transactions		302,459,423			470,552,136			10,920,293			4,172,177

Total net increase (decrease) in Net Assets		235,031,417			487,731,178			8,337,258			7,395,567

Net Assets
Beginning of period		496,102,104			8,370,926			19,076,086			11,680,519

End of period	$	731,133,521		$	496,102,104		$	27,413,344		$	19,076,086


Changes in Shares Outstanding
Shares outstanding, beginning of period		14,300,001			300,001			600,001			450,001
Shares sold		9,000,000			14,150,000			350,000			200,000
Shares redeemed		—			(150,000	)		—			(50,000	)

Shares outstanding, end of period		23,300,001			14,300,001			950,001			600,001


See Notes to Financial Statements.		64

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF						Xtrackers MSCI USA ESG Leaders Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	199,455		$	200,440		$	24,196,384		$	44,760,180
Net realized gain (loss)		(188,235	)		(263,400	)		452,998,060			79,672,605
Net change in net unrealized appreciation (depreciation)		(3,217,362	)		1,853,650			(555,354,518	)		828,704,550

Net increase (decrease) in net assets resulting from operations		(3,206,142	)		1,790,690			(78,160,074	)		953,137,335

Distributions to Shareholders		(312,680	)		(82,138	)		(25,259,204	)		(44,278,620	)


Fund Shares Transactions
Proceeds from shares sold		1,648,274			14,924,326			391,933,747			610,533,251
Value of shares redeemed		—			—			(1,002,196,498	)		(296,434,378	)

Net increase (decrease) in net assets resulting from fund share transactions		1,648,274			14,924,326			(610,262,751	)		314,098,873

Total net increase (decrease) in Net Assets		(1,870,548	)		16,632,878			(713,682,029	)		1,222,957,588

Net Assets
Beginning of period		25,203,340			8,570,462			3,889,402,466			2,666,444,878

End of period	$	23,332,792		$	25,203,340		$	3,175,720,437		$	3,889,402,466


Changes in Shares Outstanding
Shares outstanding, beginning of period		750,001			300,001			92,850,001			83,750,001
Shares sold		50,000			450,000			9,050,000			17,200,000
Shares redeemed		—			—			(22,950,000	)		(8,100,000	)

Shares outstanding, end of period		800,001			750,001			78,950,001			92,850,001


See Notes to Financial Statements.		65

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers S&P 500 ESG ETF						Xtrackers S&P MidCap 400 ESG ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Period February 24, 2021⁽¹⁾ to August 31, 2021 (Unaudited)
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	5,314,243		$	6,793,362		$	67,267		$	54,903
Net realized gain (loss)		33,145,698			22,972,189			119,579			132,093
Net change in net unrealized appreciation (depreciation)		(44,367,950	)		109,454,795			(423,747	)		783,363

Net increase (decrease) in net assets resulting from operations		(5,908,009	)		139,220,346			(236,901	)		970,359


Distributions to Shareholders		(5,201,999	)		(5,646,092	)		(70,976	)		(33,536	)


Fund Shares Transactions
Proceeds from shares sold		220,084,898			428,551,169			—			11,371,328
Value of shares redeemed		(84,494,785	)		(87,808,140	)		—			(1,351,421	)

Net increase (decrease) in net assets resulting from fund share transactions		135,590,113			340,743,029			—			10,019,907

Total net increase (decrease) in Net Assets		124,480,105			474,317,283			(307,877	)		10,956,730

Net Assets
Beginning of period		744,752,134			270,434,851			10,956,755			25

End of period	$	869,232,239		$	744,752,134		$	10,648,878		$	10,956,755


Changes in Shares Outstanding
Shares outstanding, beginning of period		18,650,001			8,700,001			400,001			1
Shares sold		5,400,000			12,450,000			—			450,000
Shares redeemed		(2,050,000	)		(2,500,000	)		—			(50,000	)

Shares outstanding, end of period		22,000,001			18,650,001			400,001			400,001

(1)	Commencement of Operations.


See Notes to Financial Statements.		66

DBX ETF Trust

Statements of Changes in Net Assets (Continued)


	Xtrackers S&P SmallCap 600 ESG ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Period February 24, 2021⁽¹⁾ to August 31, 2021 (Unaudited)
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	62,632		$	65,069
Net realized gain (loss)		56,700			128,496
Net change in net unrealized appreciation (depreciation)		(297,892	)		485,717

Net increase (decrease) in net assets resulting from operations		(178,560	)		679,282


Distributions to Shareholders		(134,708	)		(27,800	)


Fund Shares Transactions
Proceeds from shares sold		—			11,335,683
Value of shares redeemed		—			(1,316,483	)

Net increase (decrease) in net assets resulting from fund share transactions		—			10,019,200

Total net increase (decrease) in Net Assets		(313,268	)		10,670,682

Net Assets
Beginning of period		10,670,707			25

End of period	$	10,357,439		$	10,670,707


Changes in Shares Outstanding
Shares outstanding, beginning of period		400,001			1
Shares sold		—			450,000
Shares redeemed		—			(50,000	)

Shares outstanding, end of period		400,001			400,001

(1)	Commencement of Operations.


See Notes to Financial Statements.		67

DBX ETF Trust

Financial Highlights


Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2019(a)
	For the Six Months Ended 2/28/2022 (Unaudited)			2021			2020			Period Ended 8/31/2019(a)
Net Asset Value, beginning of period	$	34.69		$	27.90		$	25.42		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.20			0.57			0.68			0.60
Net realized and unrealized gain (loss)		(3.26	)		6.86			2.53			0.27

Total from investment operations		(3.06	)		7.43			3.21			0.87

Less distributions from:
Net investment income		(0.25	)		(0.64	)		(0.73	)		(0.45	)

Total distributions		(0.25	)		(0.64	)		(0.73	)		(0.45	)

Net Asset Value, end of period	$	31.38		$	34.69		$	27.90		$	25.42

Total Return (%)(c)		(8.85	)**		26.80			12.74			3.44	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		731			496			8			8
Ratio of expenses before fee waiver (%)		0.15	*		0.16			0.16			0.16	*
Ratio of expenses after fee waiver (%)		0.15	*		0.16			0.16			0.16	*
Ratio of net investment income (loss) (%)		1.12	*		1.97			2.61			3.17	*
Portfolio turnover rate (%)(d)		10	**		17			13			10	**

Xtrackers MSCI EAFE ESG Leaders Equity ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2019(e)
	For the Six Months Ended 2/28/2022 (Unaudited)			2021			2020			Period Ended 8/31/2019(e)
Net Asset Value, beginning of period	$	31.79		$	25.96		$	24.10		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.30			0.72			0.59			0.78
Net realized and unrealized gain (loss)		(2.84	)		5.80			1.83			(1.01	)

Total from investment operations		(2.54	)		6.52			2.42			(0.23	)

Less distributions from:
Net investment income		(0.39	)		(0.69	)		(0.56	)		(0.66	)
Net realized gains		—			—			—			(0.01	)

Total distributions		(0.39	)		(0.69	)		(0.56	)		(0.67	)

Net Asset Value, end of period	$	28.86		$	31.79		$	25.96		$	24.10

Total Return (%)(c)		(8.07	)**		25.28			10.12			(0.91	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		27			19			12			7
Ratio of expenses before fee waiver (%)		0.14	*		0.14			0.14			0.14	*
Ratio of expenses after fee waiver (%)		0.14	*		0.14			0.14			0.14	*
Ratio of net investment income (loss) (%)		1.73	*		2.45			2.39			3.25	*
Portfolio turnover rate (%)(d)		6	**		22			16			10	**

(a)	For the period December 6, 2018 (commencement of operations) through August 31, 2019.

(b)	Based on average shares outstanding during the period.

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

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

(e)	For the period September 6, 2018 (commencement of operations) through August 31, 2019.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		68

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2019(a)
	For the Six Months Ended 2/28/2022 (Unaudited)			2021			2020			Period Ended 8/31/2019(a)
Net Asset Value, beginning of period	$	33.60		$	28.57		$	24.70		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.26			0.49			0.86			0.50
Net realized and unrealized gain (loss)		(4.30	)		4.77			4.07			(0.53	)

Total from investment operations		(4.04	)		5.26			4.93			(0.03	)

Less distributions from:
Net investment income		(0.39	)		(0.23	)		(1.06	)		(0.27	)
Net realized gains		—			—			(0.00	)(c)		—

Total distributions		(0.39	)		(0.23	)		(1.06	)		(0.27	)

Net Asset Value, end of period	$	29.17		$	33.60		$	28.57		$	24.70

Total Return (%)(d)		(12.07	)**		18.43			20.32			(0.17	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		23			25			9			7
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20	*
Ratio of net investment income (loss) (%)		1.38	*		1.48			3.38			2.68	*
Portfolio turnover rate (%)(e)		3	**		26			17			16	**

Xtrackers MSCI USA ESG Leaders Equity ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2019(f)
	For the Six Months Ended 2/28/2022 (Unaudited)			2021			2020			Period Ended 8/31/2019(f)
Net Asset Value, beginning of period	$	41.89		$	31.84		$	26.69		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.27			0.50			0.51			0.24
Net realized and unrealized gain (loss)		(1.68	)		10.05			5.10			1.57

Total from investment operations		(1.41	)		10.55			5.61			1.81

Less distributions from:
Net investment income		(0.26	)		(0.50	)		(0.46	)		(0.12	)

Total distributions		(0.26	)		(0.50	)		(0.46	)		(0.12	)

Net Asset Value, end of period	$	40.22		$	41.89		$	31.84		$	26.69

Total Return (%)(d)		(3.38	)**		33.48			21.42			7.23	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		3,176			3,889			2,666			1,341
Ratio of expenses before fee waiver (%)		0.10	*		0.10			0.10			0.10	*
Ratio of expenses after fee waiver (%)		0.09	*		0.09			0.09			0.10	*
Ratio of net investment income (loss) (%)		1.28	*		1.39			1.83			1.89	*
Portfolio turnover rate (%)(e)		1	**		12			9			5	**

(a)	For the period December 6, 2018 (commencement of operations) through August 31, 2019.

(b)	Based on average shares outstanding during the period.

(c)	Amount represents less than $0.005.

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

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

(f)	For the period March 7, 2019 (commencement of operations) through August 31, 2019.

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		69

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers S&P 500 ESG ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2019(a)
Xtrackers S&P 500 ESG ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			2021			2020			Period Ended 8/31/2019(a)
Net Asset Value, beginning of period	$	39.93		$	31.08		$	25.30		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.26			0.49			0.50			0.10
Net realized and unrealized gain (loss)		(0.41	)		8.79			5.85			0.20

Total from investment operations		(0.15	)		9.28			6.35			0.30

Less distributions from:
Net investment income		(0.27	)		(0.43	)		(0.57	)		—

Total distributions		(0.27	)		(0.43	)		(0.57	)		—

Net Asset Value, end of period	$	39.51		$	39.93		$	31.08		$	25.30

Total Return (%)(c)		(0.40	)**		30.16			25.71			1.20	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		869			745			270			11
Ratio of expenses before fee waiver (%)		0.11	*		0.11			0.11			0.11	*
Ratio of expenses after fee waiver (%)		0.10	*		0.10			0.11			0.11	*
Ratio of net investment income (loss) (%)		1.31	*		1.41			1.86			2.08	*
Portfolio turnover rate (%)(d)		1	**		13			11			0	**

Xtrackers S&P MidCap 400 ESG ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Period Ended 8/31/2021(e)
Net Asset Value, beginning of period	$	27.39		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.17			0.14
Net realized and unrealized gain (loss)		(0.76	)		2.33

Total from investment operations		(0.59	)		2.47

Less distributions from:
Net investment income		(0.18	)		(0.08	)

Total distributions		(0.18	)		(0.08	)

Net Asset Value, end of period	$	26.62		$	27.39

Total Return (%)(c)		(2.17	)**		9.92	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		11			11
Ratio of expenses before fee waiver (%)		0.15	*		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15	*
Ratio of net investment income (loss) (%)		1.24	*		1.00	*
Portfolio turnover rate (%)(d)		11	**		27	**

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

(b)	Based on average shares outstanding during the period.

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

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		70

DBX ETF Trust

Financial Highlights (Continued)


Xtrackers S&P SmallCap 600 ESG ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Period Ended 8/31/2021(a)
Net Asset Value, beginning of period	$	26.68		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.16			0.16
Net realized and unrealized gain (loss)		(0.61	)		1.59

Total from investment operations		(0.45	)		1.75

Less distributions from:
Net investment income		(0.22	)		(0.07	)
Net realized gains		(0.12	)		—

Total distributions		(0.34	)		(0.07	)

Net Asset Value, end of period	$	25.89		$	26.68

Total Return (%)(c)		(1.72	)**		7.01	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		10			11
Ratio of expenses before fee waiver (%)		0.15	*		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15	*
Ratio of net investment income (loss) (%)		1.18	*		1.19	*
Portfolio turnover rate (%)(d)		9	**		25	**

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

(b)	Based on average shares outstanding during the period.

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

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

*	Annualized.

**	Not Annualized.


See Notes to Financial Statements.		71

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of February 28, 2022, the Trust consists of thirty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

Xtrackers MSCI EAFE ESG Leaders Equity ETF

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

Xtrackers MSCI USA ESG Leaders Equity ETF

Xtrackers S&P 500 ESG ETF

Xtrackers S&P MidCap 400 ESG ETF

Xtrackers S&P SmallCap 600 ESG ETF

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

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

The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:


Fund		Underlying Index
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR
Xtrackers MSCI EAFE ESG Leaders Equity ETF		MSCI EAFE ESG Leaders Index
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		MSCI Emerging Markets ESG Leaders Index
Xtrackers MSCI USA ESG Leaders Equity ETF		MSCI USA ESG Leaders Index
Xtrackers S&P 500 ESG ETF		S&P 500 ESG Index
Xtrackers S&P MidCap 400 ESG ETF		S&P MidCap 400 ESG Index
Xtrackers S&P SmallCap 600 ESG ETF		S&P SmallCap 600 ESG Index

The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR 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 Under-lying 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. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

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

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

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Notes to Financial Statements (Unaudited) (Continued)

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

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

S&P MidCap 400 ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P SmallCap 600 ESG is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

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

Each Fund, except Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF and Xtrackers MSCI USA ESG Leaders Equity ETF (effective March 7, 2022), is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

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

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Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

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

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

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

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

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

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

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is

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Notes to Financial Statements (Unaudited) (Continued)

the policy of Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF to pay out dividends from its net investment income, if any, to investors semi-annually. It is the policy of Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 28, 2022, the Funds did not incur any interest or penalties.

At August 31, 2021, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.


	Short-Term		Long-Term		Total Amount
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	56,337	$	5,254	$	61,591
Xtrackers MSCI EAFE ESG Leaders Equity ETF		75,738		171,787		247,525
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		49,283		193,625		242,908
Xtrackers MSCI USA ESG Leaders Equity ETF		4,036,785		21,206,967		25,243,752
Xtrackers S&P 500 ESG ETF		304,487		—		304,487

As of August 31, 2021, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	484,672,330	$	16,359,227	$	18,027,181	$	(1,667,954	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		15,515,051		3,556,895		3,970,952		(414,057	)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		22,326,991		2,961,656		3,733,486		(771,830	)
Xtrackers MSCI USA ESG Leaders Equity ETF		2,613,059,960		1,274,642,509		1,289,542,739		(14,900,230	)
Xtrackers S&P 500 ESG ETF		599,953,403		144,040,089		147,236,303		(3,196,214	)
Xtrackers S&P MidCap 400 ESG ETF		10,189,433		762,891		1,142,858		(379,967	)
Xtrackers S&P SmallCap 600 ESG ETF		10,284,752		442,892		1,044,269		(601,377	)

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Notes to Financial Statements (Unaudited) (Continued)

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 28, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2022, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.06% annualized effective rate as of February 28, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

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Notes to Financial Statements (Unaudited) (Continued)

As of February 28, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.


Remaining Contractual Maturity of the Agreements, as of February 28, 2021

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Common Stocks	$	1,966,294	$	32,036	$	15,291	$	4,400,267	$	6,413,888

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	6,413,888

Xtrackers MSCI EAFE ESG Leaders Equity ETF
Common Stocks	$	70,402	$	—	$	—	$	177,822	$	248,224

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	248,224

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Common Stocks	$	89,948	$	3,464	$	385	$	121,621	$	215,418
Exchange-Trade Funds		71,100		—		—		—		71,100

Total Borrowings	$	161,048	$	3,464	$	385	$	121,621	$	286,518

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	286,518

Xtrackers MSCI USA ESG Leaders Equity ETF
Common Stocks	$	865,404	$	1,638	$	182	$	43,588	$	910,812

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	910,812

Xtrackers S&P 500 ESG ETF
Common Stocks	$	—	$	20,521	$	39,019	$	1,235,556	$	1,295,096

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,295,096

Xtrackers S&P MidCap 400 ESG ETF
Common Stocks	$	—	$	20,642	$	796	$	114,200	$	135,638

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	135,638

Xtrackers S&P SmallCap 600 ESG ETF
Common Stocks	$	54,608	$	1,102	$	122	$	392,245	$	448,077

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	448,077

Derivatives

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 28, 2022, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF and Xtrackers S&P 500 ESG ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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Notes to Financial Statements (Unaudited) (Continued)

privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

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

A summary of the open futures contracts as of February 28, 2022 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of February 28, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


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

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	25,280
Xtrackers MSCI EAFE ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	3,269
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	1,985
Xtrackers MSCI USA ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	293,290
Xtrackers S&p 500 ESG ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	35,445

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

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 28, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	(32,170	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		1,923
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		(8,552	)
Xtrackers MSCI USA ESG Leaders Equity ETF		234,678
Xtrackers S&P 500 ESG ETF		71,895

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	(24,824	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		(3,352	)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		(6,050	)
Xtrackers MSCI USA ESG Leaders Equity ETF		(589,415	)
Xtrackers S&P 500 ESG ETF		(108,005	)

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

For the period ended February 28, 2022 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	516,133
Xtrackers MSCI EAFE ESG Leaders Equity ETF		67,406
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		98,226
Xtrackers MSCI USA ESG Leaders Equity ETF		4,910,911
Xtrackers S&P 500 ESG ETF		1,431,883

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

3. Investment Advisory and Other Agreements

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

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


	Unitary Advisory Fee
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		0.15	%
Xtrackers MSCI EAFE ESG Leaders Equity ETF		0.14	%
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		0.20	%
Xtrackers MSCI USA ESG Leaders Equity ETF		0.10	%
Xtrackers S&P 500 ESG ETF		0.11	%
Xtrackers S&P MidCap 400 ESG ETF		0.15	%
Xtrackers S&P SmallCap 600 ESG ETF		0.15	%

The Advisor for the Xtrackers MSCI USA ESG Leaders Equity ETF has voluntarily elected to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the Fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at 0.09% of the Fund’s average daily net assets. Any voluntary waiver or reimbursement implemented by the Advisor may be eliminated by the Advisor at any time. For the period ended February 28, 2022, the Advisor waived $189,500 of expenses to the Fund.

The Advisor for the Xtrackers S&P 500 ESG ETF has contractually agreed through December 16, 2022 to waive its fees and/or reimburse fund expenses to the extent necessary to prevent the operating expenses of the fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period ended February 28, 2022, the Advisor waived $40,598 of expenses to the Fund.

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Notes to Financial Statements (Unaudited) (Continued)

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the period ended February 28, 2022, the Advisor waived expenses of the Funds as follows:


	Expenses Waived
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	65
Xtrackers MSCI EAFE ESG Leaders Equity ETF		2
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		14
Xtrackers MSCI USA ESG Leaders Equity ETF		593
Xtrackers S&P 500 ESG ETF		191
Xtrackers S&P MidCap 400 ESG ETF		1
Xtrackers S&P SmallCap 600 ESG ETF		1

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

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

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

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

4. Investment Portfolio Transactions

For the period ended February 28, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	297,324,751	$	52,761,016
Xtrackers MSCI EAFE ESG Leaders Equity ETF		1,429,456		1,263,764
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		2,211,783		819,760
Xtrackers MSCI USA ESG Leaders Equity ETF		31,185,857		35,313,865
Xtrackers S&P 500 ESG ETF		6,228,467		5,229,288
Xtrackers S&P MidCap 400 ESG ETF		1,152,723		1,144,649
Xtrackers S&P SmallCap 600 ESG ETF		900,776		973,320

For the period ended February 28, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	58,777,132	$	—
Xtrackers MSCI EAFE ESG Leaders Equity ETF		10,710,598		—
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		299,265		—
Xtrackers MSCI USA ESG Leaders Equity ETF		391,711,479		997,594,377
Xtrackers S&P 500 ESG ETF		219,885,881		84,436,631
Xtrackers S&P MidCap 400 ESG ETF		—		—
Xtrackers S&P SmallCap 600 ESG ETF		—		—

5. Fund Share Transactions

As of February 28, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 28, 2022, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:


	Approximate Percent of Outstanding Shares Held
Xtrackers S&P MidCap 400 ESG ETF		84	%
Xtrackers S&P SmallCap 600 ESG ETF		95	%

7. Investing in Emerging Markets

The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership; custody risks associated with investing through Shanghai — Hong Kong and Shenzhen — Hong Kong Stock Connect programs, Renminbi Qualified Foreign Institutional Investor program or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; and different and less stringent financial reporting standards. In addition, in June 2021, President Biden issued an executive order (“CMIC Order”) prohibiting U.S. persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company” (“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designated as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at February 28, 2022.

9. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Funds’ and their investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Funds and their service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting.

DBX ETF Trust

Liquidity Risk Management (Unaudited)

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

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF

In February 2022, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2020 through November 30, 2021 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

In February 2022, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2020 through November 30, 2021 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Chinese securities as illiquid due to an extended Chinese and Taiwan holiday market closure in February 2021. The temporary reclassification of Chinese securities caused the Fund to exceed the 15% limit on illiquid investments. Because a notification to the Fund’s board of the anticipated extended holiday closure was made before the start of the holiday closure no filing on Form N-LIQUID was required. Also, because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited)

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 16-17, 2022 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF, and Xtrackers S&P SmallCap 600 ESG ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 16 and February 17, 2022. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

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

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

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

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited) (Continued)

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

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

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

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

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

•

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

The Board considered, however, the following additional factors in connection with the following Fund:

•

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF’s advisory fees were equivalent to the median and its total expenses were below the average and the median of its Peer Group.

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

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

DBX ETF Trust

Board Considerations in Approval of Investment Advisory

Contracts (Unaudited) (Continued)

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

Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.

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

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

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

Portfolio Holdings Information

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

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

Discount & Premium Information

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

DBX ETF Trust

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

Rev. 12/2021

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Stocks of medium-sized companies involve greater risk than securities of larger, more established companies. Small company stocks tend to be more volatile than medium-sized or large company stocks. Each Fund, except EASG, EMCR and USSG is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

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

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

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

The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.

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

EMCR (the “Fund”) is not sponsored, endorsed, sold or promoted by Solactive. Neither Solactive nor any other party makes any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding advisability of investing in funds generally or in this Fund particularly or the ability of the Underlying Indexes to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Indexes or any data included therein. The prospectus contains a more detailed description of the limited relationship Solactive has with DBX Advisors LLC and any related funds.

Copyright © 2022 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203

Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-065808-4 (4/22) DBX005126 (4/23)