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February 28, 2022

Semi-Annual Report

DBX ETF Trust

 

Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)

Xtrackers MSCI Kokusai Equity ETF (KOKU)

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)

Xtrackers Russell US Multifactor ETF (DEUS)

 

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DBX ETF Trust

 

Table of Contents

 

     Page  

Shareholder Letter

     1  

Portfolio Summary

  

Xtrackers FTSE Developed ex US Multifactor ETF

     2  

Xtrackers MSCI Kokusai Equity ETF

     3  

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

     4  

Xtrackers Russell US Multifactor ETF

     5  

Fees and Expenses

     6  

Schedule of Investments

  

Xtrackers FTSE Developed ex US Multifactor ETF

     7  

Xtrackers MSCI Kokusai Equity ETF

     21  

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

     35  

Xtrackers Russell US Multifactor ETF

     40  

Statements of Assets and Liabilities

     50  

Statements of Operations

     51  

Statements of Changes in Net Assets

     52  

Financial Highlights

     54  

Notes to Financial Statements

     56  

Liquidity Risk Management

     64  

Board Consideration in Approval of Investment Advisory Contracts

     65  

Additional Information

     68  

Privacy Policy Notice

     69  


To our Shareholders: (Unaudited)

 

 

Dear Shareholder,

We are pleased to provide this semiannual report on four of our equity ETFs for the period ended February 28, 2022.

Global equities posted strong results, supported by economic resilience and robust corporate earnings, even though the Omicron variant of the coronavirus-induced lockdowns and Russia’s full-fledged military invasion of Ukraine kept investors wary. As the period ended, developed markets outperformed emerging markets – Japan and the UK recovered faster than other regions owing to better management of Omicron-related cases.

The U.S. economy recovered steadily, supported by growing personal consumption expenditure and manufacturing activity. Despite the receding number of Omicron infections, consumer confidence remained weak owing to a less favorable long-term economic outlook. Markets gained during Q4 2021 on the back of stable economic data and rising corporate earnings. Notwithstanding this advance, U.S. equities have witnessed heightened volatility so far in 2022, due to rising energy prices, coupled with concerns regarding the Federal Reserve’s tightening monetary policy. Labor-market data indicated falling unemployment rates. However, as inflation jumped to the highest level in 40 years, the Federal Reserve indicated a hawkish stance and confirmed tapering of bond purchases by March 2022.

Within the Eurozone, the manufacturing sector struggled, due to supply-chain bottlenecks, escalating input costs, and weak consumer confidence. Amid rising geopolitical risks and gas supply concerns, inflation reached an all-time high. Although the European Central Bank (ECB) plans to end its bond buying under the Pandemic Emergency Purchase Programme by the end of March, quantitative easing would continue through the older Asset Purchase Programme. The ECB expects to defer interest rate hikes until then.

The UK economy expanded, backed by higher government spending and household expenditure. Elsewhere, Japan turned out to be the most resilient of developed nations, experiencing the strongest economic recovery. Economic growth was aided by expanding household consumption and business investment amid declining coronavirus cases and easing restrictions.

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 is 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 is a proxy of readjustment to demand-supply mismatches and labor markets. It can, therefore, be tackled with efficient risk management of portfolios, along with longer-term investment horizon.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

 

1


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers FTSE Developed ex US Multifactor ETF (DEEF)

 

Xtrackers FTSE Developed ex US Multifactor 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 FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Under-lying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 28, 2022 (5.3% of Net Assets)

 

Description   % of Net Assets  

SSE PLC (United Kingdom)

    0.6%  

Telefonica SA (Spain)

    0.6%  

Medibank Pvt Ltd. (Australia)

    0.6%  

Kinnevik AB (Sweden)

    0.5%  

Segro PLC (United Kingdom)

    0.5%  

B&M European Value Retail SA (United Kingdom)

    0.5%  

Daito Trust Construction Co. Ltd. (Japan)

    0.5%  

Bank Leumi Le-Israel BM (Israel)

    0.5%  

J Sainsbury PLC (United Kingdom)

    0.5%  

Skanska AB (Sweden)

    0.5%  
Country Diversification * as of February 28, 2022

 

Japan

    26.2%  

Australia

    11.1%  

United Kingdom

    10.9%  

Canada

    6.1%  

Sweden

    5.6%  

Switzerland

    4.5%  

South Korea

    4.4%  

Germany

    3.7%  

France

    3.7%  

Israel

    3.2%  

Netherlands

    2.6%  

Hong Kong

    2.4%  

Singapore

    2.1%  

Other

    13.5%  
 

 

 

 

Total

    100.0%  
Sector Diversification * as of February 28, 2022

 

Industrials

    21.0%  

Financials

    14.0%  

Materials

    12.8%  

Consumer Staples

    10.7%  

Consumer Discretionary

    9.0%  

Real Estate

    7.5%  

Utilities

    7.0%  

Communication Services

    6.9%  

Information Technology

    5.4%  

Health Care

    4.3%  

Energy

    1.4%  
 

 

 

 

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 7.

 

2


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers MSCI Kokusai Equity ETF (KOKU)

 

Xtrackers MSCI Kokusai 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 Kokusai Index (the “Underlying Index”). The MSCI Kokusai Index is also known as the MSCI World ex Japan Index. The Underlying Index is designed to track the performance of equity markets in developed markets (excluding Japan). It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 28, 2022 (20.4% of Net Assets)

 

   

Apple, Inc. (United States)

    5.0%  

Microsoft Corp. (United States)

    4.0%  

Alphabet, Inc. (United States)

    3.0%  

Amazon.com, Inc. (United States)

    2.6%  

Tesla, Inc. (United States)

    1.4%  

NVIDIA Corp. (United States)

    1.1%  

Meta Platforms, Inc. (United States)

    0.9%  

UnitedHealth Group, Inc. (United States)

    0.8%  

Johnson & Johnson (United States)

    0.8%  

JPMorgan Chase & Co. (United States)

    0.8%  
Country Diversification * as of February 28, 2022

 

United States

    71.3%  

United Kingdom

    4.9%  

Canada

    3.8%  

Switzerland

    3.5%  

France

    3.3%  

Germany

    2.5%  

Australia

    2.2%  

Other

    8.5%  
 

 

 

 

Total

    100.0%  
Sector Diversification * as of February 28, 2022

 

Information Technology

    23.0%  

Financials

    14.2%  

Health Care

    12.8%  

Consumer Discretionary

    11.1%  

Industrials

    9.3%  

Communication Services

    8.0%  

Consumer Staples

    7.2%  

Materials

    4.4%  

Energy

    4.3%  

Utilities

    3.0%  

Real Estate

    2.7%  
 

 

 

 

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 21.

 

3


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP)

 

Xtrackers Russell 1000 US Quality at a Reasonable Price 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 Russell 1000 2Qual/Val 5% Capped Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 28, 2022 (35.0% of Net Assets)

 

Description   % of Net Assets  

Apple, Inc.

    6.2%  

Alphabet, Inc.

    5.3%  

Microsoft Corp.

    5.2%  

Berkshire Hathaway, Inc.

    3.9%  

Amazon.com, Inc.

    3.6%  

Meta Platforms, Inc.

    2.4%  

Intel Corp.

    2.3%  

UnitedHealth Group, Inc.

    2.2%  

Johnson & Johnson

    2.1%  

Cisco Systems, Inc.

    1.8%  
Sector Diversification * as of February 28, 2022

 

Information Technology

    29.6%  

Health Care

    15.0%  

Consumer Discretionary

    13.4%  

Communication Services

    10.7%  

Financials

    8.5%  

Consumer Staples

    8.1%  

Industrials

    7.0%  

Energy

    3.8%  

Materials

    2.0%  

Real Estate

    1.1%  

Utilities

    0.8%  
 

 

 

 

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 35.

 

4


DBX ETF Trust

 

Portfolio Summary (Unaudited)

 

Xtrackers Russell US Multifactor ETF (DEUS)

 

Xtrackers Russell US Multifactor 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 Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of February 28, 2022 (6.1% of Net Assets)

 

Description   % of Net Assets  

HP, Inc.

    1.1%  

AutoZone, Inc.

    0.8%  

Kroger Co.

    0.6%  

Hewlett Packard Enterprise Co.

    0.6%  

Tractor Supply Co.

    0.5%  

Genuine Parts Co.

    0.5%  

Best Buy Co., Inc.

    0.5%  

eBay, Inc.

    0.5%  

O’Reilly Automotive, Inc.

    0.5%  

Amdocs Ltd.

    0.5%  
Sector Diversification * as of February 28, 2022

 

Information Technology

    19.4%  

Financials

    16.5%  

Industrials

    15.7%  

Consumer Discretionary

    11.0%  

Health Care

    9.9%  

Materials

    6.3%  

Real Estate

    6.1%  

Consumer Staples

    5.5%  

Utilities

    5.5%  

Communication Services

    2.7%  

Energy

    1.4%  
 

 

 

 

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.

 

5


DBX ETF Trust

 

Fees and Expenses (Unaudited)

 

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 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 FTSE Developed ex US Multifactor ETF

 

Actual

   $ 1,000.00      $ 928.10        0.24   $ 1.15  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.61        0.24   $ 1.20  
Xtrackers MSCI Kokusai Equity ETF

 

Actual

   $ 1,000.00      $ 956.60        0.09   $ 0.44  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,024.35        0.09   $ 0.45  
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

 

Actual

   $ 1,000.00      $ 976.10        0.19   $ 0.93  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.85        0.19   $ 0.95  
Xtrackers Russell US Multifactor ETF

 

Actual

   $ 1,000.00      $ 969.90        0.17   $ 0.83  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,023.95        0.17   $ 0.85  

(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.

 

6


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
COMMON STOCKS — 99.3%    
Australia — 11.1%            

Adbri Ltd.

    6,728     $ 16,111  

ALS Ltd.

    8,225       70,607  

Alumina Ltd.

    45,469       65,164  

Ampol Ltd.

    502       10,735  

Ansell Ltd.

    4,452       83,026  

APA Group (a)

    6,482       47,272  

Aristocrat Leisure Ltd.

    2,892       78,214  

ASX Ltd.

    2,855       170,566  

Aurizon Holdings Ltd.

    43,600       110,734  

Australia & New Zealand Banking Group Ltd.

    2,436       45,977  

Bank of Queensland Ltd.

    8,346       48,450  

Bendigo & Adelaide Bank Ltd.

    14,683       102,392  

BHP Group Ltd.

    10,442       353,554  

BlueScope Steel Ltd.

    16,220       238,226  

Boral Ltd.

    1,820       4,794  

Brambles Ltd.

    31,390       225,504  

carsales.com Ltd.

    3,773       56,126  

Challenger Ltd.

    9,674       47,385  

Charter Hall Group REIT

    12,875       156,678  

Cleanaway Waste Management Ltd.

    17,252       34,677  

Cochlear Ltd.

    876       141,691  

Coles Group Ltd.

    16,273       205,232  

Commonwealth Bank of Australia

    981       66,531  

Computershare Ltd.

    12,146       190,906  

CSL Ltd.

    160       30,185  

CSR Ltd.

    32,776       136,044  

Deterra Royalties Ltd.

    10,130       32,785  

Dexus REIT

    45,784       362,797  

Domino’s Pizza Enterprises Ltd.

    856       49,040  

Downer EDI Ltd.

    28,738       105,103  

Endeavour Group Ltd.

    23,138       120,217  

Fortescue Metals Group Ltd.

    2,415       31,807  

Goodman Group REIT

    14,583       235,241  

GPT Group REIT

    3,571       12,801  

Harvey Norman Holdings Ltd.

    32,879       125,258  

IDP Education Ltd.

    496       9,452  

IGO Ltd.

    1,716       13,610  

Iluka Resources Ltd.

    18,060       140,095  

Incitec Pivot Ltd.

    18,476       41,428  

Insurance Australia Group Ltd.

    6,069       20,258  

JB Hi-Fi Ltd.

    3,117       111,532  

Lendlease Corp. Ltd. (a)

    3,724       28,537  

Macquarie Group Ltd.

    680       89,204  

Magellan Financial Group Ltd.

    340       4,540  

Medibank Pvt Ltd.

    186,169       429,598  

Metcash Ltd.

    76,836       229,715  

Mineral Resources Ltd.

    2,948       96,800  

Mirvac Group REIT

    161,520       303,566  

National Australia Bank Ltd.

    1,511       31,731  

Newcrest Mining Ltd.

    1,510       28,127  

Orica Ltd.

    889       9,412  

Origin Energy Ltd.

    2,071       8,566  

Orora Ltd.

    69,648       188,515  

OZ Minerals Ltd.

    4,090       75,682  

Perpetual Ltd.

    2,046       52,246  
   

Number
of Shares

   

Value

 
Australia (Continued)            

Platinum Asset Management Ltd.

    10,004     $ 17,277  

Qube Holdings Ltd.

    17,610       37,953  

Ramsay Health Care Ltd.

    817       37,925  

REA Group Ltd.

    599       57,237  

Reece Ltd.

    6,715       94,385  

Rio Tinto Ltd.

    3,466       297,210  

Santos Ltd.

    4,975       26,209  

SEEK Ltd.

    1,277       24,714  

Seven Group Holdings Ltd.

    1,456       23,445  

Shopping Centres Australasia Property Group REIT

    84,461       177,738  

Sonic Healthcare Ltd.

    14,333       364,546  

South32 Ltd.

    49,700       173,472  

Star Entertainment Group Ltd. *

    2,517       6,119  

Stockland REIT

    57,692       174,155  

Suncorp Group Ltd.

    35,094       274,268  

Tabcorp Holdings Ltd.

    45,196       163,654  

Telstra Corp. Ltd.

    40,644       116,794  

Transurban Group (a)

    8,536       78,604  

Treasury Wine Estates Ltd.

    8,583       72,372  

Washington H Soul Pattinson & Co. Ltd.

    5,853       106,945  

Wesfarmers Ltd.

    6,681       233,628  

Westpac Banking Corp.

    3,474       57,502  

Woodside Petroleum Ltd.

    1,137       23,547  

Woolworths Group Ltd.

    9,527       245,352  
   

 

 

 

(Cost $8,250,438)

      8,609,495  
   

 

 

 
Austria — 0.4%            

ANDRITZ AG

    2,797       125,664  

Erste Group Bank AG

    357       12,827  

Raiffeisen Bank International AG

    558       9,194  

Telekom Austria AG *

    7,572       62,001  

Verbund AG

    309       37,484  

voestalpine AG

    2,166       71,623  
   

 

 

 

(Cost $308,448)

      318,793  
   

 

 

 
Belgium — 1.1%            

Ackermans & van Haaren NV

    302       56,648  

Ageas SA/NV

    975       47,068  

D’ieteren Group

    243       39,440  

Elia Group SA/NV

    155       22,389  

Etablissements Franz Colruyt NV

    559       22,402  

Groupe Bruxelles Lambert SA

    389       40,608  

KBC Group NV

    154       11,160  

Proximus SADP

    5,332       106,363  

Sofina SA

    576       224,626  

Solvay SA

    395       44,242  

Telenet Group Holding NV

    1,137       39,717  

UCB SA

    246       26,995  

Umicore SA

    1,184       48,793  

Warehouses De Pauw CVA REIT

    2,640       104,436  
   

 

 

 

(Cost $781,384)

      834,887  
   

 

 

 
Canada — 6.1%            

Alimentation Couche-Tard, Inc.

    2,539       99,590  

Bank of Montreal

    467       53,289  

Bank of Nova Scotia

    2,056       148,889  

Barrick Gold Corp.

    233       5,263  

 

See Notes to Financial Statements.   7  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
Canada (Continued)            

BCE, Inc.

    1,066     $ 55,950  

Brookfield Asset Management, Inc., Class A

    528       28,836  

Canadian Imperial Bank of Commerce

    463       58,564  

Canadian National Railway Co.

    269       33,348  

Canadian Pacific Railway Ltd.

    1,613       113,502  

Canadian Tire Corp. Ltd., Class A

    1,899       279,786  

Canadian Utilities Ltd., Class A

    2,582       71,861  

CGI, Inc.*

    1,820       149,118  

Constellation Software, Inc.

    101       170,105  

Dollarama, Inc.

    2,181       112,631  

Enbridge, Inc.

    1,696       73,223  

Fairfax Financial Holdings Ltd.

    399       193,295  

Fortis, Inc.

    3,149       144,198  

Franco-Nevada Corp.

    251       36,939  

George Weston Ltd.

    2,955       320,208  

Great-West Lifeco, Inc.

    2,527       75,968  

Hydro One Ltd., 144A

    5,374       132,618  

IGM Financial, Inc.

    3,626       128,733  

Intact Financial Corp.

    1,219       174,717  

Loblaw Cos. Ltd.

    3,614       281,717  

Magna International, Inc.

    2,421       179,750  

Manulife Financial Corp.

    5,801       117,452  

Metro, Inc.

    2,418       126,128  

National Bank of Canada

    1,510       120,993  

Nutrien Ltd.

    1,019       87,579  

Power Corp. of Canada

    7,021       216,384  

Restaurant Brands International, Inc.

    165       9,230  

Rogers Communications, Inc., Class B

    4,443       229,410  

Royal Bank of Canada

    288       31,837  

Saputo, Inc.

    3,220       78,853  

Shaw Communications, Inc., Class B

    6,611       198,119  

Sun Life Financial, Inc. (b)

    3,006       157,985  

TC Energy Corp.

    1,502       80,645  

TELUS Corp.

    2,171       54,791  

Thomson Reuters Corp.

    526       53,149  

Toronto-Dominion Bank

    837       67,496  

Wheaton Precious Metals Corp.

    217       9,502  
   

 

 

 

(Cost $4,093,268)

      4,761,651  
   

 

 

 
Chile — 0.0%            

Antofagasta PLC

   

(Cost $22,753)

    1,477       30,143  
   

 

 

 
China — 0.4%            

Lenovo Group Ltd.

    142,257       158,211  

Tingyi Cayman Islands Holding Corp.

    12,174       26,922  

Uni-President China Holdings Ltd.

    18,772       19,460  

Want Want China Holdings Ltd.

    68,295       72,633  
   

 

 

 

(Cost $232,609)

      277,226  
   

 

 

 
Denmark — 1.4%            

A.P. Moller — Maersk A/S, Class A

    27       81,132  

A.P. Moller — Maersk A/S, Class B

    11       34,914  

Carlsberg A/S, Class B

    1,129       165,739  

Chr Hansen Holding A/S

    87       6,366  

Coloplast A/S, Class B

    453       68,280  

Demant A/S*

    824       34,826  
   

Number
of Shares

   

Value

 
Denmark (Continued)            

DSV A/S

    570     $ 105,607  

Genmab A/S*

    137       46,132  

GN Store Nord AS

    372       19,688  

H Lundbeck A/S

    110       2,673  

Novo Nordisk A/S, Class B

    559       57,575  

Novozymes A/S, Class B

    1,946       127,881  

Orsted AS, 144A

    182       23,667  

Pandora A/S

    215       22,258  

ROCKWOOL International A/S, Class B

    98       33,754  

Royal Unibrew A/S

    1,096       116,906  

SimCorp A/S

    404       36,615  

Tryg A/S

    2,323       52,826  

Vestas Wind Systems A/S

    1,071       35,174  
   

 

 

 

(Cost $971,753)

      1,072,013  
   

 

 

 
Finland — 1.7%            

Elisa OYJ

    2,237       124,499  

Fortum OYJ

    9,890       209,283  

Huhtamaki OYJ (b)

    1,354       49,715  

Kesko OYJ, Class B

    11,059       327,182  

Kojamo OYJ

    1,808       42,158  

Kone OYJ, Class B

    864       50,832  

Neste OYJ (b)

    190       7,508  

Nokia OYJ*

    1,094       5,944  

Nokian Renkaat OYJ

    4,860       92,799  

Nordea Bank Abp

    2,185       24,414  

Orion OYJ, Class B

    654       30,845  

Sampo OYJ, Class A

    258       12,275  

Stora Enso OYJ, Class R

    1,498       28,890  

UPM-Kymmene OYJ

    3,398       118,316  

Valmet OYJ

    4,407       153,943  

Wartsila OYJ Abp

    6,202       70,149  
   

 

 

 

(Cost $1,475,945)

      1,348,752  
   

 

 

 
France — 3.7%            

Air Liquide SA

    244       40,753  

ALD SA, 144A

    786       11,035  

Amundi SA, 144A

    346       24,250  

Arkema SA

    407       54,354  

AXA SA

    1,183       32,255  

BioMerieux

    82       9,037  

BNP Paribas SA

    153       9,024  

Bollore SA

    13,559       69,111  

Bouygues SA

    1,501       53,983  

Bureau Veritas SA

    2,336       67,327  

Capgemini SE

    554       117,170  

Carrefour SA

    12,524       251,799  

Cie de Saint-Gobain

    1,649       103,628  

Cie Generale des Etablissements Michelin SCA

    1,872       260,726  

Danone SA

    1,045       63,746  

Dassault Systemes SE

    548       26,769  

Edenred

    993       45,606  

Eiffage SA

    556       57,029  

Electricite de France SA

    734       6,703  

Engie SA

    4,481       71,812  

EssilorLuxottica SA

    163       28,693  

 

See Notes to Financial Statements.   8  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
France (Continued)            

Eurazeo SE

    97     $ 7,545  

Getlink SE

    663       10,902  

Hermes International

    6       8,370  

ICADE REIT (b)

    131       8,137  

Imerys SA

    296       12,700  

Ipsen SA

    94       11,007  

JCDecaux SA*

    375       10,623  

Kering SA

    5       3,578  

Legrand SA

    1,298       123,660  

L’Oreal SA

    11       4,386  

Orange SA

    16,209       196,879  

Orpea SA

    154       6,407  

Pernod Ricard SA

    185       40,655  

Publicis Groupe SA

    3,911       261,989  

Remy Cointreau SA

    130       25,217  

Renault SA*

    565       18,112  

Rexel SA*

    1,123       24,969  

Rubis SCA

    1,181       37,102  

Sanofi

    369       38,740  

Sartorius Stedim Biotech

    34       13,114  

Schneider Electric SE

    307       48,199  

SCOR SE

    398       13,022  

SEB SA

    356       52,262  

Sodexo SA

    286       24,125  

Teleperformance

    361       134,577  

Thales SA

    472       54,553  

TotalEnergies SE (b)

    202       10,344  

Ubisoft Entertainment SA*

    125       6,788  

Veolia Environnement SA

    6,042       211,803  

Vinci SA

    402       42,678  

Vivendi SE

    1,739       22,091  

Wendel SE

    42       4,295  
   

 

 

 

(Cost $2,652,663)

      2,893,639  
   

 

 

 
Germany — 3.5%            

1&1 AG

    454       10,923  

adidas AG

    51       12,147  

Allianz SE

    84       19,181  

BASF SE

    923       61,425  

Bayerische Motoren Werke AG

    579       56,293  

Bechtle AG

    358       18,517  

Beiersdorf AG

    402       40,827  

Brenntag SE

    3,363       282,846  

Carl Zeiss Meditec AG

    217       34,330  

Continental AG*

    240       20,703  

Covestro AG, 144A

    579       30,702  

Daimler Truck Holding AG*

    290       8,853  

Deutsche Boerse AG

    62       10,634  

Deutsche Post AG

    1,639       83,136  

Deutsche Telekom AG

    1,530       27,547  

Deutsche Wohnen SE

    320       13,374  

E.ON SE

    22,882       311,446  

Evonik Industries AG

    1,923       58,080  

Fielmann AG

    79       4,712  

Fresenius Medical Care AG & Co. KGaA

    824       53,051  

Fresenius SE & Co. KGaA

    1,820       63,913  

FUCHS PETROLUB SE

    574       18,104  
   

Number
of Shares

   

Value

 
Germany (Continued)            

GEA Group AG

    1,820     $ 79,868  

Hannover Rueck SE

    166       30,727  

HeidelbergCement AG

    599       39,116  

Henkel AG & Co. KGaA

    269       20,727  

HOCHTIEF AG

    84       5,687  

Infineon Technologies AG

    138       4,765  

KION Group AG

    111       8,997  

Knorr-Bremse AG

    166       14,730  

LANXESS AG

    1,440       70,487  

LEG Immobilien SE

    1,538       199,179  

Mercedes-Benz Group AG

    565       44,530  

Merck KGaA

    752       149,967  

METRO AG*

    5,385       50,565  

MTU Aero Engines AG

    94       22,827  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

    113       31,369  

ProSiebenSat.1 Media SE

    2,078       28,627  

Puma SE

    191       17,587  

Rational AG

    32       23,650  

Rheinmetall AG

    206       30,912  

RWE AG

    3,600       167,766  

SAP SE

    56       6,373  

Scout24 SE, 144A

    562       32,951  

Siemens AG

    141       20,059  

Siemens Energy AG

    1,433       34,493  

Siemens Healthineers AG, 144A

    293       18,916  

Symrise AG

    406       48,566  

Talanx AG

    237       10,424  

Telefonica Deutschland Holding AG

    15,791       43,366  

Uniper SE

    2,489       79,676  

United Internet AG

    470       16,027  

Vitesco Technologies Group AG*

    114       4,834  

Vonovia SE

    1,657       88,404  

Wacker Chemie AG

    131       20,415  

Zalando SE, 144A*

    163       10,908  
   

 

 

 

(Cost $2,612,635)

      2,718,239  
   

 

 

 
Hong Kong — 2.4%            

AIA Group Ltd.

    2,686       27,930  

ASM Pacific Technology Ltd.

    1,600       17,487  

Bank of East Asia Ltd.

    7,365       12,404  

BOC Hong Kong Holdings Ltd.

    9,952       35,790  

Cafe de Coral Holdings Ltd.

    1,846       2,830  

Chow Tai Fook Jewellery Group Ltd.*

    16,039       33,336  

CK Asset Holdings Ltd.

    20,703       130,757  

CK Hutchison Holdings Ltd.

    24,381       170,836  

CK Infrastructure Holdings Ltd.

    7,422       46,069  

CLP Holdings Ltd.

    10,310       104,964  

Dairy Farm International Holdings Ltd.

    3,565       9,447  

First Pacific Co. Ltd.

    11,851       4,641  

Hang Lung Group Ltd.

    1,899       4,185  

Hang Seng Bank Ltd.

    1,937       35,747  

Henderson Land Development Co. Ltd.

    8,574       35,662  

Hong Kong & China Gas Co. Ltd.

    39,836       60,261  

Hong Kong Exchanges & Clearing Ltd.

    630       30,445  

Hutchison Port Holdings Trust, Class U

    261,600       65,400  

Hutchison Telecommunications Hong Kong Holdings Ltd.

    60,268       9,950  

 

See Notes to Financial Statements.   9  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
Hong Kong (Continued)            

Jardine Matheson Holdings Ltd.

    800     $ 47,600  

Johnson Electric Holdings Ltd.

    4,966       8,249  

Kerry Logistics Network Ltd.

    20,731       50,304  

Kerry Properties Ltd.

    27,641       75,703  

Lee & Man Paper Manufacturing Ltd.

    5,123       3,291  

Link REIT

    4,440       35,856  

MTR Corp. Ltd.

    1,551       8,029  

New World Development Co. Ltd.

    794       3,176  

NWS Holdings Ltd.

    10,783       10,585  

PCCW Ltd.

    35,131       19,603  

Power Assets Holdings Ltd.

    30,148       190,024  

Sino Land Co. Ltd.

    53,592       67,421  

SITC International Holdings Co. Ltd.

    14,118       57,999  

Sun Hung Kai Properties Ltd.

    5,501       63,995  

Swire Pacific Ltd., Class A

    3,272       18,090  

Swire Pacific Ltd., Class B

    11,709       10,999  

Swire Properties Ltd.

    3,892       10,111  

Techtronic Industries Co. Ltd.

    2,836       47,365  

Towngas Smart Energy Co. Ltd.*

    47,385       33,597  

VTech Holdings Ltd.

    12,801       105,259  

WH Group Ltd., 144A

    30,128       21,014  

Wharf Holdings Ltd.

    17,082       61,650  

Xinyi Glass Holdings Ltd.

    16,334       43,377  

Yue Yuen Industrial Holdings Ltd.*

    10,200       17,231  
   

 

 

 

(Cost $1,803,092)

      1,848,669  
   

 

 

 
Ireland — 0.9%            

CRH PLC

    1,840       83,594  

DCC PLC

    359       28,227  

Experian PLC

    878       34,552  

Glanbia PLC (b)

    9,203       129,417  

James Hardie Industries PLC CDI

    5,645       182,900  

Kerry Group PLC, Class A

    443       52,843  

Kingspan Group PLC

    616       60,084  

Smurfit Kappa Group PLC

    1,871       93,036  
   

 

 

 

(Cost $558,819)

      664,653  
   

 

 

 
Israel — 3.2%            

Airport City Ltd.*

    2,157       48,840  

Alony Hetz Properties & Investments Ltd.

    2,322       40,711  

Amot Investments Ltd.

    5,334       41,019  

Azrieli Group Ltd.

    290       24,789  

Bank Hapoalim BM

    18,265       193,109  

Bank Leumi Le-Israel BM

    35,379       382,768  

Bezeq The Israeli Telecommunication Corp. Ltd.*

    29,971       49,275  

Big Shopping Centers Ltd.

    99       14,633  

Elbit Systems Ltd.

    425       87,109  

Electra Ltd.

    60       44,849  

First International Bank Of Israel Ltd.

    1,923       82,608  

Gav-Yam Lands Corp. Ltd.

    4,403       53,845  

Harel Insurance Investments & Financial Services Ltd.

    5,385       65,316  

ICL Group Ltd.

    20,198       229,362  

Israel Corp. Ltd.*

    57       29,913  

Israel Discount Bank Ltd., Class A

    56,960       374,586  

Maytronics Ltd.

    813       17,493  

Melisron Ltd.*

    95       7,563  
   

Number
of Shares

   

Value

 
Israel (Continued)            

Mivne Real Estate KD Ltd.

    36,300     $ 142,122  

Mizrahi Tefahot Bank Ltd.

    4,412       172,188  

Nice Ltd.*

    373       84,446  

Nova Ltd.*

    460       49,926  

Phoenix Holdings Ltd.

    6,522       80,979  

Shapir Engineering and Industry Ltd. (b)

    927       9,139  

Shufersal Ltd.

    4,608       41,215  

Strauss Group Ltd.

    830       27,266  

Tower Semiconductor Ltd.*

    1,587       74,165  
   

 

 

 

(Cost $1,970,591)

      2,469,234  
   

 

 

 
Italy — 1.9%            

A2A SpA

    66,767       119,763  

Amplifon SpA

    550       23,753  

Assicurazioni Generali SpA

    3,814       75,953  

Atlantia SpA*

    412       7,594  

Banca Mediolanum SpA

    986       8,153  

Buzzi Unicem SpA

    2,230       42,843  

Davide Campari-Milano NV

    2,481       27,164  

De’ Longhi SpA

    928       29,665  

DiaSorin SpA

    143       21,467  

Enel SpA

    4,019       29,789  

Ferrari NV

    114       24,681  

FinecoBank Banca Fineco SpA

    1,440       24,140  

Hera SpA

    25,127       97,791  

Interpump Group SpA

    1,768       96,233  

Intesa Sanpaolo SpA

    11,533       29,710  

Italgas SpA

    14,168       91,948  

Iveco Group NV*

    886       7,409  

Leonardo SpA*

    1,173       10,540  

Mediobanca Banca di Credito Finanziario SpA

    2,958       30,985  

Moncler SpA

    1,442       87,753  

Pirelli & C SpA, 144A

    7,245       40,224  

Poste Italiane SpA, 144A

    2,542       29,337  

Prysmian SpA

    2,532       83,953  

Recordati Industria Chimica e Farmaceutica SpA

    1,085       53,329  

Reply SpA

    301       49,259  

Snam SpA

    18,619       103,832  

Telecom Italia SpA

    129,243       54,858  

Telecom Italia SpA-RSP

    93,302       39,058  

Terna—Rete Elettrica Nazionale

    16,268       134,155  

UnipolSai Assicurazioni SpA

    3,244       8,854  
   

 

 

 

(Cost $1,500,775)

      1,484,193  
   

 

 

 
Japan — 26.1%            

ABC-Mart, Inc. (b)

    363       15,696  

Acom Co. Ltd.

    6,000       16,670  

Activia Properties, Inc. REIT

    8       26,985  

Advance Residence Investment Corp. REIT

    11       30,753  

Advantest Corp.

    300       23,625  

Aeon Co. Ltd. (b)

    3,049       68,763  

Aeon Mall Co. Ltd. (b)

    300       4,201  

AEON REIT Investment Corp. REIT

    33       41,001  

AGC, Inc.

    5,300       234,226  

Aica Kogyo Co. Ltd.

    714       19,962  

 

See Notes to Financial Statements.   10  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
Japan (Continued)            

Ain Holdings, Inc.

    300     $ 16,670  

Air Water, Inc.

    7,800       113,233  

Aisin Corp.

    2,993       108,754  

Ajinomoto Co., Inc.

    4,800       139,155  

Amada Co. Ltd.

    6,243       54,909  

Amano Corp.

    2,600       50,747  

Anritsu Corp.

    200       2,782  

Aozora Bank Ltd.

    2,600       58,738  

As One Corp.

    200       11,999  

Asahi Group Holdings Ltd.

    392       15,806  

Asahi Intecc Co. Ltd.

    216       4,606  

Asahi Kasei Corp.

    14,019       131,152  

Astellas Pharma, Inc.

    5,783       96,329  

Azbil Corp.

    3,213       120,793  

Bandai Namco Holdings, Inc.

    700       50,870  

Benesse Holdings, Inc.

    300       6,090  

Bic Camera, Inc. (b)

    1,100       9,541  

Bridgestone Corp.

    4,324       177,390  

Brother Industries Ltd.

    5,842       105,808  

Calbee, Inc.

    280       6,277  

Canon Marketing Japan, Inc.

    2,600       54,201  

Canon, Inc.

    10,622       248,869  

Capcom Co. Ltd.

    408       9,830  

Casio Computer Co. Ltd.

    698       8,151  

Chiba Bank Ltd.

    3,700       23,419  

Chubu Electric Power Co., Inc.

    15,331       153,476  

Chugai Pharmaceutical Co. Ltd.

    100       3,299  

Chugoku Electric Power Co., Inc.

    3,283       25,711  

Coca-Cola Bottlers Japan Holdings, Inc.

    400       5,098  

COMSYS Holdings Corp.

    3,634       87,494  

Concordia Financial Group Ltd.

    2,900       11,859  

Cosmo Energy Holdings Co. Ltd.

    200       4,508  

Cosmos Pharmaceutical Corp.

    190       26,180  

Credit Saison Co. Ltd.

    1,100       12,368  

CyberAgent, Inc.

    300       3,871  

Dai Nippon Printing Co. Ltd.

    3,907       101,326  

Daicel Corp.

    8,327       63,840  

Daido Steel Co. Ltd.

    455       16,395  

Daifuku Co. Ltd.

    126       9,036  

Dai-ichi Life Holdings, Inc.

    2,200       45,996  

Daikin Industries Ltd.

    184       33,876  

Daio Paper Corp.

    4,900       72,325  

Daito Trust Construction Co. Ltd.

    3,685       406,974  

Daiwa House Industry Co. Ltd.

    5,602       159,001  

Daiwa House REIT Investment Corp.
REIT (b)

    26       70,319  

Daiwa Office Investment Corp. REIT

    2       12,294  

Daiwa Securities Group, Inc.

    14,245       84,326  

DeNA Co. Ltd.

    500       7,658  

Denka Co. Ltd.

    1,000       30,649  

Denso Corp.

    444       31,021  

DIC Corp.

    2,700       61,396  

Disco Corp.

    211       58,899  

Dowa Holdings Co. Ltd.

    900       40,712  

Ebara Corp.

    4,400       227,688  

Electric Power Development Co. Ltd.

    4,576       72,509  

ENEOS Holdings, Inc.

    20,020       78,881  
   

Number
of Shares

   

Value

 
Japan (Continued)            

EXEO Group, Inc.

    1,072     $ 22,208  

Ezaki Glico Co. Ltd.

    400       13,649  

Fancl Corp.

    200       5,635  

FANUC Corp.

    96       17,633  

Food & Life Cos. Ltd.

    184       6,071  

FP Corp.

    400       11,322  

Fuji Electric Co. Ltd.

    888       45,181  

Fuji Media Holdings, Inc.

    800       8,655  

FUJIFILM Holdings Corp.

    2,451       154,540  

Fujitsu General Ltd.

    400       8,585  

Fujitsu Ltd.

    642       92,335  

Fukuoka Financial Group, Inc.

    500       9,902  

Fukuyama Transporting Co. Ltd.

    200       6,885  

Fuyo General Lease Co. Ltd.

    200       13,058  

GLP J REIT (b)

    26       38,738  

GMO Payment Gateway, Inc.

    100       9,525  

GS Yuasa Corp.

    2,638       56,505  

H.U. Group Holdings, Inc.

    900       23,716  

Hakuhodo DY Holdings, Inc.

    1,069       14,071  

Hamamatsu Photonics KK

    850       42,731  

Hankyu Hanshin Holdings, Inc.

    167       4,981  

Haseko Corp.

    4,197       53,421  

Hino Motors Ltd.

    4,159       38,891  

Hirose Electric Co. Ltd.

    440       65,518  

Hisamitsu Pharmaceutical Co., Inc.

    140       4,449  

Hitachi Ltd.

    3,846       188,669  

Hitachi Metals Ltd.*

    800       14,218  

Hitachi Transport System Ltd.

    1,280       67,570  

Honda Motor Co. Ltd.

    3,345       102,376  

Horiba Ltd.

    500       28,609  

Hoshizaki Corp.

    313       21,686  

House Foods Group, Inc.

    857       22,144  

Hoya Corp.

    500       64,489  

Hulic Co. Ltd.

    10,048       91,341  

Idemitsu Kosan Co. Ltd.

    425       11,365  

IHI Corp.

    300       6,923  

Iida Group Holdings Co. Ltd.

    7,800       143,776  

Industrial & Infrastructure Fund Investment Corp. REIT

    26       38,896  

INFRONEER Holdings, Inc.

    4,984       44,139  

Inpex Corp.

    3,299       33,942  

Internet Initiative Japan, Inc.

    1,100       34,956  

Isuzu Motors Ltd.

    6,200       83,815  

Ito En Ltd.

    100       5,730  

ITOCHU Corp.

    5,636       183,161  

Itochu Techno-Solutions Corp.

    300       7,707  

Itoham Yonekyu Holdings, Inc.

    5,600       33,598  

Iwatani Corp.

    4,200       198,376  

Izumi Co. Ltd.

    500       13,957  

J. Front Retailing Co. Ltd. (b)

    1,065       8,895  

Japan Exchange Group, Inc.

    200       3,751  

Japan Logistics Fund, Inc. REIT

    28       73,054  

Japan Metropolitan Fund Invest REIT (b)

    48       38,800  

Japan Post Holdings Co. Ltd.*

    3,500       28,994  

Japan Post Insurance Co. Ltd.

    700       11,997  

Japan Prime Realty Investment
Corp. REIT

    11       35,720  

 

See Notes to Financial Statements.   11  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
Japan (Continued)            

Japan Real Estate Investment Corp. REIT

    9     $ 47,901  

Japan Tobacco, Inc.

    6,764       124,503  

JFE Holdings, Inc.

    5,100       76,162  

JSR Corp.

    2,632       82,039  

JTEKT Corp.

    700       6,023  

Kadokawa Corp.

    800       20,053  

Kagome Co. Ltd.

    365       9,729  

Kajima Corp.

    13,300       178,296  

Kakaku.com, Inc.

    386       8,392  

Kaken Pharmaceutical Co. Ltd.

    447       16,378  

Kamigumi Co. Ltd.

    3,732       72,258  

Kandenko Co. Ltd.

    5,292       40,112  

Kaneka Corp.

    4,522       147,429  

Kansai Electric Power Co., Inc.

    13,411       135,304  

Kansai Paint Co. Ltd.

    1,088       21,718  

Kao Corp.

    553       25,831  

Kawasaki Heavy Industries Ltd.

    1,443       26,636  

KDDI Corp.

    5,729       186,830  

Keisei Electric Railway Co. Ltd.

    100       2,796  

Kenedix Office Investment Corp. REIT

    5       29,477  

Kewpie Corp.

    3,259       69,467  

Keyence Corp.

    28       13,074  

Kikkoman Corp.

    773       57,316  

Kinden Corp.

    3,800       53,779  

Kirin Holdings Co. Ltd.

    3,312       54,853  

Kobayashi Pharmaceutical Co. Ltd.

    126       10,743  

Kobe Bussan Co. Ltd.

    300       9,859  

Kobe Steel Ltd.

    2,800       14,878  

Koei Tecmo Holdings Co. Ltd.

    562       19,396  

Koito Manufacturing Co. Ltd.

    500       25,700  

Kokuyo Co. Ltd.

    7,800       108,899  

Komatsu Ltd.

    2,470       56,670  

Konami Holdings Corp.

    1,582       89,007  

Konica Minolta, Inc.

    2,700       11,370  

Kose Corp.

    100       11,400  

K’s Holdings Corp.

    3,211       34,570  

Kubota Corp.

    3,800       68,032  

Kuraray Co. Ltd.

    5,381       50,364  

Kurita Water Industries Ltd.

    3,828       156,211  

Kyocera Corp.

    772       44,098  

Kyowa Kirin Co. Ltd.

    2,600       66,685  

Kyudenko Corp.

    1,099       29,437  

Kyushu Electric Power Co., Inc.

    8,364       63,034  

LaSalle Logiport REIT

    26       37,225  

Lawson, Inc. (b)

    2,600       108,357  

Lintec Corp.

    2,613       58,057  

Lion Corp.

    2,606       34,053  

Lixil Corp.

    4,811       106,725  

M3, Inc.

    100       3,707  

Mabuchi Motor Co. Ltd.

    400       13,770  

Makita Corp.

    1,418       50,170  

Marubeni Corp.

    21,091       220,387  

Marui Group Co. Ltd.

    379       7,420  

Maruichi Steel Tube Ltd.

    750       18,559  

MatsukiyoCocokara & Co.

    2,197       84,122  

Mazda Motor Corp.*

    5,200       38,647  

Mebuki Financial Group, Inc.

    5,900       13,882  
   

Number
of Shares

   

Value

 
Japan (Continued)            

Medipal Holdings Corp.

    3,151     $ 57,371  

MEIJI Holdings Co. Ltd.

    969       58,136  

Menicon Co. Ltd.

    200       5,180  

MINEBEA MITSUMI, Inc.

    1,071       23,210  

MISUMI Group, Inc.

    3,140       99,918  

Mitsubishi Chemical Holdings Corp.

    31,802       225,700  

Mitsubishi Corp.

    3,936       132,288  

Mitsubishi Electric Corp.

    9,374       112,439  

Mitsubishi Estate Co. Ltd.

    2,900       44,240  

Mitsubishi Gas Chemical Co., Inc.

    2,867       50,706  

Mitsubishi HC Capital, Inc.

    4,050       21,063  

Mitsubishi Heavy Industries Ltd.

    1,913       56,406  

Mitsubishi Logistics Corp.

    1,100       26,188  

Mitsubishi Materials Corp.

    700       12,599  

Mitsubishi Shokuhin Co. Ltd.

    500       13,458  

Mitsubishi UFJ Financial Group, Inc.

    2,700       16,710  

Mitsui & Co. Ltd.

    10,625       264,345  

Mitsui Chemicals, Inc.

    6,200       158,156  

Mitsui Fudosan Co. Ltd.

    1,100       24,421  

Mitsui Fudosan Logistics Park, Inc. REIT

    3       13,675  

Mitsui OSK Lines Ltd.

    700       56,766  

Miura Co. Ltd.

    557       15,161  

Mizuho Financial Group, Inc.

    3,180       42,105  

MonotaRO Co. Ltd.

    200       3,733  

Mori Hills REIT Investment Corp. REIT

    11       13,180  

Morinaga & Co. Ltd.

    300       9,742  

Morinaga Milk Industry Co. Ltd.

    900       45,010  

MS&AD Insurance Group Holdings, Inc.

    900       30,514  

Murata Manufacturing Co. Ltd.

    517       34,954  

Nabtesco Corp.

    700       19,206  

Nagase & Co. Ltd.

    4,165       66,394  

Nankai Electric Railway Co. Ltd.

    418       8,489  

NEC Corp.

    100       4,302  

NEC Networks & System Integration Corp.

    1,000       15,246  

NGK Insulators Ltd.

    4,877       75,373  

NGK Spark Plug Co. Ltd.

    602       10,809  

NH Foods Ltd.

    500       18,754  

NHK Spring Co. Ltd.

    3,000       23,807  

Nichirei Corp.

    800       17,594  

Nidec Corp.

    72       6,178  

Nifco, Inc.

    1,061       30,123  

Nihon Kohden Corp.

    900       24,302  

Nihon M&A Center Holdings, Inc.

    700       10,107  

Nihon Unisys Ltd.

    300       8,140  

Nikon Corp.

    600       6,215  

Nintendo Co. Ltd.

    50       25,188  

Nippon Accommodations Fund, Inc.
REIT (b)

    4       21,012  

Nippon Building Fund, Inc. REIT

    6       34,278  

Nippon Electric Glass Co. Ltd.

    2,100       50,360  

Nippon Express Holdings, Inc.

    1,836       111,268  

Nippon Kayaku Co. Ltd.

    7,800       76,933  

Nippon Prologis REIT, Inc. REIT

    9       26,373  

Nippon Sanso Holdings Corp.

    959       18,668  

Nippon Shinyaku Co. Ltd.

    200       12,937  

Nippon Shokubai Co. Ltd.

    300       14,587  

 

See Notes to Financial Statements.   12  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
Japan (Continued)            

Nippon Steel Corp.

    4,613     $ 84,450  

Nippon Telegraph & Telephone Corp.

    3,291       94,094  

Nippon Television Holdings, Inc.

    700       8,004  

Nippon Yusen KK

    1,200       111,170  

Nissan Chemical Corp.

    783       44,189  

Nissan Motor Co. Ltd.*

    14,300       67,704  

Nisshin Seifun Group, Inc.

    3,878       54,883  

Nissin Foods Holdings Co. Ltd.

    384       30,573  

Nitori Holdings Co. Ltd.

    232       34,737  

Nitto Denko Corp.

    3,143       227,862  

Noevir Holdings Co. Ltd.

    200       8,978  

NOF Corp.

    2,807       121,371  

NOK Corp.

    1,000       10,419  

Nomura Holdings, Inc.

    5,000       22,848  

Nomura Real Estate Holdings, Inc.

    886       22,039  

Nomura Real Estate Master Fund, Inc.
REIT (b)

    35       46,130  

Nomura Research Institute Ltd.

    430       14,840  

NS Solutions Corp.

    300       9,468  

NSK Ltd.

    556       3,592  

NTT Data Corp.

    1,917       36,168  

Obayashi Corp.

    3,862       32,224  

Obic Co. Ltd.

    200       31,795  

Odakyu Electric Railway Co. Ltd.

    209       3,437  

Oji Holdings Corp.

    24,388       124,296  

OKUMA Corp.

    100       4,050  

Omron Corp.

    500       33,688  

Ono Pharmaceutical Co. Ltd.

    477       11,706  

Open House Group Co. Ltd.

    545       24,606  

ORIX Corp.

    9,936       196,951  

Orix JREIT, Inc. REIT (b)

    40       55,880  

Osaka Gas Co. Ltd.

    10,129       185,475  

OSG Corp.

    900       14,964  

Otsuka Corp.

    608       23,412  

Otsuka Holdings Co. Ltd.

    1,534       52,783  

PALTAC Corp.

    382       14,759  

Pan Pacific International Holdings Corp.

    999       16,307  

Panasonic Corp.

    8,072       83,401  

Penta-Ocean Construction Co. Ltd.

    4,420       23,141  

Persol Holdings Co. Ltd.

    2,629       58,298  

Pigeon Corp.

    100       1,839  

Pola Orbis Holdings, Inc.

    500       7,797  

Rakuten Group, Inc.

    515       4,355  

Recruit Holdings Co. Ltd.

    326       13,640  

Relo Group, Inc.

    200       2,969  

Rengo Co. Ltd.

    7,912       59,078  

Resona Holdings, Inc.

    7,800       35,067  

Resorttrust, Inc.

    200       3,372  

Ricoh Co. Ltd.

    10,200       86,701  

Rinnai Corp.

    817       66,821  

Rohm Co. Ltd.

    214       16,778  

Rohto Pharmaceutical Co. Ltd.

    511       17,104  

Sankyo Co. Ltd.

    509       14,164  

Sankyu, Inc.

    1,000       34,600  

Santen Pharmaceutical Co. Ltd.

    300       3,397  

Sanwa Holdings Corp.

    10,300       114,469  

Sapporo Holdings Ltd.

    600       11,862  
   

Number
of Shares

   

Value

 
Japan (Continued)            

Sawai Group Holdings Co. Ltd.

    800     $ 31,708  

SCREEN Holdings Co. Ltd. (b)

    200       19,310  

SCSK Corp.

    600       10,200  

Secom Co. Ltd.

    635       46,433  

Seiko Epson Corp.

    4,651       71,194  

Seino Holdings Co. Ltd.

    2,700       28,178  

Sekisui Chemical Co. Ltd.

    4,501       73,509  

Sekisui House Ltd.

    10,036       204,423  

Sekisui House Reit, Inc. REIT

    50       33,167  

Seven & i Holdings Co. Ltd. (b)

    4,900       237,863  

Seven Bank Ltd.

    7,800       16,660  

SG Holdings Co. Ltd.

    3,944       83,280  

Shikoku Electric Power Co., Inc.

    3,600       27,756  

Shimadzu Corp.

    3,896       138,859  

Shimamura Co. Ltd.

    800       72,168  

Shimano, Inc.

    400       92,312  

Shimizu Corp.

    4,746       31,358  

Shin-Etsu Chemical Co. Ltd.

    300       46,026  

Shinko Electric Industries Co. Ltd.

    300       12,555  

Shinsei Bank Ltd.

    500       9,403  

Shionogi & Co. Ltd.

    1,600       106,148  

Ship Healthcare Holdings, Inc.

    338       6,679  

Shizuoka Bank Ltd.

    1,100       8,166  

SHO-BOND Holdings Co. Ltd.

    449       19,999  

Skylark Holdings Co. Ltd.*

    600       7,851  

SMC Corp.

    67       39,586  

SMS Co. Ltd.

    300       8,036  

SoftBank Corp.

    5,405       68,070  

Sohgo Security Services Co. Ltd.

    887       31,883  

Sojitz Corp.

    8,120       133,953  

Sompo Holdings, Inc.

    2,600       113,323  

Sony Group Corp.

    608       62,344  

Square Enix Holdings Co. Ltd.

    300       14,482  

Stanley Electric Co. Ltd.

    831       19,676  

Subaru Corp.

    3,564       58,593  

Sugi Holdings Co. Ltd.

    1,235       69,698  

Sumitomo Bakelite Co. Ltd.

    1,400       57,799  

Sumitomo Chemical Co. Ltd. (b)

    60,500       288,908  

Sumitomo Corp.

    6,232       101,400  

Sumitomo Dainippon Pharma Co. Ltd.

    900       9,869  

Sumitomo Electric Industries Ltd.

    5,726       75,692  

Sumitomo Forestry Co. Ltd.

    883       16,959  

Sumitomo Heavy Industries Ltd.

    3,049       73,727  

Sumitomo Metal Mining Co. Ltd.

    1,069       53,332  

Sumitomo Mitsui Financial Group, Inc.

    700       25,046  

Sumitomo Mitsui Trust Holdings, Inc.

    800       28,548  

Sumitomo Realty & Development Co. Ltd.

    771       22,666  

Sumitomo Rubber Industries Ltd.

    14,500       139,870  

Sundrug Co. Ltd.

    788       21,346  

Suntory Beverage & Food Ltd.

    1,174       46,889  

Suzuken Co. Ltd.

    384       12,369  

Suzuki Motor Corp.

    2,642       104,900  

Sysmex Corp.

    327       25,904  

T&D Holdings, Inc.

    2,341       34,228  

Taiheiyo Cement Corp.

    900       17,246  

Taisei Corp.

    1,534       50,811  

Taisho Pharmaceutical Holdings Co. Ltd.

    200       9,915  

 

See Notes to Financial Statements.   13  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
Japan (Continued)            

Taiyo Yuden Co. Ltd.

    100     $ 4,428  

Takara Bio, Inc.

    300       6,228  

Takara Holdings, Inc.

    1,100       10,897  

Takashimaya Co. Ltd.

    2,700       26,326  

Takeda Pharmaceutical Co. Ltd.

    300       9,119  

TDK Corp.

    330       13,180  

TechnoPro Holdings, Inc.

    1,087       31,192  

Teijin Ltd.

    4,620       55,476  

Terumo Corp.

    216       6,956  

TIS, Inc.

    1,500       35,164  

Tobu Railway Co. Ltd.

    200       4,906  

Toda Corp.

    900       6,001  

Toho Co. Ltd.

    859       35,688  

Toho Gas Co. Ltd.

    1,049       28,007  

Tohoku Electric Power Co., Inc.

    4,619       29,958  

Tokai Rika Co. Ltd.

    900       11,909  

Tokio Marine Holdings, Inc.

    600       34,247  

Tokyo Century Corp.

    100       4,376  

Tokyo Electric Power Co. Holdings, Inc.*

    15,704       49,358  

Tokyo Electron Ltd.

    100       48,422  

Tokyo Gas Co. Ltd.

    4,859       99,057  

Tokyo Ohka Kogyo Co. Ltd.

    500       31,430  

Tokyo Tatemono Co. Ltd.

    2,700       41,306  

Tokyu Corp.

    2,600       34,584  

Tokyu Fudosan Holdings Corp.

    3,822       21,205  

TOPPAN, Inc.

    8,865       173,721  

Toray Industries, Inc.

    24,300       139,186  

Toshiba Corp.

    700       27,818  

Toshiba TEC Corp.

    91       3,852  

Tosoh Corp.

    6,241       96,887  

TOTO Ltd.

    1,380       57,932  

Toyo Seikan Group Holdings Ltd.

    6,000       79,861  

Toyo Suisan Kaisha Ltd.

    600       25,214  

Toyo Tire Corp.

    600       7,913  

Toyoda Gosei Co. Ltd.

    584       11,054  

Toyota Boshoku Corp.

    1,100       20,018  

Toyota Industries Corp.

    398       30,202  

Toyota Motor Corp.

    500       9,284  

Toyota Tsusho Corp.

    1,823       75,421  

Trend Micro, Inc.

    339       18,837  

TS Tech Co. Ltd.

    2,658       35,678  

Tsumura & Co.

    300       8,309  

Tsuruha Holdings, Inc.

    328       26,172  

TV Asahi Holdings Corp.

    400       5,442  

Ube Industries Ltd.

    4,393       81,014  

Ulvac, Inc.

    200       9,829  

Unicharm Corp.

    877       32,895  

United Urban Investment Corp. REIT

    46       52,520  

Ushio, Inc.

    2,001       32,367  

USS Co. Ltd.

    1,900       31,410  

Welcia Holdings Co. Ltd.

    542       14,424  

Yakult Honsha Co. Ltd.

    900       48,682  

Yamada Holdings Co. Ltd.

    15,657       54,240  

Yamaguchi Financial Group, Inc.

    2,600       16,118  

Yamaha Corp.

    481       22,385  

Yamaha Motor Co. Ltd.

    4,700       105,120  

Yamato Holdings Co. Ltd.

    5,400       105,398  
   

Number
of Shares

   

Value

 
Japan (Continued)            

Yamato Kogyo Co. Ltd.

    1,100     $ 35,242  

Yamazaki Baking Co. Ltd.

    2,653       35,865  

Yaoko Co. Ltd.

    200       11,409  

Yaskawa Electric Corp. (b)

    300       11,904  

Yokogawa Electric Corp.

    900       14,417  

Yokohama Rubber Co. Ltd.

    3,300       46,044  

Zenkoku Hosho Co. Ltd.

    1,038       43,440  

Zensho Holdings Co. Ltd.

    400       9,572  

Zeon Corp.

    5,059       59,078  
   

 

 

 

(Cost $20,866,762)

      20,330,224  
   

 

 

 
Jordan — 0.0%            

Hikma Pharmaceuticals PLC

   

(Cost $24,222)

    930       25,992  
   

 

 

 
Luxembourg — 0.4%            

Aroundtown SA

    8,854       54,995  

Eurofins Scientific SE

    702       71,390  

L’Occitane International SA

    20,878       72,143  

RTL Group SA

    1,712       96,030  

Tenaris SA

    2,253       29,203  
   

 

 

 

(Cost $324,056)

      323,761  
   

 

 

 
Netherlands — 2.6%            

Aalberts NV

    1,768       98,715  

ABN AMRO Bank NV, 144A

    556       7,408  

Adyen NV, 144A*

    1       2,094  

Akzo Nobel NV

    1,130       107,883  

ASM International NV

    78       25,249  

ASML Holding NV

    28       18,835  

ASR Nederland NV

    1,171       50,677  

BE Semiconductor Industries NV

    304       25,998  

CTP NV, 144A

    310       5,310  

Euronext NV, 144A

    449       40,774  

EXOR NV

    310       23,607  

Heineken Holding NV

    462       37,751  

Heineken NV

    186       18,882  

IMCD NV

    186       30,230  

ING Groep NV

    511       6,025  

Koninklijke Ahold Delhaize NV

    12,210       376,868  

Koninklijke DSM NV

    563       105,794  

Koninklijke KPN NV

    70,999       243,226  

Koninklijke Philips NV

    1,458       49,686  

Koninklijke Vopak NV

    207       7,682  

NN Group NV

    2,476       118,973  

QIAGEN NV*

    766       38,545  

Randstad NV

    3,304       225,261  

Signify NV, 144A

    2,276       116,521  

Stellantis NV

    1,403       25,797  

Universal Music Group NV

    1,439       32,859  

Wolters Kluwer NV

    1,817       185,351  
   

 

 

 

(Cost $1,853,280)

      2,026,001  
   

 

 

 
New Zealand — 1.4%            

Auckland International Airport Ltd.*

    2,628       12,663  

Contact Energy Ltd.

    31,152       171,187  

Fisher & Paykel Healthcare Corp. Ltd.

    3,821       71,137  

Fletcher Building Ltd.

    55,193       250,631  

 

See Notes to Financial Statements.   14  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
New Zealand (Continued)            

Infratil Ltd.

    4,135     $ 22,247  

Kiwi Property Group Ltd.

    85,825       62,729  

Mainfreight Ltd.

    3,969       213,243  

Mercury NZ Ltd.

    11,527       44,621  

Meridian Energy Ltd.

    10,419       35,220  

Ryman Healthcare Ltd.

    3,840       25,987  

SKYCITY Entertainment Group Ltd.

    8,900       17,828  

Spark New Zealand Ltd.

    44,464       135,560  

Xero Ltd.*

    394       26,798  
   

 

 

 

(Cost $1,099,366)

      1,089,851  
   

 

 

 
Norway — 1.3%            

Aker BP ASA

    472       14,680  

Equinor ASA

    181       5,731  

Gjensidige Forsikring ASA

    1,758       43,562  

Leroy Seafood Group ASA

    5,025       43,886  

Mowi ASA

    2,597       66,862  

Norsk Hydro ASA

    22,726       215,950  

Orkla ASA

    6,567       61,640  

Salmar ASA

    528       38,980  

Telenor ASA

    6,976       103,486  

TOMRA Systems ASA

    1,548       73,090  

Yara International ASA

    6,564       334,409  
   

 

 

 

(Cost $861,863)

      1,002,276  
   

 

 

 
Poland — 0.5%            

Allegro.eu SA, 144A* (b)

    1,338       10,031  

Bank Polska Kasa Opieki SA

    299       8,262  

Cyfrowy Polsat SA

    14,914       97,038  

Dino Polska SA, 144A*

    393       27,731  

InPost SA*

    1,717       10,642  

KGHM Polska Miedz SA

    1,445       57,165  

LPP SA

    2       4,138  

Polski Koncern Naftowy ORLEN SA

    1,494       25,377  

Polskie Gornictwo Naftowe i Gazownictwo SA

    84,405       112,338  

Powszechna Kasa Oszczednosci Bank Polski SA*

    831       8,011  

Powszechny Zaklad Ubezpieczen SA

    6,509       49,072  

Santander Bank Polska SA

    199       14,970  
   

 

 

 

(Cost $495,522)

      424,775  
   

 

 

 
Portugal — 0.3%            

EDP—Energias de Portugal SA

    11,173       54,766  

Galp Energia SGPS SA

    773       8,559  

Jeronimo Martins SGPS SA

    6,680       145,745  
   

 

 

 

(Cost $201,539)

      209,070  
   

 

 

 
Russia — 0.0%            

Polymetal International PLC

    2,320       10,932  

Raspadskaya OJSC (c)

    1,940       2,727  
   

 

 

 

(Cost $46,518)

      13,659  
   

 

 

 
Singapore — 2.1%            

Ascendas Real Estate Investment Trust REIT

    23,936       48,844  

BOC Aviation Ltd., 144A

    1,544       13,387  

CapitaLand Integrated Commercial Trust REIT

    21,174       32,913  
   

Number
of Shares

   

Value

 
Singapore (Continued)            

ComfortDelGro Corp. Ltd.

    59,744     $ 62,057  

DBS Group Holdings Ltd.

    2,626       65,425  

Frasers Logistics & Commercial Trust REIT

    96,700       99,731  

Genting Singapore Ltd.

    64,900       36,814  

Golden Agri-Resources Ltd.

    305,600       64,161  

Jardine Cycle & Carriage Ltd.

    3,505       56,392  

Kenon Holdings Ltd

    241       13,669  

Keppel REIT

    18,000       15,249  

Keppel Corp. Ltd.

    10,562       46,607  

Keppel DC REIT

    11,100       17,908  

Mapletree Commercial Trust REIT

    13,791       18,389  

Mapletree Industrial Trust REIT

    9,278       17,497  

Mapletree Logistics Trust REIT

    46,767       60,291  

NetLink NBN Trust

    50,500       35,528  

Olam International Ltd.

    21,764       27,577  

Oversea-Chinese Banking Corp. Ltd.

    15,962       137,225  

SATS Ltd.*

    3,865       11,304  

Sembcorp Industries Ltd.

    9,953       18,404  

SIA Engineering Co. Ltd.*

    8,100       13,068  

Singapore Exchange Ltd.

    25,380       174,628  

Singapore Post Ltd.

    40,900       18,982  

Singapore Press Holdings Ltd.

    19,600       33,642  

Singapore Technologies Engineering Ltd.

    52,328       147,256  

Singapore Telecommunications Ltd.

    26,966       50,060  

StarHub Ltd.

    21,300       19,614  

United Overseas Bank Ltd.

    6,100       134,407  

UOL Group Ltd.

    3,129       16,089  

Venture Corp. Ltd.

    3,962       51,165  

Wilmar International Ltd.

    11,400       36,784  
   

 

 

 

(Cost $1,572,591)

      1,595,067  
   

 

 

 
South Korea — 4.2%            

Amorepacific Corp.

    99       15,150  

AMOREPACIFIC Group

    96       3,896  

BGF retail Co. Ltd.

    107       15,084  

BNK Financial Group, Inc.

    5,961       39,067  

Cheil Worldwide, Inc.

    1,878       35,144  

CJ CheilJedang Corp.

    183       57,608  

CJ Corp.

    328       22,942  

CJ Logistics Corp.*

    91       9,385  

Coway Co. Ltd.

    328       19,669  

Daewoo Engineering & Construction Co. Ltd.*

    3,789       19,759  

DB Insurance Co. Ltd.

    1,114       57,259  

DGB Financial Group, Inc.

    5,162       40,700  

DL E&C Co. Ltd.

    305       32,597  

Doosan Bobcat, Inc.

    702       22,274  

E-MART, Inc.

    632       68,333  

Fila Holdings Corp.

    232       6,792  

GS Engineering & Construction Corp.

    1,711       60,978  

GS Holdings Corp.

    2,131       70,894  

GS Retail Co. Ltd.

    493       10,886  

Hana Financial Group, Inc.

    4,461       180,688  

Hankook Tire & Technology Co. Ltd.

    2,644       77,406  

Hanon Systems

    946       9,087  

Hanwha Aerospace Co. Ltd.

    200       8,650  

 

See Notes to Financial Statements.   15  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
South Korea (Continued)            

Hanwha Corp.

    694     $ 17,518  

Hyundai Department Store Co. Ltd.

    424       27,436  

Hyundai Engineering & Construction Co. Ltd.

    1,661       59,817  

Hyundai Glovis Co. Ltd.

    278       40,694  

Hyundai Heavy Industries Holdings Co. Ltd.

    284       12,141  

Hyundai Marine & Fire Insurance Co. Ltd.

    1,199       28,720  

Hyundai Mobis Co. Ltd.

    192       35,770  

Hyundai Motor Co.

    31       4,512  

Hyundai Steel Co.

    403       13,307  

Industrial Bank of Korea

    6,362       56,882  

Kakao Corp.

    100       7,826  

KB Financial Group, Inc.

    3,007       149,306  

KCC Corp.

    183       50,455  

KEPCO Plant Service & Engineering Co. Ltd.*

    744       22,895  

Kia Corp.

    2,376       145,838  

Korea Aerospace Industries Ltd.*

    801       24,716  

Korea Electric Power Corp.

    3,611       69,676  

Korea Gas Corp.

    575       19,631  

Korea Investment Holdings Co. Ltd.*

    104       6,851  

Korea Zinc Co. Ltd.

    207       94,690  

KT&G Corp.

    2,234       148,271  

Kumho Petrochemical Co. Ltd.*

    126       16,820  

LG Chem Ltd.

    9       4,229  

LG Corp.

    941       58,854  

LG Display Co. Ltd.

    2,030       31,572  

LG Electronics, Inc.

    1,387       142,466  

LG Household & Health Care Ltd.

    9       7,111  

LG Innotek Co. Ltd.

    76       20,670  

LG Uplus Corp.

    7,602       83,142  

Lotte Chemical Corp.

    60       10,978  

LOTTE Fine Chemical Co. Ltd.

    249       16,423  

Lotte Shopping Co. Ltd.

    129       9,152  

LS Corp.

    104       4,212  

Mando Corp.

    194       7,317  

Mirae Asset Securities Co. Ltd.

    1,432       10,469  

NAVER Corp.

    37       9,786  

NCSoft Corp.

    48       17,705  

NH Investment & Securities Co. Ltd.

    1,137       10,922  

NongShim Co. Ltd.

    78       19,916  

Orion Corp.

    78       5,936  

Pan Ocean Co. Ltd.

    1,885       10,300  

POSCO

    728       172,562  

Posco International Corp.

    1,624       27,892  

S-1 Corp.

    333       19,332  

Samsung C&T Corp.

    335       30,648  

Samsung Card Co. Ltd.

    298       7,968  

Samsung Electro-Mechanics Co. Ltd.

    287       39,624  

Samsung Electronics Co. Ltd.

    291       17,450  

Samsung Engineering Co. Ltd.*

    1,183       22,827  

Samsung Fire & Marine Insurance Co. Ltd.

    614       97,282  

Samsung Life Insurance Co. Ltd.

    351       17,457  

Samsung SDI Co. Ltd.

    11       5,014  

Samsung SDS Co. Ltd.

    107       12,459  
   

Number
of Shares

   

Value

 
South Korea (Continued)            

Samsung Securities Co. Ltd.

    347     $ 12,208  

Shinhan Financial Group Co. Ltd.

    4,492       145,891  

Shinsegae, Inc.

    38       8,265  

SK Hynix, Inc.

    504       51,769  

SK Square Co. Ltd.*

    572       26,546  

SK Telecom Co. Ltd.

    1,128       51,224  

SK, Inc.

    82       15,515  

S-Oil Corp.

    149       10,472  

Woori Financial Group, Inc.

    7,924       94,243  
   

 

 

 

(Cost $3,076,426)

      3,305,828  
   

 

 

 
Spain — 1.4%            

Acciona SA

    407       69,989  

ACS Actividades de Construccion y Servicios SA

    450       11,029  

Banco Bilbao Vizcaya Argentaria SA

    4,190       24,896  

Banco Santander SA

    2,751       9,222  

Bankinter SA

    2,075       11,877  

CaixaBank SA

    4,039       13,338  

Cellnex Telecom SA, 144A*

    166       7,577  

EDP Renovaveis SA

    879       21,444  

Enagas SA

    3,254       69,169  

Endesa SA

    1,458       32,204  

Ferrovial SA

    827       22,683  

Fluidra SA

    1,271       38,830  

Grifols SA (b)

    940       17,965  

Iberdrola SA

    4,492       51,362  

Industria de Diseno Textil SA

    417       11,054  

Mapfre SA (b)

    13,755       27,215  

Merlin Properties Socimi SA REIT

    736       8,283  

Naturgy Energy Group SA

    1,742       47,017  

Red Electrica Corp. SA

    7,643       153,021  

Repsol SA

    2,801       36,576  

Telefonica SA (b)

    91,798       440,888  
   

 

 

 

(Cost $1,157,315)

      1,125,639  
   

 

 

 
Sweden — 5.6%            

Alfa Laval AB

    4,868       159,891  

Assa Abloy AB, Class B

    4,723       125,904  

Atlas Copco AB, Class A

    919       48,140  

Atlas Copco AB, Class B

    424       19,438  

Beijer Ref AB

    869       13,231  

Boliden AB

    4,694       210,624  

Castellum AB

    4,195       94,050  

Electrolux AB, Class B (b)

    9,997       180,859  

Elekta AB, Class B (b)

    2,531       22,070  

Epiroc AB, Class A

    5,801       110,049  

Epiroc AB, Class B

    3,111       50,794  

Essity AB, Class B

    2,957       76,665  

Fastighets AB Balder, Class B*

    883       55,497  

Getinge AB, Class B

    6,566       257,820  

Hexagon AB, Class B

    6,941       94,685  

Holmen AB, Class B

    1,874       92,844  

Husqvarna AB, Class A

    982       11,924  

Husqvarna AB, Class B

    8,733       105,899  

Industrivarden AB, Class A

    4,077       113,694  

Industrivarden AB, Class C

    2,472       67,810  

Indutrade AB

    4,237       94,947  

 

See Notes to Financial Statements.   16  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
Sweden (Continued)            

Investment AB Latour, Class B

    2,109     $ 59,059  

Investor AB, Class A

    2,320       51,890  

Investor AB, Class B

    5,288       108,750  

Kinnevik AB, Class B*

    16,206       417,418  

L E Lundbergforetagen AB, Class B

    567       27,682  

Lifco AB, Class B

    2,309       53,039  

Lundin Energy AB

    1,348       49,945  

Nibe Industrier AB, Class B

    9,621       86,565  

Saab AB, Class B

    719       21,795  

Sagax AB, Class B

    2,795       76,996  

Sagax AB, Class D

    6,143       20,405  

Sandvik AB

    4,350       95,359  

Securitas AB, Class B

    10,511       128,016  

Skanska AB, Class B

    16,583       378,635  

SKF AB, Class B

    4,653       86,669  

Svenska Cellulosa AB SCA, Class B

    3,628       59,773  

Svenska Handelsbanken AB, Class A

    5,436       52,297  

Sweco AB, Class B

    927       13,083  

Swedbank AB, Class A

    728       11,841  

Swedish Match AB

    18,701       137,391  

Swedish Orphan Biovitrum AB*

    250       5,151  

Tele2 AB, Class B

    11,644       155,139  

Telefonaktiebolaget LM Ericsson, Class B

    4,902       45,653  

Telia Co. AB

    9,114       34,102  

Trelleborg AB, Class B

    5,484       111,560  

Volvo AB, Class A

    718       14,127  

Volvo AB, Class B

    1,345       26,190  
   

 

 

 

(Cost $3,914,578)

      4,335,365  
   

 

 

 
Switzerland — 4.5%            

ABB Ltd.

    3,426       116,322  

Adecco Group AG

    838       39,769  

Alcon, Inc.

    578       44,781  

Baloise Holding AG

    193       32,417  

Barry Callebaut AG

    38       87,809  

BKW AG

    367       46,323  

Chocoladefabriken Lindt & Spruengli AG Participation Certificates

    10       106,545  

Cie Financiere Richemont SA

    867       118,221  

Clariant AG*

    1,305       23,591  

Coca-Cola HBC AG*

    2,275       58,119  

DKSH Holding AG

    1,199       102,656  

EMS-Chemie Holding AG

    46       45,551  

Flughafen Zurich AG*

    57       10,251  

Geberit AG

    369       241,884  

Georg Fischer AG

    90       111,341  

Givaudan SA

    10       41,975  

Helvetia Holding AG

    288       35,096  

Holcim Ltd.*

    2,313       116,198  

Julius Baer Group Ltd.

    182       10,673  

Kuehne + Nagel International AG

    402       110,156  

Logitech International SA

    2,775       208,401  

Lonza Group AG

    48       33,348  

Medmix AG, 144A*

    142       5,256  

Nestle SA

    62       8,095  

OC Oerlikon Corp. AG

    4,668       41,722  

Partners Group Holding AG

    114       154,887  
   

Number
of Shares

   

Value

 
Switzerland (Continued)            

PSP Swiss Property AG

    476     $ 61,637  

Roche Holding AG

    36       13,728  

Schindler Holding AG

    112       25,270  

Schindler Holding AG Participation Certificates

    186       42,879  

SGS SA

    37       106,267  

SIG Combibloc Group AG*

    4,094       92,282  

Sika AG

    357       119,071  

Sonova Holding AG

    415       161,486  

STMicroelectronics NV

    295       12,571  

Straumann Holding AG

    48       76,359  

Sulzer AG

    139       11,749  

Swatch Group AG — Bearer

    187       58,111  

Swatch Group AG — Registered

    579       34,584  

Swiss Life Holding AG

    136       83,072  

Swiss Prime Site AG

    1,649       162,033  

Swiss Re AG

    307       29,387  

Swisscom AG

    185       111,026  

Tecan Group AG

    193       83,683  

Temenos AG

    159       16,052  

UBS Group AG

    3,415       62,851  

VAT Group AG, 144A

    262       99,494  

Vifor Pharma AG

    158       27,753  

Zurich Insurance Group AG

    110       50,549  
   

 

 

 

(Cost $3,116,373)

      3,493,281  
   

 

 

 
United Kingdom — 10.9%            

3i Group PLC

    15,076       270,148  

abrdn PLC

    43,513       120,679  

Admiral Group PLC

    5,529       220,850  

Amcor PLC CDI

    14,889       171,355  

Anglo American PLC

    959       49,192  

Ashmore Group PLC

    6,889       23,293  

Ashtead Group PLC

    992       64,900  

Associated British Foods PLC

    563       14,504  

AstraZeneca PLC

    90       10,939  

Auto Trader Group PLC, 144A

    6,000       53,375  

Aviva PLC

    22,418       126,273  

B&M European Value Retail SA

    50,112       407,058  

BAE Systems PLC

    17,755       171,429  

Barclays PLC

    7,512       18,433  

Barratt Developments PLC

    1,281       10,502  

Berkeley Group Holdings PLC

    1,764       92,212  

British American Tobacco PLC

    1,489       65,160  

BT Group PLC (b)

    126,292       315,605  

Bunzl PLC

    3,771       150,224  

Burberry Group PLC

    1,961       51,045  

Centrica PLC*

    14,972       15,525  

CNH Industrial NV

    4,445       64,030  

ConvaTec Group PLC, 144A

    7,451       18,020  

Croda International PLC

    114       11,448  

Dechra Pharmaceuticals PLC

    1,233       68,127  

Diageo PLC

    1,223       61,126  

Direct Line Insurance Group PLC

    31,229       124,070  

Dr. Martens PLC

    4,279       16,282  

DS Smith PLC

    27,954       129,250  

Electrocomponents PLC

    6,792       90,175  

 

See Notes to Financial Statements.   17  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor ETF (Continued)

February 28, 2022 (Unaudited)

 

   

Number
of Shares

   

Value

 
United Kingdom (Continued)            

Evraz PLC

    4,559     $ 8,854  

Ferguson PLC

    1,510       231,273  

GlaxoSmithKline PLC

    2,410       49,972  

Halma PLC

    4,642       150,167  

Hargreaves Lansdown PLC

    1,550       23,594  

Howden Joinery Group PLC

    9,456       108,251  

HSBC Holdings PLC

    2,176       15,025  

IMI PLC

    7,621       149,599  

Imperial Brands PLC

    13,397       294,617  

InterContinental Hotels Group PLC*

    106       7,447  

Intermediate Capital Group PLC

    404       9,291  

Intertek Group PLC

    496       35,831  

ITV PLC*

    47,495       70,513  

J Sainsbury PLC

    102,642       379,694  

Johnson Matthey PLC

    6,374       161,040  

Kingfisher PLC

    30,997       127,349  

Legal & General Group PLC

    12,613       46,912  

Lloyds Banking Group PLC

    53,733       34,920  

Mondi PLC

    7,021       148,042  

National Grid PLC

    9,993       151,619  

Next PLC

    576       53,033  

Pearson PLC

    12,939       112,499  

Pennon Group PLC

    5,234       73,036  

Persimmon PLC

    2,543       82,333  

Phoenix Group Holdings PLC

    1,870       15,521  

Prudential PLC

    656       10,003  

Quilter PLC, 144A

    6,121       10,652  

Reckitt Benckiser Group PLC

    188       15,945  

RELX PLC

    2,180       66,720  

Renishaw PLC

    163       10,275  

Rentokil Initial PLC

    6,658       45,364  

Rightmove PLC

    9,777       88,234  

Rio Tinto PLC

    1,147       89,123  

Royal Mail PLC

    45,317       238,778  

Sage Group PLC

    8,523       80,370  

Schroders PLC

    1,065       43,783  

Segro PLC REIT

    23,314       407,130  

Severn Trent PLC

    3,246       125,259  

Smith & Nephew PLC

    1,994       35,771  

Smiths Group PLC

    1,612       33,071  

Spirax-Sarco Engineering PLC

    961       154,022  

SSE PLC

    21,075       481,988  

St James’s Place PLC

    2,108       39,697  

Standard Chartered PLC

    1,639       11,717  

Tate & Lyle PLC

    12,429       125,608  

Tesco PLC

    85,496       332,385  

Travis Perkins PLC

    993       19,472  

Unilever PLC

    181       9,099  

United Utilities Group PLC

    13,962       201,292  

Vodafone Group PLC

    104,337       184,008  

WPP PLC

    3,134       44,468  
   

 

 

 

(Cost $8,073,416)

      8,449,895  
   

 

 

 
United States — 0.2%            

Sims Ltd.

    4,093       54,085  

Waste Connections, Inc.

    874       107,842  
   

 

 

 

(Cost $138,039)

      161,927  
   

 

 

 

TOTAL COMMON STOCKS
(Cost $74,057,039)

      77,244,198  
   

 

 

 
   

Number
of Shares

   

Value

 
PREFERRED STOCKS — 0.3%    
Germany — 0.2%            

FUCHS PETROLUB SE

    769     $ 30,663  

Henkel AG & Co. KGaA

    286       22,756  

Porsche Automobil Holding SE

    1,237       126,269  

Sartorius AG

    11       4,870  
   

 

 

 

(Cost $167,144)

      184,558  
   

 

 

 
South Korea — 0.1%            

Hanwha Corp.

    1,820       23,160  

LG Electronics, Inc.

    142       7,039  

Mirae Asset Securities Co. Ltd.

    2,364       8,798  
   

 

 

 

(Cost $37,674)

      38,997  
   

 

 

 

TOTAL PREFERRED STOCKS
(Cost $204,818)

      223,555  
   

 

 

 
WARRANTS — 0.0%    
Switzerland — 0.0%            

Cie Financiere Richemont SA*, expires 11/22/23
(Cost $0)

    826       730  
   

 

 

 
SECURITIES LENDING COLLATERAL — 1.3%    

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d) (e)
(Cost $967,655)

    967,655       967,655  
   

 

 

 
CASH EQUIVALENTS — 0.0%            

DWS Government Money Market Series “Institutional Shares”, 0.04% (d)
(Cost $15,752)

    15,752       15,752  
   

 

 

 

TOTAL INVESTMENTS — 100.9%
(Cost $75,245,264)

    $ 78,451,890  

Other assets and liabilities, net — (0.9%)

      (689,283
   

 

 

 

NET ASSETS — 100.0%

    $ 77,762,607  
   

 

 

 

 

See Notes to Financial Statements.   18  


DBX ETF Trust

 

Schedule of Investments

 

Xtrackers FTSE Developed ex US Multifactor 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 COLLATERAL1.3%

 

  

DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e)

 

     990,427            —        (22,772 ) (f)          —            —        39            —        967,655        967,655  

CASH EQUIVALENTS0.0%

 

DWS Government Money Market Series “Institutional Shares”, 0.04% (d)

 

     6,186        1,350,019        (1,340,453         —            —        8            —        15,752        15,752  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
       996,613          1,350,019          (1,363,225         —            —          47            —          983,407          983,407