UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22487

DBX ETF Trust

(Exact name of registrant as specified in charter)

875 Third Avenue

New York, New York 10022

(Address of principal executive offices) (Zip code)

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 454-4500

Date of fiscal year end: May 31

Date of reporting period: November 30, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

November 30, 2023

Semi-Annual Report

DBX ETF Trust

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ESCR)

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

DBX ETF Trust

Table of Contents

	Page
Portfolio Summary
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		1
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		2
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		3
Xtrackers Municipal Infrastructure Revenue Bond ETF		4
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		5
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		8
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		17
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		21
Xtrackers Municipal Infrastructure Revenue Bond ETF		38
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		45
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		52
Statements of Assets and Liabilities		56
Statements of Operations		58
Statements of Changes in Net Assets		60
Financial Highlights		63
Notes to Financial Statements		66
Other Information		76
Additional Information		77

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ESCR)

The Xtrackers Bloomberg US Investment Grade Corporate 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 Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. It is not possible to invest directly into an index.

Quality* as of November 30, 2023

Description	% of Market Value
AAA		3.0%
AA		13.2%
A		45.1%
BBB		38.7%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Country Diversification* as of November 30, 2023

United States	86.7%
Canada	3.9%
United Kingdom	3.4%
Japan	2.2%
Other	3.8%
Total	100.0%

Sector Diversification* as of November 30, 2023

Financial	32.3%
Consumer, Non-cyclical	18.2%
Technology	10.7%
Communications	10.4%
Utilities	8.7%
Consumer, Cyclical	7.5%
Industrial	6.6%
Energy	3.6%
Basic Materials	2.0%
Total	100.0%

Modified duration to worst as of November 30, 2023: 7.0 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

* 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 8.

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB)

The Xtrackers J.P. Morgan ESG Emerging Markets Sovereign 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 J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. It is not possible to invest directly into an index.

Quality* as of November 30, 2023

Description	% of Market Value
AA		9.7%
A		14.5%
BBB		32.6%
BB		24.0%
B		14.8%
CCC		2.9%
CC		1.5%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Country Diversification* as of November 30, 2023

Saudi Arabia	5.5%
Qatar	4.2%
Turkey	4.2%
Brazil	4.1%
Indonesia	4.0%
Romania	4.0%
Colombia	4.0%
Uruguay	3.7%
Dominican Republic	3.7%
South Africa	3.5%
Panama	3.5%
Mexico	3.5%
Philippines	3.3%
Peru	3.2%
Poland	3.1%
Oman	3.1%
China	3.0%
Jordan	3.0%
Hungary	3.0%
Kuwait	3.0%
Gabon	2.9%
Chile	2.8%
United Arab Emirates	2.5%
Bahrain	2.5%
Egypt	2.2%
Argentina	2.0%
Other	12.5%
Total	100.0%

Modified duration to worst as of November 30, 2023: 6.9 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

* As a percentage of total investments excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY)

The Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond 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 J.P. Morgan ESG DM Corporate High Yield USD Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market exposure with ESG aspects. It is not possible to invest directly into an index.

Quality* as of November 30, 2023

Description	% of Market Value
BBB		5.3%
BB		58.9%
B		26.2%
CCC		9.3%
CC		0.1%
D		0.1%
NR		0.1%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Country Diversification* as of November 30, 2023

United States	84.6%
Canada	5.1%
United Kingdom	2.1%
Other	8.2%
Total	100.0%

Sector Diversification* as of November 30, 2023

Consumer, Cyclical	20.3%
Communications	14.9%
Consumer, Non-cyclical	14.0%
Industrial	13.7%
Energy	13.2%
Financial	10.9%
Basic Materials	6.0%
Technology	5.1%
Utilities	1.8%
Diversified	0.1%
Total	100.0%

Modified duration to worst as of November 30, 2023: 3.7 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

* 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 Municipal Infrastructure Revenue Bond ETF (RVNU)

The Xtrackers Municipal Infrastructure Revenue Bond 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 Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the U.S. long-term tax exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.

Quality* as of November 30, 2023

Description	% of Market Value
AAA		7.7%
AA		54.5%
A		36.2%
BBB		1.6%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Sector Diversification* as of November 30, 2023

Airport	31.1%
Transportation	26.7%
General	14.6%
Water	14.2%
Power	11.0%
Utilities	2.3%
Development	0.1%
Total	100.0%

Modified duration to worst as of November 30, 2023: 9.2 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 38.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW)

The Xtrackers MSCI All World ex US High Dividend Yield 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 ACWI ex USA High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2023 (27.4% of Net Assets)

Description	% of Net Assets
Novartis AG (Switzerland)		4.9%
BHP Group Ltd. (Australia)		3.8%
TotalEnergies SE (France)		3.8%
Unilever PLC (United Kingdom)		2.9%
Sanofi SA (France)		2.6%
Allianz SE (Germany)		2.5%
Rio Tinto PLC (United Kingdom)		1.9%
Iberdrola SA (Spain)		1.8%
Zurich Insurance Group AG (Switzerland)		1.8%
Glencore PLC (Switzerland)		1.4%

Country Diversification* as of November 30, 2023

Switzerland	12.5%
France	9.9%
United Kingdom	9.6%
Australia	8.6%
Germany	6.2%
China	5.7%
Taiwan	5.6%
Japan	5.0%
Canada	3.9%
Hong Kong	2.9%
Singapore	2.8%
Netherlands	2.8%
Spain	2.7%
Brazil	2.5%
Other	19.3%
Total	100.0%

Sector Diversification* as of November 30, 2023

Financials	25.6%
Materials	15.4%
Energy	9.7%
Consumer Staples	8.6%
Health Care	8.0%
Consumer Discretionary	7.6%
Industrials	6.8%
Utilities	6.5%
Information Technology	5.6%
Communication Services	4.0%
Real Estate	2.2%
Total	100.0%

* As a percent of total investments excluding exchange-traded funds and cash equilvants.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 45.

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)

The Xtrackers MSCI EAFE High Dividend Yield 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 High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2023 (38.6% of Net Assets)

Description	% of Net Assets
Novartis AG (Switzerland)		5.0%
BHP Group Ltd. (Australia)		4.9%
TotalEnergies SE (France)		4.8%
Unilever PLC (United Kingdom)		4.7%
Sanofi SA (France)		4.1%
Allianz SE (Germany)		4.0%
Rio Tinto PLC (United Kingdom)		3.0%
Iberdrola SA (Spain)		2.9%
Zurich Insurance Group AG (Switzerland)		2.9%
Glencore PLC (Switzerland)		2.3%

Country Diversification* as of November 30, 2023

Switzerland	16.9%
United Kingdom	14.8%
France	14.4%
Australia	12.4%
Germany	7.9%
Japan	7.8%
Singapore	4.6%
Netherlands	4.4%
Spain	3.6%
Hong Kong	2.8%
Sweden	2.2%
Finland	2.2%
Other	6.0%
Total	100.0%

Sector Diversification* as of November 30, 2023

Financials	21.9%
Materials	18.8%
Consumer Staples	11.8%
Health Care	9.4%
Industrials	8.4%
Utilities	8.3%
Consumer Discretionary	7.9%
Energy	7.6%
Communication Services	3.6%
Real Estate	2.1%
Information Technology	0.2%
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 52.

6

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 unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds, except for Xtrackers Municipal Infrastructure Revenue Bond ETF, 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 six month period and held for the entire period (June 1, 2023 to November 30, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value June 1, 2023		Ending Account Value November 30, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Actual	$	1,000.00	$	1,010.80		0.15	%	$	0.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.15	%	$	0.76
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Actual	$	1,000.00	$	1,031.70		0.35	%	$	1.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.25		0.35	%	$	1.77
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	1,053.50		0.20	%	$	1.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.20	%	$	1.01
Xtrackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	1,016.60		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.15	%	$	0.76
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,083.80		0.20	%	$	1.04
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.20	%	$	1.01
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,088.40		0.16	%	$	0.84
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20		0.16	%	$	0.81

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

7

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

November 30, 2023 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 98.8%
Basic Materials — 2.0%
Chemicals — 1.6%
Dow Chemical Co., 2.10%, 11/15/30	$	10,000	$	8,252
DuPont de Nemours, Inc., 5.419%, 11/15/48		5,000		4,881
Ecolab, Inc., 2.70%, 12/15/51		5,000		3,137
LyondellBasell Industries NV, 4.625%, 2/26/55		8,000		6,255
Nutrien Ltd., 2.95%, 5/13/30		10,000		8,673
PPG Industries, Inc., 1.20%, 3/15/26		6,000		5,476
Sherwin-Williams Co., 4.50%, 6/1/47		7,000		5,929
(Cost $53,259)				42,603
Iron/Steel — 0.1%
Steel Dynamics, Inc., 2.80%, 12/15/24 (Cost $1,996)		2,000		1,939
Mining — 0.3%
Freeport-McMoRan, Inc., 4.25%, 3/1/30		5,000		4,563
Newmont Corp., 4.875%, 3/15/42		5,000		4,557
(Cost $9,827)				9,120
Communications — 10.3%
Internet — 2.1%
Alibaba Group Holding Ltd., 3.25%, 2/9/61		5,000		2,888
Alphabet, Inc. 1.998%, 8/15/26		5,000		4,666
2.05%, 8/15/50		5,000		2,931
Amazon.com, Inc. 1.00%, 5/12/26		5,000		4,566
1.65%, 5/12/28		5,000		4,420
1.50%, 6/3/30		5,000		4,109
2.10%, 5/12/31		10,000		8,348
3.10%, 5/12/51		10,000		7,017
4.10%, 4/13/62		5,000		4,091
Booking Holdings, Inc., 3.60%, 6/1/26		8,000		7,737
eBay, Inc., 1.90%, 3/11/25		5,000		4,774
(Cost $68,141)				55,547
Media — 3.6%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.40%, 4/1/33		5,000		4,435
6.384%, 10/23/35		5,000		4,907
6.484%, 10/23/45		5,000		4,646
5.375%, 5/1/47		5,000		4,045
4.80%, 3/1/50		5,000		3,710

	Principal Amount		Value
Media (Continued)
Comcast Corp. 3.95%, 10/15/25	$	10,000	$	9,796
4.15%, 10/15/28		10,000		9,673
2.937%, 11/1/56		10,000		6,117
2.987%, 11/1/63		20,000		11,901
Discovery Communications LLC 5.20%, 9/20/47		5,000		4,051
4.65%, 5/15/50		5,000		3,775
Fox Corp., 3.05%, 4/7/25		5,000		4,840
Paramount Global 4.95%, 1/15/31		4,000		3,626
5.85%, 9/1/43		6,000		4,914
TWDC Enterprises 18 Corp., MTN, 2.95%, 6/15/27		5,000		4,736
Walt Disney Co. 1.75%, 8/30/24		4,000		3,889
2.75%, 9/1/49		8,000		5,147
3.60%, 1/13/51		5,000		3,784
(Cost $109,302)				97,992
Telecommunications — 4.6%
America Movil SAB de CV, 2.875%, 5/7/30		5,000		4,325
AT&T, Inc. 4.10%, 2/15/28		10,000		9,595
3.50%, 6/1/41		30,000		22,315
3.65%, 9/15/59		10,000		6,605
Bell Telephone Co. of Canada or Bell Canada, Series US-4, 3.65%, 3/17/51		3,000		2,139
Corning, Inc., 5.35%, 11/15/48		4,000		3,717
Deutsche Telekom International Finance BV, 8.75%, 6/15/30		5,000		5,907
Rogers Communications, Inc. 4.50%, 3/15/43		8,000		6,500
4.30%, 2/15/48		2,000		1,516
Telefonica Europe BV, 8.25%, 9/15/30		10,000		11,495
Verizon Communications, Inc. 3.376%, 2/15/25		5,000		4,884
4.016%, 12/3/29		8,000		7,513
2.355%, 3/15/32		10,000		7,981
4.40%, 11/1/34		10,000		9,200
2.875%, 11/20/50		15,000		9,495
3.55%, 3/22/51		5,000		3,589
Vodafone Group PLC 4.125%, 5/30/25		5,000		4,913
4.25%, 9/17/50		5,000		3,870
(Cost $144,935)				125,559
Consumer, Cyclical — 7.4%
Apparel — 0.5%
NIKE, Inc., 2.75%, 3/27/27		8,000		7,523
VF Corp., 2.40%, 4/23/25		5,000		4,730
(Cost $13,402)				12,253

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Auto Manufacturers — 1.3%
General Motors Co., 6.60%, 4/1/36	$	10,000	$	10,265
General Motors Financial Co., Inc. 1.25%, 1/8/26		12,000		10,939
3.85%, 1/5/28		5,000		4,651
Toyota Motor Credit Corp. 3.65%, 1/8/29		5,000		4,734
1.90%, 9/12/31		7,000		5,592
(Cost $38,008)				36,181
Auto Parts & Equipment — 0.1%
Aptiv PLC / Aptiv Corp., 4.15%, 5/1/52 (Cost $2,975)		4,000		2,935
Entertainment — 0.4%
Warnermedia Holdings, Inc. 4.279%, 3/15/32		10,000		8,833
5.141%, 3/15/52		4,000		3,201
(Cost $12,996)				12,034
Home Builders — 0.2%
NVR, Inc., 3.00%, 5/15/30 (Cost $5,293)		5,000		4,317
Home Furnishings — 0.2%
Whirlpool Corp., 2.40%, 5/15/31 (Cost $6,014)		6,000		4,837
Leisure Time — 0.2%
Harley-Davidson, Inc., 3.50%, 7/28/25 (Cost $5,122)		5,000		4,808
Retail — 4.3%
AutoNation, Inc., 3.50%, 11/15/24		5,000		4,883
Dollar General Corp., 3.875%, 4/15/27		8,000		7,643
Dollar Tree, Inc., 2.65%, 12/1/31		7,000		5,711
Home Depot, Inc. 3.00%, 4/1/26		8,000		7,683
3.90%, 6/15/47		2,000		1,602
4.50%, 12/6/48		5,000		4,415
2.375%, 3/15/51		5,000		2,922
2.75%, 9/15/51		5,000		3,162
Lowe’s Cos., Inc. 3.65%, 4/5/29		10,000		9,351
2.625%, 4/1/31		10,000		8,409
2.80%, 9/15/41		5,000		3,397
McDonald’s Corp. MTN, 2.125%, 3/1/30		10,000		8,504
MTN, 4.45%, 9/1/48		5,000		4,299
Starbucks Corp. 4.00%, 11/15/28		2,000		1,918
2.55%, 11/15/30		2,000		1,711
3.50%, 11/15/50		5,000		3,611

	Principal Amount		Value
Retail (Continued)
Target Corp. 2.50%, 4/15/26	$	7,000	$	6,670
2.95%, 1/15/52		3,000		1,968
TJX Cos., Inc., 2.25%, 9/15/26		8,000		7,468
Walgreens Boots Alliance, Inc., 4.10%, 4/15/50		5,000		3,259
Walmart, Inc. 1.05%, 9/17/26		10,000		9,094
4.50%, 9/9/52		10,000		9,120
(Cost $139,384)				116,800
Toys/Games/Hobbies — 0.2%
Hasbro, Inc., 3.90%, 11/19/29 (Cost $6,055)		6,000		5,401
Consumer, Non-cyclical — 17.9%
Agriculture — 0.1%
Bunge Ltd. Finance Corp., 2.75%, 5/14/31 (Cost $4,050)		4,000		3,385
Beverages — 0.8%
Coca-Cola Co., 4.20%, 3/25/50		6,000		5,279
Keurig Dr Pepper, Inc., 2.55%, 9/15/26		7,000		6,525
PepsiCo, Inc. 1.95%, 10/21/31		10,000		8,162
2.75%, 10/21/51		5,000		3,281
(Cost $29,265)				23,247
Biotechnology — 1.8%
Amgen, Inc. 5.15%, 3/2/28		10,000		10,031
5.60%, 3/2/43		10,000		9,798
4.663%, 6/15/51		4,000		3,422
3.00%, 1/15/52		3,000		1,944
5.65%, 3/2/53		5,000		4,936
Baxalta, Inc., 5.25%, 6/23/45		5,000		4,690
Biogen, Inc., 3.25%, 2/15/51		5,000		3,287
Gilead Sciences, Inc. 1.65%, 10/1/30		2,000		1,619
4.00%, 9/1/36		9,000		7,908
2.80%, 10/1/50		1,000		640
(Cost $56,731)				48,275
Commercial Services — 1.0%
Equifax, Inc., 2.60%, 12/15/25		8,000		7,565
Global Payments, Inc., 5.95%, 8/15/52		5,000		4,782
PayPal Holdings, Inc., 2.85%, 10/1/29		5,000		4,445
Quanta Services, Inc., 2.90%, 10/1/30		5,000		4,216

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Commercial Services (Continued)
RELX Capital, Inc., 4.00%, 3/18/29	$	5,000	$	4,774
S&P Global, Inc., 2.30%, 8/15/60		5,000		2,691
(Cost $32,905)				28,473
Cosmetics/Personal Care — 0.8%
Colgate-Palmolive Co., MTN, 4.00%, 8/15/45		3,000		2,582
Estee Lauder Cos., Inc., 2.00%, 12/1/24		5,000		4,831
Procter & Gamble Co., 2.85%, 8/11/27		11,000		10,376
Unilever Capital Corp., Series 30Y, 2.625%, 8/12/51		5,000		3,204
(Cost $24,747)				20,993
Food — 2.0%
Campbell Soup Co., 4.15%, 3/15/28		5,000		4,810
Conagra Brands, Inc., 5.40%, 11/1/48		5,000		4,480
General Mills, Inc., 3.20%, 2/10/27		6,000		5,669
Hershey Co., 2.65%, 6/1/50		4,000		2,531
Kellanova, 2.10%, 6/1/30		5,000		4,099
Kraft Heinz Foods Co. 4.25%, 3/1/31		5,000		4,673
4.875%, 10/1/49		5,000		4,396
Kroger Co. 4.45%, 2/1/47		3,000		2,467
3.95%, 1/15/50		3,000		2,275
McCormick & Co., Inc., 3.40%, 8/15/27		5,000		4,716
Mondelez International, Inc., 2.75%, 4/13/30		5,000		4,357
Sysco Corp., 6.60%, 4/1/50		5,000		5,485
Tyson Foods, Inc., 4.55%, 6/2/47		5,000		3,916
(Cost $63,390)				53,874
Healthcare-Products — 1.1%
Abbott Laboratories, 5.30%, 5/27/40		7,000		7,106
Agilent Technologies, Inc., 2.30%, 3/12/31		5,000		4,132
Baxter International, Inc., 2.60%, 8/15/26		7,000		6,510
DH Europe Finance II SARL, 2.60%, 11/15/29		5,000		4,382
Revvity, Inc., 3.625%, 3/15/51		5,000		3,354
Thermo Fisher Scientific, Inc., 2.00%, 10/15/31		4,000		3,242
(Cost $33,981)				28,726

	Principal Amount		Value
Healthcare-Services — 3.0%
Aetna, Inc., 3.875%, 8/15/47	$	5,000	$	3,657
Centene Corp., 2.45%, 7/15/28		10,000		8,674
Elevance Health, Inc. 2.25%, 5/15/30		10,000		8,389
3.125%, 5/15/50		5,000		3,330
HCA, Inc. 5.375%, 2/1/25		8,000		7,954
4.125%, 6/15/29		2,000		1,857
3.50%, 9/1/30		5,000		4,402
5.25%, 6/15/49		3,000		2,607
Humana, Inc., 3.125%, 8/15/29		8,000		7,223
Quest Diagnostics, Inc. 2.95%, 6/30/30		5,000		4,302
2.80%, 6/30/31		3,000		2,523
UnitedHealth Group, Inc. 5.30%, 2/15/30		15,000		15,324
4.75%, 5/15/52		6,000		5,407
5.875%, 2/15/53		5,000		5,321
(Cost $90,541)				80,970
Household Products/Wares — 0.2%
Kimberly-Clark Corp., 2.75%, 2/15/26 (Cost $5,166)		5,000		4,783
Pharmaceuticals — 7.1%
AbbVie, Inc. 3.80%, 3/15/25		5,000		4,905
3.60%, 5/14/25		10,000		9,764
4.70%, 5/14/45		5,000		4,519
4.25%, 11/21/49		12,000		10,112
AstraZeneca PLC 0.70%, 4/8/26		4,000		3,642
3.00%, 5/28/51		3,000		2,093
Becton Dickinson and Co., 4.669%, 6/6/47		5,000		4,374
Bristol-Myers Squibb Co. 0.75%, 11/13/25		5,000		4,629
3.40%, 7/26/29		6,000		5,575
4.25%, 10/26/49		8,000		6,625
Cigna Group 4.375%, 10/15/28		15,000		14,487
4.90%, 12/15/48		4,000		3,552
CVS Health Corp. 3.875%, 7/20/25		7,000		6,829
4.30%, 3/25/28		3,000		2,905
3.25%, 8/15/29		9,000		8,108
4.78%, 3/25/38		5,000		4,497
5.05%, 3/25/48		8,000		7,025
Eli Lilly & Co. 2.75%, 6/1/25		5,000		4,845
3.95%, 3/15/49		5,000		4,184
GlaxoSmithKline Capital, Inc., 3.875%, 5/15/28		5,000		4,812

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Pharmaceuticals (Continued)
Johnson & Johnson 5.95%, 8/15/37	$	10,000	$	11,084
3.50%, 1/15/48		3,000		2,373
McKesson Corp., 1.30%, 8/15/26		5,000		4,522
Merck & Co., Inc. 0.75%, 2/24/26		5,000		4,579
2.15%, 12/10/31		10,000		8,229
4.00%, 3/7/49		3,000		2,481
Novartis Capital Corp., 2.00%, 2/14/27		10,000		9,217
Pfizer Investment Enterprises Pte Ltd., 5.34%, 5/19/63		10,000		9,642
Pfizer, Inc. 3.45%, 3/15/29		5,000		4,715
7.20%, 3/15/39		10,000		11,923
Sanofi SA, 3.625%, 6/19/28		3,000		2,877
Zoetis, Inc. 2.00%, 5/15/30		3,000		2,488
4.70%, 2/1/43		2,000		1,792
(Cost $220,700)				193,404
Energy — 3.6%
Oil & Gas — 0.5%
Marathon Petroleum Corp. 3.80%, 4/1/28		2,000		1,875
4.50%, 4/1/48		3,000		2,388
Phillips 66, 5.875%, 5/1/42		5,000		5,156
Valero Energy Corp., 3.65%, 12/1/51		5,000		3,431
(Cost $16,405)				12,850
Oil & Gas Services — 0.4%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 4.08%, 12/15/47		6,000		4,794
Halliburton Co., 2.92%, 3/1/30		8,000		7,017
(Cost $12,673)				11,811
Pipelines — 2.7%
Enbridge, Inc. 3.70%, 7/15/27		5,000		4,757
3.40%, 8/1/51		5,000		3,380
Enterprise Products Operating LLC 2.80%, 1/31/30		5,000		4,395
4.20%, 1/31/50		3,000		2,459
3.30%, 2/15/53		5,000		3,497
Series E, 5.25%, 8/16/77		5,000		4,593
MPLX LP, 1.75%, 3/1/26		15,000		13,836
ONEOK, Inc. 2.75%, 9/1/24		5,000		4,886
5.20%, 7/15/48		5,000		4,397

	Principal Amount		Value
Pipelines (Continued)
Sabine Pass Liquefaction LLC 5.00%, 3/15/27	$	10,000	$	9,915
4.50%, 5/15/30		5,000		4,723
TransCanada PipeLines Ltd. 4.10%, 4/15/30		2,000		1,844
7.625%, 1/15/39		5,000		5,698
4.875%, 5/15/48		3,000		2,552
Williams Cos., Inc., 4.00%, 9/15/25		1,000		974
(Cost $81,550)				71,906
Financial — 31.9%
Banks — 22.9%
Banco Santander SA, 2.958%, 3/25/31		10,000		8,213
Bank of America Corp. MTN, 2.015%, 2/13/26		15,000		14,291
MTN, 1.197%, 10/24/26		20,000		18,341
5.08%, 1/20/27		10,000		9,893
3.419%, 12/20/28		20,000		18,388
MTN, 2.676%, 6/19/41		4,000		2,717
MTN, 4.083%, 3/20/51		10,000		7,934
MTN, 2.831%, 10/24/51		10,000		6,311
2.972%, 7/21/52		10,000		6,576
Bank of Montreal, MTN, 1.25%, 9/15/26		10,000		8,946
Bank of New York Mellon Corp., MTN, 3.95%, 11/18/25		15,000		14,647
Bank of Nova Scotia, 4.50%, 12/16/25		5,000		4,877
Barclays PLC, 2.667%, 3/10/32		25,000		19,749
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25		10,000		9,219
Citigroup, Inc. 3.875%, 3/26/25		5,000		4,873
3.30%, 4/27/25		5,000		4,855
4.45%, 9/29/27		15,000		14,372
2.976%, 11/5/30		5,000		4,327
2.572%, 6/3/31		10,000		8,267
2.561%, 5/1/32		5,000		4,025
4.75%, 5/18/46		5,000		4,181
Cooperatieve Rabobank UA, 5.25%, 5/24/41		5,000		4,970
Credit Suisse AG/New York NY, MTN, 3.625%, 9/9/24		5,000		4,904
Deutsche Bank AG, 3.70%, 5/30/24 (a)		5,000		4,943
Deutsche Bank AG/New York NY, 3.035%, 5/28/32 (a)		15,000		11,980
Fifth Third Bancorp, 4.337%, 4/25/33		5,000		4,391
Goldman Sachs Group, Inc. MTN, 3.85%, 7/8/24		10,000		9,885
3.50%, 1/23/25		10,000		9,755
1.542%, 9/10/27		5,000		4,458
2.615%, 4/22/32		7,000		5,643

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Banks (Continued)
2.65%, 10/21/32	$	8,000	$	6,385
6.25%, 2/1/41		10,000		10,504
HSBC Holdings PLC 1.589%, 5/24/27		10,000		9,013
6.50%, 9/15/37		10,000		10,246
6.10%, 1/14/42		5,000		5,322
HSBC USA, Inc., 3.50%, 6/23/24		15,000		14,811
ING Groep NV, 3.95%, 3/29/27		10,000		9,506
JPMorgan Chase & Co. 2.083%, 4/22/26		15,000		14,257
1.578%, 4/22/27		15,000		13,658
2.522%, 4/22/31		15,000		12,593
2.956%, 5/13/31		10,000		8,508
4.912%, 7/25/33		15,000		14,262
3.964%, 11/15/48		10,000		7,930
KeyCorp MTN, 4.10%, 4/30/28		5,000		4,570
MTN, 2.55%, 10/1/29		5,000		4,025
Lloyds Banking Group PLC 1.627%, 5/11/27		10,000		9,029
4.344%, 1/9/48		4,000		2,922
Mitsubishi UFJ Financial Group, Inc. 3.287%, 7/25/27		10,000		9,354
4.05%, 9/11/28		6,000		5,699
3.741%, 3/7/29		5,000		4,660
Mizuho Financial Group, Inc., 2.564%, 9/13/31		10,000		7,828
Morgan Stanley GMTN, 3.70%, 10/23/24		5,000		4,914
0.79%, 5/30/25		15,000		14,579
GMTN, 4.35%, 9/8/26		5,000		4,853
GMTN, 2.699%, 1/22/31		15,000		12,681
2.484%, 9/16/36		5,000		3,777
4.30%, 1/27/45		5,000		4,211
4.375%, 1/22/47		5,000		4,205
MTN, 2.802%, 1/25/52		6,000		3,753
NatWest Group PLC 4.269%, 3/22/25		5,000		4,969
1.642%, 6/14/27		7,000		6,291
PNC Financial Services Group, Inc. 3.90%, 4/29/24		5,000		4,960
6.875%, 10/20/34		6,000		6,383
Royal Bank of Canada, GMTN, 2.25%, 11/1/24		14,000		13,578
Santander Holdings USA, Inc., 4.40%, 7/13/27		10,000		9,533
State Street Corp., 2.20%, 3/3/31		5,000		3,995
Sumitomo Mitsui Financial Group, Inc. 2.632%, 7/14/26		5,000		4,665
3.364%, 7/12/27		15,000		14,022
3.05%, 1/14/42		5,000		3,591
Toronto-Dominion Bank, MTN, 1.20%, 6/3/26		10,000		9,037
Truist Financial Corp., MTN, 3.70%, 6/5/25		15,000		14,577

	Principal Amount		Value
Banks (Continued)
UBS AG, 4.50%, 6/26/48	$	4,000	$	3,615
UBS Group AG, 4.55%, 4/17/26		5,000		4,875
US Bancorp 2.40%, 7/30/24		5,000		4,891
MTN, 1.375%, 7/22/30		6,000		4,603
Westpac Banking Corp., 4.11%, 7/24/34		15,000		13,285
(Cost $689,630)				620,856
Diversified Financial Services — 4.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.45%, 10/29/26		10,000		9,112
3.85%, 10/29/41		5,000		3,738
Air Lease Corp., 1.875%, 8/15/26		10,000		9,051
Ally Financial, Inc., 8.00%, 11/1/31		5,000		5,285
American Express Co. 1.65%, 11/4/26		15,000		13,605
4.05%, 12/3/42		3,000		2,541
Capital One Financial Corp., 5.817%, 2/1/34		10,000		9,388
Charles Schwab Corp., 4.625%, 3/22/30		10,000		9,573
CME Group, Inc., 3.75%, 6/15/28		8,000		7,680
Intercontinental Exchange, Inc. 3.75%, 12/1/25		5,000		4,870
3.00%, 9/15/60		5,000		3,089
Mastercard, Inc., 3.80%, 11/21/46		6,000		4,916
Nasdaq, Inc., 3.95%, 3/7/52		5,000		3,732
Nomura Holdings, Inc., 2.679%, 7/16/30		10,000		8,211
Visa, Inc. 3.15%, 12/14/25		5,000		4,832
2.75%, 9/15/27		5,000		4,676
3.65%, 9/15/47		4,000		3,171
Voya Financial, Inc., 4.70%, 1/23/48		5,000		4,044
(Cost $128,460)				111,514
Insurance — 1.9%
Aflac, Inc., 3.60%, 4/1/30		5,000		4,601
Allstate Corp., 4.20%, 12/15/46		5,000		3,968
American International Group, Inc. 3.40%, 6/30/30		5,000		4,447
4.375%, 6/30/50		3,000		2,431
AXIS Specialty Finance LLC, 4.90%, 1/15/40		5,000		4,095
Chubb INA Holdings, Inc., 4.35%, 11/3/45		5,000		4,354

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Insurance (Continued)
Manulife Financial Corp., 4.15%, 3/4/26	$	5,000	$	4,894
Marsh & McLennan Cos., Inc., 2.25%, 11/15/30		5,000		4,167
MetLife, Inc., 4.60%, 5/13/46		5,000		4,385
Progressive Corp., 4.125%, 4/15/47		3,000		2,455
Prudential Financial, Inc., MTN, 2.10%, 3/10/30		8,000		6,748
Willis North America, Inc., 5.05%, 9/15/48		5,000		4,307
(Cost $62,848)				50,852
Real Estate Investment Trusts — 3.0%
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31		8,000		6,910
American Tower Corp. 3.80%, 8/15/29		2,000		1,837
2.90%, 1/15/30		10,000		8,603
AvalonBay Communities, Inc., 2.05%, 1/15/32		5,000		4,014
Boston Properties LP, 3.40%, 6/21/29		5,000		4,271
Crown Castle, Inc. 3.65%, 9/1/27		2,000		1,870
3.80%, 2/15/28		6,000		5,589
Digital Realty Trust LP, 3.60%, 7/1/29		6,000		5,426
Healthpeak OP LLC, 3.00%, 1/15/30		5,000		4,297
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/31		6,000		4,794
Kilroy Realty LP, 2.65%, 11/15/33		8,000		5,561
Omega Healthcare Investors, Inc., 4.50%, 1/15/25		10,000		9,791
Prologis LP, 4.375%, 2/1/29		5,000		4,798
Simon Property Group LP, 4.25%, 11/30/46		5,000		3,818
Ventas Realty LP, 4.40%, 1/15/29		6,000		5,639
Welltower OP LLC, 4.25%, 4/15/28		5,000		4,777
(Cost $94,096)				81,995
Industrial — 6.5%
Building Materials — 0.6%
Carrier Global Corp. 2.493%, 2/15/27		3,000		2,754
3.577%, 4/5/50		6,000		4,282
Martin Marietta Materials, Inc., 2.40%, 7/15/31		8,000		6,507
Masco Corp., 2.00%, 10/1/30		5,000		3,954
(Cost $21,258)				17,497

	Principal Amount		Value
Electrical Components & Equipment — 0.1%
Emerson Electric Co., 2.75%, 10/15/50 (Cost $5,127)	$	5,000	$	3,127
Electronics — 0.6%
Amphenol Corp., 2.20%, 9/15/31		6,000		4,856
Flex Ltd., 4.875%, 5/12/30		3,000		2,848
Fortive Corp., 3.15%, 6/15/26		5,000		4,739
Vontier Corp., 2.95%, 4/1/31		5,000		3,994
(Cost $19,256)				16,437
Environmental Control — 0.4%
Republic Services, Inc., 2.30%, 3/1/30		5,000		4,252
Waste Connections, Inc., 2.60%, 2/1/30		5,000		4,328
Waste Management, Inc., 3.15%, 11/15/27		3,000		2,816
(Cost $13,694)				11,396
Hand/Machine Tools — 0.2%
Stanley Black & Decker, Inc., 4.00%, 3/15/60 (Cost $5,254)		6,000		4,867
Machinery-Construction & Mining — 0.4%
Caterpillar Financial Services Corp., 0.90%, 3/2/26		5,000		4,577
Caterpillar, Inc., 3.25%, 9/19/49		7,000		5,099
(Cost $11,716)				9,676
Machinery-Diversified — 0.8%
CNH Industrial Capital LLC, 1.875%, 1/15/26		7,000		6,499
Deere & Co., 3.90%, 6/9/42		8,000		6,800
John Deere Capital Corp., MTN, 2.05%, 1/9/25		10,000		9,676
(Cost $26,355)				22,975
Miscellaneous Manufacturing — 0.9%
3M Co., MTN, 4.00%, 9/14/48		5,000		4,060
Eaton Corp., 4.15%, 11/2/42		4,000		3,421
General Electric Co., MTN, 6.75%, 3/15/32		4,000		4,439
Parker-Hannifin Corp., 3.25%, 6/14/29		10,000		9,144
Teledyne Technologies, Inc., 1.60%, 4/1/26		5,000		4,585
(Cost $28,826)				25,649

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Packaging & Containers — 0.2%
WRKCo, Inc., 3.75%, 3/15/25 (Cost $5,142)	$	5,000	$	4,870
Transportation — 2.3%
Canadian National Railway Co. 2.75%, 3/1/26		5,000		4,769
2.45%, 5/1/50		5,000		3,011
Canadian Pacific Railway Co. 3.50%, 5/1/50		5,000		3,537
3.10%, 12/2/51		3,000		2,008
CSX Corp., 2.40%, 2/15/30		10,000		8,557
FedEx Corp. 4.25%, 5/15/30		5,000		4,749
5.25%, 5/15/50		5,000		4,657
Norfolk Southern Corp., 4.05%, 8/15/52		6,000		4,654
Ryder System, Inc., MTN, 2.90%, 12/1/26		5,000		4,645
Union Pacific Corp. 2.375%, 5/20/31		10,000		8,363
3.839%, 3/20/60		9,000		6,712
United Parcel Service, Inc., 3.75%, 11/15/47		7,000		5,540
(Cost $77,186)				61,202
Technology — 10.6%
Computers — 3.5%
Apple, Inc. 2.75%, 1/13/25		6,000		5,855
3.20%, 5/13/25		12,000		11,702
3.85%, 8/4/46		15,000		12,579
3.75%, 11/13/47		15,000		12,241
2.95%, 9/11/49		2,000		1,399
Dell International LLC / EMC Corp., 6.02%, 6/15/26		5,000		5,058
Hewlett Packard Enterprise Co. 1.75%, 4/1/26		7,000		6,446
6.35%, 10/15/45		3,000		3,062
HP, Inc., 3.40%, 6/17/30		10,000		8,846
International Business Machines Corp. 3.50%, 5/15/29		15,000		13,986
4.25%, 5/15/49		5,000		4,136
NetApp, Inc., 1.875%, 6/22/25		5,000		4,715
Western Digital Corp., 2.85%, 2/1/29		5,000		4,094
(Cost $108,849)				94,119
Semiconductors — 3.3%
Analog Devices, Inc., 2.95%, 10/1/51		5,000		3,311
Applied Materials, Inc., 2.75%, 6/1/50		3,000		1,992
Broadcom, Inc. 144A,3.137%, 11/15/35		12,000		9,351
144A,3.187%, 11/15/36		10,000		7,654

	Principal Amount		Value
Semiconductors (Continued)
Intel Corp. 3.70%, 7/29/25	$	10,000	$	9,776
4.10%, 5/11/47		5,000		4,072
3.05%, 8/12/51		6,000		3,972
3.10%, 2/15/60		7,000		4,485
Lam Research Corp., 4.875%, 3/15/49		2,000		1,850
Marvell Technology, Inc., 1.65%, 4/15/26		6,000		5,517
Micron Technology, Inc., 2.703%, 4/15/32		10,000		8,025
NVIDIA Corp., 3.70%, 4/1/60		4,000		3,079
NXP BV / NXP Funding LLC / NXP USA, Inc., 3.15%, 5/1/27		5,000		4,649
QUALCOMM, Inc. 3.45%, 5/20/25		5,000		4,883
1.65%, 5/20/32		10,000		7,825
Texas Instruments, Inc., 4.15%, 5/15/48		5,000		4,245
TSMC Arizona Corp., 2.50%, 10/25/31		5,000		4,139
(Cost $106,358)				88,825
Software — 3.8%
Adobe, Inc., 2.15%, 2/1/27		7,000		6,477
Autodesk, Inc., 2.40%, 12/15/31		5,000		4,107
Broadridge Financial Solutions, Inc., 2.60%, 5/1/31		5,000		4,124
Electronic Arts, Inc., 1.85%, 2/15/31		5,000		4,005
Fidelity National Information Services, Inc., 2.25%, 3/1/31		7,000		5,682
Fiserv, Inc., 4.20%, 10/1/28		10,000		9,565
Microsoft Corp. 2.40%, 8/8/26		10,000		9,460
2.525%, 6/1/50		6,000		3,867
144A,2.50%, 9/15/50		2,000		1,271
2.921%, 3/17/52		10,000		6,923
3.95%, 8/8/56		2,000		1,657
Oracle Corp. 2.50%, 4/1/25		5,000		4,804
2.95%, 5/15/25		5,000		4,824
2.80%, 4/1/27		5,000		4,643
2.95%, 4/1/30		6,000		5,262
4.30%, 7/8/34		15,000		13,543
3.60%, 4/1/50		7,000		4,904
3.95%, 3/25/51		5,000		3,701
VMware, Inc., 4.70%, 5/15/30		6,000		5,721
(Cost $123,295)				104,540
Utilities — 8.6%
Electric — 6.8%
AEP Texas, Inc., 5.25%, 5/15/52		4,000		3,604

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Electric (Continued)
Avangrid, Inc., 3.20%, 4/15/25	$	7,000	$	6,762
Baltimore Gas and Electric Co., 3.50%, 8/15/46		5,000		3,560
CenterPoint Energy Houston Electric LLC Series Z, 2.40%, 9/1/26		5,000		4,657
Series AF, 3.35%, 4/1/51		5,000		3,488
CMS Energy Corp., 3.00%, 5/15/26		6,000		5,674
Commonwealth Edison Co. 2.55%, 6/15/26		10,000		9,433
4.00%, 3/1/48		5,000		3,943
3.00%, 3/1/50		6,000		3,873
Series 130, 3.125%, 3/15/51		15,000		9,882
Consolidated Edison Co. of New York, Inc. Series 06-A, 5.85%, 3/15/36		10,000		10,155
3.20%, 12/1/51		5,000		3,282
3.60%, 6/15/61		5,000		3,437
Consumers Energy Co., 3.95%, 5/15/43		6,000		4,810
Eversource Energy Series L, 2.90%, 10/1/24		15,000		14,629
3.45%, 1/15/50		13,000		8,820
Exelon Corp., 3.40%, 4/15/26		10,000		9,590
ITC Holdings Corp., 3.35%, 11/15/27		10,000		9,324
National Rural Utilities Cooperative Finance Corp., 4.40%, 11/1/48		10,000		8,149
NSTAR Electric Co., 3.10%, 6/1/51		2,000		1,298
Ohio Power Co., Series Q, 1.625%, 1/15/31		5,000		3,924
Oncor Electric Delivery Co. LLC, 2.75%, 5/15/30		5,000		4,341
PPL Electric Utilities Corp., 3.00%, 10/1/49		10,000		6,639
Public Service Electric and Gas Co.
MTN, 1.90%, 8/15/31		10,000		7,928
MTN, 2.05%, 8/1/50		5,000		2,713
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/30		10,000		8,016
Series RRR, 3.75%, 6/1/47		10,000		7,401
Sempra 3.40%, 2/1/28		8,000		7,432
4.00%, 2/1/48		4,000		3,057
4.125%, 4/1/52		5,000		4,089
(Cost $225,825)				183,910

	Principal Amount		Value
Gas — 1.1%
Atmos Energy Corp. 1.50%, 1/15/31	$	6,000	$	4,687
2.85%, 2/15/52		4,000		2,510
Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31		5,000		4,088
Southern California Gas Co.
Series XX, 2.55%, 2/1/30		10,000		8,540
Series VV, 4.30%, 1/15/49		5,000		4,001
Southwest Gas Corp., 3.18%, 8/15/51		8,000		4,846
(Cost $38,358)				28,672
Water — 0.7%
American Water Capital Corp. 3.40%, 3/1/25		6,000		5,847
3.45%, 5/1/50		11,000		7,836
Essential Utilities, Inc., 2.40%, 5/1/31		8,000		6,444
(Cost $27,756)				20,127
TOTAL CORPORATE BONDS (Cost $3,108,102)				2,678,129
	Number of Shares
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) (Cost $11,961)		11,961		11,961
TOTAL INVESTMENTS — 99.2% (Cost $3,120,063)			$	2,690,090
Other assets and liabilities, net — 0.8%				21,376
NET ASSETS — 100.0%			$	2,711,466

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2023 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
CORPORATE BONDS — 0.6%
Financial — 0.6%
Deutsche Bank AG, 3.700%, 5/30/24 (a)
		4,866		10		—			—		67		92		—		5,000		4,943
Deutsche Bank AG/New York NY, 3.035%, 5/28/32 (a)
		11,905		—		(6	)		—		81		226		—		15,000		11,980
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)
		18,520		50,498		(57,057	)		—		—		195		—		11,961		11,961
		35,291		50,508		(57,063	)		—		148		513		—		31,961		28,884

(a) Affiliated issuer. This security is owned in proportion with its representation in the index.

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

GMTN: Global Medium Term Note

MTN: Medium Term Note

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.

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	2,678,129	$	—	$	2,678,129
Short-Term Investments (a)		11,961		—		—		11,961
TOTAL	$	11,961	$	2,678,129	$	—	$	2,690,090

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

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

November 30, 2023 (Unaudited)

	Principal Amount		Value
SOVEREIGN BONDS — 97.9%
Argentina — 1.9%
Argentine Republic Government International Bond 1.00%, 7/9/29	$	20,000	$	7,280
0.75% - 1.75%, 7/9/30 (a)		65,000		24,212
3.625% - 5.00%, 7/9/35 (a)		115,000		37,375
4.25% - 5.00%, 1/9/38 (a)		78,000		28,743
3.50% - 4.875%, 7/9/41 (a)		71,000		23,359
3.625% - 5.00%, 7/9/46 (a)		16,000		5,232
(Cost $195,526)				126,201
Bahrain — 2.4%
Bahrain Government International Bond, REGS, 6.00%, 9/19/44 (Cost $198,133)		200,000		158,500
Barbados — 0.2%
Barbados Government International Bond, REGS, 6.50%, 10/1/29 (Cost $11,409)		12,000		11,320
Bolivia — 0.2%
Bolivian Government International Bond, REGS, 4.50%, 3/20/28 (Cost $24,843)		28,000		13,300
Brazil — 4.0%
Brazilian Government International Bond 2.875%, 6/6/25		30,000		28,805
4.625%, 1/13/28		38,000		37,259
4.50%, 5/30/29		38,000		36,069
3.875%, 6/12/30		38,000		33,989
3.75%, 9/12/31		23,000		20,066
8.25%, 1/20/34		28,000		31,552
7.125%, 1/20/37		19,000		19,803
5.625%, 1/7/41		19,000		16,573
5.00%, 1/27/45		27,000		20,824
5.625%, 2/21/47		19,000		15,718
4.75%, 1/14/50		7,000		5,066
(Cost $297,978)				265,724
Chile — 2.7%
Chile Government International Bond 3.125%, 1/21/26		10,000		9,605
2.55%, 7/27/33		38,000		30,353
3.10%, 5/7/41		38,000		27,274
4.34%, 3/7/42		57,000		48,208
3.86%, 6/21/47		57,000		43,933
3.10%, 1/22/61		30,000		18,442
(Cost $225,576)				177,815
China — 2.9%
China Government International Bond, REGS, 3.50%, 10/19/28
(Cost $222,890)		200,000		193,295
Colombia — 3.9%
Colombia Government International Bond 8.125%, 5/21/24		25,000		25,337
3.875%, 4/25/27		30,000		27,947

	Principal Amount		Value
Colombia (Continued)
3.00%, 1/30/30	$	30,000	$	24,120
3.25%, 4/22/32		44,000		33,187
7.375%, 9/18/37		15,000		14,535
6.125%, 1/18/41		30,000		25,027
4.125%, 2/22/42		9,000		5,883
5.625%, 2/26/44		30,000		23,032
5.00%, 6/15/45		38,000		26,933
5.20%, 5/15/49		34,000		24,098
4.125%, 5/15/51		20,000		12,055
8.75%, 11/14/53		5,000		5,319
3.875%, 2/15/61		16,000		8,956
(Cost $292,247)				256,429
Costa Rica — 1.7%
Costa Rica Government International Bond REGS, 6.125%, 2/19/31		34,000		34,051
REGS, 5.625%, 4/30/43		25,000		21,666
REGS, 7.158%, 3/12/45		55,000		55,963
(Cost $97,613)				111,680
Dominican Republic — 3.6%
Dominican Republic International Bond REGS, 6.875%, 1/29/26		35,000		35,230
REGS, 6.00%, 7/19/28		40,000		39,066
REGS, 4.50%, 1/30/30		50,000		44,175
REGS, 5.30%, 1/21/41		57,000		45,970
REGS, 7.45%, 4/30/44		57,000		56,430
REGS, 6.40%, 6/5/49		6,000		5,310
REGS, 5.875%, 1/30/60		16,000		12,873
(Cost $259,480)				239,054
Ecuador — 1.0%
Ecuador Government International Bond 144A, 6.00% - 6.90%, 7/31/30 (a)		20,000		9,300
144A, 3.50% - 6.90%, 7/31/35 (a)		56,000		19,869
REGS, 3.50% - 6.90%, 7/31/35 (a)		45,000		15,965
144A, 2.50% - 6.90%, 7/31/40 (a)		44,000		13,816
REGS, 2.50% - 6.90%, 7/31/40 (a)		28,000		8,792
(Cost $120,519)				67,742
Egypt — 2.2%
Egypt Government International Bond, REGS, 7.600%, 3/1/29 (Cost $200,672)		200,000		141,250
El Salvador — 1.1%
El Salvador Government International Bond REGS, 6.375%, 1/18/27		19,000		16,132
REGS, 8.625%, 2/28/29		25,000		21,396
REGS, 7.65%, 6/15/35		27,000		20,143
REGS, 7.625%, 2/1/41		12,000		8,539
REGS, 7.125%, 1/20/50		5,000		3,369
(Cost $74,106)				69,579
Gabon — 2.8%
Gabon Government International Bond, REGS, 6.95%, 6/16/25 (Cost $184,017)		200,000		185,000

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Ghana — 0.7%
Ghana Government International Bond, REGS, 6.375%, 2/11/27 * (Cost $39,323)	$	100,000	$	44,375
Guatemala — 1.1%
Guatemala Government Bond, REGS, 4.90%, 6/1/30 (Cost $77,602)		75,000		69,004
Honduras — 0.1%
Honduras Government International Bond REGS, 6.25%, 1/19/27		5,000		4,718
REGS, 5.625%, 6/24/30		5,000		4,280
(Cost $8,709)				8,998
Hungary — 2.9%
Hungary Government International Bond, 7.625%, 3/29/41 (Cost $205,909)		174,000		192,922
Indonesia — 3.9%
Indonesia Government International Bond REGS, 4.75%, 1/8/26		60,000		59,622
REGS, 7.75%, 1/17/38		100,000		122,437
REGS, 6.75%, 1/15/44		40,000		45,600
3.05%, 3/12/51		25,000		17,343
4.45%, 4/15/70		15,000		12,303
(Cost $283,345)				257,305
Ivory Coast (Cote D’Ivoire) — 0.8%
Ivory Coast Government International Bond, REGS, 5.75%, 12/31/32 (Cost $56,196)		56,695		52,552
Jamaica — 1.4%
Jamaica Government International Bond 6.75%, 4/28/28		45,000		47,767
7.875%, 7/28/45		40,000		47,200
(Cost $93,970)				94,967
Jordan — 2.9%
Jordan Government International Bond, REGS, 5.75%, 1/31/27 (Cost $203,780)		200,000		193,000
Kuwait — 2.9%
Kuwait International Government Bond, REGS, 3.50%, 3/20/27 (Cost $210,064)		200,000		192,875
Malaysia — 0.2%
Malaysia Wakala Sukuk Bhd, REGS, 3.075%, 4/28/51 (Cost $12,919)		17,000		11,911
Mexico — 3.4%
Mexico Government International Bond 3.25%, 4/16/30		21,000		18,480
MTN, 8.30%, 8/15/31		30,000		35,820
Series A, MTN, 7.50%, 4/8/33		19,000		21,118
Series A, MTN, 6.75%, 9/27/34		15,000		15,690
6.05%, 1/11/40		30,000		28,867

	Principal Amount		Value
Mexico (Continued)
MTN, 4.75%, 3/8/44	$	34,000	$	27,506
5.55%, 1/21/45		15,000		13,564
4.60%, 1/23/46		25,000		19,606
4.60%, 2/10/48		30,000		23,243
3.771%, 5/24/61		16,000		10,140
GMTN, 5.75%, 10/12/10		10,000		8,358
(Cost $274,488)				222,392
Mongolia — 0.3%
Mongolia Government International Bond, REGS, 5.125%, 4/7/26 (Cost $17,941)		19,000		18,369
Oman — 3.1%
Oman Government International Bond, REGS, 5.625%, 1/17/28 (Cost $176,416)		200,000		200,410
Panama — 3.4%
Panama Government International Bond 3.875%, 3/17/28		57,000		51,542
9.375%, 4/1/29		10,000		11,167
3.16%, 1/23/30		19,000		15,614
6.40%, 2/14/35		23,000		21,583
6.70%, 1/26/36		38,000		36,223
4.50%, 4/16/50		8,000		5,226
4.30%, 4/29/53		19,000		11,856
4.50%, 4/1/56		47,000		29,857
3.87%, 7/23/60		55,000		31,068
4.50%, 1/19/63		19,000		11,794
(Cost $328,132)				225,930
Papua New Guinea — 0.2%
Papua New Guinea Government International Bond, REGS, 8.375%, 10/4/28 (Cost $10,209)		11,000		10,323
Paraguay — 1.2%
Paraguay Government International Bond REGS, 4.70%, 3/27/27		30,000		29,230
REGS, 5.60%, 3/13/48		20,000		16,867
REGS, 5.40%, 3/30/50		37,000		30,415
(Cost $78,860)				76,512
Peru — 3.1%
Peruvian Government International Bond 4.125%, 8/25/27		10,000		9,620
2.783%, 1/23/31		41,000		34,624
8.75%, 11/21/33		38,000		46,360
3.00%, 1/15/34		38,000		30,657
6.55%, 3/14/37		25,000		26,781
3.30%, 3/11/41		28,000		20,494
5.625%, 11/18/50		25,000		24,269
2.78%, 12/1/60		20,000		11,595
(Cost $266,403)				204,400
Philippines — 3.2%
Philippine Government International Bond 9.50%, 2/2/30		61,000		75,030
1.648%, 6/10/31		30,000		23,775

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Philippines (Continued)
3.95%, 1/20/40	$	19,000	$	16,055
3.70%, 3/1/41		38,000		30,400
3.70%, 2/2/42		57,000		45,172
4.20%, 3/29/47		28,000		23,065
(Cost $262,076)				213,497
Poland — 3.1%
Republic of Poland Government International Bond 3.25%, 4/6/26		54,000		51,841
5.75%, 11/16/32		67,000		69,680
4.875%, 10/4/33		27,000		26,225
5.50%, 4/4/53		55,000		53,056
(Cost $208,506)				200,802
Qatar — 4.1%
Qatar Government International Bond 144A, 9.75%, 6/15/30		160,000		204,800
144A, 6.40%, 1/20/40		60,000		66,083
(Cost $298,777)				270,883
Romania — 3.9%
Romanian Government International Bond REGS, 4.875%, 1/22/24		44,000		44,014
REGS, 3.00%, 2/14/31		20,000		16,337
REGS, 3.625%, 3/27/32		20,000		16,663
REGS, 7.125%, 1/17/33		36,000		37,463
REGS, 6.00%, 5/25/34		20,000		19,287
144A, 6.125%, 1/22/44		60,000		55,275
REGS, 6.125%, 1/22/44		20,000		18,425
REGS, 5.125%, 6/15/48		20,000		15,981
REGS, 4.00%, 2/14/51		34,000		22,695
REGS, 7.625%, 1/17/53		10,000		10,498
(Cost $303,471)				256,638
Saudi Arabia — 5.4%
Saudi Government International Bond REGS, 2.25%, 2/2/33		200,000		158,625
REGS, 4.875%, 7/18/33		200,000		196,000
(Cost $395,966)				354,625
South Africa — 3.5%
Republic of South Africa Government International Bond 5.875%, 9/16/25		50,000		49,969
4.85%, 9/27/27		65,000		62,156
4.30%, 10/12/28		35,000		31,631
5.875%, 4/20/32		5,000		4,498
5.65%, 9/27/47		10,000		7,262
6.30%, 6/22/48		35,000		27,475
5.75%, 9/30/49		60,000		43,725
(Cost $235,647)				226,716
Sri Lanka — 0.9%
Sri Lanka Government International Bond
REGS, 6.85%, 3/14/24 *(b)		15,000		7,725
REGS, 7.55%, 3/28/30 *(b)		100,000		50,467
(Cost $89,006)				58,192

	Principal Amount		Value
Trinidad and Tobago — 0.4%
Trinidad & Tobago Government International Bond, REGS, 4.50%, 8/4/26 (Cost $28,632)	$	28,000	$	27,272
Turkey — 4.1%
Turkiye Government International Bond 7.375%, 2/5/25		30,000		30,412
4.75%, 1/26/26		26,000		24,830
4.25%, 4/14/26		42,000		39,467
4.875%, 10/9/26		38,000		35,811
9.875%, 1/15/28		10,000		10,775
5.125%, 2/17/28		10,000		9,200
6.125%, 10/24/28		38,000		35,910
5.25%, 3/13/30		10,000		8,694
6.875%, 3/17/36		20,000		17,763
6.00%, 1/14/41		10,000		7,713
4.875%, 4/16/43		20,000		13,200
6.625%, 2/17/45		24,000		19,200
5.75%, 5/11/47		23,000		16,316
(Cost $267,567)				269,291
Ukraine — 0.9%
Ukraine Government International Bond REGS, 7.75%, 9/1/29 *		150,000		42,323
144A, 9.75%, 11/1/30 *		60,000		17,460
(Cost $162,141)				59,783
United Arab Emirates — 2.5%
Abu Dhabi Government International Bond, REGS, 4.125%, 10/11/47 (Cost $244,084)		200,000		162,000
Uruguay — 3.7%
Uruguay Government International Bond 4.375%, 10/27/27		20,000		20,032
4.375%, 1/23/31		46,000		44,676
7.875%, 1/15/33		27,000		31,927
7.625%, 3/21/36		20,000		23,890
4.125%, 11/20/45		17,000		14,588
5.10%, 6/18/50		63,000		59,299
4.975%, 4/20/55		50,000		45,633
(Cost $302,611)				240,045
TOTAL SOVEREIGN BONDS (Cost $7,547,759)				6,432,878
	Number of Shares
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c) (Cost $40,915)		40,915		40,915
TOTAL INVESTMENTS — 98.5%
(Cost $7,588,674)			$	6,473,793
Other assets and liabilities, net — 1.5%				98,698
NET ASSETS — 100.0%			$	6,572,491

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (Continued)

November 30, 2023 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c)
		29,514		416,098		(404,697	)		—		—		1,189		—		40,915		40,915

* Non-income producing security.

(a) Security is a “step-up” bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date.

(b) Defaulted security or security for which income has been deemed uncollectible.

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

GMTN: Global Medium Term Note

MTN: Medium Term Note

PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.

REGS: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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.

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Sovereign Bonds (a)	$	—	$	6,432,878	$	—	$	6,432,878
Short-Term Investments (a)		40,915		—		—		40,915
TOTAL	$	40,915	$	6,432,878	$	—	$	6,473,793

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

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF

November 30, 2023 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 97.4%
Basic Materials — 5.9%
Chemicals — 3.3%
Ashland, Inc., 6.875%, 5/15/43	$	3,000	$	2,865
ASP Unifrax Holdings, Inc., 144A,5.25%, 9/30/28		5,000		3,450
Avient Corp., 144A,5.75%, 5/15/25		14,000		13,983
Axalta Coating Systems LLC, 144A,3.375%, 2/15/29		5,000		4,355
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A,4.75%, 6/15/27		5,000		4,745
Cerdia Finanz GmbH, 144A,10.50%, 2/15/27		5,000		5,081
Chemours Co., 144A,5.75%, 11/15/28		8,000		7,282
Consolidated Energy Finance SA, 144A,5.625%, 10/15/28		3,000		2,509
CVR Partners LP / CVR Nitrogen Finance Corp., 144A,6.125%, 6/15/28		4,000		3,678
Element Solutions, Inc., 144A,3.875%, 9/1/28		6,000		5,344
HB Fuller Co., 4.25%, 10/15/28		5,000		4,525
Illuminate Buyer LLC / Illuminate Holdings IV, Inc.,144A,9.00%, 7/1/28		5,000		4,737
INEOS Quattro Finance 2 PLC, 144A,3.375%, 1/15/26		7,000		6,677
Ingevity Corp.,144A, 3.875%, 11/1/28		5,000		4,286
Iris Holding, Inc., 144A,10.00%, 12/15/28		2,000		1,597
Methanex Corp., 5.65%, 12/1/44		5,000		4,074
NOVA Chemicals Corp. 144A,4.875%, 6/1/24		10,000		9,887
144A,5.25%, 6/1/27		9,000		8,122
REGS, 4.25%, 5/15/29		3,000		2,378
Nufarm Australia Ltd. / Nufarm Americas, Inc., 144A,5.00%, 1/27/30		5,000		4,437
Olympus Water US Holding Corp. 144A,9.75%, 11/15/28		12,000		12,360
144A,6.25%, 10/1/29		5,000		4,138
SCIH Salt Holdings, Inc. 144A,4.875%, 5/1/28		5,000		4,553
144A,6.625%, 5/1/29		3,000		2,663
SCIL IV LLC / SCIL USA Holdings LLC, 144A,5.375%, 11/1/26		7,000		6,580
SK Invictus Intermediate II SARL, 144A,5.00%, 10/30/29		5,000		4,067
SNF Group SACA, 144A,3.125%, 3/15/27		5,000		4,512
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 144A,5.125%, 4/1/29		3,000		1,185
Tronox, Inc., 144A,4.625%, 3/15/29		9,000		7,695

	Principal Amount		Value
Chemicals (Continued)
Valvoline, Inc., 144A,4.25%, 2/15/30	$	9,000	$	8,903
Vibrantz Technologies, Inc., 144A,9.00%, 2/15/30		5,000		3,862
WR Grace Holdings LLC 144A,4.875%, 6/15/27		7,000		6,709
144A,5.625%, 8/15/29		5,000		4,238
144A,7.375%, 3/1/31		3,000		2,923
(Cost $193,212)				178,400
Forest Products & Paper — 0.2%
Ahlstrom Holding 3 Oy, 144A,4.875%, 2/4/28		2,000		1,697
Domtar Corp., 144A,6.75%, 10/1/28		5,000		4,376
Glatfelter Corp., 144A,4.75%, 11/15/29		3,000		1,860
Mercer International, Inc., 5.125%, 2/1/29		5,000		4,181
(Cost $13,977)				12,114
Iron/Steel — 1.2%
ATI, Inc., 5.125%, 10/1/31		5,000		4,400
Big River Steel LLC / BRS Finance Corp., 144A,6.625%, 1/31/29		7,000		7,035
Carpenter Technology Corp., 6.375%, 7/15/28		5,000		4,956
Cleveland-Cliffs, Inc. 5.875%, 6/1/27		6,000		5,910
144A,6.75%, 4/15/30		6,000		5,835
Commercial Metals Co., 4.375%, 3/15/32		5,000		4,290
Mineral Resources Ltd. 144A,8.125%, 5/1/27		9,000		9,045
144A,8.00%, 11/1/27		9,000		9,014
144A,8.50%, 5/1/30		7,000		7,091
United States Steel Corp., 6.875%, 3/1/29		5,000		5,000
(Cost $63,491)				62,576
Mining — 1.2%
Arsenal AIC Parent LLC, 144A,8.00%, 10/1/30		9,000		9,225
Coeur Mining, Inc., 144A,5.125%, 2/15/29		2,000		1,720
Compass Minerals International, Inc., 144A,6.75%, 12/1/27		5,000		4,900
Constellium SE, 144A,3.75%, 4/15/29		3,000		2,627
Eldorado Gold Corp., 144A,6.25%, 9/1/29		5,000		4,517
FMG Resources August 2006 Pty Ltd. 144A,4.375%, 4/1/31		11,000		9,660
144A,6.125%, 4/15/32		12,000		11,625
Hudbay Minerals, Inc., 144A,6.125%, 4/1/29		5,000		4,756

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Mining (Continued)
JW Aluminum Continuous Cast Co., 144A,10.25%, 6/1/26	$	3,000	$	2,996
Kaiser Aluminum Corp., 144A, 4.50%, 6/1/31		7,000		5,696
Novelis Corp. 144A,4.75%, 1/30/30		5,000		4,569
144A,3.875%, 8/15/31		6,000		5,077
(Cost $73,100)				67,368
Communications — 14.5%
Advertising — 0.8%
Advantage Sales & Marketing, Inc., 144A,6.50%, 11/15/28		5,000		4,488
Clear Channel International BV, 144A,6.625%, 8/1/25		5,000		4,938
Clear Channel Outdoor Holdings, Inc. 144A,7.75%, 4/15/28		6,000		4,935
144A,7.50%, 6/1/29		10,000		7,927
CMG Media Corp., 144A,8.875%, 12/15/27		5,000		4,125
Lamar Media Corp., 3.75%, 2/15/28		5,000		4,621
Outfront Media Capital LLC / Outfront Media Capital Corp.,144A,5.00%, 8/15/27		12,000		11,339
Stagwell Global LLC, 144A,5.625%, 8/15/29		5,000		4,394
(Cost $53,442)				46,767
Internet — 1.8%
ANGI Group LLC, 144A,3.875%, 8/15/28		5,000		4,125
Arches Buyer, Inc., 144A,6.125%, 12/1/28		7,000		6,029
Cablevision Lightpath LLC, 144A,5.625%, 9/15/28		3,000		2,265
Cogent Communications Group, Inc., 144A,3.50%, 5/1/26		7,000		6,580
EquipmentShare.com, Inc., 144A,9.00%, 5/15/28		5,000		4,950
Gen Digital, Inc. 144A,5.00%, 4/15/25		8,000		7,942
144A,6.75%, 9/30/27		7,000		7,064
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A,5.25%, 12/1/27		5,000		4,869
144A,3.50%, 3/1/29		5,000		4,406
ION Trading Technologies SARL, 144A,5.75%, 5/15/28		5,000		4,256
Match Group Holdings II LLC, 144A,4.625%, 6/1/28		9,000		8,435
Millennium Escrow Corp., 144A,6.625%, 8/1/26		5,000		3,881
Newfold Digital Holdings Group, Inc. 144A,11.75%, 10/15/28		3,000		3,082
144A,6.00%, 2/15/29		3,000		2,074
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.,144A,4.75%, 4/30/27		5,000		4,588
Photo Holdings Merger Sub, Inc., 144A,8.50%, 10/1/26		4,000		1,700

	Principal Amount		Value
Internet (Continued)
Rakuten Group, Inc. 144A,6.25%, Perpetual (b)	$	7,000	$	4,655
144A,10.25%, 11/30/24		5,000		5,113
Uber Technologies, Inc., 144A,4.50%, 8/15/29		8,000		7,399
Ziff Davis, Inc., 144A,4.625%, 10/15/30		3,000		2,659
(Cost $104,101)				96,072
Media — 7.0%
AMC Networks, Inc. 4.75%, 8/1/25		6,000		5,709
4.25%, 2/15/29		5,000		3,500
Cable One, Inc., 144A,4.00%, 11/15/30		5,000		3,925
CCO Holdings LLC / CCO Holdings Capital Corp. 144A,5.125%, 5/1/27		10,000		9,565
144A,5.00%, 2/1/28		10,000		9,374
144A,6.375%, 9/1/29		5,000		4,837
144A,4.75%, 3/1/30		12,000		10,562
144A,4.50%, 8/15/30		5,000		4,304
144A,4.25%, 2/1/31		10,000		8,371
144A,4.75%, 2/1/32		5,000		4,206
4.50%, 5/1/32		12,000		9,900
144A,4.50%, 6/1/33		6,000		4,809
144A,4.25%, 1/15/34		4,000		3,140
CSC Holdings LLC 5.25%, 6/1/24		4,000		3,820
144A,5.50%, 4/15/27		7,000		6,197
144A,5.375%, 2/1/28		8,000		6,800
144A,6.50%, 2/1/29		9,000		7,627
144A,5.75%, 1/15/30		9,000		5,145
144A,4.625%, 12/1/30		10,000		5,500
144A,4.50%, 11/15/31		9,000		6,412
144A,5.00%, 11/15/31		9,000		5,093
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27		15,000		13,500
DISH DBS Corp. 5.875%, 11/15/24		10,000		8,801
7.75%, 7/1/26		16,000		9,566
144A,5.25%, 12/1/26		20,000		16,156
144A,5.75%, 12/1/28		14,000		10,500
DISH Network Corp., 144A,11.75%, 11/15/27		5,000		4,969
GCI LLC, 144A,4.75%, 10/15/28		3,000		2,695
Gray Escrow II, Inc., 144A,5.375%, 11/15/31		5,000		3,587
Gray Television, Inc. 144A,5.875%, 7/15/26		10,000		9,425
144A,4.75%, 10/15/30		5,000		3,594
iHeartCommunications, Inc. 6.375%, 5/1/26		4,000		3,425
8.375%, 5/1/27		7,000		4,917
144A,4.75%, 1/15/28		2,000		1,530

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Media (Continued)
LCPR Senior Secured Financing DAC, 144A,5.125%, 7/15/29	$	5,000	$	4,237
Liberty Interactive LLC, 8.25%, 2/1/30		2,000		830
McGraw-Hill Education, Inc., 144A,5.75%, 8/1/28		5,000		4,587
News Corp., 144A,3.875%, 5/15/29		6,000		5,325
Nexstar Media, Inc., 144A,5.625%, 7/15/27		10,000		9,520
Paramount Global, 6.375%, 3/30/62		5,000		4,044
Radiate Holdco LLC / Radiate Finance, Inc., 144A,6.50%, 9/15/28		6,000		2,855
Scripps Escrow II, Inc., 144A,5.375%, 1/15/31		5,000		3,475
Sinclair Television Group, Inc., 144A,5.50%, 3/1/30		4,000		2,970
Sirius XM Radio, Inc. 144A,5.00%, 8/1/27		8,000		7,650
144A,4.00%, 7/15/28		12,000		10,774
144A,5.50%, 7/1/29		8,000		7,450
144A,4.125%, 7/1/30		5,000		4,227
144A,3.875%, 9/1/31		3,000		2,432
TEGNA, Inc. 4.625%, 3/15/28		8,000		7,305
5.00%, 9/15/29		6,000		5,340
Univision Communications, Inc. 144A,6.625%, 6/1/27		12,000		11,887
144A,4.50%, 5/1/29		8,000		7,030
UPC Broadband Finco BV, 144A,4.875%, 7/15/31		5,000		4,269
UPC Holding BV, 144A,5.50%, 1/15/28		9,000		8,191
Urban One, Inc., 144A,7.375%, 2/1/28		3,000		2,561
Videotron Ltd., 144A,5.125%, 4/15/27		5,000		4,863
Virgin Media Finance PLC, 144A,5.00%, 7/15/30		8,000		6,720
Virgin Media Secured Finance PLC, 144A,5.50%, 5/15/29		9,000		8,483
Virgin Media Vendor Financing Notes IV DAC, 144A,5.00%, 7/15/28		5,000		4,513
VZ Secured Financing BV, 144A,5.00%, 1/15/32		13,000		10,790
Ziggo Bond Co. BV, 144A,6.00%, 1/15/27		5,000		4,763
Ziggo BV,144A,4.875%, 1/15/30		5,000		4,305
(Cost $445,560)				382,857
Telecommunications — 4.9%
Altice France Holding SA 144A,10.50%, 5/15/27		7,000		3,832
144A,6.00%, 2/15/28		8,000		3,311
Altice France SA 144A,8.125%, 2/1/27		14,000		12,154

	Principal Amount		Value
Telecommunications (Continued)
144A,5.50%, 1/15/28	$	10,000	$	7,702
144A,5.125%, 7/15/29		5,000		3,581
British Telecommunications PLC, 144A,4.875%, 11/23/81		5,000		4,125
CommScope Technologies LLC 144A,6.00%, 6/15/25		8,000		6,300
144A,5.00%, 3/15/27		5,000		2,175
CommScope, Inc. 144A,6.00%, 3/1/26		12,000		10,440
144A,8.25%, 3/1/27		5,000		2,512
144A,7.125%, 7/1/28		6,000		2,820
144A,4.75%, 9/1/29		9,000		5,726
Connect Finco SARL / Connect US Finco LLC, 144A,6.75%, 10/1/26		9,000		8,676
Consolidated Communications, Inc., 144A,6.50%, 10/1/28		7,000		5,810
Embarq Corp., 7.995%, 6/1/36		8,000		4,617
Frontier Communications Holdings LLC 144A,5.875%, 10/15/27		7,000		6,597
144A,6.75%, 5/1/29		6,000		5,099
144A,6.00%, 1/15/30		5,000		4,007
GoTo Group, Inc., 144A,5.50%, 9/1/27		5,000		2,978
Hughes Satellite Systems Corp., 5.25%, 8/1/26		8,000		6,860
Iliad Holding SASU, 144A,6.50%, 10/15/26		8,000		7,817
Intelsat Jackson Holdings SA, 144A,6.50%, 3/15/30		15,000		13,924
Level 3 Financing, Inc. 144A,4.625%, 9/15/27		12,000		6,480
144A,4.25%, 7/1/28		5,000		2,038
144A,3.625%, 1/15/29		7,000		2,590
144A,3.75%, 7/15/29		7,000		2,590
144A,3.875%, 11/15/29		2,000		1,538
144A,10.50%, 5/15/30		4,000		3,730
Ligado Networks LLC 144A, 15.50%, 11/1/23 PIK *(a)		4,952		1,046
144A, 17.50%, 5/1/24 PIK		5,437		122
Lumen Technologies, Inc., 144A,4.00%, 2/15/27		5,000		2,666
SoftBank Group Corp., REGS, 4.00%, 7/6/26		30,000		27,931
Telecom Italia Capital SA 6.375%, 11/15/33		8,000		7,524
6.00%, 9/30/34		5,000		4,563
7.20%, 7/18/36		5,000		4,880
7.721%, 6/4/38		5,000		5,012
Viasat, Inc. 144A,5.625%, 9/15/25		7,000		6,720
144A,6.50%, 7/15/28		4,000		3,060
144A,7.50%, 5/30/31		2,000		1,440
Viavi Solutions, Inc., 144A,3.75%, 10/1/29		4,000		3,280
Vmed O2 UK Financing I PLC 144A,4.25%, 1/31/31		8,000		6,740
144A,4.75%, 7/15/31		10,000		8,589

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Telecommunications (Continued)
Vodafone Group PLC 7.00%, 4/4/79	$	12,000	$	12,140
4.125%, 6/4/81		4,000		3,221
5.125%, 6/4/81		7,000		4,909
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A,7.75%, 8/15/28		10,000		8,293
Zayo Group Holdings, Inc., 144A,6.125%, 3/1/28		9,000		6,075
(Cost $339,064)				268,240
Consumer, Cyclical — 19.8%
Airlines — 1.3%
Air Canada, 144A,3.875%, 8/15/26		7,000		6,571
Allegiant Travel Co., 144A,7.25%, 8/15/27		4,000		3,810
American Airlines Inc/AAdvantage Loyalty IP Ltd. 144A,5.50%, 4/20/26		13,333		13,217
144A,5.75%, 4/20/29		10,000		9,638
American Airlines, Inc., 144A,11.75%, 7/15/25		5,000		5,481
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A,5.75%, 1/20/26		8,000		6,400
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.,144A,8.00%, 9/20/25		3,000		2,178
United Airlines Holdings, Inc., 4.875%, 1/15/25		18,000		17,687
VistaJet Malta Finance PLC / Vista Management Holding, Inc. 144A,9.50%, 6/1/28		5,000		4,146
144A,6.375%, 2/1/30		5,000		3,563
(Cost $77,368)				72,691
Apparel — 0.1%
Hanesbrands, Inc., 144A,4.875%, 5/15/26		5,000		4,706
Wolverine World Wide, Inc., 144A,4.00%, 8/15/29		5,000		3,850
(Cost $9,172)				8,556
Auto Manufacturers — 0.6%
Allison Transmission, Inc., 144A,5.875%, 6/1/29		7,000		6,789
Aston Martin Capital Holdings Ltd., 144A,10.50%, 11/30/25		7,000		7,026
Jaguar Land Rover Automotive PLC, 144A,4.50%, 10/1/27		6,000		5,555
Mclaren Finance PLC, 144A,7.50%, 8/1/26		6,000		5,160
PM General Purchaser LLC, 144A,9.50%, 10/1/28		5,000		4,938
Wabash National Corp., 144A,4.50%, 10/15/28		2,000		1,715
(Cost $32,317)				31,183

	Principal Amount		Value
Auto Parts & Equipment — 2.1%
Adient Global Holdings Ltd. 144A,4.875%, 8/15/26	$	9,000	$	8,710
144A,8.25%, 4/15/31		4,000		4,073
American Axle & Manufacturing, Inc., 6.50%, 4/1/27		14,000		13,370
Clarios Global LP / Clarios US Finance Co., 144A,8.50%, 5/15/27		18,000		18,180
Cooper-Standard Automotive, Inc., 144A 5.625%, 5/15/27, 5.625% Cash or 10.625% PIK, PIK		5,203		4,006
Dana, Inc., 5.375%, 11/15/27		12,000		11,475
Dornoch Debt Merger Sub, Inc., 144A,6.625%, 10/15/29		5,000		4,300
Goodyear Tire & Rubber Co. 5.00%, 5/31/26		5,000		4,856
5.25%, 4/30/31		5,000		4,401
5.625%, 4/30/33		5,000		4,304
Real Hero Merger Sub 2, Inc., 144A,6.25%, 2/1/29		3,000		2,449
Tenneco, Inc., 144A,8.00%, 11/17/28		12,000		9,915
Titan International, Inc., 7.00%, 4/30/28		5,000		4,838
ZF North America Capital, Inc. 144A,4.75%, 4/29/25		14,000		13,773
144A,7.125%, 4/14/30		7,000		7,166
(Cost $118,755)				115,816
Distribution/Wholesale — 0.8%
American Builders & Contractors Supply Co., Inc.,144A,4.00%, 1/15/28		5,000		4,625
BCPE Empire Holdings, Inc., 144A,7.625%, 5/1/27		6,000		5,760
G-III Apparel Group Ltd., 144A,7.875%, 8/15/25		5,000		5,000
H&E Equipment Services, Inc., 144A,3.875%, 12/15/28		5,000		4,437
OPENLANE, Inc., 144A,5.125%, 6/1/25		5,000		4,875
Ritchie Bros Holdings, Inc., 144A,6.75%, 3/15/28		12,000		12,252
Wesco Aircraft Holdings, Inc., 144A,9.00%, 11/15/26 (a)		2		0
Windsor Holdings III LLC, 144A,8.50%, 6/15/30		5,000		5,150
(Cost $43,321)				42,099
Entertainment — 2.6%
Allen Media LLC / Allen Media Co.-Issuer, Inc., 144A,10.50%, 2/15/28		4,000		2,080
AMC Entertainment Holdings, Inc., 144A,7.50%, 2/15/29		4,000		2,740
Caesars Entertainment, Inc. 144A,6.25%, 7/1/25		10,000		9,962
144A,8.125%, 7/1/27		10,000		10,213
144A,4.625%, 10/15/29		4,000		3,535

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Entertainment (Continued)
CDI Escrow Issuer, Inc., 144A,5.75%, 4/1/30	$	6,000	$	5,640
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 4/15/27		5,000		4,850
Churchill Downs, Inc., 144A,4.75%, 1/15/28		5,000		4,675
Cinemark USA, Inc., 144A,5.25%, 7/15/28		5,000		4,550
International Game Technology PLC 144A,6.50%, 2/15/25		9,000		9,034
144A,4.125%, 4/15/26		5,000		4,794
144A,6.25%, 1/15/27		9,000		9,001
Jacobs Entertainment, Inc., 144A,6.75%, 2/15/29		3,000		2,700
Light & Wonder International, Inc., 144A,7.25%, 11/15/29		10,000		10,075
Lions Gate Capital Holdings LLC, 144A,5.50%, 4/15/29		2,000		1,280
Merlin Entertainments Ltd., 144A,5.75%, 6/15/26		9,000		8,820
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A,4.875%, 5/1/29		4,000		3,590
Mohegan Tribal Gaming Authority, 144A,8.00%, 2/1/26		4,000		3,765
Penn Entertainment, Inc., 144A,5.625%, 1/15/27		6,000		5,721
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 144A,5.625%, 9/1/29		5,000		3,628
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A,4.625%, 4/16/29		10,000		8,400
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 144A,6.625%, 3/1/30		5,000		4,500
Six Flags Entertainment Corp., 144A,7.25%, 5/15/31		4,000		3,857
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A,4.875%, 11/1/27		7,000		6,419
WMG Acquisition Corp., 144A,3.00%, 2/15/31		5,000		4,157
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 144A,5.125%, 10/1/29		6,000		5,430
(Cost $153,759)				143,416
Food Service — 0.3%
Aramark Services, Inc. 144A,5.00%, 4/1/25		5,000		4,981
144A,5.00%, 2/1/28		7,000		6,641
TKC Holdings, Inc., 144A,10.50%, 5/15/29		4,000		3,500
(Cost $16,114)				15,122
Home Builders — 1.3%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A,4.625%, 4/1/30		5,000		4,200
Beazer Homes USA, Inc., 5.875%, 10/15/27		5,000		4,706

	Principal Amount		Value
Home Builders (Continued)
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A,4.875%, 2/15/30	$	6,000	$	5,127
Century Communities, Inc. 6.75%, 6/1/27		5,000		5,012
144A,3.875%, 8/15/29		5,000		4,350
Forestar Group, Inc., 144A,3.85%, 5/15/26		5,000		4,687
KB Home, 4.00%, 6/15/31		6,000		5,107
M/I Homes, Inc., 4.95%, 2/1/28		5,000		4,763
Mattamy Group Corp., 144A,5.25%, 12/15/27		5,000		4,700
Meritage Homes Corp., 6.00%, 6/1/25		3,000		2,985
Taylor Morrison Communities, Inc., 144A,5.75%, 1/15/28		12,000		11,700
Thor Industries, Inc., 144A,4.00%, 10/15/29		5,000		4,319
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24		9,000		8,989
(Cost $73,154)				70,645
Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A,3.875%, 10/15/31
(Cost $7,014)		7,000		5,635
Housewares — 0.7%
CD&R Smokey Buyer, Inc., 144A,6.75%, 7/15/25		5,000		4,869
Newell Brands, Inc. 5.20%, 4/1/26		16,000		15,472
6.375%, 4/1/36		2,000		1,770
6.50%, 4/1/46		5,000		4,012
Scotts Miracle-Gro Co. 5.25%, 12/15/26		4,000		3,850
4.00%, 4/1/31		5,000		4,038
SWF Escrow Issuer Corp., 144A,6.50%, 10/1/29		3,000		1,897
(Cost $40,619)				35,908
Leisure Time — 2.3%
Carnival Corp. 144A,5.75%, 3/1/27		14,000		13,405
144A,9.875%, 8/1/27		14,000		14,654
144A,7.00%, 8/15/29		8,000		8,154
144A,10.50%, 6/1/30		6,000		6,412
ClubCorp Holdings, Inc., 144A,8.50%, 9/15/25		3,000		2,647
Life Time, Inc., 144A,5.75%, 1/15/26		6,000		5,910
MajorDrive Holdings IV LLC, 144A,6.375%, 6/1/29		5,000		4,261
NCL Corp. Ltd. 144A,3.625%, 12/15/24		11,000		10,684
144A,5.875%, 3/15/26		12,000		11,430

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Leisure Time (Continued)
144A,8.125%, 1/15/29	$	5,000	$	5,081
144A,7.75%, 2/15/29		4,000		3,820
Royal Caribbean Cruises Ltd. 144A,5.50%, 8/31/26		7,000		6,824
144A,5.375%, 7/15/27		12,000		11,580
3.70%, 3/15/28		7,000		6,268
144A,5.50%, 4/1/28		6,000		5,745
Viking Cruises Ltd., 144A,5.875%, 9/15/27		7,000		6,633
(Cost $119,085)				123,508
Lodging — 1.8%
Boyd Gaming Corp., 144A,4.75%, 6/15/31		5,000		4,456
Hilton Domestic Operating Co., Inc. 144A,5.75%, 5/1/28		9,000		8,876
4.875%, 1/15/30		9,000		8,483
144A,4.00%, 5/1/31		7,000		6,181
144A,3.625%, 2/15/32		5,000		4,225
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A,5.00%, 6/1/29		12,000		10,620
Las Vegas Sands Corp. 3.20%, 8/8/24		7,000		6,844
3.90%, 8/8/29		9,000		8,040
MGM Resorts International 5.50%, 4/15/27		5,000		4,857
4.75%, 10/15/28		5,000		4,650
Station Casinos LLC, 144A,4.50%, 2/15/28		7,000		6,370
Travel + Leisure Co., 6.00%, 4/1/27		18,000		17,550
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A,5.50%, 3/1/25		9,000		8,905
(Cost $102,572)				100,057
Office Furnishings — 0.1%
Steelcase, Inc., 5.125%, 1/18/29
(Cost $4,842)		5,000		4,569
Retail — 5.7%
1011778 BC ULC / New Red Finance, Inc. 144A,3.875%, 1/15/28		20,000		18,510
144A,4.00%, 10/15/30		20,000		17,300
Advance Auto Parts, Inc., 3.90%, 4/15/30		8,000		6,696
Asbury Automotive Group, Inc., 144A,4.625%, 11/15/29		14,000		12,629
At Home Group, Inc. 144A, 7.125%, 5/12/28, 7.125% Cash or 10.625% PIK PIK		3,000		1,080
144A,4.875%, 7/15/28		2,000		620
Bath & Body Works, Inc. 144A,6.625%, 10/1/30		16,000		15,920
6.875%, 11/1/35		7,000		6,634
Beacon Roofing Supply, Inc., 144A,4.125%, 5/15/29		7,000		6,142

	Principal Amount		Value
Retail (Continued)
Brinker International, Inc., 144A,5.00%, 10/1/24	$	12,000	$	11,835
eG Global Finance PLC, 144A,12.00%, 11/30/28		5,000		5,200
Evergreen Acqco 1 LP / TVI, Inc., 144A,9.75%, 4/26/28		4,000		4,170
Ferrellgas LP / Ferrellgas Finance Corp., 144A,5.875%, 4/1/29		5,000		4,628
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A,4.625%, 1/15/29		7,000		6,230
144A,6.75%, 1/15/30		5,000		4,244
FirstCash, Inc., 144A,5.625%, 1/1/30		5,000		4,686
Foot Locker, Inc., 144A,4.00%, 10/1/29		5,000		4,044
Gap, Inc., 144A,3.625%, 10/1/29		5,000		4,125
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 144A,7.00%, 8/15/28		4,000		2,840
Group 1 Automotive, Inc., 144A,4.00%, 8/15/28		5,000		4,520
IRB Holding Corp.,144A,7.00%, 6/15/25		5,000		5,025
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A,4.75%, 6/1/27		7,000		6,851
Kohl’s Corp., 5.55%, 7/17/45		5,000		3,119
LBM Acquisition LLC, 144A,6.25%, 1/15/29		5,000		4,226
LCM Investments Holdings II LLC, 144A,4.875%, 5/1/29		10,000		8,750
Lithia Motors, Inc., 144A,4.375%, 1/15/31		6,000		5,200
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 144A,7.75%, 2/15/26		8,000		7,500
Macy’s Retail Holdings LLC 144A,5.875%, 3/15/30		5,000		4,537
4.50%, 12/15/34		5,000		3,781
Michaels Cos., Inc., 144A,7.875%, 5/1/29		11,000		6,270
Murphy Oil USA, Inc., 144A,3.75%, 2/15/31		5,000		4,263
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A,7.125%, 4/1/26		7,000		6,580
Nordstrom, Inc., 4.375%, 4/1/30		8,000		6,682
Park River Holdings, Inc., 144A,6.75%, 8/1/29		5,000		3,863
Penske Automotive Group, Inc., 3.50%, 9/1/25		5,000		4,825
PetSmart, Inc. / PetSmart Finance Corp. 144A,4.75%, 2/15/28		4,000		3,660
144A,7.75%, 2/15/29		6,000		5,685
QVC, Inc. 4.45%, 2/15/25		13,000		12,155
4.75%, 2/15/27		4,000		3,100

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Retail (Continued)
Rite Aid Corp., 144A,8.00%, 11/15/26 (a)	$	4,000	$	3,040
Sally Holdings LLC / Sally Capital, Inc., 5.625%, 12/1/25		5,000		4,933
Sonic Automotive, Inc. 144A,4.625%, 11/15/29		5,000		4,388
144A,4.875%, 11/15/31		4,000		3,381
Specialty Building Products Holdings LLC / SBP Finance Corp., 144A,6.375%, 9/30/26		4,000		3,886
SRS Distribution, Inc. 144A,6.125%, 7/1/29		2,000		1,780
144A,6.00%, 12/1/29		5,000		4,400
Staples, Inc., 144A,7.50%, 4/15/26		12,000		10,680
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A,5.00%, 6/1/31		5,000		4,450
Superior Plus LP / Superior General Partner, Inc., 144A,4.50%, 3/15/29		5,000		4,431
White Cap Buyer LLC, 144A,6.875%, 10/15/28		6,000		5,505
Yum! Brands, Inc. 144A,4.75%, 1/15/30		5,000		4,657
3.625%, 3/15/31		5,000		4,294
5.35%, 11/1/43		5,000		4,606
(Cost $332,305)				312,556
Consumer, Non-cyclical — 13.6%
Agriculture — 0.1%
Darling Ingredients, Inc. 144A,5.25%, 4/15/27		4,000		3,910
144A,6.00%, 6/15/30		4,000		3,880
(Cost $8,165)				7,790
Beverages — 0.1%
Primo Water Holdings, Inc., 144A,4.375%, 4/30/29		4,000		3,580
Triton Water Holdings, Inc., 144A,6.25%, 4/1/29		5,000		4,306
(Cost $8,878)				7,886
Commercial Services — 5.3%
ADT Security Corp., 144A,4.125%, 8/1/29		5,000		4,451
Adtalem Global Education, Inc., 144A,5.50%, 3/1/28		5,000		4,722
Albion Financing 2 SARL, 144A,8.75%, 4/15/27		5,000		4,775
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A,6.625%, 7/15/26		6,000		5,844
144A,9.75%, 7/15/27		7,000		6,457
144A,6.00%, 6/1/29		7,000		5,320
AMN Healthcare, Inc., 144A,4.625%, 10/1/27		9,000		8,415
APi Group DE, Inc., 144A,4.125%, 7/15/29		5,000		4,406

	Principal Amount		Value
Commercial Services (Continued)
APX Group, Inc., 144A,5.75%, 7/15/29	$	5,000	$	4,508
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A,4.75%, 4/1/28		5,000		4,564
144A,5.375%, 3/1/29		3,000		2,715
Block, Inc., 3.50%, 6/1/31		5,000		4,209
Brink’s Co., 144A,4.625%, 10/15/27		5,000		4,687
Cimpress PLC, 7.00%, 6/15/26		5,000		4,900
CoreLogic, Inc., 144A,4.50%, 5/1/28		6,000		5,048
Deluxe Corp., 144A,8.00%, 6/1/29		4,000		3,370
Garda World Security Corp. 144A,4.625%, 2/15/27		5,000		4,770
144A,6.00%, 6/1/29		4,000		3,360
Gartner, Inc. 144A,4.50%, 7/1/28		5,000		4,691
144A,3.75%, 10/1/30		7,000		6,117
GTCR W-2 Merger Sub LLC, 144A,7.50%, 1/15/31		12,000		12,255
Herc Holdings, Inc., 144A,5.50%, 7/15/27		9,000		8,782
Hertz Corp., 144A,5.00%, 12/1/29		3,000		2,310
Metis Merger Sub LLC, 144A,6.50%, 5/15/29		5,000		4,272
Mobius Merger Sub, Inc., 144A,9.00%, 6/1/30		2,000		1,905
MPH Acquisition Holdings LLC, 144A,5.75%, 11/1/28		6,000		4,674
Neptune Bidco US, Inc., 144A,9.29%, 4/15/29		15,000		14,063
NESCO Holdings II, Inc., 144A,5.50%, 4/15/29		5,000		4,520
Paysafe Finance PLC / Paysafe Holdings US Corp., 144A,4.00%, 6/15/29		5,000		4,146
PECF USS Intermediate Holding III Corp., 144A,8.00%, 11/15/29		4,000		1,890
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A,5.75%, 4/15/26		14,000		13,870
144A,3.375%, 8/31/27		9,000		8,156
144A,6.25%, 1/15/28		6,000		5,790
PROG Holdings, Inc., 144A,6.00%, 11/15/29		3,000		2,636
RR Donnelley & Sons Co., 144A,8.50%, 4/15/29		15,000		15,054
Sabre GLBL, Inc., 144A,8.625%, 6/1/27		4,000		3,375
Service Corp. International 4.625%, 12/15/27		5,000		4,756
4.00%, 5/15/31		10,000		8,588

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Commercial Services (Continued)
TriNet Group, Inc., 144A,3.50%, 3/1/29	$	5,000	$	4,375
United Rentals North America, Inc. 4.875%, 1/15/28		12,000		11,565
5.25%, 1/15/30		7,000		6,703
3.875%, 2/15/31		5,000		4,362
3.75%, 1/15/32		9,000		7,718
Verscend Escrow Corp., 144A,9.75%, 8/15/26		12,000		12,120
VT Topco, Inc., 144A,8.50%, 8/15/30		3,000		3,079
WASH Multifamily Acquisition, Inc., 144A,5.75%, 4/15/26		5,000		4,725
Williams Scotsman, Inc. 144A,6.125%, 6/15/25		8,000		7,983
144A,7.375%, 10/1/31		4,000		4,105
ZipRecruiter, Inc., 144A,5.00%, 1/15/30		5,000		4,250
(Cost $305,042)				289,356
Cosmetics/Personal Care — 0.3%
Coty, Inc., 144A,6.50%, 4/15/26		5,000		5,000
Edgewell Personal Care Co. 144A,5.50%, 6/1/28		5,000		4,787
144A,4.125%, 4/1/29		5,000		4,419
(Cost $14,817)				14,206
Food — 1.4%
B&G Foods, Inc., 5.25%, 4/1/25		3,000		2,950
C&S Group Enterprises LLC, 144A,5.00%, 12/15/28		2,000		1,612
Chobani LLC / Chobani Finance Corp., Inc., 144A,4.625%, 11/15/28		5,000		4,550
Ingles Markets, Inc., 144A,4.00%, 6/15/31		5,000		4,212
Lamb Weston Holdings, Inc., 144A,4.125%, 1/31/30		9,000		8,080
Performance Food Group, Inc. 144A,5.50%, 10/15/27		7,000		6,790
144A,4.25%, 8/1/29		7,000		6,282
Post Holdings, Inc. 144A,5.625%, 1/15/28		5,000		4,888
144A,5.50%, 12/15/29		6,000		5,668
144A,4.625%, 4/15/30		7,000		6,265
144A,4.50%, 9/15/31		4,000		3,496
Sigma Holdco BV, 144A,7.875%, 5/15/26		3,000		2,603
TreeHouse Foods, Inc., 4.00%, 9/1/28		2,000		1,718
United Natural Foods, Inc., 144A,6.75%, 10/15/28		3,000		2,303
US Foods, Inc. 144A,4.75%, 2/15/29		9,000		8,356
144A,7.25%, 1/15/32		6,000		6,130
(Cost $79,986)				75,903

	Principal Amount		Value
Healthcare-Products — 1.2%
Avantor Funding, Inc., 144A,4.625%, 7/15/28	$	12,000	$	11,286
Bausch & Lomb Escrow Corp., 144A,8.375%, 10/1/28		4,000		4,100
Embecta Corp., 144A,5.00%, 2/15/30		3,000		2,537
Hologic, Inc., 144A,3.25%, 2/15/29		7,000		6,184
Medline Borrower LP 144A,3.875%, 4/1/29		23,000		20,441
144A,5.25%, 10/1/29		14,000		12,691
Teleflex, Inc., 4.625%, 11/15/27		7,000		6,685
(Cost $70,359)				63,924
Healthcare-Services — 3.3%
Acadia Healthcare Co., Inc., 144A,5.00%, 4/15/29		5,000		4,675
AHP Health Partners, Inc., 144A,5.75%, 7/15/29		2,000		1,685
Air Methods Corp., 144A,8.00%, 5/15/25 *(a)		10,000		150
Akumin, Inc., 144A,7.00%, 11/1/25 *(a)		4,000		3,210
Catalent Pharma Solutions, Inc. 144A,5.00%, 7/15/27		5,000		4,734
144A,3.50%, 4/1/30		2,000		1,682
Charles River Laboratories International, Inc., 144A,4.00%, 3/15/31		5,000		4,369
CHS/Community Health Systems, Inc. 144A,8.00%, 3/15/26		1,000		967
144A,5.625%, 3/15/27		9,000		8,044
144A,6.875%, 4/1/28		2,000		1,030
144A,6.875%, 4/15/29		3,000		1,785
144A,6.125%, 4/1/30		5,000		2,825
144A,5.25%, 5/15/30		5,000		3,982
144A,4.75%, 2/15/31		5,000		3,694
DaVita, Inc. 144A,4.625%, 6/1/30		13,000		11,050
144A,3.75%, 2/15/31		5,000		3,925
Encompass Health Corp. 4.50%, 2/1/28		4,000		3,745
4.75%, 2/1/30		5,000		4,553
Global Medical Response, Inc., 144A,6.50%, 10/1/25		5,000		3,737
Heartland Dental LLC / Heartland Dental Finance Corp., 144A,8.50%, 5/1/26		5,000		4,694
IQVIA, Inc., 144A,5.00%, 5/15/27		18,000		17,448
LifePoint Health, Inc. 144A,9.875%, 8/15/30		5,000		4,888
144A,11.00%, 10/15/30		4,000		4,020
ModivCare Escrow Issuer, Inc., 144A,5.00%, 10/1/29		2,000		1,535
Molina Healthcare, Inc. 144A,4.375%, 6/15/28		5,000		4,643
144A,3.875%, 11/15/30		3,000		2,610
144A,3.875%, 5/15/32		2,000		1,680

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Healthcare-Services (Continued)
Radiology Partners, Inc., 144A,9.25%, 2/1/28	$	3,000	$	1,425
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A,9.75%, 12/1/26		10,000		9,719
Select Medical Corp., 144A,6.25%, 8/15/26		7,000		6,967
Star Parent, Inc., 144A,9.00%, 10/1/30		3,000		3,123
Team Health Holdings, Inc., 144A,6.375%, 2/1/25		5,000		4,225
Tenet Healthcare Corp. 4.875%, 1/1/26		9,000		8,854
5.125%, 11/1/27		5,000		4,807
6.125%, 10/1/28		7,000		6,797
4.25%, 6/1/29		7,000		6,283
4.375%, 1/15/30		7,000		6,271
6.125%, 6/15/30		7,000		6,855
Toledo Hospital, 6.015%, 11/15/48		4,000		3,024
US Acute Care Solutions LLC, 144A,6.375%, 3/1/26		2,000		1,570
(Cost $202,343)				181,280
Household Products/Wares — 0.3%
ACCO Brands Corp., 144A,4.25%, 3/15/29		5,000		4,331
Central Garden & Pet Co., 4.125%, 10/15/30		5,000		4,281
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A,5.00%, 12/31/26		5,000		4,775
Spectrum Brands, Inc., 144A,3.875%, 3/15/31		5,000		4,300
(Cost $19,090)				17,687
Pharmaceuticals — 1.6%
AdaptHealth LLC, 144A,5.125%, 3/1/30		4,000		3,190
Bausch Health Cos., Inc. 144A,6.125%, 2/1/27		9,000		5,062
144A,4.875%, 6/1/28		6,000		3,086
144A,11.00%, 9/30/28		12,000		7,560
BellRing Brands, Inc., 144A,7.00%, 3/15/30		5,000		5,105
Elanco Animal Health, Inc., 6.65%, 8/28/28		5,000		5,019
Grifols SA, 144A,4.75%, 10/15/28		5,000		4,442
HLF Financing Sarl LLC / Herbalife International, Inc., 144A,4.875%, 6/1/29		6,000		4,297
Jazz Securities DAC, 144A,4.375%, 1/15/29		7,000		6,312
Option Care Health, Inc., 144A,4.375%, 10/31/29		3,000		2,651
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A,4.125%, 4/30/28		5,000		4,463
144A,5.125%, 4/30/31		14,000		11,095

	Principal Amount		Value
Pharmaceuticals (Continued)
Owens & Minor, Inc., 144A,4.50%, 3/31/29	$	5,000	$	4,306
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		10,000		9,625
4.65%, 6/15/30		5,000		4,488
Prestige Brands, Inc., 144A,5.125%, 1/15/28		5,000		4,800
(Cost $106,298)				85,501
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena International SA, 144A,6.125%, 2/1/25
(Cost $6,999)		7,000		6,965
Energy — 12.8%
Coal — 0.1%
Conuma Resources Ltd., 144A,13.125%, 5/1/28		2,000		1,915
SunCoke Energy, Inc., 144A,4.875%, 6/30/29		3,000		2,615
(Cost $4,482)				4,530
Energy-Alternate Sources — 0.2%
Enviva Partners LP / Enviva Partners Finance Corp., 144A,6.50%, 1/15/26		3,000		1,537
Sunnova Energy Corp., 144A,5.875%, 9/1/26		5,000		4,063
TerraForm Power Operating LLC, 144A,4.75%, 1/15/30		8,000		7,220
(Cost $14,190)				12,820
Oil & Gas — 6.4%
Aethon United BR LP / Aethon United Finance Corp., 144A,8.25%, 2/15/26		5,000		5,058
Antero Resources Corp., 144A,7.625%, 2/1/29		11,000		11,330
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A,7.00%, 11/1/26		10,000		9,887
Callon Petroleum Co. 144A,8.00%, 8/1/28		5,000		5,100
144A,7.50%, 6/15/30		5,000		4,956
Calumet Specialty Products Partners LP / Calumet Finance Corp. 144A,11.00%, 4/15/25		3,000		3,045
144A,9.75%, 7/15/28		5,000		4,845
Chesapeake Energy Corp., 144A,6.75%, 4/15/29		14,000		14,025
CITGO Petroleum Corp., 144A,8.375%, 1/15/29		6,000		6,045
Civitas Resources, Inc. 144A,8.375%, 7/1/28		12,000		12,321
144A,8.75%, 7/1/31		7,000		7,251
CNX Resources Corp. 144A,7.25%, 3/14/27		2,000		1,998
144A,6.00%, 1/15/29		7,000		6,702
Comstock Resources, Inc., 144A,6.75%, 3/1/29		6,000		5,537

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Crescent Energy Finance LLC, 144A,7.25%, 5/1/26	$	7,000	$	6,983
CrownRock LP / CrownRock Finance, Inc., 144A,5.625%, 10/15/25		6,000		5,970
CVR Energy, Inc., 144A,5.25%, 2/15/25		5,000		4,962
Encino Acquisition Partners Holdings LLC, 144A,8.50%, 5/1/28		5,000		4,883
Endeavor Energy Resources LP / EER Finance, Inc., 144A,5.75%, 1/30/28		5,000		4,900
Ensign Drilling, Inc., 144A,9.25%, 4/15/24		5,000		5,005
Gulfport Energy Corp., 8.00%, 5/17/26		7,000		7,097
Hilcorp Energy I LP / Hilcorp Finance Co., 144A,5.75%, 2/1/29		9,000		8,477
Ithaca Energy North Sea PLC, 144A,9.00%, 7/15/26		5,000		4,859
Matador Resources Co., 5.875%, 9/15/26		5,000		4,948
Moss Creek Resources Holdings, Inc., 144A,7.50%, 1/15/26		5,000		4,906
Murphy Oil Corp., 5.875%, 12/1/42		4,000		3,426
Nabors Industries Ltd. 144A,7.25%, 1/15/26		5,000		4,788
144A,7.50%, 1/15/28		6,000		5,355
Nabors Industries, Inc., 144A,7.375%, 5/15/27		5,000		4,859
Noble Finance II LLC, 144A,8.00%, 4/15/30		4,000		4,112
Northern Oil and Gas, Inc., 144A,8.125%, 3/1/28		5,000		5,105
Occidental Petroleum Corp., 5.875%, 9/1/25		5,000		5,017
Parkland Corp. 144A,5.875%, 7/15/27		5,000		4,915
144A,4.625%, 5/1/30		12,000		10,730
Patterson-UTI Energy, Inc., 3.95%, 2/1/28		5,000		4,577
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28		5,000		4,828
Permian Resources Operating LLC, 144A,8.00%, 4/15/27		5,000		5,112
Precision Drilling Corp., 144A,7.125%, 1/15/26		10,000		9,999
Range Resources Corp., 4.875%, 5/15/25		12,000		11,834
Rockcliff Energy II LLC, 144A,5.50%, 10/15/29		5,000		4,669
Seadrill Finance Ltd., 144A,8.375%, 8/1/30		4,000		4,105
SM Energy Co., 6.50%, 7/15/28		9,000		8,775
Southwestern Energy Co. 5.70%, 1/23/25		7,000		7,018
4.75%, 2/1/32		13,000		11,623

	Principal Amount		Value
Oil & Gas (Continued)
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27	$	5,000	$	4,996
4.50%, 5/15/29		5,000		4,575
Transocean Poseidon Ltd., 144A,6.875%, 2/1/27		5,250		5,211
Transocean, Inc. 144A,7.50%, 1/15/26		12,000		11,760
144A,8.75%, 2/15/30		4,750		4,853
6.80%, 3/15/38		7,000		5,408
Valaris Ltd., 144A,8.375%, 4/30/30		10,000		10,076
Vermilion Energy, Inc., 144A,6.875%, 5/1/30		5,000		4,775
Viper Energy, Inc., 144A,5.375%, 11/1/27		5,000		4,800
Vital Energy, Inc. 9.50%, 1/15/25		10,000		10,075
9.75%, 10/15/30		3,000		3,015
(Cost $349,049)				351,481
Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp., 144A,6.25%, 4/1/28		9,000		8,831
CGG SA, 144A,8.75%, 4/1/27		4,000		3,640
Enerflex Ltd., 144A,9.00%, 10/15/27		6,000		5,662
Nine Energy Service, Inc., 13.00%, 2/1/28		2,000		1,800
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26		5,000		4,980
Weatherford International Ltd., 144A,8.625%, 4/30/30		7,000		7,276
(Cost $33,009)				32,189
Pipelines — 5.5%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A,5.75%, 1/15/28		22,000		21,429
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A,7.625%, 12/15/25		7,000		7,105
Buckeye Partners LP 4.125%, 12/1/27		12,000		11,108
144A,4.50%, 3/1/28		10,000		9,175
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A,5.50%, 6/15/31		5,000		4,639
DT Midstream, Inc., 144A,4.375%, 6/15/31		10,000		8,825
Energy Transfer LP 5.75%, 4/1/25		7,000		7,004
144A,6.00%, 2/1/29		7,000		6,908
144A,7.375%, 2/1/31		5,000		5,165
EnLink Midstream LLC, 144A,6.50%, 9/1/30		7,000		7,079
EnLink Midstream Partners LP 4.15%, 6/1/25		6,000		5,891
5.60%, 4/1/44		9,000		7,812
5.45%, 6/1/47		5,000		4,200

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Pipelines (Continued)
EQM Midstream Partners LP 4.00%, 8/1/24	$	7,000	$	6,860
144A,6.50%, 7/1/27		7,000		7,011
144A,4.50%, 1/15/29		7,000		6,400
144A,4.75%, 1/15/31		7,000		6,247
6.50%, 7/15/48		5,000		4,650
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28		12,000		11,895
Global Partners LP / GLP Finance Corp., 7.00%, 8/1/27		7,000		6,764
Harvest Midstream I LP, 144A,7.50%, 9/1/28		7,000		6,912
Hess Midstream Operations LP, 144A,4.25%, 2/15/30		14,000		12,547
Holly Energy Partners LP / Holly Energy Finance Corp., 144A,5.00%, 2/1/28		7,000		6,540
Howard Midstream Energy Partners LLC, 144A,6.75%, 1/15/27		5,000		4,899
ITT Holdings LLC, 144A,6.50%, 8/1/29		9,000		7,898
Kinetik Holdings LP, 144A,5.875%, 6/15/30		5,000		4,796
New Fortress Energy, Inc. 144A,6.75%, 9/15/25		5,000		4,850
144A,6.50%, 9/30/26		5,000		4,757
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A,7.50%, 2/1/26		13,000		13,059
NuStar Logistics LP, 5.625%, 4/28/27		7,000		6,905
Rockies Express Pipeline LLC, 144A,4.95%, 7/15/29		9,000		8,319
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A,9.00%, 10/15/26		5,000		4,975
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A,7.50%, 10/1/25		5,000		5,041
144A,6.00%, 12/31/30		9,000		8,168
Venture Global Calcasieu Pass LLC 144A,4.125%, 8/15/31		5,000		4,338
144A,3.875%, 11/1/33		10,000		8,200
Venture Global LNG, Inc. 144A,8.125%, 6/1/28		14,000		13,847
144A,9.50%, 2/1/29		8,000		8,260
144A,8.375%, 6/1/31		10,000		9,850
(Cost $302,473)				300,328
Financial — 10.6%
Banks — 0.3%
First Republic Bank, 4.625%, 2/13/47 *		10,000		45
Freedom Mortgage Corp. 144A,7.625%, 5/1/26		7,000		6,737
144A,12.25%, 10/1/30		3,000		3,163

	Principal Amount		Value
Banks (Continued)
Intesa Sanpaolo SpA 144A,4.198%, 6/1/32	$	6,000	$	4,680
144A,4.95%, 6/1/42		5,000		3,313
(Cost $25,538)				17,938
Diversified Financial Services — 4.2%
AerCap Holdings NV, 5.875%, 10/10/79		5,000		4,847
AG Issuer LLC, 144A,6.25%, 3/1/28		5,000		4,862
AG TTMT Escrow Issuer LLC, 144A,8.625%, 9/30/27		5,000		5,181
Ally Financial, Inc., 6.70%, 2/14/33		5,000		4,652
Aretec Escrow Issuer, Inc., 144A,7.50%, 4/1/29		5,000		4,246
Armor Holdco, Inc., 144A,8.50%, 11/15/29		2,000		1,810
Burford Capital Global Finance LLC 144A,6.25%, 4/15/28		5,000		4,775
144A,6.875%, 4/15/30		2,000		1,890
Castlelake Aviation Finance DAC, 144A,5.00%, 4/15/27		3,000		2,782
Cobra AcquisitionCo LLC, 144A,6.375%, 11/1/29		4,000		3,000
Curo Group Holdings Corp., 144A,7.50%, 8/1/28		4,000		1,420
GGAM Finance Ltd., 144A,8.00%, 6/15/28		4,000		4,040
Global Aircraft Leasing Co. Ltd., 144A,6.50%, 9/15/24, 6.50% Cash or 7.25% PIK, PIK		7,000		6,562
GN Bondco LLC, 144A,9.50%, 10/15/31		3,000		2,865
goeasy Ltd. 144A,5.375%, 12/1/24		12,000		12,045
144A,9.25%, 12/1/28		4,000		4,119
Jane Street Group / JSG Finance, Inc., 144A,4.50%, 11/15/29		2,000		1,800
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A,5.00%, 8/15/28		5,000		4,287
LD Holdings Group LLC, 144A,6.125%, 4/1/28		5,000		3,559
Macquarie Airfinance Holdings Ltd., 144A,8.375%, 5/1/28		5,000		5,151
Midcap Financial Issuer Trust 144A,6.50%, 5/1/28		5,000		4,363
144A,5.625%, 1/15/30		3,000		2,430
Nationstar Mortgage Holdings, Inc. 144A,5.00%, 2/1/26		5,000		4,775
144A,6.00%, 1/15/27		9,000		8,798
144A,5.50%, 8/15/28		9,000		8,403
Navient Corp., MTN, , MTN, 8/1/33		7,000		5,459
NFP Corp. 144A,4.875%, 8/15/28		6,000		5,505
144A,6.875%, 8/15/28		11,000		9,818

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Diversified Financial Services (Continued)
OneMain Finance Corp. 6.875%, 3/15/25	$	15,000	$	15,149
7.125%, 3/15/26		5,000		5,050
3.875%, 9/15/28		8,000		6,890
5.375%, 11/15/29		7,000		6,336
4.00%, 9/15/30		6,000		4,898
Osaic Holdings, Inc., 144A,10.75%, 8/1/27		5,000		5,087
PennyMac Financial Services, Inc. 144A,4.25%, 2/15/29		5,000		4,350
144A,5.75%, 9/15/31		3,000		2,656
PRA Group, Inc., 144A,5.00%, 10/1/29		2,000		1,525
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A,2.875%, 10/15/26		8,000		7,270
144A,3.625%, 3/1/29		5,000		4,416
144A,3.875%, 3/1/31		6,000		5,077
144A,4.00%, 10/15/33		5,000		4,063
SLM Corp., 4.20%, 10/29/25		6,000		5,760
StoneX Group, Inc., 144A,8.625%, 6/15/25		5,000		5,037
Synchrony Financial, 7.25%, 2/2/33		4,000		3,731
United Wholesale Mortgage LLC 144A,5.75%, 6/15/27		5,000		4,738
144A,5.50%, 4/15/29		4,000		3,587
(Cost $236,160)				229,064
Insurance — 1.9%
Acrisure LLC / Acrisure Finance, Inc. 144A,7.00%, 11/15/25		15,000		14,812
144A,4.25%, 2/15/29		6,000		5,280
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A,4.25%, 10/15/27		6,000		5,590
144A,6.75%, 10/15/27		9,000		8,651
144A,5.875%, 11/1/29		5,000		4,532
AmWINS Group, Inc., 144A,4.875%, 6/30/29		4,000		3,620
AssuredPartners, Inc., 144A,5.625%, 1/15/29		5,000		4,462
BroadStreet Partners, Inc., 144A,5.875%, 4/15/29		4,000		3,640
Constellation Insurance, Inc., 144A,6.80%, 1/24/30		5,000		4,484
Genworth Holdings, Inc., 7.644%, 11/15/36		3,000		2,206
Global Atlantic Fin Co., 144A,4.70%, 10/15/51		4,000		3,325
HUB International Ltd. 144A,7.00%, 5/1/26		8,000		8,004
144A,7.25%, 6/15/30		15,000		15,300
Jones Deslauriers Insurance Management, Inc., 144A,10.50%, 12/15/30		4,000		4,160

	Principal Amount		Value
Insurance (Continued)
Liberty Mutual Group, Inc. 144A,7.80%, 3/15/37	$	3,000	$	2,940
144A,4.30%, 2/1/61		5,000		2,884
MBIA, Inc., 5.70%, 12/1/34		2,000		1,785
MGIC Investment Corp., 5.25%, 8/15/28		4,000		3,800
Ryan Specialty LLC, 144A,4.375%, 2/1/30		2,000		1,810
USI, Inc., 144A,6.875%, 5/1/25		2,000		1,995
(Cost $108,887)				103,280
Real Estate — 0.7%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A,7.00%, 4/15/30		5,600		4,865
Cushman & Wakefield US Borrower LLC, 144A,6.75%, 5/15/28		5,000		4,738
Five Point Operating Co. LP / Five Point Capital Corp., 144A,7.875%, 11/15/25		5,000		4,813
Howard Hughes Corp. 144A,5.375%, 8/1/28		3,000		2,816
144A,4.375%, 2/1/31		5,000		4,200
Hunt Cos., Inc., 144A,5.25%, 4/15/29		4,000		3,470
Kennedy-Wilson, Inc. 4.75%, 3/1/29		7,000		5,647
5.00%, 3/1/31		5,000		3,738
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A,5.75%, 1/15/29		4,000		2,880
(Cost $43,013)				37,167
Real Estate Investment Trusts — 2.9%
Apollo Commercial Real Estate Finance, Inc., 144A,4.625%, 6/15/29		2,000		1,635
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A,5.75%, 5/15/26		10,000		9,533
Diversified Healthcare Trust, 4.375%, 3/1/31		4,000		2,805
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A,3.75%, 12/15/27		2,000		1,635
HAT Holdings I LLC / HAT Holdings II LLC, 144A,3.75%, 9/15/30		5,000		3,969
Iron Mountain, Inc. 144A,4.875%, 9/15/27		5,000		4,750
144A,5.25%, 7/15/30		10,000		9,222
144A,4.50%, 2/15/31		6,000		5,205
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A,4.25%, 2/1/27		9,000		8,347
MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27		12,000		9,606
3.50%, 3/15/31		7,000		4,331
Office Properties Income Trust, 3.45%, 10/15/31		5,000		2,731

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A,7.50%, 6/1/25	$	5,000	$	5,037
144A,5.875%, 10/1/28		5,000		4,735
144A,4.875%, 5/15/29		5,000		4,457
RHP Hotel Properties LP / RHP Finance Corp., 144A,4.50%, 2/15/29		5,000		4,520
RLJ Lodging Trust LP, 144A,4.00%, 9/15/29		5,000		4,325
SBA Communications Corp. 3.875%, 2/15/27		12,000		11,310
3.125%, 2/1/29		12,000		10,469
Service Properties Trust 4.65%, 3/15/24		5,000		5,019
7.50%, 9/15/25		6,000		6,060
4.95%, 2/15/27		7,000		6,127
4.95%, 10/1/29		5,000		3,900
Starwood Property Trust, Inc. 144A,3.75%, 12/31/24		5,000		4,863
4.75%, 3/15/25		5,000		4,934
144A,4.375%, 1/15/27		2,000		1,840
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A,10.50%, 2/15/28		12,000		11,850
144A,4.75%, 4/15/28		3,000		2,490
144A,6.50%, 2/15/29		6,000		4,043
XHR LP, 144A,4.875%, 6/1/29		2,000		1,795
(Cost $179,158)				161,543
REITS — 0.2%
Brandywine Operating Partnership LP, 3.95%, 11/15/27		6,000		5,203
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A,4.50%, 9/30/28		6,000		4,889
(Cost $9,849)				10,092
Venture Capital — 0.4%
Compass Group Diversified Holdings LLC, 144A,5.25%, 4/15/29		8,000		7,328
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.25%, 5/15/26		9,000		8,539
5.25%, 5/15/27		5,000		4,539
(Cost $22,377)				20,406
Industrial — 13.3%
Aerospace/Defense — 2.5%
Bombardier, Inc. 144A,7.125%, 6/15/26		9,000		9,019
144A,7.875%, 4/15/27		9,000		9,045
144A,7.45%, 5/1/34		5,000		5,675
Howmet Aerospace, Inc. 6.875%, 5/1/25		9,000		9,124
3.00%, 1/15/29		5,000		4,412
5.95%, 2/1/37		5,000		4,925

	Principal Amount		Value
Aerospace/Defense (Continued)
Spirit AeroSystems, Inc. 4.60%, 6/15/28	$	5,000	$	4,280
144A,9.375%, 11/30/29		3,000		3,244
144A,9.75%, 11/15/30		12,000		12,636
TransDigm, Inc. 144A,6.25%, 3/15/26		20,000		19,894
7.50%, 3/15/27		12,000		12,045
144A,6.75%, 8/15/28		12,000		12,033
4.875%, 5/1/29		16,000		14,579
144A,6.875%, 12/15/30		9,000		9,034
Triumph Group, Inc., 7.75%, 8/15/25		6,000		5,886
(Cost $136,085)				135,831
Building Materials — 1.6%
ACProducts Holdings, Inc., 144A,6.375%, 5/15/29		3,000		1,883
Builders FirstSource, Inc. 144A,5.00%, 3/1/30		5,000		4,685
144A,4.25%, 2/1/32		7,000		6,037
Cornerstone Building Brands, Inc., 144A,6.125%, 1/15/29		4,000		3,150
CP Atlas Buyer, Inc., 144A,7.00%, 12/1/28		2,000		1,654
Emerald Debt Merger Sub LLC, 144A,6.625%, 12/15/30		13,000		12,984
Griffon Corp., 5.75%, 3/1/28		5,000		4,750
James Hardie International Finance DAC, 144A,5.00%, 1/15/28		7,000		6,598
JELD-WEN, Inc., 144A,4.875%, 12/15/27		3,000		2,782
Masonite International Corp., 144A,3.50%, 2/15/30		5,000		4,233
New Enterprise Stone & Lime Co., Inc., 144A,5.25%, 7/15/28		5,000		4,664
Oscar AcquisitionCo LLC / Oscar Finance, Inc., 144A,9.50%, 4/15/30		4,000		3,660
Smyrna Ready Mix Concrete LLC 144A,6.00%, 11/1/28		5,000		4,775
144A,8.875%, 11/15/31		5,000		5,081
Standard Industries, Inc. 144A,4.75%, 1/15/28		9,000		8,494
144A,4.375%, 7/15/30		8,000		7,032
144A,3.375%, 1/15/31		4,000		3,300
Summit Materials LLC / Summit Materials Finance Corp., 144A,5.25%, 1/15/29		5,000		4,678
(Cost $94,656)				90,440
Electrical Components & Equipment — 0.4%
Energizer Holdings, Inc., 144A,4.375%, 3/31/29		7,000		6,052
WESCO Distribution, Inc., 144A,7.25%, 6/15/28		18,000		18,382
(Cost $24,860)				24,434

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Electronics — 0.6%
Coherent Corp., 144A,5.00%, 12/15/29	$	5,000	$	4,562
Imola Merger Corp., 144A,4.75%, 5/15/29		9,000		8,188
Sensata Technologies BV, 144A,4.00%, 4/15/29		10,000		9,025
Sensata Technologies, Inc., 144A,3.75%, 2/15/31		9,000		7,630
TTM Technologies, Inc., 144A,4.00%, 3/1/29		6,000		5,342
(Cost $36,778)				34,747
Engineering & Construction — 0.5%
AECOM, 5.125%, 3/15/27		5,000		4,875
Artera Services LLC, 144A,9.033%, 12/4/25		5,000		4,600
Brand Industrial Services, Inc., 144A,10.375%, 8/1/30		6,000		6,215
Cellnex Finance Co. SA, 144A,3.875%, 7/7/41		6,000		4,427
Global Infrastructure Solutions, Inc., 144A,7.50%, 4/15/32		3,000		2,633
Railworks Holdings LP / Railworks Rally, Inc., 144A,8.25%, 11/15/28		2,000		1,980
TopBuild Corp.,144A,4.125%, 2/15/32		5,000		4,325
(Cost $31,978)				29,055
Environmental Control — 0.9%
Clean Harbors, Inc. 144A,4.875%, 7/15/27		5,000		4,825
144A,5.125%, 7/15/29		5,000		4,725
Covanta Holding Corp., 5.00%, 9/1/30		6,000		4,912
GFL Environmental, Inc. 144A,4.25%, 6/1/25		5,000		4,912
144A,3.75%, 8/1/25		5,000		4,844
144A,4.00%, 8/1/28		8,000		7,180
144A,3.50%, 9/1/28		5,000		4,492
144A,4.75%, 6/15/29		5,000		4,600
Madison IAQ LLC, 144A,5.875%, 6/30/29		9,000		7,549
(Cost $53,341)				48,039
Hand/Machine Tools — 0.1%
Werner FinCo LP / Werner FinCo, Inc., 144A,11.50%, 6/15/28
(Cost $4,016)		4,000		4,108
Machinery-Construction & Mining — 0.1%
Vertiv Group Corp., 144A,4.125%, 11/15/28
(Cost $4,909)		5,000		4,538
Machinery-Diversified — 0.7%
Chart Industries, Inc., 144A,9.50%, 1/1/31		7,000		7,489
GrafTech Finance, Inc., 144A,4.625%, 12/15/28		5,000		3,364

	Principal Amount		Value
Machinery-Diversified (Continued)
Mueller Water Products, Inc., 144A,4.00%, 6/15/29	$	5,000	$	4,437
SPX FLOW, Inc., 144A,8.75%, 4/1/30		5,000		4,800
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A,7.75%, 4/15/26		5,000		4,966
TK Elevator Holdco GmbH, 144A,7.625%, 7/15/28		5,000		4,763
TK Elevator US Newco, Inc., 144A,5.25%, 7/15/27		9,000		8,573
(Cost $37,821)				38,392
Metal Fabricate/Hardware — 0.2%
Advanced Drainage Systems, Inc., 144A,6.375%, 6/15/30		7,000		6,877
Roller Bearing Co. of America, Inc., 144A,4.375%, 10/15/29		5,000		4,496
(Cost $11,555)				11,373
Miscellaneous Manufacturing — 0.6%
Amsted Industries, Inc., 144A,5.625%, 7/1/27		5,000		4,787
Calderys Financing LLC, 144A,11.25%, 6/1/28		5,000		5,105
FXI Holdings, Inc., 144A,12.25%, 11/15/26		5,000		4,400
Gates Global LLC / Gates Corp., 144A,6.25%, 1/15/26		5,000		4,953
Hillenbrand, Inc. 5.75%, 6/15/25		7,000		6,948
3.75%, 3/1/31		2,000		1,664
LSB Industries, Inc., 144A,6.25%, 10/15/28		5,000		4,663
(Cost $33,245)				32,520
Packaging & Containers — 4.3%
ARD Finance SA, 144A,6.50%, 6/30/27, 6.50% Cash 7.25% PIK, PIK		5,000		2,606
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A,6.00%, 6/15/27		7,000		6,790
144A,4.00%, 9/1/29		7,000		5,600
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A,4.125%, 8/15/26		10,000		8,854
144A,5.25%, 8/15/27		7,000		5,180
144A,5.25%, 8/15/27		5,000		3,688
Ball Corp. 5.25%, 7/1/25		4,000		3,984
4.875%, 3/15/26		7,000		6,876
6.00%, 6/15/29		8,000		7,992
2.875%, 8/15/30		12,000		9,960
3.125%, 9/15/31		5,000		4,134
Berry Global, Inc., 144A,5.625%, 7/15/27		5,000		4,894
Cascades, Inc./Cascades USA, Inc., 144A,5.375%, 1/15/28		4,000		3,780

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Packaging & Containers (Continued)
Clearwater Paper Corp., 144A,4.75%, 8/15/28	$	5,000	$	4,489
Clydesdale Acquisition Holdings, Inc., 144A,8.75%, 4/15/30		7,000		6,300
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 9/30/26		9,000		8,651
Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		5,000		5,168
Graphic Packaging International LLC 4.125%, 8/15/24		20,000		19,750
144A,3.50%, 3/1/29		5,000		4,325
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A,6.00%, 9/15/28		5,000		4,532
LABL, Inc. 144A,6.75%, 7/15/26		7,000		6,650
144A,10.50%, 7/15/27		5,000		4,569
144A,8.25%, 11/1/29		4,000		3,230
Mauser Packaging Solutions Holding Co. 144A,7.875%, 8/15/26		12,000		11,910
144A,9.25%, 4/15/27		10,000		9,175
OI European Group BV, 144A,4.75%, 2/15/30		5,000		4,513
Owens-Brockway Glass Container, Inc., 144A,6.625%, 5/13/27		6,000		5,968
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 144A,4.375%, 10/15/28		7,000		6,396
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,4.00%, 10/15/27		9,000		8,303
Sealed Air Corp. 144A,5.50%, 9/15/25		12,000		11,940
144A,6.875%, 7/15/33		5,000		5,019
Sealed Air Corp./Sealed Air Corp., 144A,6.125%, 2/1/28		6,000		5,925
Trident TPI Holdings, Inc., 144A,12.75%, 12/31/28		4,000		4,240
TriMas Corp., 144A,4.125%, 4/15/29		5,000		4,375
Trivium Packaging Finance BV 144A,5.50%, 8/15/26		9,000		8,685
144A,8.50%, 8/15/27		5,000		4,569
(Cost $247,066)				233,020
Transportation — 0.5%
Cargo Aircraft Management, Inc., 144A,4.75%, 2/1/28		5,000		4,426
First Student Bidco, Inc. / First Transit Parent, Inc., 144A,4.00%, 7/31/29		5,000		4,338
Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 144A,10.75%, 7/1/25		5,000		4,903
Rand Parent LLC, 144A,8.50%, 2/15/30		5,000		4,725
Watco Cos. LLC / Watco Finance Corp., 144A,6.50%, 6/15/27		4,000		3,877

	Principal Amount		Value
Transportation (Continued)
XPO CNW, Inc., 6.70%, 5/1/34	$	3,000	$	2,995
(Cost $26,605)				25,264
Trucking & Leasing — 0.3%
AerCap Global Aviation Trust, 144A,6.50%, 6/15/45		5,000		5,012
Fortress Transportation and Infrastructure Investors LLC 144A,6.50%, 10/1/25		5,000		4,981
144A,5.50%, 5/1/28		5,000		4,706
(Cost $14,894)				14,699
Technology — 5.0%
Computers — 1.6%
Ahead DB Holdings LLC, 144A,6.625%, 5/1/28		2,000		1,727
ASGN, Inc., 144A,4.625%, 5/15/28		5,000		4,662
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 144A,6.00%, 11/1/29		4,000		3,380
Crowdstrike Holdings, Inc., 3.00%, 2/15/29		7,000		6,155
McAfee Corp., 144A,7.375%, 2/15/30		9,000		7,785
NCR Atleos Corp., 144A,9.50%, 4/1/29		7,000		7,240
NCR Voyix Corp. 144A,5.00%, 10/1/28		5,000		4,571
144A,5.125%, 4/15/29		9,000		8,291
Presidio Holdings, Inc., 144A,8.25%, 2/1/28		8,000		7,800
Seagate HDD Cayman 4.875%, 6/1/27		5,000		4,858
4.091%, 6/1/29		6,000		5,403
144A,9.625%, 12/1/32		7,000		7,875
5.75%, 12/1/34		5,000		4,600
Unisys Corp., 144A,6.875%, 11/1/27		5,000		4,218
Virtusa Corp., 144A,7.125%, 12/15/28		2,000		1,575
Western Digital Corp., 4.75%, 2/15/26		8,000		7,727
(Cost $92,881)				87,867
Office/Business Equipment — 0.3%
Pitney Bowes, Inc., 144A,6.875%, 3/15/27		6,000		5,370
Xerox Corp., 6.75%, 12/15/39		7,000		5,296
Xerox Holdings Corp., 144A,5.50%, 8/15/28		5,000		4,195
(Cost $17,416)				14,861

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Semiconductors — 0.5%
Amkor Technology, Inc., 144A,6.625%, 9/15/27	$	7,000	$	7,026
ams-OSRAM AG, 144A,12.25%, 3/30/29		4,000		4,089
Entegris Escrow Corp., 144A,5.95%, 6/15/30		5,000		4,856
Entegris, Inc., 144A,4.375%, 4/15/28		5,000		4,675
ON Semiconductor Corp., 144A,3.875%, 9/1/28		7,000		6,346
(Cost $28,411)				26,992
Software — 2.6%
AthenaHealth Group, Inc., 144A,6.50%, 2/15/30		13,000		11,297
Boxer Parent Co., Inc., 144A,9.125%, 3/1/26		5,000		5,025
Camelot Finance SA, 144A,4.50%, 11/1/26		7,000		6,676
Central Parent, Inc. / CDK Global, Inc., 144A,7.25%, 6/15/29		5,000		4,994
Clarivate Science Holdings Corp., 144A,4.875%, 7/1/29		9,000		8,073
Cloud Software Group, Inc. 144A,6.50%, 3/31/29		22,000		20,240
144A,9.00%, 9/30/29		22,000		19,910
Consensus Cloud Solutions, Inc., 144A,6.50%, 10/15/28		3,000		2,715
Fair Isaac Corp., 144A,4.00%, 6/15/28		9,000		8,325
Open Text Corp., 144A,3.875%, 12/1/29		10,000		8,800
Open Text Holdings, Inc., 144A,4.125%, 2/15/30		9,000		7,997
PTC, Inc., 144A,3.625%, 2/15/25		6,000		5,865
Rackspace Technology Global, Inc. 144A,3.50%, 2/15/28		3,000		1,290
144A,5.375%, 12/1/28		3,000		930
ROBLOX Corp., 144A,3.875%, 5/1/30		5,000		4,319
Rocket Software, Inc., 144A,6.50%, 2/15/29		3,000		2,445
SS&C Technologies, Inc., 144A,5.50%, 9/30/27		9,000		8,736
Twilio, Inc., 3.875%, 3/15/31		5,000		4,350
Veritas US, Inc. / Veritas Bermuda Ltd., 144A,7.50%, 9/1/25		10,000		7,800
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 144A,3.875%, 2/1/29		5,000		4,325
(Cost $154,954)				144,112
Utilities — 1.8%
Electric — 1.6%
Algonquin Power & Utilities Corp., 4.75%, 1/18/82		4,000		3,290

	Principal Amount		Value
Electric (Continued)
Atlantica Sustainable Infrastructure PLC, 144A,4.125%, 6/15/28	$	5,000	$	4,469
Calpine Corp. 144A,5.25%, 6/1/26		10,000		9,865
144A,5.125%, 3/15/28		7,000		6,621
144A,4.625%, 2/1/29		5,000		4,545
144A,5.00%, 2/1/31		5,000		4,434
144A,3.75%, 3/1/31		8,000		6,860
Clearway Energy Operating LLC 144A,4.75%, 3/15/28		9,000		8,444
144A,3.75%, 2/15/31		7,000		5,862
Edison International, 8.125%, 6/15/53		5,000		5,047
NextEra Energy Operating Partners LP, 144A,3.875%, 10/15/26		13,000		12,074
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A,4.50%, 8/15/28		6,000		5,497
PG&E Corp., 5.25%, 7/1/30		5,000		4,725
Pike Corp., 144A,5.50%, 9/1/28		5,000		4,579
(Cost $90,837)				86,312
Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.875%, 8/20/26
(Cost $8,598)		9,000		8,820
TOTAL CORPORATE BONDS (Cost $5,717,412)				5,322,915
	Number of Shares
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $6,105)		6,105		6,105
CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c) (Cost $75,146)		75,146		75,146
TOTAL INVESTMENTS — 98.9%
(Cost $5,798,663)			$	5,404,166
Other assets and liabilities, net (e) — 1.1%				61,180
NET ASSETS — 100.0%			$	5,465,346

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (Continued)

November 30, 2023 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		—		6,105	(f)		—			—		—		18		—		6,105		6,105
CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c)
		91,008		462,542			(478,404	)		—		—		1,586		—		75,146		75,146
		91,008		468,647			(478,404	)		—		—		1,604		—		81,251		81,251

* Non-income producing security.

(a) Defaulted security or security for which income has been deemed uncollectible.

(b) Perpetual, callable security with no stated maturity date.

(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.

(e) “Other Assets and Liabilities, Net” includes pending sales that are on loan. The value of securities loaned at November 30, 2023 amounted to $5,837, which is 0.1% of net assets.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

MTN: Medium Term Note

PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.

REIT: Real Estate Investment Trust

REGS: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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.

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	5,322,915	$	—	$	5,322,915
Short-Term Investments (a)		81,251		—		—		81,251
TOTAL	$	81,251	$	5,322,915	$	—	$	5,404,166

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

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

November 30, 2023 (Unaudited)

	Principal Amount		Value
MUNICIPAL BONDS — 98.1%
Arizona — 1.7%
City of Mesa AZ Utility System Revenue, Multiple Utility Revenue, Series A, 5.00%, 7/1/43	$	500,000	$	531,498
City of Phoenix Civic Improvement Corp., Intergovernmental, Series A, 5.00%, 7/1/45		705,000		760,795
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/47		500,000		532,046
Series A, 3.00%, 1/1/49		65,000		48,270
(Cost $1,979,240)				1,872,609
California — 18.3%
Bay Area Toll Authority, Highway Revenue Tolls, Sub-Series S-8, 3.00%, 4/1/54		535,000		383,696
Series F-2, 2.60%, 4/1/56		160,000		104,897
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/36		35,000		39,019
5.00%, 5/15/37		45,000		49,779
Series A, 5.00%, 5/15/38		300,000		329,132
5.00%, 5/15/39		40,000		43,720
5.00%, 5/15/40		55,000		59,934
Series D, AMT, 5.00%, 5/15/43		125,000		128,991
Series A, AMT, 4.00%, 5/15/44		400,000		383,472
Series E, 5.00%, 5/15/44		25,000		26,450
Series F, AMT, 5.00%, 5/15/44		200,000		205,988
Series B, 5.00%, 5/15/45		260,000		283,703
Series C, AMT, 5.00%, 5/15/45		50,000		51,685
Series A, AMT, 5.00%, 5/15/46		600,000		623,234
Series B, 5.00%, 5/15/48		250,000		270,487
Series E, 5.00%, 5/15/48		20,000		21,222
Series F, AMT, 3.00%, 5/15/49		330,000		239,254
Series F, AMT, 4.00%, 5/15/49		200,000		185,119
Series D, AMT, 5.00%, 5/15/49		100,000		101,955
Series C, AMT, 4.00%, 5/15/50		500,000		463,897
Series A, AMT, 5.00%, 5/15/51		135,000		139,388
City of Sacramento CA Transient Occupancy Tax Revenue, Hotel Occupancy Tax, Series A, 5.00%, 6/1/48		25,000		25,702
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 3.00%, 11/1/50		340,000		259,813
Series C, 4.00%, 11/1/50		600,000		596,378
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 4.00%, 6/1/39		40,000		41,307
Series A, 5.00%, 7/1/44		430,000		456,871

	Principal Amount		Value
California (Continued)
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/40	$	260,000	$	285,366
Series D, 5.00%, 7/1/44		125,000		133,662
Series A, 5.00%, 7/1/45		60,000		63,653
Series C, 5.00%, 7/1/49		635,000		671,844
Los Angeles Department of Water & Power Water System Revenue, Water Revenue, Series A, 5.00%, 7/1/41		270,000		296,405
Series B, 5.00%, 7/1/43		315,000		334,738
Series A, 5.00%, 7/1/50		210,000		225,317
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/45		45,000		48,731
Series B, 5.00%, 7/1/48		500,000		539,502
Series A, 5.00%, 7/1/51		1,000,000		1,078,906
Metropolitan Water District of Southern California, Water Revenue, Series C, 5.00%, 7/1/39		25,000		27,695
Series C, 5.00%, 7/1/40		100,000		110,253
Series A, 5.00%, 10/1/45		225,000		241,686
Riverside County Transportation Commission, Highway Revenue Tolls, 4.00%, 6/1/40		50,000		48,328
Series B-1, 4.00%, 6/1/46		10,000		9,372
Series B-1, 3.00%, 6/1/49		600,000		437,635
Sacramento County Sanitation Districts Financing Authority, Intergovernmental, 5.00%, 12/1/33		30,000		35,323
Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 5.00%, 8/15/50		40,000		42,828
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/49		200,000		210,272
Series B, AMT, 4.00%, 7/1/51		250,000		228,463
Series A, 5.00%, 7/1/51		500,000		532,673
Series B, AMT, 5.00%, 7/1/51		500,000		512,609
Series A, 5.00%, 7/1/56		1,300,000		1,382,600
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 5/1/37		515,000		540,860
Series A, AMT, 5.00%, 5/1/39		50,000		51,925
AMT, 5.00%, 5/1/43		320,000		327,411
Series A, AMT, 5.00%, 5/1/44		810,000		830,945
Series E, AMT, 5.00%, 5/1/45		1,225,000		1,254,446
Series D, AMT, 5.00%, 5/1/48		75,000		76,214
Series E, 5.00%, 5/1/48		25,000		26,063
Series D, AMT, 5.25%, 5/1/48		870,000		894,768
Series A, AMT, 4.00%, 5/1/49		1,000,000		921,371
Series A, AMT, 5.00%, 5/1/49		400,000		407,308
Series E, AMT, 5.00%, 5/1/50		370,000		376,504
Series F, 5.00%, 5/1/50		900,000		944,333

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
California (Continued)
San Francisco Municipal Transportation Agency, Transit Revenue, Series C, 4.00%, 3/1/51	$	40,000	$	40,120
Series C, 5.00%, 3/1/51		500,000		523,090
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/1/33		470,000		498,172
State of California Department of Water Resources, Water Revenue, Series BB, 5.00%, 12/1/34		25,000		28,746
Series BB, 5.00%, 12/1/35		45,000		51,415
(Cost $23,371,675)				20,806,645
Colorado — 3.7%
Arkansas River Power Authority, Electric, Power & Light Revenue, Series A, 5.00%, 10/1/43		215,000		217,510
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 12/1/35		250,000		264,279
Sub-Series A, AMT, 5.00%, 12/1/36		300,000		331,845
Series A, AMT, 5.00%, 12/1/37		20,000		20,856
Series A, AMT, 5.00%, 12/1/38		320,000		332,530
Series A, AMT, 4.00%, 12/1/43		650,000		611,120
Series A, AMT, 5.00%, 12/1/43		325,000		333,432
Series A, AMT, 5.00%, 12/1/48		700,000		711,135
Sub-Series B, 5.00%, 12/1/48		40,000		41,302
Series D, 5.00%, 11/15/53		600,000		622,854
City & County of Denver Co. Dedicated Excise Tax Revenue, Hotel Occupancy Tax, Series A, 4.00%, 8/1/51		700,000		660,030
City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, Series B, 4.00%, 11/15/51		100,000		96,553
(Cost $4,592,251)				4,243,446
Connecticut — 0.3%
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue, 5.00%, 5/1/34		25,000		28,108
5.00%, 5/1/37		100,000		110,238
5.00%, 5/1/38		100,000		109,117
5.00%, 5/1/40		120,000		129,642
(Cost $417,075)				377,105
Delaware — 0.3%
Delaware River & Bay Authority, Highway Revenue Tolls, 4.00%, 1/1/44
(Cost $324,010)		330,000		319,420
District of Columbia — 4.4%
District of Columbia Water & Sewer Authority, Water Revenue, Series B, 5.00%, 10/1/49		250,000		259,527

	Principal Amount		Value
District of Columbia (Continued)
District of Columbia, Income Tax Revenue, Series A, 4.00%, 3/1/39	$	110,000	$	111,108
Series C, 4.00%, 5/1/45		500,000		491,390
Series C, 5.00%, 5/1/45		170,000		182,084
Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/46		850,000		884,289
Series A, AMT, 5.00%, 10/1/48		175,000		178,069
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, Series B, 4.00%, 10/1/44		1,000,000		926,967
Series B, 5.00%, 10/1/47		500,000		511,308
Series B, 4.00%, 10/1/49		300,000		269,446
Series B, 3.00%, 10/1/50		600,000		437,623
Series B, 4.00%, 10/1/53		900,000		793,111
(Cost $5,828,824)				5,044,922
Florida — 9.3%
Broward County FL Water & Sewer Utility Revenue, Water Revenue, Series A, 4.00%, 10/1/47		240,000		239,398
Central Florida Expressway Authority, Highway Revenue Tolls, Series D, 5.00%, 7/1/35		40,000		45,167
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/44		380,000		400,409
Series A, 5.00%, 10/1/47		215,000		225,195
City of Tampa FL Water & Wastewater System Revenue, Water Revenue, Series A, 5.00%, 10/1/54		1,000,000		1,055,595
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		100,000		93,336
Series A, AMT, 4.00%, 10/1/49		150,000		135,347
County of Broward Fl Port Facilities Revenue, Private Airport & Marina Revenue, Series B, 4.00%, 9/1/49		55,000		49,981
County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 9/1/44		500,000		479,143
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		400,000		365,243
Series A, AMT, 5.00%, 10/1/44		1,000,000		1,022,439
Series A, AMT, 5.00%, 10/1/49		380,000		385,270
County of Miami-Dade FL Transit System, Sales Tax Revenue, Series A, 4.00%, 7/1/49		500,000		483,374
Series A, 4.00%, 7/1/50		90,000		86,685
County of Miami-Dade Fl Water & Sewer System Revenue, Water Revenue, 4.00%, 10/1/51		100,000		92,215

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Florida (Continued)
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, Series B, 4.00%, 10/1/44	$	475,000	$	472,378
4.00%, 10/1/46		255,000		250,511
4.00%, 10/1/48		400,000		386,235
4.00%, 10/1/48		40,000		38,504
Series B, 4.00%, 10/1/49		500,000		477,503
4.00%, 10/1/51		275,000		260,853
County of Miami-Dade Seaport Department, Private Airport & Marina Revenue, Series A, 5.25%, 10/1/52		300,000		312,593
County of Osceola Fl Transportation Revenue, Highway Revenue Tolls, Series A-1, 4.00%, 10/1/54		400,000		326,747
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/44		165,000		169,552
Series A, AMT, 4.00%, 10/1/49		500,000		454,657
Series A, AMT, 4.00%, 10/1/52		300,000		269,383
Sub-Series A, AMT, 5.00%, 10/1/52		605,000		611,126
Series A, AMT, 3.25%, 10/1/54		250,000		184,905
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		195,000		203,563
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/52		500,000		448,971
Putnam County Development Authority, Electric, Power & Light Revenue, 5.00%, 3/15/42		40,000		40,734
State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls, Series C, 3.00%, 7/1/46		200,000		155,870
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		400,000		391,848
(Cost $11,906,417)				10,614,730
Georgia — 2.9%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 7/1/49		200,000		181,960
Development Authority of Burke County, Electric, Power & Light Revenue, Series C, 4.125%, 11/1/45		25,000		21,885
Series D, 4.125%, 11/1/45		355,000		310,761
Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/51		765,000		751,004
Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/52		320,000		310,139
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		30,420

	Principal Amount		Value
Georgia (Continued)
Municipal Electric Authority of Georgia, Nuclear Revenue, Series A, 5.00%, 1/1/62	$	500,000	$	507,347
Series A, 4.50%, 7/1/63		400,000		392,853
Series A, 5.50%, 7/1/63		750,000		776,481
(Cost $3,388,248)				3,282,850
Hawaii — 0.8%
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		409,583
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/51		500,000		516,120
(Cost $968,011)				925,703
Illinois — 6.3%
Chicago O’hare International Airport, Private Airport & Marina Revenue, Series A, 4.50%, 1/1/48		570,000		559,357
Series A, 5.00%, 1/1/48		200,000		203,222
Series A, AMT, 5.00%, 1/1/55		500,000		509,350
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 1/1/43		115,000		108,319
Series B, 5.00%, 1/1/48		1,285,000		1,317,379
Series B, 4.00%, 1/1/53		130,000		122,565
Series A, AMT, 4.375%, 1/1/53		25,000		23,687
Series B, 5.00%, 1/1/53		500,000		509,435
Chicago Transit Authority Sales Tax Receipts Fund, Sales Tax Revenue, Series A, 5.00%, 12/1/57		1,200,000		1,200,913
City of Chicago IL Waterworks Revenue, Water Revenue, Series A, 5.50%, 11/1/62		200,000		216,019
Illinois Finance Authority, Water Revenue, 4.00%, 7/1/38		25,000		25,167
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/41		30,000		32,599
Series A, 4.00%, 1/1/44		700,000		674,804
Series A, 5.00%, 1/1/44		800,000		842,892
Series A, 5.00%, 1/1/45		775,000		824,291
(Cost $7,644,903)				7,169,999
Louisiana — 0.7%
East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		245,000		237,756
Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42		115,000		112,868
Louisiana Stadium & Exposition District, Hotel Occupancy Tax, Series A, 5.00%, 7/1/48		450,000		475,650
(Cost $883,545)				826,274

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Maine — 0.0%
Maine Turnpike Authority, Highway Revenue Tolls, 5.00%, 7/1/47
(Cost $44,970)	$	40,000	$	41,662
Maryland — 0.6%
Maryland State Transportation Authority, Highway Revenue Tolls, 4.00%, 7/1/50 (Cost $744,507)		650,000		626,465
Massachusetts — 1.7%
Commonwealth of Massachusetts, Hotel Occupancy Tax, 5.50%, 1/1/34		185,000		212,725
Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series B-1, 5.00%, 7/1/50		35,000		36,215
Series A-1, 4.00%, 7/1/51		205,000		197,318
Massachusetts Port Authority, Private Airport & Marina Revenue, Series C, AMT, 5.00%, 7/1/44		400,000		412,021
Series E, AMT, 5.00%, 7/1/46		500,000		517,032
Series E, AMT, 5.00%, 7/1/51		505,000		518,710
(Cost $2,112,787)				1,894,021
Michigan — 1.4%
Lansing Board of Water & Light, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/44		600,000		630,471
Series A, 5.00%, 7/1/48		90,000		93,525
State of Michigan Trunk Line Revenue, Fuel Sales Tax Revenue, Series B, 4.00%, 11/15/45		800,000		799,747
(Cost $1,662,708)				1,523,743
Nevada — 1.6%
City of Reno NV, Sales Tax Revenue, Series A, 4.00%, 6/1/58		145,000		127,303
County of Clark NV, Fuel Sales Tax Revenue, 4.00%, 7/1/40		500,000		499,104
County of Washoe NV, Fuel Sales Tax Revenue, 5.00%, 2/1/42		50,000		52,371
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 5.00%, 7/1/43		840,000		874,165
Series B, 4.00%, 7/1/49		290,000		273,844
(Cost $1,896,160)				1,826,787
New Jersey — 1.7%
New Jersey Turnpike Authority, Highway Revenue Tolls, Series G, 4.00%, 1/1/43		550,000		543,077
Series A, 4.00%, 1/1/48		45,000		43,946
Series A, 5.00%, 1/1/48		740,000		774,163
Series B, 5.25%, 1/1/52		405,000		442,469
South Jersey Transportation Authority, Highway Revenue Tolls, Series A, 4.625%, 11/1/47		100,000		100,669
(Cost $1,927,400)				1,904,324

	Principal Amount		Value
New York — 18.5%
Long Island Power Authority, Electric, Power & Light Revenue, 5.00%, 9/1/38	$	90,000	$	95,548
Metropolitan Transportation Authority, Transit Revenue, Series C-1, 4.00%, 11/15/35		30,000		30,148
Series C-1, 4.00%, 11/15/38		180,000		176,617
Series D, 4.00%, 11/15/42		430,000		404,580
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		102,505
Series E, 4.00%, 11/15/45		1,000,000		924,637
Series C-1, 4.75%, 11/15/45		500,000		504,872
Sub-Series A, 5.00%, 11/15/45		75,000		76,685
Series D, 4.00%, 11/15/46		790,000		725,194
Series D-2, 4.00%, 11/15/48		630,000		579,504
Series A-1-GROUP 1, 5.00%, 11/15/48		600,000		617,997
Series D-3, 4.00%, 11/15/49		140,000		128,267
Series A-1, 4.00%, 11/15/50		35,000		32,371
Series D-3, 4.00%, 11/15/50		250,000		228,470
Series C-1, 5.00%, 11/15/50		700,000		719,467
Series A-1, 4.00%, 11/15/52		550,000		493,267
Series B, 5.00%, 11/15/52		115,000		117,012
Series C-1, 5.25%, 11/15/55		500,000		517,051
New York City Municipal Water Finance Authority, Water Revenue, Series FF, 5.00%, 6/15/39		35,000		37,097
Series EE-2, 4.00%, 6/15/40		30,000		30,173
Series AA, 5.00%, 6/15/40		95,000		102,232
Sub-Series EE-2, 5.00%, 6/15/40		535,000		572,673
4.00%, 6/15/42		400,000		401,043
Series AA-2, 4.00%, 6/15/42		100,000		100,339
Series BB2, 4.00%, 6/15/42		40,000		40,111
Series CC-2, 4.00%, 6/15/42		25,000		25,074
Series BB-1, 5.00%, 6/15/44		140,000		151,776
Series BB-1, 4.00%, 6/15/45		255,000		252,586
Series BB-1, 4.00%, 6/15/49		200,000		195,843
Series CC-1, 4.00%, 6/15/49		200,000		195,843
Series FF-1, 4.00%, 6/15/49		15,000		14,688
Series BB-1, 5.00%, 6/15/49		270,000		283,547
Series DD-1, 5.00%, 6/15/49		400,000		417,202
Series DD-1, 5.25%, 6/15/49		70,000		73,789
Series BB-1, 4.00%, 6/15/50		285,000		278,546
Series GG-1, 4.00%, 6/15/50		305,000		298,093
Sub-Series DD-1, 4.00%, 6/15/50		600,000		586,412
Series AA-1, 5.00%, 6/15/50		140,000		148,611
Series AA-1, 3.00%, 6/15/51		300,000		220,646
Series CC-1, 5.00%, 6/15/51		250,000		266,091
Series CC-1, 5.00%, 6/15/52		100,000		106,698
New York Power Authority, Electric, Power & Light Revenue, Series A, 4.00%, 11/15/45		35,000		34,636
Series A, 4.00%, 11/15/47		115,000		112,723
Series A, 4.00%, 11/15/50		75,000		73,215
Series A, 4.00%, 11/15/55		1,050,000		1,011,752
Series A, 3.25%, 11/15/60		1,150,000		850,898
Series A, 4.00%, 11/15/60		675,000		642,678
New York State Environmental Facilities Corp., Water Revenue, Series A, 5.00%, 6/15/51		500,000		535,406

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
New York (Continued)
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, Series 224, 4.00%, 7/15/51	$	15,000	$	14,592
Triborough Bridge & Tunnel Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 4.00%, 5/15/48		360,000		346,671
Series A, 4.00%, 5/15/57		1,000,000		940,564
Series A, 4.25%, 5/15/58		600,000		585,320
Series A, 4.50%, 5/15/63		450,000		452,114
Triborough Bridge & Tunnel Authority, Fuel Sales Tax Revenue, Series D-2, 5.50%, 5/15/52		650,000		720,354
Triborough Bridge & Tunnel Authority, Miscellaneous Taxes, Series C-1A, 4.00%, 5/15/46		600,000		590,567
Series C-3, 3.00%, 5/15/51		600,000		439,916
Series A-1, 5.00%, 5/15/51		2,000,000		2,116,922
Series C-1A, 5.00%, 5/15/51		225,000		238,903
(Cost $23,206,143)				20,980,536
North Carolina — 0.2%
County of Union NC Enterprise System Revenue, Water Revenue, 3.00%, 6/1/51
(Cost $241,524)		300,000		223,765
Ohio — 0.6%
Franklin County Convention Facilities Authority, Industrial Revenue, 5.00%, 12/1/51		100,000		91,288
Northeast Ohio Regional Sewer District, Sewer Revenue, 4.00%, 11/15/43		60,000		60,088
Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, Series A, 4.00%, 2/15/46		10,000		9,628
Series A, 5.00%, 2/15/46		275,000		293,908
Ohio Water Development Authority, Intergovernmental, 5.00%, 6/1/46		225,000		242,909
(Cost $788,764)				697,821
Oklahoma — 0.3%
Oklahoma Turnpike Authority Highway Revenue Tolls, 5.50%, 1/1/53
(Cost $332,745)		300,000		331,724
Oregon — 0.8%
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, Series 25B, AMT, 5.00%, 7/1/44		315,000		323,369
Series 28, AMT, 4.00%, 7/1/47		500,000		460,312
State of Oregon Department of Transportation, Fuel Sales Tax Revenue, Series A, 4.00%, 11/15/42		60,000		60,253
(Cost $882,228)				843,934
Pennsylvania — 6.7%
Allegheny County Airport Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 1/1/46		700,000		644,461
Series A, AMT, 5.00%, 1/1/51		500,000		510,994
Series A, AMT, 4.00%, 1/1/56		500,000		433,511

	Principal Amount		Value
Pennsylvania (Continued)
Chester County Industrial Development Authority, Recreational Revenue, 4.00%, 12/1/51	$	245,000	$	233,816
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 10/1/43		25,000		25,999
Series A, 5.00%, 11/1/45		515,000		542,923
Series A, 5.00%, 10/1/48		35,000		36,295
Series A, 5.00%, 11/1/50		500,000		525,073
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series B, 5.00%, 12/1/43		115,000		118,868
Series A, 5.25%, 12/1/44		565,000		596,776
Series A, 5.00%, 12/1/48		480,000		492,578
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Series A, 5.00%, 12/1/44		230,000		240,203
Series A, 4.00%, 12/1/46		20,000		19,372
Series B, 4.00%, 12/1/46		390,000		377,753
Series C, 5.00%, 12/1/46		45,000		47,627
Series A, 5.00%, 12/1/47		55,000		58,338
Sub-Series A, 4.00%, 12/1/49		285,000		276,756
Series A, 5.00%, 12/1/49		15,000		15,635
Series A, 4.00%, 12/1/50		255,000		239,438
Series B, 5.00%, 12/1/50		1,705,000		1,797,669
Series A, 4.00%, 12/1/51		65,000		61,525
Series B, 4.00%, 12/1/51		300,000		283,497
Series B, 5.00%, 12/1/51		15,000		15,852
(Cost $8,448,997)				7,594,959
South Carolina — 1.0%
South Carolina Ports Authority, Private Airport & Marina Revenue, Series B, 4.00%, 7/1/49		200,000		180,987
South Carolina Public Service Authority, Electric, Power & Light Revenue, Series A, 4.00%, 12/1/42		475,000		445,506
Series A, 4.00%, 12/1/52		600,000		530,477
(Cost $1,261,941)				1,156,970
Tennessee — 1.9%
Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 5/15/46		245,000		263,342
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/49		125,000		127,283
Series B, AMT, 4.00%, 7/1/54		550,000		478,364
Series A, 5.00%, 7/1/54		805,000		826,819
Series B, AMT, 5.00%, 7/1/54		500,000		507,583
(Cost $2,497,484)				2,203,391
Texas — 6.3%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series E, 5.00%, 1/1/45		100,000		102,931
Series B, 5.00%, 1/1/46		300,000		308,910
Series B, 4.00%, 1/1/51		50,000		45,515

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2023 (Unaudited)

	Principal Amount		Value
Texas (Continued)
City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 11/15/44	$	125,000	$	132,071
Series B, 5.00%, 11/15/49		125,000		130,931
City of Austin TX Water & Wastewater System Revenue, Water Revenue, Series C, 5.00%, 11/15/50		305,000		321,869
City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, Series C, 4.00%, 10/1/49		110,000		107,573
City of Georgetown TX Utility System Revenue, Multiple Utility Revenue, 4.25%, 8/15/47		500,000		492,525
City of Houston TX Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 4.00%, 7/1/46		575,000		528,784
City of Houston TX Combined Utility System, Water Revenue, Series C, 4.00%, 11/15/43		165,000		163,132
Series D, 5.00%, 11/15/43		30,000		31,508
Series C, 3.00%, 11/15/47		145,000		109,139
Series C, 4.00%, 11/15/49		55,000		53,080
City of Lubbock TX Electric Light & Power System Revenue, Electric, Power & Light Revenue, 4.00%, 4/15/51		400,000		369,607
City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 2/1/46		10,000		10,596
Dallas Fort Worth International Airport, Private Airport & Marina Revenue, 4.00%, 11/1/34		60,000		62,180
4.00%, 11/1/35		85,000		87,440
Harris County Toll Road Authority, Highway Revenue Tolls, Series A, 4.00%, 8/15/48		555,000		539,558
4.00%, 8/15/50		670,000		648,185
Harris County-Houston Sports Authority, Hotel Occupancy Tax, Series A, 3.125%, 11/15/56		110,000		79,533
Lower Colorado River Authority, Intergovernmental, 5.00%, 5/15/47		250,000		262,967
North Fort Bend Water Authority, Water Revenue, Series A, 4.00%, 12/15/58		200,000		177,005
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 4.00%, 1/1/37		25,000		25,286
Series A, 5.00%, 1/1/38		65,000		69,369
Series A, 5.00%, 1/1/43		385,000		401,458
Series A, 5.00%, 1/1/48		500,000		518,509
4.25%, 1/1/49		30,000		28,742
Series B, 3.00%, 1/1/51		250,000		178,729
San Antonio Water System, Water Revenue, Series A, 5.00%, 5/15/46		25,000		26,684
Series A, 4.00%, 5/15/51		335,000		318,678
Texas Water Development Board, Water Revenue, 4.00%, 10/15/45		320,000		315,504
4.00%, 4/15/51		525,000		505,263

	Principal Amount		Value
Texas (Continued)
West Harris County Regional Water Authority, Water Revenue, 3.00%, 12/15/58	$	85,000	$	57,054
(Cost $8,198,547)				7,210,315
Utah — 2.2%
City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		409,584
Series A, AMT, 5.00%, 7/1/48		750,000		761,012
Series A, AMT, 5.25%, 7/1/48		225,000		231,064
Intermountain Power Agency, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/42		1,000,000		1,093,572
(Cost $2,560,000)				2,495,232
Virginia — 1.3%
Hampton Roads Transportation Accountability Commission, Appropriations, Series A, 4.00%, 7/1/45		275,000		275,657
Series A, 5.00%, 7/1/50		40,000		42,145
Series A, 4.00%, 7/1/55		700,000		672,275
Series A, 5.00%, 7/1/60		500,000		525,741
(Cost $1,756,923)				1,515,818
Washington — 2.2%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S-1, 4.00%, 11/1/40		20,000		20,203
Series S-1, 4.00%, 11/1/46		700,000		685,446
County of King WA Sewer Revenue, Sewer Revenue, Series A, 4.00%, 1/1/52		500,000		481,783
Energy Northwest, Nuclear Revenue, Series A, 5.00%, 7/1/38		300,000		324,487
Port of Seattle WA, Private Airport & Marina Revenue, AMT, 5.00%, 4/1/44		500,000		514,980
Series B, AMT, 5.00%, 8/1/47		500,000		518,103
(Cost $2,762,543)				2,545,002
West Virginia — 0.2%
West Virginia Parkways Authority, Highway Revenue Tolls, 5.00%, 6/1/47
(Cost $310,870)		250,000		266,987
Wisconsin — 0.2%
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44 (Cost $265,629)		245,000		252,041
TOTAL MUNICIPAL BONDS (Cost $123,207,069)				111,619,200
TOTAL INVESTMENTS — 98.1% (Cost $123,207,069)			$	111,619,200
Other assets and liabilities, net — 1.9%				2,113,517
NET ASSETS — 100.0%			$	113,732,717

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2023 (Unaudited)

AMT: Alternative Minimum Tax

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Municipal Bonds (a)	$	—	$	111,619,200	$	—	$	111,619,200
TOTAL	$	—	$	111,619,200	$	—	$	111,619,200

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

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.2%
Australia — 8.5%
BHP Group Ltd.		13,247	$	406,673
Coles Group Ltd.		3,496		35,535
Fortescue Ltd.		4,495		74,480
IGO Ltd.		1,768		10,058
Medibank Pvt Ltd.		7,029		16,126
Rio Tinto Ltd.		983		81,498
Santos Ltd.		8,440		38,669
Telstra Group Ltd.		10,338		26,185
Wesfarmers Ltd.		2,947		102,898
Woodside Energy Group Ltd.		5,032		103,431
(Cost $888,670)				895,553
Austria — 0.2%
OMV AG
(Cost $20,462)		386		16,489
Belgium — 0.2%
Ageas SA/NV
(Cost $21,248)		423		18,221
Brazil — 2.2%
Ambev SA		12,517		34,742
B3 SA — Brasil Bolsa Balcao		15,415		41,567
BB Seguridade Participacoes SA		1,870		11,867
CPFL Energia SA		475		3,568
Engie Brasil Energia SA		565		4,983
TIM SA		2,258		7,893
Vale SA		8,875		132,884
(Cost $229,307)				237,504
Canada — 3.9%
BCE, Inc.		183		7,211
Brookfield Asset Management Ltd., Class A		937		32,833
Canadian Tire Corp. Ltd., Class A		135		14,054
Great-West Lifeco, Inc.		741		23,703
IGM Financial, Inc.		242		6,013
Lundin Mining Corp.		1,715		11,890
Manulife Financial Corp.		4,730		92,727
Quebecor, Inc., Class B		411		9,127
Sun Life Financial, Inc.		1,528		77,220
Suncor Energy, Inc.		3,393		111,961
TELUS Corp.		1,301		23,298
(Cost $384,250)				410,037
Chile — 0.2%
Antofagasta PLC		1,018		18,152
Cia Sud Americana de Vapores SA		46,532		2,712
Enel Chile SA		69,910		4,430
(Cost $29,533)				25,294
China — 5.7%
China Coal Energy Co. Ltd., Class H		5,027		4,261
China Communications Services Corp. Ltd., Class H		6,134		2,615
China Construction Bank Corp., Class A		1,500		1,344
China Construction Bank Corp., Class H		251,308		145,438
China Feihe Ltd., 144A		10,000		5,864

	Number of Shares		Value
China (Continued)
China Hongqiao Group Ltd.		5,933	$	4,839
China Merchants Bank Co. Ltd., Class A		3,200		12,901
China Merchants Bank Co. Ltd., Class H		10,172		35,555
China Pacific Insurance Group Co. Ltd., Class A		1,200		4,048
China Pacific Insurance Group Co. Ltd., Class H		7,200		15,211
China Petroleum & Chemical Corp., Class A		5,000		3,830
China Petroleum & Chemical Corp., Class H		64,655		33,278
China Railway Group Ltd., Class H		11,350		4,984
China Shenhua Energy Co. Ltd., Class A		1,156		5,098
China Shenhua Energy Co. Ltd., Class H		8,945		29,262
China State Construction Engineering Corp. Ltd., Class A		4,800		3,341
China Tower Corp. Ltd., Class H, 144A		113,030		11,722
COSCO SHIPPING Holdings Co. Ltd., Class A		2,000		2,803
COSCO SHIPPING Holdings Co. Ltd., Class H		8,151		7,514
CRRC Corp. Ltd., Class H		10,902		4,397
Daqin Railway Co. Ltd., Class A		2,300		2,338
ENN Energy Holdings Ltd.		2,063		14,316
Gree Electric Appliances, Inc. of Zhuhai, Class A		400		1,846
Guanghui Energy Co. Ltd., Class A		1,300		1,322
Henan Shuanghui Investment & Development Co. Ltd., Class A		600		2,193
Huaibei Mining Holdings Co. Ltd., Class A		600		1,331
Hunan Valin Steel Co. Ltd., Class A		1,600		1,239
Industrial & Commercial Bank of China Ltd., Class A		9,500		6,399
Industrial & Commercial Bank of China Ltd., Class H		170,212		81,507
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		1,253		681
Jiangsu Expressway Co. Ltd., Class H		2,966		2,670
Jiangxi Copper Co. Ltd., Class H		3,278		4,650
LB Group Co. Ltd., Class A		500		1,208
Lenovo Group Ltd.		19,695		24,334
Livzon Pharmaceutical Group, Inc., Class A		107		525
Longfor Group Holdings Ltd., 144A		5,148		9,122
New China Life Insurance Co. Ltd., Class A		300		1,313
New China Life Insurance Co. Ltd., Class H		2,455		4,872
People’s Insurance Co. Group of China Ltd., Class H		21,542		6,978
PICC Property & Casualty Co. Ltd., Class H		18,026		20,933
Postal Savings Bank of China Co. Ltd., Class A		4,926		3,028
Postal Savings Bank of China Co. Ltd., Class H, 144A		21,672		9,628

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
Qifu Technology, Inc., ADR		279	$	4,330
Shaanxi Coal Industry Co. Ltd., Class A		1,800		4,910
Shanghai Baosight Software Co. Ltd., Class B		1,400		2,635
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,806		2,618
Shanxi Coking Coal Energy Group Co. Ltd., Class A		700		954
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		600		1,838
Sichuan Road & Bridge Group Co. Ltd., Class A		1,500		1,622
Sinopharm Group Co. Ltd., Class H		3,378		8,382
TBEA Co. Ltd., Class A		1,000		1,951
Tianqi Lithium Corp., Class A		300		2,104
Tongwei Co. Ltd., Class A		700		2,402
Uni-President China Holdings Ltd.		3,016		1,931
Xinjiang Daqo New Energy Co. Ltd., Class A		275		1,186
Yankuang Energy Group Co. Ltd., Class A		600		1,727
Yankuang Energy Group Co. Ltd., Class H		5,905		10,978
Youngor Group Co. Ltd., Class A		1,100		1,044
Zangge Mining Co. Ltd., Class A		300		1,005
Zhongsheng Group Holdings Ltd.		2,158		5,167
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		1,800		1,626
(Cost $769,715)				599,148
Czech Republic — 0.3%
CEZ AS		421		18,657
Komercni Banka AS		190		5,893
Moneta Money Bank AS, 144A		933		3,654
(Cost $23,273)				28,204
Denmark — 0.5%
A.P. Moller — Maersk A/S, Class A		8		12,422
A.P. Moller — Maersk A/S, Class B		13		20,547
Tryg A/S		894		19,324
(Cost $79,025)				52,293
Egypt — 0.0%
Eastern Co. SAE
(Cost $2,753)		2,931		2,457
Finland — 1.4%
Elisa OYJ		369		16,540
Kesko OYJ, Class B		733		14,040
Kone OYJ, Class B		903		40,189
Orion OYJ, Class B		279		11,093
Stora Enso OYJ, Class R		1,555		20,207
UPM-Kymmene OYJ		1,375		48,128
(Cost $164,960)				150,197
France — 9.8%
Amundi SA, 144A		155		9,555
AXA SA		4,719		147,233

	Number of Shares		Value
France (Continued)
Bouygues SA		500	$	19,045
Cie Generale des Etablissements Michelin SCA		1,806		60,712
Danone SA		1,702		109,510
La Francaise des Jeux SAEM, 144A		274		9,926
Sanofi SA		2,970		276,939
TotalEnergies SE		5,965		405,214
(Cost $979,350)				1,038,134
Germany — 5.8%
Allianz SE		1,054		265,195
Bayerische Motoren Werke AG		829		86,463
Deutsche Post AG		2,589		121,582
Mercedes-Benz Group AG		2,094		136,126
Wacker Chemie AG		49		6,004
(Cost $569,999)				615,370
Greece — 0.3%
Hellenic Telecommunications Organization SA		484		7,113
JUMBO SA		311		8,158
Motor Oil Hellas Corinth Refineries SA		177		4,789
OPAP SA		450		7,218
(Cost $25,583)				27,278
Hong Kong — 2.9%
Beijing Enterprises Holdings Ltd.		1,330		4,410
Bosideng International Holdings Ltd.		8,446		3,547
China Everbright Environment Group Ltd.		9,888		3,254
China Gas Holdings Ltd.		7,380		6,765
China Medical System Holdings Ltd.		3,469		6,671
China Resources Gas Group Ltd.		2,361		7,406
China Resources Land Ltd.		8,498		31,118
China State Construction International Holdings Ltd.		5,170		5,997
China Taiping Insurance Holdings Co. Ltd.		3,936		3,568
Chow Tai Fook Jewellery Group Ltd.		5,025		7,296
CK Asset Holdings Ltd.		5,195		24,644
CK Infrastructure Holdings Ltd.		1,651		8,181
CLP Holdings Ltd.		4,234		32,933
GCL Technology Holdings Ltd.		56,065		7,465
Guangdong Investment Ltd.		7,997		5,550
Hang Lung Properties Ltd.		5,139		6,869
Henderson Land Development Co. Ltd.		3,929		10,690
HKT Trust & HKT Ltd. (a)		9,898		10,557
Kingboard Holdings Ltd.		1,732		4,169
Kingboard Laminates Holdings Ltd.		2,763		2,406
Orient Overseas International Ltd.		360		4,330
Power Assets Holdings Ltd.		3,631		18,945
Sino Land Co. Ltd.		9,321		9,392
SITC International Holdings Co. Ltd.		3,500		5,288
Sun Hung Kai Properties Ltd.		3,739		36,694
Swire Properties Ltd.		3,065		5,957
Want Want China Holdings Ltd.		12,284		7,188
WH Group Ltd., 144A		21,474		13,802
Xinyi Glass Holdings Ltd.		4,488		5,166

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
Yuexiu Property Co. Ltd.		3,748	$	3,417
(Cost $406,970)				303,675
Hungary — 0.1%
Richter Gedeon Nyrt
(Cost $9,034)		360		9,071
India — 1.1%
Coal India Ltd.		4,026		16,518
GAIL India Ltd.		5,914		9,354
HCL Technologies Ltd.		2,515		40,439
Oil & Natural Gas Corp. Ltd.		8,211		19,195
Petronet LNG Ltd.		1,953		4,749
Power Grid Corp. of India Ltd.		12,442		31,175
(Cost $90,809)				121,430
Indonesia — 1.6%
Aneka Tambang Tbk		20,266		2,274
PT Adaro Energy Indonesia Tbk		36,118		6,101
PT Astra International Tbk		52,469		18,268
PT Bank Mandiri Persero Tbk		97,152		36,643
PT Bank Rakyat Indonesia Persero Tbk		177,654		60,421
PT Indofood Sukses Makmur Tbk		11,419		4,730
PT Telkom Indonesia Persero Tbk		127,987		31,027
PT United Tractors Tbk		4,171		5,889
(Cost $136,203)				165,353
Ireland — 0.2%
Smurfit Kappa Group PLC
(Cost $26,041)		679		25,782
Israel — 0.9%
Bank Hapoalim BM		3,298		27,905
Bank Leumi Le-Israel BM		4,048		30,381
ICL Group Ltd.		2,102		10,578
Israel Discount Bank Ltd., Class A		3,192		15,402
Mizrahi Tefahot Bank Ltd.		396		14,142
(Cost $113,978)				98,408
Italy — 1.1%
Assicurazioni Generali SpA		2,671		55,387
Snam SpA		5,349		26,981
Terna—Rete Elettrica Nazionale		3,678		29,681
(Cost $104,324)				112,049
Japan — 4.9%
AGC, Inc.		500		18,162
Daiwa House Industry Co. Ltd.		1,500		42,605
Iida Group Holdings Co. Ltd.		400		5,980
Isuzu Motors Ltd.		1,500		19,841
Japan Tobacco, Inc.		3,100		79,704
Mitsui Chemicals, Inc.		400		11,710
Mitsui OSK Lines Ltd.		900		24,723
MS&AD Insurance Group Holdings, Inc.		1,135		42,480
Nippon Yusen KK		1,269		34,112
Nomura Real Estate Holdings, Inc.		300		7,314
Obayashi Corp.		1,700		14,345
Sekisui House Ltd.		1,575		32,270
SoftBank Corp.		7,500		91,242

	Number of Shares		Value
Japan (Continued)
Sompo Holdings, Inc.		777	$	35,514
SUMCO Corp.		900		13,494
Sumitomo Metal Mining Co. Ltd.		650		18,871
Tosoh Corp.		700		9,314
Yamaha Motor Co. Ltd.		800		20,439
(Cost $481,300)				522,120
Kazakhstan — 0.0%
Polymetal International PLC* (b)
(Cost $33,157)		1,987		0
Kuwait — 0.1%
Mobile Telecommunications Co. KSCP
(Cost $9,444)		4,965		7,864
Malaysia — 1.0%
Kuala Lumpur Kepong Bhd		1,200		5,635
Malayan Banking Bhd		14,411		27,773
MISC Bhd		3,500		5,401
Petronas Chemicals Group Bhd		7,700		11,931
Petronas Gas Bhd		2,100		7,599
Public Bank Bhd		38,200		35,007
RHB Bank Bhd		3,931		4,598
Sime Darby Bhd		7,500		3,976
(Cost $99,073)				101,920
Mexico — 1.0%
Arca Continental SAB de CV		1,419		14,487
Banco del Bajio SA, 144A		1,919		6,085
Coca-Cola Femsa SAB de CV		1,368		11,496
Grupo Aeroportuario del Centro Norte SAB de CV		725		6,582
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,030		15,686
Grupo Mexico SAB de CV, Series B		8,328		38,165
Kimberly-Clark de Mexico SAB de CV, Class A		3,800		7,687
Orbia Advance Corp. SAB de CV		2,594		5,538
Promotora y Operadora de Infraestructura SAB de CV		525		5,166
(Cost $92,945)				110,892
Netherlands — 2.7%
ASR Nederland NV		415		19,140
Koninklijke Ahold Delhaize NV		2,510		72,739
Koninklijke KPN NV		8,800		30,217
NN Group NV		678		25,810
Randstad NV		292		17,364
Stellantis NV		5,769		125,274
(Cost $258,056)				290,544
New Zealand — 0.1%
Spark New Zealand Ltd.
(Cost $14,432)		4,796		15,359
Norway — 0.6%
Aker BP ASA		828		23,821
Gjensidige Forsikring ASA		434		7,332
Orkla ASA		1,810		13,373

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Norway (Continued)
Yara International ASA		431	$	14,647
(Cost $78,955)				59,173
Philippines — 0.2%
International Container Terminal Services, Inc.		2,730		10,617
Manila Electric Co.		760		4,930
Metropolitan Bank & Trust Co.		4,810		4,330
(Cost $18,848)				19,877
Poland — 0.4%
Cyfrowy Polsat SA*		565		1,817
ORLEN SA		1,553		22,978
Powszechny Zaklad Ubezpieczen SA		1,571		17,953
(Cost $47,447)				42,748
Qatar — 0.4%
Dukhan Bank		5,044		5,350
Industries Qatar QSC		3,942		13,534
Mesaieed Petrochemical Holding Co.		11,780		5,432
Ooredoo QPSC		1,936		5,472
Qatar Electricity & Water Co. QSC		1,214		5,628
Qatar Fuel QSC		1,620		7,083
(Cost $52,270)				42,499
Russia — 0.0%
Alrosa PJSC* (b)		14,479		0
Inter RAO UES PJSC* (b)		188,952		0
LUKOIL PJSC* (b)		2,350		0
MMC Norilsk Nickel PJSC* (b)		361		0
Mobile TeleSystems PJSC, ADR* (b)		2,615		0
Novolipetsk Steel PJSC* (b)		8,593		0
PhosAgro PJSC* (b)		258		0
PhosAgro PJSC, GDR* (b)		2		0
PhosAgro PJSC, GDR* (b)		4		0
Polyus PJSC* (b)		192		0
Severstal PAO* (b)		1,174		0
Tatneft PJSC* (b)		7,791		0
(Cost $520,076)				0
Saudi Arabia — 1.6%
Jarir Marketing Co.		1,500		5,829
Nahdi Medical Co.		95		3,439
Riyad Bank		3,839		27,323
SABIC Agri-Nutrients Co.		626		22,961
Saudi Arabian Oil Co., 144A		6,866		60,762
Saudi Telecom Co.		5,303		54,352
(Cost $179,495)				174,666
Singapore — 2.8%
DBS Group Holdings Ltd.		4,700		111,777
Jardine Cycle & Carriage Ltd.		300		6,411
Oversea-Chinese Banking Corp. Ltd.		8,808		82,761
Singapore Exchange Ltd.		2,341		16,541
Singapore Technologies Engineering Ltd.		4,000		11,119
United Overseas Bank Ltd.		3,300		67,306
(Cost $281,193)				295,915

	Number of Shares		Value
South Africa — 1.3%
Exxaro Resources Ltd.		615	$	6,093
FirstRand Ltd.		13,419		47,749
Kumba Iron Ore Ltd.		162		5,063
Nedbank Group Ltd.		1,224		13,810
Sanlam Ltd.		4,700		16,843
Standard Bank Group Ltd.		3,558		37,593
Woolworths Holdings Ltd.		2,377		8,467
(Cost $141,895)				135,618
South Korea — 1.2%
DB Insurance Co. Ltd.		116		7,526
Kia Corp.		697		46,407
Korea Zinc Co. Ltd.		22		8,381
KT Corp.		190		4,941
KT&G Corp.		275		18,800
Kumho Petrochemical Co. Ltd.		41		4,068
LG Uplus Corp.		580		4,720
Samsung Fire & Marine Insurance Co. Ltd.		79		15,921
Samsung Life Insurance Co. Ltd.		216		11,719
(Cost $114,325)				122,483
Spain — 2.6%
Endesa SA		831		17,395
Iberdrola SA		15,725		194,652
Redeia Corp. SA		1,064		17,855
Repsol SA		3,312		50,737
(Cost $246,923)				280,639
Sweden — 1.6%
Boliden AB		718		19,178
Skanska AB, Class B		895		14,392
SKF AB, Class B		903		16,985
Tele2 AB, Class B		1,413		11,092
Volvo AB, Class A		550		13,006
Volvo AB, Class B		3,938		91,415
(Cost $159,586)				166,068
Switzerland — 12.4%
Adecco Group AG		437		21,143
Baloise Holding AG		121		18,633
Glencore PLC		27,400		153,247
Helvetia Holding AG		100		13,766
Holcim AG		1,358		100,419
Kuehne + Nagel International AG		140		40,766
Novartis AG		5,350		523,710
Partners Group Holding AG		59		78,198
SGS SA		395		33,751
Swiss Re AG		799		94,873
Swisscom AG		68		39,914
Zurich Insurance Group AG		382		192,373
(Cost $1,139,048)				1,310,793
Taiwan — 5.5%
Acer, Inc.		7,095		7,994
ASE Technology Holding Co. Ltd.		7,900		32,369
Compal Electronics, Inc.		10,834		10,716
CTBC Financial Holding Co. Ltd.		46,509		40,718

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Hon Hai Precision Industry Co. Ltd.		32,484	$	105,542
Largan Precision Co. Ltd.		273		20,886
Lite-On Technology Corp.		5,462		19,232
MediaTek, Inc.		3,964		119,910
Micro-Star International Co. Ltd.		1,752		10,291
Nan Ya Printed Circuit Board Corp.		566		4,493
Nien Made Enterprise Co. Ltd.		541		5,905
Novatek Microelectronics Corp.		1,550		25,354
Pegatron Corp.		5,396		14,025
Realtek Semiconductor Corp.		1,317		18,950
Shanghai Commercial & Savings Bank Ltd.		9,786		14,128
SinoPac Financial Holdings Co. Ltd.		27,325		16,531
Synnex Technology International Corp.		3,543		7,814
Unimicron Technology Corp.		3,559		20,165
United Microelectronics Corp.		30,123		47,151
Vanguard International Semiconductor Corp.		2,532		6,468
WPG Holdings Ltd.		3,911		9,715
Yuanta Financial Holding Co. Ltd.		26,739		22,254
Zhen Ding Technology Holding Ltd.		1,772		5,871
(Cost $515,604)				586,482
Thailand — 0.3%
Intouch Holdings PCL, NVDR		2,000		3,966
PTT Exploration & Production PCL		600		2,584
PTT Exploration & Production PCL, NVDR		3,000		12,920
SCB X PCL, NVDR		2,300		6,489
TMBThanachart Bank PCL, NVDR		65,000		2,846
(Cost $27,815)				28,805
Turkey — 0.3%
Akbank TAS		8,378		9,768
Ford Otomotiv Sanayi AS		180		5,247
Turkiye Is Bankasi AS, Class C		9,410		6,992
Yapi ve Kredi Bankasi AS		7,973		5,306
(Cost $20,645)				27,313
United Arab Emirates — 0.7%
Abu Dhabi Islamic Bank PJSC		3,824		10,621
Abu Dhabi National Oil Co. for Distribution PJSC		8,386		8,678
Emaar Properties PJSC		17,442		36,050
Emirates NBD Bank PJSC		4,918		23,571
(Cost $59,342)				78,920
United Kingdom — 9.5%
Admiral Group PLC		675		23,080
Anglo American PLC		3,313		89,838
Barratt Developments PLC		2,524		16,417
Hargreaves Lansdown PLC		923		8,394
Imperial Brands PLC		2,275		53,180
Kingfisher PLC		5,029		13,968
National Grid PLC		9,757		126,916
Rio Tinto PLC		2,934		200,535
Schroders PLC		2,153		10,946
SSE PLC		2,829		65,629

	Number of Shares		Value
United Kingdom (Continued)
St James’s Place PLC		1,423	$	11,684
Tesco PLC		18,922		68,461
Unilever PLC		6,526		311,421
(Cost $1,149,092)				1,000,469
United States — 0.1%
Southern Copper Corp.
(Cost $12,854)		219		15,753
TOTAL COMMON STOCKS
(Cost $10,829,307)				10,388,867
PREFERRED STOCKS — 0.5%
Brazil — 0.2%
Cia Energetica de Minas Gerais		3,555		7,979
Gerdau SA		3,074		13,618
(Cost $20,493)				21,597
Germany — 0.3%
Bayerische Motoren Werke AG		155		14,730
Porsche Automobil Holding SE		408		19,970
(Cost $37,576)				34,700
TOTAL PREFERRED STOCKS (Cost $58,069)				56,297
EXCHANGE-TRADED FUNDS — 0.5%
WisdomTree Emerging Markets High Dividend Fund		250		9,745
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (c)		1,650		38,792
(Cost $46,581)				48,537
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (d) (Cost $5,143)		5,143		5,143
TOTAL INVESTMENTS — 99.2% (Cost $10,939,100)			$	10,498,844
Other assets and liabilities, net — 0.8%				84,118
NET ASSETS — 100.0%			$	10,582,962

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

November 30, 2023 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
EXCHANGE-TRADED FUNDS — 0.4%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (c)
		50,737		90,224		(104,392	)		1,125		1,098		2,102		—		1,650		38,792
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
		595,473		—		(595,473	) (f)		—		—		547		—		—		—
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (d)
		1,070		525,611		(521,538	)		—		—		468		—		5,143		5,143
		647,280		615,835		(1,221,403	)		1,125		1,098		3,117		—		6,793		43,935

* 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) Investment was valued using significant unobservable inputs.

(c) Affiliated fund advised by DBX Advisors LLC.

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

(e) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates..

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended November 30, 2023.

ADR: American Depositary Receipt

GDR: Global Depositary Receipt

KSCP: Kuwait Shareholding Company Public

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

QPSC: Qatari Public Shareholders Company

QSC: Qatari Shareholders Company

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 November 30, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
EURO STOXX 50 Futures	EUR	1	$	46,589	$	47,910	12/15/2023	$	1,321
MSCI Emerging Markets Index Future	USD	1		49,427		49,355	12/15/2023		(72	)
Total net unrealized appreciation								$	1,249

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

EUR Euro

USD U.S.Dollar

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	10,388,867		$	—	$	0	$	10,388,867
Preferred Stocks (a)		56,297			—		—		56,297
Exchange-Traded Funds		48,537			—		—		48,537
Short-Term Investments (a)		5,143			—		—		5,143
Derivatives (b)
Futures Contracts		1,321			—		—		1,321
TOTAL	$	10,500,165		$	—	$	0	$	10,500,165
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(72	)	$	—	$	—	$	(72	)
TOTAL	$	(72	)	$	—	$	—	$	(72	)

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

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

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.7%
Australia — 12.3%
BHP Group Ltd.		2,201,605	$	67,587,562
Coles Group Ltd.		716,768		7,285,631
Fortescue Ltd.		904,872		14,993,388
Medibank Pvt Ltd.		1,466,260		3,363,826
Pilbara Minerals Ltd.		1,523,770		3,677,623
Rio Tinto Ltd.		198,749		16,477,841
Santos Ltd.		1,737,037		7,958,542
Telstra Group Ltd.		2,141,027		5,422,904
Wesfarmers Ltd.		607,166		21,199,943
Woodside Energy Group Ltd.		1,014,730		20,857,324
(Cost $161,507,711)				168,824,584
Austria — 0.2%
OMV AG
(Cost $3,915,599)		78,448		3,351,030
Belgium — 0.3%
Ageas SA/NV
(Cost $3,895,816)		84,246		3,629,035
Chile — 0.3%
Antofagasta PLC
(Cost $3,711,648)		210,745		3,757,777
Denmark — 0.8%
A.P. Moller — Maersk A/S, Class A (a)		1,658		2,574,417
A.P. Moller — Maersk A/S, Class B		2,552		4,033,513
Tryg A/S		185,633		4,012,497
(Cost $14,343,486)				10,620,427
Finland — 2.2%
Elisa OYJ		75,177		3,369,614
Kesko OYJ, Class B		145,072		2,778,748
Kone OYJ, Class B		182,000		8,100,089
Orion OYJ, Class B		57,158		2,272,585
Stora Enso OYJ, Class R		308,413		4,007,828
UPM-Kymmene OYJ		285,460		9,991,813
(Cost $31,255,062)				30,520,677
France — 14.3%
Amundi SA, 144A		33,631		2,073,256
AXA SA		964,889		30,104,550
Bouygues SA		102,353		3,898,658
Cie Generale des Etablissements Michelin SCA		363,035		12,204,075
Danone SA		344,424		22,160,993
La Francaise des Jeux SAEM, 144A		55,000		1,992,349
Sanofi SA		608,316		56,722,690
TotalEnergies SE		977,570		66,408,194
(Cost $176,526,709)				195,564,765
Germany — 7.3%
Allianz SE		215,362		54,186,746
Bayerische Motoren Werke AG		170,048		17,735,714
Deutsche Post AG		529,660		24,873,341
Evonik Industries AG		118,530		2,217,977
Wacker Chemie AG		10,638		1,303,480
(Cost $87,189,920)				100,317,258

	Number of Shares		Value
Hong Kong — 2.8%
CK Asset Holdings Ltd.		1,030,326	$	4,887,594
CK Infrastructure Holdings Ltd.		348,877		1,728,684
CLP Holdings Ltd.		872,030		6,782,815
Hang Lung Properties Ltd.		1,000,183		1,336,941
Henderson Land Development Co. Ltd.		757,159		2,060,053
HKT Trust & HKT Ltd. (b)		2,106,022		2,246,157
Power Assets Holdings Ltd.		730,157		3,809,572
Sino Land Co. Ltd.		1,883,708		1,898,107
SITC International Holdings Co. Ltd.		699,199		1,056,368
Sun Hung Kai Properties Ltd.		768,235		7,539,430
Swire Properties Ltd.		650,197		1,263,715
WH Group Ltd., 144A		4,400,000		2,828,060
Xinyi Glass Holdings Ltd.		935,662		1,076,988
(Cost $45,713,997)				38,514,484
Ireland — 0.4%
Smurfit Kappa Group PLC
(Cost $4,955,943)		138,780		5,269,517
Israel — 1.1%
Bank Hapoalim BM		677,582		5,733,092
Bank Leumi Le-Israel BM		812,061		6,094,655
Mizrahi Tefahot Bank Ltd.		82,397		2,942,671
(Cost $16,178,891)				14,770,418
Italy — 1.7%
Assicurazioni Generali SpA		539,808		11,193,654
Snam SpA		1,081,821		5,456,875
Terna—Rete Elettrica Nazionale		755,082		6,093,344
(Cost $20,201,774)				22,743,873
Japan — 7.7%
AGC, Inc.		103,300		3,752,298
Daiwa House Industry Co. Ltd.		317,171		9,008,699
Iida Group Holdings Co. Ltd.		82,400		1,231,806
Isuzu Motors Ltd.		311,600		4,121,715
Japan Tobacco, Inc. (a)		641,400		16,491,098
Mitsui Chemicals, Inc.		91,200		2,669,960
Mitsui OSK Lines Ltd.		183,900		5,051,699
MS&AD Insurance Group Holdings, Inc.		229,200		8,578,237
Nippon Yusen KK (a)		259,000		6,962,262
Obayashi Corp.		347,100		2,928,990
Sekisui House Ltd.		318,824		6,532,404
SoftBank Corp.		1,536,700		18,694,862
Sompo Holdings, Inc.		158,000		7,221,605
SUMCO Corp.		187,200		2,806,702
Sumitomo Metal Mining Co. Ltd.		132,200		3,838,079
Tosoh Corp.		139,020		1,849,713
Yamaha Motor Co. Ltd.		159,100		4,064,807
(Cost $94,218,990)				105,804,936
Netherlands — 4.4%
ASR Nederland NV		83,254		3,839,742
Koninklijke Ahold Delhaize NV		513,754		14,888,398
Koninklijke KPN NV		1,789,945		6,146,121
NN Group NV		146,417		5,573,874
Randstad NV		58,336		3,468,949
Stellantis NV		1,181,570		25,657,886
(Cost $51,170,080)				59,574,970

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
New Zealand — 0.2%
Spark New Zealand Ltd.
(Cost $2,901,997)		973,391	$	3,117,300
Norway — 0.9%
Aker BP ASA		168,083		4,835,653
Gjensidige Forsikring ASA		111,828		1,889,253
Orkla ASA		374,828		2,769,446
Yara International ASA		87,896		2,987,002
(Cost $14,977,207)				12,481,354
Singapore — 4.5%
DBS Group Holdings Ltd.		968,100		23,023,748
Oversea-Chinese Banking Corp. Ltd.		1,809,907		17,006,020
Singapore Exchange Ltd.		458,250		3,237,897
Singapore Technologies Engineering Ltd.		834,500		2,319,792
United Overseas Bank Ltd.		675,800		13,783,363
Wilmar International Ltd.		1,026,800		2,792,810
(Cost $59,818,447)				62,163,630
Spain — 3.6%
Enagas SA		133,648		2,449,833
Endesa SA		168,786		3,533,157
Iberdrola SA		3,226,317		39,937,072
Redeia Corp. SA		215,485		3,616,080
(Cost $45,877,533)				49,536,142
Sweden — 2.2%
Boliden AB		146,141		3,903,565
Skanska AB, Class B		181,622		2,920,483
Tele2 AB, Class B		310,855		2,440,242
Volvo AB, Class A		109,359		2,586,082
Volvo AB, Class B		804,391		18,672,670
(Cost $28,510,197)				30,523,042
Switzerland — 16.8%
Adecco Group AG		85,258		4,124,897
Baloise Holding AG		24,072		3,706,792
Glencore PLC		5,599,199		31,316,160
Helvetia Holding AG		21,131		2,908,839
Holcim AG		278,737		20,611,568
Kuehne + Nagel International AG		29,014		8,448,444
Novartis AG		706,607		69,169,557
Partners Group Holding AG		12,170		16,130,096
SGS SA		80,120		6,845,973
Swiss Re AG		161,141		19,133,814
Swisscom AG		13,797		8,098,429
Zurich Insurance Group AG		78,092		39,326,648
(Cost $193,683,217)				229,821,217
United Kingdom — 14.7%
Admiral Group PLC		138,775		4,745,180
Anglo American PLC		677,441		18,369,944
Barratt Developments PLC		514,326		3,345,411
Hargreaves Lansdown PLC		189,303		1,721,633
Imperial Brands PLC		454,012		10,612,887
Kingfisher PLC		998,196		2,772,486
National Grid PLC		1,968,844		25,610,026
Rio Tinto PLC		602,132		41,154,936
Schroders PLC		444,307		2,258,883

	Number of Shares		Value
United Kingdom (Continued)
SSE PLC		582,267	$	13,507,751
Tesco PLC		3,800,386		13,750,131
Unilever PLC		1,336,208		63,763,876
(Cost $205,108,897)				201,613,144
TOTAL COMMON STOCKS (Cost $1,265,663,121)				1,352,519,580
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		33,519		3,185,473
Porsche Automobil Holding SE		81,094		3,969,288
(Cost $7,711,423)				7,154,761
SECURITIES LENDING COLLATERAL — 1.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $25,355,004)		25,355,004		25,355,004
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c) (Cost $2,013,070)		2,013,070		2,013,070
TOTAL INVESTMENTS — 101.2% (Cost $1,300,742,618)			$	1,387,042,415
Other assets and liabilities, net — (1.2%)				(16,448,637	)
NET ASSETS — 100.0%			$	1,370,593,778

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2023 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
SECURITIES LENDING COLLATERAL — 1.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		92,172,040		—		(66,817,036	) (e)		—		—		143,678		—		25,355,004		25,355,004
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c)
		1,988,411		57,261,176		(57,236,517	)		—		—		48,680		—		2,013,070		2,013,070
		94,160,451		57,261,176		(124,053,553	)		—		—		192,358		—		27,368,074		27,368,074

(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 November 30, 2023 amounted to $24,092,456, which is 1.8% of net assets.

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

(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.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

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 November 30, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
FTSE 100 Index Futures	GBP	30	$	2,887,033	$	2,833,388	12/15/2023	$	(53,645	)
MSCI EAFE Futures	USD	80		8,328,630		8,506,400	12/15/2023		177,770
Total net unrealized appreciation								$	124,125

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

Currency Abbreviations

GBP Pound Sterling

USD U.S. Dollar

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	1,352,519,580		$	—	$	—	$	1,352,519,580
Preferred Stocks		7,154,761			—		—		7,154,761
Short-Term Investments (a)		27,368,074			—		—		27,368,074
Derivatives (b)
Futures Contracts		177,770			—		—		177,770
TOTAL	$	1,387,220,185		$	—	$	—	$	1,387,220,185
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(53,645	)	$	—	$	—	$	(53,645	)
TOTAL	$	(53,645	)	$	—	$	—	$	(53,645	)

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

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

See Notes to Financial Statements. 55

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2023 (Unaudited)

	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF			Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF			Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Assets
Investment in non-affiliated securities at value	$	2,661,206		$	6,432,878		$	5,322,915		$	111,619,200
Investment in affiliated securities at value		16,923			—			—			—
Investment in DWS Government Money Market Series		11,961			40,915			75,146			—
Investment in DWS Government & Agency Securities Portfolio*		—			—			6,105			—
Cash		—			—			—			1,264,325
Foreign currency at value		—			151			1			—
Receivables:
Investment securities sold		14,238			76,707			138,551			—
Interest		24,747			106,774			91,268			1,402,273
Securities lending income		—			—			10			—
Total assets	$	2,729,075		$	6,657,425		$	5,633,996		$	114,285,798
Liabilities
Payable upon return of securities loaned	$	—		$	—		$	6,105		$	—
Payables:
Investment securities purchased		17,285			83,099			161,670			539,665
Investment advisory fees		324			1,835			875			13,416
Total liabilities		17,609			84,934			168,650			553,081
Net Assets, at value	$	2,711,466		$	6,572,491		$	5,465,346		$	113,732,717
Net Assets Consist of
Paid-in capital	$	4,576,477		$	12,368,761		$	8,901,294		$	129,726,101
Distributable earnings (loss)		(1,865,011	)		(5,796,270	)		(3,435,948	)		(15,993,384	)
Net Assets, at value	$	2,711,466		$	6,572,491		$	5,465,346		$	113,732,717
Number of Common Shares outstanding		150,001			400,001			300,001			4,550,001
Net Asset Value	$	18.08		$	16.43		$	18.22		$	25.00
Investment in non-affiliated securities at cost	$	3,088,032		$	7,547,759		$	5,717,412		$	123,207,069
Investment in affiliated securities at cost	$	20,070		$	—		$	—		$	—
Value of securities loaned	$	—		$	—		$	5,837		$	—
Investment in DWS Government Money Market Series at cost	$	11,961		$	40,915		$	75,146		$	—
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	6,105		$	—
Foreign currency at cost	$	—		$	151		$	1		$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 56

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2023 (Unaudited)

	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Assets
Investment in non-affiliated securities at value	$	10,454,909		$	1,359,674,341
Investment in affiliated securities at value		38,792			—
Investment in DWS Government Money Market Series		5,143			2,013,070
Investment in DWS Government & Agency Securities Portfolio*		—			25,355,004
Foreign currency at value		34,125			2,558,694
Deposit with broker for futures contracts		4,983			445,164
Receivables:
Investment securities sold		878,104			155,522,024
Variation margin on futures contracts		32			—
Dividends		27,672			3,221,769
Interest		16			2,054
Securities lending income		—			5,499
Foreign tax reclaim		42,096			3,919,964
Total assets	$	11,485,872		$	1,552,717,583
Liabilities
Payable upon return of securities loaned	$	—		$	25,355,004
Payables:
Investment securities purchased		892,342			109,648,823
Capital shares		—			47,018,621
Investment advisory fees		1,679			97,921
Variation margin on futures contracts		—			3,436
Deferred foreign tax		8,889			—
Total liabilities		902,910			182,123,805
Net Assets, at value	$	10,582,962		$	1,370,593,778
Net Assets Consist of
Paid-in capital	$	15,775,096		$	1,409,671,187
Distributable earnings (loss)		(5,192,134	)		(39,077,409	)
Net Assets, at value	$	10,582,962		$	1,370,593,778
Number of Common Shares outstanding		450,001			58,300,001
Net Asset Value	$	23.52		$	23.51
Investment in non-affiliated securities at cost	$	10,896,792		$	1,273,374,544
Investment in affiliated securities at cost	$	37,165		$	—
Value of securities loaned	$	—		$	24,092,456
Investment in DWS Government Money Market Series at cost	$	5,143		$	2,013,070
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	25,355,004
Foreign currency at cost	$	33,547		$	2,499,667

* Represents collateral on securities loaned.

See Notes to Financial Statements. 57

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2023 (Unaudited)

	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF			Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF			Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Investment Income
Unaffiliated interest income	$	48,285		$	227,446		$	214,562		$	1,717,135
Affiliated interest income		318			—			—			—
Unaffiliated dividend income		—			—			2,389			—
Income distributions from affiliated funds		195			1,189			1,586			—
Affiliated securities lending income		—			—			18			—
Total investment income		48,798			228,635			218,555			1,717,135
Expenses
Investment advisory fees		2,002			14,344			6,368			83,257
Other expenses		58			58			58			58
Total expenses		2,060			14,402			6,426			83,315
Less fees waived (see note 3):
Waiver		(4	)		(22	)		(31	)		—
Net expenses		2,056			14,380			6,395			83,315
Net investment income (loss)		46,742			214,255			212,160			1,633,820
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(10,938	)		(41,495	)		(26,491	)		(387,938	)
In-kind redemptions		—			(2,001,081	)		(703,434	)		—
Net realized gain (loss)		(10,938	)		(2,042,576	)		(729,925	)		(387,938	)
Net change in unrealized appreciation (depreciation) on:
Investments		(8,969	)		2,253,123			898,760			554,056
Investments in affiliates		148			—			—			—
Net change in unrealized appreciation (depreciation)		(8,821	)		2,253,123			898,760			554,056
Net realized and unrealized gain (loss) on investments		(19,759	)		210,547			168,835			166,118
Net Increase (Decrease) in Net Assets Resulting from Operations	$	26,983		$	424,802		$	380,995		$	1,799,938

See Notes to Financial Statements. 58

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended November 30, 2023 (Unaudited)

	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Investment Income
Unaffiliated dividend income*	$	233,779		$	22,068,295
Income distributions from affiliated funds		2,570			48,680
Affiliated securities lending income		547			143,678
Total investment income		236,896			22,260,653
Expenses
Investment advisory fees		10,385			1,311,849
Other expenses		58			1,150
Total expenses		10,443			1,312,999
Less fees waived (see note 3):
Waiver		(41	)		(241,103	)
Net expenses		10,402			1,071,896
Net investment income (loss)		226,494			21,188,757
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		14,463			(9,607,454	)
Investments in affiliates		1,125			—
In-kind redemptions		—			11,857,875
Futures contracts		8,022			(326,438	)
Foreign currency transactions		(3,511	)		(415,423	)
Net realized gain (loss)		20,099			1,508,560
Net change in unrealized appreciation (depreciation) on:
Investments***		591,326			86,676,273
Investments in affiliates		1,098			—
Futures contracts		(4,229	)		675,857
Foreign currency translations		4,355			626,802
Net change in unrealized appreciation (depreciation)		592,550			87,978,932
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		612,649			89,487,492
Net Increase (Decrease) in Net Assets Resulting from Operations	$	839,143		$	110,676,249
*   Unaffiliated foreign tax withheld	$	25,393		$	1,369,934
**   Including foreign taxes	$	1,717		$	—
***  Including change in deferred foreign taxes	$	4,530		$	—

See Notes to Financial Statements. 59

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF						Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	46,742		$	196,750		$	214,255		$	806,818
Net realized gain (loss)		(10,938	)		(623,784	)		(2,042,576	)		(1,582,453	)
Net change in net unrealized appreciation (depreciation)		(8,821	)		322,222			2,253,123			523,279
Net increase (decrease) in net assets resulting from operations		26,983			(104,812	)		424,802			(252,356	)
Distributions to Shareholders		(48,002	)		(203,344	)		(257,405	)		(867,961	)
Fund Shares Transactions
Proceeds from shares sold		—			—			—			1,664,481
Value of shares redeemed		—			(3,672,018	)		(10,863,956	)		(2,510,949	)
Net increase (decrease) in net assets resulting from fund share transactions		—			(3,672,018	)		(10,863,956	)		(846,468	)
Total net increase (decrease) in Net Assets		(21,019	)		(3,980,174	)		(10,696,559	)		(1,966,785	)
Net Assets
Beginning of period		2,732,485			6,712,659			17,269,050			19,235,835
End of period	$	2,711,466		$	2,732,485		$	6,572,491		$	17,269,050
Changes in Shares Outstanding
Shares outstanding, beginning of period		150,001			350,001			1,050,001			1,100,001
Shares sold		—			—			—			100,000
Shares redeemed		—			(200,000	)		(650,000	)		(150,000	)
Shares outstanding, end of period		150,001			150,001			400,001			1,050,001

See Notes to Financial Statements. 60

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF						Xtrackers Municipal Infrastructure Revenue Bond ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	212,160		$	1,118,319		$	1,633,820		$	3,544,209
Net realized gain (loss)		(729,925	)		(997,443	)		(387,938	)		(6,754,022	)
Net change in net unrealized appreciation (depreciation)		898,760			(114,921	)		554,056			665,530
Net increase (decrease) in net assets resulting from operations		380,995			5,955			1,799,938			(2,544,283	)
Distributions to Shareholders		(257,999	)		(1,154,340	)		(1,639,016	)		(3,631,610	)
Fund Shares Transactions
Proceeds from shares sold		—			—			1,261,391			8,803,399
Value of shares redeemed		(8,104,176	)		(7,412,053	)		—			(52,057,833	)
Net increase (decrease) in net assets resulting from fund share transactions		(8,104,176	)		(7,412,053	)		1,261,391			(43,254,434	)
Total net increase (decrease) in Net Assets		(7,981,180	)		(8,560,438	)		1,422,313			(49,430,327	)
Net Assets
Beginning of period		13,446,526			22,006,964			112,310,404			161,740,731
End of period	$	5,465,346		$	13,446,526		$	113,732,717		$	112,310,404
Changes in Shares Outstanding
Shares outstanding, beginning of period		750,001			1,150,001			4,500,001			6,250,001
Shares sold		—			—			50,000			350,000
Shares redeemed		(450,000	)		(400,000	)		—			(2,100,000	)
Shares outstanding, end of period		300,001			750,001			4,550,001			4,500,001

See Notes to Financial Statements. 61

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF						Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	226,494		$	524,523		$	21,188,757		$	57,160,160
Net realized gain (loss)		20,099			(329,402	)		1,508,560			(9,842,940	)
Net change in net unrealized appreciation (depreciation)		592,550			(535,997	)		87,978,932			(18,885,528	)
Net increase (decrease) in net assets resulting from operations		839,143			(340,876	)		110,676,249			28,431,692
Distributions to Shareholders		(448,403	)		(648,129	)		(50,748,208	)		(44,880,584	)
Fund Shares Transactions
Proceeds from shares sold		—			—			109,147,328			529,031,423
Value of shares redeemed		—			(1,083,943	)		(47,018,621	)		(219,450,948	)
Net increase (decrease) in net assets resulting from fund share transactions		—			(1,083,943	)		62,128,707			309,580,475
Total net increase (decrease) in Net Assets		390,740			(2,072,948	)		122,056,748			293,131,583
Net Assets
Beginning of period		10,192,222			12,265,170			1,248,537,030			955,405,447
End of period	$	10,582,962		$	10,192,222		$	1,370,593,778		$	1,248,537,030
Changes in Shares Outstanding
Shares outstanding, beginning of period		450,001			500,001			55,600,001			40,700,001
Shares sold		—			—			4,700,000			24,950,000
Shares redeemed		—			(50,000	)		(2,000,000	)		(10,050,000	)
Shares outstanding, end of period		450,001			450,001			58,300,001			55,600,001

See Notes to Financial Statements. 62

DBX ETF Trust

Financial Highlights

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	18.22		$	19.18		$	21.93		$	22.02		$	23.04		$	23.84
Income (loss) from investment operations:
Net investment income (loss)(a)		0.31			0.59			0.52			0.53			0.73			0.83
Net realized and unrealized gain (loss)		(0.13	)		(0.97	)		(2.74	)		(0.10	)		(0.98	)		(0.32	)
Total from investment operations		0.18			(0.38	)		(2.22	)		0.43			(0.25	)		0.51
Less distributions from:
Net investment income		(0.32	)		(0.58	)		(0.53	)		(0.52	)		(0.77	)		(0.83	)
Net realized gains		—			—			—			—			—			(0.48	)
Total distributions		(0.32	)		(0.58	)		(0.53	)		(0.52	)		(0.77	)		(1.31	)
Net Asset Value, end of period	$	18.08		$	18.22		$	19.18		$	21.93		$	22.02		$	23.04
Total Return (%)(b)		1.08	**		(1.95	)		(10.36	)		1.95			(1.16	)		2.28
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		3			3			7			8			10			7
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15			0.15			0.24			0.25
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.15			0.24			0.25
Ratio of net investment income (loss) (%)		3.50	*		3.20			2.42			2.34			3.18			3.53
Portfolio turnover rate (%)(c)		4	**		17			30			29			57			25
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	16.45		$	17.49		$	21.78		$	20.63		$	23.10		$	24.36
Income (loss) from investment operations:
Net investment income (loss)(a)		0.43			0.78			0.84			0.84			0.89			1.05
Net realized and unrealized gain (loss)		0.08			(0.99	)		(4.26	)		1.12			(2.37	)		(0.29	)
Total from investment operations		0.51			(0.21	)		(3.42	)		1.96			(1.48	)		0.76
Less distributions from:
Net investment income		(0.53	)		(0.83	)		(0.87	)		(0.81	)		(0.99	)		(1.04	)
Net realized gains		—			—			—			—			—			(0.98	)
Total distributions		(0.53	)		(0.83	)		(0.87	)		(0.81	)		(0.99	)		(2.02	)
Net Asset Value, end of period	$	16.43		$	16.45		$	17.49		$	21.78		$	20.63		$	23.10
Total Return (%)(b)		3.17	**		(1.11	)		(16.21	)		9.57			(6.79	)		3.31
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7			17			19			30			14			7
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.35			0.35			0.44			0.45
Ratio of expenses after fee waiver (%)		0.35	*		0.35			0.35			0.35			0.44			0.45
Ratio of net investment income (loss) (%)		5.23	*		4.72			4.09			3.87			3.85			4.37
Portfolio turnover rate (%)(c)		6	**		20			24			35			26			31

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

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 63

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	17.93		$	19.14		$	21.20		$	19.55		$	21.72		$	22.68
Income (loss) from investment operations:
Net investment income (loss)(a)		0.61			1.16			1.03			1.23			1.26			1.32
Net realized and unrealized gain (loss)		0.33			(1.18	)		(2.01	)		1.67			(2.19	)		(0.82	)
Total from investment operations		0.94			(0.02	)		(0.98	)		2.90			(0.93	)		0.50
Less distributions from:
Net investment income		(0.65	)		(1.19	)		(1.08	)		(1.25	)		(1.24	)		(1.46	)
Total distributions		(0.65	)		(1.19	)		(1.08	)		(1.25	)		(1.24	)		(1.46	)
Net Asset Value, end of period	$	18.22		$	17.93		$	19.14		$	21.20		$	19.55		$	21.72
Total Return (%)(b)		5.35	**		0.03			(4.90	)		15.22			(4.58	)		2.18
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5			13			22			17			19			7
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.33	(c)		0.35	(c)
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.19	(c)		0.14	(c)
Ratio of net investment income (loss) (%)		6.66	*		6.42			5.03			5.94			6.06			5.91
Portfolio turnover rate (%)(d)		12	**		29			47			56			113			19
Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	24.96		$	25.88		$	29.35		$	27.75		$	27.70		$	26.52
Income (loss) from investment operations:
Net investment income (loss)(a)		0.36			0.69			0.63			0.70			0.76			0.75
Net realized and unrealized gain (loss)		0.04			(0.91	)		(3.48	)		1.63			(0.00	)(e)		1.18
Total from investment operations		0.40			(0.22	)		(2.85	)		2.33			0.76			1.93
Less distributions from:
Net investment income		(0.36	)		(0.70	)		(0.62	)		(0.73	)		(0.71	)		(0.75	)
Total distributions		(0.36	)		(0.70	)		(0.62	)		(0.73	)		(0.71	)		(0.75	)
Net Asset Value, end of period	$	25.00		$	24.96		$	25.88		$	29.35		$	27.75		$	27.70
Total Return (%)		1.66	**		(0.79	)		(9.87	)		8.50			2.77			7.45	(b)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		114			112			162			138			97			68
Ratio of expenses (%)		0.15	*		0.15			0.15			0.15			0.15			0.25
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.15			0.15			0.22
Ratio of net investment income (loss) (%)		2.94	*		2.79			2.24			2.42			2.72			2.85
Portfolio turnover rate (%)(d)		2	**		12			27			10			12			25

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

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

(c) The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

(e) Less than 0.005.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 64

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	22.65		$	24.53		$	26.62		$	20.87		$	23.69		$	25.42
Income (loss) from investment operations:
Net investment income (loss)(a)		0.50			1.14			1.22			1.16			0.94			1.21
Net realized and unrealized gain (loss)		1.37			(1.66	)		(2.13	)		5.75			(2.78	)		(1.92	)
Total from investment operations		1.87			(0.52	)		(0.91	)		6.91			(1.84	)		(0.71	)
Less distributions from:
Net investment income		(1.00	)		(1.36	)		(1.18	)		(1.16	)		(0.98	)		(1.02	)
Total distributions		(1.00	)		(1.36	)		(1.18	)		(1.16	)		(0.98	)		(1.02	)
Net Asset Value, end of period	$	23.52		$	22.65		$	24.53		$	26.62		$	20.87		$	23.69
Total Return (%)(b)		8.38	**		(1.68	)		(3.46	)		34.16			(8.19	)		(2.82	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		11			10			12			23			20			24
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		4.36	*		5.18			4.80			4.92			3.94			4.96
Portfolio turnover rate (%)(c)		10	**		29			38			57			40			30
Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	22.46		$	23.47		$	25.00		$	19.89		$	22.00		$	23.69
Income (loss) from investment operations:
Net investment income (loss)(a)		0.37			1.15			1.17			1.21			0.85			1.36
Net realized and unrealized gain (loss)		1.58			(1.14	)		(1.60	)		4.94			(2.00	)		(2.25	)
Total from investment operations		1.95			0.01			(0.43	)		6.15			(1.15	)		(0.89	)
Less distributions from:
Net investment income		(0.90	)		(1.02	)		(1.10	)		(1.04	)		(0.96	)		(0.80	)
Total distributions		(0.90	)		(1.02	)		(1.10	)		(1.04	)		(0.96	)		(0.80	)
Net Asset Value, end of period	$	23.51		$	22.46		$	23.47		$	25.00		$	19.89		$	22.00
Total Return (%)(b)		8.84	**		0.46			(1.72	)		31.74			(5.58	)		(3.76	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,371			1,249			955			739			409			244
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.16	*		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		3.23	*		5.32			4.92			5.38			3.86			6.06
Portfolio turnover rate (%)(c)		10	**		29			30			57			57			20

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

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 65

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 “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of November 30, 2023, the Trust consists of forty-four 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 Bloomberg US Investment Grade Corporate ESG ETF

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF

Xtrackers Municipal Infrastructure Revenue Bond ETF

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

Xtrackers MSCI EAFE High Dividend Yield Equity 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”).

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF offer shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer 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 seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

Fund	Underlying Index
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF	J.P. Morgan ESG EMBI Global Diversified Sovereign Index
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF	J.P. Morgan ESG DM Corporate High Yield USD Index
Xtrackers Municipal Infrastructure Revenue Bond ETF	Solactive Municipal Infrastructure Revenue Bond Index
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	MSCI ACWI ex USA High Dividend Yield Index
Xtrackers MSCI EAFE High Dividend Yield Equity ETF	MSCI EAFE High Dividend Yield Index

The Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. Under normal circumstances, the Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index is reconstituted and rebalanced on a monthly basis.

The J.P. Morgan ESG EMBI Global Diversified Sovereign Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects.

66

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

The J.P. Morgan ESG DM Corporate High Yield USD Index is designed to apply environmental, social and governance considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market exposure with ESG aspects. Under normal circumstances, the J.P. Morgan Indices are reconstituted and rebalanced on a monthly basis.

The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the performance of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). Under normal circumstances, the Solactive Municipal Infrastructure Revenue Bond Index is rebalanced monthly on the last business day of each month.

The MSCI ACWI ex USA High Dividend Yield Index is designed to track the performance of equity securities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. The MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. Under normal circumstances, the MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.

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 is a diversified series of the Trust. In addition, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF may change their 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 the 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.

The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily

67

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

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.

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. 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.

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. 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.

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.

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 Pricing Committee 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.

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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. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

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 the policy of Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from its net investment income monthly and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF to pay out dividends from net investment income 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 November 30, 2023, the Funds did not incur any interest or penalties.

At May 31, 2023, 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 Bloomberg US Investment Grade Corporate ESG ETF	$	498,533	$	930,562	$	1,429,095
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		374,510		2,213,999		2,588,509
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		451,614		1,861,500		2,313,114
Xtrackers Municipal Infrastructure Revenue Bond ETF		2,273,188		2,007,173		4,280,361
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		999,902		3,611,579		4,611,481
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		28,086,660		72,771,617		100,858,277

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As of May 31, 2023, 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 Bloomberg US Investment Grade Corporate ESG ETF	$	3,139,609	$	(423,981	)	$	3,212	$	(427,193	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		20,392,739		(3,421,025	)		128,733		(3,549,758	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		14,551,819		(1,337,055	)		128,756		(1,465,811	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		122,800,563		(12,141,925	)		170,397		(12,312,322	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		11,860,968		(1,217,814	)		485,482		(1,703,296	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,349,139,956		(33,089,730	)		42,558,070		(75,647,800	)

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 November 30, 2023, 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    Prior to August 1, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF and may lend securities of the Funds to certain financial institutions under the terms if its securities lending agreement. Prior to September 26, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF. Effective September 27, 2023, Deutsche Bank AG, serves as securities lending agent for Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and may lend securities of the Funds to certain financial institutions under the terms if its 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

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market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets 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 November 30, 2023, 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 (0.10% annualized effective rate as of November 30, 2023) 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.

As of November 30, 2023, 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 November 30, 2023
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Corporate Bonds	$	6,105	$	—	$	—	$	—	$	6,105
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	6,105
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	25,355,004	$	—	$	—	$	—	$	25,355,004
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	25,355,004

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 November 30, 2023, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the 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 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

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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 November 30, 2023 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 November 30, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	1,321	Unrealized depreciation on futures contracts*	$	72
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	177,770	Unrealized depreciation on futures contracts*	$	53,645

* Includes cumulative appreciation or cumulative depreciation on 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 November 30, 2023 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 MSCI All World ex US High Dividend Yield Equity ETF	$	8,022
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		(326,438	)
Net Change in Unrealized Appreciation (Depreciation) on:
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	(4,229	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		675,857

For the period ended November 30, 2023 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	114,814
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		13,120,939

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.

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For its investment advisory services to the Funds below, the Advisor is 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 Bloomberg US Investment Grade Corporate ESG ETF		0.15	%
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		0.35	%
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		0.20	%
Xtrackers Municipal Infrastructure Revenue Bond ETF		0.15	%
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		0.20	%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		0.20	%

Effective October 1, 2023 the Advisor for the Xtrackers MSCI EAFE High Dividend Yield Equity ETF has contractually agreed through September 30, 2024 to waive a portion of 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 0.09% 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 November 30, 2023, the Advisor waived $239,875 of expenses to the Fund.

The Advisor for Xtrackers MSCI All World ex US High Dividend Yield Equity ETF 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 Fund’s investments in affiliated funds. For the period ended November 30, 2023, the Advisor waived $29 of the expenses of the Fund.

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 cash management vehicles. For the period ended November 30, 2023, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	4
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		22
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		31
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		12
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,228

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 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 the 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).

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4. Investment Portfolio Transactions

For the period ended November 30, 2023, 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 Bloomberg US Investment Grade Corporate ESG ETF	$	117,169	$	113,287
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		484,062		455,208
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		782,857		781,172
Xtrackers Municipal Infrastructure Revenue Bond ETF		4,042,847		2,429,841
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		1,073,159		1,238,092
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		132,016,022		136,566,823

For the period ended November 30, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	—	$	—
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		—		10,740,638
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		—		7,961,818
Xtrackers Municipal Infrastructure Revenue Bond ETF		—		—
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		—		—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		99,887,751		46,479,066

5. Fund Share Transactions

As of November 30, 2023, 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 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. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

7. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest

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rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund 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 Secured Overnight Financing Rate plus .10%. 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 November 30, 2023.

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Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

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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 or Cboe, as applicable, 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.

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in U.S. 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. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Incorporation of ESG criteria in a fund’s investment strategy does not guarantee a return or protect against a 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. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

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, natural disasters, climate change 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 their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or CBOE BZX Exchange, Inc., as applicable. 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.

ESHY and ESEB are not sponsored, endorsed, or promoted by JP Morgan Chase & Co. (“JP Morgan”) and JP Morgan bears no liability with respect to any index on which such fund is based. The accuracy, completeness or relevance of the information which has been obtained from external sources cannot be guaranteed, although it has been obtained from sources reasonably believed to be reliable. Subject to any applicable law, JP Morgan shall not assume any liability in this respect. The index described herein is a proprietary J.P. Morgan index. The prospectus contains a detailed description of the limited relationship that JP Morgan has with DBX Advisors, LLC. Index provider website: www.jpmorgan.com/country/US/en/jpmorgan/investbk/solutioins/research/indices/composition.

“Bloomberg^®” and Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by DBX Advisors LLC (the “Adviser”). Bloomberg is not affiliated with the Adviser, and Bloomberg does not approve, endorse, review, or recommend the Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (the “Fund”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Fund.

RVNU (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 Index 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 Index 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.

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.

Copyright © 2024 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 & 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-049075-8 (1/24) DBX005768 (1/25)

November 30, 2023

Semi-Annual Report

DBX ETF Trust

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

DBX ETF Trust

Table of Contents

	Page
Portfolio Summary		1
Fees and Expenses		2
Schedule of Investments		3
Statement of Assets and Liabilities		14
Statement of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		18
Other Information		25
Additional Information		26

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

The Xtrackers MSCI EAFE Hedged 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 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track developed market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2023 (14.9% of Net Assets)

Description	% of Net Assets
Novo Nordisk A/S (Denmark)		2.1%
Nestle SA (Switzerland)		1.9%
ASML Holding NV (Netherlands)		1.8%
Shell PLC (United Kingdom)		1.4%
LVMH Moet Hennessy Louis Vuitton SE (France)		1.4%
Toyota Motor Corp. (Japan)		1.3%
Novartis AG (Switzerland)		1.3%
Roche Holding AG (Switzerland)		1.3%
AstraZeneca PLC (United Kingdom)		1.3%
SAP SE (Germany)		1.1%

Country Diversification* as of November 30, 2023

Japan	22.7%
United Kingdom	13.7%
France	12.0%
Switzerland	10.4%
Germany	8.6%
Australia	7.1%
Netherlands	4.9%
Denmark	3.4%
Sweden	3.0%
Spain	2.8%
Hong Kong	2.3%
Italy	2.3%
Other	6.8%
Total	100.0%

Sector Diversification* as of November 30, 2023

Financials	19.0%
Industrials	16.0%
Health Care	12.8%
Consumer Discretionary	12.0%
Consumer Staples	9.6%
Information Technology	8.5%
Materials	7.6%
Energy	4.5%
Communication Services	4.1%
Utilities	3.5%
Real Estate	2.4%
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 3.

1

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of the Fund, 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 unitary advisory fees and other Fund expenses. In the most recent six-month period the Fund limited these expenses; had it 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 Fund 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 six-month period and held for the entire period (June 1, 2023 to November 30, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Fund’s 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 June 1, 2023		Ending Account Value November 30, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	1,058.80		0.35	%	$	1.80
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.25		0.35	%	$	1.77

(1) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

2

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.6%
Australia — 7.0%
Ampol Ltd.		70,073	$	1,584,874
ANZ Group Holdings Ltd.		856,473		13,791,339
APA Group (a)		372,739		2,100,831
Aristocrat Leisure Ltd.		166,909		4,476,474
ASX Ltd.		55,083		2,113,885
Aurizon Holdings Ltd.		511,542		1,193,145
BHP Group Ltd.		1,447,656		44,287,748
BlueScope Steel Ltd.		126,435		1,736,001
Brambles Ltd.		393,141		3,465,304
CAR Group Ltd.		103,304		1,896,211
Cochlear Ltd.		18,524		3,341,937
Coles Group Ltd.		380,288		3,852,051
Commonwealth Bank of Australia		478,139		33,065,274
Computershare Ltd.		155,059		2,418,968
CSL Ltd.		138,006		23,912,092
Dexus REIT		302,713		1,408,124
EBOS Group Ltd.		44,545		1,014,940
Endeavour Group Ltd.		380,651		1,239,970
Fortescue Ltd.		482,720		7,970,743
Goodman Group REIT		491,533		7,388,756
GPT Group REIT		534,672		1,455,532
IDP Education Ltd.		78,386		1,173,642
IGO Ltd.		193,588		1,097,496
Insurance Australia Group Ltd.		706,743		2,773,864
Lottery Corp. Ltd.		629,430		1,913,121
Macquarie Group Ltd.		104,483		11,670,731
Medibank Pvt Ltd.		803,946		1,837,978
Mineral Resources Ltd.		50,945		2,059,099
Mirvac Group REIT		1,112,496		1,514,269
National Australia Bank Ltd.		892,096		16,740,451
Northern Star Resources Ltd.		323,255		2,719,011
Orica Ltd.		133,489		1,377,729
Origin Energy Ltd.		485,651		2,644,166
Pilbara Minerals Ltd. (b)		816,757		1,964,407
Qantas Airways Ltd.*		245,012		858,026
QBE Insurance Group Ltd.		431,890		4,386,158
Ramsay Health Care Ltd.		51,924		1,686,620
REA Group Ltd.		14,685		1,506,409
Reece Ltd.		61,785		789,545
Rio Tinto Ltd.		106,021		8,759,475
Santos Ltd.		942,411		4,302,844
Scentre Group REIT		1,471,153		2,575,971
SEEK Ltd.		101,331		1,598,873
Sonic Healthcare Ltd.		130,866		2,522,322
South32 Ltd.		1,291,922		2,629,204
Stockland REIT		673,323		1,837,430
Suncorp Group Ltd.		368,154		3,398,311
Telstra Group Ltd.		1,143,604		2,886,531
Transurban Group (a)		897,846		7,688,544
Treasury Wine Estates Ltd.		227,134		1,605,843
Vicinity Ltd. REIT		1,140,975		1,428,639
Washington H Soul Pattinson & Co. Ltd.		67,992		1,505,012
Wesfarmers Ltd.		323,661		11,261,817
Westpac Banking Corp.		999,384		14,111,531
WiseTech Global Ltd.		48,361		2,134,563

	Number of Shares		Value
Australia (Continued)
Woodside Energy Group Ltd.		541,610	$	11,093,935
Woolworths Group Ltd.		352,976		8,139,689
(Cost $303,348,567)				311,907,455
Austria — 0.2%
Erste Group Bank AG		97,981		3,957,870
OMV AG		41,258		1,758,201
Verbund AG		20,215		1,925,353
voestalpine AG		32,316		908,244
(Cost $6,856,547)				8,549,668
Belgium — 0.8%
Ageas SA/NV		45,186		1,941,823
Anheuser-Busch InBev SA/NV		247,768		15,537,164
D’ieteren Group		6,336		1,080,029
Elia Group SA/NV		7,612		824,010
Groupe Bruxelles Lambert NV		25,304		2,002,406
KBC Group NV		72,721		4,163,650
Lotus Bakeries NV		121		1,051,034
Sofina SA		4,245		943,544
Solvay SA		21,613		2,497,260
UCB SA		35,486		2,620,424
Umicore SA		58,780		1,569,480
Warehouses De Pauw CVA REIT		47,762		1,340,275
(Cost $41,055,535)				35,571,099
Chile — 0.0%
Antofagasta PLC
(Cost $1,503,880)		110,529		1,965,385
Denmark — 3.3%
A.P. Moller — Maersk A/S, Class A (b)		840		1,301,337
A.P. Moller — Maersk A/S, Class B		1,433		2,259,774
Carlsberg A/S, Class B		28,682		3,551,406
Chr Hansen Holding A/S		30,805		2,463,087
Coloplast A/S, Class B		38,963		4,596,833
Danske Bank A/S		196,186		5,076,060
Demant A/S*		28,544		1,210,337
DSV A/S		53,104		7,990,432
Genmab A/S*		18,812		5,935,875
Novo Nordisk A/S, Class B		931,990		94,646,251
Novozymes A/S, Class B		58,225		3,018,945
Orsted AS, 144A		54,993		2,588,794
Pandora A/S		23,882		3,222,788
ROCKWOOL A/S, Class B		2,586		698,169
Tryg A/S		99,253		2,140,519
Vestas Wind Systems A/S*		288,163		7,975,904
(Cost $77,183,071)				148,676,511
Finland — 1.1%
Elisa OYJ		40,020		1,789,518
Fortum OYJ		132,725		1,861,512
Kesko OYJ, Class B		77,563		1,482,123
Kone OYJ, Class B		96,759		4,296,094
Metso Corp.		187,940		1,847,292
Neste OYJ		120,411		4,571,632
Nokia OYJ		1,553,236		5,440,667
Nordea Bank Abp		931,428		10,397,971
Orion OYJ, Class B		29,806		1,182,254
Sampo OYJ, Class A		128,444		5,613,426

See Notes to Financial Statements. 3

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Finland (Continued)
Stora Enso OYJ, Class R		170,213	$	2,206,648
UPM-Kymmene OYJ		151,751		5,299,008
Wartsila OYJ Abp		139,132		1,917,297
(Cost $49,876,148)				47,905,442
France — 11.7%
Accor SA		52,658		1,823,294
Aeroports de Paris SA		9,750		1,200,317
Air Liquide SA		149,476		28,278,078
Airbus SE		169,118		25,072,382
Alstom SA		88,588		1,096,387
Amundi SA, 144A		16,797		1,033,020
Arkema SA		17,139		1,739,841
AXA SA		515,101		16,032,865
BioMerieux		11,339		1,218,946
BNP Paribas SA		299,629		18,841,473
Bollore SE		209,406		1,195,538
Bouygues SA		53,930		2,049,316
Bureau Veritas SA		83,270		2,013,102
Capgemini SE		44,668		9,140,775
Carrefour SA		163,535		3,096,448
Cie de Saint-Gobain SA		129,959		8,460,749
Cie Generale des Etablissements Michelin SCA		192,895		6,469,062
Covivio SA REIT		13,860		676,182
Credit Agricole SA		303,328		3,969,336
Danone SA		183,643		11,787,838
Dassault Aviation SA		5,847		1,160,878
Dassault Systemes SE		190,832		8,924,721
Edenred SE		72,466		3,943,964
Eiffage SA		21,006		2,126,449
Engie SA		520,462		9,017,916
EssilorLuxottica SA		85,191		16,238,956
Eurazeo SE		12,823		960,997
Gecina SA REIT		13,921		1,539,546
Getlink SE		101,522		1,853,198
Hermes International SCA		9,030		18,716,686
Ipsen SA		10,484		1,181,125
Kering SA		21,615		9,262,950
Klepierre SA REIT		64,827		1,630,034
La Francaise des Jeux SAEM, 144A		31,297		1,131,018
Legrand SA		77,096		7,420,121
L’Oreal SA		68,845		32,301,947
LVMH Moet Hennessy Louis Vuitton SE		78,826		60,293,166
Orange SA		528,404		6,501,700
Pernod Ricard SA		58,329		10,066,521
Publicis Groupe SA		65,384		5,521,409
Remy Cointreau SA		7,126		847,415
Renault SA		53,717		2,104,371
Safran SA		97,415		17,073,962
Sanofi SA		325,097		30,241,581
Sartorius Stedim Biotech		7,681		1,725,663
Schneider Electric SE		155,260		28,496,880
SEB SA		7,046		801,471
Societe Generale SA		210,769		5,293,917
Sodexo SA		24,950		2,672,356
STMicroelectronics NV		195,310		9,238,317

	Number of Shares		Value
France (Continued)
Teleperformance SE		16,611	$	2,324,323
Thales SA		29,905		4,457,943
TotalEnergies SE		654,113		44,329,266
Unibail-Rodamco-Westfield REIT*		33,754		2,144,954
Veolia Environnement SA		193,461		6,087,937
Vinci SA		144,877		17,709,563
Vivendi SE		187,919		1,776,721
Worldline SA, 144A*		70,775		1,096,645
(Cost $381,118,828)				523,411,536
Germany — 7.9%
adidas AG		46,250		9,672,933
Allianz SE		115,155		28,904,852
BASF SE		254,686		11,833,385
Bayer AG		280,492		9,574,700
Bayerische Motoren Werke AG		91,132		9,482,263
Bechtle AG		24,292		1,202,576
Beiersdorf AG		28,503		3,992,986
Brenntag SE		39,640		3,420,786
Carl Zeiss Meditec AG		11,312		1,013,616
Commerzbank AG		300,880		3,682,828
Continental AG		31,178		2,410,225
Covestro AG, 144A*		54,528		2,860,851
Daimler Truck Holding AG		152,709		4,958,457
Delivery Hero SE, 144A*		49,905		1,581,031
Deutsche Bank AG (c)		561,073		6,978,181
Deutsche Boerse AG		54,206		10,284,268
Deutsche Lufthansa AG*		169,357		1,471,075
Deutsche Post AG		282,542		13,236,828
Deutsche Telekom AG		924,413		22,111,773
E.ON SE		640,018		8,314,636
Evonik Industries AG		62,668		1,169,873
Fresenius Medical Care AG & Co. KGaA		57,756		2,365,702
Fresenius SE & Co. KGaA		122,569		3,881,084
GEA Group AG		46,302		1,699,480
Hannover Rueck SE		17,312		4,126,863
Heidelberg Materials AG		39,701		3,232,449
HelloFresh SE*		43,833		668,926
Henkel AG & Co. KGaA		29,197		2,036,523
Infineon Technologies AG		373,071		14,436,428
Knorr-Bremse AG		21,516		1,346,660
LEG Immobilien SE*		20,584		1,571,536
Mercedes-Benz Group AG		228,746		14,834,833
Merck KGaA		36,848		6,423,467
MTU Aero Engines AG		15,825		3,234,092
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		38,966		16,575,591
Nemetschek SE		16,033		1,396,852
Puma SE		30,862		1,988,052
Rational AG		1,386		886,339
Rheinmetall AG		12,621		3,791,678
RWE AG		180,361		7,729,238
SAP SE		298,304		47,237,947
Scout24 SE, 144A		21,701		1,511,779
Siemens AG		216,974		36,371,153
Siemens Energy AG*		147,625		1,748,306

See Notes to Financial Statements. 4

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Germany (Continued)
Siemens Healthineers AG, 144A		81,820	$	4,714,895
Symrise AG		37,714		4,236,536
Talanx AG		18,186		1,318,378
Volkswagen AG		8,357		1,082,495
Vonovia SE		212,632		5,906,605
Wacker Chemie AG		5,408		661,066
Zalando SE, 144A*		61,782		1,470,079
(Cost $324,164,792)				356,643,155
Hong Kong — 2.3%
AIA Group Ltd.		3,280,536		28,306,188
BOC Hong Kong Holdings Ltd.		1,067,254		2,855,557
Budweiser Brewing Co. APAC Ltd., 144A		529,313		936,477
CK Asset Holdings Ltd.		560,799		2,659,942
CK Hutchison Holdings Ltd.		762,165		3,819,948
CK Infrastructure Holdings Ltd.		171,236		848,365
CLP Holdings Ltd.		477,094		3,710,453
ESR Group Ltd., 144A		614,867		790,299
Futu Holdings Ltd., ADR*		14,911		804,001
Galaxy Entertainment Group Ltd.		622,195		3,217,989
Hang Lung Properties Ltd.		512,598		685,100
Hang Seng Bank Ltd.		214,897		2,379,705
Henderson Land Development Co. Ltd.		406,686		1,106,356
HKT Trust & HKT Ltd. (a)		1,122,729		1,197,282
Hong Kong & China Gas Co. Ltd.		3,138,313		2,157,482
Hong Kong Exchanges & Clearing Ltd.		344,406		12,221,953
Hongkong Land Holdings Ltd.		312,300		1,005,606
Jardine Matheson Holdings Ltd.		46,857		1,809,149
Link REIT		745,388		3,683,379
MTR Corp. Ltd.		437,254		1,567,359
New World Development Co. Ltd.		423,206		629,556
Power Assets Holdings Ltd.		388,223		2,025,282
Prudential PLC		785,717		8,560,349
Sino Land Co. Ltd.		1,006,396		1,013,959
SITC International Holdings Co. Ltd.		385,611		582,516
Sun Hung Kai Properties Ltd.		412,984		4,052,491
Swire Pacific Ltd., Class A		118,995		772,349
Swire Properties Ltd.		326,695		634,879
Techtronic Industries Co. Ltd.		391,760		3,977,132
WH Group Ltd., 144A		2,319,723		1,490,790
Wharf Holdings Ltd.		308,935		802,860
Wharf Real Estate Investment Co. Ltd.		488,298		1,540,915
Xinyi Glass Holdings Ltd.		464,582		534,686
(Cost $121,033,588)				102,380,354
Ireland — 1.2%
AerCap Holdings NV*		56,589		3,860,502
AIB Group PLC		454,479		2,104,457
Bank of Ireland Group PLC		297,774		2,784,252
CRH PLC		202,038		12,717,444
DCC PLC		28,045		1,891,358
Experian PLC		266,460		9,765,479
Flutter Entertainment PLC*		50,533		7,879,495
James Hardie Industries PLC CDI*		124,943		4,022,133
Kerry Group PLC, Class A		46,392		3,747,941
Kingspan Group PLC		43,775		3,468,855
Smurfit Kappa Group PLC		73,614		2,788,485
(Cost $40,412,856)				55,030,401

	Number of Shares		Value
Israel — 0.7%
Azrieli Group Ltd.		12,738	$	738,519
Bank Hapoalim BM		361,943		3,056,979
Bank Leumi Le-Israel BM		438,032		3,281,644
Check Point Software Technologies Ltd.*		26,465		3,863,890
CyberArk Software Ltd.*		12,302		2,451,419
Elbit Systems Ltd.		7,760		1,544,824
Global-e Online Ltd.*		25,832		884,746
ICL Group Ltd.		214,432		1,077,117
Israel Discount Bank Ltd., Class A		342,189		1,648,231
Mizrahi Tefahot Bank Ltd.		45,061		1,606,410
Monday.com Ltd.*		7,565		1,360,490
Nice Ltd.*		17,884		3,435,147
Teva Pharmaceutical Industries Ltd., ADR*		324,828		3,189,811
Wix.com Ltd.*		15,805		1,604,207
(Cost $28,460,938)				29,743,434
Italy — 2.3%
Amplifon SpA		36,507		1,133,722
Assicurazioni Generali SpA		292,019		6,040,983
Banco BPM SpA		344,860		1,904,680
Davide Campari-Milano NV		146,829		1,601,431
DiaSorin SpA		5,921		560,329
Enel SpA		2,318,924		16,371,637
Eni SpA		682,718		11,271,931
Ferrari NV		35,961		12,940,863
FinecoBank Banca Fineco SpA		178,306		2,399,876
Infrastrutture Wireless Italiane SpA, 144A		93,341		1,150,132
Intesa Sanpaolo SpA		4,430,770		12,739,679
Leonardo SpA		115,070		1,762,320
Mediobanca Banca di Credito Finanziario SpA		156,813		1,839,196
Moncler SpA		58,773		3,255,020
Nexi SpA, 144A*		160,066		1,245,758
Poste Italiane SpA, 144A		153,168		1,646,561
Prysmian SpA		73,927		2,842,990
Recordati Industria Chimica e Farmaceutica SpA		29,747		1,430,208
Snam SpA		587,074		2,954,237
Telecom Italia SpA*		2,883,325		836,724
Terna — Rete Elettrica Nazionale		397,870		3,203,072
UniCredit SpA		458,468		12,468,581
(Cost $79,416,455)				101,599,930
Japan — 22.3%
Advantest Corp.		218,800		6,908,153
Aeon Co. Ltd.		185,300		3,825,734
AGC, Inc.		56,600		2,050,061
Aisin Corp.		42,854		1,575,591
Ajinomoto Co., Inc.		126,147		4,701,796
ANA Holdings, Inc.*		45,100		928,404
Asahi Group Holdings Ltd.		136,765		5,032,059
Asahi Intecc Co. Ltd.		63,700		1,231,593
Asahi Kasei Corp.		359,700		2,490,436
Astellas Pharma, Inc.		515,732		6,252,720
Azbil Corp.		34,000		1,094,348
Bandai Namco Holdings, Inc.		170,500		3,384,470

See Notes to Financial Statements. 5

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Japan (Continued)
BayCurrent Consulting, Inc.		37,400	$	1,255,243
Bridgestone Corp.		162,476		6,682,710
Brother Industries Ltd.		64,400		1,084,193
Canon, Inc. (b)		285,586		7,333,238
Capcom Co. Ltd.		49,400		1,660,328
Central Japan Railway Co.		204,870		4,905,494
Chiba Bank Ltd.		145,400		1,085,155
Chubu Electric Power Co., Inc.		186,800		2,301,926
Chugai Pharmaceutical Co. Ltd.		194,400		6,841,894
Concordia Financial Group Ltd.		301,515		1,411,178
Dai Nippon Printing Co. Ltd.		58,100		1,627,474
Daifuku Co. Ltd.		89,363		1,677,440
Dai-ichi Life Holdings, Inc.		271,538		5,642,848
Daiichi Sankyo Co. Ltd.		527,993		14,245,056
Daikin Industries Ltd.		75,988		11,355,147
Daito Trust Construction Co. Ltd.		17,613		1,936,408
Daiwa House Industry Co. Ltd.		167,936		4,756,261
Daiwa House REIT Investment Corp. REIT		635		1,129,860
Daiwa Securities Group, Inc.		371,487		2,393,894
Denso Corp.		493,212		7,697,913
Dentsu Group, Inc. (b)		59,900		1,610,020
Disco Corp.		26,300		5,692,479
East Japan Railway Co.		86,053		4,640,454
Eisai Co. Ltd.		72,852		3,769,867
ENEOS Holdings, Inc.		839,028		3,307,217
FANUC Corp.		271,785		7,541,640
Fast Retailing Co. Ltd.		49,951		12,630,939
Fuji Electric Co. Ltd.		37,700		1,576,809
FUJIFILM Holdings Corp.		106,354		6,212,233
Fujitsu Ltd.		50,302		7,165,643
GLP J REIT		1,264		1,191,021
Hamamatsu Photonics KK		40,000		1,579,927
Hankyu Hanshin Holdings, Inc.		64,740		1,952,331
Hikari Tsushin, Inc.		5,500		852,860
Hirose Electric Co. Ltd.		8,566		956,207
Hitachi Construction Machinery Co. Ltd.		31,300		809,628
Hitachi Ltd.		264,601		18,355,735
Honda Motor Co. Ltd.		1,316,897		13,403,464
Hoshizaki Corp.		30,900		981,439
Hoya Corp.		101,074		11,361,110
Hulic Co. Ltd.		105,400		1,043,621
Ibiden Co. Ltd.		32,400		1,545,261
Idemitsu Kosan Co. Ltd.		54,084		1,479,595
Iida Group Holdings Co. Ltd.		47,600		709,537
Inpex Corp.		274,617		3,871,237
Isuzu Motors Ltd.		164,800		2,173,657
ITOCHU Corp.		338,854		13,114,422
Japan Airlines Co. Ltd.		39,973		757,885
Japan Exchange Group, Inc.		140,878		2,868,681
Japan Metropolitan Fund Invest REIT		2,005		1,332,069
Japan Post Bank Co. Ltd.		410,158		4,037,674
Japan Post Holdings Co. Ltd.		591,213		5,201,925
Japan Post Insurance Co. Ltd.		57,600		1,074,221
Japan Real Estate Investment Corp. REIT		373		1,446,614
Japan Tobacco, Inc.		341,241		8,748,530

	Number of Shares		Value
Japan (Continued)
JFE Holdings, Inc.		161,885	$	2,380,341
JSR Corp.		52,500		1,440,864
Kajima Corp.		118,200		1,862,770
Kansai Electric Power Co., Inc.		199,667		2,654,416
Kao Corp.		132,504		5,090,670
Kawasaki Kisen Kaisha Ltd.		38,900		1,361,474
KDDI Corp.		425,733		13,280,825
KDX Realty Investment Corp. REIT		1,198		1,369,628
Keisei Electric Railway Co. Ltd.		38,028		1,528,712
Keyence Corp.		55,570		23,744,500
Kikkoman Corp.		38,482		2,352,889
Kintetsu Group Holdings Co. Ltd.		50,640		1,416,117
Kirin Holdings Co. Ltd.		221,523		3,118,296
Kobe Bussan Co. Ltd.		43,200		1,137,548
Koei Tecmo Holdings Co. Ltd.		28,100		343,148
Koito Manufacturing Co. Ltd.		57,400		865,878
Komatsu Ltd.		267,273		6,799,904
Konami Group Corp.		27,966		1,379,814
Kose Corp.		9,300		656,445
Kubota Corp.		285,781		4,084,513
Kyocera Corp.		91,300		5,043,484
Kyowa Kirin Co. Ltd.		79,800		1,311,700
Lasertec Corp.		21,600		4,813,598
LY Corp.		780,600		2,267,141
M3, Inc.		124,242		2,049,331
Makita Corp.		62,400		1,651,542
Marubeni Corp.		407,900		6,347,129
MatsukiyoCocokara & Co.		97,300		1,675,810
Mazda Motor Corp.		161,100		1,715,205
McDonald’s Holdings Co. Japan Ltd. (b)		25,722		1,094,738
MEIJI Holdings Co. Ltd.		65,980		1,523,334
MINEBEA MITSUMI, Inc.		102,620		1,947,053
MISUMI Group, Inc.		83,800		1,356,536
Mitsubishi Chemical Group Corp.		366,700		2,395,447
Mitsubishi Corp.		328,125		15,239,908
Mitsubishi Electric Corp.		550,679		7,461,986
Mitsubishi Estate Co. Ltd.		320,551		4,316,606
Mitsubishi HC Capital, Inc.		230,500		1,499,354
Mitsubishi Heavy Industries Ltd.		91,399		5,097,039
Mitsubishi UFJ Financial Group, Inc.		3,259,652		27,592,495
Mitsui & Co. Ltd.		369,460		13,436,721
Mitsui Chemicals, Inc.		50,900		1,485,871
Mitsui Fudosan Co. Ltd.		258,226		6,047,219
Mitsui OSK Lines Ltd.		97,600		2,673,368
Mizuho Financial Group, Inc.		687,258		11,644,355
MonotaRO Co. Ltd.		69,000		694,840
MS&AD Insurance Group Holdings, Inc.		123,821		4,620,947
Murata Manufacturing Co. Ltd.		491,831		9,565,592
NEC Corp.		70,859		3,938,204
Nexon Co. Ltd.		101,545		2,190,347
Nidec Corp.		119,246		4,507,315
Nintendo Co. Ltd.		296,710		13,832,858
Nippon Building Fund, Inc. REIT		443		1,855,544
NIPPON EXPRESS HOLDINGS, Inc.		19,600		1,066,988
Nippon Paint Holdings Co. Ltd.		268,410		1,999,588
Nippon Prologis REIT, Inc. REIT (b)		645		1,219,870

See Notes to Financial Statements. 6

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Nippon Sanso Holdings Corp.		51,000	$	1,335,714
Nippon Steel Corp.		247,409		5,768,872
Nippon Telegraph & Telephone Corp.		8,486,050		9,907,833
Nippon Yusen KK		140,000		3,752,597
Nissan Chemical Corp.		34,749		1,264,005
Nissan Motor Co. Ltd.		676,042		2,657,931
Nissin Foods Holdings Co. Ltd.		18,900		1,869,476
Nitori Holdings Co. Ltd.		22,701		2,612,161
Nitto Denko Corp.		40,924		2,902,441
Nomura Holdings, Inc.		871,854		3,571,273
Nomura Real Estate Holdings, Inc.		31,436		764,167
Nomura Real Estate Master Fund, Inc. REIT		1,181		1,352,582
Nomura Research Institute Ltd.		109,843		3,076,137
NTT Data Group Corp.		172,034		2,085,155
Obayashi Corp.		191,200		1,608,809
Obic Co. Ltd.		19,700		3,015,591
Odakyu Electric Railway Co. Ltd.		93,950		1,317,746
Oji Holdings Corp.		246,068		911,510
Olympus Corp.		342,916		5,009,821
Omron Corp.		51,592		2,157,148
Ono Pharmaceutical Co. Ltd.		110,406		2,026,270
Open House Group Co. Ltd.		22,900		637,604
Oracle Corp.		11,300		871,547
Oriental Land Co. Ltd.		311,200		10,547,552
ORIX Corp.		333,446		6,069,095
Osaka Gas Co. Ltd.		109,300		2,123,189
Otsuka Corp.		33,700		1,371,776
Otsuka Holdings Co. Ltd.		118,867		4,561,138
Pan Pacific International Holdings Corp.		111,472		2,408,986
Panasonic Holdings Corp.		630,085		6,502,294
Rakuten Group, Inc.		437,186		1,727,100
Recruit Holdings Co. Ltd.		411,453		15,277,545
Renesas Electronics Corp.*		419,400		7,364,818
Resona Holdings, Inc.		603,425		3,127,830
Ricoh Co. Ltd.		160,700		1,308,275
Rohm Co. Ltd.		94,600		1,802,862
SBI Holdings, Inc.		72,525		1,568,782
SCSK Corp.		45,400		834,140
Secom Co. Ltd.		59,800		4,152,442
Seiko Epson Corp.		81,459		1,207,655
Sekisui Chemical Co. Ltd.		110,400		1,564,112
Sekisui House Ltd.		173,851		3,551,832
Seven & i Holdings Co. Ltd.		214,576		7,952,888
SG Holdings Co. Ltd.		88,100		1,270,159
Sharp Corp.*		75,173		469,312
Shimadzu Corp.		66,100		1,709,790
Shimano, Inc.		21,894		3,360,299
Shimizu Corp.		146,300		958,755
Shin-Etsu Chemical Co. Ltd.		519,820		18,273,991
Shionogi & Co. Ltd.		76,095		3,581,485
Shiseido Co. Ltd.		113,857		3,045,709
Shizuoka Financial Group, Inc.		133,100		1,073,706
SMC Corp.		16,282		8,176,143
SoftBank Corp.		829,200		10,058,790
SoftBank Group Corp.		293,628		11,922,572
Sompo Holdings, Inc.		83,035		3,784,348

	Number of Shares		Value
Japan (Continued)
Sony Group Corp.		360,016	$	31,130,481
Square Enix Holdings Co. Ltd.		23,500		813,449
Subaru Corp.		179,134		3,166,803
SUMCO Corp.		99,300		1,484,544
Sumitomo Chemical Co. Ltd.		393,722		1,002,496
Sumitomo Corp.		295,776		6,184,444
Sumitomo Electric Industries Ltd.		208,600		2,580,415
Sumitomo Metal Mining Co. Ltd.		72,200		2,090,128
Sumitomo Mitsui Financial Group, Inc.		362,515		17,746,755
Sumitomo Mitsui Trust Holdings, Inc.		95,181		3,568,806
Sumitomo Realty & Development Co. Ltd.		80,503		2,266,421
Suntory Beverage & Food Ltd.		40,100		1,257,148
Suzuki Motor Corp.		104,926		4,261,159
Sysmex Corp.		49,307		2,720,765
T&D Holdings, Inc.		145,000		2,138,422
Taisei Corp.		48,615		1,649,683
Takeda Pharmaceutical Co. Ltd.		450,811		12,664,426
TDK Corp.		110,772		5,132,899
Terumo Corp.		192,044		6,111,315
TIS, Inc.		58,600		1,235,952
Tobu Railway Co. Ltd.		56,379		1,389,891
Toho Co. Ltd.		33,400		1,155,911
Tokio Marine Holdings, Inc.		514,050		12,648,418
Tokyo Electric Power Co. Holdings, Inc.*		443,100		1,885,551
Tokyo Electron Ltd.		134,692		21,826,354
Tokyo Gas Co. Ltd.		104,980		2,426,592
Tokyu Corp.		142,510		1,668,192
TOPPAN Holdings, Inc.		69,689		1,628,239
Toray Industries, Inc.		390,843		2,022,229
Toshiba Corp.*		23,716		735,826
Tosoh Corp.		70,040		929,237
TOTO Ltd.		34,815		891,627
Toyota Industries Corp.		41,700		3,576,255
Toyota Motor Corp.		3,027,720		57,068,417
Toyota Tsusho Corp.		61,611		3,403,440
Trend Micro, Inc.		38,976		1,975,352
Unicharm Corp.		114,800		3,688,064
USS Co. Ltd.		58,800		1,147,365
West Japan Railway Co.		64,206		2,532,122
Yakult Honsha Co. Ltd.		76,758		1,710,048
Yamaha Corp.		37,181		867,958
Yamaha Motor Co. Ltd.		82,874		2,111,258
Yamato Holdings Co. Ltd.		76,871		1,362,845
Yaskawa Electric Corp.		69,920		2,675,409
Yokogawa Electric Corp.		62,244		1,175,944
Zensho Holdings Co. Ltd.		25,400		1,407,228
ZOZO, Inc.		38,497		811,433
(Cost $817,852,408)				992,656,268
Jordan — 0.0%
Hikma Pharmaceuticals PLC
(Cost $1,379,886)		47,387		1,031,063
Luxembourg — 0.2%
ArcelorMittal SA		148,664		3,736,443
Eurofins Scientific SE		38,157		2,216,250
Tenaris SA		133,262		2,284,628
(Cost $7,403,617)				8,237,321

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Macau — 0.0%
Sands China Ltd.*
(Cost $2,521,900)		685,496	$	1,681,423
Netherlands — 4.8%
ABN AMRO Bank NV, 144A		134,947		1,808,949
Adyen NV, 144A*		6,290		7,332,782
Aegon Ltd.		462,725		2,531,478
Akzo Nobel NV		48,483		3,718,440
Argenx SE*		16,885		7,487,740
ASM International NV		13,411		6,871,222
ASML Holding NV		115,148		78,085,985
ASR Nederland NV		45,075		2,073,942
BE Semiconductor Industries NV		21,707		3,035,027
Euronext NV, 144A		25,013		2,074,672
EXOR NV		26,652		2,590,657
Heineken Holding NV		38,043		2,952,521
Heineken NV		83,402		7,616,704
IMCD NV		16,704		2,573,706
ING Groep NV		1,032,772		14,477,098
JDE Peet’s NV		27,479		736,406
Koninklijke Ahold Delhaize NV		273,662		7,911,725
Koninklijke KPN NV		959,128		3,285,504
Koninklijke Philips NV*		225,057		4,598,174
NN Group NV		72,737		2,762,390
OCI NV		29,211		627,657
Prosus NV*		418,215		13,838,908
QIAGEN NV*		64,124		2,627,933
Randstad NV		31,065		1,842,878
Stellantis NV		631,145		13,672,707
Universal Music Group NV		233,957		6,173,015
Wolters Kluwer NV		70,899		9,747,026
(Cost $142,432,515)				213,055,246
New Zealand — 0.2%
Auckland International Airport Ltd.		378,248		1,844,767
Fisher & Paykel Healthcare Corp. Ltd.		164,255		2,383,053
Mercury NZ Ltd.		192,983		740,367
Meridian Energy Ltd.		359,689		1,155,104
Spark New Zealand Ltd.		522,183		1,667,291
Xero Ltd.*		40,698		2,771,139
(Cost $9,387,338)				10,561,721
Norway — 0.7%
Adevinta ASA*		86,130		889,961
Aker BP ASA		90,438		2,591,955
DNB Bank ASA		265,286		5,053,207
Equinor ASA		257,830		8,294,920
Gjensidige Forsikring ASA		52,625		885,680
Kongsberg Gruppen ASA		24,561		1,054,176
Mowi ASA		133,536		2,373,298
Norsk Hydro ASA		377,620		2,191,044
Orkla ASA		210,322		1,548,070
Salmar ASA		21,186		1,160,732
Telenor ASA		180,738		1,942,692
Yara International ASA		46,233		1,565,178
(Cost $29,369,673)				29,550,913

	Number of Shares		Value
Portugal — 0.2%
EDP — Energias de Portugal SA		892,622	$	4,262,495
Galp Energia SGPS SA		129,730		1,928,239
Jeronimo Martins SGPS SA		79,861		1,973,282
(Cost $6,664,947)				8,164,016
Singapore — 1.3%
CapitaLand Ascendas REIT		1,058,699		2,247,668
CapitaLand Integrated Commercial Trust REIT		1,485,734		2,021,407
CapitaLand Investment Ltd.		733,700		1,661,891
City Developments Ltd.		135,200		632,692
DBS Group Holdings Ltd.		518,387		12,299,920
Genting Singapore Ltd.		1,715,478		1,173,404
Grab Holdings Ltd., Class A*		530,151		1,611,659
Jardine Cycle & Carriage Ltd.		29,400		626,813
Keppel Corp. Ltd.		411,800		2,053,305
Mapletree Logistics Trust REIT		965,475		1,162,006
Mapletree Pan Asia Commercial Trust REIT		684,500		701,028
Oversea-Chinese Banking Corp. Ltd.		971,187		9,104,197
Sea Ltd., ADR*		103,668		3,754,855
Seatrium Ltd.*		12,552,060		985,248
Sembcorp Industries Ltd.		253,200		972,900
Singapore Airlines Ltd.		420,850		1,994,609
Singapore Exchange Ltd.		257,000		1,811,699
Singapore Technologies Engineering Ltd.		439,700		1,219,471
Singapore Telecommunications Ltd.		2,415,889		4,171,865
United Overseas Bank Ltd.		362,354		7,373,309
UOL Group Ltd.		125,481		553,441
Wilmar International Ltd.		576,566		1,564,577
(Cost $64,729,463)				59,697,964
Spain — 2.7%
Acciona SA		6,891		971,361
ACS Actividades de Construccion y Servicios SA		59,095		2,357,509
Aena SME SA, 144A		21,288		3,660,017
Amadeus IT Group SA		130,709		8,937,830
Banco Bilbao Vizcaya Argentaria SA		1,701,315		15,752,111
Banco Santander SA		4,616,756		19,101,323
CaixaBank SA		1,194,803		5,372,546
Cellnex Telecom SA, 144A*		161,125		6,145,478
Corp ACCIONA Energias Renovables SA		19,435		576,262
EDP Renovaveis SA		87,566		1,596,537
Enagas SA		69,052		1,262,741
Endesa SA		89,289		1,864,612
Ferrovial SE		146,027		5,048,267
Grifols SA*		87,213		1,230,785
Iberdrola SA		1,717,769		21,212,796
Industria de Diseno Textil SA		311,320		12,819,527
Naturgy Energy Group SA		36,481		1,088,837
Redeia Corp. SA		119,042		1,992,899
Repsol SA		362,995		5,547,488
Telefonica SA		1,389,303		5,979,464
(Cost $117,118,456)				122,518,390

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Sweden — 3.0%
Alfa Laval AB		81,775	$	3,047,129
Assa Abloy AB, Class B		285,302		7,298,303
Atlas Copco AB, Class A		776,506		11,968,538
Atlas Copco AB, Class B		433,017		5,707,519
Beijer Ref AB		109,460		1,209,865
Boliden AB		77,897		2,075,740
Epiroc AB, Class A		188,076		3,502,286
Epiroc AB, Class B		110,841		1,742,196
EQT AB (b)		100,156		2,359,943
Essity AB, Class B		173,255		4,329,767
Evolution AB, 144A		53,234		5,510,968
Fastighets AB Balder, Class B*		182,106		1,072,466
Getinge AB, Class B		63,891		1,356,419
H & M Hennes & Mauritz AB, Class B (b)		183,125		2,927,169
Hexagon AB, Class B		591,963		5,911,796
Holmen AB, Class B		21,254		890,111
Husqvarna AB, Class B		100,464		766,304
Industrivarden AB, Class A		37,903		1,138,111
Industrivarden AB, Class C		39,546		1,188,951
Indutrade AB		76,753		1,680,632
Investment AB Latour, Class B		43,212		966,355
Investor AB, Class B		493,969		10,242,524
L E Lundbergforetagen AB, Class B		22,149		1,075,831
Lifco AB, Class B		70,269		1,523,268
Nibe Industrier AB, Class B		428,052		2,524,977
Saab AB, Class B		21,758		1,116,910
Sagax AB, Class B		56,699		1,284,160
Sandvik AB		303,429		5,979,665
Securitas AB, Class B (b)		149,141		1,340,919
Skandinaviska Enskilda Banken AB, Class A		452,071		5,465,876
Skanska AB, Class B		100,538		1,612,797
SKF AB, Class B		95,451		1,791,086
Svenska Cellulosa AB SCA, Class B		176,395		2,617,234
Svenska Handelsbanken AB, Class A		413,725		3,915,142
Swedbank AB, Class A		241,065		4,414,442
Swedish Orphan Biovitrum AB*		55,712		1,323,862
Tele2 AB, Class B		157,158		1,230,764
Telefonaktiebolaget LM Ericsson, Class B		833,477		4,122,989
Telia Co. AB		663,325		1,572,444
Volvo AB, Class A		62,010		1,462,893
Volvo AB, Class B		425,466		9,852,969
Volvo Car AB, Class B*		176,102		572,873
(Cost $116,125,766)				131,694,193
Switzerland — 10.2%
ABB Ltd.		456,650		18,100,173
Adecco Group AG		44,958		2,159,853
Alcon, Inc.		142,792		10,748,942
Avolta AG*		26,868		936,714
Bachem Holding AG		9,821		728,977
Baloise Holding AG		12,475		1,907,505
Banque Cantonale Vaudoise		8,886		1,082,718
Barry Callebaut AG		1,030		1,713,726
BKW AG		6,021		1,061,599
Chocoladefabriken Lindt & Spruengli AG		30		3,665,639

	Number of Shares		Value
Switzerland (Continued)
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		280	$	3,459,632
Cie Financiere Richemont SA, Class A		149,104		18,593,305
Clariant AG*		63,572		948,825
Coca-Cola HBC AG*		62,133		1,722,539
DSM-Firmenich AG		53,031		5,014,508
EMS-Chemie Holding AG		1,948		1,380,306
Geberit AG		9,533		5,327,681
Givaudan SA		2,636		9,849,254
Glencore PLC		2,987,583		16,663,269
Helvetia Holding AG		10,565		1,444,137
Holcim AG*		148,906		10,933,717
Julius Baer Group Ltd.		58,166		2,938,522
Kuehne + Nagel International AG		15,485		4,477,335
Logitech International SA		46,774		4,072,228
Lonza Group AG		21,268		8,218,672
Nestle SA		762,528		86,510,399
Novartis AG		585,429		56,905,009
Partners Group Holding AG		6,473		8,519,051
Roche Holding AG		9,046		2,580,439
Roche Holding AG		200,715		54,103,889
Sandoz Group AG*		115,489		3,298,367
Schindler Holding AG		7,069		1,512,768
Schindler Holding AG Participation Certificates		11,304		2,526,845
SGS SA		42,301		3,589,088
SIG Group AG*		89,246		2,083,120
Sika AG		43,568		11,801,221
Sonova Holding AG		14,465		4,167,545
Straumann Holding AG		31,880		4,377,721
Swatch Group AG — Bearer		7,967		2,087,960
Swatch Group AG — Registered		16,685		836,441
Swiss Life Holding AG		8,464		5,418,429
Swiss Prime Site AG		21,933		2,204,070
Swiss Re AG		86,198		10,163,233
Swisscom AG		7,513		4,378,937
Temenos AG		17,917		1,514,464
UBS Group AG		939,568		26,426,356
VAT Group AG, 144A		7,677		3,563,664
Zurich Insurance Group AG		41,858		20,931,390
(Cost $365,737,174)				456,650,182
United Kingdom — 13.5%
3i Group PLC		277,810		7,828,104
abrdn PLC		543,004		1,117,048
Admiral Group PLC		74,170		2,529,108
Anglo American PLC		362,673		9,807,294
Ashtead Group PLC		126,894		7,630,204
Associated British Foods PLC		101,203		3,038,224
AstraZeneca PLC		442,501		56,567,461
Auto Trader Group PLC, 144A		258,611		2,366,354
Aviva PLC		775,163		4,085,677
BAE Systems PLC		866,992		11,492,616
Barclays PLC		4,305,108		7,665,506
Barratt Developments PLC		273,409		1,773,460
Berkeley Group Holdings PLC		29,618		1,733,459
BP PLC		4,870,221		29,457,056

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
British American Tobacco PLC		605,058	$	19,188,064
BT Group PLC		1,884,001		2,923,126
Bunzl PLC		95,508		3,619,636
Burberry Group PLC		106,706		1,971,497
Centrica PLC		1,610,750		3,030,921
Coca-Cola Europacific Partners PLC		59,978		3,637,066
Compass Group PLC		489,439		12,376,391
Croda International PLC		39,630		2,243,387
Diageo PLC		641,464		22,379,288
Endeavour Mining PLC		54,911		1,274,840
Entain PLC		181,080		1,835,238
GSK PLC		1,168,065		20,930,824
Haleon PLC		1,577,360		6,572,416
Halma PLC		107,336		2,887,642
Hargreaves Lansdown PLC		105,406		955,974
HSBC Holdings PLC		5,563,762		42,291,362
Imperial Brands PLC		242,018		5,641,719
Informa PLC		392,071		3,677,630
InterContinental Hotels Group PLC		47,144		3,640,059
Intertek Group PLC		45,712		2,299,710
J Sainsbury PLC		463,761		1,673,874
JD Sports Fashion PLC		727,091		1,441,588
Kingfisher PLC		509,525		1,411,291
Land Securities Group PLC REIT		201,787		1,590,126
Legal & General Group PLC		1,697,846		4,914,925
Lloyds Banking Group PLC		18,089,853		9,927,484
London Stock Exchange Group PLC		118,825		13,359,956
M&G PLC		658,469		1,739,048
Melrose Industries PLC		394,841		2,585,052
Mondi PLC		140,418		2,494,201
National Grid PLC		1,047,963		13,593,844
NatWest Group PLC		1,640,202		4,304,932
Next PLC		35,071		3,511,041
Ocado Group PLC*		160,406		1,215,028
Pearson PLC		187,699		2,220,796
Persimmon PLC		94,488		1,492,870
Phoenix Group Holdings PLC		222,037		1,304,006
Reckitt Benckiser Group PLC		204,705		13,950,052
RELX PLC		538,988		20,685,555
Rentokil Initial PLC		717,595		3,883,715
Rio Tinto PLC		321,553		21,916,964
Rolls-Royce Holdings PLC*		2,435,844		8,265,959
Sage Group PLC		296,839		4,236,489
Schroders PLC		243,134		1,232,690
Segro PLC REIT		329,554		3,379,124
Severn Trent PLC		76,282		2,504,822
Shell PLC		1,888,634		61,038,278
Smith & Nephew PLC		247,108		3,192,928
Smiths Group PLC		100,148		2,083,598
Spirax-Sarco Engineering PLC		20,893		2,439,288
SSE PLC		316,728		7,327,316
St James’s Place PLC		156,937		1,285,040
Standard Chartered PLC		653,986		5,392,984
Taylor Wimpey PLC		1,041,750		1,703,788
Tesco PLC		2,019,677		7,287,166
Unilever PLC		713,405		33,949,580
United Utilities Group PLC		192,971		2,657,855

	Number of Shares		Value
United Kingdom (Continued)
Vodafone Group PLC		6,539,839	$	5,889,166
Whitbread PLC		55,118		2,150,834
Wise PLC, Class A*		170,533		1,680,981
WPP PLC		304,881		2,720,454
(Cost $602,164,558)				600,103,049
TOTAL COMMON STOCKS
(Cost $3,737,318,906)				4,358,986,119
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		16,404		1,555,237
Dr Ing hc F Porsche AG, 144A		33,061		3,025,060
Henkel AG & Co. KGaA		48,503		3,811,838
Porsche Automobil Holding SE		44,868		2,190,911
Sartorius AG		7,400		2,380,224
Volkswagen AG		60,150		6,967,669
(Cost $25,037,266)				19,930,939
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
(Cost $17,083,388)		17,083,388		17,083,388
CASH EQUIVALENTS — 2.2%
DWS ESG Liquidity Fund “Capital Shares”, 5.46% (d)		12,130,740		12,130,740
DWS Government Money Market Series “Institutional Shares”, 5.31% (d)		86,679,537		86,679,537
TOTAL CASH EQUIVALENTS
(Cost $98,810,277)				98,810,277
TOTAL INVESTMENTS — 100.7%
(Cost $3,878,249,837)			$	4,494,810,723
Other assets and liabilities, net — (0.7%)				(32,576,831	)
NET ASSETS — 100.0%			$	4,462,233,892

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		5,204,808		784,565		(259,509	)		(603,909	)		1,852,226		—		—		561,073		6,978,181
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
		72,167,804		—		(55,084,416	) (f)		—			—		121,370		—		17,083,388		17,083,388
CASH EQUIVALENTS — 2.2%
DWS ESG Liquidity Fund “Capital Shares”, 5.46% (d)
		11,805,537		321,660		–			—			3,543		325,044		—		12,130,740		12,130,740
DWS Government Money Market Series “Institutional Shares”, 5.31% (d)
		42,151,828		774,821,686		(730,293,977	)		—			—		1,641,690		—		86,679,537		86,679,537
		131,329,977		775,927,911		(785,637,902	)		(603,909	)		1,855,769		2,088,104		—		116,454,738		122,871,846

* 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 November 30, 2023 amounted to $16,150,565, which is 0.4% of net assets.

(c) Affiliated issuer. This security is owned in proportion with its representation in the index.

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

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

ADR: American Depositary Receipt

CDI: Chess Depositary Interests

CVA: Credit Valuation Adjustment

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.

At November 30, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures	EUR	10	$	1,639,620	$	1,668,171	12/15/2023	$	28,551
CAC40 10 EURO Futures	EUR	60		4,639,732		4,777,429	12/15/2023		137,697
DAX Index Futures	EUR	10		4,142,884		4,424,483	12/15/2023		281,599
EURO STOXX 50 Futures	EUR	150		6,684,331		7,169,409	12/15/2023		485,078
FTSE 100 Index Futures	GBP	75		6,963,198		7,063,886	12/15/2023		100,688
FTSE/MIB Index Futures	EUR	6		903,796		972,662	12/15/2023		68,866
IBEX 35 Index Futures	EUR	15		1,549,527		1,644,294	12/15/2023		94,767
MSCI EAFE Futures	USD	175		18,392,063		18,607,750	12/15/2023		215,687
MSCI Singapore Index Futures	SGD	25		507,954		506,092	12/28/2023		(1,862	)
OMXS30 Index Futures	SEK	160		3,246,216		3,404,450	12/15/2023		158,234
SPI 200 Futures	AUD	35		3,961,899		4,101,441	12/21/2023		139,542
SWISS MID CAP Futures	CHF	125		3,598,598		3,571,429	12/15/2023		(27,169	)
TOPIX Index Futures	JPY	60		9,333,944		9,615,540	12/07/2023		281,596
Total net unrealized appreciation								$	1,963,274

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

As of November 30, 2023, the Fund had the following forward foreign currency contracts outstanding:    

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	12/4/2023	AUD	488,931,842	USD	309,888,424	$	—	$	(13,218,194	)
Morgan Stanley Capital	12/4/2023	CHF	391,887,100	USD	432,070,999		—		(15,659,156	)
Goldman Sachs & Co.	12/4/2023	DKK	981,787,900	USD	139,251,807		—		(4,136,439	)
JP Morgan & Chase Co.	12/4/2023	DKK	16,063,500	USD	2,278,423		—		(67,620	)
RBC Capital Markets	12/4/2023	EUR	1,292,175,800	USD	1,367,578,134		—		(39,228,424	)
RBC Capital Markets	12/4/2023	EUR	21,141,900	USD	22,375,593		—		(641,835	)
RBC Capital Markets	12/4/2023	GBP	539,505,100	USD	654,781,155		—		(26,345,022	)
JP Morgan & Chase Co.	12/4/2023	HKD	15,099,000	USD	1,930,963		—		(2,013	)
JP Morgan & Chase Co.	12/4/2023	HKD	720,927,600	USD	92,200,842		—		(92,416	)
JP Morgan & Chase Co.	12/4/2023	ILS	62,144,900	USD	15,380,117		—		(1,279,988	)
JP Morgan & Chase Co.	12/4/2023	JPY	149,305,793,800	USD	990,856,954		—		(16,883,547	)
Goldman Sachs & Co.	12/4/2023	NOK	320,846,400	USD	28,746,764		—		(910,223	)
JP Morgan & Chase Co.	12/4/2023	NOK	4,235,600	USD	379,496		—		(12,016	)
JP Morgan & Chase Co.	12/4/2023	NZD	13,747,000	USD	7,996,564		—		(469,017	)
Goldman Sachs & Co.	12/4/2023	SEK	1,431,745,900	USD	128,305,865		—		(8,030,576	)
JP Morgan & Chase Co.	12/4/2023	SEK	23,425,400	USD	2,099,295		—		(131,363	)
Goldman Sachs & Co.	12/4/2023	SGD	74,001,000	USD	54,088,368		—		(1,242,117	)
JP Morgan & Chase Co.	12/4/2023	SGD	1,224,700	USD	895,163		—		(20,544	)
RBC Capital Markets	12/4/2023	USD	309,207,295	AUD	466,340,842		—		(1,029,755	)
RBC Capital Markets	12/4/2023	USD	14,318,763	AUD	22,591,000		610,315		—
Bank of America	12/4/2023	USD	429,340,578	CHF	373,333,100		—		(2,808,328	)
Morgan Stanley Capital	12/4/2023	USD	20,456,833	CHF	18,554,000		741,071		—
RBC Capital Markets	12/4/2023	USD	143,680,133	DKK	981,787,900		—		(291,887	)
RBC Capital Markets	12/4/2023	USD	2,350,819	DKK	16,063,500		—		(4,776	)
Morgan Stanley Capital	12/4/2023	USD	1,376,577,803	EUR	1,261,660,700		—		(2,993,383	)
RBC Capital Markets	12/4/2023	USD	54,672,684	EUR	51,657,000		1,566,882		—
Morgan Stanley Capital	12/4/2023	USD	658,301,475	GBP	519,998,100		—		(1,802,921	)
RBC Capital Markets	12/4/2023	USD	23,675,607	GBP	19,507,000		952,016		—
RBC Capital Markets	12/4/2023	USD	94,237,942	HKD	736,026,600		—		(11,709	)
JP Morgan & Chase Co.	12/4/2023	USD	16,687,226	ILS	62,144,900		—		(27,122	)
JP Morgan & Chase Co.	12/4/2023	USD	44,580,114	JPY	6,717,385,000		758,924		—
Morgan Stanley Capital	12/4/2023	USD	964,493,258	JPY	142,588,000,000		—		(2,094,554	)
Goldman Sachs & Co.	12/4/2023	USD	29,766,430	NOK	320,846,400		—		(109,443	)
JP Morgan & Chase Co.	12/4/2023	USD	392,957	NOK	4,235,600		—		(1,445	)
JP Morgan & Chase Co.	12/4/2023	USD	8,490,835	NZD	13,747,000		—		(25,254	)
Bank of America	12/4/2023	USD	131,645,981	SEK	1,379,481,900		—		(286,322	)
Bank of America	12/4/2023	USD	2,235,520	SEK	23,425,400		—		(4,862	)
Goldman Sachs & Co.	12/4/2023	USD	4,683,595	SEK	52,264,000		293,188		—
Goldman Sachs & Co.	12/4/2023	USD	54,169,039	SGD	72,294,000		—		(114,877	)
Goldman Sachs & Co.	12/4/2023	USD	1,247,693	SGD	1,707,000		28,629		—
JP Morgan & Chase Co.	12/4/2023	USD	917,653	SGD	1,224,700		—		(1,946	)
RBC Capital Markets	1/3/2024	AUD	16,782,000	USD	11,138,515		36,915		—
RBC Capital Markets	1/3/2024	AUD	466,340,842	USD	309,523,474		1,030,462		—
RBC Capital Markets	1/3/2024	DKK	21,672,000	USD	3,176,966		6,322		—
RBC Capital Markets	1/3/2024	DKK	16,063,500	USD	2,354,834		4,721		—
RBC Capital Markets	1/3/2024	DKK	981,787,900	USD	143,925,515		288,571		—
Morgan Stanley Capital	1/3/2024	EUR	1,261,660,700	USD	1,378,498,051		2,939,565		—
Morgan Stanley Capital	1/3/2024	EUR	87,415,000	USD	95,510,153		203,670		—
Morgan Stanley Capital	1/3/2024	GBP	519,998,100	USD	658,491,274		1,803,447		—
RBC Capital Markets	1/3/2024	HKD	736,026,600	USD	94,240,838		5,858		—
JP Morgan & Chase Co.	1/3/2024	ILS	62,144,900	USD	16,704,720		24,223		—
Goldman Sachs & Co.	1/3/2024	NOK	320,846,400	USD	29,793,103		108,165		—
JP Morgan & Chase Co.	1/3/2024	NOK	4,235,600	USD	393,309		1,428		—
Bank of America	1/3/2024	SEK	108,398,000	USD	10,361,109		22,325		—
Bank of America	1/3/2024	SEK	23,425,400	USD	2,239,153		4,885		—
Bank of America	1/3/2024	SEK	1,379,481,900	USD	131,859,902		287,676		—
Goldman Sachs & Co.	1/3/2024	SGD	72,294,000	USD	54,245,046		111,160		—

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	1/3/2024	SGD	1,224,700	USD	918,956	$	1,898	$	—
Morgan Stanley Capital	1/3/2024	USD	2,395,904	GBP	1,892,000		—		(6,562	)
RBC Capital Markets	1/3/2024	USD	710,640	HKD	5,550,000		—		(62	)
Goldman Sachs & Co.	1/3/2024	USD	81,724	SGD	109,000		—		(104	)
Bank of America	1/4/2024	CHF	373,333,100	USD	430,865,741		2,757,011		—
Bank of America	1/4/2024	CHF	10,148,000	USD	11,711,686		74,766		—
JP Morgan & Chase Co.	1/4/2024	NZD	13,747,000	USD	8,491,797		24,986		—
Morgan Stanley Capital	1/5/2024	JPY	5,179,415,000	USD	35,219,923		71,175		—
Morgan Stanley Capital	1/5/2024	JPY	142,588,000,000	USD	969,595,667		1,959,421		—
Total unrealized appreciation (depreciation)						$	16,719,675	$	(139,985,822	)

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

Currency Abbreviations

AUD Australian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

ILS Israeli Shekel

JPY Japanese Yen

NOK Norwegian Krone

NZD New Zealand Dollar

SEK Swedish Krona

SGD Singapore Dollar

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (a)	$	4,358,986,119		$	—		$	—	$	4,358,986,119
Preferred Stocks		19,930,939			—			—		19,930,939
Short-Term Investments (a)		115,893,665			—			—		115,893,665
Derivatives (b)
Forward Foreign Currency Contracts		—			16,719,675			—		16,719,675
Futures Contracts		1,992,305			—			—		1,992,305
TOTAL	$	4,496,803,028		$	16,719,675		$	—	$	4,513,522,703
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—		$	(139,985,822	)	$	—	$	(139,985,822	)
Futures Contracts		(29,031	)		—			—		(29,031	)
TOTAL	$	(29,031	)	$	(139,985,822	)	$	—	$	(140,014,853	)

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

(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

See Notes to Financial Statements. 13

DBX ETF Trust

Statement of Assets and Liabilities

November 30, 2023 (Unaudited)

	Xtrackers MSCI EAFE Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	4,371,938,877
Investment in affiliated securities at value		6,978,181
Investment in DWS ESG Liquidity Fund		12,130,740
Investment in DWS Government Money Market Series		86,679,537
Investment in DWS Government & Agency Securities Portfolio*		17,083,388
Foreign currency at value		5,568,184
Unrealized appreciation on forward foreign currency contracts		16,719,675
Deposit with broker for futures contracts		3,905,030
Receivables:
Investment securities sold		88,369,398
Variation margin on futures contracts		4,310,076
Dividends		11,701,066
Interest		547,666
Securities lending income		18,388
Foreign tax reclaim		7,945,952
Total assets	$	4,633,896,158
Liabilities
Payable upon return of securities loaned	$	17,083,388
Unrealized depreciation on forward foreign currency contracts		139,985,822
Payables:
Investment securities purchased		13,344,210
Investment advisory fees		1,248,846
Total liabilities		171,662,266
Net Assets, at value	$	4,462,233,892
Net Assets Consist of
Paid-in capital	$	4,455,673,412
Distributable earnings (loss)		6,560,480
Net Assets, at value	$	4,462,233,892
Number of Common Shares outstanding		124,350,001
Net Asset Value	$	35.88
Investment in non-affiliated securities at cost	$	3,750,491,968
Investment in affiliated securities at cost	$	11,864,204
Value of securities loaned	$	16,150,565
Investment in DWS ESG Liquidity Fund at cost	$	12,130,740
Investment in DWS Government Money Market Series at cost	$	86,679,537
Investment in DWS Government & Agency Securities Portfolio at cost*	$	17,083,388
Foreign currency at cost	$	5,511,433

* Represents collateral on securities loaned.

See Notes to Financial Statements. 14

DBX ETF Trust

Statement of Operations

For the Six Months Ended November 30, 2023 (Unaudited)

	Xtrackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	45,215,506
Income distributions from affiliated funds		1,966,734
Affiliated securities lending income		121,370
Total investment income		47,303,610
Expenses
Investment advisory fees		7,396,704
Other expenses		8,290
Total expenses		7,404,994
Less fees waived (see note 3):
Waiver		(33,705	)
Net expenses		7,371,289
Net investment income (loss)		39,932,321
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(65,177,741	)
Investments in affiliates		(603,909	)
Futures contracts		4,648,239
Foreign currency transactions		(1,158,666	)
Forward foreign currency contracts		277,553,721
Net realized gain (loss)		215,261,644
Net change in unrealized appreciation (depreciation) on:
Investments		210,114,672
Investments in affiliates		1,855,769
Futures contracts		1,852,475
Foreign currency translations		1,277,808
Forward foreign currency contracts		(227,138,237	)
Net change in unrealized appreciation (depreciation)		(12,037,513	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		203,224,131
Net Increase (Decrease) in Net Assets Resulting from Operations	$	243,156,452
*   Unaffiliated foreign tax withheld	$	3,034,766

See Notes to Financial Statements. 15

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers MSCI EAFE Hedged Equity ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	39,932,321		$	119,462,913
Net realized gain (loss)		215,261,644			(180,163,713	)
Net change in net unrealized appreciation (depreciation)		(12,037,513	)		422,034,968
Net increase (decrease) in net assets resulting from operations		243,156,452			361,334,168
Distributions to Shareholders		(187,060,977	)		(581,458,458	)
Fund Shares Transactions
Proceeds from shares sold		356,952,760			182,710,242
Value of shares redeemed		—			(154,044,627	)
Net increase (decrease) in net assets resulting from fund share transactions		356,952,760			28,665,615
Total net increase (decrease) in Net Assets		413,048,235			(191,458,675	)
Net Assets
Beginning of period	$	4,049,185,657		$	4,240,644,332
End of period	$	4,462,233,892		$	4,049,185,657
Changes in Shares Outstanding
Shares outstanding, beginning of period		114,150,001			113,350,800
Shares sold		10,200,000			5,200,000
Shares redeemed		—			(4,400,799	)
Shares outstanding, end of period		124,350,001			114,150,001

See Notes to Financial Statements. 16

DBX ETF Trust

Financial Highlights

Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	35.47		$	37.41		$	37.54		$	29.75		$	30.87		$	31.86
Income (loss) from investment operations:
Net investment income (loss)(a)		0.33			1.05	(b)		1.13			0.78			0.66			0.91
Net realized and unrealized gain (loss)		1.69			2.12			(0.37	)		7.82			(0.76	)		(1.00	)
Total from investment operations		2.02			3.17			0.76			8.60			(0.10	)		(0.09	)
Less distributions from:
Net investment income		(1.61	)		(0.64	)		(0.89	)		(0.81	)		(1.02	)		(0.90	)
Net realized gains		—			(4.47	)		—			—			—			—
Total distributions		(1.61	)		(5.11	)		(0.89	)		(0.81	)		(1.02	)		(0.90	)
Net Asset Value, end of period	$	35.88		$	35.47		$	37.41		$	37.54		$	29.75		$	30.87
Total Return (%)(c)		5.88	**		9.62			2.01			29.41			(0.56	)		(0.14	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4,462			4,049			4,241			3,955			3,831			4,715
Ratio of expenses before fee waiver (%)		0.35	*		0.36			0.35			0.35			0.36			0.36
Ratio of expenses after fee waiver (%)		0.35	*		0.36			0.35			0.35			0.36			0.36
Ratio of net investment income (loss) (%)		1.89	*		2.99	(b)		2.97			2.35			2.10			2.93
Portfolio turnover rate (%)(d)		6	**		19			4			8			9			5

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

(b) Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.05 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 2.85%.

(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. 17

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 “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of November 30, 2023, the Trust consists of forty-four investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust. The 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.

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 Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees (“Board”).

The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 200,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of shares may acquire those shares from the Fund or tender such shares for redemption to the Fund, in Creation Units only.

The investment objective of the Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).

MSCI is the creator of the MSCI EAFE US Dollar Hedged Index. The MSCI EAFE US Dollar Hedged Index is designed to track developed market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.

The Underlying Index is rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.

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

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 Fund. 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 Fund 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. The Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund.

Security Valuation    The NAV of the 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.

18

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

The Fund’s Board has designated the Advisor as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

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.

Equity securities 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 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 are generally categorized as Level 1.

Investments in open-ended 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.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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 Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s 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 the 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.

Tax Information and Dividends and Distributions to Shareholders    It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Fund to pay out dividends from its net investment income, if any, to investors semi-annually.

19

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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 Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the 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 Fund’s 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 Fund’s financial statements.

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the period ended November 30, 2023, the Fund did not incur any interest or penalties.

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. During the fiscal year ended May 31, 2023, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:

Post-October Losses on Capital
$	579,679,232

As of May 31, 2023, 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)
$	3,745,892,398	$	340,686,030	$	782,998,791	$	(442,312,761	)

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

Foreign Taxes    The Fund 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 Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement 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. Receivables and payables related to foreign taxes as of November 30, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

Foreign Currency Translations    The books and records of the Fund is 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.

20

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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    Prior to August 1, 2023, the Bank of New York Mellon served as securities lending agent for the Fund. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for the Fund and may lend securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans the Fund continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets 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 November 30, 2023, the Fund 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 (0.10% annualized effective rate as of November 30, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receive compensation for lending its 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 Fund is not able to recover securities lent, the Fund 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 Fund is 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.

As of November 30, 2023, the Fund 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 November 30, 2023
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	17,083,388	$	—	$	—	$	—	$	17,083,388
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	17,083,388

Derivatives

Forward Foreign Currency Contracts    The Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to shareholders.

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2023, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.

The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.

A summary of the open forward currency contracts as of November 30, 2023 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a

21

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the period ended November 30, 2023.

Futures Contracts    The 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. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not 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 November 30, 2023, the Fund utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

At the time the Fund enters into a futures contract, the 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, the 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 the 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 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 the 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 the 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 November 30, 2023 is included in a table following the Fund’s Schedule of Investments.

The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

	Asset Derivatives			Liability Derivatives
Equity contracts	Unrealized appreciation on futures contracts*	$	1,992,305	Unrealized depreciation on futures contracts*	$	29,031
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		16,719,675	Unrealized depreciation on forward foreign currency contracts		139,985,822
	Total	$	18,711,980	Total	$	140,014,853

* 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 Fund’s earnings during the period ended November 30, 2023 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts		Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
	$	4,648,239	$	277,553,721	$	282,201,960

22

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts		Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
	$	1,852,475	$	(227,138,237	)	$	(225,285,762	)

For the period ended November 30, 2023 the average monthly volume of derivatives was as follows:

Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
$	85,932,284	$	(4,155,526,430	)

As of November 30, 2023, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Interest expense on the Statement of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received(a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged(a)		Net Amount of Derivatives Liabilities
Bank of America	$	3,146,663	$	(3,099,512	)	$	—	$	47,151	$	3,099,512	$	(3,099,512	)	$	—	$	—
Goldman Sachs & Co.		541,142		(541,142	)		—		—		14,543,779		(541,142	)		—		14,002,637
JP Morgan & Chase Co.		811,459		(811,459	)		—		—		19,014,291		(811,459	)		—		18,202,832
Morgan Stanley Capital		7,718,349		(7,718,349	)		—		—		22,556,576		(7,718,349	)		—		14,838,227
RBC Capital Markets		4,502,062		(4,502,062	)		—		—		80,771,664		(4,502,062	)		—		76,269,602
	$	16,719,675	$	(16,672,524	)	$	—	$	47,151	$	139,985,822	$	(16,672,524	)	$	—	$	123,313,298

(a) The actual collateral received or pledged may be more than amount shown.

Affiliated Cash Management Vehicles    The Fund 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 Fund indirectly bears its proportionate share of the expenses of each affiliated money market fund in which it invests. 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 Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on

23

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

behalf of the Fund, 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 Fund to operate.

For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary advisory fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.

The Advisor for the Fund 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 Fund’s investments in affiliated cash management vehicles. For the period from June 1, 2023 through November 30, 2023, the Advisor waived $33,705 of expenses to the Fund.

Out of the unitary advisory fee, the Advisor pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. The 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 and Transfer Agent for the Fund.

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

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 Fund’s Independent Trustees).

4. Investment Portfolio Transactions

For the period ended November 30, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

Purchases		Sales
$	261,166,706	$	322,117,669

For the period ended November 30, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Purchases		Sales
$	345,548,345	$	—

5. Fund Share Transactions

As of November 30, 2023, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement 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 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.

24

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Fund’s current shareholder reports, including the Fund’s investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Fund’s current shareholder reports.

25

DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the 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 Fund’s policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

Portfolio Holdings Information

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its 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 the Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Discount & Premium Information

Information regarding how often shares of the 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.

26

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27

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28

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. 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. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the 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.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change 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 Fund 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.

Copyright © 2024 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 & 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-049078-8 (1/24) DBX005767 (1/25)

November 30, 2023

Semi-Annual Report

DBX ETF Trust

Xtrackers Cybersecurity Select Equity ETF (PSWD)

Xtrackers International Real Estate ETF (HAUZ)

Xtrackers Semiconductor Select Equity ETF (CHPS)

Xtrackers US Green Infrastructure Select Equity ETF (UPGR)

Xtrackers US National Critical Technologies ETF (CRTC)

DBX ETF Trust

Table of Contents

	Page
Portfolio Summary
Xtrackers Cybersecurity Select Equity ETF		1
Xtrackers International Real Estate ETF		2
Xtrackers Semiconductor Select Equity ETF		3
Xtrackers US Green Infrastructure Select Equity ETF		4
Xtrackers US National Critical Technologies ETF		5
Fees and Expenses		6
Schedule of Investments
Xtrackers Cybersecurity Select Equity ETF		7
Xtrackers International Real Estate ETF		9
Xtrackers Semiconductor Select Equity ETF		19
Xtrackers US Green Infrastructure Select Equity ETF		21
Xtrackers US National Critical Technologies ETF		22
Statements of Assets and Liabilities		26
Statements of Operations		28
Statements of Changes in Net Assets		30
Financial Highlights		32
Notes to Financial Statements		35
Other Information		43
Board Considerations in Approval of Investment Advisory Contracts		44
Additional Information		48

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Cybersecurity Select Equity ETF (PSWD)

Xtrackers Cybersecurity Select 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 Solactive Cyber Security ESG Screened Index (the “Underlying Index”). The Underlying Index is comprised of companies that have business operations in the field of cybersecurity and that fulfill certain sustainability criteria. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2023 (49.7% of Net Assets)

Description	% of Net Assets
Crowdstrike Holdings, Inc.		6.1%
Trend Micro, Inc.		5.8%
Zscaler, Inc.		5.4%
CyberArk Software Ltd.		5.3%
Palo Alto Networks, Inc.		5.3%
Qualys, Inc.		5.0%
SentinelOne, Inc.		4.8%
Check Point Software Technologies Ltd.		4.6%
Fortinet, Inc.		3.8%
Okta, Inc.		3.6%

Sector Diversification* as of November 30, 2023

Systems Software	60.0%
Application Software	13.1%
Internet Services & Infrastructure	11.5%
IT Consulting & Other Services	11.0%
Communications Equipment	3.4%
Other	1.0%
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 7.

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers International Real Estate ETF (HAUZ)

The Xtrackers International Real Estate 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 iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index (the “Underlying Index”). The Underlying Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2023 (18.9% of Net Assets)

Description	% of Net Assets
Goodman Group (Australia)		3.1%
Mitsui Fudosan Co. Ltd. (Japan)		2.6%
Vonovia SE (Germany)		2.3%
Mitsubishi Estate Co. Ltd. (Japan)		2.1%
Sun Hung Kai Properties Ltd. (Hong Kong)		1.8%
Sumitomo Realty & Development Co. Ltd. (Japan)		1.6%
Link (Hong Kong)		1.5%
Segro PLC (United Kingdom)		1.4%
China Resources Land Ltd. (Hong Kong)		1.3%
CK Asset Holdings Ltd. (Hong Kong)		1.2%

Sector Diversification* as of November 30, 2023

Real Estate Operations/Development	35.4%
Diversified	14.9%
Real Estate Management/Services	11.9%
Warehouse/Industry	10.1%
Shopping Centers	8.6%
Office Property	5.7%
Apartments	3.6%
Other	9.8%
Total	100.0%

Country Diversification* as of November 30, 2023

Japan	20.8%
Hong Kong	11.8%
Australia	10.6%
United Kingdom	7.3%
Singapore	7.0%
Canada	6.1%
Sweden	4.0%
Germany	3.5%
India	3.0%
France	2.8%
Thailand	2.5%
Switzerland	2.4%
Philippines	2.2%
Mexico	2.1%
Israel	2.0%
Belgium	2.0%
Other	9.9%
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 9.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Semiconductor Select Equity ETF (CHPS)

Xtrackers Semiconductor Select 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 Solactive Semiconductor ESG Screened Index (the “Underlying Index”). The Underlying Index is comprised of companies that have business operations in the semiconductor industry and that fulfill certain sustainability criteria. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2023 (45.5% of Net Assets)

Description	% of Net Assets
Intel Corp.		5.0%
QUALCOMM, Inc.		4.7%
Advanced Micro Devices, Inc.		4.7%
ASML Holding NV		4.7%
Taiwan Semiconductor Manufacturing Co. Ltd.		4.6%
Lam Research Corp.		4.5%
Broadcom, Inc.		4.5%
Applied Materials, Inc.		4.3%
NVIDIA Corp.		4.3%
Analog Devices, Inc.		4.2%

Sector Diversification* as of November 30, 2023

Semiconductors	67.1%
Semiconductor Materials & Equipment	28.7%
Electronic Manufacturing Services	2.4%
Other	1.8%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers US Green Infrastructure Select Equity ETF (UPGR)

Xtrackers US Green Infrastructure Select 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 Solactive United States Green Infrastructure ESG Screened Index (the “Underlying Index”). The Underlying Index is comprised of companies that have business exposure in the production, generation, or distribution of green energy or are engaged in the establishment of a sustainable infrastructure to enable the use of renewable energy and that fulfill certain sustainability criteria. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2023 (26.1% of Net Assets)

Description	% of Net Assets
Clearway Energy, Inc.		2.8%
Bloom Energy Corp.		2.8%
Sunrun, Inc.		2.7%
Sunnova Energy International, Inc.		2.6%
Fluence Energy, Inc.		2.6%
Brookfield Renewable Corp.		2.6%
Worthington Industries, Inc.		2.5%
Itron, Inc.		2.5%
Xylem, Inc.		2.5%
A O Smith Corp.		2.5%

Sector Diversification* as of November 30, 2023

Industrials	56.2%
Utilities	14.9%
Materials	9.7%
Consumer Discretionary	7.9%
Information Technology	6.7%
Energy	4.6%
Total	100.0%

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 21.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers US National Critical Technologies ETF (CRTC)

Xtrackers US National Critical Technologies ETF (the “fund”), seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Whitney U.S. Critical Technologies Index (the “Underlying Index”). The Underlying Index is a market-capitalization weighted index, subject to caps on the weighting of individual companies, that is designed to track companies that support critical emerging technologies across the U.S. and its allies by selecting companies from a defined investment universe that satisfy key criteria related to their association with critical technology sectors and their geopolitical risk rating. It is not possible to invest directly into an index.

5

Ten Largest Equity Holdings
as of November 30, 2023 (33.2% of Net Assets)

Description	% of Net Assets
Amazon.com, Inc.		5.5%
NVIDIA Corp.		5.2%
Microsoft Corp.		5.2%
Alphabet, Inc.		4.9%
Exxon Mobil Corp.		3.1%
Adobe, Inc.		2.1%
Chevron Corp.		2.0%
AbbVie, Inc.		1.9%
Salesforce, Inc.		1.8%
Cisco Systems, Inc.		1.5%

Sector Diversification* as of November 30, 2023

Information Technology	34.8%
Health Care	17.9%
Communication Services	11.9%
Industrials	11.7%
Energy	6.9%
Consumer Discretionary	6.5%
Utilities	4.5%
Materials	3.0%
Financials	2.0%
Consumer Staples	0.5%
Real Estate	0.3%
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 22.

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 unitary advisory fees and other Fund expenses. In the most recent six-month period Xtrackers Cybersecurity Select Equity ETF, Xtrackers International Real Estate ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US National Critical Technologies ETF 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 (June 1, 2023 to November 30, 2023) except Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to November 30, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value June 1, 2023		Ending Account Value November 30, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Cybersecurity Select Equity ETF
Actual (2)	$	1,000.00	$	1,107.60		0.20	%	$	0.81
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.49		0.20	%	$	1.01
Xtrackers International Real Estate ETF
Actual	$	1,000.00	$	1,037.80		0.10	%	$	0.51
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.50		0.10	%	$	0.51
Xtrackers Semiconductor Select Equity ETF
Actual (2)	$	1,000.00	$	1,028.00		0.15	%	$	0.59
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.68		0.15	%	$	0.76
Xtrackers US Green Infrastructure Select Equity ETF
Actual (2)	$	1,000.00	$	758.10		0.35	%	$	1.19
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.91		0.35	%	$	1.77
Xtrackers US National Critical Technologies ETF
Actual (3)	$	1,000.00	$	1,020.80		0.33	%	$	0.14
Hypothetical (5% return before expenses)	$	1,000.00	$	1,001.91		0.33	%	$	1.65

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 141 (the number of days in the period July 13, 2023 (commencement of operations) to November 30, 2023), then divided by 366.

(3) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 15 (the number of days in the period November 16, 2023 (commencement of operations) to November 30, 2023), then divided by 366.

6

DBX ETF Trust

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.8%
Application Software — 13.1%
Alarm.com Holdings, Inc.*		1,188	$	64,722
Clear Secure, Inc., Class A		4,991		106,458
Datadog, Inc., Class A*		1,174		136,853
Dynatrace, Inc.*		2,225		119,149
Everbridge, Inc.*		1,821		37,075
InterDigital, Inc.		1,291		128,997
Systena Corp.		17,000		34,038
TeamViewer SE, 144A*		6,314		91,523
(Cost $702,503)				718,815
Communications Equipment — 3.4%
F5, Inc.*		667		114,184
NetScout Systems, Inc.*		2,921		58,654
Radware Ltd.*		838		12,779
(Cost $201,707)				185,617
Internet Services & Infrastructure — 11.5%
Akamai Technologies, Inc.*		975		112,642
Chindata Group Holdings Ltd., ADR*		4,514		38,008
Fastly, Inc., Class A*		5,694		94,577
GDS Holdings Ltd., ADR*		2,593		26,578
NEXTDC Ltd.*		17,140		148,082
Okta, Inc.*		2,997		200,949
Vnet Group, Inc., ADR*		5,888		16,486
(Cost $631,091)				637,322
IT Consulting & Other Services — 11.0%
Al Moammar Information Systems Co.		725		24,080
Change Holdings, Inc.		2,499		26,370
Computacenter PLC		1,941		66,345
DXC Technology Co.*		4,911		113,591
NCC Group PLC		13,607		20,912
NEC Corp.		2,072		115,489
NET One Systems Co. Ltd.		4,950		68,842
Netcompany Group A/S, 144A*		1,565		50,135
Otsuka Corp.		2,503		102,179
Systex Corp.		8,339		28,295
(Cost $648,849)				616,238

	Number of Shares		Value
Research & Consulting Services — 1.0%
My EG Services Bhd
(Cost $48,605)		312,601	$	53,336
Systems Software — 59.8%
A10 Networks, Inc.		3,309		41,329
Ahnlab, Inc.		373		19,978
BlackBerry Ltd.*		19,266		70,763
Check Point Software Technologies Ltd.*		1,760		256,960
Crowdstrike Holdings, Inc., Class A*		1,425		337,711
CyberArk Software Ltd.*		1,480		294,920
Darktrace PLC*		16,254		71,381
Digital Arts, Inc.		660		21,496
Fortinet, Inc.*		4,013		210,923
OneSpan, Inc.*		1,796		18,014
Palo Alto Networks, Inc.*		989		291,844
Qualys, Inc.*		1,498		276,890
Rapid7, Inc.*		3,645		197,377
SentinelOne, Inc., Class A*		14,065		268,501
Tenable Holdings, Inc.*		3,727		154,260
Trend Micro, Inc.		6,375		324,022
Varonis Systems, Inc.*		3,863		161,821
Zscaler, Inc.*		1,507		297,678
(Cost $2,786,771)				3,315,868
TOTAL COMMON STOCKS (Cost $5,019,526)				5,527,196
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (a) (Cost $31,528)		31,528		31,528
TOTAL INVESTMENTS — 100.4%
(Cost $5,051,054)			$	5,558,724
Other assets and liabilities, net — (0.4%)				(20,808	)
NET ASSETS — 100.0%			$	5,537,916

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 7/13/2023 (Commencement of Operations)		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (a)
		—		4,715,530		(4,684,002	)		—		—		832		—		31,528		31,528

* Non-income producing security.

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

ADR: American Depositary Receipt

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. 7

DBX ETF Trust

Schedule of Investments

Xtrackers Cybersecurity Select Equity ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	5,527,196	$	—	$	—	$	5,527,196
Short-Term Investments (a)		31,528		—		—		31,528
TOTAL	$	5,558,724	$	—	$	—	$	5,558,724

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

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.5%
Australia — 10.6%
Abacus Group REIT		329,742	$	237,220
Arena REIT		263,297		584,840
Aspen Group Ltd./Australia REIT		4,604		5,190
BWP Trust REIT		364,954		830,001
Cedar Woods Properties Ltd.		51,672		159,657
Centuria Industrial REIT		401,556		798,755
Centuria Office REIT		366,590		312,342
Charter Hall Group REIT		360,411		2,485,294
Charter Hall Long Wale REIT		487,590		1,086,277
Charter Hall Retail REIT		385,552		818,049
Charter Hall Social Infrastructure REIT		252,315		439,992
Cromwell Property Group REIT		1,184,762		345,645
Dexus REIT		824,968		3,850,846
Dexus Convenience Retail REIT REIT		104,417		171,007
Dexus Industria REIT		159,741		281,737
GDI Property Group Partnership REIT		388,653		149,464
Goodman Group REIT		1,305,561		19,693,593
GPT Group REIT		1,217,942		3,327,133
Growthpoint Properties Australia Ltd. REIT		215,825		331,999
Healthco REIT		346,522		304,434
HMC Capital Ltd. REIT		194,794		622,543
HomeCo Daily Needs REIT		1,319,901		993,307
Hotel Property Investments Ltd. REIT		146,868		261,954
Ingenia Communities Group REIT		276,200		756,345
Lifestyle Communities Ltd.		73,545		815,822
Mirvac Group REIT		2,993,177		4,088,331
National Storage REIT		944,508		1,352,713
Newmark Property REIT		123,791		84,132
Peet Ltd.		284,903		230,464
REA Group Ltd.		38,732		3,987,016
Region RE Ltd. REIT		862,169		1,183,339
Rural Funds Group REIT		297,073		377,206
Scentre Group REIT		3,965,220		6,967,220
Stockland REIT		1,815,615		4,971,875
US Masters Residential Property Fund REIT		586,199		104,943
Vicinity Ltd. REIT		3,452,411		4,337,886
Waypoint REIT Ltd. REIT		506,085		791,921
(Cost $73,494,293)				68,140,492
Austria — 0.3%
CA Immobilien Anlagen AG		32,956		1,078,749
IMMOFINANZ AG*		24,547		507,275
S IMMO AG*		5,982		83,153
UBM Development AG		2,791		61,210
(Cost $1,725,240)				1,730,387
Belgium — 1.9%
Aedifica SA REIT		36,319		2,280,573
Ascencio REIT		4,148		207,964
Atenor (a)		14,841		89,709
Care Property Invest NV REIT (a)		27,969		389,397
Cofinimmo SA REIT		25,625		1,806,180
Home Invest Belgium SA REIT		9,185		146,719
Immobel SA (a)		2,838		85,929
Intervest Offices & Warehouses NV REIT		20,659		464,345

	Number of Shares		Value
Belgium (Continued)
Montea NV REIT		12,072	$	1,049,790
Nextensa SA REIT		1,927		105,758
Retail Estates NV REIT		8,830		594,444
VGP NV		10,013		1,033,523
Warehouses De Pauw CVA REIT		122,592		3,448,337
Wereldhave Belgium Comm VA REIT		2,303		120,363
Xior Student Housing NV REIT		21,066		704,494
(Cost $16,457,090)				12,527,525
Brazil — 0.7%
Allos SA		358,157		1,857,500
Cyrela Brazil Realty SA Empreendimentos e Participacoes		224,742		995,157
Ez Tec Empreendimentos e Participacoes SA		120,554		449,733
Multiplan Empreendimentos Imobiliarios SA		231,930		1,278,560
(Cost $4,065,296)				4,580,950
Canada — 6.1%
Allied Properties Real Estate Investment Trust REIT (a)		96,338		1,269,728
Altus Group Ltd.		34,271		1,011,056
American Hotel Income Properties REIT LP		58,273		28,796
Artis Real Estate Investment Trust REIT (a)		51,860		234,467
Boardwalk Real Estate Investment Trust REIT		24,824		1,222,662
BSR Real Estate Investment Trust REIT		25,653		279,874
Canadian Apartment Properties REIT (a)		127,151		4,335,428
Chartwell Retirement Residences		178,975		1,433,542
Choice Properties Real Estate Investment Trust REIT (a)		189,300		1,837,363
Colliers International Group, Inc.		30,856		3,213,384
Crombie Real Estate Investment Trust REIT (a)		81,688		776,001
CT Real Estate Investment Trust REIT (a)		56,816		570,737
Dream Industrial Real Estate Investment Trust REIT (a)		199,822		1,840,747
Dream Office Real Estate Investment Trust REIT		18,276		118,349
DREAM Unlimited Corp., Class A (a)		18,102		269,557
First Capital Real Estate Investment Trust REIT (a)		147,659		1,523,583
FirstService Corp.		28,398		4,459,985
Granite Real Estate Investment Trust REIT (a)		48,180		2,441,248
H&R Real Estate Investment Trust REIT (a)		200,276		1,311,687
InterRent Real Estate Investment Trust REIT		106,524		949,866
Killam Apartment Real Estate Investment Trust REIT (a)		88,488		1,117,317
Mainstreet Equity Corp.*		3,614		378,499
Minto Apartment Real Estate Investment Trust REIT, 144A (a)		31,494		340,990

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Canada (Continued)
Morguard Corp.		3,571	$	280,707
Morguard North American Residential Real Estate Investment Trust REIT		24,230		242,148
Nexus Industrial REIT REIT (a)		32,717		178,323
NorthWest Healthcare Properties Real Estate Investment Trust REIT (a)		164,716		535,751
Primaris Real Estate Investment Trust REIT (a)		54,986		541,404
RioCan Real Estate Investment Trust REIT		228,112		2,939,202
Slate Grocery REIT REIT		45,209		346,441
SmartCentres Real Estate Investment Trust REIT (a)		98,303		1,674,091
Tricon Residential, Inc.		206,490		1,628,040
True North Commercial Real Estate Investment Trust REIT		11,153		58,239
(Cost $47,109,213)				39,389,212
Chile — 0.3%
Cencosud Shopping SA		362,223		579,999
Parque Arauco SA		554,030		799,567
Plaza SA*		224,307		312,374
(Cost $1,740,060)				1,691,940
China — 0.8%
A-Living Smart City Services Co. Ltd., 144A*		643,071		312,878
China Resources Mixc Lifestyle Services Ltd., 144A		478,412		1,810,055
China Vanke Co. Ltd., Class H		1,676,488		1,693,596
Greattown Holdings Ltd., Class B*		97,300		21,698
Guangzhou R&F Properties Co. Ltd., Class H* (a)		1,220,486		185,957
Poly Property Services Co. Ltd., Class H		110,935		426,820
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		193,100		162,590
Shanghai Lingang Holdings Corp. Ltd., Class B		95,706		58,572
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		816,840		278,542
Shanghai Shibei Hi-Tech Co. Ltd., Class B		295,800		50,286
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B		157,700		99,509
Shanxi Guoxin Energy Corp. Ltd., Class B*		68,300		18,441
Shenzhen Properties & Resources Development Group Ltd., Class B		15,300		7,581
Sino-Ocean Group Holding Ltd.* (a)		2,234,827		154,515
(Cost $11,117,248)				5,281,040
Denmark — 0.0%
Jeudan A/S
(Cost $284,472)		7,392		234,747
Egypt — 0.2%
Arab Developers Holding*		1,993,983		64,014
Egyptians Housing Development & Reconstruction*		2,227,878		23,937

	Number of Shares		Value
Egypt (Continued)
El Kahera Housing*		428,198	$	20,648
Emaar Misr for Development SAE*		265,430		34,875
Heliopolis Housing		287,265		98,544
Madinet Masr For Housing & Development		889,644		115,164
Palm Hills Developments SAE*		743,811		68,845
Pioneers Properties*		108,580		8,750
Six of October Development & Investment*		55,509		44,030
Talaat Moustafa Group		653,636		470,660
Zahraa El Maadi Investment & Development Co. SAE		101,058		26,327
(Cost $734,118)				975,794
Finland — 0.3%
Citycon OYJ*		59,453		337,320
Kojamo OYJ		139,951		1,559,073
(Cost $2,814,629)				1,896,393
France — 2.8%
Altarea SCA REIT		3,747		280,461
ARGAN SA REIT		7,489		636,540
Carmila SA REIT*		42,880		665,302
Covivio SA REIT		39,609		1,937,004
Gecina SA REIT		36,115		4,003,557
ICADE REIT		24,415		886,553
Klepierre SA REIT		143,802		3,624,446
Mercialys SA REIT		70,530		697,600
Nexity SA (a)		29,095		439,994
Unibail-Rodamco-Westfield REIT*		76,872		4,896,626
(Cost $20,806,907)				18,068,083
Germany — 3.5%
BRANICKS Group AG		28,513		98,309
Deutsche EuroShop AG		10,975		224,169
Deutsche Wohnen SE		39,101		952,241
Hamborner REIT AG REIT		54,186		382,522
LEG Immobilien SE*		56,279		4,307,019
PATRIZIA SE		28,956		222,737
TAG Immobilien AG*		134,235		1,839,586
Vonovia SE		527,135		14,678,011
(Cost $32,377,262)				22,704,594
Greece — 0.1%
LAMDA Development SA*
(Cost $437,721)		61,476		442,705
Hong Kong — 11.7%
C&D International Investment Group Ltd.		661,596		1,351,942
Champion REIT		1,829,433		609,007
China Jinmao Holdings Group Ltd.		6,279,942		715,613
China Overseas Grand Oceans Group Ltd.		1,329,884		446,116
China Overseas Land & Investment Ltd.		2,822,350		5,218,075
China Overseas Property Holdings Ltd.		941,585		766,741
China Resources Land Ltd.		2,193,563		8,032,457
Chinese Estates Holdings Ltd.*		302,558		55,396
CK Asset Holdings Ltd.		1,642,152		7,789,935

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
ESR Group Ltd., 144A		2,140,118	$	2,751,083
Far East Consortium International Ltd.		855,210		153,297
Fortune Real Estate Investment Trust REIT		1,106,412		672,888
GR Life Style Company Ltd.*		783,049		33,587
Great Eagle Holdings Ltd.		74,512		112,193
Hang Lung Group Ltd.		624,446		836,294
Hang Lung Properties Ltd.		1,365,773		1,825,624
Henderson Land Development Co. Ltd.		1,017,449		2,768,241
HKR International Ltd.		441,839		85,988
Hong Kong Ferry Holdings Co. Ltd.		139,508		83,237
Hongkong Land Holdings Ltd.		798,587		2,571,450
Hysan Development Co. Ltd.		452,126		848,644
Joy City Property Ltd.		2,384,196		75,095
K Wah International Holdings Ltd.		903,202		213,939
Kerry Properties Ltd.		437,475		737,125
Kowloon Development Co. Ltd.		251,649		201,376
Lai Sun Development Co. Ltd.*		78,672		8,864
Langham Hospitality Investments and Langham Hospitality Investments Ltd. (b)		628,986		54,762
Link REIT		1,959,458		9,684,017
New World Development Co. Ltd.		1,045,933		1,556,117
Poly Property Group Co. Ltd.		1,422,078		293,144
Prosperity REIT		1,108,740		191,644
Regal Real Estate Investment Trust REIT		731,409		58,061
Shandong Hi-Speed Holdings Group Ltd.* (a)		1,460,189		1,127,350
Shanghai Industrial Holdings Ltd.		293,635		353,025
Shenzhen Investment Ltd.		1,716,718		248,376
Shin Hwa World Ltd.*		803,681		4,939
Shun Tak Holdings Ltd.*		916,974		123,276
Sino Land Co. Ltd.		2,825,372		2,846,968
Sun Hung Kai Properties Ltd.		1,167,305		11,455,889
Sunlight Real Estate Investment Trust REIT		649,318		164,610
Swire Properties Ltd.		819,600		1,592,964
Touyun Biotech Group Ltd.*		760,136		45,256
Wang On Properties Ltd.		2,950,288		18,132
Wharf Holdings Ltd.		730,994		1,899,950
Wharf Real Estate Investment Co. Ltd.		1,187,932		3,749,219
Yuexiu Property Co. Ltd.		1,095,264		998,461
(Cost $108,799,384)				75,430,367
India — 2.9%
Brigade Enterprises Ltd.		115,566		1,131,149
DLF Ltd.		723,834		5,432,200
Godrej Properties Ltd.*		102,022		2,295,912
Indiabulls Real Estate Ltd.*		365,429		363,265
Macrotech Developers Ltd., 144A		197,978		2,093,169
Mahindra Lifespace Developers Ltd.		58,140		368,282
NESCO Ltd.		22,888		223,819
Nexus Select Trust REIT		641,378		1,010,977
Oberoi Realty Ltd.		88,193		1,481,468
Omaxe Ltd.*		52,815		49,462
Phoenix Mills Ltd.		73,563		2,091,542
Prestige Estates Projects Ltd.		129,281		1,554,744
Privi Speciality Chemicals Ltd.*		15,741		240,597

	Number of Shares		Value
India (Continued)
Sobha Ltd.		28,308	$	307,966
Sunteck Realty Ltd.		53,892		321,987
(Cost $11,443,611)				18,966,539
Indonesia — 0.3%
PT Alam Sutera Realty Tbk*		10,850,530		117,530
PT Bumi Serpong Damai Tbk*		6,127,259		418,755
PT Ciputra Development Tbk		6,461,796		470,782
PT Jaya Real Property Tbk		2,834,930		132,516
PT Kawasan Industri Jababeka Tbk*		11,842,430		99,259
PT Lippo Karawaci Tbk*		24,386,786		138,365
PT Pakuwon Jati Tbk		11,682,110		310,318
PT PP Properti Tbk*		3,602,844		11,615
PT Puradelta Lestari Tbk		10,105,945		110,116
PT Summarecon Agung Tbk		8,084,358		320,560
(Cost $2,205,334)				2,129,816
Israel — 2.0%
Adgar Investment and Development Ltd.		67,241		82,875
AFI Properties Ltd.*		4,360		171,515
Africa Israel Residences Ltd.		4,443		231,569
Airport City Ltd.*		48,899		767,604
Alony Hetz Properties & Investments Ltd.		114,981		784,839
Alrov Properties and Lodgings Ltd.		2,040		72,636
Amot Investments Ltd.		167,254		853,314
Arad Investment & Industrial Development Ltd.		2,523		277,495
Aura Investments Ltd.		97,900		247,083
Azrieli Group Ltd.		28,013		1,627,027
Big Shopping Centers Ltd.*		9,077		813,837
Blue Square Real Estate Ltd.		3,737		235,814
Carasso Real Estate Ltd.		13,309		93,489
Duniec Brothers Ltd.*		2,516		123,432
Electra Real Estate Ltd.		17,810		182,638
G City Ltd.		64,314		203,437
Gav-Yam Lands Corp. Ltd.		14,538		107,627
Israel Canada T.R Ltd.		110,547		274,817
Isras Investment Co. Ltd.		1,197		226,055
Keystone INFRA Ltd. REIT		110,551		151,484
Kvutzat Acro Ltd.		23,368		233,485
Lahav L.R. Real Estate Ltd.		46,467		40,065
Megureit Israel Ltd. REIT*		85,828		76,538
Melisron Ltd.		19,369		1,349,136
Menivim- The New REIT Ltd. REIT		453,431		197,001
Mivne Real Estate KD Ltd.		468,781		1,237,000
Norstar Holdings, Inc.*		29,612		71,102
Prashkovsky Investments and Construction Ltd.		5,596		118,333
Property & Building Corp. Ltd.*		2,000		88,881
Rani Zim Shopping Centers Ltd.*		38,048		25,358
Reit 1 Ltd. REIT		143,203		625,247
REIT Azorim HF Living Ltd. REIT*		34,302		40,270
Sella Capital Real Estate Ltd. REIT		167,564		390,057
Summit Real Estate Holdings Ltd.*		30,053		381,301
Villar International Ltd.		3,169		131,896
Vitania Ltd.		17,472		90,736
(Cost $14,573,918)				12,624,993

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA REIT		43,461	$	102,191
Risanamento SpA* (a)		442,764		16,522
(Cost $202,678)				118,713
Japan — 20.7%
Activia Properties, Inc. REIT (a)		385		1,058,630
Advance Logistics Investment Corp. REIT		525		457,047
Advance Residence Investment Corp. REIT		757		1,664,186
Aeon Mall Co. Ltd.		70,300		817,674
AEON REIT Investment Corp. REIT		1,337		1,300,508
Comforia Residential REIT, Inc. REIT		523		1,124,997
CRE Logistics REIT, Inc. REIT		478		531,237
Daito Trust Construction Co. Ltd.		50,200		5,534,955
Daiwa House REIT Investment Corp. REIT		1,614		2,880,057
Daiwa Office Investment Corp. REIT (a)		213		975,419
Daiwa Securities Living Investments Corp. REIT		1,435		1,060,950
ES-Con Japan Ltd.		38,600		238,908
ESCON Japan Reit Investment Corp. REIT		250		200,223
Frontier Real Estate Investment Corp. REIT		394		1,208,638
Fukuoka REIT Corp. REIT		392		441,227
Global One Real Estate Investment Corp. REIT		565		438,746
GLP J REIT		3,711		3,506,793
Goldcrest Co. Ltd.		10,900		147,978
Hankyu Hanshin REIT, Inc. REIT (a)		537		513,262
Health Care & Medical Investment Corp. REIT		258		249,911
Heiwa Real Estate Co. Ltd.		23,800		649,596
Heiwa Real Estate REIT, Inc. REIT (a)		502		459,775
Hoshino Resorts REIT, Inc. REIT		193		789,833
Hulic Co. Ltd.		521,000		5,173,525
Hulic Reit, Inc. REIT		652		684,041
Ichigo Office REIT Investment Corp. REIT		1,151		660,228
Ichigo, Inc.		173,800		412,648
Industrial & Infrastructure Fund Investment Corp. REIT		1,603		1,496,357
Invincible Investment Corp. REIT		5,074		2,059,323
Japan Excellent, Inc. REIT		657		627,069
Japan Hotel REIT Investment Corp. REIT		3,357		1,575,918
Japan Logistics Fund, Inc. REIT		515		1,005,022
Japan Metropolitan Fund Invest REIT		5,321		3,545,294
Japan Prime Realty Investment Corp. REIT		529		1,327,554
Japan Real Estate Investment Corp. REIT		790		3,072,682
Kabuki-Za Co. Ltd.		6,800		216,187
KDX Realty Investment Corp. REIT		3,129		3,587,550
Keihanshin Building Co. Ltd.		33,800		324,202
Ki-Star Real Estate Co. Ltd.		6,400		151,087
LaSalle Logiport REIT		1,397		1,489,277

	Number of Shares		Value
Japan (Continued)
Leopalace21 Corp.*		146,000	$	466,141
LIFULL Co. Ltd.		51,300		68,014
Mirai Corp. REIT		1,338		400,038
Mirarth Holdings, Inc.		64,231		202,467
Mitsubishi Estate Co. Ltd.		1,004,300		13,562,992
Mitsubishi Estate Logistics REIT Investment Corp. REIT		390		1,010,383
Mitsui Fudosan Co. Ltd.		712,200		16,726,475
Mitsui Fudosan Logistics Park, Inc. REIT		466		1,472,060
Mori Hills REIT Investment Corp. REIT		846		804,597
Mori Trust Sogo Reit, Inc. REIT		1,892		943,216
Nippon Accommodations Fund, Inc. REIT		391		1,608,063
Nippon Building Fund, Inc. REIT		968		4,066,209
Nippon Kanzai Holdings Co. Ltd.		16,600		279,371
Nippon Prologis REIT, Inc. REIT (a)		1,830		3,470,978
NIPPON REIT Investment Corp. REIT		246		582,406
Nomura Real Estate Holdings, Inc.		89,300		2,177,003
Nomura Real Estate Master Fund, Inc. REIT		2,603		2,989,748
NTT UD REIT Investment Corp. REIT		743		640,799
One REIT, Inc. REIT		174		312,961
Open House Group Co. Ltd.		61,900		1,728,435
Orix JREIT, Inc. REIT		1,503		1,773,079
Pressance Corp.		17,700		180,071
Relo Group, Inc.		88,400		928,638
SAMTY Co. Ltd. (a)		22,000		348,524
Samty Residential Investment Corp. REIT		322		245,037
Sankei Real Estate, Inc. REIT		362		226,992
Sekisui House Reit, Inc. REIT		2,451		1,404,266
SOSiLA Logistics REIT, Inc. REIT		559		457,908
SRE Holdings Corp.*		6,800		127,596
Star Asia Investment Corp. REIT		1,772		691,612
Starts Corp., Inc.		25,700		484,847
Starts Proceed Investment Corp. REIT		175		243,024
Sumitomo Realty & Development Co. Ltd.		360,800		10,186,892
Sun Frontier Fudousan Co. Ltd.		19,600		206,825
Takara Leben Real Estate Investment Corp. REIT		501		343,975
TOC Co. Ltd.		38,000		154,226
Tokyo Tatemono Co. Ltd.		161,700		2,298,593
Tokyu Fudosan Holdings Corp.		455,400		2,815,542
Tokyu REIT, Inc. REIT		459		560,108
Tosei Corp.		25,900		315,527
Tosei Reit Investment Corp. REIT		291		264,751
United Urban Investment Corp. REIT (a)		1,629		1,597,761
XYMAX REIT Investment Corp. REIT		173		137,969
(Cost $151,157,325)				133,164,633
Luxembourg — 0.5%
ADLER Group SA, 144A*		60,188		22,906
Aroundtown SA* (a)		650,086		1,527,143
Grand City Properties SA*		57,947		574,724
Shurgard Self Storage Ltd. REIT		19,540		849,926
(Cost $5,889,827)				2,974,699

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Malaysia — 0.9%
AmFIRST Real Estate Investment Trust REIT		147,300	$	10,432
Axis Real Estate Investment Trust REIT		1,023,084		404,008
Capitaland Malaysia Trust REIT		937,012		112,614
Eastern & Oriental Bhd*		558,077		65,874
Eco World Development Group Bhd		951,200		214,349
Eco World International Bhd		546,800		39,900
Ecofirst Consolidated Bhd*		482,900		36,791
IGB Bhd		200,000		100,869
IGB Commercial Real Estate Investment Trust REIT		459,500		48,322
IGB Real Estate Investment Trust REIT		1,075,600		397,045
IOI Properties Group Bhd		849,200		308,005
Iskandar Waterfront City Bhd*		358,600		43,098
KIP REIT		222,352		42,710
KLCCP Stapled Group (b)		123,100		185,198
KSL Holdings Bhd*		349,600		80,282
Lagenda Properties Bhd		226,500		57,846
Land & General Bhd		2,299,700		61,694
LBS Bina Group Bhd		904,100		108,659
Mah Sing Group Bhd		961,000		164,996
Malton Bhd*		97,400		7,943
Matrix Concepts Holdings Bhd		747,594		261,526
MKH Bhd		198,000		59,916
Mulpha International Bhd*		101,800		52,216
OSK Holdings Bhd		1,011,900		262,775
Paramount Corp. Bhd		202,240		41,017
Pavilion Real Estate Investment Trust REIT		557,400		145,944
Radium Development Bhd		808,208		67,647
Rapid Synergy Bhd*		61,740		371,010
Sentral REIT		319,800		56,623
Sime Darby Property Bhd		1,862,546		255,828
SP Setia Bhd Group		1,162,905		185,935
Sunway Bhd		1,361,861		578,707
Sunway Real Estate Investment Trust REIT		1,081,100		354,991
Symphony Life Bhd*		322,700		22,855
Tanco Holdings Bhd*		650,100		81,620
Titijaya Land Bhd*		434,971		23,338
Tropicana Corp. Bhd*		755,191		192,870
UEM Sunrise Bhd		921,900		140,476
UOA Development Bhd		243,300		90,856
YNH Property Bhd*		244,100		258,795
YTL Hospitality REIT		505,800		111,809
(Cost $5,768,498)				6,107,389
Mexico — 2.1%
CFE Capital S de RL de CV REIT		649,157		1,033,629
Concentradora Fibra Danhos SA de CV REIT (a)		939,153		1,043,954
Corp. Inmobiliaria Vesta SAB de CV (a)		639,507		2,412,025
FIBRA Macquarie Mexico REIT, 144A		593,342		1,036,295
Fibra MTY SAPI de CV REIT (a)		1,307,162		825,465
Fibra Uno Administracion SA de CV REIT		2,195,770		3,532,900
Mexico Infrastructure Partners F1 SAPI de CV REIT*		563,368		643,423

	Number of Shares		Value
Mexico (Continued)
Prologis Property Mexico SA de CV REIT		513,125	$	2,208,876
TF Administradora Industrial S de RL de CV REIT (a)		586,979		1,050,862
(Cost $10,484,792)				13,787,429
Netherlands — 0.7%
Argo Properties NV*		10,802		176,268
CTP NV, 144A		82,522		1,325,386
Eurocommercial Properties NV REIT		32,560		761,682
NEPI Rockcastle NV*		325,503		1,992,525
NSI NV REIT		14,244		268,870
(Cost $4,856,387)				4,524,731
New Zealand — 0.7%
Argosy Property Ltd.		658,436		449,385
Goodman Property Trust REIT		793,117		1,050,769
Investore Property Ltd.		212,949		132,843
Kiwi Property Group Ltd.		1,176,089		606,554
Precinct Properties Group (b)		1,023,948		720,983
Property for Industry Ltd.		388,810		528,327
Stride Property Group (b)		415,315		333,475
Vital Healthcare Property Trust REIT		361,553		458,909
(Cost $5,577,146)				4,281,245
Norway — 0.2%
Entra ASA, 144A		59,714		571,169
KMC Properties ASA* (a)		58,823		31,543
Olav Thon Eiendomsselskap ASA		17,853		279,916
Selvaag Bolig ASA		31,084		80,025
(Cost $1,403,779)				962,653
Philippines — 2.2%
AREIT, Inc. REIT		723,340		389,110
Ayala Corp.		243,215		2,910,340
Ayala Land, Inc.		5,602,696		3,150,191
Belle Corp.		2,685,000		56,129
DDMP Reit, Inc. REIT		4,452,000		98,684
DoubleDragon Corp.		369,970		54,672
Filinvest Land, Inc.		5,923,000		59,774
Filinvest REIT Corp. REIT		1,011,200		50,842
Megaworld Corp.		9,139,600		339,297
MREIT, Inc. REIT		671,500		151,266
RL Commercial REIT, Inc. REIT		2,665,500		223,366
Robinsons Land Corp.		1,348,367		352,826
SM Prime Holdings, Inc.		11,024,857		6,417,424
Vista Land & Lifescapes, Inc.		2,009,900		60,127
(Cost $17,013,267)				14,314,048
Poland — 0.2%
Archicom SA		3,212		22,137
Atal SA		8,314		116,680
Cavatina Holding SA*		4,752		20,245
Develia SA		339,494		420,300
Dom Development SA		7,407		298,489
Echo Investment SA		111,967		113,082
Globe Trade Centre SA		132,086		164,518
Marvipol Development SA*		7,932		13,915
MLP Group SA*		5,429		106,668

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Poland (Continued)
Polski Holding Nieruchomosci SA		7,682	$	22,525
(Cost $1,022,674)				1,298,559
Russia — 0.0%
LSR Group PJSC (c)		30,984		0
PIK Group PJSC* (c)		192,287		0
(Cost $2,472,023)				0
Singapore — 7.0%
AIMS APAC REIT		579,700		551,640
Bukit Sembawang Estates Ltd.		137,700		358,024
CapitaLand Ascendas REIT		2,740,069		5,830,808
CapitaLand Ascott Trust (b)		1,859,937		1,289,107
CapitaLand China Trust REIT		887,147		538,430
Capitaland India Trust		778,022		600,452
CapitaLand Integrated Commercial Trust REIT		3,906,392		5,327,164
CapitaLand Investment Ltd.		1,905,563		4,326,282
CDL Hospitality Trusts (b)		549,044		415,506
City Developments Ltd.		385,098		1,806,319
Cromwell European Real Estate Investment Trust REIT		236,819		333,327
Daiwa House Logistics Trust REIT		415,300		180,484
Digital Core REIT Management Pte Ltd. REIT		545,100		335,237
ESR-LOGOS REIT REIT		5,582,187		1,233,887
Far East Hospitality Trust (b)		815,500		394,124
First Real Estate Investment Trust REIT		920,700		165,569
Frasers Centrepoint Trust REIT		836,400		1,366,216
Frasers Hospitality Trust (b)		622,500		235,548
Frasers Logistics & Commercial Trust REIT		2,223,878		1,849,621
Frasers Property Ltd.		342,100		212,755
GuocoLand Ltd.		170,100		183,534
Ho Bee Land Ltd.		137,600		182,491
Hong Fok Corp. Ltd.		322,600		221,174
IREIT Global REIT		607,472		163,862
Keppel REIT		1,528,000		990,349
Keppel DC REIT		1,051,555		1,449,769
Keppel Pacific Oak US REIT		526,354		134,220
Lendlease Global Commercial REIT		1,377,951		624,652
Lippo Malls Indonesia Retail Trust REIT*		3,017,900		42,964
Manulife US Real Estate Investment Trust REIT		1,188,926		61,824
Mapletree Industrial Trust REIT		1,580,622		2,700,298
Mapletree Logistics Trust REIT		2,564,291		3,093,443
Mapletree Pan Asia Commercial Trust REIT		1,736,070		1,782,119
OUE Commercial Real Estate Investment Trust REIT		1,837,939		351,172
PARAGON REIT REIT		935,700		567,898
Parkway Life Real Estate Investment Trust REIT		294,000		748,988
Prime US REIT		467,700		57,527
Propnex Ltd.		161,500		101,043
Sabana Industrial Real Estate Investment Trust REIT		757,300		218,463

	Number of Shares		Value
Singapore (Continued)
Sasseur Real Estate Investment Trust REIT		386,100	$	198,171
Singapore Land Group Ltd.		127,500		187,247
Starhill Global REIT		1,043,009		379,034
Suntec Real Estate Investment Trust REIT		1,339,200		1,153,964
Tuan Sing Holdings Ltd.		315,700		66,234
UOL Group Ltd.		359,517		1,589,353
Wing Tai Holdings Ltd.		259,000		254,226
Yanlord Land Group Ltd.*		401,000		162,251
(Cost $51,710,409)				45,016,770
South Africa — 0.7%
Attacq Ltd. REIT		362,655		165,539
Equites Property Fund Ltd. REIT (a)		511,422		317,109
Fortress Real Estate Investments Ltd.*		785,840		567,712
Fortress Real Estate Investments Ltd., Class B*		530,774		182,620
Growthpoint Properties Ltd. REIT		2,201,946		1,231,695
Hyprop Investments Ltd. REIT (a)		241,035		325,874
Redefine Properties Ltd. REIT (a)		4,456,055		815,964
Resilient REIT Ltd. REIT		211,931		447,459
SA Corporate Real Estate Ltd. REIT		1,572,137		172,562
Vukile Property Fund Ltd. REIT		616,152		431,144
(Cost $6,124,746)				4,657,678
South Korea — 0.5%
D&D Platform REIT Co. Ltd. REIT		41,029		98,426
E KOCREF CR-REIT Co. Ltd. REIT		15,427		60,385
ESR Kendall Square REIT Co. Ltd. REIT		109,890		295,135
Hanwha REIT Co. Ltd. REIT		18,624		73,044
JR Global REIT		148,849		492,644
KB Star Real Estate Investment Trust, Inc. REIT		55,326		157,382
Koramco Life Infra Reit REIT		59,902		246,545
Korea Asset In Trust Co. Ltd.		37,138		94,130
Korea Real Estate Investment & Trust Co. Ltd.		100,571		95,648
LOTTE Reit Co. Ltd. REIT		91,467		215,880
Mirae Asset Global REIT Co. Ltd. REIT		17,123		33,777
NH All-One REIT Co. Ltd. REIT		37,232		100,717
Seobu T&D		28,329		166,441
Shinhan Alpha REIT Co. Ltd. REIT		59,655		298,703
SK D&D Co. Ltd.		6,271		137,071
SK REITs Co. Ltd. REIT		143,211		447,344
(Cost $3,736,407)				3,013,272
Spain — 0.7%
Aedas Homes SA, 144A		7,077		133,122
Inmobiliaria Colonial Socimi SA REIT		217,551		1,433,715
Lar Espana Real Estate Socimi SA REIT		34,871		232,472
Merlin Properties Socimi SA REIT		253,180		2,558,027
Neinor Homes SA, 144A*		26,219		295,802
(Cost $4,968,866)				4,653,138
Sweden — 4.0%
Atrium Ljungberg AB, Class B		35,125		673,750
Castellum AB		327,419		4,004,136

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Catena AB		25,396	$	946,153
Cibus Nordic Real Estate AB		41,271		498,812
Corem Property Group AB, Class B		405,889		342,216
Corem Property Group AB, Class D		2,880		45,074
Dios Fastigheter AB		72,645		490,477
Eastnine AB		7,646		114,994
Fabege AB		187,498		1,680,152
Fastighets AB Balder, Class B*		501,999		2,963,461
Fastighets AB Trianon*		40,317		55,211
FastPartner AB, Class A		40,431		194,075
Heba Fastighets AB, Class B		75,971		209,886
Hemnet Group AB		69,440		1,578,475
Hufvudstaden AB, Class A		87,905		1,105,644
John Mattson Fastighetsforetagen AB* (a)		15,138		67,031
K-fast Holding AB* (a)		50,405		75,087
Klarabo Sverige AB, Class B*		66,127		94,910
Nivika Fastigheter AB, Class B*		17,597		48,363
NP3 Fastigheter AB		23,797		427,848
Nyfosa AB		112,313		745,977
Pandox AB		67,515		821,480
Platzer Fastigheter Holding AB, Class B		56,928		368,334
Sagax AB, Class A		4,885		110,950
Sagax AB, Class B		157,766		3,581,741
Sagax AB, Class D		83,456		214,238
Samhallsbyggnadsbolaget i Norden AB (a)		887,174		315,794
Samhallsbyggnadsbolaget i Norden AB, Class D		107,201		40,317
Stendorren Fastigheter AB*		10,178		151,327
Swedish Logistic Property AB, Class B*		64,685		171,916
Wallenstam AB, Class B		375,043		1,634,909
Wihlborgs Fastigheter AB		206,440		1,677,509
(Cost $32,001,984)				25,450,247
Switzerland — 2.4%
Allreal Holding AG		11,834		1,954,301
Fundamenta Real Estate AG*		17,861		348,162
Intershop Holding AG		898		632,023
Mobimo Holding AG		5,508		1,640,587
Peach Property Group AG*		8,002		102,147
PSP Swiss Property AG		34,604		4,600,336
Swiss Prime Site AG		58,107		5,880,531
Zug Estates Holding AG, Class B		217		394,296
(Cost $15,103,536)				15,552,383
Taiwan — 1.4%
Cathay No. 1 REIT		1,011,504		572,128
Cathay No. 2 REIT		216,000		113,808
Cathay Real Estate Development Co. Ltd.		483,017		248,157
Chong Hong Construction Co. Ltd.		191,790		459,216
Farglory Land Development Co. Ltd.		209,007		390,717
Highwealth Construction Corp.		1,325,043		1,736,892
Hong Pu Real Estate Development Co. Ltd.		161,515		149,158
Huaku Development Co. Ltd.		202,647		613,001

	Number of Shares		Value
Taiwan (Continued)
Huang Hsiang Construction Corp.		139,643	$	177,683
Hung Sheng Construction Ltd.		397,433		258,891
KEE TAI Properties Co. Ltd.		323,692		173,554
Kindom Development Co. Ltd.		287,684		345,331
Kuo Yang Construction Co. Ltd.*		159,983		96,277
Millerful No1 REIT REIT		500,000		160,531
Prince Housing & Development Corp.		956,366		338,279
Radium Life Tech Co. Ltd.*		392,797		121,460
Ruentex Development Co. Ltd.*		1,474,013		1,689,170
Sakura Development Co. Ltd.		241,126		378,207
Shin Kong No.1 REIT (c)		927,959		657,948
Shining Building Business Co. Ltd.*		318,249		109,513
Sinyi Realty, Inc.		200,617		191,370
Taiwan Land Development Corp.* (c)		243,531		0
(Cost $8,710,022)				8,981,291
Thailand — 2.5%
AIM Industrial Growth Freehold & Leasehold REIT		325,600		99,964
Amata Corp. PCL, NVDR		625,400		444,460
Ananda Development PCL, NVDR*		1,729,100		35,882
AP Thailand PCL, NVDR		1,842,700		565,735
Asset World Corp. PCL, NVDR		6,557,100		689,681
Ba Airport Leasehold REIT REIT		450,000		126,643
Bangkok Land PCL, NVDR*		9,702,400		193,069
Central Pattana PCL, NVDR		2,521,000		4,855,312
CP Tower Growth Leasehold Property Fund		800		113
CPN Retail Growth Leasehold REIT		1,304,800		404,302
Digital Telecommunications Infrastructure Fund, Class F		6,009,500		1,426,461
Frasers Property Thailand Industrial Freehold & Leasehold REIT		1,304,800		370,919
Frasers Property Thailand PCL, NVDR		255,825		110,541
Grand Canal Land PCL, NVDR*		903,800		50,100
IMPACT Growth Real Estate Investment Trust REIT		365,932		130,031
Land & Houses PCL, NVDR		6,374,600		1,395,336
LH Hotel Leasehold Real Estate Investment Trust, Class F REIT		334,200		103,554
Lotus’s Retail Growth Freehold And Leasehold Property Fund		960,900		355,105
LPN Development PCL, NVDR		1,085,759		120,374
MBK PCL, NVDR		730,000		317,504
Noble Development PCL, NVDR		1,083,557		118,898
Nusasiri PCL, NVDR*		7,048,500		70,129
Origin Property PCL, NVDR		736,700		183,246
Platinum Group PCL, NVDR*		870,700		74,255
Property Perfect PCL, NVDR		6,674,206		58,816
Pruksa Holding PCL, NVDR		815,900		282,964
Quality Houses PCL, NVDR		6,145,200		377,333
Rabbit Holdings PCL*		5,390,400		78,150
Rabbit Holdings PCL, NVDR*		5,689,900		84,109
Sansiri PCL, NVDR		11,702,900		555,578
SC Asset Corp. PCL, NVDR		1,412,000		123,629
Singha Estate PCL, NVDR		2,436,300		60,254
Supalai PCL		57,300		28,668

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Thailand (Continued)
Supalai PCL, NVDR		915,165	$	457,875
Univentures PCL, NVDR		488,800		29,180
WHA Corp. PCL, NVDR		7,751,496		1,101,769
WHA Industrial Leasehold REIT		528,000		85,555
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust, Class F REIT		1,761,800		490,815
(Cost $17,906,573)				16,056,309
Turkey — 0.4%
Akfen Gayrimenkul Yatirim Ortakligi AS REIT*		421,575		65,752
AKIS Gayrimenkul Yatirimi AS REIT*		272,639		109,048
Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT		6,147		32,341
Alarko Gayrimenkul Yatirim Ortakligi AS REIT		62,225		88,813
Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS		76,563		48,456
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		1,338,134		341,815
Gimat Magazacilik Sanayi Ve Ticaret AS		95,476		29,617
Halk Gayrimenkul Yatirim Ortakligi AS REIT		182,626		27,471
Ihlas Gayrimenkul Proje Gelistirme Ve Ticaret AS*		490,774		31,809
Is Gayrimenkul Yatirim Ortakligi AS REIT*		302,320		217,949
Kiler Gayrimenkul Yatirim Ortakligi AS REIT*		381,253		48,892
Kiler Holding AS*		182,163		218,202
Kizilbuk Gayrimenkul Yatirim Ortakligi AS*		81,244		51,700
Kuyumcukent Gayrimenkul Yatirimlari AS REIT*		60,527		159,226
Marti Gayrimenkul Yatirim Ortakligi AS REIT*		122,792		40,431
Nurol Gayrimenkul Yatirim Ortakligi AS REIT*		88,135		23,002
Ozak Gayrimenkul Yatirim Ortakligi REIT*		302,330		97,242
Ozderici Gayrimenkul Yatirim Ortakligi AS REIT*		96,803		20,500
Panora Gayrimenkul Yatirim Ortakligi		50,510		62,814
Peker Gayrimenkul Yatirim Ortakligi AS*		298,206		323,301
Reysas Gayrimenkul Yatirim Ortakligi AS REIT*		94,886		88,138
Servet Gayrimenkul Yatirim Ortakligi AS*		8,448		108,996
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT*		509,687		56,353
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT		114,248		133,603
Vakif Gayrimenkul Yatirim Ortakligi AS REIT*		1,141,523		79,921
Yeni Gimat Gayrimenkul Ortakligi AS		148,647		201,033
Yesil Gayrimenkul Yatirim Ortakligi AS REIT*		95,203		9,437

	Number of Shares		Value
Turkey (Continued)
Ziraat Gayrimenkul Yatirim Ortakligi AS		679,619	$	119,897
(Cost $2,214,005)				2,835,759
United Kingdom — 7.2%
Assura PLC REIT		2,242,478		1,254,779
Big Yellow Group PLC REIT		140,756		1,929,800
British Land Co. PLC REIT		665,313		2,961,364
CLS Holdings PLC REIT		117,667		142,108
Derwent London PLC REIT		77,603		2,068,968
Empiric Student Property PLC REIT		458,714		530,188
Grainger PLC		509,526		1,638,389
Great Portland Estates PLC REIT		156,389		757,079
Hammerson PLC REIT		3,099,892		1,063,488
Helical PLC REIT		85,273		230,476
Henry Boot PLC		81,280		189,330
Land Securities Group PLC REIT		572,699		4,525,505
LondonMetric Property PLC REIT		773,565		1,762,732
LXI REIT PLC REIT		1,205,116		1,436,369
Picton Property Income Ltd. REIT		421,193		340,721
Primary Health Properties PLC REIT		1,002,042		1,237,457
Rightmove PLC		632,518		4,360,813
Safestore Holdings PLC REIT		164,298		1,592,188
Savills PLC		108,449		1,089,405
Segro PLC REIT		866,374		8,908,104
Shaftesbury Capital PLC REIT		1,125,701		1,722,924
Tritax Big Box REIT PLC REIT		1,436,353		2,783,898
UK Commercial Property REIT Ltd. REIT		558,249		407,068
UNITE Group PLC REIT, Series 6		249,540		3,067,441
Workspace Group PLC REIT		103,576		692,325
(Cost $55,053,387)				46,692,919
United States — 0.0%
United Hampshire US REIT
(Cost $164,780)		376,100		157,962
Virgin Islands — 0.0%
SF Real Estate Investment Trust REIT
(Cost $160,930)		422,606		140,142
TOTAL COMMON STOCKS (Cost $753,889,837)				641,557,546
RIGHTS — 0.0%
Belgium — 0.0%
Atenor*, expires 12/4/23 (c)
(Cost $0)		4		0
Israel — 0.0%
REIT Azorim HF Living Ltd.*, expires 12/21/23
(Cost $0)		1,270		1,269
Singapore — 0.0%
Frasers Property Ltd.*, expires 1/5/24 (c)
(Cost $0)		93,684		0
Sweden — 0.0%
John Mattson Fastighetsforetagen AB* (a), expires 12/14/23		15,113		18,749

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Nivika Fastigheter AB*, expires 12/14/23 (c)		17,568	$	0
(Cost $58,910)				18,749
Thailand — 0.0%
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust*, expires 12/29/23
(Cost $0)		105,182		598
TOTAL RIGHTS (Cost $58,910)				20,616
WARRANTS — 0.0%
Malaysia — 0.0%
Eco World Development Group Bhd*, expires 4/12/29		106,640		4,807
Paramount Corp. Bhd*, expires 7/28/24		7,840		42
(Cost $0)				4,849
Thailand — 0.0%
Nusasiri PCL, NVDR* (c), expires 12/31/23
(Cost $0)		1,291,580		0
TOTAL WARRANTS (Cost $0)				4,849

	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 0.0%
Vanguard Global ex-U.S. Real Estate ETF
(Cost $23,770)		500	$	20,450
SECURITIES LENDING COLLATERAL — 4.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e) (Cost $30,264,718)		30,264,718		30,264,718
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.31% (d) (Cost $349,411)		349,411		349,411
TOTAL INVESTMENTS — 104.3%
(Cost $784,586,646)			$	672,217,590
Other assets and liabilities, net — (4.3%)				(27,699,705	)
NET ASSETS — 100.0%			$	644,517,885

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
SECURITIES LENDING COLLATERAL — 4.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
		13,660,219		16,604,499	(f)		—			—		—		119,062		—		30,264,718		30,264,718
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.31% (d)
		44,853		22,530,354			(22,225,796	)		—		—		19,269		—		349,411		349,411
		13,705,072		39,134,853			(22,225,796	)		—		—		138,331		—		30,614,129		30,614,129

* 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 November 30, 2023 amounted to $28,496,141, which is 4.4% of net assets.

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

(c) Investment was valued using significant unobservable inputs.

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

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

CVA: Credit Valuation Adjustment

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

REIT: Real Estate Investment Trust

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2023 (Unaudited)

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 November 30, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
CAC40 10 EURO Futures	EUR	5	$	387,620	$	399,070	12/15/2023	$	11,450
EURO STOXX 50 Futures	EUR	15		696,515		718,653	12/15/2023		22,138
MINI S&P/TSX 60 Futures	CAD	7		313,199		314,906	12/14/2023		1,707
S&P 500 E-Mini Futures	USD	4		877,676		915,350	12/15/2023		37,674
SPI 200 Futures	AUD	9		1,073,934		1,058,328	12/21/2023		(15,606	)
TOPIX Index Futures	JPY	6		952,584		964,318	12/07/2023		11,734
Total net unrealized appreciation								$	69,097

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

Currency Abbreviations

AUD Australian Dollar

CAD Canadian Dollar

EUR Euro

JPY Japanese Yen

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	640,899,598		$	—	$	657,948	$	641,557,546
Rights (a)		18,749			1,867		0		20,616
Warrants (a)		4,849			—		0		4,849
Exchange-Traded Funds		20,450			—		—		20,450
Short-Term Investments (a)		30,614,129			—		—		30,614,129
Derivatives (b)
Futures Contracts		84,703			—		—		84,703
TOTAL	$	671,642,478		$	1,867	$	657,948	$	672,302,293
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(15,606	)	$	—	$	—	$	(15,606	)
TOTAL	$	(15,606	)	$	—	$	—	$	(15,606	)

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

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

During the period ended November 30, 2023, the amount of transfers from Level 3 to Level 1 was $410,949. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.8%
Electronic Components — 0.9%
Kyocera Corp.
(Cost $47,076)		871	$	48,253
Electronic Manufacturing Services — 2.4%
Fabrinet*		94		15,219
TE Connectivity Ltd.		821		107,551
(Cost $131,446)				122,770
Industrial Machinery & Supplies — 0.6%
VAT Group AG, 144A
(Cost $28,731)		71		33,191
Materials — 0.3%
JSR Corp.
(Cost $14,934)		527		14,505
Semiconductor Materials & Equipment — 28.7%
Advantest Corp.		1,900		60,161
Applied Materials, Inc.		1,482		221,974
ASM International NV		120		61,630
ASML Holding NV		352		239,274
BE Semiconductor Industries NV		204		28,591
Disco Corp.		230		49,925
Enphase Energy, Inc.*		355		35,862
Entegris, Inc.		396		41,342
KLA Corp.		358		194,974
Lam Research Corp.		326		233,390
Lasertec Corp.		205		45,816
MKS Instruments, Inc.		164		13,538
Onto Innovation, Inc.*		127		17,908
Teradyne, Inc.		405		37,353
Tokyo Electron Ltd.		1,183		192,252
(Cost $1,385,564)				1,473,990
Semiconductors — 66.9%
Advanced Micro Devices, Inc.*		1,983		240,260
Alchip Technologies Ltd.		188		18,716
Analog Devices, Inc.		1,189		218,039
ASE Technology Holding Co. Ltd.		9,662		39,588
Broadcom, Inc.		250		231,433
First Solar, Inc.*		270		42,601
Infineon Technologies AG		3,418		132,579

	Number of Shares		Value
Semiconductors (Continued)
Intel Corp.		5,730	$	256,131
Lattice Semiconductor Corp.*		360		21,078
Marvell Technology, Inc.		2,238		124,724
MediaTek, Inc.		3,932		118,942
Microchip Technology, Inc.		1,396		116,482
Micron Technology, Inc.		2,850		216,942
Monolithic Power Systems, Inc.		120		65,846
Novatek Microelectronics Corp.		1,488		24,340
NVIDIA Corp.		468		218,884
NXP Semiconductors NV		678		138,366
ON Semiconductor Corp.*		1,124		80,175
Qorvo, Inc.*		256		24,704
QUALCOMM, Inc.		1,874		241,840
Rambus, Inc.*		289		19,557
Realtek Semiconductor Corp.		1,196		17,209
Renesas Electronics Corp.*		3,157		55,597
Rohm Co. Ltd.		940		17,966
SK Hynix, Inc.		1,410		146,339
Skyworks Solutions, Inc.		414		40,129
STMicroelectronics NV		1,700		80,603
Taiwan Semiconductor Manufacturing Co. Ltd.		12,829		236,950
Texas Instruments, Inc.		1,303		198,981
United Microelectronics Corp.		30,000		46,959
(Cost $3,376,279)				3,431,960
TOTAL COMMON STOCKS (Cost $4,984,030)				5,124,669
EXCHANGE-TRADED FUNDS — 0.1%
Invesco PHLX Semiconductor ETF
(Cost $3,755)		135		3,968
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (a) (Cost $534)		534		534
TOTAL INVESTMENTS — 99.9%
(Cost $4,988,319)			$	5,129,171
Other assets and liabilities, net — 0.1%				6,937
NET ASSETS — 100.0%			$	5,136,108

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 7/13/2023 (Commencement of Operations)		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (a)
		—		267,491		(266,957	)		—		—		53		—		534		534

* Non-income producing security.

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

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. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Semiconductor Select Equity ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	5,124,669	$	—	$	—	$	5,124,669
Exchange-Traded Funds		3,968		—		—		3,968
Short-Term Investments (a)		534		—		—		534
TOTAL	$	5,129,171	$	—	$	—	$	5,129,171

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

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers US Green Infrastructure Select Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.9%
Consumer Discretionary — 7.9%
Fisker, Inc.*		14,600	$	23,068
Lucid Group, Inc.*		16,683		70,402
QuantumScape Corp.*		14,226		90,193
Rivian Automotive, Inc., Class A*		3,932		65,900
Tesla, Inc.*		356		85,469
(Cost $547,441)				335,032
Energy — 4.6%
Enviva, Inc.		13,028		15,894
Gevo, Inc.*		87,700		99,101
Green Plains, Inc.*		3,245		80,736
(Cost $337,923)				195,731
Industrials — 56.1%
A O Smith Corp.		1,402		105,655
Array Technologies, Inc.*		4,574		70,760
AZZ, Inc.		2,109		103,699
Bloom Energy Corp., Class A*		8,151		117,700
Carrier Global Corp.		1,703		88,488
Casella Waste Systems, Inc., Class A*		1,236		99,968
ChargePoint Holdings, Inc.*		21,081		39,211
Chart Industries, Inc.*		603		78,408
Clean Harbors, Inc.*		571		92,308
EnerSys		997		88,215
Fluence Energy, Inc.*		4,396		110,252
FuelCell Energy, Inc.*		74,803		91,260
Graco, Inc.		1,249		100,894
IDEX Corp.		446		89,949
Ingersoll Rand, Inc.		1,468		104,859
Lennox International, Inc.		250		101,665
Microvast Holdings, Inc.*		53,308		62,370
Montrose Environmental Group, Inc.*		3,347		104,661
Parker-Hannifin Corp.		242		104,830
Plug Power, Inc.*		14,205		57,388
Republic Services, Inc.		649		105,034
Shoals Technologies Group, Inc., Class A*		5,581		77,297

	Number of Shares		Value
Industrials (Continued)
Stem, Inc.*		24,868	$	71,371
Sunrun, Inc.*		8,818		113,752
Waste Management, Inc.		601		102,765
Xylem, Inc.		1,017		106,917
(Cost $2,852,086)				2,389,676
Information Technology — 6.7%
Enphase Energy, Inc.*		792		80,008
First Solar, Inc.*		611		96,403
Itron, Inc.*		1,590		107,134
(Cost $360,157)				283,545
Materials — 9.7%
Ecolab, Inc.		548		105,068
Reliance Steel & Aluminum Co.		359		98,818
Ryerson Holding Corp.		3,266		101,148
Worthington Industries, Inc.		1,518		108,841
(Cost $417,104)				413,875
Utilities — 14.9%
Altus Power, Inc.*		20,974		104,870
Brookfield Renewable Corp., Class A		4,120		109,345
Clearway Energy, Inc., Class C		4,821		120,380
NextEra Energy Partners LP		4,148		97,644
Ormat Technologies, Inc.		1,350		90,882
Sunnova Energy International, Inc.*		9,664		112,102
(Cost $816,090)				635,223
TOTAL COMMON STOCKS (Cost $5,330,801)				4,253,082
TOTAL INVESTMENTS — 99.9%
(Cost $5,330,801)			$	4,253,082
Other assets and liabilities, net — 0.1%				6,129
NET ASSETS — 100.0%			$	4,259,211

* Non-income producing security.

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	4,253,082	$	—	$	—	$	4,253,082
TOTAL	$	4,253,082	$	—	$	—	$	4,253,082

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

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers US National Critical Technologies ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 11.9%
Alphabet, Inc., Class A*		1,882	$	249,421
AT&T, Inc.		2,835		46,976
Auto Trader Group PLC, 144A		387		3,551
BCE, Inc.		354		13,950
BT Group PLC		2,420		3,765
CAR Group Ltd.		161		2,966
Charter Communications, Inc., Class A*		41		16,405
Chorus Ltd.		668		3,163
Comcast Corp., Class A		1,569		65,725
Liberty Broadband Corp., Class A*		39		3,235
Liberty Global Ltd., Class A*		185		2,960
Match Group, Inc.*		123		3,983
Pinterest, Inc., Class A*		238		8,109
Quebecor, Inc., Class B		141		3,131
Rightmove PLC		485		3,344
ROBLOX Corp., Class A*		193		7,587
Rogers Communications, Inc., Class B		144		6,206
Snap, Inc., Class A*		439		6,071
Spark New Zealand Ltd.		990		3,171
Take-Two Interactive Software, Inc.*		64		10,125
Telstra Group Ltd.		4,475		11,335
TELUS Corp.		563		10,082
T-Mobile US, Inc.		185		27,833
TPG Telecom Ltd.		875		2,738
Trade Desk, Inc., Class A*		181		12,753
Verizon Communications, Inc.		1,658		63,551
Vodafone Group PLC		8,078		7,294
Warner Bros Discovery, Inc.*		703		7,346
(Cost $603,327)				606,776
Consumer Discretionary — 6.5%
Amazon.com, Inc.*		1,925		281,223
Dowlais Group PLC		2,598		3,360
Expedia Group, Inc.*		55		7,490
Lucid Group, Inc.*		817		3,448
MercadoLibre, Inc.*		18		29,168
Mobileye Global, Inc., Class A*		78		3,202
Rivian Automotive, Inc., Class A*		257		4,307
(Cost $323,392)				332,198
Consumer Staples — 0.5%
Haleon PLC		2,045		8,545
Kenvue, Inc.		672		13,736
WK Kellogg Co.		272		3,046
(Cost $24,357)				25,327
Energy — 6.9%
Ampol Ltd.		141		3,200
Chevron Corp.		730		104,828
Exxon Mobil Corp.		1,541		158,322
Imperial Oil Ltd.		73		4,116
Marathon Petroleum Corp.		159		23,721
Phillips 66		177		22,814
Suncor Energy, Inc.		504		16,631
Valero Energy Corp.		135		16,924
(Cost $351,556)				350,556

	Number of Shares		Value
Financials — 2.0%
Block, Inc.*		218	$	13,828
Fidelity National Information Services, Inc.		229		13,428
Fiserv, Inc.*		236		30,824
Global Payments, Inc.		100		11,644
Nuvei Corp., 144A		204		4,189
PayPal Holdings, Inc.*		415		23,908
Wise PLC, Class A*		361		3,568
(Cost $97,260)				101,389
Health Care — 17.9%
Abbott Laboratories		669		69,770
AbbVie, Inc.		688		97,964
Agilent Technologies, Inc.		113		14,441
Alnylam Pharmaceuticals, Inc.*		48		8,076
Amgen, Inc.		207		55,816
Astellas Pharma, Inc.		700		8,511
Avantor, Inc.*		255		5,401
Biogen, Inc.*		56		13,109
BioMarin Pharmaceutical, Inc.*		72		6,558
Boston Scientific Corp.*		566		31,634
Bristol-Myers Squibb Co.		789		38,961
Catalent, Inc.*		72		2,797
CSL Ltd.		187		32,514
Danaher Corp.		261		58,284
Dexcom, Inc.*		148		17,097
Fortrea Holdings, Inc.*		102		3,003
GE HealthCare Technologies, Inc.		152		10,406
Gilead Sciences, Inc.		490		37,534
GSK PLC		1,563		28,085
Hikma Pharmaceuticals PLC		122		2,662
ICON PLC*		32		8,542
IDEXX Laboratories, Inc.*		32		14,906
Illumina, Inc.*		67		6,831
Incyte Corp.*		86		4,673
IQVIA Holdings, Inc.*		70		14,987
Laboratory Corp. of America Holdings		34		7,375
Lonza Group AG		29		11,286
Medtronic PLC		516		40,903
Mettler-Toledo International, Inc.*		9		9,827
Moderna, Inc.*		135		10,490
Ono Pharmaceutical Co. Ltd.		200		3,681
Pfizer, Inc.		2,190		66,729
Quest Diagnostics, Inc.		43		5,901
Regeneron Pharmaceuticals, Inc.*		41		33,776
ResMed, Inc.		57		8,991
Royalty Pharma PLC, Class A		148		4,006
Seagen, Inc.*		72		15,351
Takeda Pharmaceutical Co. Ltd.		600		16,904
Veeva Systems, Inc., Class A*		56		9,761
Vertex Pharmaceuticals, Inc.*		100		35,481
Waters Corp.*		23		6,454
Zoetis, Inc.		179		31,624
(Cost $887,204)				911,102
Industrials — 11.7%
AMETEK, Inc.		89		13,816
Atlas Arteria Ltd. (a)		829		3,188
Auckland International Airport Ltd.		651		3,185

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Automatic Data Processing, Inc.		162	$	37,247
BAE Systems PLC		1,166		15,499
Boeing Co.*		237		54,896
Broadridge Financial Solutions, Inc.		45		8,722
CAE, Inc.*		137		2,726
Carrier Global Corp.		324		16,835
Dover Corp.		54		7,623
Emerson Electric Co.		221		19,647
Expeditors International of Washington, Inc.		57		6,859
Experian PLC		356		13,083
Fortive Corp.		136		9,381
General Dynamics Corp.		105		25,932
Honeywell International, Inc.		260		50,939
Illinois Tool Works, Inc.		116		28,096
Infratil Ltd.		493		2,969
Ingersoll Rand, Inc.		157		11,215
Johnson Controls International PLC		272		14,362
L3Harris Technologies, Inc.		73		13,929
Leidos Holdings, Inc.		53		5,688
Lockheed Martin Corp.		98		43,881
Mainfreight Ltd.		82		3,419
Melrose Industries PLC		508		3,335
Northrop Grumman Corp.		59		28,034
PACCAR, Inc.		199		18,272
Paycom Software, Inc.		20		3,633
Rockwell Automation, Inc.		44		12,119
Rolls-Royce Holdings PLC*		3,225		10,974
RTX Corp.		566		46,118
Smiths Group PLC		149		3,109
SS&C Technologies Holdings, Inc.		84		4,726
TELUS International CDA, Inc.*		462		3,401
Textron, Inc.		76		5,826
Thomson Reuters Corp.		59		8,250
TransDigm Group, Inc.		21		20,220
Transurban Group (a)		1,194		10,260
Veralto Corp.*		90		6,953
(Cost $584,853)				598,367
Information Technology — 34.7%
Adobe, Inc.*		176		107,538
Akamai Technologies, Inc.*		58		6,701
Amdocs Ltd.		47		3,937
Analog Devices, Inc.		193		35,392
ANSYS, Inc.*		34		9,974
Applied Materials, Inc.		323		48,379
Arista Networks, Inc.*		98		21,532
Atlassian Corp., Class A*		60		11,457
Autodesk, Inc.*		83		18,130
Capgemini SE		67		13,743
CGI, Inc.*		80		8,141
Check Point Software Technologies Ltd.*		37		5,402
Cisco Systems, Inc.		1,579		76,392
Cloudflare, Inc., Class A*		112		8,641
Cognizant Technology Solutions Corp., Class A		196		13,794
Constellation Software, Inc.		8		18,806

	Number of Shares		Value
Information Technology (Continued)
Crowdstrike Holdings, Inc., Class A*		85	$	20,144
CyberArk Software Ltd.*		18		3,587
Datadog, Inc., Class A*		103		12,007
Dell Technologies, Inc., Class C		95		7,208
DocuSign, Inc.*		78		3,362
EPAM Systems, Inc.*		22		5,680
Fair Isaac Corp.*		10		10,876
Fortinet, Inc.*		253		13,298
Gen Digital, Inc.		225		4,968
Halma PLC		143		3,858
Hewlett Packard Enterprise Co.		496		8,387
HubSpot, Inc.*		19		9,385
International Business Machines Corp.		353		55,972
Intuit, Inc.		106		60,575
Keysight Technologies, Inc.*		72		9,784
Lam Research Corp.		51		36,512
Microchip Technology, Inc.		207		17,272
Micron Technology, Inc.		424		32,275
Microsoft Corp.		705		267,131
Monday.com Ltd.*		23		4,136
MongoDB, Inc.*		27		11,225
Motorola Solutions, Inc.		65		20,987
Nice Ltd.*		25		4,811
NVIDIA Corp.		572		267,524
Okta, Inc.*		59		3,956
Open Text Corp.		103		4,124
Oracle Corp.		616		71,585
Palantir Technologies, Inc., Class A*		701		14,055
Palo Alto Networks, Inc.*		118		34,821
Roper Technologies, Inc.		41		22,068
Sage Group PLC		396		5,667
Salesforce, Inc.*		365		91,943
ServiceNow, Inc.*		79		54,173
Shopify, Inc., Class A*		450		32,808
Snowflake, Inc., Class A*		116		21,771
Splunk, Inc.*		60		9,092
Synopsys, Inc.*		59		32,051
Teradyne, Inc.		60		5,534
Trimble, Inc.*		96		4,454
Twilio, Inc., Class A*		67		4,334
Unity Software, Inc.*		109		3,217
VeriSign, Inc.*		39		8,276
WiseTech Global Ltd.		76		3,366
Wix.com Ltd.*		36		3,654
Workday, Inc., Class A*		79		21,387
Xero Ltd.*		50		3,416
Zebra Technologies Corp., Class A*		20		4,740
Zoom Video Communications, Inc., Class A*		86		5,833
Zscaler, Inc.*		34		6,716
(Cost $1,733,624)				1,771,964
Materials — 3.0%
Allkem Ltd.*		445		2,537
Antofagasta PLC		173		3,085
BHP Group Ltd.		1,966		60,355
Croda International PLC		55		3,122

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers US National Critical Technologies ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Dow, Inc.		283	$	14,645
DuPont de Nemours, Inc.		178		12,734
Eastman Chemical Co.		46		3,856
First Quantum Minerals Ltd.		216		1,770
Freeport-McMoRan, Inc.		565		21,086
Fresnillo PLC		438		3,232
IGO Ltd.		417		2,372
Lundin Mining Corp.		450		3,120
Lynas Rare Earths Ltd.*		631		2,770
Northern Star Resources Ltd.		443		3,739
Orica Ltd.		306		3,169
Pilbara Minerals Ltd.		1,162		2,804
South32 Ltd.		1,752		3,578
Teck Resources Ltd., Class B		196		7,390
(Cost $154,213)				155,364
Real Estate — 0.3%
CoStar Group, Inc.* (Cost $12,916)		157		13,037
Utilities — 4.5%
Algonquin Power & Utilities Corp.		558		3,445
American Electric Power Co., Inc.		200		15,910
Avangrid, Inc.		96		2,963
Constellation Energy Corp.		125		15,130
Dominion Energy, Inc.		324		14,690
Edison International		149		9,981
Emera, Inc.		106		3,728
Entergy Corp.		82		8,316

	Number of Shares		Value
Utilities (Continued)
Exelon Corp.		385	$	14,826
FirstEnergy Corp.		222		8,201
Fortis, Inc.		189		7,578
Hydro One Ltd., 144A		123		3,422
Mercury NZ Ltd.		809		3,113
Meridian Energy Ltd.		996		3,208
National Grid PLC		1,448		18,835
NextEra Energy, Inc.		803		46,984
Northland Power, Inc.		192		3,124
PPL Corp.		286		7,470
Southern Co.		422		29,954
SSE PLC		413		9,581
(Cost $226,791)				230,459
TOTAL COMMON STOCKS (Cost $4,999,493)				5,096,539
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) (Cost $388)		388		388
TOTAL INVESTMENTS — 99.9%
(Cost $4,999,881)			$	5,096,927
Other assets and liabilities, net — 0.1%				6,427
NET ASSETS — 100.0%			$	5,103,354

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 11/16/2023 (Commencement of Operations)		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)
		—		4,995,790		(4,995,402)		—		—		728		—		388		388

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

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 US National Critical Technologies ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	5,096,539	$	—	$	—	$	5,096,539
Short-Term Investments (a)		388		—		—		388
TOTAL	$	5,096,927	$	—	$	—	$	5,096,927

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

See Notes to Financial Statements. 25

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2023 (Unaudited)

	Xtrackers Cybersecurity Select Equity ETF		Xtrackers International Real Estate ETF			Xtrackers Semiconductor Select Equity ETF		Xtrackers US Green Infrastructure Select Equity ETF
Assets
Investment in non-affiliated securities at value	$	5,527,196	$	641,603,461		$	5,128,637	$	4,253,082
Investment in DWS Government Money Market Series		31,528		349,411			534		—
Investment in DWS Government & Agency Securities Portfolio*		—		30,264,718			—		—
Cash		—		—			—		1,467
Foreign currency at value		677		880,925			856		—
Deposit with broker for futures contracts		—		276,114			—		—
Receivables:
Investment securities sold		—		62,307			—		—
Variation margin on futures contracts		—		20,728			—		—
Dividends		3,351		2,414,371			6,677		5,845
Interest		78		1,791			5		—
Securities lending income		—		29,708			—		—
Foreign tax reclaim		—		411,779			—		—
Total assets	$	5,562,830	$	676,315,313		$	5,136,709	$	4,260,394
Liabilities
Payable upon return of securities loaned	$	—	$	30,264,718		$	—	$	—
Payables:
Investment securities purchased		24,066		441,141			—		—
Investment advisory fees		848		51,171			601		1,183
Deferred foreign tax		—		1,040,398			—		—
Total liabilities		24,914		31,797,428			601		1,183
Net Assets, at value	$	5,537,916	$	644,517,885		$	5,136,108	$	4,259,211
Net Assets Consist of
Paid-in capital	$	5,023,665	$	795,843,896		$	5,000,025	$	5,638,690
Distributable earnings (loss)		514,251		(151,326,011	)		136,083		(1,379,479	)
Net Assets, at value	$	5,537,916	$	644,517,885		$	5,136,108	$	4,259,211
Number of Common Shares outstanding		200,001		31,450,001			200,001		225,001
Net Asset Value	$	27.69	$	20.49		$	25.68	$	18.93
Investment in non-affiliated securities at cost	$	5,019,526	$	753,972,517		$	4,987,785	$	5,330,801
Value of securities loaned	$	—	$	28,496,141		$	—	$	—
Investment in DWS Government Money Market Series at cost	$	31,528	$	349,411		$	534	$	—
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	30,264,718		$	—	$	—
Foreign currency at cost	$	675	$	873,372		$	844	$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 26

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2023 (Unaudited)

	Xtrackers US National Critical Technologies ETF
Assets
Investment in non-affiliated securities at value	$	5,096,539
Investment in DWS Government Money Market Series		388
Foreign currency at value		358
Receivables:
Dividends		6,031
Interest		728
Total assets	$	5,104,044
Liabilities
Payables:
Investment advisory fees	$	690
Total liabilities		690
Net Assets, at value	$	5,103,354
Net Assets Consist of
Paid-in capital	$	5,000,025
Distributable earnings (loss)		103,329
Net Assets, at value	$	5,103,354
Number of Common Shares outstanding		200,001
Net Asset Value	$	25.52
Investment in non-affiliated securities at cost	$	4,999,493
Investment in DWS Government Money Market Series at cost	$	388
Foreign currency at cost	$	353

See Notes to Financial Statements. 27

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2023 (Unaudited)

	Xtrackers Cybersecurity Select Equity ETF(1)			Xtrackers International Real Estate ETF			Xtrackers Semiconductor Select Equity ETF(1)			Xtrackers US Green Infrastructure Select Equity ETF(1)
Investment Income
Unaffiliated dividend income*	$	8,909		$	11,923,148		$	21,374		$	21,360
Income distributions from affiliated funds		832			19,269			53			—
Affiliated securities lending income		—			119,062			—			—
Total investment income		9,741			12,061,479			21,427			21,360
Expenses
Investment advisory fees		3,935			361,130			2,777			6,317
Other expenses		—			403			—			—
Total expenses		3,935			361,533			2,777			6,317
Less fees waived (see note 3):
Waiver		(34	)		(60,635	)		(2	)		—
Net expenses		3,901			300,898			2,775			6,317
Net investment income (loss)		5,840			11,760,581			18,652			15,043
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(11,397	)		(10,188,799	)		(16,955	)		(348,807	)
In-kind redemptions		14,098			385,016			—			37,692
Futures contracts		—			161,192			—			—
Foreign currency transactions		(2,005	)		(111,356	)		(2,791	)		—
Net realized gain (loss)		696			(9,753,947	)		(19,746	)		(311,115	)
Net change in unrealized appreciation (depreciation) on:
Investments***		507,670			20,886,013			140,852			(1,077,719	)
Futures contracts		—			(13,741	)		—			—
Foreign currency translations		45			88,330			35			—
Net change in unrealized appreciation (depreciation)		507,715			20,960,602			140,887			(1,077,719	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		508,411			11,206,655			121,141			(1,388,834	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	514,251		$	22,967,236		$	139,793		$	(1,373,791	)
*   Unaffiliated foreign tax withheld	$	287		$	1,036,591		$	984		$	383
**   Including foreign taxes	$	—		$	11,035		$	—		$	—
***  Including change in deferred foreign taxes	$	—		$	718,875		$	—		$	—

(1) For the period July 13, 2023 (commencement of operations) through November 30, 2023.

See Notes to Financial Statements. 28

DBX ETF Trust

Statements of Operations (Continued)

For the Period Ended November 30, 2023 (Unaudited)

	Xtrackers US National Critical Technologies ETF(1)
Investment Income
Unaffiliated dividend income*	$	6,813
Income distributions from affiliated funds		728
Total investment income		7,541
Expenses
Investment advisory fees		723
Total expenses		723
Less fees waived (see note 3):
Waiver		(33	)
Net expenses		690
Net investment income (loss)		6,851
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(563	)
Foreign currency transactions		(20	)
Net realized gain (loss)		(583	)
Net change in unrealized appreciation (depreciation) on:
Investments		97,046
Foreign currency translations		15
Net change in unrealized appreciation (depreciation)		97,061
Net realized and unrealized gain (loss) on investments and foreign currency transactions		96,478
Net Increase (Decrease) in Net Assets Resulting from Operations	$	103,329
*   Unaffiliated foreign tax withheld	$	68

(1) For the period November 16, 2023 (commencement of operations) through November 30, 2023.

See Notes to Financial Statements. 29

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Cybersecurity Select Equity ETF			Xtrackers International Real Estate ETF						Xtrackers Semiconductor Select Equity ETF
	For the Period July 13, 2023(1) to November 30,  2023 (Unaudited)			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Period July 13, 2023(1) to November 30,  2023 (Unaudited)
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	5,840		$	11,760,581		$	19,889,191		$	18,652
Net realized gain (loss)		696			(9,753,947	)		(17,895,193	)		(19,746	)
Net change in net unrealized appreciation (depreciation)		507,715			20,960,602			(99,591,076	)		140,887
Net increase (decrease) in net assets resulting from operations		514,251			22,967,236			(97,597,078	)		139,793
Distributions to Shareholders		—			(11,154,576	)		(10,275,798	)		(3,710	)
Fund Shares Transactions
Proceeds from shares sold		5,662,908			76,641,782			112,001,214			5,000,000
Value of shares redeemed		(639,268	)		(3,705,039	)		(3,232,508	)		—
Net increase (decrease) in net assets resulting from fund share transactions		5,023,640			72,936,743			108,768,706			5,000,000
Total net increase (decrease) in Net Assets		5,537,891			84,749,403			895,830			5,136,083
Net Assets
Beginning of period		25			559,768,482			558,872,652			25
End of period	$	5,537,916		$	644,517,885		$	559,768,482		$	5,136,108
Changes in Shares Outstanding
Shares outstanding, beginning of period		1			27,800,001			22,650,001			1
Shares sold		225,000			3,850,000			5,300,000			200,000
Shares redeemed		(25,000	)		(200,000	)		(150,000	)		—
Shares outstanding, end of period		200,001			31,450,001			27,800,001			200,001

(1) Commencement of Operations.

See Notes to Financial Statements. 30

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers US Green Infrastructure Select Equity ETF			Xtrackers US National Critical Technologies ETF
	For the Period July 13, 2023(1) to November 30,  2023 (Unaudited)			For the Period November 16, 2023(1) to November 30,  2023 (Unaudited)
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	15,043		$	6,851
Net realized gain (loss)		(311,115	)		(583	)
Net change in net unrealized appreciation (depreciation)		(1,077,719	)		97,061
Net increase (decrease) in net assets resulting from operations		(1,373,791	)		103,329
Distributions to Shareholders		(5,688	)		—
Fund Shares Transactions
Proceeds from shares sold		6,246,667			5,000,000
Value of shares redeemed		(608,002	)		—
Net increase (decrease) in net assets resulting from fund share transactions		5,638,665			5,000,000
Total net increase (decrease) in Net Assets		4,259,186			5,103,329
Net Assets
Beginning of period		25			25
End of period	$	4,259,211		$	5,103,354
Changes in Shares Outstanding
Shares outstanding, beginning of period		1			1
Shares sold		250,000			200,000
Shares redeemed		(25,000	)		—
Shares outstanding, end of period		225,001			200,001

(1) Commencement of Operations.

See Notes to Financial Statements. 31

DBX ETF Trust

Financial Highlights

Xtrackers Cybersecurity Select Equity ETF Selected Per Share Data	Period Ended 11/30/2023(a) (Unaudited)
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.03
Net realized and unrealized gain (loss)		2.66
Total from investment operations		2.69
Net Asset Value, end of period	$	27.69
Total Return (%)(c)		10.76	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6
Ratio of expenses before fee waiver (%)		0.20	*
Ratio of expenses after fee waiver (%)		0.20	*
Ratio of net investment income (loss) (%)		0.30	*
Portfolio turnover rate (%)(d)		22	**

Xtrackers International Real Estate ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	20.14		$	24.67		$	29.15		$	22.85		$	27.84		$	29.17
Income (loss) from investment operations:
Net investment income (loss)(b)		0.39			0.80			0.92			0.92			0.84			1.14
Net realized and unrealized gain (loss)		0.36			(4.91	)		(4.05	)		6.28			(4.74	)		(1.98	)
Total from investment operations		0.75			(4.11	)		(3.13	)		7.20			(3.90	)		(0.84	)
Less distributions from:
Net investment income		(0.40	)		(0.42	)		(1.35	)		(0.90	)		(1.09	)		(0.49	)
Total distributions		(0.40	)		(0.42	)		(1.35	)		(0.90	)		(1.09	)		(0.49	)
Net Asset Value, end of period	$	20.49		$	20.14		$	24.67		$	29.15		$	22.85		$	27.84
Total Return (%)(c)		3.78	**		(16.76	)		(11.26	)		32.15			(14.80	)		(2.78	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		645			560			559			458			231			60
Ratio of expenses before fee waiver (%)		0.12	*		0.12			0.12			0.12			0.12			0.30
Ratio of expenses after fee waiver (%)		0.10	*		0.10			0.10			0.10			0.10			0.28
Ratio of net investment income (loss) (%)		3.91	*		3.70			3.38			3.55			3.21			4.25
Portfolio turnover rate (%)(d)		5	**		8			17			9			12			43

(a) For the period July 13, 2023 (commencement of operations) through November 30, 2023.

(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. 32

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Semiconductor Select Equity ETF Selected Per Share Data	Period Ended 11/30/2023(a) (Unaudited)
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.09
Net realized and unrealized gain (loss)		0.61
Total from investment operations		0.70
Less distributions from:
Net investment income		(0.02	)
Total distributions		(0.02	)
Net Asset Value, end of period	$	25.68
Total Return (%)(c)		2.80	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5
Ratio of expenses before fee waiver (%)		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*
Ratio of net investment income (loss) (%)		1.01	*
Portfolio turnover rate (%)(d)		10	**
Xtrackers US Green Infrastructure Select Equity ETF Selected Per Share Data	Period Ended 11/30/2023(a) (Unaudited)
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.07
Net realized and unrealized gain (loss)		(6.11	)
Total from investment operations		(6.04	)
Less distributions from:
Net investment income		(0.03	)
Total distributions		(0.03	)
Net Asset Value, end of period	$	18.93
Total Return (%)		(24.19	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4
Ratio of expenses (%)		0.35	*
Ratio of net investment income (loss) (%)		0.83	*
Portfolio turnover rate (%)(d)		27	**

(a) For the period July 13, 2023 (commencement of operations) through November 30, 2023.

(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. 33

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers US National Critical Technologies ETF Selected Per Share Data	Period Ended 11/30/2023(a) (Unaudited)
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.03
Net realized and unrealized gain (loss)		0.49
Total from investment operations		0.52
Net Asset Value, end of period	$	25.52
Total Return (%)(c)		2.08	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5
Ratio of expenses before fee waiver (%)		0.35	*
Ratio of expenses after fee waiver (%)		0.33	*
Ratio of net investment income (loss) (%)		3.32	*
Portfolio turnover rate (%)(d)		0	(e)**

(a) For the period November 16, 2023 (commencement of operations) through November 30, 2023.

(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) Amount is less than 0.5%.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 34

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 “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of November 30, 2023, the Trust consists of forty-four 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 Cybersecurity Select Equity ETF

Xtrackers International Real Estate ETF

Xtrackers Semiconductor Select Equity ETF

Xtrackers US Green Infrastructure Select Equity ETF

Xtrackers US National Critical Technologies 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”).

Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US Green Infrastructure Select Equity ETF offer shares that are listed and traded on the Nasdaq Stock Market (“NASDAQ”). Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF offer 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 asst value (“NAV”), only in large specified lots consisting of 25,000 shares, except for Xtrackers International Real Estate ETF and Xtrackers US National Critical Technologies ETF which lots consist of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of the shares may acquire those shares from the Fund, or tender such shares for redemption to the Fund, in Creation Units only.

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

Fund	Underlying Index
Xtrackers Cybersecurity Select Equity ETF	Solactive Cyber Security ESG Screened Index
Xtrackers International Real Estate ETF	iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index
Xtrackers Semiconductor Select Equity ETF	Solactive Semiconductor ESG Screened Index
Xtrackers US Green Infrastructure Select Equity ETF	Solactive United States Green Infrastructure ESG Screened Index
Xtrackers US National Critical Technologies ETF	Solactive Whitney U.S. Critical Technologies Index

The Solactive Cyber Security ESG Screened Index is comprised of companies that have business operations in the field of cybersecurity and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is a free-float capitalization weighted index that provides exposure to publicly traded real estate securities in countries outside the United States, excluding Pakistan and Vietnam. The Underlying Index is rebalanced quarterly.

The Solactive Semiconductor ESG Screened Index is comprised of companies that have business operations in the semiconductor industry and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

The Solactive United States Green Infrastructure ESG Screened Index The index is comprised of companies that have business exposure in the production, generation, or distribution of green energy or are engaged in the establishment of a sustainable infrastructure to enable the use of renewable energy and that fulfill certain sustainability criteria. The Underlying Index is rebalanced quarterly.

35

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Solactive Whitney U.S. Critical Technologies Index is a market-capitalization weighted index, subject to caps on the weighting of individual companies, that is designed to track companies that support critical emerging technologies across the U.S. and its allies by selecting companies from a defined investment universe that satisfy key criteria related to their association with critical technology sectors and their geopolitical risk rating. The Index Underlying is rebalanced on the last Thursday of the months of January, April, July and October.

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

Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF are non-diversified and are not limited by the 1940 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. The Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund.

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 and the Nasdaq, 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.

The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

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

36

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

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 Pricing Committee 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 the policy of the Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, Xtrackers US Green Infrastructure Select Equity ETF and Xtrackers US National Critical Technologies ETF to pay out dividends from its net investment income, if any, to investors quarterly. It is the policy of the Xtrackers International Real Estate ETF to pay out dividends from its net investment income, if any, to investors semi-annually. 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

37

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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 November 30, 2023, the Funds did not incur any interest or penalties.

At May 31, 2023, for Federal income tax purposes, the Xtrackers International Real Estate ETF has 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 capital 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 International Real Estate ETF	$	2,535,312	$	7,377,420	$	9,912,732

As of May 31, 2023, 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 International Real Estate ETF	$	733,061,305	$	(163,435,980	)	$	8,468,543	$	(171,904,523	)

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 November 30, 2023, 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    National Financial Services LLC (Fidelity Agency Lending), as securities lending agent, for Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US Green Infrastructure Select Equity ETF, may lend securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Prior to August 1, 2023, the Bank of New York Mellon served as securities lending agent for the Xtrackers International Real Estate ETF. Effective August 1, 2023, National Financial Services LLC serves as securities lending agent for Xtrackers International Real Estate ETF and lends securities of the Fund

38

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

to certain financial institutions under the terms of its 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 either cash or liquid, unencumbered assets 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 November 30, 2023, 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 (0.10% annualized effective rate as of November 30, 2023) 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.

As of November 30, 2023, the Fund 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 November 30, 2023
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers International Real Estate ETF
Common Stocks	$	30,246,109	$	—	$	—	$	—	$	30,246,109
Rights		18,609		—		—		—		18,609
Total Borrowings	$	30,264,718	$	—	$	—	$	—	$	30,264,718
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	30,264,718

As of November 30, 2023, Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF and Xtrackers US Green Infrastructure Select Equity ETF had no securities on loan.

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 November 30, 2023, the Xtrackers International Real Estate 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 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).

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Notes to Financial Statements (Unaudited) (Continued)

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 November 30, 2023 is included in a table following the Funds’ Schedule of Investments.

The following table summarizes the value of the Funds’ derivative instruments held as of November 30, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers International Real Estate ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	84,703	Unrealized depreciation on futures contracts*	$	15,606

* Includes cumulative appreciation or cumulative depreciation on 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 November 30, 2023 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 International Real Estate ETF	$	161,192
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers International Real Estate ETF	$	(13,741	)

For the period ended November 30, 2023 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers International Real Estate ETF	$	4,059,371

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.

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Notes to Financial Statements (Unaudited) (Continued)

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 Cybersecurity Select Equity ETF		0.20	%
Xtrackers International Real Estate ETF		0.12	%
Xtrackers Semiconductor Select Equity ETF		0.15	%
Xtrackers US Green Infrastructure Select Equity ETF		0.35	%
Xtrackers US National Critical Technologies ETF		0.35	%

The Advisor for the Xtrackers International Real Estate ETF has contractually agreed, until September 30, 2024, to waive a portion of its unitary advisory fee 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 November 30, 2023, the Advisor waived $60,188 of the expenses of the Fund.

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 November 30, 2023, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers Cybersecurity Select Equity ETF	$	34
Xtrackers International Real Estate ETF		447
Xtrackers Semiconductor Select Equity ETF		2
Xtrackers US National Critical Technologies ETF		33

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 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 November 30, 2023, 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 Cybersecurity Select Equity ETF(1)	$	6,770,310	$	1,122,674
Xtrackers International Real Estate ETF		45,041,584		26,883,414
Xtrackers Semiconductor Select Equity ETF(1)		1,154,553		491,088
Xtrackers US Green Infrastructure Select Equity ETF(1)		1,279,937		1,325,971
Xtrackers US National Critical Technologies ETF(2)		5,012,177		12,120

(1) For the period July 13, 2023 (commencement of operations) through November 30, 2023.

(2) For the period November 16, 2023 (commencement of operations) through November 30, 2019.

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Notes to Financial Statements (Unaudited) (Continued)

For the period ended November 30, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers Cybersecurity Select Equity ETF	$	—	$	630,811
Xtrackers International Real Estate ETF		59,173,342		3,408,270
Xtrackers Semiconductor Select Equity ETF		4,341,274		—
Xtrackers US Green Infrastructure Select Equity ETF		6,293,015		605,064
Xtrackers US National Critical Technologies ETF		—		—

5. Fund Share Transactions

As of November 30, 2023, 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 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 November 30, 2023, 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 Cybersecurity Select Equity ETF		95	%
Xtrackers Semiconductor Select Equity ETF		95	%
Xtrackers US Green Infrastructure Select Equity ETF		89	%
Xtrackers US National Critical Technologies ETF		93	%

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers International Real Estate ETF, and certain other funds managed by the Advisor to borrow up to $105 million. The Fund 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 Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at November 30, 2023.

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DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

43

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers Cybersecurity Select Equity ETF

Xtrackers Semiconductor Select Equity ETF

Xtrackers US Green Infrastructure Select Equity ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board held on May 11, 2023, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Adviser”) and the Trust, with respect to Xtrackers Cybersecurity Select Equity ETF, Xtrackers Semiconductor Select Equity ETF, and Xtrackers US Green Infrastructure Select Equity ETF (each a “Fund”, and together, the “Funds”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to each Fund and the Fund’s shareholders; (2) the financial resources of the Adviser and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of each Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated profits to be realized, by the Adviser from its relationship with the Funds; and (5) the extent to which economies of scale would be realized, and if each Fund’s shareholders would benefit from those economies.

The Board reached a determination, with the assistance of 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 the Fund’s 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 to be provided by the Adviser under the Investment Advisory Agreement. 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 Adviser, including portfolio management.

The Board considered that the Adviser will provide, 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 Adviser will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser 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 each Fund’s portfolio directly, the Adviser will provide 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.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that each Fund’s 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 Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third

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DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Funds), noting the Adviser’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Funds as well). The Board further considered the compliance program of the Adviser, which supports the compliance program of the Adviser’s currently managed funds (which would also cover the Funds).

Adviser’s Financial Resources.    In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser 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 to those of other pertinent exchange-traded funds (“ETFs”) and noted that each Fund’s fee is below the average and median fee of the ETFs in the Fund’s respective peer group. The Board accordingly noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Funds’ peer groups and believed that each Fund’s peer group was appropriate. The Board considered that the proposed fee for each Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that each Fund’s portfolio will be managed on a day-to-day basis by the Adviser and that the Adviser will also provide 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 to be provided.

Costs of Services and Profitability.    The Board considered the anticipated expenses of the Adviser in developing and rendering services to be provided to the Funds and the likelihood and level of profits in the early years of the Funds’ operations. The Board noted that because the Funds are new, it is difficult to estimate the profitability of the Funds to the Adviser at this time. The Board considered whether the Adviser would benefit in other ways from its relationship with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.

Economies of Scale.    The Board noted that each Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Funds are new, it is difficult to estimate whether the Funds would experience economies of scale beyond those already reflected in each Fund’s advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

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.

Xtrackers US National Critical Technologies ETF

Board Approval of Investment Advisory Agreement with DBX Advisors LLC

After discussions at the meeting of the Board held on August 15, 2023, the Trustees, all of who are not “interested persons,” as defined by the 1940 Act, of the Trust or its service providers, unanimously approved the Investment Advisory Agreement between the Adviser and the Trust, with respect to Xtrackers US National Critical Technologies ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by Independent Trustee Counsel.

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and the Fund’s shareholders; (2) the financial resources of the Adviser and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated

45

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

profits to be realized, by the Adviser from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.

The Board reached a determination, with the assistance of 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 the Fund and the Fund’s 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 to be provided by the Adviser under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, 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 Adviser, including portfolio management.

The Board considered that the Adviser will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly, the Adviser will provide 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 Fund.

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

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

Reasonableness of Advisory Fee.    The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting the Fund’s peer groups and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolio will be managed on a day-to-day basis by the Adviser and that the Adviser will also provide oversight of day-to-day operations,

46

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.

Costs of Services and Profitability.    The Board considered the anticipated expenses of the Adviser in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Adviser at this time. The Board considered whether the Adviser would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale.

Economies of Scale.    The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the Fund’s advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisers can share benefits of economies of scale.

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.

47

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 Fund is required to file its complete schedule of portfolio holdings with the SEC for its 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 the 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.

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DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. 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. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. 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. Any Fund that conentrates in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. Incorporation of ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against a 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. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the Fund. Companies in the cybersecurity field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Companies in the cybersecurity field also face heightened risk caused by obsolescence due to rapid technological developments, by potential loss or impairment of patent and intellectual property rights and by the risk of cyber-attacks. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Companies in the semiconductor field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Cybersecurity companies also face heightened risk due to their dependence on the availability of materials that meet exacting standards, to reliance on a limited number of suppliers and by potential loss or impairment of patent and intellectual property rights. UPGR will be sensitive to, and its performance will depend to a great extent on, the overall condition of green or low carbon infrastructure companies. These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties and potential illiquidity. UPGR will be sensitive to, and its performance will depend to a greater extent on, the overall condition of green or low carbon energy companies. Such companies face enhanced risks caused by factors including changes in government regulations, the impact of adverse weather conditions and on the demand for renewable energy production. Critical technologies are technologies that are deemed to be vital to maintaining the national security of the U.S. now and in the future. Companies involved in critical technologies may be subject to a significant amount of governmental regulation, and changes in governmental policies and the need for regulatory approvals may have a material adverse effect on the critical technologies and the companies involved with them. Critical technologies companies are heavily dependent on patent and intellectual property rights which may be difficult to protect. PSWD, CHPS, UPGR and CRTC are currently non-diversified and can take larger positions in fewer issues, increasing their potential risk. 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. 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.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change 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 Fund and its investments.

DBX ETF Trust

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. and Nasdaq Stock Market. 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.

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DBX ETF Trust

Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting 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-049074-8 (1/24) DBX005769 (1/25)

November 30, 2023

Semi-Annual Report

DBX ETF Trust

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

DBX ETF Trust

Table of Contents

	Page
Portfolio Summary
Xtrackers MSCI All World ex US Hedged Equity ETF		1
Xtrackers MSCI Emerging Markets Hedged Equity ETF		2
Xtrackers MSCI Europe Hedged Equity ETF		3
Xtrackers MSCI Eurozone Hedged Equity ETF		4
Xtrackers MSCI Germany Hedged Equity ETF		5
Xtrackers MSCI Japan Hedged Equity ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF		8
Xtrackers MSCI Emerging Markets Hedged Equity ETF		35
Xtrackers MSCI Europe Hedged Equity ETF		56
Xtrackers MSCI Eurozone Hedged Equity ETF		63
Xtrackers MSCI Germany Hedged Equity ETF		71
Xtrackers MSCI Japan Hedged Equity ETF		74
Statements of Assets and Liabilities		78
Statements of Operations		80
Statements of Changes in Net Assets		82
Financial Highlights		85
Notes to Financial Statements		88
Other Information		100
Additional Information		101

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

The Xtrackers MSCI All World ex US Hedged 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 ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2023 (11.5% of Net Assets)

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1.9%
Novo Nordisk A/S (Denmark)		1.4%
Samsung Electronics Co. Ltd. (South Korea)		1.3%
Nestle SA (Switzerland)		1.2%
Tencent Holdings Ltd. (China)		1.2%
ASML Holding NV (Netherlands)		1.1%
Shell PLC (United Kingdom)		0.9%
LVMH Moet Hennessy Louis Vuitton SE (France)		0.9%
Toyota Motor Corp. (Japan)		0.8%
Novartis AG (Switzerland)		0.8%

Country Diversification* as of November 30, 2023

Japan	14.5%
United Kingdom	8.8%
France	7.6%
Canada	7.5%
China	7.2%
Switzerland	6.7%
Germany	5.5%
India	4.5%
Australia	4.5%
Taiwan	4.4%
South Korea	3.6%
Netherlands	3.1%
Denmark	2.2%
Sweden	2.0%
Other	17.9%
Total	100%

Sector Diversification* as of November 30, 2023

Financials	21.1%
Industrials	13.0%
Information Technology	12.3%
Consumer Discretionary	11.6%
Health Care	9.4%
Consumer Staples	8.3%
Materials	7.8%
Energy	5.8%
Communication Services	5.5%
Utilities	3.2%
Real Estate	2.0%
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 8.

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

The Xtrackers MSCI Emerging Markets Hedged 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 EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track emerging market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2023 (23.0% of Net Assets)

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		6.5%
Samsung Electronics Co. Ltd. (South Korea)		4.4%
Tencent Holdings Ltd. (China)		4.0%
Alibaba Group Holding Ltd. (China)		2.2%
PDD Holdings, Inc. (Ireland)		1.3%
Reliance Industries Ltd. (India)		1.2%
Petroleo Brasileiro SA (Brazil)		0.9%
Meituan (China)		0.9%
ICICI Bank Ltd. (India)		0.8%
Infosys Ltd. (India)		0.8%

Country Diversification* as of November 30, 2023

China	25.3%
India	16.0%
Taiwan	15.7%
South Korea	12.7%
Brazil	5.7%
Saudi Arabia	4.0%
South Africa	2.8%
Mexico	2.6%
Other	15.2%
Total	100.0%

Sector Diversification* as of November 30, 2023

Financials	22.1%
Information Technology	21.7%
Consumer Discretionary	13.0%
Communication Services	9.6%
Materials	7.8%
Industrials	6.6%
Consumer Staples	6.0%
Energy	5.0%
Health Care	3.9%
Utilities	2.6%
Real Estate	1.7%
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 35.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

The X-trackers MSCI Europe Hedged 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 Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2023 (21.8% of Net Assets)

Description	% of Net Assets
Novo Nordisk A/S (Denmark)		3.2%
Nestle SA (Switzerland)		2.9%
ASML Holding NV (Netherlands)		2.7%
Shell PLC (United Kingdom)		2.1%
LVMH Moet Hennessy Louis Vuitton SE (France)		2.1%
Novartis AG (Switzerland)		1.9%
Roche Holding AG (Switzerland)		1.9%
AstraZeneca PLC (United Kingdom)		1.9%
SAP SE (Germany)		1.6%
TotalEnergies SE (France)		1.5%

Country Diversification* as of November 30, 2023

United Kingdom	20.9%
France	18.2%
Switzerland	15.9%
Germany	13.1%
Netherlands	7.4%
Denmark	5.2%
Sweden	4.6%
Spain	4.2%
Italy	3.5%
Other	7.0%
Total	100.0%

Sector Diversification* as of November 30, 2023

Financials	17.9%
Industrials	15.4%
Health Care	15.4%
Consumer Staples	11.9%
Consumer Discretionary	10.7%
Information Technology	7.2%
Materials	7.1%
Energy	6.0%
Utilities	4.4%
Communication Services	3.2%
Real Estate	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 56.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

The Xtrackers MSCI Eurozone Hedged 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 EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2023 (25.4% of Net Assets)

Description	% of Net Assets
ASML Holding NV (Netherlands)		4.8%
LVMH Moet Hennessy Louis Vuitton SE (France)		3.7%
SAP SE (Germany)		2.9%
TotalEnergies SE (France)		2.7%
Siemens AG (Germany)		2.2%
L’Oreal SA (France)		2.0%
Sanofi SA (France)		1.9%
Allianz SE (Germany)		1.8%
Schneider Electric SE (France)		1.7%
Air Liquide SA (France)		1.7%

Country Diversification* as of November 30, 2023

France	34.1%
Germany	25.2%
Netherlands	13.8%
Spain	8.4%
Italy	7.6%
Finland	3.5%
Belgium	2.8%
Other	4.6%
Total	100.0%

Sector Diversification* as of November 30, 2023

Financials	18.0%
Industrials	16.7%
Consumer Discretionary	15.4%
Information Technology	12.3%
Consumer Staples	7.5%
Health Care	7.1%
Utilities	6.2%
Materials	6.0%
Energy	4.8%
Communication Services	4.5%
Real Estate	1.5%
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 63.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

The Xtrackers MSCI Germany Hedged 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 Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2023 (55.5% of Net Assets)

Description	% of Net Assets
SAP SE		12.1%
Siemens AG		9.3%
Allianz SE		7.4%
Deutsche Telekom AG		5.7%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4.3%
Mercedes-Benz Group AG		3.8%
Infineon Technologies AG		3.7%
Deutsche Post AG		3.4%
BASF SE		3.0%
Bayerische Motoren Werke AG		2.8%

Sector Diversification* as of November 30, 2023

Industrials	19.0%
Financials	18.9%
Information Technology	17.0%
Consumer Discretionary	14.8%
Health Care	8.7%
Materials	6.4%
Communication Services	6.2%
Utilities	4.2%
Consumer Staples	2.8%
Real Estate	2.0%
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 71.

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

The Xtrackers MSCI Japan Hedged 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 Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2023 (24.1% of Net Assets)

Description	% of Net Assets
Toyota Motor Corp.		5.6%
Sony Group Corp.		3.1%
Mitsubishi UFJ Financial Group, Inc.		2.7%
Keyence Corp.		2.3%
Tokyo Electron Ltd.		2.1%
Hitachi Ltd.		1.8%
Shin-Etsu Chemical Co. Ltd.		1.8%
Sumitomo Mitsui Financial Group, Inc.		1.7%
Recruit Holdings Co. Ltd.		1.5%
Mitsubishi Corp.		1.5%

Sector Diversification* as of November 30, 2023

Industrials	21.9%
Consumer Discretionary	19.4%
Information Technology	14.8%
Financials	12.5%
Health Care	8.4%
Communication Services	7.1%
Consumer Staples	5.8%
Materials	4.9%
Real Estate	3.2%
Utilities	1.1%
Energy	0.9%
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 74.

6

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 unitary advisory 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 six-month period and held for the entire period (June 1, 2023 to November 30, 2023).

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning Account Value June 1, 2023		Ending Account Value November 30, 2023		Annualized Expense Ratio(1)			Expenses Paid During the Period Per $1,000(2)
Xtrackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	1,054.30		0.40	%	$	2.05
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.00		0.40	%	$	2.02
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	1,041.20		0.66	%	$	3.37
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.70		0.66	%	$	3.34
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	1,035.40		0.45	%	$	2.29
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	1,048.00		0.45	%	$	2.30
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	1,040.60		0.46	%	$	2.35
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.70		0.46	%	$	2.33
Xtrackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	1,153.20		0.45	%	$	2.42
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28

(1) Includes interest expense on collateral received on forward foreign currency contracts of 0.01% for Xtrackers MSCI Emerging Markets Hedged Equity ETF.

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 96.4%
Australia — 4.4%
Ampol Ltd.		1,132	$	25,603
ANZ Group Holdings Ltd.		16,042		258,316
APA Group (a)		6,471		36,472
Aristocrat Leisure Ltd.		3,274		87,808
ASX Ltd.		950		36,458
Aurizon Holdings Ltd.		11,688		27,262
BHP Group Ltd.		27,775		849,713
BlueScope Steel Ltd.		2,379		32,665
Brambles Ltd.		7,289		64,248
CAR Group Ltd.		1,738		31,902
Cochlear Ltd.		351		63,324
Coles Group Ltd.		7,156		72,485
Commonwealth Bank of Australia		9,088		628,472
Computershare Ltd.		3,152		49,172
CSL Ltd.		2,605		451,364
Dexus REIT		5,645		26,259
EBOS Group Ltd.		764		17,407
Endeavour Group Ltd.		7,738		25,207
Fortescue Ltd.		9,269		153,051
Goodman Group REIT		9,696		145,751
GPT Group REIT		11,034		30,038
IDP Education Ltd.		1,240		18,566
IGO Ltd.		3,512		19,910
Insurance Australia Group Ltd.		13,995		54,928
Lottery Corp. Ltd.		13,578		41,270
Macquarie Group Ltd.		1,938		216,474
Medibank Pvt Ltd.		15,582		35,624
Mineral Resources Ltd.		964		38,963
Mirvac Group REIT		21,179		28,828
National Australia Bank Ltd.		16,733		314,000
Northern Star Resources Ltd.		6,974		58,661
Orica Ltd.		2,566		26,483
Origin Energy Ltd.		9,026		49,143
Pilbara Minerals Ltd.		15,347		36,912
Qantas Airways Ltd.*		5,390		18,876
QBE Insurance Group Ltd.		8,114		82,404
Ramsay Health Care Ltd.		1,077		34,984
REA Group Ltd.		333		34,160
Reece Ltd.		1,026		13,111
Rio Tinto Ltd.		2,028		167,554
Santos Ltd.		18,485		84,398
Scentre Group REIT		28,919		50,637
SEEK Ltd.		1,941		30,626
Sonic Healthcare Ltd.		2,394		46,142
South32 Ltd.		24,670		50,206
Stockland REIT		12,350		33,702
Suncorp Group Ltd.		7,340		67,753
Telstra Group Ltd.		22,052		55,661
Transurban Group (a)		16,737		143,324
Treasury Wine Estates Ltd.		3,910		27,644
Vicinity Ltd. REIT		26,697		33,428
Washington H Soul Pattinson & Co. Ltd.		1,181		26,142
Wesfarmers Ltd.		6,245		217,295
Westpac Banking Corp.		18,850		266,166
WiseTech Global Ltd.		959		42,328
Woodside Energy Group Ltd.		10,682		218,802

	Number of Shares		Value
Australia (Continued)
Woolworths Group Ltd.		6,437	$	148,438
(Cost $5,757,276)				5,946,520
Austria — 0.1%
Erste Group Bank AG		1,931		78,001
OMV AG		806		34,348
Verbund AG		394		37,526
voestalpine AG		446		12,535
(Cost $150,029)				162,410
Belgium — 0.5%
Ageas SA/NV		827		35,539
Anheuser-Busch InBev SA/NV		4,845		303,823
D’ieteren Group		108		18,410
Elia Group SA/NV		191		20,676
Groupe Bruxelles Lambert NV		484		38,301
KBC Group NV		1,346		77,065
Lotus Bakeries NV		3		26,059
Sofina SA		93		20,671
Solvay SA		417		48,182
UCB SA		684		50,509
Umicore SA		1,218		32,522
Warehouses De Pauw CVA REIT		1,045		29,324
(Cost $832,086)				701,081
Brazil — 1.1%
Ambev SA		26,300		73,150
Atacadao SA		2,964		6,829
B3 SA — Brasil Bolsa Balcao		31,090		84,009
Banco Bradesco SA		9,678		28,078
Banco BTG Pactual S.A		6,891		49,757
Banco do Brasil SA		5,000		55,129
Banco Santander Brasil SA		2,049		12,905
BB Seguridade Participacoes SA		3,235		20,572
CCR SA		5,360		14,745
Centrais Eletricas Brasileiras SA		6,261		51,975
Cia de Saneamento Basico do Estado de Sao Paulo		1,920		26,354
Cia Siderurgica Nacional SA		3,957		13,201
Cosan SA		5,210		18,788
CPFL Energia SA		1,773		13,346
Energisa SA		617		6,616
Eneva SA*		3,626		9,349
Engie Brasil Energia SA		1,304		11,524
Equatorial Energia SA		5,957		41,222
Hapvida Participacoes e Investimentos SA, 144A*		33,394		29,649
Hypera SA		3,014		20,685
JBS SA		5,104		24,068
Klabin SA		3,942		18,076
Localiza Rent a Car SA*		42		512
Localiza Rent a Car SA		4,573		55,782
Lojas Renner SA		6,078		20,215
Magazine Luiza SA*		19,206		7,882
Natura & Co. Holding SA*		6,002		20,108
Petroleo Brasileiro SA		19,399		148,585
PRIO SA*		4,568		42,626
Raia Drogasil SA		7,106		40,539

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Brazil (Continued)
Rede D’Or Sao Luiz SA, 144A		2,233	$	12,068
Rumo SA		7,169		33,354
Sendas Distribuidora SA		6,762		17,763
Suzano SA		4,434		48,447
Telefonica Brasil SA		2,515		26,959
TIM SA		4,993		17,488
TOTVS SA		1,901		12,865
Ultrapar Participacoes SA		3,444		17,668
Vale SA		19,127		286,980
Vibra Energia SA		5,082		24,109
WEG SA		9,143		63,510
(Cost $1,197,373)				1,527,487
Canada — 7.3%
Agnico Eagle Mines Ltd.		2,718		145,920
Air Canada*		1,018		13,226
Algonquin Power & Utilities Corp.		3,025		18,659
Alimentation Couche-Tard, Inc.		4,386		250,176
AltaGas Ltd.		1,555		31,628
ARC Resources Ltd.		3,455		55,099
Bank of Montreal		3,963		325,288
Bank of Nova Scotia		6,790		303,735
Barrick Gold Corp.		2,794		48,844
Barrick Gold Corp.		6,997		122,929
BCE, Inc.		540		21,263
Brookfield Asset Management Ltd., Class A		1,924		67,364
Brookfield Corp.		7,578		267,278
BRP, Inc.		178		10,993
CAE, Inc.*		1,806		35,908
Cameco Corp.		2,292		105,247
Canadian Apartment Properties REIT		436		14,854
Canadian Imperial Bank of Commerce		5,211		215,437
Canadian National Railway Co.		3,004		348,583
Canadian Natural Resources Ltd.		5,926		395,707
Canadian Pacific Kansas City Ltd.		5,000		359,962
Canadian Tire Corp. Ltd., Class A		229		23,821
Canadian Utilities Ltd., Class A		795		17,811
CCL Industries, Inc., Class B		682		28,110
Cenovus Energy, Inc.		8,131		144,230
CGI, Inc.*		1,124		114,284
Constellation Software, Inc.		108		253,678
Descartes Systems Group, Inc.*		534		43,375
Dollarama, Inc.		1,607		116,710
Element Fleet Management Corp.		2,207		35,554
Emera, Inc.		1,595		56,056
Empire Co. Ltd., Class A		1,021		27,749
Enbridge, Inc.		11,543		403,042
Fairfax Financial Holdings Ltd.		122		112,139
First Quantum Minerals Ltd.		3,134		25,660
FirstService Corp.		251		39,388
Fortis, Inc.		2,603		104,277
Franco-Nevada Corp.		980		109,761
George Weston Ltd.		338		39,642
GFL Environmental, Inc.		1,373		39,401
Gildan Activewear, Inc.		880		31,855
Great-West Lifeco, Inc.		1,338		42,764

	Number of Shares		Value
Canada (Continued)
Hydro One Ltd., 144A		1,597	$	44,393
iA Financial Corp., Inc.		487		32,519
IGM Financial, Inc.		297		7,374
Imperial Oil Ltd.		1,130		63,664
Intact Financial Corp.		951		147,386
Ivanhoe Mines Ltd., Class A*		3,638		32,467
Keyera Corp.		1,294		32,585
Kinross Gold Corp.		7,362		43,403
Loblaw Cos. Ltd.		895		77,169
Lundin Mining Corp.		3,958		27,418
Magna International, Inc.		1,445		77,907
Manulife Financial Corp.		10,018		196,233
MEG Energy Corp.*		1,386		26,209
Metro, Inc.		1,280		64,153
National Bank of Canada		1,875		124,249
Northland Power, Inc.		1,498		24,353
Nutrien Ltd.		2,792		149,337
Onex Corp.		462		31,252
Open Text Corp.		1,525		61,014
Pan American Silver Corp.		2,077		32,541
Parkland Corp.		871		28,506
Pembina Pipeline Corp.		2,878		96,269
Power Corp. of Canada		3,281		90,793
Quebecor, Inc., Class B		1,005		22,300
Restaurant Brands International, Inc.		1,505		107,040
RioCan Real Estate Investment Trust REIT		676		8,703
Rogers Communications, Inc., Class B		2,082		89,651
Royal Bank of Canada		7,732		698,698
Saputo, Inc.		1,471		28,597
Shopify, Inc., Class A*		6,729		490,189
Stantec, Inc.		673		50,152
Sun Life Financial, Inc.		3,296		166,433
Suncor Energy, Inc.		6,919		228,126
TC Energy Corp.		5,756		215,869
Teck Resources Ltd., Class B		2,573		96,932
TELUS Corp.		2,734		48,920
TFI International, Inc.		441		52,181
Thomson Reuters Corp.		892		124,622
TMX Group Ltd.		1,685		36,383
Toromont Industries Ltd.		515		41,558
Toronto-Dominion Bank		9,999		609,689
Tourmaline Oil Corp.		1,717		83,107
West Fraser Timber Co. Ltd.		266		19,293
Wheaton Precious Metals Corp.		2,428		118,721
WSP Global, Inc.		674		93,296
(Cost $8,101,929)				9,909,061
Chile — 0.1%
Antofagasta PLC		2,156		38,337
Banco de Chile		258,773		29,071
Banco de Credito e Inversiones SA		518		13,911
Banco Santander Chile		361,173		17,724
Cencosud SA		8,433		15,664
Cia Sud Americana de Vapores SA		36,842		2,138
Empresas CMPC SA		7,496		14,500
Empresas Copec SA		2,226		16,475

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Chile (Continued)
Enel Americas SA*		107,638	$	12,532
Enel Chile SA		123,794		7,808
Falabella SA*		4,372		10,206
(Cost $204,553)				178,366
China — 7.0%
360 Security Technology, Inc., Class A*		3,700		4,494
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,900		5,889
3SBio, Inc., 144A*		9,586		8,909
AAC Technologies Holdings, Inc.		3,567		10,023
Advanced Micro-Fabrication Equipment, Inc., China, Class A		350		8,321
AECC Aviation Power Co. Ltd., Class A		1,000		5,032
Agricultural Bank of China Ltd., Class A		28,900		14,802
Agricultural Bank of China Ltd., Class H		157,970		58,445
Aier Eye Hospital Group Co. Ltd., Class A		4,061		9,695
Air China Ltd., Class A*		6,900		7,792
Air China Ltd., Class H*		9,926		6,684
Akeso, Inc., 144A*		3,369		21,500
Alibaba Group Holding Ltd.*		89,585		834,344
Aluminum Corp. of China Ltd., Class A		7,300		5,659
Aluminum Corp. of China Ltd., Class H		18,664		9,223
Anhui Conch Cement Co. Ltd., Class A		1,200		3,862
Anhui Conch Cement Co. Ltd., Class H		6,575		15,387
Anhui Gujing Distillery Co. Ltd., Class A		100		3,618
Anhui Gujing Distillery Co. Ltd., Class B		526		7,986
ANTA Sports Products Ltd.		7,674		80,018
Asymchem Laboratories Tianjin Co. Ltd., Class A		280		5,642
Autohome, Inc., ADR		380		10,378
AviChina Industry & Technology Co. Ltd., Class H		21,908		9,929
Baidu, Inc., Class A*		12,672		188,345
Bank of Beijing Co. Ltd., Class A		11,100		7,036
Bank of China Ltd., Class A		16,800		9,380
Bank of China Ltd., Class H		432,156		158,781
Bank of Communications Co. Ltd., Class A		11,800		9,643
Bank of Communications Co. Ltd., Class H		49,744		29,357
Bank of Hangzhou Co. Ltd., Class A		3,700		5,147
Bank of Jiangsu Co. Ltd., Class A		11,600		10,746
Bank of Nanjing Co. Ltd., Class A		7,900		7,982
Bank of Ningbo Co. Ltd., Class A		2,210		7,088
Bank of Shanghai Co. Ltd., Class A		5,590		4,607
Baoshan Iron & Steel Co. Ltd., Class A		10,200		8,878
Beijing Kingsoft Office Software, Inc., Class A		256		10,810
Beijing Tongrentang Co. Ltd., Class A		100		744
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		203		1,387
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		10,800		7,632
Betta Pharmaceuticals Co. Ltd., Class A		400		3,190
BGI Genomics Co. Ltd., Class A		500		3,590
Bilibili, Inc., Class Z*		1,128		12,982

	Number of Shares		Value
China (Continued)
BOE Technology Group Co. Ltd., Class A		15,500	$	8,394
BYD Co. Ltd., Class A		700		19,508
BYD Co. Ltd., Class H		5,799		155,901
BYD Electronic International Co. Ltd.		4,995		22,797
CGN Power Co. Ltd., Class H, 144A		82,381		19,827
Changchun High & New Technology Industry Group, Inc., Class A		200		4,503
Chaozhou Three-Circle Group Co. Ltd., Class A		1,100		4,513
China Cinda Asset Management Co. Ltd., Class H		54,699		5,322
China CITIC Bank Corp. Ltd., Class H		52,339		23,653
China Coal Energy Co. Ltd., Class H		5,298		4,490
China Communications Services Corp. Ltd., Class H		14,234		6,068
China Construction Bank Corp., Class A		4,300		3,851
China Construction Bank Corp., Class H		520,798		301,359
China CSSC Holdings Ltd., Class A		2,400		9,283
China Eastern Airlines Corp. Ltd., Class A*		8,400		4,937
China Energy Engineering Corp. Ltd., Class A		17,700		5,276
China Everbright Bank Co. Ltd., Class A		14,000		5,662
China Everbright Bank Co. Ltd., Class H		13,497		3,853
China Feihe Ltd., 144A		21,663		12,702
China Galaxy Securities Co. Ltd., Class A		1,470		2,573
China Galaxy Securities Co. Ltd., Class H		26,284		14,065
China Hongqiao Group Ltd.		14,641		11,940
China International Capital Corp. Ltd., Class H, 144A		8,796		13,918
China Jushi Co. Ltd., Class A		4,400		6,816
China Life Insurance Co. Ltd., Class A		700		2,943
China Life Insurance Co. Ltd., Class H		41,086		55,649
China Literature Ltd., 144A*		2,048		6,987
China Longyuan Power Group Corp. Ltd., Class H		21,208		15,883
China Mengniu Dairy Co. Ltd.*		17,015		53,367
China Merchants Bank Co. Ltd., Class A		7,600		30,618
China Merchants Bank Co. Ltd., Class H		21,031		73,502
China Merchants Energy Shipping Co. Ltd., Class A		6,700		5,635
China Merchants Securities Co. Ltd., Class A		4,200		8,269
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,300		3,354
China Minsheng Banking Corp. Ltd., Class A		13,500		7,273
China Minsheng Banking Corp. Ltd., Class H		28,896		9,655
China National Building Material Co. Ltd., Class H		15,893		7,081
China National Nuclear Power Co. Ltd., Class A		11,200		11,018
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,300		3,609
China Oilfield Services Ltd., Class H		10,996		11,825
China Pacific Insurance Group Co. Ltd., Class A		2,100		7,079

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
China Pacific Insurance Group Co. Ltd., Class H		13,944	$	29,454
China Petroleum & Chemical Corp., Class A		9,200		7,042
China Petroleum & Chemical Corp., Class H		135,133		69,545
China Railway Group Ltd., Class A		13,900		10,970
China Railway Group Ltd., Class H		18,491		8,120
China Resources Microelectronics Ltd., Class A		622		4,087
China Resources Mixc Lifestyle Services Ltd., 144A		3,535		13,373
China Resources Pharmaceutical Group Ltd., 144A		5,360		3,349
China Shenhua Energy Co. Ltd., Class A		2,690		11,854
China Shenhua Energy Co. Ltd., Class H		18,207		59,553
China Southern Airlines Co. Ltd., Class A*		10,000		8,606
China Southern Airlines Co. Ltd., Class H*		7,607		3,652
China State Construction Engineering Corp. Ltd., Class A		13,900		9,667
China Three Gorges Renewables Group Co. Ltd., Class A		12,800		8,239
China Tourism Group Duty Free Corp. Ltd., Class A		800		9,980
China Tourism Group Duty Free Corp. Ltd., Class H, 144A		620		6,747
China Tower Corp. Ltd., Class H, 144A		293,078		30,391
China United Network Communications Ltd., Class A		10,000		6,143
China Vanke Co. Ltd., Class A		3,300		5,283
China Vanke Co. Ltd., Class H		11,678		11,796
China Yangtze Power Co. Ltd., Class A		8,900		28,433
China Zhenhua Group Science & Technology Co. Ltd., Class A		600		5,426
Chinasoft International Ltd.*		14,445		12,371
Chongqing Brewery Co. Ltd., Class A		200		1,994
Chongqing Changan Automobile Co. Ltd., Class A		3,640		10,381
Chongqing Rural Commercial Bank Co. Ltd., Class A		7,100		4,044
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,200		10,952
CITIC Ltd.		29,803		28,081
CITIC Securities Co. Ltd., Class A		4,030		12,097
CITIC Securities Co. Ltd., Class H		8,619		17,897
CMOC Group Ltd., Class A		13,200		9,624
CMOC Group Ltd., Class H		15,252		8,708
Contemporary Amperex Technology Co. Ltd., Class A		1,578		36,877
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		2,600		4,795
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		6,660		6,463
COSCO SHIPPING Holdings Co. Ltd., Class A		6,330		8,867

	Number of Shares		Value
China (Continued)
COSCO SHIPPING Holdings Co. Ltd., Class H		18,876	$	17,399
Country Garden Holdings Co. Ltd.*		60,195		6,781
Country Garden Services Holdings Co. Ltd.		11,992		11,330
CRRC Corp. Ltd., Class A		8,000		5,821
CRRC Corp. Ltd., Class H		22,253		8,974
CSC Financial Co. Ltd., Class A		1,960		7,071
CSPC Pharmaceutical Group Ltd.		52,024		46,954
Daqin Railway Co. Ltd., Class A		7,700		7,823
Daqo New Energy Corp., ADR*		388		9,180
DaShenLin Pharmaceutical Group Co. Ltd., Class A		1,008		3,667
Dongfang Electric Corp. Ltd., Class A		100		204
Dongfeng Motor Group Co. Ltd., Class H		23,713		11,900
East Buy Holding Ltd., 144A*		2,750		10,227
East Money Information Co. Ltd., Class A		5,134		10,518
Ecovacs Robotics Co. Ltd., Class A		200		1,196
ENN Energy Holdings Ltd.		4,157		28,844
Eve Energy Co. Ltd., Class A		900		5,314
Everbright Securities Co. Ltd., Class A		1,800		4,093
Flat Glass Group Co. Ltd., Class H		2,614		4,297
Focus Media Information Technology Co. Ltd., Class A		3,200		2,929
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,821		9,711
Fosun International Ltd.		21,044		11,989
Foxconn Industrial Internet Co. Ltd., Class A		4,600		9,720
Fuyao Glass Industry Group Co. Ltd., Class A		1,100		5,797
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,423		16,060
Ganfeng Lithium Group Co. Ltd., Class A		700		3,820
Ganfeng Lithium Group Co. Ltd., Class H, 144A		2,119		6,782
GD Power Development Co. Ltd., Class A		12,900		7,130
GDS Holdings Ltd., Class A*		4,320		5,619
Gemdale Corp., Class A		1,700		1,218
Genscript Biotech Corp.*		6,892		19,146
GF Securities Co. Ltd., Class A		2,000		4,033
GF Securities Co. Ltd., Class H		6,132		7,670
GigaDevice Semiconductor, Inc., Class A		168		2,212
Ginlong Technologies Co. Ltd., Class A		300		2,798
GoerTek, Inc., Class A		1,500		3,778
Goldwind Science & Technology Co. Ltd., Class A		4,300		5,235
Gotion High-tech Co. Ltd., Class A*		1,500		4,649
Great Wall Motor Co. Ltd., Class A		1,200		4,517
Great Wall Motor Co. Ltd., Class H		8,119		11,704
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,000		4,611
Greentown China Holdings Ltd.		4,920		5,234
Guangdong Haid Group Co. Ltd., Class A		400		2,474
Guanghui Energy Co. Ltd., Class A		2,500		2,540
Guangzhou Automobile Group Co. Ltd., Class A		3,800		5,275

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
Guangzhou Automobile Group Co. Ltd., Class H		17,222	$	7,981
Guangzhou Tinci Materials Technology Co. Ltd., Class A		800		2,709
Guosen Securities Co. Ltd., Class A		5,900		7,843
Guotai Junan Securities Co. Ltd., Class A		3,100		6,550
H World Group Ltd., ADR*		1,269		46,420
Haidilao International Holding Ltd., 144A		9,916		19,727
Haier Smart Home Co. Ltd., Class A		2,100		6,500
Haier Smart Home Co. Ltd., Class H		12,032		34,889
Hainan Airlines Holding Co. Ltd., Class A*		40,100		8,137
Haitian International Holdings Ltd.		4,489		11,436
Haitong Securities Co. Ltd., Class A		5,000		6,801
Haitong Securities Co. Ltd., Class H		14,205		7,965
Hangzhou First Applied Material Co. Ltd., Class A		784		2,549
Hangzhou Silan Microelectronics Co. Ltd., Class A		800		2,705
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,293		14,770
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,100		4,018
Hengan International Group Co. Ltd.		3,819		13,934
Hengli Petrochemical Co. Ltd., Class A*		1,800		3,534
Hithink RoyalFlush Information Network Co. Ltd., Class A		400		7,863
Hoshine Silicon Industry Co. Ltd., Class A		500		3,475
Hoyuan Green Energy Co. Ltd., Class A		558		2,585
Hua Hong Semiconductor Ltd., 144A*		2,689		6,217
Huadian Power International Corp. Ltd., Class A		8,000		5,732
Huadong Medicine Co. Ltd., Class A		700		3,996
Hualan Biological Engineering, Inc., Class A		670		2,266
Huaneng Power International, Inc., Class A*		3,500		3,776
Huaneng Power International, Inc., Class H*		17,022		8,847
Huatai Securities Co. Ltd., Class A		1,700		3,409
Huatai Securities Co. Ltd., Class H, 144A		9,693		12,136
Huaxia Bank Co. Ltd., Class A		9,400		7,629
Huayu Automotive Systems Co. Ltd., Class A		1,700		4,139
Huizhou Desay Sv Automotive Co. Ltd., Class A		300		5,450
Hundsun Technologies, Inc., Class A		1,456		6,119
Hygeia Healthcare Holdings Co. Ltd., 144A		2,124		13,079
Hygon Information Technology Co. Ltd., Class A		639		6,418
Iflytek Co. Ltd., Class A		900		5,636
Imeik Technology Development Co. Ltd., Class A		100		4,262
Industrial & Commercial Bank of China Ltd., Class A		33,000		22,212

	Number of Shares		Value
China (Continued)
Industrial & Commercial Bank of China Ltd., Class H		353,454	$	169,232
Industrial Bank Co. Ltd., Class A		8,800		17,979
Industrial Securities Co. Ltd., Class A		1,950		1,659
Ingenic Semiconductor Co. Ltd., Class A		300		2,857
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		32,600		6,980
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,600		1,412
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,100		8,008
Inner Mongolia Yitai Coal Co. Ltd., Class B*		10,900		15,500
Innovent Biologics, Inc., 144A*		5,347		31,351
iQIYI, Inc., ADR*		3,404		15,284
JA Solar Technology Co. Ltd., Class A		1,764		4,912
JD Health International, Inc., 144A*		5,531		26,376
JD Logistics, Inc., 144A*		13,732		16,859
JD.com, Inc., Class A		13,205		180,376
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,200		3,116
Jiangsu Expressway Co. Ltd., Class H		8,873		7,986
Jiangsu Hengli Hydraulic Co. Ltd., Class A		600		4,727
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		2,600		17,471
Jiangsu King’s Luck Brewery JSC Ltd., Class A		1,100		8,286
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		700		11,424
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,300		2,361
Jiangxi Copper Co. Ltd., Class A		2,700		6,691
Jiangxi Copper Co. Ltd., Class H		3,974		5,637
Jinko Solar Co. Ltd., Class A		4,383		5,446
Kanzhun Ltd., ADR*		1,212		20,034
KE Holdings, Inc., ADR		3,589		57,173
Kingdee International Software Group Co. Ltd.*		15,602		21,691
Kingsoft Corp. Ltd.		5,845		18,707
Kuaishou Technology, 144A*		12,939		95,577
Kweichow Moutai Co. Ltd., Class A		400		100,278
Lenovo Group Ltd.		44,929		55,505
Lens Technology Co. Ltd., Class A		2,610		4,770
Lepu Medical Technology Beijing Co. Ltd., Class A		1,200		2,883
Li Auto, Inc., Class A*		6,095		113,765
Li Ning Co. Ltd.		12,557		34,964
Lingyi iTech Guangdong Co., Class A		3,100		2,902
Longfor Group Holdings Ltd., 144A		10,936		19,376
LONGi Green Energy Technology Co. Ltd., Class A		3,340		9,923
Lufax Holding Ltd., ADR		5,225		4,436
Luxshare Precision Industry Co. Ltd., Class A		3,349		14,917
Luzhou Laojiao Co. Ltd., Class A		600		17,422

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
Mango Excellent Media Co. Ltd., Class A		1,200	$	4,334
Maxscend Microelectronics Co. Ltd., Class A		160		3,101
Meituan, Class B, 144A*		28,567		331,337
Metallurgical Corp. of China Ltd., Class A		5,900		2,559
Microport Scientific Corp.*		3,646		5,844
Ming Yang Smart Energy Group Ltd., Class A		2,300		4,335
MINISO Group Holding Ltd.		2,200		14,772
Minth Group Ltd.		4,579		9,919
Montage Technology Co. Ltd., Class A		617		5,092
Muyuan Foods Co. Ltd., Class A		2,134		11,670
NARI Technology Co. Ltd., Class A		3,691		11,368
NAURA Technology Group Co. Ltd., Class A		200		6,564
NetEase, Inc.		10,740		242,400
New China Life Insurance Co. Ltd., Class A		1,300		5,685
New China Life Insurance Co. Ltd., Class H		4,257		8,447
New Hope Liuhe Co. Ltd., Class A*		1,400		1,959
New Oriental Education & Technology Group, Inc.*		8,270		66,752
Ninestar Corp., Class A		548		2,120
Ningbo Deye Technology Co. Ltd., Class A		180		1,588
Ningbo Tuopu Group Co. Ltd., Class A		500		5,156
Ningxia Baofeng Energy Group Co. Ltd., Class A		4,466		9,168
NIO, Inc., ADR*		7,771		56,495
Nongfu Spring Co. Ltd., Class H, 144A		10,781		61,556
Oppein Home Group, Inc., Class A		500		5,527
Orient Securities Co. Ltd., Class A		2,048		2,496
People’s Insurance Co. Group of China Ltd., Class A		5,600		3,957
People’s Insurance Co. Group of China Ltd., Class H		44,346		14,363
PetroChina Co. Ltd., Class A		7,700		7,736
PetroChina Co. Ltd., Class H		109,802		72,111
Pharmaron Beijing Co. Ltd., Class A		900		4,206
PICC Property & Casualty Co. Ltd., Class H		37,106		43,085
Ping An Bank Co. Ltd., Class A		6,600		8,940
Ping An Healthcare and Technology Co. Ltd., 144A*		2,085		4,660
Ping An Insurance Group Co. of China Ltd., Class A		4,400		25,121
Ping An Insurance Group Co. of China Ltd., Class H		36,683		169,061
Poly Developments and Holdings Group Co. Ltd., Class A		3,900		5,599
Pop Mart International Group Ltd., 144A		3,770		11,318
Postal Savings Bank of China Co. Ltd., Class A		14,000		8,600
Postal Savings Bank of China Co. Ltd., Class H, 144A		44,006		19,549

	Number of Shares		Value
China (Continued)
Power Construction Corp. of China Ltd., Class A		5,900	$	4,120
Qifu Technology, Inc., ADR		515		7,993
Qinghai Salt Lake Industry Co. Ltd., Class A*		2,900		6,432
Rongsheng Petrochemical Co. Ltd., Class A		2,550		3,836
SAIC Motor Corp. Ltd., Class A		2,400		4,997
Sanan Optoelectronics Co. Ltd., Class A		1,700		3,302
Sangfor Technologies, Inc., Class A*		400		4,724
Sany Heavy Equipment International Holdings Co. Ltd.		6,832		7,102
Sany Heavy Industry Co. Ltd., Class A		2,800		5,348
Satellite Chemical Co. Ltd., Class A*		2,937		6,559
SDIC Power Holdings Co. Ltd., Class A		2,500		4,338
Seazen Holdings Co. Ltd., Class A*		2,500		4,485
SF Holding Co. Ltd., Class A		1,860		10,999
SG Micro Corp., Class A		195		2,447
Shaanxi Coal Industry Co. Ltd., Class A		4,700		12,812
Shandong Gold Mining Co. Ltd., Class A		2,200		7,142
Shandong Gold Mining Co. Ltd., Class H, 144A		4,780		9,436
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		900		3,759
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		13,432		12,742
Shanghai Baosight Software Co. Ltd., Class A		1,092		6,418
Shanghai Baosight Software Co. Ltd., Class B		4,056		7,633
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,100		4,295
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,018		6,676
Shanghai Junshi Biosciences Co. Ltd., Class A*		270		1,703
Shanghai M&G Stationery, Inc., Class A		800		4,448
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,300		3,267
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,214		7,556
Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		8,915
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,160		3,725
Shanghai Rural Commercial Bank Co. Ltd., Class A		7,000		5,613
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,600		2,179
Shanxi Meijin Energy Co. Ltd., Class A*		3,100		3,136
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		420		14,039
Shenwan Hongyuan Group Co. Ltd., Class A		11,900		7,510
Shenzhen Dynanonic Co. Ltd., Class A		320		2,893
Shenzhen Inovance Technology Co. Ltd., Class A		1,050		9,699

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
Shenzhen Kangtai Biological Products Co. Ltd., Class A		896	$	4,027
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		445		18,113
Shenzhen SC New Energy Technology Corp., Class A		300		2,952
Shenzhen Transsion Holdings Co. Ltd., Class A		633		9,803
Shenzhou International Group Holdings Ltd.		4,510		45,266
Sichuan Chuantou Energy Co. Ltd., Class A		1,900		3,797
Sichuan Road & Bridge Group Co. Ltd., Class A		3,920		4,235
Silergy Corp.		1,844		25,086
Sinopharm Group Co. Ltd., Class H		8,105		20,109
Sinotruk Hong Kong Ltd.		5,649		11,716
Smoore International Holdings Ltd., 144A		10,110		8,814
StarPower Semiconductor Ltd., Class A		100		2,635
Sungrow Power Supply Co. Ltd., Class A		500		5,821
Sunny Optical Technology Group Co. Ltd.		3,609		34,259
SUPCON Technology Co. Ltd., Class A		248		1,520
Suzhou Maxwell Technologies Co. Ltd., Class A		160		2,418
TAL Education Group, ADR*		2,073		25,975
TBEA Co. Ltd., Class A		1,950		3,801
TCL Technology Group Corp., Class A*		1,280		749
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,375		3,209
Tencent Holdings Ltd.		36,667		1,534,970
Tencent Music Entertainment Group, ADR*		3,659		31,138
Tianma Microelectronics Co. Ltd., Class A*		1,000		1,521
Tianqi Lithium Corp., Class A		800		5,606
Tingyi Cayman Islands Holding Corp.		13,235		16,655
Tongcheng Travel Holdings Ltd.*		5,989		11,025
Tongwei Co. Ltd., Class A		1,700		5,828
Topsports International Holdings Ltd., 144A		16,911		13,747
TravelSky Technology Ltd., Class H		4,346		7,333
Trina Solar Co. Ltd., Class A		1,184		4,467
Trip.com Group Ltd.*		3,114		109,470
Tsingtao Brewery Co. Ltd., Class A		200		2,087
Tsingtao Brewery Co. Ltd., Class H		4,040		26,688
Unigroup Guoxin Microelectronics Co. Ltd., Class A*		475		4,816
Uni-President China Holdings Ltd.		10,252		6,562
Unisplendour Corp. Ltd., Class A*		1,880		5,317
Vipshop Holdings Ltd., ADR*		1,999		32,044
Walvax Biotechnology Co. Ltd., Class A		900		3,116
Wanhua Chemical Group Co. Ltd., Class A		1,021		11,523
Weibo Corp., ADR		333		3,367
Weichai Power Co. Ltd., Class A		2,100		4,379

	Number of Shares		Value
China (Continued)
Weichai Power Co. Ltd., Class H		7,703	$	14,161
Wens Foodstuffs Group Co. Ltd., Class A		2,440		6,576
Will Semiconductor Co. Ltd., Class A		540		8,179
Wingtech Technology Co. Ltd., Class A*		397		2,679
Wuliangye Yibin Co. Ltd., Class A		1,200		25,046
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,500		4,339
WuXi AppTec Co. Ltd., Class A		920		10,634
WuXi AppTec Co. Ltd., Class H, 144A		2,094		24,529
Wuxi Biologics Cayman, Inc., 144A*		21,529		119,892
Xiaomi Corp., Class B, 144A*		83,432		166,836
Xinjiang Daqo New Energy Co. Ltd., Class A		1,551		6,683
Xinyi Solar Holdings Ltd.		24,569		14,122
XPeng, Inc., Class A*		5,888		50,654
Xtep International Holdings Ltd.		8,580		4,954
Yadea Group Holdings Ltd., 144A		6,987		13,113
Yankuang Energy Group Co. Ltd., Class A		1,050		3,019
Yankuang Energy Group Co. Ltd., Class H		14,244		26,477
Yifeng Pharmacy Chain Co. Ltd., Class A		840		4,481
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,000		4,885
YongXing Special Materials Technology Co. Ltd., Class A		390		2,400
Yonyou Network Technology Co. Ltd., Class A		1,700		3,975
YTO Express Group Co. Ltd., Class A		900		1,656
Yum China Holdings, Inc.		2,265		97,803
Yunnan Baiyao Group Co. Ltd., Class A		560		3,944
Yunnan Energy New Material Co. Ltd., Class A		300		2,471
Zai Lab Ltd.*		5,802		15,784
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		200		7,074
Zhaojin Mining Industry Co. Ltd., Class H		8,439		10,933
Zhejiang Chint Electrics Co. Ltd., Class A		1,200		3,683
Zhejiang Dahua Technology Co. Ltd., Class A		3,600		9,738
Zhejiang Expressway Co. Ltd., Class H		5,816		3,686
Zhejiang Huayou Cobalt Co. Ltd., Class A		650		2,920
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		600		3,625
Zhejiang Leapmotor Technology Co. Ltd., 144A*		2,532		12,998
Zhejiang NHU Co. Ltd., Class A		2,160		5,145
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		5,473		13,803
Zhongji Innolight Co. Ltd., Class A		600		7,970
Zhongsheng Group Holdings Ltd.		3,824		9,155
Zhuzhou CRRC Times Electric Co. Ltd., Class H		3,305		10,451
Zijin Mining Group Co. Ltd., Class A		6,800		11,590
Zijin Mining Group Co. Ltd., Class H		34,308		54,374
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,400		3,971
ZTE Corp., Class A		1,512		5,423

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
ZTE Corp., Class H		3,477	$	7,585
ZTO Express Cayman, Inc., ADR		2,213		49,394
(Cost $11,747,244)				9,472,589
Colombia — 0.0%
Bancolombia SA		1,292		10,205
Interconexion Electrica SA ESP		2,692		10,163
(Cost $24,936)				20,368
Cyprus — 0.0%
TCS Group Holding PLC, GDR* (b)
(Cost $34,897)		608		0
Czech Republic — 0.0%
CEZ AS		925		40,920
Komercni Banka AS		414		12,818
Moneta Money Bank AS, 144A		1,846		7,216
(Cost $44,151)				60,954
Denmark — 2.1%
A.P. Moller — Maersk A/S, Class A		15		23,238
A.P. Moller — Maersk A/S, Class B		26		41,001
Carlsberg A/S, Class B		571		70,701
Chr Hansen Holding A/S		622		49,734
Coloplast A/S, Class B		746		88,013
Danske Bank A/S		3,671		94,983
Demant A/S*		659		27,943
DSV A/S		1,016		152,875
Genmab A/S*		373		117,695
Novo Nordisk A/S, Class B		17,960		1,823,889
Novozymes A/S, Class B		1,088		56,412
Orsted AS, 144A		976		45,945
Pandora A/S		496		66,933
ROCKWOOL A/S, Class B		64		17,279
Tryg A/S		2,057		44,362
Vestas Wind Systems A/S*		5,535		153,200
(Cost $1,439,489)				2,874,203
Egypt — 0.0%
Commercial International Bank — Egypt (CIB)		15,165		37,888
Eastern Co. SAE		4,376		3,668
(Cost $32,658)				41,556
Finland — 0.7%
Elisa OYJ		869		38,858
Fortum OYJ		2,567		36,003
Kesko OYJ, Class B		1,624		31,032
Kone OYJ, Class B		1,822		80,897
Metso Corp. OYJ		3,905		38,383
Neste OYJ		2,319		88,045
Nokia OYJ		29,278		102,555
Nordea Bank Abp		17,843		199,190
Orion OYJ, Class B		634		25,148
Sampo OYJ, Class A		2,404		105,063
Stora Enso OYJ, Class R		3,350		43,429
UPM-Kymmene OYJ		2,712		94,701
Wartsila OYJ Abp		2,903		40,004
(Cost $996,464)				923,308

	Number of Shares		Value
France — 7.4%
Accor SA		985	$	34,106
Aeroports de Paris SA		174		21,421
Air Liquide SA		2,836		536,518
Airbus SE		3,218		477,081
Alstom SA		1,868		23,119
Amundi SA, 144A		378		23,247
Arkema SA		368		37,357
AXA SA		9,915		308,611
BioMerieux		238		25,585
BNP Paribas SA		5,637		354,470
Bollore SE		3,588		20,485
Bouygues SA		1,042		39,596
Bureau Veritas SA		1,752		42,356
Capgemini SE		821		168,008
Carrefour SA		3,166		59,947
Cie de Saint-Gobain SA		2,529		164,646
Cie Generale des Etablissements Michelin SCA		3,838		128,714
Covivio SA REIT		186		9,074
Credit Agricole SA		5,438		71,161
Danone SA		3,613		231,914
Dassault Aviation SA		152		30,178
Dassault Systemes SE		3,746		175,191
Edenred SE		1,429		77,773
Eiffage SA		345		34,925
Engie SA		9,843		170,547
EssilorLuxottica SA		1,630		310,708
Eurazeo SE		248		18,586
Gecina SA REIT		216		23,888
Getlink SE		1,924		35,121
Hermes International SCA		176		364,799
Ipsen SA		219		24,672
Kering SA		420		179,988
Klepierre SA REIT		1,245		31,305
La Francaise des Jeux SAEM, 144A		466		16,840
Legrand SA		1,401		134,840
L’Oreal SA		1,319		618,872
LVMH Moet Hennessy Louis Vuitton SE		1,520		1,162,632
Orange SA		10,024		123,339
Pernod Ricard SA		1,127		194,500
Publicis Groupe SA		1,222		103,193
Remy Cointreau SA		132		15,697
Renault SA		1,162		45,521
Safran SA		1,830		320,745
Sanofi SA		6,335		589,302
Sartorius Stedim Biotech		145		32,577
Schneider Electric SE		2,959		543,104
SEB SA		165		18,768
Societe Generale SA		3,896		97,856
Sodexo SA		462		49,484
STMicroelectronics NV		3,923		185,561
Teleperformance SE		331		46,316
Thales SA		543		80,945
TotalEnergies SE		12,545		850,175
Unibail-Rodamco-Westfield REIT*		649		41,242
Veolia Environnement SA		3,870		121,783
Vinci SA		2,782		340,068

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
France (Continued)
Vivendi SE		3,875	$	36,637
Worldline SA, 144A*		1,243		19,260
(Cost $7,576,428)				10,044,354
Germany — 5.1%
adidas AG		912		190,740
Allianz SE		2,217		556,485
BASF SE		4,968		230,826
Bayer AG		5,495		187,574
Bayerische Motoren Werke AG		1,754		182,503
Bechtle AG		466		23,069
Beiersdorf AG		579		81,112
Brenntag SE		766		66,103
Carl Zeiss Meditec AG		246		22,043
Commerzbank AG		5,399		66,085
Continental AG		651		50,326
Covestro AG, 144A*		1,012		53,095
Daimler Truck Holding AG		2,907		94,390
Delivery Hero SE, 144A*		879		27,847
Deutsche Bank AG (c)		10,874		135,242
Deutsche Boerse AG		1,056		200,350
Deutsche Lufthansa AG*		4,050		35,179
Deutsche Post AG		5,303		248,441
Deutsche Telekom AG		18,075		432,350
E.ON SE		11,941		155,129
Evonik Industries AG		897		16,745
Fresenius Medical Care AG & Co. KGaA		1,152		47,186
Fresenius SE & Co. KGaA		2,261		71,593
GEA Group AG		769		28,226
Hannover Rueck SE		347		82,718
Heidelberg Materials AG		814		66,276
HelloFresh SE*		935		14,269
Henkel AG & Co. KGaA		577		40,246
Infineon Technologies AG		7,037		272,305
Knorr-Bremse AG		426		26,663
LEG Immobilien SE*		463		35,349
Mercedes-Benz Group AG		4,492		291,319
Merck KGaA		709		123,595
MTU Aero Engines AG		322		65,806
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		754		320,741
Nemetschek SE		340		29,622
Puma SE		610		39,295
Rational AG		32		20,464
Rheinmetall AG		245		73,604
RWE AG		3,397		145,576
SAP SE		5,741		909,116
Scout24 SE, 144A		427		29,747
Siemens AG		4,153		696,164
Siemens Energy AG*		2,893		34,262
Siemens Healthineers AG, 144A		1,483		85,458
Symrise AG		720		80,880
Talanx AG		349		25,301
Volkswagen AG		185		23,963
Vonovia SE		4,162		115,614
Wacker Chemie AG		111		13,569
Zalando SE, 144A*		1,332		31,695
(Cost $6,297,096)				6,896,256

	Number of Shares		Value
Greece — 0.1%
Alpha Services and Holdings SA*		12,017	$	20,406
Eurobank Ergasias Services and Holdings SA*		16,513		30,395
Hellenic Telecommunications Organization SA		1,100		16,128
JUMBO SA		804		21,039
Motor Oil Hellas Corinth Refineries SA		140		3,779
Mytilineos SA		568		22,715
National Bank of Greece SA*		4,341		29,683
OPAP SA		1,006		16,097
Piraeus Financial Holdings SA*		4,844		17,189
Public Power Corp. SA*		1,163		13,672
(Cost $140,541)				191,103
Hong Kong — 1.8%
AIA Group Ltd.		62,579		539,965
Alibaba Health Information Technology Ltd.*		25,048		14,237
Beijing Enterprises Holdings Ltd.		4,754		15,763
Beijing Enterprises Water Group Ltd.		29,600		5,949
BOC Hong Kong Holdings Ltd.		20,760		55,546
Bosideng International Holdings Ltd.		14,160		5,946
Budweiser Brewing Co. APAC Ltd., 144A		10,027		17,740
C&D International Investment Group Ltd.		4,673		9,548
China Everbright Environment Group Ltd.		26,229		8,630
China Gas Holdings Ltd.		19,769		18,121
China Medical System Holdings Ltd.		8,280		15,921
China Merchants Port Holdings Co. Ltd.		8,916		11,414
China Overseas Land & Investment Ltd.		20,926		38,684
China Overseas Property Holdings Ltd.		9,399		7,653
China Power International Development Ltd.		32,211		11,835
China Resources Beer Holdings Co. Ltd.		8,382		37,772
China Resources Gas Group Ltd.		5,528		17,338
China Resources Land Ltd.		16,909		61,910
China Resources Power Holdings Co. Ltd.		11,465		22,104
China Ruyi Holdings Ltd.*		10,522		2,384
China State Construction International Holdings Ltd.		5,764		6,685
China Taiping Insurance Holdings Co. Ltd.		8,417		7,629
China Traditional Chinese Medicine Holdings Co. Ltd.		18,429		9,437
Chow Tai Fook Jewellery Group Ltd.		11,774		17,093
CK Asset Holdings Ltd.		10,635		50,443
CK Hutchison Holdings Ltd.		14,322		71,781
CK Infrastructure Holdings Ltd.		4,782		23,692
CLP Holdings Ltd.		8,608		66,946
COSCO SHIPPING Ports Ltd.		8,299		5,578
ESR Group Ltd., 144A		14,864		19,105
Far East Horizon Ltd.		11,701		8,583
Futu Holdings Ltd., ADR*		290		15,637
Galaxy Entertainment Group Ltd.		11,799		61,024
GCL Technology Holdings Ltd.		124,733		16,607
Geely Automobile Holdings Ltd.		31,985		34,846

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
Guangdong Investment Ltd.		16,239	$	11,268
Hang Lung Properties Ltd.		11,594		15,496
Hang Seng Bank Ltd.		3,577		39,611
Henderson Land Development Co. Ltd.		8,011		21,793
HKT Trust & HKT Ltd. (a)		19,553		20,851
Hong Kong & China Gas Co. Ltd.		58,802		40,424
Hong Kong Exchanges & Clearing Ltd.		6,884		244,293
Hongkong Land Holdings Ltd.		4,700		15,134
Jardine Matheson Holdings Ltd.		921		35,560
Kingboard Holdings Ltd.		3,978		9,574
Kingboard Laminates Holdings Ltd.		6,739		5,867
Kunlun Energy Co. Ltd.		15,278		14,122
Link REIT		14,095		69,651
MTR Corp. Ltd.		7,996		28,662
New World Development Co. Ltd.		9,515		14,154
Nine Dragons Paper Holdings Ltd.*		11,423		5,718
Orient Overseas International Ltd.		824		9,911
Power Assets Holdings Ltd.		8,161		42,574
Prudential PLC		15,592		169,874
Sino Biopharmaceutical Ltd.		53,674		26,386
Sino Land Co. Ltd.		16,821		16,947
SITC International Holdings Co. Ltd.		7,529		11,374
Sun Hung Kai Properties Ltd.		7,552		74,106
Swire Pacific Ltd., Class A		1,874		12,163
Swire Properties Ltd.		8,946		17,385
Techtronic Industries Co. Ltd.		7,328		74,394
Vinda International Holdings Ltd.		3,130		8,014
Want Want China Holdings Ltd.		26,923		15,751
WH Group Ltd., 144A		39,827		25,595
Wharf Holdings Ltd.		5,335		13,865
Wharf Real Estate Investment Co. Ltd.		10,016		31,607
Xinyi Glass Holdings Ltd.		11,133		12,813
Yuexiu Property Co. Ltd.		11,555		10,532
(Cost $3,167,657)				2,499,015
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		2,264		18,026
OTP Bank Nyrt		1,369		56,913
Richter Gedeon Nyrt		579		14,593
(Cost $84,381)				89,532
India — 4.4%
ABB India Ltd.		364		19,291
Adani Enterprises Ltd.		873		24,690
Adani Green Energy Ltd.*		1,907		23,526
Adani Ports & Special Economic Zone Ltd.		2,531		25,054
Adani Power Ltd.*		4,860		25,147
Ambuja Cements Ltd.		3,761		19,810
APL Apollo Tubes Ltd.		732		14,814
Apollo Hospitals Enterprise Ltd.		582		38,586
Ashok Leyland Ltd.		4,707		10,338
Asian Paints Ltd.		1,897		70,970
Astral Ltd.		804		18,797
AU Small Finance Bank Ltd., 144A		1,340		11,913
Aurobindo Pharma Ltd.		1,823		22,768
Avenue Supermarts Ltd., 144A*		813		38,506

	Number of Shares		Value
India (Continued)
Axis Bank Ltd.		12,277	$	158,148
Bajaj Auto Ltd.		375		27,388
Bajaj Finance Ltd.		1,410		120,415
Bajaj Finserv Ltd.		2,280		45,754
Bajaj Holdings & Investment Ltd.		177		15,613
Balkrishna Industries Ltd.		426		13,161
Bandhan Bank Ltd., 144A		3,700		10,032
Bank of Baroda		4,743		11,210
Berger Paints India Ltd.		1,440		9,918
Bharat Electronics Ltd.		21,515		37,641
Bharat Forge Ltd.		1,102		14,803
Bharat Petroleum Corp. Ltd.		3,897		20,360
Bharti Airtel Ltd.		11,993		145,926
Britannia Industries Ltd.		588		34,215
CG Power & Industrial Solutions Ltd.		2,517		13,564
Cholamandalam Investment and Finance Co. Ltd.		2,409		32,280
Cipla Ltd.		3,005		43,684
Coal India Ltd.		8,686		35,637
Colgate-Palmolive India Ltd.		694		18,277
Container Corp. Of India Ltd.		1,452		13,511
Cummins India Ltd.		901		20,626
Dabur India Ltd.		3,991		25,750
Divi’s Laboratories Ltd.		734		33,347
DLF Ltd.		3,332		25,006
Dr. Reddy’s Laboratories Ltd.		626		43,449
Eicher Motors Ltd.		766		35,794
GAIL India Ltd.		13,881		21,955
Godrej Consumer Products Ltd.		1,827		22,088
Godrej Properties Ltd.*		767		17,261
Grasim Industries Ltd.		1,167		28,064
Havells India Ltd.		1,403		21,916
HCL Technologies Ltd.		5,302		85,252
HDFC Asset Management Co. Ltd., 144A		617		21,971
HDFC Bank Ltd.		15,380		287,484
HDFC Life Insurance Co. Ltd., 144A		5,058		41,895
Hero MotoCorp Ltd.		692		31,690
Hindalco Industries Ltd.		6,994		43,246
Hindustan Aeronautics Ltd.		1,020		29,108
Hindustan Petroleum Corp. Ltd.*		3,845		16,017
Hindustan Unilever Ltd.		4,481		136,780
ICICI Bank Ltd.		28,509		319,622
ICICI Lombard General Insurance Co. Ltd., 144A		1,437		25,503
ICICI Prudential Life Insurance Co. Ltd., 144A		2,368		15,975
IDFC First Bank Ltd.*		20,403		20,845
Indian Hotels Co. Ltd.		5,027		25,420
Indian Oil Corp. Ltd.		15,346		20,564
Indian Railway Catering & Tourism Corp. Ltd.		1,558		13,185
Indraprastha Gas Ltd.		1,513		7,059
IndusInd Bank Ltd.		1,168		20,534
Info Edge India Ltd.		447		24,715
Infosys Ltd.		17,827		311,066
InterGlobe Aviation Ltd., 144A*		612		19,854
ITC Ltd.		15,775		82,437

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
India (Continued)
Jindal Steel & Power Ltd.		2,591	$	20,841
Jio Financial Services Ltd.*		16,397		45,105
JSW Steel Ltd.		3,244		31,163
Jubilant Foodworks Ltd.		2,564		17,244
Kotak Mahindra Bank Ltd.		6,043		127,206
Larsen & Toubro Ltd.		3,699		137,911
LTIMindtree Ltd., 144A		488		32,399
Lupin Ltd.		1,289		19,799
Macrotech Developers Ltd., 144A		1,101		11,641
Mahindra & Mahindra Ltd.		4,706		92,984
Marico Ltd.		3,283		21,205
Maruti Suzuki India Ltd.		763		97,063
Max Healthcare Institute Ltd.		4,561		34,773
Mphasis Ltd.		553		15,614
MRF Ltd.		13		17,410
Muthoot Finance Ltd.		756		13,434
Nestle India Ltd.		177		51,440
NTPC Ltd.		24,064		75,400
Oil & Natural Gas Corp. Ltd.		17,431		40,749
Page Industries Ltd.		35		15,638
Persistent Systems Ltd.		247		18,956
Petronet LNG Ltd.		3,652		8,881
PI Industries Ltd.		355		16,052
Pidilite Industries Ltd.		770		23,567
Polycab India Ltd.		210		13,265
Power Finance Corp. Ltd.		8,261		33,175
Power Grid Corp. of India Ltd.		23,242		58,235
REC Ltd.		6,811		28,479
Reliance Industries Ltd.		16,566		472,276
Samvardhana Motherson International Ltd.		11,778		13,001
SBI Cards & Payment Services Ltd.		1,384		12,267
SBI Life Insurance Co. Ltd., 144A		2,079		35,781
Shree Cement Ltd.		38		12,185
Shriram Finance Ltd.		1,649		39,690
Siemens Ltd.		413		18,114
Sona Blw Precision Forgings Ltd., 144A		2,705		18,100
SRF Ltd.		900		25,549
State Bank of India		10,321		69,895
Sun Pharmaceutical Industries Ltd.		5,281		77,628
Supreme Industries Ltd.		378		20,085
Suzlon Energy Ltd.*		47,143		23,036
Tata Communications Ltd.		497		10,165
Tata Consultancy Services Ltd.		5,100		213,287
Tata Consumer Products Ltd.		3,294		37,159
Tata Elxsi Ltd.		210		20,782
Tata Motors Ltd.		8,613		72,958
Tata Motors Ltd., Class A		2,106		12,066
Tata Power Co. Ltd.		8,029		25,793
Tata Steel Ltd.		39,753		60,969
Tech Mahindra Ltd.		3,009		44,054
Titan Co. Ltd.		1,960		82,039
Torrent Pharmaceuticals Ltd.		496		12,648
Trent Ltd.		1,162		38,834
Tube Investments of India Ltd.		613		24,745
TVS Motor Co. Ltd.		1,211		27,075
UltraTech Cement Ltd.		660		71,257

	Number of Shares		Value
India (Continued)
United Spirits Ltd.		1,860	$	23,393
UPL Ltd.		2,858		19,557
Varun Beverages Ltd.		2,890		38,294
Vedanta Ltd.		2,680		7,499
Wipro Ltd.		6,579		32,586
Yes Bank Ltd.*		56,316		13,067
Zomato Ltd.*		26,626		37,851
(Cost $4,538,886)				5,964,539
Indonesia — 0.5%
Amman Mineral Internasional PT*		30,420		14,121
Aneka Tambang Tbk		47,388		5,316
GoTo Gojek Tokopedia Tbk PT*		3,970,237		24,830
PT Adaro Energy Indonesia Tbk		82,036		13,858
PT Astra International Tbk		100,569		35,014
PT Bank Central Asia Tbk		302,998		175,332
PT Bank Mandiri Persero Tbk		208,878		78,784
PT Bank Negara Indonesia Persero Tbk		82,728		28,136
PT Bank Rakyat Indonesia Persero Tbk		368,084		125,187
PT Barito Pacific Tbk		142,535		9,603
PT Charoen Pokphand Indonesia Tbk		46,010		15,426
PT Indah Kiat Pulp & Paper Tbk		20,659		11,688
PT Indofood CBP Sukses Makmur Tbk		15,127		11,265
PT Indofood Sukses Makmur Tbk		13,056		5,408
PT Kalbe Farma Tbk		126,870		13,211
PT Merdeka Copper Gold Tbk*		79,644		12,992
PT Sarana Menara Nusantara Tbk		163,488		10,541
PT Semen Indonesia Persero Tbk		26,264		11,007
PT Sumber Alfaria Trijaya Tbk		109,079		20,184
PT Telkom Indonesia Persero Tbk		276,435		67,015
PT Unilever Indonesia Tbk		51,686		12,163
PT United Tractors Tbk		11,193		15,804
(Cost $646,699)				716,885
Ireland — 1.2%
AerCap Holdings NV*		1,118		76,270
AIB Group PLC		8,201		37,975
Bank of Ireland Group PLC		5,757		53,829
CRH PLC		3,877		244,041
DCC PLC		571		38,508
Experian PLC		5,176		189,695
Flutter Entertainment PLC*		976		152,185
James Hardie Industries PLC CDI*		2,457		79,095
Kerry Group PLC, Class A		901		72,791
Kingspan Group PLC		885		70,130
PDD Holdings, Inc., ADR*		3,287		484,635
Smurfit Kappa Group PLC		1,454		55,077
(Cost $1,081,843)				1,554,231
Israel — 0.4%
Azrieli Group Ltd.		249		14,436
Bank Hapoalim BM		7,104		60,001
Bank Leumi Le-Israel BM		8,675		64,991
Check Point Software Technologies Ltd.*		545		79,570
CyberArk Software Ltd.*		225		44,836
Elbit Systems Ltd.		143		28,468
Global-e Online Ltd.*		565		19,351
ICL Group Ltd.		4,138		20,786

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Israel (Continued)
Israel Discount Bank Ltd., Class A		5,941	$	28,616
Mizrahi Tefahot Bank Ltd.		999		35,614
Monday.com Ltd.*		122		21,940
Nice Ltd.*		335		64,347
Teva Pharmaceutical Industries Ltd., ADR*		6,161		60,501
Wix.com Ltd.*		337		34,206
(Cost $581,101)				577,663
Italy — 1.5%
Amplifon SpA		725		22,515
Assicurazioni Generali SpA		5,454		112,827
Banco BPM SpA		5,975		33,000
Davide Campari-Milano NV		3,324		36,254
DiaSorin SpA		150		14,195
Enel SpA		45,393		320,475
Eni SpA		12,551		207,222
Ferrari NV		691		248,662
FinecoBank Banca Fineco SpA		3,520		47,377
Infrastrutture Wireless Italiane SpA, 144A		2,148		26,467
Intesa Sanpaolo SpA		85,643		246,247
Leonardo SpA		2,095		32,085
Mediobanca Banca di Credito Finanziario SpA		2,730		32,019
Moncler SpA		1,076		59,592
Nexi SpA, 144A*		3,229		25,131
Poste Italiane SpA, 144A		2,858		30,724
Prysmian SpA		1,468		56,454
Recordati Industria Chimica e Farmaceutica SpA		624		30,001
Snam SpA		11,803		59,394
Telecom Italia SpA*		59,521		17,273
Terna — Rete Elettrica Nazionale		8,322		66,997
UniCredit SpA		8,711		236,906
(Cost $1,551,875)				1,961,817
Japan — 14.2%
Advantest Corp.		4,000		126,292
Aeon Co. Ltd.		3,500		72,262
AGC, Inc.		1,200		43,464
Aisin Corp.		800		29,413
Ajinomoto Co., Inc.		2,500		93,181
ANA Holdings, Inc.*		1,000		20,585
Asahi Group Holdings Ltd.		2,700		99,342
Asahi Intecc Co. Ltd.		1,300		25,135
Asahi Kasei Corp.		5,600		38,772
Astellas Pharma, Inc.		9,900		120,027
Azbil Corp.		900		28,968
Bandai Namco Holdings, Inc.		3,300		65,506
BayCurrent Consulting, Inc.		800		26,850
Bridgestone Corp.		3,100		127,504
Brother Industries Ltd.		1,519		25,573
Canon, Inc.		5,700		146,364
Capcom Co. Ltd.		1,100		36,971
Central Japan Railway Co.		4,000		95,778
Chiba Bank Ltd.		3,800		28,360

	Number of Shares		Value
Japan (Continued)
Chubu Electric Power Co., Inc.		3,700	$	45,595
Chugai Pharmaceutical Co. Ltd.		3,664		128,954
Concordia Financial Group Ltd.		6,100		28,550
Dai Nippon Printing Co. Ltd.		1,000		28,012
Daifuku Co. Ltd.		1,800		33,788
Dai-ichi Life Holdings, Inc.		5,400		112,218
Daiichi Sankyo Co. Ltd.		10,326		278,592
Daikin Industries Ltd.		1,413		211,149
Daito Trust Construction Co. Ltd.		300		32,983
Daiwa House Industry Co. Ltd.		3,271		92,641
Daiwa House REIT Investment Corp. REIT		10		17,793
Daiwa Securities Group, Inc.		7,800		50,264
Denso Corp.		9,400		146,713
Dentsu Group, Inc.		900		24,191
Disco Corp.		523		113,200
East Japan Railway Co.		1,570		84,663
Eisai Co. Ltd.		1,400		72,446
ENEOS Holdings, Inc.		16,393		64,617
FANUC Corp.		5,425		150,536
Fast Retailing Co. Ltd.		948		239,717
Fuji Electric Co. Ltd.		600		25,095
FUJIFILM Holdings Corp.		2,100		122,663
Fujitsu Ltd.		1,000		142,452
GLP J REIT		19		17,903
Hamamatsu Photonics KK		700		27,649
Hankyu Hanshin Holdings, Inc.		1,200		36,188
Hikari Tsushin, Inc.		100		15,507
Hirose Electric Co. Ltd.		205		22,884
Hitachi Construction Machinery Co. Ltd.		600		15,520
Hitachi Ltd.		5,141		356,638
Honda Motor Co. Ltd.		25,629		260,854
Hoshizaki Corp.		656		20,836
Hoya Corp.		1,978		222,335
Hulic Co. Ltd.		2,800		27,724
Ibiden Co. Ltd.		600		28,616
Idemitsu Kosan Co. Ltd.		1,232		33,704
Iida Group Holdings Co. Ltd.		800		11,925
Inpex Corp.		5,200		73,304
Isuzu Motors Ltd.		3,300		43,526
ITOCHU Corp.		6,500		251,565
Japan Airlines Co. Ltd.		900		17,064
Japan Exchange Group, Inc.		3,000		61,089
Japan Metropolitan Fund Invest REIT		45		29,897
Japan Post Bank Co. Ltd.		8,200		80,722
Japan Post Holdings Co. Ltd.		10,899		95,897
Japan Post Insurance Co. Ltd.		1,100		20,515
Japan Real Estate Investment Corp. REIT		7		27,148
Japan Tobacco, Inc.		6,588		168,899
JFE Holdings, Inc.		2,700		39,700
JSR Corp.		1,100		30,189
Kajima Corp.		2,500		39,399
Kansai Electric Power Co., Inc.		3,600		47,859
Kao Corp.		2,611		100,312
Kawasaki Kisen Kaisha Ltd.		700		24,499
KDDI Corp.		8,200		255,801
KDX Realty Investment Corp. REIT		24		27,438

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Keisei Electric Railway Co. Ltd.		800	$	32,160
Keyence Corp.		1,044		446,091
Kikkoman Corp.		700		42,800
Kintetsu Group Holdings Co. Ltd.		1,000		27,964
Kirin Holdings Co. Ltd.		4,200		59,122
Kobe Bussan Co. Ltd.		800		21,066
Koei Tecmo Holdings Co. Ltd.		520		6,350
Koito Manufacturing Co. Ltd.		1,200		18,102
Komatsu Ltd.		5,000		127,209
Konami Group Corp.		600		29,603
Kose Corp.		200		14,117
Kubota Corp.		5,500		78,608
Kyocera Corp.		1,684		93,025
Kyowa Kirin Co. Ltd.		1,700		27,943
Lasertec Corp.		400		89,141
LY Corp.		15,300		44,437
M3, Inc.		2,442		40,280
Makita Corp.		1,400		37,054
Marubeni Corp.		8,200		127,596
MatsukiyoCocokara & Co.		1,800		31,002
Mazda Motor Corp.		3,200		34,070
McDonald’s Holdings Co. Japan Ltd.		400		17,024
MEIJI Holdings Co. Ltd.		1,400		32,323
MINEBEA MITSUMI, Inc.		2,200		41,742
MISUMI Group, Inc.		1,400		22,663
Mitsubishi Chemical Group Corp.		7,300		47,687
Mitsubishi Corp.		6,444		299,294
Mitsubishi Electric Corp.		10,700		144,991
Mitsubishi Estate Co. Ltd.		6,500		87,530
Mitsubishi HC Capital, Inc.		4,000		26,019
Mitsubishi Heavy Industries Ltd.		1,700		94,804
Mitsubishi UFJ Financial Group, Inc.		62,500		529,054
Mitsui & Co. Ltd.		7,200		261,853
Mitsui Chemicals, Inc.		1,100		32,111
Mitsui Fudosan Co. Ltd.		4,900		114,750
Mitsui OSK Lines Ltd.		2,000		54,782
Mizuho Financial Group, Inc.		13,250		224,497
MonotaRO Co. Ltd.		1,900		19,133
MS&AD Insurance Group Holdings, Inc.		2,300		85,835
Murata Manufacturing Co. Ltd.		9,500		184,765
NEC Corp.		1,300		72,251
Nexon Co. Ltd.		1,860		40,121
Nidec Corp.		2,400		90,716
Nintendo Co. Ltd.		5,800		270,401
Nippon Building Fund, Inc. REIT		9		37,697
NIPPON EXPRESS HOLDINGS, Inc.		300		16,331
Nippon Paint Holdings Co. Ltd.		4,900		36,504
Nippon Prologis REIT, Inc. REIT		12		22,695
Nippon Sanso Holdings Corp.		1,000		26,190
Nippon Steel Corp.		4,810		112,155
Nippon Telegraph & Telephone Corp.		157,300		183,655
Nippon Yusen KK		2,700		72,371
Nissan Chemical Corp.		800		29,100
Nissan Motor Co. Ltd.		12,100		47,572
Nissin Foods Holdings Co. Ltd.		315		31,158
Nitori Holdings Co. Ltd.		401		46,142
Nitto Denko Corp.		800		56,738

	Number of Shares		Value
Japan (Continued)
Nomura Holdings, Inc.		17,300	$	70,864
Nomura Real Estate Holdings, Inc.		600		14,585
Nomura Real Estate Master Fund, Inc. REIT		27		30,923
Nomura Research Institute Ltd.		2,156		60,378
NTT Data Group Corp.		3,400		41,210
Obayashi Corp.		3,900		32,816
Obic Co. Ltd.		400		61,230
Odakyu Electric Railway Co. Ltd.		1,600		22,442
Oji Holdings Corp.		4,122		15,269
Olympus Corp.		6,300		92,040
Omron Corp.		1,000		41,812
Ono Pharmaceutical Co. Ltd.		2,300		42,212
Open House Group Co. Ltd.		500		13,921
Oracle Corp.		200		15,426
Oriental Land Co. Ltd.		6,025		204,206
ORIX Corp.		6,356		115,686
Osaka Gas Co. Ltd.		2,208		42,891
Otsuka Corp.		608		24,749
Otsuka Holdings Co. Ltd.		2,183		83,766
Pan Pacific International Holdings Corp.		1,800		38,899
Panasonic Holdings Corp.		11,900		122,805
Rakuten Group, Inc.		8,300		32,789
Recruit Holdings Co. Ltd.		8,100		300,759
Renesas Electronics Corp.*		8,200		143,995
Resona Holdings, Inc.		11,900		61,683
Ricoh Co. Ltd.		2,500		20,353
Rohm Co. Ltd.		1,700		32,398
SBI Holdings, Inc.		1,517		32,814
SCSK Corp.		900		16,536
Secom Co. Ltd.		1,100		76,383
Seiko Epson Corp.		1,700		25,203
Sekisui Chemical Co. Ltd.		1,500		21,251
Sekisui House Ltd.		3,300		67,420
Seven & i Holdings Co. Ltd.		4,261		157,927
SG Holdings Co. Ltd.		1,900		27,393
Sharp Corp.*		1,300		8,116
Shimadzu Corp.		1,400		36,213
Shimano, Inc.		453		69,527
Shimizu Corp.		3,000		19,660
Shin-Etsu Chemical Co. Ltd.		9,995		351,369
Shionogi & Co. Ltd.		1,409		66,316
Shiseido Co. Ltd.		2,306		61,686
Shizuoka Financial Group, Inc.		2,000		16,134
SMC Corp.		308		154,665
SoftBank Corp.		15,400		186,813
SoftBank Group Corp.		5,700		231,445
Sompo Holdings, Inc.		1,600		72,921
Sony Group Corp.		6,900		596,641
Square Enix Holdings Co. Ltd.		500		17,307
Subaru Corp.		3,200		56,571
SUMCO Corp.		2,100		31,395
Sumitomo Chemical Co. Ltd.		9,300		23,680
Sumitomo Corp.		5,400		112,910
Sumitomo Electric Industries Ltd.		4,400		54,429
Sumitomo Metal Mining Co. Ltd.		1,300		37,634
Sumitomo Mitsui Financial Group, Inc.		7,100		347,577

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Sumitomo Mitsui Trust Holdings, Inc.		1,810	$	67,866
Sumitomo Realty & Development Co. Ltd.		1,439		40,512
Suntory Beverage & Food Ltd.		800		25,080
Suzuki Motor Corp.		1,900		77,161
Sysmex Corp.		900		49,662
T&D Holdings, Inc.		3,000		44,243
Taisei Corp.		800		27,147
Takeda Pharmaceutical Co. Ltd.		8,687		244,040
TDK Corp.		2,100		97,309
Terumo Corp.		3,600		114,561
TIS, Inc.		1,300		27,419
Tobu Railway Co. Ltd.		1,092		26,921
Toho Co. Ltd.		500		17,304
Tokio Marine Holdings, Inc.		10,102		248,564
Tokyo Electric Power Co. Holdings, Inc.*		8,900		37,873
Tokyo Electron Ltd.		2,614		423,589
Tokyo Gas Co. Ltd.		1,900		43,918
Tokyu Corp.		2,800		32,776
TOPPAN Holdings, Inc.		1,500		35,047
Toray Industries, Inc.		7,000		36,218
Toshiba Corp.*		451		13,993
Tosoh Corp.		1,100		14,594
TOTO Ltd.		740		18,952
Toyota Industries Corp.		800		68,609
Toyota Motor Corp.		58,120		1,095,483
Toyota Tsusho Corp.		1,100		60,765
Trend Micro, Inc.		800		40,545
Unicharm Corp.		2,205		70,838
USS Co. Ltd.		1,100		21,464
West Japan Railway Co.		1,100		43,381
Yakult Honsha Co. Ltd.		1,200		26,734
Yamaha Corp.		800		18,675
Yamaha Motor Co. Ltd.		1,800		45,856
Yamato Holdings Co. Ltd.		1,600		28,366
Yaskawa Electric Corp.		1,500		57,396
Yokogawa Electric Corp.		1,361		25,713
Zensho Holdings Co. Ltd.		600		33,242
ZOZO, Inc.		733		15,450
(Cost $15,664,173)				19,145,988
Jordan — 0.0%
Hikma Pharmaceuticals PLC
(Cost $26,809)		1,155		25,131
Kazakhstan — 0.0%
Polymetal International PLC* (b)
(Cost $27,415)		1,738		0
Kuwait — 0.2%
Agility Public Warehousing Co. KSC*		8,404		14,689
Boubyan Bank KSCP		6,628		12,507
Gulf Bank KSCP		14,714		12,050
Kuwait Finance House KSCP		44,711		101,159
Mabanee Co KPSC		3,640		9,873
Mobile Telecommunications Co. KSCP		11,016		17,436
National Bank of Kuwait SAKP		41,435		118,692
(Cost $267,090)				286,406

	Number of Shares		Value
Luxembourg — 0.1%
ArcelorMittal SA		2,686	$	67,509
Eurofins Scientific SE		765		44,433
Reinet Investments SCA		806		18,919
Tenaris SA		2,613		44,797
(Cost $159,900)				175,658
Macau — 0.0%
Sands China Ltd.*
(Cost $56,312)		14,172		34,762
Malaysia — 0.4%
AMMB Holdings Bhd		10,087		8,573
Axiata Group Bhd		11,876		5,760
Celcomdigi Bhd		20,644		19,228
CIMB Group Holdings Bhd		34,514		41,851
Dialog Group Bhd		23,700		11,241
Gamuda Bhd		17,155		17,562
Genting Bhd		16,800		16,874
Genting Malaysia Bhd		21,700		12,435
Hong Leong Bank Bhd		2,582		10,529
IHH Healthcare Bhd		9,091		11,375
Inari Amertron Bhd		21,000		13,160
IOI Corp. Bhd		12,200		10,526
Kuala Lumpur Kepong Bhd		2,620		12,303
Malayan Banking Bhd		28,237		54,420
Malaysia Airports Holdings Bhd		8,454		13,027
Maxis Bhd		12,100		10,128
MISC Bhd		6,000		9,258
MR DIY Group M Bhd, 144A		17,400		5,713
Nestle Malaysia Bhd		300		8,074
Petronas Chemicals Group Bhd		13,257		20,542
Petronas Dagangan Bhd		1,500		7,179
Petronas Gas Bhd		4,641		16,793
PPB Group Bhd		2,440		7,384
Press Metal Aluminium Holdings Bhd		21,100		21,736
Public Bank Bhd		77,700		71,205
QL Resources Bhd		7,800		9,391
RHB Bank Bhd		10,124		11,841
Sime Darby Bhd		8,000		4,241
Sime Darby Plantation Bhd		11,711		11,335
Telekom Malaysia Bhd		4,400		4,976
Tenaga Nasional Bhd		14,500		31,088
(Cost $564,154)				509,748
Mexico — 0.7%
Alfa SAB de CV, Class A		20,533		14,979
America Movil SAB de CV, Series B		101,814		92,092
Arca Continental SAB de CV		3,023		30,868
Banco del Bajio SA, 144A		4,748		15,057
Cemex SAB de CV, Series CPO*		79,753		55,423
Coca-Cola Femsa SAB de CV		2,948		24,778
Fibra Uno Administracion SA de CV REIT		16,664		26,816
Fomento Economico Mexicano SAB de CV		10,640		135,312
Gruma SAB de CV, Class B		1,259		23,332
Grupo Aeroportuario del Centro Norte SAB de CV		1,260		11,440

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Mexico (Continued)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,257	$	34,379
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,207		28,497
Grupo Bimbo SAB de CV, Series A		6,565		33,127
Grupo Carso SAB de CV, Series A1		3,440		31,604
Grupo Financiero Banorte SAB de CV, Class O		14,629		136,035
Grupo Financiero Inbursa SAB de CV, Class O*		10,856		26,533
Grupo Mexico SAB de CV, Series B		17,101		78,384
Industrias Penoles SAB de CV*		1,324		19,420
Kimberly-Clark de Mexico SAB de CV, Class A		7,913		16,010
Operadora De Sites Mexicanos SAB de CV, Class A-1		8,566		10,766
Orbia Advance Corp. SAB de CV		6,495		13,870
Prologis Property Mexico SA de CV REIT		3,810		16,404
Promotora y Operadora de Infraestructura SAB de CV		496		4,881
Wal-Mart de Mexico SAB de CV		29,576		115,947
(Cost $737,452)				995,954
Netherlands — 3.1%
ABN AMRO Bank NV, 144A		2,423		32,480
Adyen NV, 144A*		116		135,231
Aegon Ltd.		9,689		53,007
Akzo Nobel NV		1,008		77,309
Argenx SE*		325		144,123
ASM International NV		267		136,799
ASML Holding NV		2,216		1,502,749
ASR Nederland NV		970		44,631
BE Semiconductor Industries NV		449		62,778
Euronext NV, 144A		502		41,638
EXOR NV		569		55,309
Heineken Holding NV		801		62,166
Heineken NV		1,612		147,216
IMCD NV		353		54,389
ING Groep NV		19,348		271,215
JDE Peet’s NV		549		14,713
Koninklijke Ahold Delhaize NV		5,250		151,780
Koninklijke KPN NV		18,070		61,899
Koninklijke Philips NV*		4,277		87,384
NEPI Rockcastle NV*		2,767		17,027
NN Group NV		1,433		54,422
OCI NV		441		9,476
Prosus NV*		7,965		263,565
QIAGEN NV*		1,377		56,432
Randstad NV		493		29,246
Stellantis NV		12,115		262,451
Universal Music Group NV		4,541		119,815
Wolters Kluwer NV		1,338		183,945
(Cost $2,958,838)				4,133,195
New Zealand — 0.2%
Auckland International Airport Ltd.		6,441		31,414
Fisher & Paykel Healthcare Corp. Ltd.		3,273		47,485

	Number of Shares		Value
New Zealand (Continued)
Mercury NZ Ltd.		3,536	$	13,566
Meridian Energy Ltd.		7,709		24,757
Spark New Zealand Ltd.		11,432		36,501
Xero Ltd.*		792		53,927
(Cost $191,559)				207,650
Norway — 0.4%
Adevinta ASA*		1,580		16,326
Aker BP ASA		1,768		50,671
DNB Bank ASA		5,027		95,755
Equinor ASA		4,778		153,718
Gjensidige Forsikring ASA		1,423		23,949
Kongsberg Gruppen ASA		475		20,387
Mowi ASA		2,532		45,001
Norsk Hydro ASA		7,355		42,675
Orkla ASA		4,370		32,165
Salmar ASA		350		19,176
Telenor ASA		3,987		42,855
Yara International ASA		981		33,211
(Cost $553,345)				575,889
Peru — 0.0%
Cia de Minas Buenaventura SAA, ADR		1,193		11,381
Credicorp Ltd.		377		47,325
(Cost $73,040)				58,706
Philippines — 0.2%
Aboitiz Equity Ventures, Inc.		7,900		6,663
Ayala Corp.		1,400		16,752
Ayala Land, Inc.		43,600		24,515
Bank of the Philippine Islands		12,305		22,907
BDO Unibank, Inc.		14,830		35,678
International Container Terminal Services, Inc.		6,300		24,501
JG Summit Holdings, Inc.		9,770		6,779
Jollibee Foods Corp.		2,230		9,106
Manila Electric Co.		860		5,579
Metropolitan Bank & Trust Co.		12,041		10,839
PLDT, Inc.		500		11,606
SM Investments Corp.		1,265		18,671
SM Prime Holdings, Inc.		40,300		23,458
Universal Robina Corp.		4,470		9,103
(Cost $237,760)				226,157
Poland — 0.3%
Allegro.eu SA, 144A*		2,074		15,002
Bank Polska Kasa Opieki SA		1,080		37,940
Budimex SA		104		14,427
CD Projekt SA		384		10,447
Cyfrowy Polsat SA*		1,176		3,771
Dino Polska SA, 144A*		301		33,539
KGHM Polska Miedz SA		693		19,971
LPP SA		6		22,315
mBank SA*		102		14,384
ORLEN SA		3,024		44,624
PGE Polska Grupa Energetyczna SA*		5,244		11,021
Powszechna Kasa Oszczednosci Bank Polski SA*		4,443		52,782

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Poland (Continued)
Powszechny Zaklad Ubezpieczen SA		3,645	$	41,544
Santander Bank Polska SA*		169		20,985
(Cost $297,298)				342,752
Portugal — 0.1%
EDP — Energias de Portugal SA		16,153		77,134
Galp Energia SGPS SA		2,286		33,978
Jeronimo Martins SGPS SA		1,416		34,988
(Cost $120,201)				146,100
Qatar — 0.3%
Barwa Real Estate Co.		7,266		5,388
Commercial Bank PSQC		18,359		26,876
Dukhan Bank		10,103		10,716
Industries Qatar QSC		8,441		28,979
Masraf Al Rayan QSC		40,228		27,467
Mesaieed Petrochemical Holding Co.		25,772		11,884
Ooredoo QPSC		5,108		14,436
Qatar Electricity & Water Co. QSC		2,691		12,476
Qatar Fuel QSC		2,870		12,549
Qatar Gas Transport Co. Ltd.		16,921		15,057
Qatar International Islamic Bank QSC		4,630		12,755
Qatar Islamic Bank SAQ		9,924		51,787
Qatar National Bank QPSC		24,254		104,583
(Cost $328,961)				334,953
Russia — 0.0%
Alrosa PJSC* (b)		15,266		0
Gazprom PJSC* (b)		63,321		0
Inter RAO UES PJSC* (b)		208,853		0
LUKOIL PJSC* (b)		2,194		0
Magnit PJSC* (b)		443		0
MMC Norilsk Nickel PJSC* (b)		352		0
Mobile TeleSystems PJSC, ADR* (b)		3,019		0
Moscow Exchange MICEX-RTS PJSC* (b)		8,105		0
Novatek PJSC* (b)		5,150		0
Novolipetsk Steel PJSC* (b)		7,219		0
Ozon Holdings PLC, ADR* (b)		322		0
PhosAgro PJSC* (b)		217		0
PhosAgro PJSC, GDR* (b)		4		0
Polyus PJSC* (b)		204		0
Rosneft Oil Co. PJSC* (b)		6,103		0
Sberbank of Russia PJSC* (b)		57,586		0
Severstal PAO* (b)		1,243		0
Surgutneftegas PJSC* (b)		29,592		0
Tatneft PJSC* (b)		7,874		0
United Co. RUSAL International PJSC* (b)		21,438		0
VK Co. Ltd., GDR* (b)		452		0
VTB Bank PJSC* (b)		16,943,490		0
X5 Retail Group NV, GDR* (b)		635		0
Yandex NV, Class A* (b)		1,576		0
(Cost $1,162,854)				0
Saudi Arabia — 1.1%
ACWA Power Co.		500		30,521
Advanced Petrochemical Co.		941		9,381

	Number of Shares		Value
Saudi Arabia (Continued)
Al Rajhi Bank		10,659	$	217,073
Alinma Bank		5,083		48,506
Almarai Co. JSC		1,382		20,556
Arab National Bank		3,205		20,504
Arabian Internet & Communications Services Co.		132		10,957
Bank AlBilad		2,723		27,763
Bank Al-Jazira*		2,489		11,266
Banque Saudi Fransi		3,473		34,624
Bupa Arabia for Cooperative Insurance Co.		417		22,164
Co. for Cooperative Insurance		485		15,927
Dallah Healthcare Co.		97		4,292
Dar Al Arkan Real Estate Development Co.*		3,148		12,503
Dr Sulaiman Al Habib Medical Services Group Co.		469		35,255
Elm Co.		154		30,566
Etihad Etisalat Co.		2,194		27,019
Jarir Marketing Co.		3,200		12,437
Mobile Telecommunications Co. Saudi Arabia		2,628		9,877
Mouwasat Medical Services Co.		568		17,048
Nahdi Medical Co.		215		7,783
National Industrialization Co.*		3,439		11,184
Power & Water Utility Co. for Jubail & Yanbu		470		7,392
Rabigh Refining & Petrochemical Co.*		3,673		10,672
Riyad Bank		8,136		57,905
SABIC Agri-Nutrients Co.		1,251		45,885
Sahara International Petrochemical Co.		1,801		15,530
Saudi Arabian Mining Co.*		6,907		73,369
Saudi Arabian Oil Co., 144A		14,813		131,092
Saudi Aramco Base Oil Co.		330		12,069
Saudi Awwal Bank		5,667		52,493
Saudi Basic Industries Corp.		5,101		107,690
Saudi Electricity Co.		3,865		18,606
Saudi Industrial Investment Group		2,082		12,498
Saudi Investment Bank		2,706		10,820
Saudi Kayan Petrochemical Co.*		4,663		14,070
Saudi National Bank		15,382		143,303
Saudi Research & Media Group*		208		8,827
Saudi Tadawul Group Holding Co.		228		11,110
Saudi Telecom Co.		10,936		112,086
Savola Group		1,298		12,975
Yanbu National Petrochemical Co.		1,411		14,161
(Cost $1,357,492)				1,509,759
Singapore — 0.9%
BOC Aviation Ltd., 144A		1,235		8,886
CapitaLand Ascendas REIT		18,346		38,949
CapitaLand Integrated Commercial Trust REIT		30,940		42,095
CapitaLand Investment Ltd.		14,057		31,840
City Developments Ltd.		2,200		10,295
DBS Group Holdings Ltd.		10,206		242,161
Genting Singapore Ltd.		28,300		19,358

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Singapore (Continued)
Grab Holdings Ltd., Class A*		10,982	$	33,385
Jardine Cycle & Carriage Ltd.		400		8,528
JOYY, Inc., ADR		289		11,101
Keppel Corp. Ltd.		8,500		42,382
Mapletree Logistics Trust REIT		22,909		27,572
Mapletree Pan Asia Commercial Trust REIT		17,100		17,513
Oversea-Chinese Banking Corp. Ltd.		18,165		170,284
Sea Ltd., ADR*		1,939		70,231
Seatrium Ltd.*		264,122		20,732
Sembcorp Industries Ltd.		6,200		23,823
Singapore Airlines Ltd.		9,450		44,788
Singapore Exchange Ltd.		5,093		35,903
Singapore Technologies Engineering Ltd.		9,430		26,153
Singapore Telecommunications Ltd.		44,200		76,327
United Overseas Bank Ltd.		7,022		142,886
UOL Group Ltd.		2,600		11,467
Wilmar International Ltd.		11,237		30,493
(Cost $1,364,375)				1,187,152
South Africa — 0.8%
Absa Group Ltd.		4,904		45,202
Anglo American Platinum Ltd.		255		10,789
Aspen Pharmacare Holdings Ltd.		2,097		20,594
Bid Corp. Ltd.		2,003		43,911
Bidvest Group Ltd.		1,734		21,687
Capitec Bank Holdings Ltd.		454		47,220
Clicks Group Ltd.		1,169		18,302
Discovery Ltd.		3,021		21,320
Exxaro Resources Ltd.		1,589		15,826
FirstRand Ltd.		27,022		96,656
Gold Fields Ltd.		4,515		68,214
Harmony Gold Mining Co. Ltd.		3,264		20,246
Impala Platinum Holdings Ltd.		4,303		17,492
Kumba Iron Ore Ltd.		412		12,944
MTN Group Ltd.		9,663		52,766
Naspers Ltd., Class N*		991		182,603
Nedbank Group Ltd.		2,667		30,248
Northam Platinum Holdings Ltd.		2,088		13,475
Old Mutual Ltd.		28,074		17,126
OUTsurance Group Ltd.		5,701		12,550
Pepkor Holdings Ltd., 144A		10,826		10,693
Remgro Ltd.		3,115		23,995
Sanlam Ltd.		9,867		35,545
Sasol Ltd.		3,350		37,230
Shoprite Holdings Ltd.		3,096		42,233
Sibanye Stillwater Ltd.		15,239		16,814
Standard Bank Group Ltd.		7,534		80,019
Vodacom Group Ltd.		2,823		14,526
Woolworths Holdings Ltd.		5,743		20,564
(Cost $1,107,788)				1,050,790
South Korea — 3.3%
Amorepacific Corp.		179		17,940
Celltrion Healthcare Co. Ltd.		580		33,492
Celltrion Pharm, Inc.*		135		8,382

	Number of Shares		Value
South Korea (Continued)
Celltrion, Inc.		581	$	73,360
CJ CheilJedang Corp.		49		11,736
CosmoAM&T Co. Ltd.*		147		18,766
Coway Co. Ltd.		325		12,595
DB Insurance Co. Ltd.		281		18,230
Doosan Bobcat, Inc.		371		13,113
Doosan Enerbility Co. Ltd.*		2,580		31,596
Ecopro BM Co. Ltd.		264		56,068
Ecopro Co. Ltd.		111		64,355
F&F Co. Ltd. / New		56		3,729
GS Holdings Corp.		304		9,732
Hana Financial Group, Inc.		1,557		50,265
Hankook Tire & Technology Co. Ltd.		342		12,022
Hanmi Pharm. Co. Ltd.		27		6,435
Hanmi Semiconductor Co. Ltd.		269		13,261
Hanon Systems		837		4,703
Hanwha Aerospace Co. Ltd.		236		23,030
Hanwha Ocean Co. Ltd.*		355		7,512
Hanwha Solutions Corp.*		382		9,889
HD Hyundai Co. Ltd.		312		14,582
HD Hyundai Heavy Industries Co. Ltd.*		124		12,033
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		219		18,961
HLB, Inc.*		739		18,272
HMM Co. Ltd.		1,108		13,303
Hotel Shilla Co. Ltd.		152		7,729
HYBE Co. Ltd.*		99		16,536
Hyundai Engineering & Construction Co. Ltd.		173		4,807
Hyundai Glovis Co. Ltd.		111		14,945
Hyundai Mipo Dockyard Co. Ltd.*		164		10,309
Hyundai Mobis Co. Ltd.		343		60,882
Hyundai Motor Co.		745		106,424
Hyundai Steel Co.		483		13,178
Industrial Bank of Korea		1,244		11,407
JYP Entertainment Corp.		194		14,436
Kakao Corp.		1,782		69,752
KakaoBank Corp.		701		14,236
Kakaopay Corp.*		212		7,575
Kangwon Land, Inc.		553		6,644
KB Financial Group, Inc.		2,073		84,196
Kia Corp.		1,401		93,281
Korea Aerospace Industries Ltd.		409		14,694
Korea Electric Power Corp.*		1,572		22,968
Korea Investment Holdings Co. Ltd.		286		13,279
Korea Zinc Co. Ltd.		48		18,286
Korean Air Lines Co. Ltd.		989		17,210
Krafton, Inc.*		163		26,911
KT Corp.		191		4,967
KT&G Corp.		500		34,182
Kum Yang Co. Ltd.*		164		16,309
Kumho Petrochemical Co. Ltd.		116		11,509
L&F Co. Ltd.		134		18,311
LG Chem Ltd.		268		104,072
LG Corp.		390		25,423
LG Display Co. Ltd.*		1,336		12,965
LG Electronics, Inc.		627		49,911

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
LG Energy Solution Ltd.*		268	$	94,412
LG H&H Co. Ltd.		47		12,149
LG Innotek Co. Ltd.		85		15,680
LG Uplus Corp.		922		7,504
Lotte Chemical Corp.		109		13,028
Meritz Financial Group, Inc.*		570		24,520
Mirae Asset Securities Co. Ltd.		1,783		9,909
NAVER Corp.		712		114,790
NCSoft Corp.		53		10,763
Netmarble Corp., 144A*		128		5,893
NH Investment & Securities Co. Ltd.		155		1,233
Orion Corp.		110		10,035
Pearl Abyss Corp.*		207		6,065
Posco DX Co. Ltd.		274		12,169
POSCO Future M Co. Ltd.		187		47,034
POSCO Holdings, Inc.		403		150,873
Posco International Corp.		404		17,912
Samsung Biologics Co. Ltd., 144A*		87		48,890
Samsung C&T Corp.		382		35,323
Samsung Electro-Mechanics Co. Ltd.		347		39,188
Samsung Electronics Co. Ltd.		26,231		1,480,151
Samsung Engineering Co. Ltd.*		1,026		20,080
Samsung Fire & Marine Insurance Co. Ltd.		176		35,469
Samsung Heavy Industries Co. Ltd.*		3,789		23,436
Samsung Life Insurance Co. Ltd.		443		24,036
Samsung SDI Co. Ltd.		300		109,755
Samsung SDS Co. Ltd.		162		21,145
Samsung Securities Co. Ltd.		383		11,637
Shinhan Financial Group Co. Ltd.		2,462		70,416
SK Biopharmaceuticals Co. Ltd.*		244		16,284
SK Bioscience Co. Ltd.*		145		7,642
SK Hynix, Inc.		3,025		313,954
SK IE Technology Co. Ltd., 144A*		142		7,815
SK Innovation Co. Ltd.*		349		38,710
SK Square Co. Ltd.*		560		22,137
SK, Inc.		198		25,108
SKC Co. Ltd.		116		8,721
S-Oil Corp.		293		15,489
Woori Financial Group, Inc.		3,291		33,212
Yuhan Corp.		298		14,159
(Cost $3,396,022)				4,481,422
Spain — 1.7%
Acciona SA		152		21,426
ACS Actividades de Construccion y Servicios SA		1,180		47,074
Aena SME SA, 144A		410		70,491
Amadeus IT Group SA		2,536		173,411
Banco Bilbao Vizcaya Argentaria SA		32,122		297,411
Banco Santander SA		81,911		338,898
Banco Santander SA		4,119		16,126
CaixaBank SA		22,198		99,815
Cellnex Telecom SA, 144A*		3,083		117,589
Corp ACCIONA Energias Renovables SA		384		11,386
EDP Renovaveis SA		1,658		30,229
Enagas SA		1,497		27,375

	Number of Shares		Value
Spain (Continued)
Endesa SA		1,889	$	39,448
Ferrovial SE		2,803		96,902
Grifols SA*		1,771		24,993
Iberdrola SA		32,531		401,727
Industria de Diseno Textil SA		5,790		238,420
Naturgy Energy Group SA		718		21,430
Redeia Corp. SA		2,098		35,123
Repsol SA		6,459		98,710
Telefonica SA		27,941		120,256
(Cost $2,043,892)				2,328,240
Sweden — 1.9%
Alfa Laval AB		1,599		59,582
Assa Abloy AB, Class B		5,408		138,342
Atlas Copco AB, Class A		15,020		231,508
Atlas Copco AB, Class B		8,852		116,677
Beijer Ref AB		2,048		22,637
Boliden AB		1,586		42,263
Epiroc AB, Class A		3,414		63,574
Epiroc AB, Class B		2,344		36,843
EQT AB		2,092		49,293
Essity AB, Class B		3,333		83,294
Evolution AB, 144A		999		103,420
Fastighets AB Balder, Class B*		3,804		22,403
Getinge AB, Class B		1,461		31,017
H & M Hennes & Mauritz AB, Class B		3,676		58,759
Hexagon AB, Class B		11,161		111,462
Holmen AB, Class B		583		24,416
Husqvarna AB, Class B		2,481		18,924
Industrivarden AB, Class A		724		21,739
Industrivarden AB, Class C		667		20,053
Indutrade AB		1,510		33,064
Investment AB Latour, Class B		881		19,702
Investor AB, Class B		9,580		198,643
L E Lundbergforetagen AB, Class B		447		21,712
Lifco AB, Class B		1,561		33,839
Nibe Industrier AB, Class B		8,289		48,895
Saab AB, Class B		454		23,305
Sagax AB, Class B		1,080		24,461
Sandvik AB		5,738		113,079
Securitas AB, Class B		2,900		26,074
Skandinaviska Enskilda Banken AB, Class A		8,654		104,633
Skanska AB, Class B		1,879		30,142
SKF AB, Class B		2,194		41,169
Svenska Cellulosa AB SCA, Class B		3,569		52,954
Svenska Handelsbanken AB, Class A		8,133		76,964
Swedbank AB, Class A		4,731		86,635
Swedish Orphan Biovitrum AB*		1,340		31,842
Tele2 AB, Class B		2,532		19,829
Telefonaktiebolaget LM Ericsson, Class B		15,613		77,233
Telia Co. AB		14,333		33,977
Volvo AB, Class A		1,038		24,488
Volvo AB, Class B		8,267		191,448
Volvo Car AB, Class B*		3,804		12,375
(Cost $2,434,922)				2,582,669

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Switzerland — 6.5%
ABB Ltd.		9,025	$	357,723
Adecco Group AG		758		36,416
Alcon, Inc.		2,711		204,076
Avolta AG*		549		19,140
Bachem Holding AG		234		17,369
Baloise Holding AG		278		42,508
Banque Cantonale Vaudoise		109		13,281
Barry Callebaut AG		22		36,604
BKW AG		146		25,742
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		11		135,914
Cie Financiere Richemont SA, Class A		2,873		358,264
Clariant AG*		1,336		19,940
Coca-Cola HBC AG*		1,169		32,409
DSM-Firmenich AG		1,047		99,002
EMS-Chemie Holding AG		46		32,594
Geberit AG		192		107,302
Givaudan SA		52		194,295
Glencore PLC		56,833		316,987
Helvetia Holding AG		227		31,029
Holcim AG*		2,823		207,284
Julius Baer Group Ltd.		1,114		56,279
Kuehne + Nagel International AG		289		83,561
Logitech International SA		852		74,177
Lonza Group AG		418		161,529
Nestle SA		14,657		1,662,867
Novartis AG		11,269		1,095,372
Partners Group Holding AG		128		168,460
Roche Holding AG		3,861		1,040,755
Roche Holding AG		178		50,776
Sandoz Group AG*		2,289		65,374
Schindler Holding AG		126		26,964
Schindler Holding AG Participation Certificates		211		47,166
SGS SA		850		72,119
SIG Group AG*		1,938		45,235
Sika AG		825		223,467
Sonova Holding AG		295		84,993
Straumann Holding AG		581		79,782
Swatch Group AG — Bearer		169		44,291
Swatch Group AG — Registered		318		15,942
Swiss Life Holding AG		166		106,269
Swiss Prime Site AG		434		43,613
Swiss Re AG		1,633		192,540
Swisscom AG		138		80,433
Temenos AG		313		26,457
UBS Group AG		17,809		500,897
VAT Group AG, 144A		144		66,845
Zurich Insurance Group AG		795		397,545
(Cost $7,216,869)				8,801,587
Taiwan — 4.3%
Accton Technology Corp.		2,744		46,817
Acer, Inc.		15,004		16,906
Advantech Co. Ltd.		2,617		29,613
Airtac International Group		485		16,845
ASE Technology Holding Co. Ltd.		16,926		69,351

	Number of Shares		Value
Taiwan (Continued)
Asia Cement Corp.		11,957	$	15,961
Asustek Computer, Inc.		3,969		49,994
AUO Corp.*		40,692		21,297
Catcher Technology Co. Ltd.		3,469		21,598
Cathay Financial Holding Co. Ltd.*		57,257		85,226
Chailease Holding Co. Ltd.		8,242		49,072
Chang Hwa Commercial Bank Ltd.		493		281
Cheng Shin Rubber Industry Co. Ltd.		9,594		14,449
China Airlines Ltd.		17,656		11,925
China Development Financial Holding Corp.*		92,961		37,791
China Steel Corp.		64,594		54,173
Chunghwa Telecom Co. Ltd.		22,587		86,400
Compal Electronics, Inc.		27,125		26,830
CTBC Financial Holding Co. Ltd.		105,406		92,281
Delta Electronics, Inc.		10,562		107,006
E Ink Holdings, Inc.		4,643		27,198
E.Sun Financial Holding Co. Ltd.		86,885		71,199
Eclat Textile Co. Ltd.		1,129		21,431
eMemory Technology, Inc.		336		27,050
Eva Airways Corp.		15,796		15,826
Evergreen Marine Corp. Taiwan Ltd.		5,990		21,475
Far Eastern New Century Corp.		11,992		11,746
Far EasTone Telecommunications Co. Ltd.		9,472		25,135
Feng TAY Enterprise Co. Ltd.		2,494		14,649
First Financial Holding Co. Ltd.		58,992		52,307
Formosa Chemicals & Fibre Corp.		19,380		39,827
Formosa Petrochemical Corp.		8,746		23,797
Formosa Plastics Corp.		22,719		58,761
Fubon Financial Holding Co. Ltd.		42,065		86,715
Gigabyte Technology Co. Ltd.		3,000		24,008
Globalwafers Co. Ltd.		1,063		19,872
Hon Hai Precision Industry Co. Ltd.		71,266		231,546
Hotai Motor Co. Ltd.		1,353		30,750
Hua Nan Financial Holdings Co. Ltd.		57,347		40,844
Innolux Corp.*		47,654		19,220
Inventec Corp.		13,870		18,825
Largan Precision Co. Ltd.		610		46,668
Lite-On Technology Corp.		11,678		41,120
MediaTek, Inc.		8,280		250,467
Mega Financial Holding Co. Ltd.		61,197		77,378
Micro-Star International Co. Ltd.		4,501		26,438
momo.com, Inc.		325		5,389
Nan Ya Plastics Corp.		25,376		55,317
Nan Ya Printed Circuit Board Corp.		805		6,391
Nanya Technology Corp.		7,561		18,152
Nien Made Enterprise Co. Ltd.		1,542		16,832
Novatek Microelectronics Corp.		2,668		43,641
Pegatron Corp.		12,436		32,324
PharmaEssentia Corp.*		1,000		11,668
Pou Chen Corp.		11,351		11,227
Powerchip Semiconductor Manufacturing Corp.		17,656		17,012
President Chain Store Corp.		3,049		26,303
Quanta Computer, Inc.		15,017		97,582
Realtek Semiconductor Corp.		2,916		41,957

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Ruentex Development Co. Ltd.*		9,137	$	10,471
Shanghai Commercial & Savings Bank Ltd.		23,764		34,307
Shin Kong Financial Holding Co. Ltd.*		87,480		25,230
SinoPac Financial Holdings Co. Ltd.		54,080		32,718
Synnex Technology International Corp.		7,230		15,946
Taishin Financial Holding Co. Ltd.		61,897		36,258
Taiwan Business Bank		34,816		15,045
Taiwan Cement Corp.		40,975		45,841
Taiwan Cooperative Financial Holding Co. Ltd.		56,508		48,748
Taiwan High Speed Rail Corp.		9,687		9,334
Taiwan Mobile Co. Ltd.		8,900		28,033
Taiwan Semiconductor Manufacturing Co. Ltd.		136,021		2,512,296
Unimicron Technology Corp.		7,427		42,080
Uni-President Enterprises Corp.		26,268		61,382
United Microelectronics Corp.		61,321		95,986
Vanguard International Semiconductor Corp.		5,110		13,053
Voltronic Power Technology Corp.		354		18,244
Walsin Lihwa Corp.		15,905		19,805
Wan Hai Lines Ltd.		4,590		6,861
Winbond Electronics Corp.		18,606		16,885
Wistron Corp.		12,000		35,147
Wiwynn Corp.		484		27,268
WPG Holdings Ltd.		9,996		24,830
Yageo Corp.		1,463		28,145
Yang Ming Marine Transport Corp.		9,989		13,430
Yuanta Financial Holding Co. Ltd.		51,089		42,520
Zhen Ding Technology Holding Ltd.		3,857		12,778
(Cost $3,566,581)				5,834,504
Thailand — 0.5%
Advanced Info Service PCL, NVDR		6,500		40,281
Airports of Thailand PCL, NVDR*		21,200		35,858
Asset World Corp. PCL, NVDR		40,500		4,260
Bangkok Dusit Medical Services PCL, NVDR		60,900		45,445
Bangkok Expressway & Metro PCL, NVDR		39,500		8,758
Berli Jucker PCL, NVDR (d)		7,600		5,671
BTS Group Holdings PCL, NVDR		46,100		9,501
Bumrungrad Hospital PCL, NVDR		3,300		20,920
Central Pattana PCL, NVDR		11,100		21,378
Central Retail Corp. PCL, NVDR		9,800		10,517
Charoen Pokphand Foods PCL, NVDR		23,600		13,351
CP ALL PCL, NVDR		32,500		48,042
CP Axtra PCL, NVDR		17,800		13,662
Delta Electronics Thailand PCL, NVDR		17,900		39,563
Energy Absolute PCL, NVDR		9,700		12,271
Global Power Synergy PCL, Class F		5,600		7,243
Gulf Energy Development PCL, NVDR		16,510		21,589
Home Product Center PCL, NVDR		29,000		9,728
Indorama Ventures PCL, NVDR		10,200		7,104
Intouch Holdings PCL, NVDR		6,400		12,690
Krung Thai Bank PCL, NVDR		26,200		13,555

	Number of Shares		Value
Thailand (Continued)
Krungthai Card PCL, NVDR		5,800	$	7,708
Land & Houses PCL, NVDR		53,300		11,667
Minor International PCL, NVDR		19,194		14,869
Osotspa PCL, NVDR		11,300		7,356
PTT Exploration & Production PCL, NVDR		7,700		33,162
PTT Global Chemical PCL, NVDR		16,900		18,496
PTT Oil & Retail Business PCL, NVDR		16,400		9,278
PTT PCL, NVDR		53,600		52,949
SCB X PCL, NVDR		4,600		12,978
SCG Packaging PCL, NVDR		7,900		8,646
Siam Cement PCL		700		5,711
Siam Cement PCL, NVDR		3,300		26,923
Thai Oil PCL, NVDR		6,675		9,772
True Corp. PCL, NVDR		39,012		6,210
(Cost $722,735)				627,112
Turkey — 0.2%
Akbank TAS		23,169		26,992
Aselsan Elektronik Sanayi Ve Ticaret AS		5,728		9,688
BIM Birlesik Magazalar AS		2,466		26,304
Eregli Demir ve Celik Fabrikalari TAS*		8,429		11,957
Ford Otomotiv Sanayi AS		286		8,330
Haci Omer Sabanci Holding AS		6,969		14,710
Hektas Ticaret TAS*		7,870		6,078
KOC Holding AS		5,007		24,536
Koza Altin Isletmeleri AS		8,882		7,149
Sasa Polyester Sanayi AS*		6,863		11,855
Tofas Turk Otomobil Fabrikasi AS		1,142		9,432
Turk Hava Yollari AO*		2,023		17,585
Turkcell Iletisim Hizmetleri AS*		5,784		11,588
Turkiye Is Bankasi AS, Class C		18,270		13,566
Turkiye Petrol Rafinerileri AS		5,489		29,065
Turkiye Sise ve Cam Fabrikalari AS		4,429		7,556
Yapi ve Kredi Bankasi AS		22,378		14,880
(Cost $215,542)				251,271
United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank PJSC		18,116		41,436
Abu Dhabi Islamic Bank PJSC		7,249		20,133
Abu Dhabi National Oil Co. for Distribution PJSC		15,036		15,558
Aldar Properties PJSC		23,453		36,528
Americana Restaurants International PLC		14,047		12,890
Dubai Islamic Bank PJSC		16,344		24,566
Emaar Properties PJSC		32,683		67,545
Emirates NBD Bank PJSC		10,460		50,127
Emirates Telecommunications Group Co. PJSC		18,402		96,806
First Abu Dhabi Bank PJSC		24,784		92,589
Multiply Group PJSC*		20,274		19,377
(Cost $445,381)				477,555
United Kingdom — 8.6%
3i Group PLC		5,366		151,203
abrdn PLC		9,315		19,162
Admiral Group PLC		1,166		39,759

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Anglo American PLC		7,202	$	194,754
Anglogold Ashanti PLC		2,167		41,876
Ashtead Group PLC		2,403		144,494
Associated British Foods PLC		2,014		60,462
AstraZeneca PLC		8,504		1,087,115
Auto Trader Group PLC, 144A		5,490		50,235
Aviva PLC		14,976		78,934
BAE Systems PLC		16,948		224,658
Barclays PLC		85,947		153,034
Barratt Developments PLC		4,460		28,930
Berkeley Group Holdings PLC		484		28,327
BP PLC		92,720		560,808
British American Tobacco PLC		11,952		379,031
BT Group PLC		37,228		57,761
Bunzl PLC		1,927		73,031
Burberry Group PLC		2,061		38,079
Centrica PLC		32,682		61,497
Coca-Cola Europacific Partners PLC		1,165		70,646
Compass Group PLC		9,099		230,085
Croda International PLC		745		42,173
Diageo PLC		12,283		428,527
Endeavour Mining PLC		1,007		23,379
Entain PLC		3,732		37,824
GSK PLC		22,845		409,365
Haleon PLC		30,799		128,331
Halma PLC		2,022		54,398
Hargreaves Lansdown PLC		1,594		14,457
HSBC Holdings PLC		106,378		808,602
Imperial Brands PLC		4,925		114,807
Informa PLC		7,613		71,410
InterContinental Hotels Group PLC		961		74,200
Intertek Group PLC		797		40,096
J Sainsbury PLC		10,437		37,671
JD Sports Fashion PLC		14,680		29,106
Kingfisher PLC		11,288		31,266
Land Securities Group PLC REIT		4,100		32,309
Legal & General Group PLC		32,673		94,582
Lloyds Banking Group PLC		332,373		182,402
London Stock Exchange Group PLC		2,251		253,089
M&G PLC		11,646		30,758
Melrose Industries PLC		7,810		51,133
Mondi PLC		2,637		46,840
National Grid PLC		19,845		257,423
NatWest Group PLC		32,675		85,760
Next PLC		669		66,975
Ocado Group PLC*		3,430		25,981
Pearson PLC		3,601		42,606
Pepco Group NV*		430		2,440
Persimmon PLC		1,508		23,826
Phoenix Group Holdings PLC		3,787		22,241
Reckitt Benckiser Group PLC		3,844		261,957
RELX PLC		10,285		394,723
Rentokil Initial PLC		13,914		75,304
Rio Tinto PLC		6,330		431,451
Rolls-Royce Holdings PLC*		47,237		160,297
Sage Group PLC		5,724		81,693
Schroders PLC		4,182		21,203

	Number of Shares		Value
United Kingdom (Continued)
Segro PLC REIT		6,475	$	66,392
Severn Trent PLC		1,382		45,380
Shell PLC		36,332		1,174,205
Smith & Nephew PLC		5,139		66,402
Smiths Group PLC		1,747		36,347
Spirax-Sarco Engineering PLC		402		46,934
SSE PLC		5,856		135,475
St James’s Place PLC		3,356		27,480
Standard Chartered PLC		13,197		108,827
Taylor Wimpey PLC		23,952		39,174
Tesco PLC		40,228		145,146
Unilever PLC		13,616		647,959
United Utilities Group PLC		3,769		51,912
Vodafone Group PLC		124,990		112,554
Whitbread PLC		1,047		40,856
Wise PLC, Class A*		3,842		37,871
WPP PLC		5,853		52,226
(Cost $11,191,879)				11,599,626
United States — 0.2%
BeiGene Ltd.*		3,831		54,881
Brookfield Renewable Corp., Class A		777		20,614
Legend Biotech Corp., ADR*		287		17,455
Parade Technologies Ltd.		418		14,384
RB Global, Inc.		1,009		64,134
Southern Copper Corp.		439		31,577
(Cost $209,555)				203,045
TOTAL COMMON STOCKS (Cost $114,929,786)				130,447,079
PREFERRED STOCKS — 0.9%
Brazil — 0.4%
Banco Bradesco SA		27,193		89,887
Centrais Eletricas Brasileiras SA, Class B		958		8,733
Cia Energetica de Minas Gerais		7,925		17,824
Cia Paranaense de Energia		3,634		6,985
Gerdau SA		6,582		29,219
Itau Unibanco Holding SA		27,293		175,168
Itausa SA		30,084		59,592
Petroleo Brasileiro SA		26,172		190,944
(Cost $424,022)				578,352
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B
(Cost $27,929)		805		40,889
Colombia — 0.0%
Bancolombia SA
(Cost $25,225)		2,686		18,594
Germany — 0.3%
Bayerische Motoren Werke AG		329		31,192
Dr Ing hc F Porsche AG, 144A		607		55,540
Henkel AG & Co. KGaA		952		74,818
Porsche Automobil Holding SE		817		39,894
Sartorius AG		157		50,499
Volkswagen AG		1,137		131,708
(Cost $476,980)				383,651

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Russia — 0.0%
Surgutneftegas PJSC* (b)
(Cost $22,479)		41,062	$	0
South Korea — 0.2%
Hyundai Motor Co.		104		8,714
Hyundai Motor Co. — 2nd Preferred		228		19,369
LG Chem Ltd.		44		10,538
Samsung Electronics Co. Ltd.		4,523		202,986
(Cost $142,755)				241,607
TOTAL PREFERRED STOCKS (Cost $1,119,390)				1,263,093
RIGHTS — 0.0%
China — 0.0%
Zhejiang Expressway Co. Ltd.*, expires 12/19/23
(Cost $0)		2,210		249
Taiwan — 0.0%
Wistron Corp.*, expires 12/22/23 (b)
(Cost $0)		9		0
Thailand — 0.0%
Siam Cement PCL*, expires 12/6/23 (b)		422		0
Siam Cement PCL*, expires 12/20/23 (b)		89		0
(Cost $0)				0
TOTAL RIGHTS (Cost $0)				249

	Number of Shares		Value
WARRANTS — 0.0%
Canada — 0.0%
Constellation Software, Inc.* (b), expires 8/22/28
(Cost $0)		108	$	0
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		3,960		7
BTS Group Holdings PCL*, expires 11/20/26		7,920		27
(Cost $0)				34
TOTAL WARRANTS (Cost $0)				34
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f) (Cost $15,310)		15,310		15,310
CASH EQUIVALENTS — 3.1%
DWS Government Money Market Series “Institutional Shares”, 5.31% (e) (Cost $4,158,796)		4,158,796		4,158,796
TOTAL INVESTMENTS — 100.4% (Cost $120,223,282)			$	135,884,561
Other assets and liabilities, net — (0.4%)				(554,872	)
NET ASSETS — 100.0%			$	135,329,689

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG (c)
		112,988		8,034		(10,061	)		(8,679	)		32,960		—		—		10,874		135,242
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (e)(f)
		2,996,484		—		(2,981,174	)(g)		—			—		2,553		—		15,310		15,310
CASH EQUIVALENTS — 3.1%
DWS Government Money Market Series “Institutional Shares”, 5.31% (e)
		2,327,718		20,842,714		(19,011,636	)		—			—		80,473		—		4,158,796		4,158,796
		5,437,190		20,850,748		(22,002,871	)		(8,679	)		32,960		83,026		—		4,184,980		4,309,348

* 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) Investment was valued using significant unobservable inputs.

(c) Affiliated issuer. This security is owned in proportion with its representation in the index.

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

(d) 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 November 30, 2023 amounted to $14,291, which is 0.01% of net assets.

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

(f) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

ADR: American Depositary Receipt

CDI: Chess Depositary Interests

CPO: Ordinary Participation Certificates

CVA: Credit Valuation Adjustment

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.

Securities are listed in country of domicile.

At November 30, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MINI S&P/TSX 60 Futures	CAD	5	$	217,247	$	224,750	12/14/2023	$	7,503
MSCI EAFE Futures	USD	21		2,139,210		2,232,930	12/15/2023		93,720
MSCI Emerging Markets Index Future	USD	21		1,013,290		1,036,455	12/15/2023		23,165
Total unrealized appreciation								$	124,388

As of November 30, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/4/2023	AED	1,927,000	USD	524,711	$	—	$	(1	)
RBC Capital Markets	12/4/2023	AUD	9,611,200	USD	6,091,646		—		(259,837	)
JP Morgan & Chase Co.	12/4/2023	CAD	13,606,500	USD	9,805,426		—		(222,564	)
Morgan Stanley Capital	12/4/2023	CHF	7,700,700	USD	8,490,326		—		(307,707	)
JP Morgan & Chase Co.	12/4/2023	CNH	12,990,200	USD	1,773,321		—		(45,053	)
JP Morgan & Chase Co.	12/4/2023	CZK	1,736,400	USD	74,574		—		(3,166	)
Goldman Sachs & Co.	12/4/2023	DKK	19,569,700	USD	2,775,667		—		(82,450	)
RBC Capital Markets	12/4/2023	EUR	25,951,100	USD	27,465,425		—		(787,835	)
RBC Capital Markets	12/4/2023	GBP	10,643,900	USD	12,918,182		—		(519,761	)
Goldman Sachs & Co.	12/4/2023	HKD	532,000	USD	68,039		—		(68	)
JP Morgan & Chase Co.	12/4/2023	HKD	79,012,600	USD	10,105,076		—		(10,129	)
JP Morgan & Chase Co.	12/4/2023	HUF	26,350,800	USD	72,344		—		(3,094	)
JP Morgan & Chase Co.	12/4/2023	ILS	1,292,800	USD	319,952		—		(26,628	)
JP Morgan & Chase Co.	12/4/2023	JPY	2,927,301,700	USD	19,426,823		—		(331,020	)
Goldman Sachs & Co.	12/4/2023	KWD	92,000	USD	297,446		—		(431	)
JP Morgan & Chase Co.	12/4/2023	MXN	16,892,000	USD	930,905		—		(41,021	)
Goldman Sachs & Co.	12/4/2023	NOK	6,546,700	USD	586,562		—		(18,573	)
JP Morgan & Chase Co.	12/4/2023	NZD	274,600	USD	159,734		—		(9,369	)
RBC Capital Markets	12/4/2023	PHP	12,710,600	USD	223,778		—		(5,282	)
JP Morgan & Chase Co.	12/4/2023	PLN	1,333,600	USD	316,330		—		(16,944	)

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/4/2023	QAR	1,355,000	USD	371,375	$	—	$	(746	)
Goldman Sachs & Co.	12/4/2023	SAR	5,649,000	USD	1,505,356		—		(441	)
Goldman Sachs & Co.	12/4/2023	SEK	28,633,400	USD	2,565,981		—		(160,603	)
Goldman Sachs & Co.	12/4/2023	SGD	1,521,900	USD	1,112,378		—		(25,545	)
Goldman Sachs & Co.	12/4/2023	THB	24,661,600	USD	685,902		—		(15,424	)
Goldman Sachs & Co.	12/4/2023	TRY	7,741,500	USD	267,061		—		(55	)
Goldman Sachs & Co.	12/4/2023	USD	54,459	AED	200,000		—		—
RBC Capital Markets	12/4/2023	USD	226,910	AUD	358,000		9,672		—
RBC Capital Markets	12/4/2023	USD	6,135,334	AUD	9,253,200		—		(20,433	)
JP Morgan & Chase Co.	12/4/2023	USD	297,634	CAD	413,000		6,747		—
JP Morgan & Chase Co.	12/4/2023	USD	9,730,796	CAD	13,193,500		—		(7,187	)
Bank of America	12/4/2023	USD	8,492,554	CHF	7,384,700		—		(55,550	)
Morgan Stanley Capital	12/4/2023	USD	348,408	CHF	316,000		12,621		—
JP Morgan & Chase Co.	12/4/2023	USD	63,895	CNH	468,000		1,616		—
JP Morgan & Chase Co.	12/4/2023	USD	1,753,564	CNH	12,522,200		—		(700	)
JP Morgan & Chase Co.	12/4/2023	USD	77,886	CZK	1,736,400		—		(147	)
RBC Capital Markets	12/4/2023	USD	2,863,935	DKK	19,569,700		—		(5,818	)
Morgan Stanley Capital	12/4/2023	USD	27,437,598	EUR	25,147,100		—		(59,663	)
RBC Capital Markets	12/4/2023	USD	850,937	EUR	804,000		24,387		—
Morgan Stanley Capital	12/4/2023	USD	13,079,865	GBP	10,331,900		—		(35,822	)
RBC Capital Markets	12/4/2023	USD	378,674	GBP	312,000		15,227		—
RBC Capital Markets	12/4/2023	USD	10,184,577	HKD	79,544,600		—		(1,265	)
JP Morgan & Chase Co.	12/4/2023	USD	75,448	HUF	26,350,800		—		(10	)
JP Morgan & Chase Co.	12/4/2023	USD	310,625	ILS	1,156,800		—		(505	)
JP Morgan & Chase Co.	12/4/2023	USD	33,664	ILS	136,000		2,796		—
JP Morgan & Chase Co.	12/4/2023	USD	747,074	JPY	112,570,000		12,718		—
Morgan Stanley Capital	12/4/2023	USD	19,039,398	JPY	2,814,731,700		—		(41,347	)
Goldman Sachs & Co.	12/4/2023	USD	297,976	KWD	92,000		—		(99	)
JP Morgan & Chase Co.	12/4/2023	USD	33,563	MXN	609,000		1,477		—
JP Morgan & Chase Co.	12/4/2023	USD	937,340	MXN	16,283,000		—		(454	)
Goldman Sachs & Co.	12/4/2023	USD	607,368	NOK	6,546,700		—		(2,233	)
JP Morgan & Chase Co.	12/4/2023	USD	169,607	NZD	274,600		—		(504	)
RBC Capital Markets	12/4/2023	USD	229,144	PHP	12,710,600		—		(84	)
JP Morgan & Chase Co.	12/4/2023	USD	334,210	PLN	1,333,600		—		(937	)
Goldman Sachs & Co.	12/4/2023	USD	327,108	QAR	1,191,000		—		(26	)
Goldman Sachs & Co.	12/4/2023	USD	44,961	QAR	164,000		78		—
Bank of America	12/4/2023	USD	2,658,568	SEK	27,858,400		—		(5,782	)
Goldman Sachs & Co.	12/4/2023	USD	69,451	SEK	775,000		4,347		—
Goldman Sachs & Co.	12/4/2023	USD	43,125	SGD	59,000		989		—
Goldman Sachs & Co.	12/4/2023	USD	1,096,134	SGD	1,462,900		—		(2,325	)
Goldman Sachs & Co.	12/4/2023	USD	700,738	THB	24,661,600		588		—
Goldman Sachs & Co.	12/4/2023	USD	267,844	TRY	7,741,500		—		(728	)
Goldman Sachs & Co.	12/4/2023	USD	1,129,963	ZAR	21,412,800		5,507		—
Goldman Sachs & Co.	12/4/2023	ZAR	21,412,800	USD	1,139,092		3,622		—
JP Morgan & Chase Co.	12/5/2023	BRL	3,353,800	USD	662,369		—		(18,604	)
RBC Capital Markets	12/5/2023	BRL	6,770,400	USD	1,336,228		—		(38,470	)
Goldman Sachs & Co.	12/5/2023	CLP	78,893,400	USD	87,762		—		(2,664	)
JP Morgan & Chase Co.	12/5/2023	CLP	85,394,300	USD	94,997		—		(2,880	)
JP Morgan & Chase Co.	12/5/2023	COP	156,011,000	USD	37,439		—		(1,364	)
JP Morgan & Chase Co.	12/5/2023	IDR	6,422,508,200	USD	404,287		—		(9,785	)
RBC Capital Markets	12/5/2023	IDR	5,018,076,700	USD	315,741		—		(7,784	)
Goldman Sachs & Co.	12/5/2023	INR	287,606,700	USD	3,450,673		2,272		—
Goldman Sachs & Co.	12/5/2023	INR	5,820,000	USD	69,840		58		—
JP Morgan & Chase Co.	12/5/2023	INR	183,889,700	USD	2,206,791		1,956		—
Goldman Sachs & Co.	12/5/2023	KRW	3,218,938,100	USD	2,386,166		—		(109,621	)
JP Morgan & Chase Co.	12/5/2023	KRW	1,084,472,400	USD	803,962		—		(36,878	)
RBC Capital Markets	12/5/2023	KRW	1,694,268,900	USD	1,255,851		—		(57,792	)
RBC Capital Markets	12/5/2023	MYR	2,465,200	USD	518,979		—		(10,276	)

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2023	TWD	4,116,000	USD	127,155	$	—	$	(4,678	)
Goldman Sachs & Co.	12/5/2023	TWD	86,925,600	USD	2,684,546		—		(99,617	)
JP Morgan & Chase Co.	12/5/2023	TWD	44,822,200	USD	1,384,897		—		(50,725	)
RBC Capital Markets	12/5/2023	TWD	40,964,200	USD	1,265,499		—		(46,554	)
Goldman Sachs & Co.	12/5/2023	USD	470,284	AED	1,727,000		—		(30	)
JP Morgan & Chase Co.	12/5/2023	USD	41,433	BRL	210,000		1,206		—
RBC Capital Markets	12/5/2023	USD	2,009,038	BRL	9,914,200		3,994		—
Goldman Sachs & Co.	12/5/2023	USD	189,239	CLP	164,287,700		—		(937	)
JP Morgan & Chase Co.	12/5/2023	USD	38,544	COP	156,011,000		259		—
JP Morgan & Chase Co.	12/5/2023	USD	35,091	IDR	559,492,000		980		—
JP Morgan & Chase Co.	12/5/2023	USD	701,463	IDR	10,881,092,900		63		—
Goldman Sachs & Co.	12/5/2023	USD	3,519,994	INR	293,426,700		—		(1,811	)
JP Morgan & Chase Co.	12/5/2023	USD	2,205,468	INR	183,889,700		—		(632	)
Goldman Sachs & Co.	12/5/2023	USD	4,512,460	KRW	5,820,171,400		180		—
RBC Capital Markets	12/5/2023	USD	131,371	KRW	177,508,000		6,259		—
RBC Capital Markets	12/5/2023	USD	528,367	MYR	2,465,200		888		—
Goldman Sachs & Co.	12/5/2023	USD	5,663,571	TWD	176,828,000		101		—
Goldman Sachs & Co.	12/6/2023	EGP	830,000	USD	26,287		103		—
Goldman Sachs & Co.	12/6/2023	USD	26,861	EGP	830,000		—		(677	)
Goldman Sachs & Co.	1/3/2024	AED	1,727,000	USD	470,303		—		(4	)
RBC Capital Markets	1/3/2024	AUD	137,000	USD	90,929		301		—
RBC Capital Markets	1/3/2024	AUD	9,253,200	USD	6,141,608		20,447		—
JP Morgan & Chase Co.	1/3/2024	CAD	708,000	USD	522,450		379		—
JP Morgan & Chase Co.	1/3/2024	CAD	13,193,500	USD	9,735,934		7,210		—
JP Morgan & Chase Co.	1/3/2024	CNH	12,522,200	USD	1,757,596		521		—
JP Morgan & Chase Co.	1/3/2024	CZK	1,736,400	USD	77,831		150		—
RBC Capital Markets	1/3/2024	DKK	19,569,700	USD	2,868,827		5,752		—
RBC Capital Markets	1/3/2024	DKK	531,000	USD	77,841		155		—
Morgan Stanley Capital	1/3/2024	EUR	1,493,000	USD	1,631,261		3,479		—
Morgan Stanley Capital	1/3/2024	EUR	25,147,100	USD	27,475,872		58,591		—
Morgan Stanley Capital	1/3/2024	GBP	10,331,900	USD	13,083,636		35,833		—
RBC Capital Markets	1/3/2024	HKD	79,544,600	USD	10,184,890		633		—
JP Morgan & Chase Co.	1/3/2024	HUF	26,350,800	USD	75,195		18		—
JP Morgan & Chase Co.	1/3/2024	ILS	1,156,800	USD	310,951		451		—
Goldman Sachs & Co.	1/3/2024	KWD	92,000	USD	298,730		173		—
JP Morgan & Chase Co.	1/3/2024	MXN	1,363,000	USD	78,082		49		—
JP Morgan & Chase Co.	1/3/2024	MXN	16,283,000	USD	932,840		627		—
Goldman Sachs & Co.	1/3/2024	NOK	6,546,700	USD	607,912		2,207		—
RBC Capital Markets	1/3/2024	PHP	12,710,600	USD	229,185		137		—
JP Morgan & Chase Co.	1/3/2024	PLN	1,333,600	USD	333,817		896		—
Goldman Sachs & Co.	1/3/2024	QAR	1,191,000	USD	326,883		—		(7	)
Goldman Sachs & Co.	1/3/2024	SAR	5,649,000	USD	1,505,617		—		(159	)
Goldman Sachs & Co.	1/3/2024	SAR	192,000	USD	51,180		1		—
Bank of America	1/3/2024	SEK	2,161,000	USD	206,557		445		—
Bank of America	1/3/2024	SEK	27,858,400	USD	2,662,888		5,810		—
Goldman Sachs & Co.	1/3/2024	SGD	1,462,900	USD	1,097,672		2,249		—
Goldman Sachs & Co.	1/3/2024	THB	24,661,600	USD	702,035		—		(1,281	)
Goldman Sachs & Co.	1/3/2024	TRY	7,741,500	USD	260,806		935		—
JP Morgan & Chase Co.	1/3/2024	USD	52,076	CNH	371,000		—		(19	)
Morgan Stanley Capital	1/3/2024	USD	146,895	GBP	116,000		—		(402	)
RBC Capital Markets	1/3/2024	USD	308,584	HKD	2,410,000		—		(27	)
Goldman Sachs & Co.	1/3/2024	ZAR	21,412,800	USD	1,126,930		—		(5,459	)
JP Morgan & Chase Co.	1/4/2024	BRL	761,000	USD	153,796		—		(170	)
RBC Capital Markets	1/4/2024	BRL	9,914,200	USD	2,003,273		—		(2,580	)
Bank of America	1/4/2024	CHF	165,000	USD	190,425		1,216		—
Bank of America	1/4/2024	CHF	7,384,700	USD	8,522,722		54,535		—
Goldman Sachs & Co.	1/4/2024	CLP	164,287,700	USD	188,836		950		—
JP Morgan & Chase Co.	1/4/2024	COP	156,011,000	USD	38,317		—		(221	)

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	1/4/2024	EGP	830,000	USD	23,347	$	291	$	—
JP Morgan & Chase Co.	1/4/2024	IDR	10,881,092,900	USD	701,147		—		(183	)
Goldman Sachs & Co.	1/4/2024	INR	26,779,000	USD	320,899		43		—
Goldman Sachs & Co.	1/4/2024	INR	293,426,700	USD	3,516,935		1,211		—
JP Morgan & Chase Co.	1/4/2024	INR	183,889,700	USD	2,203,723		429		—
Goldman Sachs & Co.	1/4/2024	KRW	5,820,171,400	USD	4,520,170		—		(851	)
Goldman Sachs & Co.	1/4/2024	KRW	477,576,000	USD	368,088		—		(2,886	)
RBC Capital Markets	1/4/2024	MYR	2,465,200	USD	529,047		—		(1,314	)
JP Morgan & Chase Co.	1/4/2024	NZD	274,600	USD	169,626		499		—
Goldman Sachs & Co.	1/4/2024	TWD	13,045,000	USD	418,915		—		(407	)
Goldman Sachs & Co.	1/4/2024	TWD	176,828,000	USD	5,693,660		9,659		—
Morgan Stanley Capital	1/5/2024	JPY	83,925,000	USD	570,688		1,153		—
Morgan Stanley Capital	1/5/2024	JPY	2,814,731,700	USD	19,140,122		38,680		—
Total unrealized appreciation (depreciation)						$	376,826	$	(3,653,115	)

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

Currency Abbreviations

AED Arab Emirates Dirham

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Chinese Yuan

COP Colombian Peso

CZK Czech Koruna

DKK Danish Krone

EGP Egyptian Pound

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

KWD Kuwaiti Dinar

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

SAR Saudi Riyal

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	130,447,079	$	—		$	0	$	130,447,079
Preferred Stocks (a)		1,263,093		—			0		1,263,093
Rights (a)		—		249			0		249
Warrants (a)		34		—			0		34
Short-Term Investments (a)		4,174,106		—			—		4,174,106
Derivatives (b)
Forward Foreign Currency Contracts		—		376,826			—		376,826
Futures Contracts		124,388		—			—		124,388
TOTAL	$	136,008,700	$	377,075		$	—	$	136,385,775
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(3,653,115	)	$	—	$	(3,653,115	)
TOTAL	$	—	$	(3,653,115	)	$	—	$	(3,653,115	)

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

(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 95.2%
Brazil — 4.0%
Ambev SA		65,569	$	182,371
Atacadao SA		8,891		20,484
B3 SA — Brasil Bolsa Balcao		77,789		210,196
Banco Bradesco SA		23,225		67,381
Banco BTG Pactual S.A		16,552		119,515
Banco do Brasil SA		12,233		134,880
Banco Santander Brasil SA		5,668		35,698
BB Seguridade Participacoes SA		10,259		65,238
CCR SA		12,842		35,327
Centrais Eletricas Brasileiras SA		16,990		141,041
Cia de Saneamento Basico do Estado de Sao Paulo		4,776		65,555
Cia Siderurgica Nacional SA		9,725		32,443
Cosan SA		17,944		64,710
CPFL Energia SA		3,053		22,981
Energisa SA		2,558		27,430
Eneva SA*		11,081		28,569
Engie Brasil Energia SA		2,780		24,569
Equatorial Energia SA		14,732		101,944
Hapvida Participacoes e Investimentos SA, 144A*		65,298		57,974
Hypera SA		5,704		39,147
JBS SA		9,971		47,018
Klabin SA		9,781		44,851
Localiza Rent a Car SA*		88		1,073
Localiza Rent a Car SA		12,516		152,672
Lojas Renner SA		12,484		41,520
Magazine Luiza SA*		48,349		19,842
Natura & Co. Holding SA*		12,624		42,293
Petroleo Brasileiro SA		50,034		383,231
PRIO SA*		10,375		96,814
Raia Drogasil SA		18,144		103,510
Rede D’Or Sao Luiz SA, 144A		7,863		42,494
Rumo SA		16,396		76,283
Sendas Distribuidora SA		19,830		52,092
Suzano SA		10,600		115,819
Telefonica Brasil SA		6,034		64,679
TIM SA		12,632		44,245
TOTVS SA		6,971		47,176
Ultrapar Participacoes SA		10,752		55,158
Vale SA		46,163		692,626
Vibra Energia SA		16,214		76,919
WEG SA		23,743		164,926
(Cost $2,588,068)				3,842,694
Chile — 0.4%
Banco de Chile		658,136		73,937
Banco de Credito e Inversiones SA		1,033		27,742
Banco Santander Chile		961,896		47,204
Cencosud SA		14,789		27,470
Cia Sud Americana de Vapores SA		203,741		11,821
Empresas CMPC SA		14,852		28,728
Empresas Copec SA		5,489		40,624
Enel Americas SA*		280,743		32,685
Enel Chile SA		408,382		25,758
Falabella SA*		10,090		23,555

	Number of Shares		Value
Chile (Continued)
Latam Airlines Group SA*		2,317,921	$	22,591
(Cost $462,864)				362,115
China — 24.7%
360 Security Technology, Inc., Class A*		7,500		9,110
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		3,200		9,919
3SBio, Inc., 144A*		26,254		24,401
AAC Technologies Holdings, Inc.		9,611		27,007
Advanced Micro-Fabrication Equipment, Inc., China, Class A		525		12,482
AECC Aviation Power Co. Ltd., Class A		2,400		12,077
Agricultural Bank of China Ltd., Class A		81,700		41,844
Agricultural Bank of China Ltd., Class H		362,983		134,295
Aier Eye Hospital Group Co. Ltd., Class A		6,453		15,405
AIMA Technology Group Co. Ltd., Class A		1,600		6,430
Air China Ltd., Class A*		12,400		14,003
Air China Ltd., Class H*		20,555		13,841
Akeso, Inc., 144A*		6,401		40,850
Alibaba Group Holding Ltd.*		222,619		2,073,347
Aluminum Corp. of China Ltd., Class A		9,632		7,467
Aluminum Corp. of China Ltd., Class H		50,919		25,162
Anhui Conch Cement Co. Ltd., Class A		3,400		10,943
Anhui Conch Cement Co. Ltd., Class H		16,053		37,567
Anhui Gujing Distillery Co. Ltd., Class A		360		13,025
Anhui Gujing Distillery Co. Ltd., Class B		1,363		20,693
Anhui Honglu Steel Construction Group Co. Ltd., Class A		1,100		3,639
Anhui Kouzi Distillery Co. Ltd., Class A		229		1,513
Anhui Yingjia Distillery Co. Ltd., Class A		600		6,311
Anjoy Foods Group Co. Ltd., Class A		200		3,198
ANTA Sports Products Ltd.		17,897		186,616
Apeloa Pharmaceutical Co. Ltd., Class A		800		1,867
Asymchem Laboratories Tianjin Co. Ltd., Class A		364		7,335
Autobio Diagnostics Co. Ltd., Class A		700		5,030
Autohome, Inc., ADR		1,095		29,904
Avary Holding Shenzhen Co. Ltd., Class A		730		2,201
AVIC Industry-Finance Holdings Co. Ltd., Class A		2,300		1,052
AviChina Industry & Technology Co. Ltd., Class H		37,487		16,989
Baidu, Inc., Class A*		30,724		456,653
Bank of Beijing Co. Ltd., Class A		16,300		10,333
Bank of Changsha Co. Ltd., Class A		6,000		5,701
Bank of Chengdu Co. Ltd., Class A		2,955		4,677
Bank of China Ltd., Class A		35,100		19,598
Bank of China Ltd., Class H		1,077,583		395,922
Bank of Communications Co. Ltd., Class A		32,100		26,233
Bank of Communications Co. Ltd., Class H		122,244		72,145
Bank of Hangzhou Co. Ltd., Class A		5,960		8,290
Bank of Jiangsu Co. Ltd., Class A		15,954		14,779
Bank of Nanjing Co. Ltd., Class A		8,400		8,487
Bank of Ningbo Co. Ltd., Class A		4,970		15,940
Bank of Shanghai Co. Ltd., Class A		12,540		10,336
Baoshan Iron & Steel Co. Ltd., Class A		17,500		15,232
Beijing Dabeinong Technology Group Co. Ltd., Class A		2,100		2,139

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
Beijing Easpring Material Technology Co. Ltd., Class A		500	$	2,865
Beijing Enlight Media Co. Ltd., Class A		5,400		6,007
Beijing Kingsoft Office Software, Inc., Class A		328		13,850
Beijing New Building Materials PLC, Class A		1,770		5,786
Beijing Shiji Information Technology Co. Ltd., Class A*		509		760
Beijing Tiantan Biological Products Corp. Ltd., Class A		3,000		13,446
Beijing Tongrentang Co. Ltd., Class A		900		6,694
Beijing United Information Technology Co. Ltd., Class A		630		2,998
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		609		4,160
Beijing Yanjing Brewery Co. Ltd., Class A		3,600		5,013
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		47,500		33,567
Betta Pharmaceuticals Co. Ltd., Class A		600		4,785
BGI Genomics Co. Ltd., Class A		600		4,308
Bilibili, Inc., Class Z*		2,510		28,888
Bloomage Biotechnology Corp. Ltd., Class A		320		3,189
BOC International China Co. Ltd., Class A		2,100		3,165
BOE Technology Group Co. Ltd., Class A		32,200		17,438
BYD Co. Ltd., Class A		1,500		41,802
BYD Co. Ltd., Class H		14,161		380,706
BYD Electronic International Co. Ltd.		10,468		47,775
By-health Co. Ltd., Class A		2,100		5,378
Caitong Securities Co. Ltd., Class A		3,204		3,614
Cambricon Technologies Corp. Ltd., Class A*		421		8,826
Canmax Technologies Co. Ltd., Class A		1,040		3,507
CECEP Solar Energy Co. Ltd., Class A		5,200		4,053
CECEP Wind-Power Corp., Class A		12,100		5,215
CETC Cyberspace Security Technology Co. Ltd., Class A		1,400		4,486
CGN Power Co. Ltd., Class A		26,100		11,067
CGN Power Co. Ltd., Class H, 144A		162,914		39,210
Changchun High & New Technology Industry Group, Inc., Class A		360		8,105
Changjiang Securities Co. Ltd., Class A		1,400		1,089
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		400		8,070
Chaozhou Three-Circle Group Co. Ltd., Class A		2,000		8,206
Chengxin Lithium Group Co. Ltd., Class A		1,200		3,652
China Baoan Group Co. Ltd., Class A		1,700		2,781
China Cinda Asset Management Co. Ltd., Class H		117,448		11,427
China CITIC Bank Corp. Ltd., Class H		122,150		55,201
China Coal Energy Co. Ltd., Class H		26,665		22,598
China Communications Services Corp. Ltd., Class H		34,393		14,662
China Construction Bank Corp., Class A		10,400		9,314
China Construction Bank Corp., Class H		1,312,317		759,371

	Number of Shares		Value
China (Continued)
China CSSC Holdings Ltd., Class A		3,500	$	13,537
China Eastern Airlines Corp. Ltd., Class A*		23,835		14,009
China Energy Engineering Corp. Ltd., Class A		25,300		7,541
China Everbright Bank Co. Ltd., Class A		34,400		13,912
China Everbright Bank Co. Ltd., Class H		45,257		12,920
China Feihe Ltd., 144A		48,957		28,705
China Galaxy Securities Co. Ltd., Class A		3,700		6,477
China Galaxy Securities Co. Ltd., Class H		51,727		27,680
China Greatwall Technology Group Co. Ltd., Class A		3,300		5,154
China Hongqiao Group Ltd.		31,610		25,778
China International Capital Corp. Ltd., Class A		1,000		5,681
China International Capital Corp. Ltd., Class H, 144A		22,024		34,849
China Jushi Co. Ltd., Class A		4,572		7,082
China Life Insurance Co. Ltd., Class A		2,400		10,089
China Life Insurance Co. Ltd., Class H		99,055		134,165
China Literature Ltd., 144A*		5,306		18,103
China Longyuan Power Group Corp. Ltd., Class H		45,446		34,035
China Meheco Co. Ltd., Class A		3,000		5,046
China Mengniu Dairy Co. Ltd.*		44,505		139,589
China Merchants Bank Co. Ltd., Class A		17,863		71,965
China Merchants Bank Co. Ltd., Class H		51,704		180,702
China Merchants Energy Shipping Co. Ltd., Class A		5,200		4,373
China Merchants Securities Co. Ltd., Class A		6,100		12,010
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		5,700		8,311
China Minsheng Banking Corp. Ltd., Class A		30,600		16,486
China Minsheng Banking Corp. Ltd., Class H		95,826		32,018
China National Building Material Co. Ltd., Class H		48,906		21,788
China National Chemical Engineering Co. Ltd., Class A		5,200		4,817
China National Nuclear Power Co. Ltd., Class A		19,400		19,085
China National Software & Service Co. Ltd., Class A		910		4,381
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		3,300		9,162
China Oilfield Services Ltd., Class H		26,369		28,356
China Pacific Insurance Group Co. Ltd., Class A		6,000		20,226
China Pacific Insurance Group Co. Ltd., Class H		38,010		80,289
China Petroleum & Chemical Corp., Class A		27,700		21,203
China Petroleum & Chemical Corp., Class H		329,644		169,648
China Railway Group Ltd., Class A		19,500		15,390
China Railway Group Ltd., Class H		67,021		29,429

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
China Railway Signal & Communication Corp. Ltd., Class A		10,435	$	6,352
China Rare Earth Resources And Technology Co. Ltd., Class A		1,300		5,088
China Resources Microelectronics Ltd., Class A		893		5,868
China Resources Mixc Lifestyle Services Ltd., 144A		9,493		35,912
China Resources Pharmaceutical Group Ltd., 144A		27,531		17,200
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,100		7,478
China Shenhua Energy Co. Ltd., Class A		5,465		24,082
China Shenhua Energy Co. Ltd., Class H		47,300		154,714
China Southern Airlines Co. Ltd., Class A*		8,400		7,229
China Southern Airlines Co. Ltd., Class H*		27,705		13,300
China State Construction Engineering Corp. Ltd., Class A		39,000		27,124
China Three Gorges Renewables Group Co. Ltd., Class A		19,186		12,350
China Tourism Group Duty Free Corp. Ltd., Class A		1,600		19,960
China Tourism Group Duty Free Corp. Ltd., Class H, 144A		1,352		14,712
China Tower Corp. Ltd., Class H, 144A		634,065		65,750
China United Network Communications Ltd., Class A		26,500		16,279
China Vanke Co. Ltd., Class A		9,000		14,408
China Vanke Co. Ltd., Class H		28,706		28,995
China Yangtze Power Co. Ltd., Class A		20,500		65,492
China Zhenhua Group Science & Technology Co. Ltd., Class A		600		5,426
China Zheshang Bank Co. Ltd., Class A		5,070		1,795
Chinasoft International Ltd.*		34,896		29,887
Chongqing Brewery Co. Ltd., Class A		500		4,985
Chongqing Changan Automobile Co. Ltd., Class A		7,462		21,281
Chongqing Rural Commercial Bank Co. Ltd., Class A		13,400		7,632
Chongqing Taiji Industry Group Co. Ltd., Class A*		1,100		7,940
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,877		17,131
CITIC Ltd.		75,291		70,941
CITIC Securities Co. Ltd., Class A		9,610		28,846
CITIC Securities Co. Ltd., Class H		28,578		59,342
CMOC Group Ltd., Class A		15,700		11,446
CMOC Group Ltd., Class H		53,199		30,375
CNGR Advanced Material Co. Ltd., Class A		600		4,128
CNPC Capital Co. Ltd., Class A		7,300		5,874
Contemporary Amperex Technology Co. Ltd., Class A		3,473		81,161
COSCO SHIPPING Development Co. Ltd., Class A		14,000		4,565
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		3,500		6,455

	Number of Shares		Value
China (Continued)
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		15,107	$	14,660
COSCO SHIPPING Holdings Co. Ltd., Class A		11,530		16,151
COSCO SHIPPING Holdings Co. Ltd., Class H		44,940		41,423
Country Garden Holdings Co. Ltd.*		174,110		19,615
Country Garden Services Holdings Co. Ltd.		32,774		30,964
CRRC Corp. Ltd., Class A		20,700		15,063
CRRC Corp. Ltd., Class H		62,306		25,126
CSC Financial Co. Ltd., Class A		2,925		10,552
CSPC Pharmaceutical Group Ltd.		127,965		115,493
Daqin Railway Co. Ltd., Class A		13,600		13,817
Daqo New Energy Corp., ADR*		847		20,040
DaShenLin Pharmaceutical Group Co. Ltd., Class A		1,152		4,191
DHC Software Co. Ltd., Class A		800		714
Do-Fluoride New Materials Co. Ltd., Class A		1,260		2,643
Dong-E-E-Jiao Co. Ltd., Class A		200		1,411
Dongfang Electric Corp. Ltd., Class A		2,280		4,649
Dongfeng Motor Group Co. Ltd., Class H		36,130		18,131
Dongxing Securities Co. Ltd., Class A		600		725
East Buy Holding Ltd., 144A*		5,305		19,729
East Money Information Co. Ltd., Class A		11,674		23,916
Eastroc Beverage Group Co. Ltd., Class A		600		16,554
Ecovacs Robotics Co. Ltd., Class A		500		2,990
ENN Energy Holdings Ltd.		11,376		78,934
ENN Natural Gas Co. Ltd., Class A		2,300		5,159
Eoptolink Technology, Inc. Ltd., Class A		1,100		7,127
Eve Energy Co. Ltd., Class A		1,967		11,613
Everbright Securities Co. Ltd., Class A		4,800		10,915
Fangda Carbon New Material Co. Ltd., Class A*		3,834		3,101
FAW Jiefang Group Co. Ltd., Class A*		5,500		7,612
First Capital Securities Co. Ltd., Class A		900		770
Flat Glass Group Co. Ltd., Class A		700		2,479
Flat Glass Group Co. Ltd., Class H		6,437		10,581
Focus Media Information Technology Co. Ltd., Class A		11,720		10,726
Foshan Haitian Flavouring & Food Co. Ltd., Class A		4,151		22,137
Fosun International Ltd.		28,609		16,298
Founder Securities Co. Ltd., Class A		10,000		12,146
Foxconn Industrial Internet Co. Ltd., Class A		9,500		20,074
Fuyao Glass Industry Group Co. Ltd., Class A		2,100		11,067
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		7,983		37,456
Ganfeng Lithium Group Co. Ltd., Class A		1,680		9,169
Ganfeng Lithium Group Co. Ltd., Class H, 144A		4,957		15,865
G-bits Network Technology Xiamen Co. Ltd., Class A		100		3,587
GD Power Development Co. Ltd., Class A		9,450		5,223

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
GDS Holdings Ltd., Class A*		12,108	$	15,749
Gemdale Corp., Class A		4,300		3,081
Genscript Biotech Corp.*		15,922		44,232
GF Securities Co. Ltd., Class A		6,300		12,704
GF Securities Co. Ltd., Class H		16,286		20,370
Giant Network Group Co. Ltd., Class A		3,800		6,429
GigaDevice Semiconductor, Inc., Class A		641		8,441
Ginlong Technologies Co. Ltd., Class A		450		4,197
GoerTek, Inc., Class A		2,100		5,290
Goldwind Science & Technology Co. Ltd., Class A		1,138		1,385
Gongniu Group Co. Ltd., Class A		1,000		13,682
Gotion High-tech Co. Ltd., Class A*		1,200		3,720
Great Wall Motor Co. Ltd., Class A		1,900		7,152
Great Wall Motor Co. Ltd., Class H		32,372		46,664
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,800		12,910
Greentown China Holdings Ltd.		13,343		14,195
Guangdong Haid Group Co. Ltd., Class A		1,081		6,686
Guanghui Energy Co. Ltd., Class A		3,641		3,699
Guangzhou Automobile Group Co. Ltd., Class A		4,800		6,663
Guangzhou Automobile Group Co. Ltd., Class H		39,187		18,160
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		600		2,531
Guangzhou Haige Communications Group, Inc. Co., Class A		5,700		10,098
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		500		4,618
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		600		3,802
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,940		6,570
Guolian Securities Co. Ltd., Class A*		1,900		3,097
Guosen Securities Co. Ltd., Class A		6,400		8,508
Guotai Junan Securities Co. Ltd., Class A		6,100		12,889
Guoyuan Securities Co. Ltd., Class A		6,630		6,392
H World Group Ltd., ADR*		2,740		100,229
Haidilao International Holding Ltd., 144A		23,403		46,559
Haier Smart Home Co. Ltd., Class A		6,000		18,572
Haier Smart Home Co. Ltd., Class H		31,562		91,519
Hainan Airlines Holding Co. Ltd., Class A*		49,900		10,125
Hainan Airport Infrastructure Co. Ltd., Class A*		22,500		12,815
Haitian International Holdings Ltd.		9,936		25,313
Haitong Securities Co. Ltd., Class A		7,800		10,609
Haitong Securities Co. Ltd., Class H		37,734		21,158
Hangzhou First Applied Material Co. Ltd., Class A		1,143		3,716
Hangzhou Lion Electronics Co. Ltd., Class A		600		2,699
Hangzhou Oxygen Plant Group Co. Ltd., Class A		1,100		4,847
Hangzhou Robam Appliances Co. Ltd., Class A		200		650
Hangzhou Silan Microelectronics Co. Ltd., Class A		1,300		4,395

	Number of Shares		Value
China (Continued)
Hangzhou Tigermed Consulting Co. Ltd., Class A		174	$	1,512
Hansoh Pharmaceutical Group Co. Ltd., 144A		17,799		36,048
Heilongjiang Agriculture Co. Ltd., Class A		3,400		6,004
Henan Shenhuo Coal & Power Co. Ltd., Class A		621		1,370
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,308		8,430
Hengan International Group Co. Ltd.		8,872		32,370
Hengli Petrochemical Co. Ltd., Class A*		4,210		8,265
Hengtong Optic-electric Co. Ltd., Class A		1,900		3,310
Hengyi Petrochemical Co. Ltd., Class A*		1,366		1,311
Hesteel Co. Ltd., Class A		2,700		820
Hithink RoyalFlush Information Network Co. Ltd., Class A		500		9,829
Hongfa Technology Co. Ltd., Class A		700		2,850
Hoshine Silicon Industry Co. Ltd., Class A		500		3,475
Hoyuan Green Energy Co. Ltd., Class A		391		1,811
Hua Hong Semiconductor Ltd., 144A*		8,797		20,339
Huadian Power International Corp. Ltd., Class A		7,800		5,588
Huadong Medicine Co. Ltd., Class A		1,900		10,845
Huafon Chemical Co. Ltd., Class A		2,500		2,400
Huaibei Mining Holdings Co. Ltd., Class A		2,600		5,763
Hualan Biological Engineering, Inc., Class A		2,573		8,703
Huaneng Power International, Inc., Class A*		7,900		8,523
Huaneng Power International, Inc., Class H*		56,260		29,242
Huatai Securities Co. Ltd., Class A		5,800		11,631
Huatai Securities Co. Ltd., Class H, 144A		22,639		28,345
Huaxia Bank Co. Ltd., Class A		14,100		11,444
Huayu Automotive Systems Co. Ltd., Class A		2,800		6,818
Hubei Xingfa Chemicals Group Co. Ltd., Class A		1,000		2,632
Huizhou Desay Sv Automotive Co. Ltd., Class A		400		7,267
Humanwell Healthcare Group Co. Ltd., Class A		1,500		5,588
Hunan Valin Steel Co. Ltd., Class A		4,600		3,560
Hundsun Technologies, Inc., Class A		1,689		7,098
Hygeia Healthcare Holdings Co. Ltd., 144A		4,609		28,381
Hygon Information Technology Co. Ltd., Class A		1,696		17,033
IEIT Systems Co. Ltd., Class A		1,585		7,814
Iflytek Co. Ltd., Class A		2,050		12,837
Imeik Technology Development Co. Ltd., Class A		200		8,523
Industrial & Commercial Bank of China Ltd., Class A		49,200		33,116
Industrial & Commercial Bank of China Ltd., Class H		891,808		426,992
Industrial Bank Co. Ltd., Class A		15,459		31,584
Industrial Securities Co. Ltd., Class A		6,700		5,700

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
Ingenic Semiconductor Co. Ltd., Class A		600	$	5,714
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		49,800		10,662
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		2,900		5,921
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		9,600		5,212
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		5,400		20,592
Inner Mongolia Yitai Coal Co. Ltd., Class B*		15,100		21,472
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		4,700		4,176
Innovent Biologics, Inc., 144A*		16,404		96,182
iQIYI, Inc., ADR*		6,132		27,533
Isoftstone Information Technology Group Co. Ltd., Class A*		1,700		9,523
JA Solar Technology Co. Ltd., Class A		2,744		7,641
Jason Furniture Hangzhou Co. Ltd., Class A		166		871
JCET Group Co. Ltd., Class A		1,800		7,693
JD Health International, Inc., 144A*		12,533		59,767
JD Logistics, Inc., 144A*		27,599		33,884
JD.com, Inc., Class A		31,936		436,236
Jiangsu Eastern Shenghong Co. Ltd., Class A		9,400		13,312
Jiangsu Expressway Co. Ltd., Class H		20,078		18,070
Jiangsu Hengli Hydraulic Co. Ltd., Class A		1,332		10,494
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		5,778		38,826
Jiangsu King’s Luck Brewery JSC Ltd., Class A		778		5,860
Jiangsu Pacific Quartz Co. Ltd., Class A		400		4,806
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		4,400		6,194
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,200		19,585
Jiangsu Yoke Technology Co. Ltd., Class A		500		4,308
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,000		5,449
Jiangxi Copper Co. Ltd., Class A		3,000		7,435
Jiangxi Copper Co. Ltd., Class H		16,826		23,867
Jiangxi Special Electric Motor Co. Ltd., Class A*		1,700		2,469
Jinko Solar Co. Ltd., Class A		6,840		8,500
JiuGui Liquor Co. Ltd., Class A		300		2,997
Jizhong Energy Resources Co. Ltd., Class A		5,500		5,380
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		2,500		4,425
Jointown Pharmaceutical Group Co. Ltd., Class A		1,043		1,096
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A*		980		4,483
Juewei Food Co. Ltd., Class A		300		1,329
Kangmei Pharmaceutical Co. Ltd., Class A*		606		164

	Number of Shares		Value
China (Continued)
Kanzhun Ltd., ADR*		3,073	$	50,797
KE Holdings, Inc., ADR		8,901		141,793
Keda Industrial Group Co. Ltd., Class A		2,200		3,076
Kingdee International Software Group Co. Ltd.*		39,801		55,335
Kingsoft Corp. Ltd.		13,132		42,029
Kuaishou Technology, 144A*		31,729		234,374
Kuang-Chi Technologies Co. Ltd., Class A		1,600		3,123
Kunlun Tech Co. Ltd., Class A*		1,200		5,432
Kweichow Moutai Co. Ltd., Class A		1,014		254,204
LB Group Co. Ltd., Class A		2,300		5,555
Lenovo Group Ltd.		99,367		122,757
Lens Technology Co. Ltd., Class A		3,700		6,762
Lepu Medical Technology Beijing Co. Ltd., Class A		1,020		2,451
Li Auto, Inc., Class A*		15,600		291,178
Li Ning Co. Ltd.		33,609		93,582
Lingyi iTech Guangdong Co., Class A		6,890		6,450
Longfor Group Holdings Ltd., 144A		25,221		44,686
LONGi Green Energy Technology Co. Ltd., Class A		6,254		18,580
Lufax Holding Ltd., ADR		8,536		7,246
Luxi Chemical Group Co. Ltd., Class A		3,200		4,451
Luxshare Precision Industry Co. Ltd., Class A		6,670		29,709
Luzhou Laojiao Co. Ltd., Class A		1,200		34,844
Mango Excellent Media Co. Ltd., Class A		1,803		6,512
Maxscend Microelectronics Co. Ltd., Class A		448		8,683
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		3,708		3,212
Meituan, Class B, 144A*		69,301		803,793
Metallurgical Corp. of China Ltd., Class A		21,700		9,413
Microport Scientific Corp.*		12,706		20,365
Ming Yang Smart Energy Group Ltd., Class A		1,200		2,262
MINISO Group Holding Ltd.		5,417		36,373
Minth Group Ltd.		9,591		20,775
Montage Technology Co. Ltd., Class A		489		4,036
Muyuan Foods Co. Ltd., Class A		4,964		27,147
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		2,600		5,690
NARI Technology Co. Ltd., Class A		6,364		19,601
National Silicon Industry Group Co. Ltd., Class A*		3,759		9,289
NAURA Technology Group Co. Ltd., Class A		336		11,028
NavInfo Co. Ltd., Class A*		2,200		3,017
NetEase, Inc.		26,253		592,527
New China Life Insurance Co. Ltd., Class A		2,100		9,183
New China Life Insurance Co. Ltd., Class H		11,602		23,022
New Hope Liuhe Co. Ltd., Class A*		4,300		6,017
New Oriental Education & Technology Group, Inc.*		20,073		162,022
Ninestar Corp., Class A		1,200		4,641
Ningbo Deye Technology Co. Ltd., Class A		360		3,176
Ningbo Joyson Electronic Corp., Class A		1,500		4,127

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
Ningbo Orient Wires & Cables Co. Ltd., Class A		600	$	3,442
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		398		2,173
Ningbo Shanshan Co. Ltd., Class A		2,000		3,739
Ningbo Tuopu Group Co. Ltd., Class A		900		9,281
Ningxia Baofeng Energy Group Co. Ltd., Class A		6,000		12,317
NIO, Inc., ADR*		18,820		136,821
Nongfu Spring Co. Ltd., Class H, 144A		26,612		151,946
North Industries Group Red Arrow Co. Ltd., Class A		1,400		2,911
Offshore Oil Engineering Co. Ltd., Class A		4,600		4,139
Oppein Home Group, Inc., Class A		460		5,085
Orient Securities Co. Ltd., Class A		4,438		5,409
Ovctek China, Inc., Class A		900		3,070
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		6,600		3,131
People.cn Co. Ltd., Class A		1,300		6,178
People’s Insurance Co. Group of China Ltd., Class A		6,700		4,735
People’s Insurance Co. Group of China Ltd., Class H		114,747		37,165
Perfect World Co. Ltd., Class A		2,250		3,970
PetroChina Co. Ltd., Class A		13,632		13,697
PetroChina Co. Ltd., Class H		301,965		198,313
Pharmaron Beijing Co. Ltd., Class A		1,575		7,361
PICC Property & Casualty Co. Ltd., Class H		100,246		116,399
Ping An Bank Co. Ltd., Class A		17,900		24,247
Ping An Healthcare and Technology Co. Ltd., 144A*		6,436		14,386
Ping An Insurance Group Co. of China Ltd., Class A		9,300		53,097
Ping An Insurance Group Co. of China Ltd., Class H		90,528		417,217
Piotech, Inc., Class A		381		14,261
Poly Developments and Holdings Group Co. Ltd., Class A		9,900		14,214
Pop Mart International Group Ltd., 144A		7,396		22,203
Postal Savings Bank of China Co. Ltd., Class A		23,800		14,621
Postal Savings Bank of China Co. Ltd., Class H, 144A		104,097		46,243
Power Construction Corp. of China Ltd., Class A		12,201		8,520
Qifu Technology, Inc., ADR		1,657		25,717
Qinghai Salt Lake Industry Co. Ltd., Class A*		4,400		9,759
Raytron Technology Co. Ltd., Class A		344		2,422
Rongsheng Petrochemical Co. Ltd., Class A		8,875		13,351
SAIC Motor Corp. Ltd., Class A		7,300		15,200
Sailun Group Co. Ltd., Class A		2,700		4,031
Sanan Optoelectronics Co. Ltd., Class A		5,600		10,877
Sangfor Technologies, Inc., Class A*		375		4,429
Sany Heavy Equipment International Holdings Co. Ltd.		14,851		15,438

	Number of Shares		Value
China (Continued)
Sany Heavy Industry Co. Ltd., Class A		6,000	$	11,461
Satellite Chemical Co. Ltd., Class A*		3,917		8,748
SDIC Capital Co. Ltd., Class A		10,700		10,331
SDIC Power Holdings Co. Ltd., Class A		6,900		11,973
Seazen Holdings Co. Ltd., Class A*		2,200		3,947
Seres Group Co. Ltd., Class A*		1,200		12,710
SF Holding Co. Ltd., Class A		4,267		25,234
SG Micro Corp., Class A		197		2,472
Shaanxi Coal Industry Co. Ltd., Class A		7,100		19,354
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		3,750		4,665
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		338		849
Shandong Gold Mining Co. Ltd., Class A		4,436		14,402
Shandong Gold Mining Co. Ltd., Class H, 144A		7,838		15,473
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,560		6,516
Shandong Linglong Tyre Co. Ltd., Class A		1,400		3,901
Shandong Nanshan Aluminum Co. Ltd., Class A		6,800		2,741
Shandong Sun Paper Industry JSC Ltd., Class A		3,800		6,386
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		35,126		33,321
Shanghai Aiko Solar Energy Co. Ltd., Class A		1,820		4,121
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		980		3,535
Shanghai Baosight Software Co. Ltd., Class A		837		4,919
Shanghai Baosight Software Co. Ltd., Class B		8,580		16,148
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		225		7,087
Shanghai Construction Group Co. Ltd., Class A		17,700		6,192
Shanghai Electric Group Co. Ltd., Class A*		16,200		9,997
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,700		6,637
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		6,671		14,757
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		569		3,563
Shanghai International Airport Co. Ltd., Class A*		900		4,519
Shanghai International Port Group Co. Ltd., Class A		11,400		8,024
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,100		5,218
Shanghai Junshi Biosciences Co. Ltd., Class A*		514		3,242
Shanghai M&G Stationery, Inc., Class A		275		1,529
Shanghai Moons’ Electric Co. Ltd., Class A		700		7,346
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,800		7,037

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		12,618	$	18,286
Shanghai Pudong Development Bank Co. Ltd., Class A		29,200		27,990
Shanghai Putailai New Energy Technology Co. Ltd., Class A		942		3,025
Shanghai RAAS Blood Products Co. Ltd., Class A		5,600		6,230
Shanghai Rural Commercial Bank Co. Ltd., Class A		9,000		7,216
Shanghai United Imaging Healthcare Co. Ltd., Class A		658		13,167
Shanxi Coal International Energy Group Co. Ltd., Class A		2,500		6,395
Shanxi Coking Coal Energy Group Co. Ltd., Class A		3,640		4,956
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		3,000		9,181
Shanxi Meijin Energy Co. Ltd., Class A*		4,700		4,755
Shanxi Securities Co. Ltd., Class A		4,050		3,162
Shanxi Taigang Stainless Steel Co. Ltd., Class A		5,900		3,187
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		980		32,757
Shede Spirits Co. Ltd., Class A		400		5,615
Shenghe Resources Holding Co. Ltd., Class A		1,600		2,317
Shengyi Technology Co. Ltd., Class A		2,455		5,885
Shennan Circuits Co. Ltd., Class A		658		6,730
Shenwan Hongyuan Group Co. Ltd., Class A		21,000		13,253
Shenzhen Capchem Technology Co. Ltd., Class A		540		3,373
Shenzhen Dynanonic Co. Ltd., Class A		320		2,893
Shenzhen Energy Group Co. Ltd., Class A		6,260		5,352
Shenzhen Inovance Technology Co. Ltd., Class A		1,937		17,892
Shenzhen Kaifa Technology Co. Ltd., Class A		2,700		6,461
Shenzhen Kangtai Biological Products Co. Ltd., Class A		752		3,380
Shenzhen Kedali Industry Co. Ltd., Class A		300		3,696
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,070		43,552
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		314		3,087
Shenzhen Overseas Chinese Town Co. Ltd., Class A*		3,185		1,538
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		200		939
Shenzhen SC New Energy Technology Corp., Class A		300		2,952
Shenzhen SED Industry Co. Ltd., Class A		2,100		5,724
Shenzhen Senior Technology Material Co. Ltd., Class A		2,200		4,606
Shenzhen Transsion Holdings Co. Ltd., Class A		422		6,535

	Number of Shares		Value
China (Continued)
Shenzhou International Group Holdings Ltd.		11,301	$	113,425
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		1,700		5,976
Sichuan Chuantou Energy Co. Ltd., Class A		2,200		4,396
Sichuan Hebang Biotechnology Co. Ltd., Class A		11,600		3,798
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		400		1,605
Sichuan Road & Bridge Group Co. Ltd., Class A		6,860		7,411
Sichuan Swellfun Co. Ltd., Class A		500		4,092
Sieyuan Electric Co. Ltd., Class A		1,000		6,932
Silergy Corp.		4,655		63,328
Sinoma Science & Technology Co. Ltd., Class A		1,000		2,351
Sinomine Resource Group Co. Ltd., Class A		700		3,370
Sinopec Shanghai Petrochemical Co. Ltd., Class A*		1,200		490
Sinopharm Group Co. Ltd., Class H		19,092		47,368
Sinotruk Hong Kong Ltd.		10,793		22,384
Skshu Paint Co. Ltd., Class A*		588		4,444
Smoore International Holdings Ltd., 144A		23,681		20,645
Songcheng Performance Development Co. Ltd., Class A		2,520		3,706
SooChow Securities Co. Ltd., Class A		1,352		1,451
Spring Airlines Co. Ltd., Class A*		1,200		8,912
StarPower Semiconductor Ltd., Class A		200		5,269
Sungrow Power Supply Co. Ltd., Class A		1,140		13,273
Sunny Optical Technology Group Co. Ltd.		9,901		93,987
Sunwoda Electronic Co. Ltd., Class A		1,800		3,831
SUPCON Technology Co. Ltd., Class A		582		3,567
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		898		2,341
Suzhou Maxwell Technologies Co. Ltd., Class A		256		3,869
TAL Education Group, ADR*		5,942		74,453
Tangshan Jidong Cement Co. Ltd., Class A		5,300		5,155
TBEA Co. Ltd., Class A		4,030		7,856
TCL Technology Group Corp., Class A*		14,080		8,236
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		4,045		9,442
Tencent Holdings Ltd.		91,207		3,818,147
Tencent Music Entertainment Group, ADR*		10,952		93,202
Thunder Software Technology Co. Ltd., Class A		400		4,489
Tianma Microelectronics Co. Ltd., Class A*		1,000		1,521
Tianqi Lithium Corp., Class A		1,200		8,410
Tianshan Aluminum Group Co. Ltd., Class A		774		654
Tingyi Cayman Islands Holding Corp.		28,665		36,073
Titan Wind Energy Suzhou Co. Ltd., Class A*		2,500		4,370

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
Tongcheng Travel Holdings Ltd.*		17,013	$	31,320
TongFu Microelectronics Co. Ltd., Class A		2,100		6,671
Tongkun Group Co. Ltd., Class A*		2,000		3,803
Tongling Nonferrous Metals Group Co. Ltd., Class A		2,600		1,106
Tongwei Co. Ltd., Class A		4,100		14,057
Topchoice Medical Corp., Class A*		255		2,924
Topsports International Holdings Ltd., 144A		27,577		22,418
TravelSky Technology Ltd., Class H		12,348		20,835
Trina Solar Co. Ltd., Class A		2,056		7,757
Trip.Com Group Ltd.*		7,429		261,161
Tsingtao Brewery Co. Ltd., Class A		500		5,217
Tsingtao Brewery Co. Ltd., Class H		8,445		55,786
Unigroup Guoxin Microelectronics Co. Ltd., Class A*		929		9,419
Uni-President China Holdings Ltd.		13,233		8,470
Unisplendour Corp. Ltd., Class A*		3,254		9,203
Verisilicon Microelectronics Shanghai Co. Ltd., Class A*		755		5,642
Vipshop Holdings Ltd., ADR*		5,128		82,202
Walvax Biotechnology Co. Ltd., Class A		1,300		4,501
Wanhua Chemical Group Co. Ltd., Class A		2,789		31,476
Weibo Corp., ADR		889		8,988
Weichai Power Co. Ltd., Class A		5,900		12,302
Weichai Power Co. Ltd., Class H		26,875		49,406
Weihai Guangwei Composites Co. Ltd., Class A		800		2,788
Wens Foodstuffs Group Co. Ltd., Class A		4,716		12,710
Western Securities Co. Ltd., Class A		900		831
Western Superconducting Technologies Co. Ltd., Class A		789		5,793
Will Semiconductor Co. Ltd., Class A		791		11,981
Wingtech Technology Co. Ltd., Class A*		1,014		6,844
Wuchan Zhongda Group Co. Ltd., Class A		4,500		2,909
Wuhan Guide Infrared Co. Ltd., Class A		4,764		5,173
Wuliangye Yibin Co. Ltd., Class A		3,707		77,370
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,200		6,363
WuXi AppTec Co. Ltd., Class A		1,911		22,089
WuXi AppTec Co. Ltd., Class H, 144A		5,532		64,801
Wuxi Autowell Technology Co. Ltd., Class A		363		4,625
Wuxi Biologics Cayman, Inc., 144A*		51,906		289,057
XCMG Construction Machinery Co. Ltd., Class A		8,400		6,500
Xiamen C & D, Inc., Class A		3,500		4,638
Xiamen Faratronic Co. Ltd., Class A		300		3,946
Xiamen Tungsten Co. Ltd., Class A		1,800		4,330
Xiaomi Corp., Class B, 144A*		208,553		417,037
Xinjiang Daqo New Energy Co. Ltd., Class A		1,891		8,148
Xinyi Solar Holdings Ltd.		62,971		36,196
XPeng, Inc., Class A*		13,132		112,974
Xtep International Holdings Ltd.		17,203		9,932
Yadea Group Holdings Ltd., 144A		17,563		32,962
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		700		3,669

	Number of Shares		Value
China (Continued)
Yankuang Energy Group Co. Ltd., Class A		3,300	$	9,490
Yankuang Energy Group Co. Ltd., Class H		34,041		63,277
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,100		4,564
Yealink Network Technology Corp. Ltd., Class A		1,260		5,674
Yifeng Pharmacy Chain Co. Ltd., Class A		1,022		5,452
Yihai Kerry Arawana Holdings Co. Ltd., Class A		900		4,397
Yintai Gold Co. Ltd., Class A		2,400		4,971
YongXing Special Materials Technology Co. Ltd., Class A		520		3,200
Yonyou Network Technology Co. Ltd., Class A		2,697		6,306
Youngor Group Co. Ltd., Class A		7,500		7,116
YTO Express Group Co. Ltd., Class A		2,500		4,600
Yum China Holdings, Inc.		5,632		243,190
Yunda Holding Co. Ltd., Class A		3,160		3,798
Yunnan Aluminium Co. Ltd., Class A		3,800		6,844
Yunnan Baiyao Group Co. Ltd., Class A		1,400		9,860
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		200		2,000
Yunnan Energy New Material Co. Ltd., Class A		760		6,261
Yunnan Yuntianhua Co. Ltd., Class A		1,500		3,300
Zai Lab Ltd.*		12,000		32,645
Zangge Mining Co. Ltd., Class A		1,300		4,351
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		500		17,685
Zhaojin Mining Industry Co. Ltd., Class H		20,201		26,172
Zhejiang Century Huatong Group Co. Ltd., Class A*		8,280		6,465
Zhejiang China Commodities City Group Co. Ltd., Class A		5,400		6,007
Zhejiang Chint Electrics Co. Ltd., Class A		2,300		7,058
Zhejiang Dahua Technology Co. Ltd., Class A		3,932		10,636
Zhejiang Expressway Co. Ltd., Class H		21,098		13,370
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		2,000		4,380
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,627		7,308
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,100		6,645
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		1,000		3,843
Zhejiang Juhua Co. Ltd., Class A		2,100		4,670
Zhejiang Leapmotor Technology Co. Ltd., 144A*		6,677		34,277
Zhejiang NHU Co. Ltd., Class A		1,483		3,532
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,800		7,284
Zhejiang Supor Co. Ltd., Class A		68		497
Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,500		3,713
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,900		3,978
Zhejiang Zheneng Electric Power Co. Ltd., Class A*		13,100		8,506

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
China (Continued)
Zheshang Securities Co. Ltd., Class A		2,100	$	3,086
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		10,403		26,236
Zhongji Innolight Co. Ltd., Class A		700		9,298
Zhongjin Gold Corp. Ltd., Class A		3,700		5,576
Zhongsheng Group Holdings Ltd.		13,019		31,167
Zhongtai Securities Co. Ltd., Class A		4,000		4,025
Zhuzhou CRRC Times Electric Co. Ltd., Class A		771		4,153
Zhuzhou CRRC Times Electric Co. Ltd., Class H		7,223		22,840
Zhuzhou Kibing Group Co. Ltd., Class A		1,800		1,977
Zijin Mining Group Co. Ltd., Class A		16,600		28,293
Zijin Mining Group Co. Ltd., Class H		75,825		120,174
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		6,976		6,296
ZTE Corp., Class A		3,200		11,477
ZTE Corp., Class H		11,485		25,054
ZTO Express Cayman, Inc., ADR		5,933		132,425
(Cost $25,370,809)				23,611,771
Colombia — 0.1%
Bancolombia SA		3,936		31,089
Interconexion Electrica SA ESP		6,175		23,311
(Cost $61,807)				54,400
Cyprus — 0.0%
TCS Group Holding PLC, GDR* (a)
(Cost $93,983)		1,702		0
Czech Republic — 0.2%
CEZ AS		2,229		98,606
Komercni Banka AS		1,179		36,504
Moneta Money Bank AS, 144A		3,027		11,832
(Cost $97,989)				146,942
Egypt — 0.1%
Commercial International Bank — Egypt (CIB)		35,125		87,756
Eastern Co. SAE		17,485		14,656
EFG Holding S.A.E.*		16,627		9,933
Fawry for Banking & Payment Technology Services SAE*		6,535		1,125
(Cost $92,945)				113,470
Greece — 0.5%
Alpha Services and Holdings SA*		27,090		46,000
Eurobank Ergasias Services and Holdings SA*		35,935		66,144
Hellenic Telecommunications Organization SA		2,906		42,608
JUMBO SA		1,555		40,691
Motor Oil Hellas Corinth Refineries SA		887		23,944
Mytilineos SA		1,197		47,870
National Bank of Greece SA*		11,009		75,279
OPAP SA		2,786		44,579
Piraeus Financial Holdings SA*		10,522		37,337
Public Power Corp. SA*		2,715		31,917
(Cost $323,158)				456,369

	Number of Shares		Value
Hong Kong — 1.4%
Alibaba Health Information Technology Ltd.*		79,081	$	44,950
Beijing Enterprises Holdings Ltd.		5,627		18,658
Beijing Enterprises Water Group Ltd.		49,069		9,863
Bosideng International Holdings Ltd.		56,072		23,545
C&D International Investment Group Ltd.		9,149		18,693
China Everbright Environment Group Ltd.		46,457		15,285
China Gas Holdings Ltd.		33,697		30,887
China Medical System Holdings Ltd.		18,965		36,467
China Merchants Port Holdings Co. Ltd.		19,294		24,700
China Overseas Land & Investment Ltd.		55,543		102,677
China Overseas Property Holdings Ltd.		18,814		15,319
China Power International Development Ltd.		71,798		26,380
China Resources Beer Holdings Co. Ltd.		23,107		104,127
China Resources Gas Group Ltd.		12,361		38,770
China Resources Land Ltd.		42,666		156,216
China Resources Power Holdings Co. Ltd.		27,252		52,541
China Ruyi Holdings Ltd.*		86,138		19,518
China State Construction International Holdings Ltd.		26,516		30,755
China Taiping Insurance Holdings Co. Ltd.		21,417		19,412
China Traditional Chinese Medicine Holdings Co. Ltd.		41,519		21,261
Chow Tai Fook Jewellery Group Ltd.		26,715		38,783
COSCO SHIPPING Ports Ltd.		27,086		18,205
Far East Horizon Ltd.		21,048		15,440
GCL Technology Holdings Ltd.		278,189		37,038
Geely Automobile Holdings Ltd.		87,245		95,049
Guangdong Investment Ltd.		41,419		28,739
Kingboard Holdings Ltd.		9,057		21,798
Kingboard Laminates Holdings Ltd.		14,186		12,349
Kunlun Energy Co. Ltd.		51,795		47,874
Nine Dragons Paper Holdings Ltd.*		16,156		8,087
Orient Overseas International Ltd.		1,812		21,794
Sino Biopharmaceutical Ltd.		139,369		68,513
Vinda International Holdings Ltd.		5,643		14,448
Want Want China Holdings Ltd.		61,725		36,112
Yuexiu Property Co. Ltd.		21,842		19,909
(Cost $1,542,202)				1,294,162
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		5,882		46,834
OTP Bank Nyrt		3,327		138,311
Richter Gedeon Nyrt		2,046		51,567
(Cost $172,904)				236,712
India — 15.6%
ABB India Ltd.		687		36,410
Adani Enterprises Ltd.		2,535		71,695
Adani Green Energy Ltd.*		4,294		52,974
Adani Ports & Special Economic Zone Ltd.		7,775		76,963
Adani Power Ltd.*		10,664		55,178
Ambuja Cements Ltd.		8,526		44,908
APL Apollo Tubes Ltd.		2,061		41,709
Apollo Hospitals Enterprise Ltd.		1,303		86,388
Ashok Leyland Ltd.		21,214		46,590

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
India (Continued)
Asian Paints Ltd.		5,167	$	193,306
Astral Ltd.		1,677		39,207
AU Small Finance Bank Ltd., 144A		1,978		17,585
Aurobindo Pharma Ltd.		4,008		50,058
Avenue Supermarts Ltd., 144A*		2,229		105,571
Axis Bank Ltd.		30,982		399,100
Bajaj Auto Ltd.		986		72,011
Bajaj Finance Ltd.		3,706		316,496
Bajaj Finserv Ltd.		5,393		108,224
Bajaj Holdings & Investment Ltd.		388		34,225
Balkrishna Industries Ltd.		1,194		36,888
Bandhan Bank Ltd., 144A		8,893		24,111
Bank of Baroda		13,872		32,786
Berger Paints India Ltd.		3,690		25,416
Bharat Electronics Ltd.		50,179		87,790
Bharat Forge Ltd.		3,554		47,742
Bharat Petroleum Corp. Ltd.		10,996		57,450
Bharti Airtel Ltd.		30,593		372,243
Britannia Industries Ltd.		1,510		87,866
CG Power & Industrial Solutions Ltd.		8,706		46,916
Cholamandalam Investment and Finance Co. Ltd.		6,012		80,559
Cipla Ltd.		7,444		108,214
Coal India Ltd.		22,137		90,824
Colgate-Palmolive India Ltd.		1,742		45,876
Container Corp. Of India Ltd.		3,859		35,909
Cummins India Ltd.		1,961		44,892
Dabur India Ltd.		8,482		54,725
Divi’s Laboratories Ltd.		1,649		74,916
DLF Ltd.		9,204		69,074
Dr. Reddy’s Laboratories Ltd.		1,397		96,962
Eicher Motors Ltd.		1,787		83,505
GAIL India Ltd.		32,547		51,478
Godrej Consumer Products Ltd.		5,891		71,220
Godrej Properties Ltd.*		1,957		44,040
Grasim Industries Ltd.		3,226		77,579
Havells India Ltd.		3,411		53,281
HCL Technologies Ltd.		12,879		207,083
HDFC Asset Management Co. Ltd., 144A		1,240		44,155
HDFC Bank Ltd.		38,342		716,691
HDFC Life Insurance Co. Ltd., 144A		13,722		113,659
Hero MotoCorp Ltd.		1,629		74,601
Hindalco Industries Ltd.		16,516		102,124
Hindustan Aeronautics Ltd.		2,661		75,937
Hindustan Petroleum Corp. Ltd.*		8,217		34,230
Hindustan Unilever Ltd.		11,171		340,989
ICICI Bank Ltd.		70,738		793,063
ICICI Lombard General Insurance Co. Ltd., 144A		3,438		61,015
ICICI Prudential Life Insurance Co. Ltd., 144A		4,785		32,281
IDFC First Bank Ltd.*		48,095		49,137
Indian Hotels Co. Ltd.		11,140		56,332
Indian Oil Corp. Ltd.		43,549		58,357
Indian Railway Catering & Tourism Corp. Ltd.		3,301		27,936
Indraprastha Gas Ltd.		4,455		20,786

	Number of Shares		Value
India (Continued)
IndusInd Bank Ltd.		3,651	$	64,186
Info Edge India Ltd.		1,063		58,775
Infosys Ltd.		45,383		791,895
InterGlobe Aviation Ltd., 144A*		1,977		64,135
ITC Ltd.		40,412		211,186
Jindal Steel & Power Ltd.		5,332		42,889
Jio Financial Services Ltd.*		42,925		118,078
JSW Steel Ltd.		8,121		78,012
Jubilant Foodworks Ltd.		5,877		39,525
Kotak Mahindra Bank Ltd.		14,917		314,005
Larsen & Toubro Ltd.		9,039		337,004
LTIMindtree Ltd., 144A		1,233		81,862
Lupin Ltd.		2,187		33,592
Macrotech Developers Ltd., 144A		2,940		31,084
Mahindra & Mahindra Ltd.		12,570		248,367
Marico Ltd.		6,997		45,194
Maruti Suzuki India Ltd.		1,841		234,198
Max Healthcare Institute Ltd.		10,971		83,644
Mphasis Ltd.		917		25,892
MRF Ltd.		27		36,159
Muthoot Finance Ltd.		1,737		30,866
Nestle India Ltd.		467		135,721
NTPC Ltd.		59,562		186,627
Oil & Natural Gas Corp. Ltd.		43,856		102,522
One 97 Communications Ltd.*		2,925		30,720
Page Industries Ltd.		92		41,105
Persistent Systems Ltd.		657		50,421
Petronet LNG Ltd.		11,532		28,044
PI Industries Ltd.		1,118		50,554
Pidilite Industries Ltd.		2,207		67,547
Polycab India Ltd.		546		34,490
Power Finance Corp. Ltd.		19,296		77,491
Power Grid Corp. of India Ltd.		61,691		154,572
REC Ltd.		16,989		71,037
Reliance Industries Ltd.		41,534		1,184,082
Samvardhana Motherson International Ltd.		33,262		36,715
SBI Cards & Payment Services Ltd.		4,022		35,648
SBI Life Insurance Co. Ltd., 144A		5,870		101,026
Shree Cement Ltd.		123		39,442
Shriram Finance Ltd.		3,692		88,863
Siemens Ltd.		1,248		54,737
Sona Blw Precision Forgings Ltd., 144A		5,785		38,708
SRF Ltd.		2,052		58,253
State Bank of India		24,063		162,957
Sun Pharmaceutical Industries Ltd.		13,218		194,299
Supreme Industries Ltd.		917		48,725
Suzlon Energy Ltd.*		116,830		57,088
Tata Communications Ltd.		1,437		29,389
Tata Consultancy Services Ltd.		12,515		523,388
Tata Consumer Products Ltd.		6,881		77,623
Tata Elxsi Ltd.		497		49,184
Tata Motors Ltd.		22,315		189,023
Tata Motors Ltd., Class A		6,026		34,526
Tata Power Co. Ltd.		21,134		67,892
Tata Steel Ltd.		103,703		159,048
Tech Mahindra Ltd.		7,519		110,084

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
India (Continued)
Titan Co. Ltd.		4,764	$	199,406
Torrent Pharmaceuticals Ltd.		1,472		37,536
Trent Ltd.		2,385		79,706
Tube Investments of India Ltd.		1,474		59,500
TVS Motor Co. Ltd.		3,459		77,336
UltraTech Cement Ltd.		1,615		174,364
United Spirits Ltd.		3,531		44,410
UPL Ltd.		6,963		47,647
Varun Beverages Ltd.		6,268		83,053
Vedanta Ltd.		10,028		28,060
Wipro Ltd.		18,750		92,869
Yes Bank Ltd.*		176,395		40,929
Zomato Ltd.*		69,426		98,694
(Cost $10,666,492)				14,964,845
Indonesia — 1.8%
Amman Mineral Internasional PT*		80,782		37,500
Aneka Tambang Tbk		120,851		13,558
GoTo Gojek Tokopedia Tbk PT*		11,971,973		74,873
PT Adaro Energy Indonesia Tbk		210,215		35,510
PT Astra International Tbk		283,991		98,875
PT Bank Central Asia Tbk		751,102		434,632
PT Bank Mandiri Persero Tbk		497,200		187,532
PT Bank Negara Indonesia Persero Tbk		194,556		66,169
PT Bank Rakyat Indonesia Persero Tbk		923,418		314,057
PT Barito Pacific Tbk		451,019		30,388
PT Charoen Pokphand Indonesia Tbk		109,612		36,749
PT Indah Kiat Pulp & Paper Tbk		38,244		21,637
PT Indofood CBP Sukses Makmur Tbk		34,844		25,948
PT Indofood Sukses Makmur Tbk		56,753		23,510
PT Kalbe Farma Tbk		318,303		33,144
PT Merdeka Copper Gold Tbk*		168,651		27,510
PT Sarana Menara Nusantara Tbk		320,863		20,688
PT Semen Indonesia Persero Tbk		51,869		21,738
PT Sumber Alfaria Trijaya Tbk		234,926		43,471
PT Telkom Indonesia Persero Tbk		662,635		160,639
PT Unilever Indonesia Tbk		111,077		26,140
PT United Tractors Tbk		19,158		27,051
(Cost $1,531,249)				1,761,319
Ireland — 1.3%
PDD Holdings, Inc., ADR*
(Cost $605,742)		8,173		1,205,027
Kazakhstan — 0.0%
Polymetal International PLC* (a)
(Cost $79,914)		4,894		0
Kuwait — 0.7%
Agility Public Warehousing Co. KSC*		22,473		39,280
Boubyan Bank KSCP		19,881		37,516
Gulf Bank KSCP		30,257		24,778
Kuwait Finance House KSCP		107,871		244,058
Mabanee Co KPSC		8,493		23,036
Mobile Telecommunications Co. KSCP		23,417		37,064
National Bank of Kuwait SAKP		102,192		292,733
(Cost $609,214)				698,465

	Number of Shares		Value
Luxembourg — 0.1%
Reinet Investments SCA
(Cost $38,600)		2,028	$	47,603
Malaysia — 1.3%
AMMB Holdings Bhd		25,746		21,881
Axiata Group Bhd		40,099		19,449
Celcomdigi Bhd		43,560		40,573
CIMB Group Holdings Bhd		90,535		109,781
Dialog Group Bhd		47,536		22,546
Gamuda Bhd		23,918		24,485
Genting Bhd		31,267		31,405
Genting Malaysia Bhd		34,645		19,853
Hong Leong Bank Bhd		9,941		40,536
IHH Healthcare Bhd		25,135		31,449
Inari Amertron Bhd		38,500		24,127
IOI Corp. Bhd		38,694		33,383
Kuala Lumpur Kepong Bhd		6,020		28,269
Malayan Banking Bhd		72,518		139,760
Malaysia Airports Holdings Bhd		9,963		15,352
Maxis Bhd		37,096		31,049
MISC Bhd		19,500		30,090
MR DIY Group M Bhd, 144A		29,100		9,555
Nestle Malaysia Bhd		883		23,764
Petronas Chemicals Group Bhd		38,524		59,694
Petronas Dagangan Bhd		3,504		16,770
Petronas Gas Bhd		8,290		29,997
PPB Group Bhd		9,962		30,146
Press Metal Aluminium Holdings Bhd		51,350		52,898
Public Bank Bhd		205,710		188,514
QL Resources Bhd		17,100		20,588
RHB Bank Bhd		21,344		24,965
Sime Darby Bhd		34,123		18,089
Sime Darby Plantation Bhd		29,323		28,382
Telekom Malaysia Bhd		16,645		18,826
Tenaga Nasional Bhd		38,205		81,912
(Cost $1,395,352)				1,268,088
Mexico — 2.5%
Alfa SAB de CV, Class A		44,312		32,325
America Movil SAB de CV, Series B		253,900		229,655
Arca Continental SAB de CV		6,643		67,832
Banco del Bajio SA, 144A		11,112		35,239
Cemex SAB de CV, Series CPO*		215,043		149,441
Coca-Cola Femsa SAB de CV		7,269		61,095
Fibra Uno Administracion SA de CV REIT		43,283		69,653
Fomento Economico Mexicano SAB de CV		26,238		333,676
Gruma SAB de CV, Class B		2,807		52,021
Grupo Aeroportuario del Centro Norte SAB de CV		3,571		32,423
Grupo Aeroportuario del Pacifico SAB de CV, Class B		5,272		80,304
Grupo Aeroportuario del Sureste SAB de CV, Class B		2,787		65,801
Grupo Bimbo SAB de CV, Series A		19,061		96,180
Grupo Carso SAB de CV, Series A1		7,907		72,644
Grupo Financiero Banorte SAB de CV, Class O		34,862		324,182

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Mexico (Continued)
Grupo Financiero Inbursa SAB de CV, Class O*		26,737	$	65,347
Grupo Mexico SAB de CV, Series B		42,969		196,952
Industrias Penoles SAB de CV*		2,797		41,025
Kimberly-Clark de Mexico SAB de CV, Class A		19,801		40,061
Operadora De Sites Mexicanos SAB de CV, Class A-1		19,693		24,752
Orbia Advance Corp. SAB de CV		12,247		26,153
Prologis Property Mexico SA de CV REIT		8,268		35,598
Promotora y Operadora de Infraestructura SAB de CV		2,381		23,431
Wal-Mart de Mexico SAB de CV		70,131		274,936
(Cost $1,932,781)				2,430,726
Netherlands — 0.0%
NEPI Rockcastle NV*
(Cost $87,796)		7,310		44,982
Peru — 0.2%
Cia de Minas Buenaventura SAA, ADR		3,293		31,415
Credicorp Ltd.		896		112,475
(Cost $180,347)				143,890
Philippines — 0.6%
Aboitiz Equity Ventures, Inc.		25,450		21,464
Ayala Corp.		2,884		34,510
Ayala Land, Inc.		95,424		53,653
Bank of the Philippine Islands		28,316		52,713
BDO Unibank, Inc.		33,750		81,197
International Container Terminal Services, Inc.		14,061		54,683
JG Summit Holdings, Inc.		40,134		27,846
Jollibee Foods Corp.		6,853		27,985
Manila Electric Co.		3,560		23,096
Metropolitan Bank & Trust Co.		24,502		22,056
PLDT, Inc.		1,206		27,993
SM Investments Corp.		3,343		49,341
SM Prime Holdings, Inc.		127,591		74,269
Universal Robina Corp.		12,494		25,443
(Cost $666,487)				576,249
Poland — 0.9%
Allegro.eu SA, 144A*		6,830		49,404
Bank Polska Kasa Opieki SA		2,394		84,100
Budimex SA		191		26,495
CD Projekt SA		1,001		27,234
Cyfrowy Polsat SA*		4,480		14,366
Dino Polska SA, 144A*		697		77,663
KGHM Polska Miedz SA		1,989		57,320
LPP SA		15		55,788
mBank SA*		187		26,370
ORLEN SA		7,877		116,238
PGE Polska Grupa Energetyczna SA*		12,279		25,805
Powszechna Kasa Oszczednosci Bank Polski SA*		11,592		137,711
Powszechny Zaklad Ubezpieczen SA		7,948		90,587
Santander Bank Polska SA*		482		59,851
(Cost $824,363)				848,932

	Number of Shares		Value
Qatar — 0.9%
Barwa Real Estate Co.		30,415	$	22,554
Commercial Bank PSQC		45,915		67,214
Dukhan Bank		26,583		28,196
Industries Qatar QSC		21,665		74,379
Masraf Al Rayan QSC		77,316		52,790
Mesaieed Petrochemical Holding Co.		64,544		29,764
Ooredoo QPSC		8,328		23,536
Qatar Electricity & Water Co. QSC		5,674		26,305
Qatar Fuel QSC		8,554		37,402
Qatar Gas Transport Co. Ltd.		32,116		28,579
Qatar International Islamic Bank QSC		14,554		40,092
Qatar Islamic Bank SAQ		21,835		113,943
Qatar National Bank QPSC		62,680		270,276
(Cost $778,418)				815,030
Russia — 0.0%
Alrosa PJSC* (a)		34,709		0
Gazprom PJSC* (a)		164,723		0
Inter RAO UES PJSC* (a)		490,959		0
LUKOIL PJSC* (a)		5,651		0
Magnit PJSC* (a)		933		0
MMC Norilsk Nickel PJSC* (a)		883		0
Mobile TeleSystems PJSC, ADR* (a)		6,594		0
Moscow Exchange MICEX-RTS PJSC* (a)		20,735		0
Novatek PJSC* (a)		12,810		0
Novolipetsk Steel PJSC* (a)		21,183		0
Ozon Holdings PLC, ADR* (a)		700		0
PhosAgro PJSC* (a)		713		0
PhosAgro PJSC, GDR* (a)		13		0
Polyus PJSC* (a)		476		0
Rosneft Oil Co. PJSC* (a)		14,582		0
Sberbank of Russia PJSC* (a)		146,997		0
Severstal PAO* (a)		707		0
Severstal PAO, GDR* (a)		2,248		0
Surgutneftegas PJSC, ADR* (a)		2,000		0
Surgutneftegas PJSC* (a)		68,300		0
Tatneft PJSC* (a)		17,973		0
United Co. RUSAL International PJSC* (a)		39,327		0
VK Co. Ltd., GDR* (a)		1,691		0
VTB Bank PJSC* (a)		48,782,071		0
X5 Retail Group NV, GDR* (a)		1,749		0
Yandex NV, Class A* (a)		4,277		0
(Cost $2,809,658)				0
Saudi Arabia — 3.9%
ACWA Power Co.		1,373		83,811
Advanced Petrochemical Co.		1,387		13,828
Al Rajhi Bank		26,641		542,549
Alinma Bank		12,801		122,158
Almarai Co. JSC		3,740		55,629
Arab National Bank		9,615		61,511
Arabian Internet & Communications Services Co.		332		27,558
Bank AlBilad		6,924		70,597
Bank Al-Jazira*		6,260		28,334
Banque Saudi Fransi		8,616		85,896

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Saudi Arabia (Continued)
Bupa Arabia for Cooperative Insurance Co.		1,151	$	61,178
Co. for Cooperative Insurance		1,111		36,485
Dallah Healthcare Co.		464		20,532
Dar Al Arkan Real Estate Development Co.*		8,204		32,584
Dr Sulaiman Al Habib Medical Services Group Co.		1,237		92,985
Elm Co.		340		67,483
Etihad Etisalat Co.		5,409		66,612
Jarir Marketing Co.		8,820		34,278
Mobile Telecommunications Co. Saudi Arabia		6,440		24,205
Mouwasat Medical Services Co.		1,408		42,261
Nahdi Medical Co.		542		19,620
National Industrialization Co.*		4,370		14,211
Power & Water Utility Co. for Jubail & Yanbu		1,096		17,237
Rabigh Refining & Petrochemical Co.*		5,886		17,102
Riyad Bank		20,730		147,539
SABIC Agri-Nutrients Co.		3,186		116,858
Sahara International Petrochemical Co.		5,097		43,953
Saudi Arabian Mining Co.*		17,104		181,686
Saudi Arabian Oil Co., 144A		35,350		312,840
Saudi Aramco Base Oil Co.		650		23,772
Saudi Awwal Bank		14,397		133,359
Saudi Basic Industries Corp.		11,930		251,861
Saudi Electricity Co.		12,079		58,149
Saudi Industrial Investment Group		5,410		32,476
Saudi Investment Bank		6,671		26,673
Saudi Kayan Petrochemical Co.*		9,856		29,740
Saudi National Bank		39,802		370,806
Saudi Research & Media Group*		482		20,454
Saudi Tadawul Group Holding Co.		697		33,963
Saudi Telecom Co.		26,677		273,419
Savola Group		3,688		36,865
Yanbu National Petrochemical Co.		3,192		32,035
(Cost $3,163,019)				3,765,092
Singapore — 0.0%
BOC Aviation Ltd., 144A		2,752		19,800
JOYY, Inc., ADR		610		23,430
(Cost $55,299)				43,230
South Africa — 2.7%
Absa Group Ltd.		12,180		112,268
Anglo American Platinum Ltd.		805		34,061
Aspen Pharmacare Holdings Ltd.		5,517		54,180
Bid Corp. Ltd.		4,675		102,489
Bidvest Group Ltd.		3,404		42,573
Capitec Bank Holdings Ltd.		1,252		130,220
Clicks Group Ltd.		3,005		47,047
Discovery Ltd.		7,232		51,039
Exxaro Resources Ltd.		3,398		33,843
FirstRand Ltd.		67,610		241,838
Gold Fields Ltd.		11,964		180,756
Harmony Gold Mining Co. Ltd.		8,674		53,803
Impala Platinum Holdings Ltd.		12,030		48,902

	Number of Shares		Value
South Africa (Continued)
Kumba Iron Ore Ltd.		971	$	30,507
MTN Group Ltd.		22,776		124,372
Naspers Ltd., Class N*		2,536		467,286
Nedbank Group Ltd.		5,374		60,949
Northam Platinum Holdings Ltd.		4,742		30,603
Old Mutual Ltd.		69,532		42,417
OUTsurance Group Ltd.		12,673		27,899
Pepkor Holdings Ltd., 144A		25,325		25,014
Remgro Ltd.		7,354		56,647
Sanlam Ltd.		25,445		91,663
Sasol Ltd.		8,067		89,651
Shoprite Holdings Ltd.		7,112		97,015
Sibanye Stillwater Ltd.		39,384		43,455
Standard Bank Group Ltd.		17,898		190,095
Vodacom Group Ltd.		9,411		48,425
Woolworths Holdings Ltd.		12,322		44,121
(Cost $3,370,261)				2,603,138
South Korea — 11.7%
Amorepacific Corp.		393		39,387
Celltrion Healthcare Co. Ltd.		1,499		86,560
Celltrion Pharm, Inc.*		254		15,770
Celltrion, Inc.		1,545		195,079
CJ CheilJedang Corp.		118		28,262
CosmoAM&T Co. Ltd.*		331		42,255
Coway Co. Ltd.		788		30,539
DB Insurance Co. Ltd.		672		43,597
Doosan Bobcat, Inc.		776		27,428
Doosan Enerbility Co. Ltd.*		6,098		74,680
Ecopro BM Co. Ltd.		706		149,939
Ecopro Co. Ltd.		282		163,497
F&F Co. Ltd. / New		244		16,246
GS Holdings Corp.		657		21,032
Hana Financial Group, Inc.		4,130		133,329
Hankook Tire & Technology Co. Ltd.		1,138		40,002
Hanmi Pharm. Co. Ltd.		94		22,404
Hanmi Semiconductor Co. Ltd.		619		30,515
Hanon Systems		2,266		12,734
Hanwha Aerospace Co. Ltd.		484		47,231
Hanwha Ocean Co. Ltd.*		1,141		24,144
Hanwha Solutions Corp.*		1,465		37,927
HD Hyundai Co. Ltd.		670		31,315
HD Hyundai Heavy Industries Co. Ltd.*		229		22,223
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		638		55,237
HLB, Inc.*		1,523		37,657
HMM Co. Ltd.		3,511		42,154
Hotel Shilla Co. Ltd.		459		23,339
HYBE Co. Ltd.*		290		48,440
Hyundai Engineering & Construction Co. Ltd.		1,167		32,428
Hyundai Glovis Co. Ltd.		277		37,294
Hyundai Mipo Dockyard Co. Ltd.*		314		19,738
Hyundai Mobis Co. Ltd.		819		145,371
Hyundai Motor Co.		1,820		259,990
Hyundai Steel Co.		1,344		36,669
Industrial Bank of Korea		3,874		35,523

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
JYP Entertainment Corp.		427	$	31,773
Kakao Corp.		4,202		164,478
KakaoBank Corp.		2,390		48,535
Kakaopay Corp.*		338		12,078
Kangwon Land, Inc.		1,174		14,105
KB Financial Group, Inc.		5,187		210,672
Kia Corp.		3,538		235,565
Korea Aerospace Industries Ltd.		1,103		39,626
Korea Electric Power Corp.*		3,557		51,970
Korea Investment Holdings Co. Ltd.		603		27,997
Korea Zinc Co. Ltd.		121		46,097
Korean Air Lines Co. Ltd.		2,512		43,712
Krafton, Inc.*		404		66,699
KT Corp.		841		21,870
KT&G Corp.		1,352		92,428
Kum Yang Co. Ltd.*		418		41,568
Kumho Petrochemical Co. Ltd.		169		16,767
L&F Co. Ltd.		344		47,008
LG Chem Ltd.		661		256,684
LG Corp.		1,135		73,986
LG Display Co. Ltd.*		3,252		31,558
LG Electronics, Inc.		1,460		116,221
LG Energy Solution Ltd.*		627		220,882
LG H&H Co. Ltd.		121		31,278
LG Innotek Co. Ltd.		204		37,633
LG Uplus Corp.		2,880		23,439
Lotte Chemical Corp.		276		32,988
Meritz Financial Group, Inc.*		1,416		60,914
Mirae Asset Securities Co. Ltd.		3,397		18,879
NAVER Corp.		1,783		287,458
NCSoft Corp.		191		38,788
Netmarble Corp., 144A*		332		15,286
NH Investment & Securities Co. Ltd.		1,668		13,265
Orion Corp.		358		32,660
Pearl Abyss Corp.*		439		12,862
Posco DX Co. Ltd.		693		30,779
POSCO Future M Co. Ltd.		441		110,921
POSCO Holdings, Inc.		978		366,139
Posco International Corp.		671		29,749
Samsung Biologics Co. Ltd., 144A*		232		130,372
Samsung C&T Corp.		1,069		98,850
Samsung Electro-Mechanics Co. Ltd.		759		85,716
Samsung Electronics Co. Ltd.		65,198		3,678,963
Samsung Engineering Co. Ltd.*		2,058		40,278
Samsung Fire & Marine Insurance Co. Ltd.		436		87,866
Samsung Heavy Industries Co. Ltd.*		9,002		55,680
Samsung Life Insurance Co. Ltd.		1,156		62,721
Samsung SDI Co. Ltd.		741		271,094
Samsung SDS Co. Ltd.		556		72,573
Samsung Securities Co. Ltd.		816		24,793
Shinhan Financial Group Co. Ltd.		5,918		169,263
SK Biopharmaceuticals Co. Ltd.*		460		30,699
SK Bioscience Co. Ltd.*		337		17,762
SK Hynix, Inc.		7,459		774,143
SK IE Technology Co. Ltd., 144A*		352		19,371
SK Innovation Co. Ltd.*		803		89,067
SK Square Co. Ltd.*		1,376		54,394

	Number of Shares		Value
South Korea (Continued)
SK Telecom Co. Ltd.		713	$	28,848
SK, Inc.		484		61,375
SKC Co. Ltd.		275		20,676
S-Oil Corp.		610		32,246
Woori Financial Group, Inc.		8,569		86,477
Yuhan Corp.		806		38,296
(Cost $7,430,835)				11,196,775
Taiwan — 15.3%
Accton Technology Corp.		7,131		121,665
Acer, Inc.		42,383		47,755
Advantech Co. Ltd.		5,851		66,208
Airtac International Group		1,960		68,073
Alchip Technologies Ltd.		1,000		99,552
ASE Technology Holding Co. Ltd.		40,549		166,142
Asia Cement Corp.		33,169		44,275
Asustek Computer, Inc.		9,403		118,440
AUO Corp.*		99,293		51,967
Catcher Technology Co. Ltd.		8,032		50,007
Cathay Financial Holding Co. Ltd.*		125,196		186,351
Chailease Holding Co. Ltd.		20,839		124,073
Chang Hwa Commercial Bank Ltd.		73,150		41,680
Cheng Shin Rubber Industry Co. Ltd.		27,323		41,151
China Airlines Ltd.		41,386		27,953
China Development Financial Holding Corp.*		205,089		83,375
China Steel Corp.		166,084		139,289
Chunghwa Telecom Co. Ltd.		52,059		199,137
Compal Electronics, Inc.		59,978		59,325
CTBC Financial Holding Co. Ltd.		247,060		216,296
Delta Electronics, Inc.		25,783		261,214
E Ink Holdings, Inc.		11,382		66,674
E.Sun Financial Holding Co. Ltd.		190,404		156,029
Eclat Textile Co. Ltd.		2,625		49,828
eMemory Technology, Inc.		888		71,489
Eva Airways Corp.		32,687		32,750
Evergreen Marine Corp. Taiwan Ltd.		14,236		51,038
Far Eastern New Century Corp.		42,295		41,429
Far EasTone Telecommunications Co. Ltd.		23,815		63,197
Feng TAY Enterprise Co. Ltd.		6,853		40,254
First Financial Holding Co. Ltd.		155,888		138,223
Formosa Chemicals & Fibre Corp.		45,346		93,189
Formosa Petrochemical Corp.		15,086		41,047
Formosa Plastics Corp.		52,803		136,571
Fubon Financial Holding Co. Ltd.		109,498		225,726
Gigabyte Technology Co. Ltd.		7,355		58,859
Global Unichip Corp.		1,254		66,232
Globalwafers Co. Ltd.		2,942		54,998
Hon Hai Precision Industry Co. Ltd.		170,053		552,509
Hotai Motor Co. Ltd.		4,132		93,909
Hua Nan Financial Holdings Co. Ltd.		116,420		82,918
Innolux Corp.*		120,880		48,754
Inventec Corp.		37,918		51,464
Largan Precision Co. Ltd.		1,463		111,926
Lite-On Technology Corp.		28,929		101,863
MediaTek, Inc.		20,532		621,086
Mega Financial Holding Co. Ltd.		151,158		191,125

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Micro-Star International Co. Ltd.		9,839	$	57,793
momo.com, Inc.		1,085		17,991
Nan Ya Plastics Corp.		66,845		145,715
Nan Ya Printed Circuit Board Corp.		3,074		24,403
Nanya Technology Corp.		18,138		43,545
Nien Made Enterprise Co. Ltd.		2,332		25,455
Novatek Microelectronics Corp.		8,145		133,230
Pegatron Corp.		24,631		64,022
PharmaEssentia Corp.*		2,754		32,133
Pou Chen Corp.		22,819		22,571
Powerchip Semiconductor Manufacturing Corp.		42,425		40,877
President Chain Store Corp.		8,211		70,834
Quanta Computer, Inc.		36,580		237,700
Realtek Semiconductor Corp.		7,020		101,008
Ruentex Development Co. Ltd.*		22,385		25,652
Shanghai Commercial & Savings Bank Ltd.		56,181		81,106
Shin Kong Financial Holding Co. Ltd.*		150,328		43,356
SinoPac Financial Holdings Co. Ltd.		136,943		82,850
Synnex Technology International Corp.		18,316		40,396
Taishin Financial Holding Co. Ltd.		146,508		85,823
Taiwan Business Bank		85,123		36,785
Taiwan Cement Corp.		91,481		102,345
Taiwan Cooperative Financial Holding Co. Ltd.		141,842		122,364
Taiwan High Speed Rail Corp.		29,145		28,081
Taiwan Mobile Co. Ltd.		23,346		73,535
Taiwan Semiconductor Manufacturing Co. Ltd.		337,152		6,227,167
Unimicron Technology Corp.		19,323		109,481
Uni-President Enterprises Corp.		68,008		158,918
United Microelectronics Corp.		151,327		236,872
Vanguard International Semiconductor Corp.		13,077		33,404
Voltronic Power Technology Corp.		884		45,558
Walsin Lihwa Corp.		41,182		51,280
Wan Hai Lines Ltd.		9,733		14,550
Winbond Electronics Corp.		39,253		35,622
Wistron Corp.		36,884		108,031
Wiwynn Corp.		1,252		70,535
WPG Holdings Ltd.		21,321		52,961
Yageo Corp.		4,660		89,650
Yang Ming Marine Transport Corp.		23,921		32,160
Yuanta Financial Holding Co. Ltd.		144,018		119,861
Zhen Ding Technology Holding Ltd.		9,482		31,414
(Cost $7,211,917)				14,614,049
Thailand — 1.7%
Advanced Info Service PCL, NVDR		15,873		98,367
Airports of Thailand PCL, NVDR*		57,900		97,933
Asset World Corp. PCL, NVDR		55,300		5,816
Bangkok Dusit Medical Services PCL, NVDR		150,300		112,156
Bangkok Expressway & Metro PCL, NVDR		109,100		24,191
Banpu PCL, NVDR		104,700		22,174
Berli Jucker PCL, NVDR (b)		19,000		14,178

	Number of Shares		Value
Thailand (Continued)
BTS Group Holdings PCL, NVDR		125,844	$	25,936
Bumrungrad Hospital PCL, NVDR		8,700		55,152
Central Pattana PCL, NVDR		27,200		52,386
Central Retail Corp. PCL, NVDR		28,100		30,155
Charoen Pokphand Foods PCL, NVDR		57,369		32,454
CP ALL PCL, NVDR		74,049		109,461
CP Axtra PCL, NVDR		27,200		20,877
Delta Electronics Thailand PCL, NVDR		45,380		100,300
Energy Absolute PCL, NVDR		25,800		32,637
Global Power Synergy PCL, NVDR		10,800		13,969
Gulf Energy Development PCL, NVDR		41,850		54,725
Home Product Center PCL, NVDR		95,100		31,900
Indorama Ventures PCL, NVDR		25,119		17,495
Intouch Holdings PCL, NVDR		14,000		27,759
Kasikornbank PCL, NVDR		7,303		26,573
Krung Thai Bank PCL, NVDR		54,606		28,252
Krungthai Card PCL, NVDR		15,700		20,865
Land & Houses PCL, NVDR		124,100		27,164
Minor International PCL, NVDR		45,547		35,283
Muangthai Capital PCL, NVDR		10,100		12,561
Osotspa PCL, NVDR		24,000		15,624
PTT Exploration & Production PCL, NVDR		16,783		72,280
PTT Global Chemical PCL, NVDR		31,000		33,928
PTT Oil & Retail Business PCL, NVDR		42,700		24,156
PTT PCL		14,200		14,027
PTT PCL, NVDR		120,380		118,917
SCB X PCL, NVDR		11,598		32,723
SCG Packaging PCL, NVDR		17,400		19,043
Siam Cement PCL		4,758		38,819
Siam Cement PCL, NVDR		6,178		50,404
Thai Oil PCL, NVDR		19,649		28,766
True Corp. PCL, NVDR		150,672		23,986
(Cost $1,809,965)				1,603,392
Turkey — 0.7%
Akbank TAS		45,540		53,054
Aselsan Elektronik Sanayi Ve Ticaret AS		21,408		36,210
BIM Birlesik Magazalar AS		6,740		71,893
Eregli Demir ve Celik Fabrikalari TAS*		19,729		27,986
Ford Otomotiv Sanayi AS		937		27,290
Haci Omer Sabanci Holding AS		15,205		32,095
Hektas Ticaret TAS*		16,284		12,576
KOC Holding AS		10,035		49,175
Koza Altin Isletmeleri AS		13,847		11,145
Pegasus Hava Tasimaciligi AS*		611		14,918
Sasa Polyester Sanayi AS*		14,824		25,607
Tofas Turk Otomobil Fabrikasi AS		1,623		13,405
Turk Hava Yollari AO*		7,384		64,186
Turkcell Iletisim Hizmetleri AS*		16,492		33,041
Turkiye Is Bankasi AS, Class C		52,444		38,940
Turkiye Petrol Rafinerileri AS		13,902		73,614
Turkiye Sise ve Cam Fabrikalari AS		20,464		34,911
Yapi ve Kredi Bankasi AS		53,743		35,735
(Cost $688,117)				655,781
United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		41,965		95,984
Abu Dhabi Islamic Bank PJSC		20,307		56,400

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
United Arab Emirates (Continued)
Abu Dhabi National Oil Co. for Distribution PJSC		45,271	$	46,842
Aldar Properties PJSC		52,868		82,342
Americana Restaurants International PLC		32,657		29,967
Dubai Islamic Bank PJSC		33,545		50,420
Emaar Properties PJSC		90,757		187,566
Emirates NBD Bank PJSC		26,626		127,600
Emirates Telecommunications Group Co. PJSC		46,823		246,319
First Abu Dhabi Bank PJSC		59,538		222,423
Multiply Group PJSC*		54,140		51,744
(Cost $1,024,027)				1,197,607
United Kingdom — 0.1%
Anglogold Ashanti PLC		5,728		110,690
Pepco Group NV*		2,879		16,335
(Cost $97,982)				127,025
United States — 0.3%
BeiGene Ltd.*		9,775		140,031
Legend Biotech Corp., ADR*		939		57,110
Parade Technologies Ltd.		1,053		36,235
Southern Copper Corp.		1,257		90,416
(Cost $331,857)				323,792
TOTAL COMMON STOCKS (Cost $78,196,421)				91,053,672
PREFERRED STOCKS — 2.3%
Brazil — 1.5%
Banco Bradesco SA		71,125		235,106
Centrais Eletricas Brasileiras SA, Class B		2,644		24,103
Cia Energetica de Minas Gerais		18,299		41,155
Cia Paranaense de Energia		10,995		21,132
Gerdau SA		16,263		72,195
Itau Unibanco Holding SA		65,594		420,986
Itausa SA		75,826		150,202
Petroleo Brasileiro SA		65,203		475,704
(Cost $1,055,108)				1,440,583
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B
(Cost $48,910)		2,035		103,366
Colombia — 0.0%
Bancolombia SA
(Cost $46,868)		5,055		34,994
Russia — 0.0%
Surgutneftegas PJSC* (a)
(Cost $55,823)		101,715		0
South Korea — 0.7%
Hyundai Motor Co.		360		30,164
Hyundai Motor Co. — 2nd Preferred		525		44,600
LG Chem Ltd.		115		27,543
Samsung Electronics Co. Ltd.		11,412		512,153
(Cost $287,550)				614,460
TOTAL PREFERRED STOCKS (Cost $1,494,259)				2,193,403

	Number of Shares		Value
RIGHTS — 0.0%
China — 0.0%
Zhejiang Expressway Co. Ltd.*, expires 12/19/23
(Cost $0)		8,017	$	903
Taiwan — 0.0%
Wistron Corp.*, expires 12/22/23 (a)
(Cost $0)		29		0
Thailand — 0.0%
Siam Cement PCL*, expires 12/6/23 (a)		791		0
Siam Cement PCL*, expires 12/20/23 (a)		609		0
(Cost $0)				0
TOTAL RIGHTS (Cost $0)				903
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		11,834		20
BTS Group Holdings PCL*, expires 11/20/26		23,669		81
Srisawad Corp. PCL*, expires 8/29/25		432		16
(Cost $0)				117
TOTAL WARRANTS (Cost $0)				117
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $32,480)		32,480		32,480
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c) (Cost $601,398)		601,398		601,398
TOTAL INVESTMENTS — 98.1% (Cost $80,324,558)			$	93,881,973
Other assets and liabilities, net — 1.9%				1,815,563
NET ASSETS — 100.0%			$	95,697,536

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		179,111		—		(146,631	)(e)		—		—		1,490		—		32,480		32,480
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c)
		912,728		8,856,487		(9,167,817	)		—		—		24,846		—		601,398		601,398
		1,091,839		8,856,487		(9,314,448	)		—		—		26,336		—		633,878		633,878

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

(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 November 30, 2023 amounted to $30,456, which is 0.03% 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.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

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.

Securities are listed in country of domicile.

At November 30, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
MSCI Emerging Markets Index Future	USD	59	$	2,874,732	$	2,911,945	12/15/2023	$	37,213

As of November 30, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/4/2023	AED	4,640,700	USD	1,263,635	$	—	$	(1	)
Goldman Sachs & Co.	12/4/2023	AED	101,300	USD	27,581		—		(2	)
Goldman Sachs & Co.	12/4/2023	AED	56,600	USD	15,412		—		—
Goldman Sachs & Co.	12/4/2023	CNH	727,000	USD	99,246		—		(2,520	)
JP Morgan & Chase Co.	12/4/2023	CNH	31,057,000	USD	4,239,661		—		(107,714	)
RBC Capital Markets	12/4/2023	CNH	745,900	USD	102,569		—		(1,843	)
RBC Capital Markets	12/4/2023	CNH	387,600	USD	52,913		—		(1,344	)
JP Morgan & Chase Co.	12/4/2023	CZK	3,395,000	USD	145,807		—		(6,189	)
RBC Capital Markets	12/4/2023	EUR	379,800	USD	401,962		—		(11,530	)

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/4/2023	HKD	159,373,300	USD	20,382,563	$	—	$	(20,430	)
JP Morgan & Chase Co.	12/4/2023	HKD	3,840,300	USD	491,240		—		(396	)
JP Morgan & Chase Co.	12/4/2023	HUF	80,463,400	USD	220,905		—		(9,446	)
Goldman Sachs & Co.	12/4/2023	KWD	226,000	USD	730,682		—		(1,058	)
JP Morgan & Chase Co.	12/4/2023	MXN	939,800	USD	53,366		—		(708	)
JP Morgan & Chase Co.	12/4/2023	MXN	39,997,200	USD	2,204,215		—		(97,131	)
Goldman Sachs & Co.	12/4/2023	PHP	10,765,300	USD	189,563		—		(4,440	)
JP Morgan & Chase Co.	12/4/2023	PHP	12,236,100	USD	215,527		—		(4,982	)
RBC Capital Markets	12/4/2023	PHP	9,045,400	USD	159,250		—		(3,759	)
JP Morgan & Chase Co.	12/4/2023	PLN	2,962,800	USD	702,776		—		(37,643	)
JP Morgan & Chase Co.	12/4/2023	PLN	432,000	USD	102,472		—		(5,487	)
Goldman Sachs & Co.	12/4/2023	QAR	3,034,700	USD	831,744		—		(1,670	)
Goldman Sachs & Co.	12/4/2023	SAR	13,995,000	USD	3,729,414		—		(1,093	)
Goldman Sachs & Co.	12/4/2023	THB	60,771,100	USD	1,690,199		—		(38,009	)
RBC Capital Markets	12/4/2023	THB	1,435,400	USD	40,466		—		(354	)
RBC Capital Markets	12/4/2023	THB	741,100	USD	20,607		—		(468	)
Goldman Sachs & Co.	12/4/2023	TRY	18,380,800	USD	634,089		—		(131	)
Goldman Sachs & Co.	12/4/2023	USD	133,969	AED	492,000		—		—
JP Morgan & Chase Co.	12/4/2023	USD	4,439,364	CNH	31,701,500		—		(1,772	)
JP Morgan & Chase Co.	12/4/2023	USD	166,018	CNH	1,216,000		4,198		—
JP Morgan & Chase Co.	12/4/2023	USD	152,283	CZK	3,395,000		—		(287	)
Morgan Stanley Capital	12/4/2023	USD	414,394	EUR	379,800		—		(901	)
RBC Capital Markets	12/4/2023	USD	20,897,225	HKD	163,213,600		—		(2,596	)
JP Morgan & Chase Co.	12/4/2023	USD	230,383	HUF	80,463,400		—		(32	)
Goldman Sachs & Co.	12/4/2023	USD	25,869	KWD	8,000		33		—
Goldman Sachs & Co.	12/4/2023	USD	706,073	KWD	218,000		—		(235	)
JP Morgan & Chase Co.	12/4/2023	USD	54,946	MXN	997,000		2,419		—
JP Morgan & Chase Co.	12/4/2023	USD	2,299,168	MXN	39,940,000		—		(1,114	)
Goldman Sachs & Co.	12/4/2023	USD	21,325	PHP	1,210,000		480		—
Goldman Sachs & Co.	12/4/2023	USD	172,416	PHP	9,555,300		—		(218	)
JP Morgan & Chase Co.	12/4/2023	USD	220,705	PHP	12,236,100		—		(196	)
RBC Capital Markets	12/4/2023	USD	163,068	PHP	9,045,400		—		(60	)
JP Morgan & Chase Co.	12/4/2023	USD	850,763	PLN	3,394,800		—		(2,385	)
Goldman Sachs & Co.	12/4/2023	USD	789,536	QAR	2,874,700		—		(63	)
Goldman Sachs & Co.	12/4/2023	USD	43,864	QAR	160,000		76		—
Goldman Sachs & Co.	12/4/2023	USD	72,483	SAR	272,000		21		—
Goldman Sachs & Co.	12/4/2023	USD	54,068	THB	1,944,000		1,216		—
Goldman Sachs & Co.	12/4/2023	USD	1,671,521	THB	58,827,100		1,403		—
RBC Capital Markets	12/4/2023	USD	61,850	THB	2,176,500		45		—
Goldman Sachs & Co.	12/4/2023	USD	31,594	TRY	916,000		12		—
Goldman Sachs & Co.	12/4/2023	USD	604,256	TRY	17,464,800		—		(1,642	)
Goldman Sachs & Co.	12/4/2023	USD	2,782,127	ZAR	52,721,300		13,558		—
Goldman Sachs & Co.	12/4/2023	USD	40,445	ZAR	761,000		—		(90	)
Goldman Sachs & Co.	12/4/2023	ZAR	51,612,400	USD	2,745,613		8,730		—
RBC Capital Markets	12/4/2023	ZAR	629,400	USD	33,482		107		—
RBC Capital Markets	12/4/2023	ZAR	1,240,500	USD	67,744		1,963		—
Goldman Sachs & Co.	12/5/2023	BRL	300,700	USD	59,390		—		(1,666	)
Goldman Sachs & Co.	12/5/2023	BRL	587,200	USD	119,715		486		—
JP Morgan & Chase Co.	12/5/2023	BRL	11,254,800	USD	2,222,802		—		(62,433	)
RBC Capital Markets	12/5/2023	BRL	13,399,200	USD	2,644,509		—		(76,136	)
Goldman Sachs & Co.	12/5/2023	CLP	232,865,900	USD	259,042		—		(7,862	)
RBC Capital Markets	12/5/2023	CLP	176,141,400	USD	195,898		—		(5,990	)
Goldman Sachs & Co.	12/5/2023	COP	384,181,400	USD	92,187		—		(3,367	)
Goldman Sachs & Co.	12/5/2023	IDR	9,352,134,000	USD	588,555		—		(14,396	)
Goldman Sachs & Co.	12/5/2023	IDR	644,171,500	USD	41,359		—		(172	)
JP Morgan & Chase Co.	12/5/2023	IDR	9,713,867,700	USD	611,473		—		(14,799	)
RBC Capital Markets	12/5/2023	IDR	8,715,742,100	USD	548,401		—		(13,520	)
Goldman Sachs & Co.	12/5/2023	INR	682,529,800	USD	8,188,916		5,392		—

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/5/2023	INR	482,789,400	USD	5,793,774	$	5,135	$	—
RBC Capital Markets	12/5/2023	INR	14,211,200	USD	170,500		108		—
RBC Capital Markets	12/5/2023	INR	28,300,700	USD	339,826		501		—
Goldman Sachs & Co.	12/5/2023	KRW	180,261,500	USD	133,626		—		(6,139	)
Goldman Sachs & Co.	12/5/2023	KRW	345,002,300	USD	264,349		—		(3,146	)
JP Morgan & Chase Co.	12/5/2023	KRW	7,469,716,200	USD	5,537,594		—		(254,013	)
RBC Capital Markets	12/5/2023	KRW	7,311,722,800	USD	5,419,704		—		(249,404	)
RBC Capital Markets	12/5/2023	MYR	146,700	USD	31,534		39		—
RBC Capital Markets	12/5/2023	MYR	6,086,600	USD	1,281,363		—		(25,371	)
Goldman Sachs & Co.	12/5/2023	TWD	2,987,000	USD	92,277		—		(3,395	)
Goldman Sachs & Co.	12/5/2023	TWD	131,513,800	USD	4,061,575		—		(150,716	)
Goldman Sachs & Co.	12/5/2023	TWD	10,497,200	USD	327,945		—		(8,272	)
JP Morgan & Chase Co.	12/5/2023	TWD	146,022,900	USD	4,511,753		—		(165,253	)
RBC Capital Markets	12/5/2023	TWD	155,108,600	USD	4,791,739		—		(176,275	)
Goldman Sachs & Co.	12/5/2023	USD	1,172,742	AED	4,306,600		—		(74	)
JP Morgan & Chase Co.	12/5/2023	USD	2,281,856	BRL	11,254,800		3,379		—
RBC Capital Markets	12/5/2023	USD	2,776,222	BRL	13,700,100		5,520		—
RBC Capital Markets	12/5/2023	USD	115,802	BRL	587,000		3,386		—
Goldman Sachs & Co.	12/5/2023	USD	230,098	CLP	199,759,900		—		(1,140	)
Goldman Sachs & Co.	12/5/2023	USD	36,807	CLP	33,106,000		1,138		—
RBC Capital Markets	12/5/2023	USD	202,905	CLP	176,141,400		—		(1,016	)
Goldman Sachs & Co.	12/5/2023	USD	94,732	COP	384,181,400		822		—
Goldman Sachs & Co.	12/5/2023	USD	65,993	IDR	1,048,625,000		1,614		—
Goldman Sachs & Co.	12/5/2023	USD	576,452	IDR	8,947,680,500		423		—
JP Morgan & Chase Co.	12/5/2023	USD	626,216	IDR	9,713,867,700		56		—
RBC Capital Markets	12/5/2023	USD	561,581	IDR	8,715,742,100		340		—
Goldman Sachs & Co.	12/5/2023	USD	8,637,101	INR	719,988,700		—		(4,444	)
Goldman Sachs & Co.	12/5/2023	USD	60,636	INR	5,053,000		—		(50	)
JP Morgan & Chase Co.	12/5/2023	USD	5,790,300	INR	482,789,400		—		(1,660	)
JP Morgan & Chase Co.	12/5/2023	USD	5,698,663	KRW	7,350,876,000		802		—
JP Morgan & Chase Co.	12/5/2023	USD	476,662	KRW	644,104,000		22,741		—
RBC Capital Markets	12/5/2023	USD	5,666,684	KRW	7,311,722,800		2,423		—
RBC Capital Markets	12/5/2023	USD	1,335,984	MYR	6,233,300		2,245		—
Goldman Sachs & Co.	12/5/2023	USD	4,644,097	TWD	144,998,000		83		—
JP Morgan & Chase Co.	12/5/2023	USD	4,667,654	TWD	146,022,900		9,352		—
RBC Capital Markets	12/5/2023	USD	4,959,190	TWD	155,108,600		8,824		—
Goldman Sachs & Co.	12/6/2023	EGP	414,000	USD	13,112		51		—
Goldman Sachs & Co.	12/6/2023	EGP	2,585,000	USD	81,869		320		—
Goldman Sachs & Co.	12/6/2023	USD	97,055	EGP	2,999,000		—		(2,446	)
Goldman Sachs & Co.	1/3/2024	AED	220,000	USD	59,910		—		(2	)
Goldman Sachs & Co.	1/3/2024	AED	4,306,600	USD	1,172,789		—		(10	)
JP Morgan & Chase Co.	1/3/2024	CNH	31,701,500	USD	4,449,573		1,320		—
JP Morgan & Chase Co.	1/3/2024	CZK	3,395,000	USD	152,174		293		—
Morgan Stanley Capital	1/3/2024	EUR	53,000	USD	57,908		124		—
Morgan Stanley Capital	1/3/2024	EUR	379,800	USD	414,972		885		—
RBC Capital Markets	1/3/2024	HKD	163,213,600	USD	20,897,868		1,299		—
JP Morgan & Chase Co.	1/3/2024	HUF	80,463,400	USD	229,610		54		—
Goldman Sachs & Co.	1/3/2024	KWD	12,000	USD	38,993		51		—
Goldman Sachs & Co.	1/3/2024	KWD	218,000	USD	707,861		410		—
JP Morgan & Chase Co.	1/3/2024	MXN	39,940,000	USD	2,288,130		1,538		—
JP Morgan & Chase Co.	1/3/2024	MXN	2,788,000	USD	159,716		101		—
Goldman Sachs & Co.	1/3/2024	PHP	9,555,300	USD	172,323		134		—
Goldman Sachs & Co.	1/3/2024	PHP	3,083,000	USD	55,410		—		(147	)
JP Morgan & Chase Co.	1/3/2024	PHP	12,236,100	USD	220,828		331		—
RBC Capital Markets	1/3/2024	PHP	9,045,400	USD	163,098		98		—
JP Morgan & Chase Co.	1/3/2024	PLN	206,000	USD	51,560		134		—
JP Morgan & Chase Co.	1/3/2024	PLN	3,394,800	USD	849,762		2,280		—
Goldman Sachs & Co.	1/3/2024	QAR	270,000	USD	74,003		—		(103	)

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	1/3/2024	QAR	2,874,700	USD	788,994	$	—	$	(16	)
Goldman Sachs & Co.	1/3/2024	SAR	13,723,000	USD	3,657,565		—		(387	)
Goldman Sachs & Co.	1/3/2024	SAR	1,242,000	USD	331,068		5		—
Goldman Sachs & Co.	1/3/2024	THB	58,827,100	USD	1,674,614		—		(3,055	)
RBC Capital Markets	1/3/2024	THB	2,176,500	USD	61,964		—		(106	)
Goldman Sachs & Co.	1/3/2024	TRY	2,323,000	USD	78,248		269		—
Goldman Sachs & Co.	1/3/2024	TRY	17,464,800	USD	588,377		2,109		—
JP Morgan & Chase Co.	1/3/2024	USD	109,487	CNH	780,000		—		(40	)
RBC Capital Markets	1/3/2024	USD	915,509	HKD	7,150,000		—		(80	)
Goldman Sachs & Co.	1/3/2024	ZAR	1,822,000	USD	96,254		—		(100	)
Goldman Sachs & Co.	1/3/2024	ZAR	52,721,300	USD	2,774,659		—		(13,440	)
Goldman Sachs & Co.	1/4/2024	BRL	1,998,000	USD	404,020		—		(218	)
JP Morgan & Chase Co.	1/4/2024	BRL	11,254,800	USD	2,274,938		—		(2,148	)
RBC Capital Markets	1/4/2024	BRL	13,700,100	USD	2,768,256		—		(3,566	)
Goldman Sachs & Co.	1/4/2024	CLP	28,821,000	USD	33,058		98		—
Goldman Sachs & Co.	1/4/2024	CLP	199,759,900	USD	229,609		1,155		—
RBC Capital Markets	1/4/2024	CLP	176,141,400	USD	202,473		1,030		—
Goldman Sachs & Co.	1/4/2024	COP	384,181,400	USD	94,175		—		(724	)
Goldman Sachs & Co.	1/4/2024	EGP	704,000	USD	19,749		192		—
Goldman Sachs & Co.	1/4/2024	EGP	2,999,000	USD	84,360		1,050		—
Goldman Sachs & Co.	1/4/2024	IDR	8,947,680,500	USD	576,340		—		(374	)
Goldman Sachs & Co.	1/4/2024	IDR	1,351,386,000	USD	86,850		—		(252	)
JP Morgan & Chase Co.	1/4/2024	IDR	9,713,867,700	USD	625,934		—		(164	)
RBC Capital Markets	1/4/2024	IDR	8,715,742,100	USD	561,292		—		(472	)
Goldman Sachs & Co.	1/4/2024	INR	719,988,700	USD	8,629,595		2,971		—
JP Morgan & Chase Co.	1/4/2024	INR	482,789,400	USD	5,785,720		1,126		—
JP Morgan & Chase Co.	1/4/2024	INR	87,735,000	USD	1,051,323		116		—
Goldman Sachs & Co.	1/4/2024	KRW	1,407,298,000	USD	1,084,665		—		(8,503	)
JP Morgan & Chase Co.	1/4/2024	KRW	7,350,876,000	USD	5,708,354		—		(1,696	)
RBC Capital Markets	1/4/2024	KRW	7,311,722,800	USD	5,675,481		—		(4,155	)
RBC Capital Markets	1/4/2024	MYR	6,233,300	USD	1,337,704		—		(3,322	)
Goldman Sachs & Co.	1/4/2024	TWD	39,385,000	USD	1,264,772		—		(1,229	)
Goldman Sachs & Co.	1/4/2024	TWD	144,998,000	USD	4,668,770		7,920		—
JP Morgan & Chase Co.	1/4/2024	TWD	146,022,900	USD	4,694,817		1,022		—
RBC Capital Markets	1/4/2024	TWD	155,108,600	USD	4,984,690		—		(1,158	)
Total unrealized appreciation (depreciation)						$	137,556	$	(1,668,561	)

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

Currency Abbreviations

AED Arab Emirates Dirham

BRL Brazilian Real

CLP Chilean Peso

CNH Chinese Yuan

COP Colombian Peso

CZK Czech Koruna

EGP Egyptian Pound

EUR Euro

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

INR Indian Rupee

KRW South Korean Won

KWD Kuwaiti Dinar

MXN Mexican Peso

MYR Malaysian Ringgit

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

SAR Saudi Riyal

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	91,053,672	$	—		$	0	$	91,053,672
Preferred Stocks (a)		2,193,403		—			0		2,193,403
Rights (a)		—		903			0		903
Warrants		117		—			—		117
Short-Term Investments (a)		633,878		—			—		633,878
Derivatives (b)
Forward Foreign Currency Contracts		—		137,556			—		137,556
Futures Contracts		37,213		—			—		37,213
TOTAL	$	93,918,283	$	138,459		$	—	$	94,056,742
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(1,668,561	)	$	—	$	(1,668,561	)
TOTAL	$	—	$	(1,668,561	)	$	—	$	(1,668,561	)

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

(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.3%
Austria — 0.3%
Erste Group Bank AG		15,829	$	639,401
OMV AG		6,811		290,249
Verbund AG		3,155		300,494
voestalpine AG		5,373		151,009
(Cost $1,479,296)				1,381,153
Belgium — 1.2%
Ageas SA/NV		7,499		322,262
Anheuser-Busch InBev SA/NV		39,142		2,454,537
D’ieteren Group		1,002		170,800
Elia Group SA/NV		1,149		124,381
Groupe Bruxelles Lambert NV		3,870		306,249
KBC Group NV		11,216		642,173
Lotus Bakeries NV		21		182,411
Sofina SA		617		137,142
Solvay SA		3,410		394,006
UCB SA		5,857		432,504
Umicore SA		9,685		258,598
Warehouses De Pauw CVA REIT		6,768		189,920
(Cost $7,559,521)				5,614,983
Chile — 0.1%
Antofagasta PLC (Cost $340,388)		18,237		324,283
Denmark — 5.1%
A.P. Moller — Maersk A/S, Class A		138		213,791
A.P. Moller — Maersk A/S, Class B		231		364,276
Carlsberg A/S, Class B		4,378		542,084
Chr Hansen Holding A/S		4,830		386,194
Coloplast A/S, Class B		6,079		717,197
Danske Bank A/S		31,739		821,206
Demant A/S*		4,454		188,861
DSV A/S		8,347		1,255,953
Genmab A/S*		3,036		957,969
Novo Nordisk A/S, Class B		147,010		14,929,286
Novozymes A/S, Class B		9,111		472,402
Orsted AS, 144A		8,212		386,580
Pandora A/S		3,792		511,716
ROCKWOOL A/S, Class B		426		115,012
Tryg A/S		16,872		363,867
Vestas Wind Systems A/S*		45,442		1,257,764
(Cost $16,429,833)				23,484,158
Finland — 1.6%
Elisa OYJ		6,497		290,517
Fortum OYJ		20,801		291,741
Kesko OYJ, Class B		12,648		241,686
Kone OYJ, Class B		15,257		677,410
Metso Corp.		30,244		297,273
Neste OYJ		19,012		721,827
Nokia OYJ		242,390		849,042
Nordea Bank Abp		148,468		1,657,418
Orion OYJ, Class B		4,954		196,500
Sampo OYJ, Class A		20,092		878,087
Stora Enso OYJ, Class R		25,109		325,514
UPM-Kymmene OYJ		24,485		854,994

	Number of Shares		Value
Finland (Continued)
Wartsila OYJ Abp		20,295	$	279,674
(Cost $9,482,256)				7,561,683
France — 17.8%
Accor SA		9,240		319,937
Aeroports de Paris SA		1,563		192,420
Air Liquide SA		23,561		4,457,303
Airbus SE		26,744		3,964,899
Alstom SA		13,691		169,443
Amundi SA, 144A		2,826		173,800
Arkema SA		2,672		271,244
AXA SA		81,009		2,521,460
BioMerieux		1,883		202,423
BNP Paribas SA		47,224		2,969,572
Bollore SE		33,476		191,121
Bouygues SA		8,328		316,460
Bureau Veritas SA		12,697		306,958
Capgemini SE		7,027		1,437,992
Carrefour SA		25,792		488,358
Cie de Saint-Gobain SA		20,480		1,333,314
Cie Generale des Etablissements Michelin SCA		31,316		1,050,235
Covivio SA REIT		2,327		113,526
Credit Agricole SA		47,449		620,915
Danone SA		28,983		1,860,386
Dassault Aviation SA		866		171,938
Dassault Systemes SE		30,093		1,407,372
Edenred SE		11,582		630,351
Eiffage SA		3,354		339,527
Engie SA		84,125		1,457,613
EssilorLuxottica SA		13,272		2,529,885
Eurazeo SE		1,988		148,987
Gecina SA REIT		1,955		216,207
Getlink SE		15,864		289,584
Hermes International SCA		1,426		2,955,703
Ipsen SA		1,750		197,155
Kering SA		3,353		1,436,904
Klepierre SA REIT		9,918		249,382
La Francaise des Jeux SAEM, 144A		4,327		156,370
Legrand SA		12,093		1,163,893
L’Oreal SA		10,867		5,098,776
LVMH Moet Hennessy Louis Vuitton SE		12,448		9,521,342
Orange SA		83,596		1,028,599
Pernod Ricard SA		9,209		1,589,305
Publicis Groupe SA		10,331		872,410
Remy Cointreau SA		882		104,886
Renault SA		8,921		349,481
Safran SA		15,404		2,699,865
Sanofi SA		51,286		4,770,791
Sartorius Stedim Biotech		1,179		264,882
Schneider Electric SE		24,508		4,498,271
SEB SA		1,176		133,768
Societe Generale SA		33,649		845,167
Sodexo SA		4,066		435,503
STMicroelectronics NV		30,864		1,459,892
Teleperformance SE		2,725		381,300
Thales SA		4,728		704,804

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
France (Continued)
TotalEnergies SE		103,933	$	7,043,544
Unibail-Rodamco-Westfield REIT*		5,456		346,711
Veolia Environnement SA		30,467		958,752
Vinci SA		22,819		2,789,363
Vivendi SE		27,750		262,368
Worldline SA, 144A*		11,316		175,339
(Cost $78,704,451)				82,647,756
Germany — 12.1%
adidas AG		7,308		1,528,428
Allianz SE		18,170		4,560,819
BASF SE		40,267		1,870,911
Bayer AG		44,298		1,512,129
Bayerische Motoren Werke AG		14,231		1,480,732
Bechtle AG		3,324		164,555
Beiersdorf AG		4,500		630,405
Brenntag SE		6,273		541,337
Carl Zeiss Meditec AG		1,865		167,114
Commerzbank AG		49,187		602,058
Continental AG		5,114		395,339
Covestro AG, 144A*		8,473		444,542
Daimler Truck Holding AG		24,071		781,585
Delivery Hero SE, 144A*		8,041		254,745
Deutsche Bank AG (a)		87,321		1,086,029
Deutsche Boerse AG		8,557		1,623,482
Deutsche Lufthansa AG*		25,050		217,590
Deutsche Post AG		44,745		2,096,262
Deutsche Telekom AG		146,225		3,497,673
E.ON SE		101,287		1,315,845
Evonik Industries AG		9,618		179,547
Fresenius Medical Care AG & Co. KGaA		9,562		391,662
Fresenius SE & Co. KGaA		18,590		588,643
GEA Group AG		7,054		258,912
Hannover Rueck SE		2,701		643,869
Heidelberg Materials AG		6,286		511,805
HelloFresh SE*		6,124		93,457
Henkel AG & Co. KGaA		4,789		334,038
Infineon Technologies AG		58,968		2,281,837
Knorr-Bremse AG		3,384		211,800
LEG Immobilien SE*		3,432		262,024
Mercedes-Benz Group AG		36,108		2,341,707
Merck KGaA		5,827		1,015,782
MTU Aero Engines AG		2,435		497,631
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		6,134		2,609,318
Nemetschek SE		2,668		232,446
Puma SE		4,575		294,710
Rational AG		234		149,642
Rheinmetall AG		1,941		583,127
RWE AG		28,523		1,222,332
SAP SE		47,086		7,456,306
Scout24 SE, 144A		3,204		223,204
Siemens AG		34,263		5,743,475
Siemens Energy AG*		21,860		258,886
Siemens Healthineers AG, 144A		12,718		732,878
Symrise AG		5,994		673,326

	Number of Shares		Value
Germany (Continued)
Talanx AG		3,216	$	233,141
Volkswagen AG		1,351		174,997
Vonovia SE		33,669		935,275
Wacker Chemie AG		837		102,314
Zalando SE, 144A*		10,367		246,679
(Cost $63,627,292)				56,256,350
Hong Kong — 0.3%
Prudential PLC (Cost $2,373,017)		124,198		1,353,131
Ireland — 1.7%
AerCap Holdings NV*		8,912		607,977
AIB Group PLC		72,616		336,247
Bank of Ireland Group PLC		47,198		441,312
CRH PLC		31,878		2,006,586
DCC PLC		4,433		298,962
Experian PLC		41,454		1,519,246
Flutter Entertainment PLC*		7,960		1,241,184
Kerry Group PLC, Class A		7,140		576,830
Kingspan Group PLC		6,989		553,828
Smurfit Kappa Group PLC		11,307		428,307
(Cost $7,517,976)				8,010,479
Italy — 3.5%
Amplifon SpA		5,749		178,535
Assicurazioni Generali SpA		45,382		938,815
Banco BPM SpA		54,073		298,648
Davide Campari-Milano NV		24,063		262,450
DiaSorin SpA		1,096		103,719
Enel SpA		366,919		2,590,453
Eni SpA		105,942		1,749,142
Ferrari NV		5,669		2,040,037
FinecoBank Banca Fineco SpA		26,380		355,057
Infrastrutture Wireless Italiane SpA, 144A		13,555		167,022
Intesa Sanpaolo SpA		698,484		2,008,333
Leonardo SpA		18,239		279,334
Mediobanca Banca di Credito Finanziario SpA		24,578		288,265
Moncler SpA		9,678		535,996
Nexi SpA, 144A*		27,368		212,999
Poste Italiane SpA, 144A		23,573		253,411
Prysmian SpA		11,920		458,404
Recordati Industria Chimica e Farmaceutica SpA		4,824		231,933
Snam SpA		93,013		468,054
Telecom Italia SpA*		443,221		128,620
Terna — Rete Elettrica Nazionale		63,952		514,849
UniCredit SpA		72,327		1,967,019
(Cost $15,394,703)				16,031,095
Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $218,927)		6,854		149,132
Luxembourg — 0.3%
ArcelorMittal SA		22,944		576,663
Eurofins Scientific SE		6,302		366,035

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Luxembourg (Continued)
Tenaris SA		20,787	$	356,370
(Cost $1,400,722)				1,299,068
Netherlands — 7.3%
ABN AMRO Bank NV, 144A		21,299		285,511
Adyen NV, 144A*		989		1,152,960
Aegon Ltd.		72,872		398,668
Akzo Nobel NV		7,843		601,525
Argenx SE*		2,678		1,187,573
ASM International NV		2,120		1,086,197
ASML Holding NV		18,183		12,330,544
ASR Nederland NV		7,111		327,184
BE Semiconductor Industries NV		3,384		473,144
Euronext NV, 144A		3,967		329,038
EXOR NV		4,232		411,363
Heineken Holding NV		5,801		450,216
Heineken NV		13,192		1,204,762
IMCD NV		2,485		382,882
ING Groep NV		162,888		2,283,317
JDE Peet’s NV		4,398		117,861
Koninklijke Ahold Delhaize NV		43,291		1,251,568
Koninklijke KPN NV		149,456		511,963
Koninklijke Philips NV*		35,599		727,329
NN Group NV		12,568		477,305
OCI NV		4,555		97,873
Prosus NV*		65,914		2,181,122
QIAGEN NV*		10,083		413,222
Randstad NV		5,102		302,667
Stellantis NV		99,329		2,151,798
Universal Music Group NV		36,764		970,027
Wolters Kluwer NV		11,189		1,538,237
(Cost $31,651,979)				33,645,856
Norway — 1.0%
Adevinta ASA*		16,548		170,986
Aker BP ASA		13,831		396,397
DNB Bank ASA		41,369		788,003
Equinor ASA		40,428		1,300,652
Gjensidige Forsikring ASA		8,611		144,923
Kongsberg Gruppen ASA		4,113		176,533
Mowi ASA		21,631		384,442
Norsk Hydro ASA		58,987		342,257
Orkla ASA		31,457		231,538
Salmar ASA		3,374		184,854
Telenor ASA		28,512		306,466
Yara International ASA		7,288		246,729
(Cost $5,066,719)				4,673,780
Portugal — 0.3%
EDP — Energias de Portugal SA		141,419		675,311
Galp Energia SGPS SA		20,202		300,272
Jeronimo Martins SGPS SA		13,084		323,292
(Cost $1,243,630)				1,298,875
Spain — 4.2%
Acciona SA		1,138		160,413
ACS Actividades de Construccion y Servicios SA		9,386		374,441

	Number of Shares		Value
Spain (Continued)
Aena SME SA, 144A		3,338	$	573,898
Amadeus IT Group SA		20,335		1,390,499
Banco Bilbao Vizcaya Argentaria SA		268,516		2,486,132
Banco Santander SA		728,551		3,014,300
CaixaBank SA		185,464		833,957
Cellnex Telecom SA, 144A*		25,501		972,635
Corp ACCIONA Energias Renovables SA		3,048		90,375
EDP Renovaveis SA		14,005		255,344
Enagas SA		11,461		209,585
Endesa SA		14,423		301,194
Ferrovial SE		23,123		799,380
Grifols SA*		12,246		172,821
Iberdrola SA		272,528		3,365,459
Industria de Diseno Textil SA		49,147		2,023,774
Naturgy Energy Group SA		5,467		163,172
Redeia Corp. SA		17,301		289,638
Repsol SA		58,301		890,988
Telefonica SA		220,881		950,657
(Cost $21,810,464)				19,318,662
Sweden — 4.5%
Alfa Laval AB		12,837		478,337
Assa Abloy AB, Class B		44,957		1,150,044
Atlas Copco AB, Class A		122,132		1,882,460
Atlas Copco AB, Class B		68,682		905,285
Beijer Ref AB		17,215		190,278
Boliden AB		12,630		336,555
Epiroc AB, Class A		30,371		565,558
Epiroc AB, Class B		18,024		283,301
EQT AB (b)		15,772		371,631
Essity AB, Class B		27,416		685,145
Evolution AB, 144A		8,250		854,068
Fastighets AB Balder, Class B*		28,549		168,132
Getinge AB, Class B		10,371		220,178
H & M Hennes & Mauritz AB, Class B		29,050		464,351
Hexagon AB, Class B		93,481		933,573
Holmen AB, Class B		3,191		133,638
Husqvarna AB, Class B		15,498		118,213
Industrivarden AB, Class A		5,510		165,448
Industrivarden AB, Class C		6,730		202,338
Indutrade AB		12,673		277,496
Investment AB Latour, Class B		6,826		152,651
Investor AB, Class B		77,867		1,614,584
L E Lundbergforetagen AB, Class B		3,577		173,744
Lifco AB, Class B		10,814		234,422
Nibe Industrier AB, Class B		66,978		395,087
Saab AB, Class B		3,698		189,831
Sagax AB, Class B		8,855		200,554
Sandvik AB		47,722		940,456
Securitas AB, Class B		22,720		204,274
Skandinaviska Enskilda Banken AB, Class A		71,042		858,951
Skanska AB, Class B		14,306		229,492
SKF AB, Class B		15,816		296,779
Svenska Cellulosa AB SCA, Class B		28,065		416,410
Svenska Handelsbanken AB, Class A		67,174		635,678

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Swedbank AB, Class A		39,546	$	724,176
Swedish Orphan Biovitrum AB*		9,050		215,052
Tele2 AB, Class B		24,614		192,761
Telefonaktiebolaget LM Ericsson, Class B		131,390		649,951
Telia Co. AB		102,184		242,232
Volvo AB, Class A		9,080		214,208
Volvo AB, Class B		67,482		1,562,753
Volvo Car AB, Class B*		26,330		85,654
(Cost $23,482,090)				20,815,729
Switzerland — 15.6%
ABB Ltd.		71,896		2,849,732
Adecco Group AG		6,942		333,504
Alcon, Inc.		22,487		1,692,752
Avolta AG*		3,937		137,258
Bachem Holding AG		1,569		116,461
Baloise Holding AG		2,011		307,494
Banque Cantonale Vaudoise		1,392		169,609
Barry Callebaut AG		163		271,201
BKW AG		974		171,732
Chocoladefabriken Lindt & Spruengli AG		5		610,940
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		43		531,301
Cie Financiere Richemont SA, Class A		23,518		2,932,700
Clariant AG*		8,423		125,715
Coca-Cola HBC AG*		10,198		282,723
DSM-Firmenich AG		8,383		792,680
EMS-Chemie Holding AG		323		228,870
Geberit AG		1,500		838,301
Givaudan SA		426		1,591,723
Glencore PLC		470,810		2,625,947
Helvetia Holding AG		1,720		235,108
Holcim AG*		23,408		1,718,779
Julius Baer Group Ltd.		9,195		464,528
Kuehne + Nagel International AG		2,496		721,694
Logitech International SA		7,365		641,210
Lonza Group AG		3,351		1,294,939
Nestle SA		120,321		13,650,670
Novartis AG		92,282		8,970,017
Partners Group Holding AG		1,022		1,345,044
Roche Holding AG		1,447		412,768
Roche Holding AG		31,643		8,529,554
Sandoz Group AG*		18,197		519,706
Schindler Holding AG		1,085		232,190
Schindler Holding AG Participation Certificates		1,883		420,917
SGS SA		6,727		570,762
SIG Group AG*		14,171		330,770
Sika AG		6,857		1,857,349
Sonova Holding AG		2,278		656,320
Straumann Holding AG		5,005		687,280
Swatch Group AG — Bearer		1,281		335,719
Swatch Group AG — Registered		2,290		114,801
Swiss Life Holding AG		1,349		863,594
Swiss Prime Site AG		3,528		354,532

	Number of Shares		Value
Switzerland (Continued)
Swiss Re AG		13,845	$	1,632,404
Swisscom AG		1,198		698,252
Temenos AG		2,955		249,776
UBS Group AG		148,081		4,164,937
VAT Group AG, 144A		1,210		561,682
Zurich Insurance Group AG		6,572		3,286,375
(Cost $68,448,001)				72,132,320
United Kingdom — 20.4%
3i Group PLC		43,829		1,235,009
abrdn PLC		84,859		174,569
Admiral Group PLC		11,663		397,694
Anglo American PLC		57,188		1,546,461
Ashtead Group PLC		19,722		1,185,894
Associated British Foods PLC		15,528		466,167
AstraZeneca PLC		69,842		8,928,307
Auto Trader Group PLC, 144A		40,072		366,669
Aviva PLC		122,430		645,296
BAE Systems PLC		137,062		1,816,857
Barclays PLC		679,614		1,210,094
Barratt Developments PLC		44,541		288,914
Berkeley Group Holdings PLC		4,835		282,979
BP PLC		768,538		4,648,427
British American Tobacco PLC		95,804		3,038,210
BT Group PLC		281,251		436,376
Bunzl PLC		15,754		597,057
Burberry Group PLC		16,255		300,327
Centrica PLC		246,521		463,874
Coca-Cola Europacific Partners PLC		9,116		552,794
Compass Group PLC		77,257		1,953,589
Croda International PLC		6,233		352,840
Diageo PLC		101,377		3,536,824
Endeavour Mining PLC		8,627		200,288
Entain PLC		27,829		282,046
GSK PLC		184,483		3,305,793
Haleon PLC		255,058		1,062,755
Halma PLC		17,731		477,014
Hargreaves Lansdown PLC		16,556		150,154
HSBC Holdings PLC		877,855		6,672,766
Imperial Brands PLC		38,383		894,752
Informa PLC		61,877		580,407
InterContinental Hotels Group PLC		7,458		575,843
Intertek Group PLC		7,425		373,542
J Sainsbury PLC		71,603		258,440
JD Sports Fashion PLC		120,857		239,621
Kingfisher PLC		89,761		248,622
Land Securities Group PLC REIT		32,877		259,078
Legal & General Group PLC		269,228		779,361
Lloyds Banking Group PLC		2,856,783		1,567,767
London Stock Exchange Group PLC		18,748		2,107,910
M&G PLC		106,538		281,372
Melrose Industries PLC		60,634		396,975
Mondi PLC		22,499		399,643
National Grid PLC		166,319		2,157,437
NatWest Group PLC		265,801		697,631
Next PLC		5,421		542,709
Ocado Group PLC*		27,996		212,061

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Pearson PLC		27,992	$	331,193
Persimmon PLC		14,946		236,140
Phoenix Group Holdings PLC		31,916		187,440
Reckitt Benckiser Group PLC		32,361		2,205,308
RELX PLC		85,116		3,266,625
Rentokil Initial PLC		117,525		636,060
Rio Tinto PLC		50,684		3,454,608
Rolls-Royce Holdings PLC*		379,430		1,287,584
Sage Group PLC		45,802		653,686
Schroders PLC		33,552		170,109
Segro PLC REIT		51,473		527,785
Severn Trent PLC		11,922		391,475
Shell PLC		298,001		9,631,018
Smith & Nephew PLC		39,361		508,591
Smiths Group PLC		15,478		322,023
Spirax-Sarco Engineering PLC		3,460		403,960
SSE PLC		49,226		1,138,815
St James’s Place PLC		24,991		204,633
Standard Chartered PLC		103,099		850,188
Taylor Wimpey PLC		166,945		273,039
Tesco PLC		319,940		1,154,371
Unilever PLC		112,750		5,365,557
United Utilities Group PLC		29,909		411,947
Vodafone Group PLC		1,034,202		931,305
Whitbread PLC		8,708		339,807
Wise PLC, Class A*		26,236		258,614
WPP PLC		48,253		430,562
(Cost $108,023,746)				94,721,658
TOTAL COMMON STOCKS (Cost $464,255,011)				450,720,151

	Number of Shares		Value
PREFERRED STOCKS — 0.7%
Germany — 0.7%
Bayerische Motoren Werke AG		2,744	$	260,154
Dr Ing hc F Porsche AG, 144A		5,008		458,229
Henkel AG & Co. KGaA		7,569		594,846
Porsche Automobil Holding SE		7,147		348,989
Sartorius AG		1,210		389,199
Volkswagen AG		9,230		1,069,187
(Cost $4,501,643)				3,120,604
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $378,750)		378,750		378,750
CASH EQUIVALENTS — 1.5%
DWS ESG Liquidity Fund “Capital Shares”, 5.46% (c)		683,054		683,054
DWS Government Money Market Series “Institutional Shares”, 5.31% (c)		6,199,341		6,199,341
TOTAL CASH EQUIVALENTS (Cost $6,882,395)				6,882,395
TOTAL INVESTMENTS — 99.6% (Cost $476,017,799)			$	461,101,900
Other assets and liabilities, net — 0.4%				1,851,579
NET ASSETS — 100.0%			$	462,953,479

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
COMMON STOCKS — 0.2%
Germany — 0.2%
Deutsche Bank AG (a)
		897,775		66,079		(78,976	)		(123,006	)		324,157		—		—		87,321		1,086,029
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d)
		15,074,264		—		(14,695,514	)(e)		—			—		17,570		—		378,750		378,750
CASH EQUIVALENTS — 1.5%
DWS ESG Liquidity Fund “Capital Shares”, 5.46% (c)
		664,743		18,112		–			—			199		18,302		—		683,054		683,054
DWS Government Money Market Series “Institutional Shares”, 5.31% (c)
		1,116,927		106,726,990		(101,644,576	)		—			—		144,771		—		6,199,341		6,199,341
		17,753,709		106,811,181		(116,419,066	)		(123,006	)		324,356		180,643		—		7,348,466		8,347,174

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

* Non-income producing security.

(a) Affiliated issuer. This security is owned in proportion with its representation in the index.

(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 November 30, 2023 amounted to $354,285, which is 0.1% 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.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

CVA: Credit Valuation Adjustment

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.

At November 30, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures	EUR	4	$	655,848	$	667,268	12/15/2023	$	11,420
CAC40 10 EURO Futures	EUR	16		1,238,948		1,273,981	12/15/2023		35,033
DAX Index Futures	EUR	2		809,636		884,897	12/15/2023		75,261
EURO STOXX 50 Futures	EUR	15		687,175		716,941	12/15/2023		29,766
FTSE 100 Index Futures	GBP	21		1,993,690		1,977,888	12/15/2023		(15,802	)
FTSE/MIB Index Futures	EUR	2		310,533		324,221	12/15/2023		13,688
IBEX 35 Index Futures	EUR	4		413,207		438,478	12/15/2023		25,271
OMXS30 Index Futures	SEK	34		689,821		723,446	12/15/2023		33,625
SWISS MID CAP Futures	CHF	29		840,867		828,571	12/15/2023		(12,296	)
Total net unrealized appreciation								$	195,966

As of November 30, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley Capital	12/4/2023	CHF	62,598,039	USD	69,016,809	$	—	$	(2,501,313	)
Goldman Sachs & Co.	12/4/2023	DKK	159,273,242	USD	22,590,507		—		(671,045	)
RBC Capital Markets	12/4/2023	EUR	209,592,196	USD	221,822,529		—		(6,362,889	)
RBC Capital Markets	12/4/2023	GBP	86,021,624	USD	104,401,864		—		(4,200,593	)
Goldman Sachs & Co.	12/4/2023	NOK	52,659,391	USD	4,718,105		—		(149,392	)
Goldman Sachs & Co.	12/4/2023	SEK	231,995,286	USD	20,790,250		—		(1,301,248	)
Bank of America	12/4/2023	USD	68,491,793	CHF	59,557,039		—		(448,007	)
Morgan Stanley Capital	12/4/2023	USD	3,352,874	CHF	3,041,000		121,462		—
RBC Capital Markets	12/4/2023	USD	23,308,905	DKK	159,273,242		—		(47,352	)
Morgan Stanley Capital	12/4/2023	USD	219,464,123	EUR	201,143,196		—		(477,227	)
RBC Capital Markets	12/4/2023	USD	8,942,244	EUR	8,449,000		256,279		—
Morgan Stanley Capital	12/4/2023	USD	104,702,756	GBP	82,705,624		—		(286,754	)
RBC Capital Markets	12/4/2023	USD	4,024,623	GBP	3,316,000		161,833		—
Goldman Sachs & Co.	12/4/2023	USD	4,885,460	NOK	52,659,391		—		(17,963	)
Bank of America	12/4/2023	USD	21,274,946	SEK	222,934,286		—		(46,272	)
Goldman Sachs & Co.	12/4/2023	USD	811,994	SEK	9,061,000		50,830		—
RBC Capital Markets	1/3/2024	DKK	159,273,242	USD	23,348,712		46,814		—
RBC Capital Markets	1/3/2024	DKK	1,515,000	USD	222,089		442		—
Morgan Stanley Capital	1/3/2024	EUR	201,143,196	USD	219,770,263		468,647		—
Morgan Stanley Capital	1/3/2024	EUR	11,572,000	USD	12,643,637		26,962		—
Morgan Stanley Capital	1/3/2024	GBP	82,705,624	USD	104,732,944		286,838		—
Goldman Sachs & Co.	1/3/2024	NOK	52,659,391	USD	4,889,837		17,753		—
Bank of America	1/3/2024	SEK	222,934,286	USD	21,309,517		46,490		—
Bank of America	1/3/2024	SEK	14,569,000	USD	1,392,563		3,001		—
Morgan Stanley Capital	1/3/2024	USD	1,666,496	GBP	1,316,000		—		(4,564	)
Goldman Sachs & Co.	1/3/2024	USD	228,111	NOK	2,454,000		—		(1,066	)

See Notes to Financial Statements. 61

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Bank of America	1/4/2024	CHF	947,000	USD	1,092,921	$	6,977	$	—
Bank of America	1/4/2024	CHF	59,557,039	USD	68,735,099		439,820		—
Total unrealized appreciation (depreciation)						$	1,934,148	$	(16,515,685	)

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

Currency Abbreviations

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP Pound Sterling

NOK Norwegian Krone

SEK Swedish Krona

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (a)	$	450,720,151		$	—		$	—	$	450,720,151
Preferred Stocks		3,120,604			—			—		3,120,604
Short-Term Investments (a)		7,261,145			—			—		7,261,145
Derivatives (b)
Forward Foreign Currency Contracts		—			1,934,148			—		1,934,148
Futures Contracts		224,064			—			—		224,064
TOTAL	$	461,325,964		$	1,934,148		$	—	$	463,260,112
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—		$	(16,515,685	)	$	—	$	(16,515,685	)
Futures Contracts		(28,098	)		—			—		(28,098	)
TOTAL	$	(28,098	)	$	(16,515,685	)	$	—	$	(16,543,783	)

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

(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

See Notes to Financial Statements. 62

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.1%
Austria — 0.9%
ANDRITZ AG		434	$	23,507
AT&S Austria Technologie & Systemtechnik AG		149		4,009
BAWAG Group AG, 144A*		511		26,588
CA Immobilien Anlagen AG		267		8,719
DO & CO AG		56		7,680
Erste Group Bank AG		2,348		94,846
EVN AG		225		6,613
IMMOFINANZ AG*		225		4,639
Kontron AG		249		5,930
Lenzing AG*		123		4,679
Oesterreichische Post AG		244		8,353
OMV AG		975		41,549
Palfinger AG		92		2,383
Porr AG		54		707
Raiffeisen Bank International AG		912		15,189
Schoeller-Bleckmann Oilfield Equipment AG		92		4,136
Semperit AG Holding		59		908
UNIQA Insurance Group AG		988		8,130
Verbund AG		446		42,479
Vienna Insurance Group AG Wiener Versicherung Gruppe		225		6,429
voestalpine AG		810		22,765
Wienerberger AG		724		20,632
(Cost $355,074)				360,870
Belgium — 2.8%
Ackermans & van Haaren NV		152		25,099
Aedifica SA REIT		313		19,607
Ageas SA/NV		1,069		45,939
Anheuser-Busch InBev SA/NV		5,778		362,330
Barco NV		405		6,807
Bekaert SA		289		13,407
bpost SA		553		2,775
Cofinimmo SA REIT		215		15,118
Colruyt Group NV		315		13,554
Deme Group NV		54		5,719
D’ieteren Group		140		23,864
Elia Group SA/NV		208		22,516
Euronav NV		653		11,657
Fagron		439		8,300
Galapagos NV*		340		12,624
Groupe Bruxelles Lambert NV		592		46,847
Intervest Offices & Warehouses NV REIT		130		2,915
KBC Ancora		225		8,871
KBC Group NV		1,680		96,189
Kinepolis Group NV		92		4,547
Lotus Bakeries NV		3		26,059
Melexis NV		159		14,633
Montea NV REIT		112		9,716
Ontex Group NV*		439		3,357
Proximus SADP		1,102		10,563
Recticel SA		268		2,941
Retail Estates NV REIT		76		5,104
Sofina SA		97		21,560

	Number of Shares		Value
Belgium (Continued)
Solvay SA		495	$	57,194
Tessenderlo Group SA		143		4,288
UCB SA		881		65,057
Umicore SA		1,399		37,355
VGP NV		78		8,032
Warehouses De Pauw CVA REIT		1,079		30,278
X-Fab Silicon Foundries SE, 144A*		287		3,290
Xior Student Housing NV REIT		206		6,873
(Cost $1,181,750)				1,054,985
Finland — 3.4%
Cargotec OYJ, Class B		263		13,243
Citycon OYJ*		802		4,539
Elisa OYJ		967		43,240
Finnair OYJ*		45,096		1,826
Fortum OYJ		2,963		41,557
Huhtamaki OYJ		628		24,308
Kemira OYJ		703		11,807
Kempower OYJ*		88		2,690
Kesko OYJ, Class B		1,768		33,784
Kojamo OYJ		873		9,702
Kone OYJ, Class B		2,276		101,054
Konecranes OYJ		478		18,887
Mandatum OYJ*		3,169		13,560
Marimekko OYJ		173		2,331
Metsa Board OYJ, Class B		1,155		8,826
Metso Corp. OYJ		4,504		44,271
Musti Group OYJ*		152		4,345
Neste OYJ		2,899		110,066
Nokia OYJ		35,948		125,918
Nokian Renkaat OYJ		794		6,444
Nordea Bank Abp		21,243		238,352
Orion OYJ, Class B		719		28,519
Outokumpu OYJ		2,242		10,543
Puuilo OYJ		247		2,343
QT Group OYJ*		127		8,775
Revenio Group OYJ		149		3,747
Sampo OYJ, Class A		3,008		131,460
Stora Enso OYJ, Class R		3,997		51,817
TietoEVRY OYJ		705		15,455
Tokmanni Group Corp.		325		4,571
UPM-Kymmene OYJ		3,548		123,893
Valmet OYJ		1,048		27,914
Wartsila OYJ Abp		3,083		42,485
YIT OYJ		775		1,620
(Cost $1,453,979)				1,313,892
France — 33.5%
ABC arbitrage		130		717
Abivax SA*		194		1,934
Accor SA		1,329		46,017
Aeroports de Paris SA		220		27,084
Air France-KLM*		738		9,344
Air Liquide SA		3,477		657,784
Airbus SE		3,950		585,602
Alstom SA		1,919		23,750
Altarea SCA REIT		40		2,987

See Notes to Financial Statements. 63

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
France (Continued)
Alten SA		193	$	26,365
Amundi SA, 144A		401		24,662
Antin Infrastructure Partners SA		228		2,966
Arkema SA		418		42,433
Atos SE* (a)		655		4,169
Aubay		22		868
AXA SA		11,976		372,761
Believe SA*		130		1,443
Beneteau SACA		168		2,055
BioMerieux		285		30,638
BNP Paribas SA		7,001		440,242
Boiron SA		22		983
Bollore SE		4,933		28,163
Bonduelle SCA		73		834
Bouygues SA		1,259		47,841
Bureau Veritas SA		1,960		47,384
Capgemini SE		1,029		210,573
Carmila SA REIT*		340		5,263
Carrefour SA		3,793		71,818
CGG SA*		4,254		2,866
Cie de Saint-Gobain SA		3,035		197,588
Cie des Alpes		232		3,561
Cie Generale des Etablissements Michelin SCA		4,688		157,220
Cie Plastic Omnium SE		325		4,033
Clariane SE		475		1,118
Coface SA		760		9,224
Covivio SA REIT		377		18,393
Credit Agricole SA		7,071		92,531
Danone SA		4,286		275,114
Dassault Aviation SA		134		26,605
Dassault Systemes SE		4,485		209,752
Derichebourg SA		664		3,451
Edenred SE		1,723		93,774
Eiffage SA		502		50,818
Elior Group SA, 144A*		591		1,512
Elis SA		1,299		24,999
Engie SA		12,146		210,451
Equasens		40		2,565
Eramet SA		57		4,380
Esker SA		36		5,780
EssilorLuxottica SA		1,969		375,327
Etablissements Maurel et Prom SA		644		4,507
Eurazeo SE		285		21,359
Euroapi SA*		320		1,811
Eutelsat Communications SACA*		719		2,965
Fnac Darty SA		92		2,638
Forvia SE*		1,022		20,063
Gaztransport Et Technigaz SA		237		31,886
Gecina SA REIT		303		33,509
Getlink SE		2,411		44,011
Hermes International SCA		215		445,635
ICADE REIT		244		8,839
ID Logistics Group SACA*		18		5,682
Imerys SA		206		5,991
Interparfums SA		142		7,620
Ipsen SA		248		27,940

	Number of Shares		Value
France (Continued)
IPSOS SA		264	$	14,202
JCDecaux SE*		512		9,747
Kaufman & Broad SA		75		2,314
Kering SA		514		220,271
Klepierre SA REIT		1,405		35,328
La Francaise des Jeux SAEM, 144A		686		24,791
Legrand SA		1,756		169,007
LISI SA		95		2,316
L’Oreal SA		1,616		758,224
LVMH Moet Hennessy Louis Vuitton SE		1,839		1,406,631
Manitou BF SA		54		1,246
Mercialys SA REIT		819		8,081
Mersen SA		128		4,661
Metropole Television SA		149		2,032
Neoen SA, 144A		423		12,901
Nexans SA		209		16,403
Nexity SA		244		3,681
Orange SA		12,848		158,087
OVH Groupe SAS*		346		3,322
Pernod Ricard SA		1,365		235,574
PEUGEOT INVEST		22		2,344
Pierre Et Vacances SA*		1,837		2,751
Publicis Groupe SA		1,579		133,340
Quadient SA		206		4,166
Remy Cointreau SA		152		18,076
Renault SA		1,322		51,790
Rexel SA		1,631		39,288
Rubis SCA		641		15,559
Safran SA		2,276		398,915
Sanofi SA		7,655		712,093
Sartorius Stedim Biotech		183		41,114
Schneider Electric SE		3,617		663,875
SCOR SE		960		30,231
SEB SA		166		18,882
Seche Environnement SACA		34		3,901
SES-imagotag SA*		41		4,606
Societe BIC SA		149		10,015
Societe Generale SA		4,902		123,124
Societe pour l’Informatique Industrielle		73		3,981
Sodexo SA		613		65,657
SOITEC*		171		30,982
Sopra Steria Group SACA		98		20,172
SPIE SA		913		26,674
STMicroelectronics NV		4,521		213,847
Technip Energies NV		908		21,082
Teleperformance SE		392		54,851
Television Francaise 1 SA		230		1,771
Thales SA		732		109,119
TotalEnergies SE		15,258		1,034,035
Trigano SA		53		8,169
Ubisoft Entertainment SA*		705		20,052
Unibail — Rodamco-Westfield REIT*		793		50,393
Valeo SE		1,332		19,254
Vallourec SACA*		1,155		16,979
Valneva SE*		664		3,838
Veolia Environnement SA		4,694		147,713
Verallia SA, 144A		482		17,146

See Notes to Financial Statements. 64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
France (Continued)
Vicat SACA		116	$	4,160
Vinci SA		3,385		413,778
Virbac SACA		28		8,732
Vivendi SE		4,415		41,743
Voltalia SA*		187		1,968
Wavestone		77		3,994
Wendel SE		191		16,144
Worldline SA, 144A*		1,622		25,133
(Cost $12,343,854)				12,896,454
Germany — 23.4%
1&1 AG		247		4,511
About You Holding SE*		225		1,111
Adesso SE		18		1,916
adidas AG		1,074		224,621
Adtran Networks SE*		190		4,132
AIXTRON SE		739		26,875
Allianz SE		2,687		674,459
Amadeus Fire AG		53		6,981
Atoss Software AG		24		5,617
Aurubis AG		211		17,409
Auto1 Group SE, 144A*		568		3,574
BASF SE		5,942		276,081
Bayer AG		6,565		224,099
Bayerische Motoren Werke AG		2,133		221,938
BayWa AG		76		2,457
Bechtle AG		551		27,277
Beiersdorf AG		687		96,242
Bertrandt AG		22		1,094
Bilfinger SE		172		6,628
Borussia Dortmund GmbH & Co. KGaA*		457		1,818
Brenntag SE		921		79,479
CANCOM SE		228		6,820
Carl Zeiss Meditec AG		266		23,835
CECONOMY AG*		1,026		2,452
Cewe Stiftung & Co. KGaA		22		2,347
Commerzbank AG		7,209		88,239
CompuGroup Medical SE & Co. KGaA		159		6,116
Continental AG		728		56,278
Covestro AG, 144A*		1,281		67,209
CropEnergies AG		268		2,092
CTS Eventim AG & Co. KGaA		424		28,984
CureVac NV*		777		4,199
Daimler Truck Holding AG		3,549		115,236
Datagroup SE		22		1,272
Delivery Hero SE, 144A*		1,234		39,094
Dermapharm Holding SE		111		4,917
Deutsche Bank AG (b)		13,378		166,385
Deutsche Boerse AG		1,270		240,952
Deutsche Lufthansa AG*		4,022		34,936
Deutsche Pfandbriefbank AG, 144A		813		5,000
Deutsche Post AG		6,601		309,251
Deutsche Telekom AG		21,689		518,796
Deutz AG		1,066		5,036
Duerr AG		335		7,373
E.ON SE		14,860		193,050
Eckert & Ziegler Strahlen- und Medizintechnik AG		92		3,745

	Number of Shares		Value
Germany (Continued)
Einhell Germany AG		3	$	522
Elmos Semiconductor SE		55		4,741
ElringKlinger AG		168		1,070
Encavis AG*		834		12,401
Energiekontor AG		38		2,734
Evonik Industries AG		1,584		29,570
Evotec SE*		965		19,532
Fielmann Group AG		146		7,682
flatexDEGIRO AG*		420		4,887
Formycon AG*		61		4,376
Fraport AG Frankfurt Airport Services Worldwide*		244		13,906
Freenet AG		762		21,366
Fresenius Medical Care AG & Co. KGaA		1,416		58,000
Fresenius SE & Co. KGaA		2,822		89,357
GEA Group AG		1,041		38,209
Gerresheimer AG		226		21,365
GFT Technologies SE		111		3,903
GRENKE AG		169		4,213
Hamborner REIT AG REIT		492		3,465
Hamburger Hafen und Logistik AG		149		2,715
Hannover Rueck SE		413		98,452
Heidelberg Materials AG		914		74,418
Heidelberger Druckmaschinen AG*		1,559		2,145
HelloFresh SE*		1,065		16,253
Henkel AG & Co. KGaA		722		50,360
Hensoldt AG		347		9,110
Hornbach Holding AG & Co. KGaA		56		3,612
HUGO BOSS AG		365		25,523
Hypoport SE*		41		6,069
Infineon Technologies AG		8,691		336,309
Ionos SE*		189		2,905
Jenoptik AG		398		10,727
JOST Werke SE, 144A		75		3,392
K+S AG		1,252		18,534
KION Group AG		491		17,851
Kloeckner & Co. SE		401		2,728
Knaus Tabbert AG		19		820
Knorr-Bremse AG		496		31,044
Krones AG		92		10,375
LANXESS AG		568		13,787
LEG Immobilien SE*		485		37,028
MBB SE		3		286
Medios AG*		154		2,897
Mercedes-Benz Group AG		5,339		346,249
Merck KGaA		869		151,487
METRO AG*		814		5,445
MorphoSys AG*		187		4,958
MTU Aero Engines AG		371		75,820
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		908		386,250
Mutares SE & Co. KGaA		99		3,438
Nagarro SE* (a)		54		4,905
Nemetschek SE		380		33,107
Nordex SE*		853		9,438
Norma Group SE		151		2,546
Northern Data AG* (a)		179		4,774

See Notes to Financial Statements. 65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Germany (Continued)
PATRIZIA SE		249	$	1,911
Pfeiffer Vacuum Technology AG		22		3,626
PNE AG		209		2,762
ProSiebenSat.1 Media SE		1,063		6,686
Puma SE		739		47,604
PVA TePla AG*		115		2,426
Rational AG		33		21,103
Rheinmetall AG		289		86,823
RWE AG		4,208		180,331
SAF-Holland SE		327		5,268
Salzgitter AG		192		5,680
SAP SE		6,951		1,100,726
Scout24 SE, 144A		529		36,852
Secunet Security Networks AG		18		2,743
SGL Carbon SE*		581		3,839
Siemens AG		5,058		847,868
Siemens Energy AG*		3,649		43,215
Siemens Healthineers AG, 144A		1,952		112,484
Siltronic AG		112		10,625
Sixt SE		92		9,133
SMA Solar Technology AG*		107		6,482
Stabilus SE		154		9,630
Steico SE		40		1,282
STRATEC SE		40		1,724
Stroeer SE & Co. KGaA		246		14,312
Suedzucker AG		397		6,076
SUESS MicroTec SE		138		4,003
Symrise AG		911		102,336
TAG Immobilien AG*		1,255		17,158
Takkt AG		187		2,654
Talanx AG		421		30,520
TeamViewer SE, 144A*		987		14,273
thyssenkrupp AG		3,307		24,881
Thyssenkrupp Nucera AG & Co. KGaA*		188		3,356
United Internet AG		648		14,502
Varta AG* (a)		153		3,341
VERBIO Vereinigte BioEnergie AG		149		5,114
Vitesco Technologies Group AG*		130		13,238
Volkswagen AG		195		25,259
Vonovia SE		4,929		136,920
Vossloh AG		59		2,543
Wacker Chemie AG		128		15,647
Wacker Neuson SE		168		3,112
Wuestenrot & Wuerttembergische AG		111		1,583
Zalando SE, 144A*		1,461		34,764
(Cost $9,010,588)				9,015,404
Ireland — 1.8%
AerCap Holdings NV*		1,378		94,007
AIB Group PLC		10,817		50,088
Bank of Ireland Group PLC		7,086		66,256
Cairn Homes PLC		5,105		7,068
Dalata Hotel Group PLC		1,175		5,269
Flutter Entertainment PLC*		1,174		183,059
Glanbia PLC		1,296		21,838
Glenveagh Properties PLC, 144A*		4,158		4,852
Irish Residential Properties REIT PLC REIT		3,115		3,296

	Number of Shares		Value
Ireland (Continued)
Kerry Group PLC, Class A		1,064	$	85,959
Kingspan Group PLC		1,027		81,382
Origin Enterprises PLC		705		2,659
Smurfit Kappa Group PLC		1,808		68,487
Uniphar PLC		1,554		3,831
(Cost $695,980)				678,051
Italy — 7.5%
A2A SpA		10,793		23,179
ACEA SpA		301		4,105
AMCO — Asset Management Co SpA, Class B* (c)		13		0
Amplifon SpA		832		25,838
Anima Holding SpA, 144A		1,559		6,581
Ariston Holding NV		311		1,913
Arnoldo Mondadori Editore SpA		531		1,199
Ascopiave SpA		282		694
Assicurazioni Generali SpA		6,794		140,547
Azimut Holding SpA		663		16,108
Banca Generali SpA		379		13,498
Banca IFIS SpA		153		2,615
Banca Mediolanum SpA		1,486		13,209
Banca Monte dei Paschi di Siena SpA*		5,455		18,526
Banca Popolare di Sondrio SpA		2,312		14,307
Banco BPM SpA		8,104		44,759
BFF Bank SpA, 144A		1,215		13,900
BPER Banca		6,895		25,743
Brembo SpA		931		10,935
Brunello Cucinelli SpA		215		17,786
Buzzi SpA		625		18,232
Carel Industries SpA, 144A		244		6,188
Cementir Holding NV		297		2,848
CIR SpA-Compagnie Industriali*		4,291		2,008
Credito Emiliano SpA		513		4,557
Danieli & C Officine Meccaniche SpA		73		2,165
Danieli & C Officine Meccaniche SpA-RSP		231		5,092
Datalogic SpA		111		730
Davide Campari-Milano NV		3,410		37,192
De’ Longhi SpA		531		16,369
DiaSorin SpA		157		14,858
Digital Value SpA		19		1,154
El.En. SpA		266		2,687
Enav SpA, 144A		1,672		5,962
Enel SpA		54,007		381,290
Eni SpA		15,736		259,807
ERG SpA		438		12,548
Eurogroup Laminations SpA*		582		2,249
Ferrari NV		840		302,281
Ferretti SpA*		988		3,130
Fila SpA		130		1,133
Fincantieri SpA*		2,774		1,609
FinecoBank Banca Fineco SpA		4,084		54,968
GVS SpA, 144A*		382		2,335
Hera SpA		5,470		17,267
Illimity Bank SpA		360		2,079
Industrie De Nora SpA		206		3,227
Infrastrutture Wireless Italiane SpA, 144A		2,144		26,418

See Notes to Financial Statements. 66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Italy (Continued)
Interpump Group SpA		491	$	22,821
Intesa Sanpaolo SpA		102,752		295,440
Iren SpA		4,976		11,039
Italgas SpA		3,036		16,903
Iveco Group NV*		1,195		9,704
Juventus Football Club SpA*		5,313		1,437
Leonardo SpA		2,686		41,137
Lottomatica Group SpA*		569		5,844
LU-VE SpA		117		2,504
Maire Tecnimont SpA		667		3,116
MARR SpA		206		2,422
Mediobanca Banca di Credito Finanziario SpA		3,683		43,196
MFE-MediaForEurope NV, Class A		609		1,476
MFE-MediaForEurope NV, Class B		287		987
Moncler SpA		1,423		78,810
Nexi SpA, 144A*		3,882		30,213
OVS SpA, 144A		1,294		2,794
Pharmanutra SpA		21		1,168
Piaggio & C SpA		951		2,743
Pirelli & C SpA, 144A		2,239		11,109
Poste Italiane SpA, 144A		3,420		36,765
Prysmian SpA		1,764		67,838
RAI Way SpA, 144A		590		3,140
Recordati Industria Chimica e Farmaceutica SpA		686		32,982
Reply SpA		161		18,787
Safilo Group SpA*		2,164		1,931
Saipem SpA*		7,934		12,704
Salcef Group SpA		95		2,430
Salvatore Ferragamo SpA		546		6,894
Sanlorenzo SpA		75		3,249
Saras SpA		3,267		5,293
Seco SpA*		206		723
Sesa SpA		54		6,219
Snam SpA		13,363		67,244
SOL SpA		225		6,686
Tamburi Investment Partners SpA		637		5,949
Technogym SpA, 144A		921		8,010
Technoprobe SpA*		870		7,448
Telecom Italia SpA*		67,358		19,547
Terna — Rete Elettrica Nazionale		9,583		77,148
Tinexta SpA		168		3,184
Tod’s SpA*		56		2,031
UniCredit SpA		10,710		291,271
Unipol Gruppo SpA		2,688		15,390
Webuild SpA		2,258		4,540
Wiit SpA		36		707
Zignago Vetro SpA		206		2,987
(Cost $2,611,331)				2,881,785
Luxembourg — 0.7%
APERAM SA		306		10,169
ArcelorMittal SA		3,409		85,680
Aroundtown SA* (a)		5,315		12,456
Befesa SA, 144A		222		7,771
d’Amico International Shipping SA		318		1,881

	Number of Shares		Value
Luxembourg (Continued)
Eurofins Scientific SE		941	$	54,655
Grand City Properties SA*		667		6,600
SES SA		2,560		15,201
Shurgard Self Storage Ltd. REIT		154		6,683
Tenaris SA		3,306		56,678
(Cost $297,497)				257,774
Netherlands — 13.6%
Aalberts NV		666		26,294
ABN AMRO Bank NV, 144A		3,192		42,788
Adyen NV, 144A*		144		167,873
Aegon Ltd.		10,810		59,139
Akzo Nobel NV		1,135		87,050
Alfen NV, 144A*		151		7,612
AMG Critical Materials NV		187		4,441
Arcadis NV		491		24,617
Argenx SE*		407		180,486
ASM International NV		314		160,880
ASML Holding NV		2,689		1,823,507
ASR Nederland NV		1,073		49,370
Basic-Fit NV, 144A*		325		9,262
BE Semiconductor Industries NV		507		70,888
Brunel International NV		149		1,722
Corbion NV		358		6,761
Eurocommercial Properties NV REIT		256		5,974
Euronext NV, 144A		569		47,195
EXOR NV		617		59,974
Fastned BV*		54		1,605
Flow Traders Ltd.		187		3,475
Fugro NV*		721		13,255
Heineken Holding NV		861		66,822
Heineken NV		1,918		175,162
IMCD NV		379		58,395
ING Groep NV		24,091		337,701
JDE Peet’s NV		641		17,178
Just Eat Takeaway.com NV, 144A*		1,254		19,568
Koninklijke Ahold Delhaize NV		6,459		186,733
Koninklijke BAM Groep NV		1,853		5,059
Koninklijke KPN NV		22,091		75,673
Koninklijke Philips NV*		5,273		107,733
Koninklijke Vopak NV		455		15,601
NN Group NV		1,801		68,398
NSI NV REIT		115		2,166
OCI NV		684		14,697
Pharming Group NV*		3,417		3,935
PostNL NV		2,806		4,398
Prosus NV*		9,751		322,665
QIAGEN NV*		1,584		64,916
Randstad NV		773		45,857
Redcare Pharmacy NV, 144A*		108		15,230
SBM Offshore NV		947		12,586
Signify NV, 144A		851		24,696
Sligro Food Group NV		149		2,530
Stellantis NV		14,685		318,126
TKH Group NV		267		10,625
TomTom NV*		401		2,650
Universal Music Group NV		5,444		143,641

See Notes to Financial Statements. 67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Netherlands (Continued)
Van Lanschot Kempen NV		207	$	6,512
Vastned Retail NV REIT		92		1,937
Wereldhave NV REIT		225		3,764
Wolters Kluwer NV		1,655		227,525
(Cost $4,851,867)				5,216,647
Poland — 0.0%
InPost SA* (Cost $13,591)		1,366		16,103
Portugal — 0.6%
Altri SGPS SA		363		1,881
Banco Comercial Portugues SA, Class R*		51,639		17,324
Corticeira Amorim SGPS SA		284		2,798
CTT-Correios de Portugal SA		724		2,805
EDP — Energias de Portugal SA		21,622		103,250
Galp Energia SGPS SA		3,014		44,798
Greenvolt-Energias Renovaveis SA*		392		3,034
Jeronimo Martins SGPS SA		1,855		45,835
Mota-Engil SGPS SA		533		2,144
Navigator Co. SA		1,425		5,848
NOS SGPS SA		1,464		5,428
REN — Redes Energeticas Nacionais SGPS SA		2,489		6,597
Semapa-Sociedade de Investimento e Gestao		135		1,992
Sonae SGPS SA		3,717		3,757
(Cost $233,447)				247,491
Spain — 8.3%
Acciona SA		157		22,131
Acerinox SA		1,351		14,809
ACS Actividades de Construccion y Servicios SA		1,395		55,651
Aena SME SA, 144A		499		85,792
Almirall SA		642		5,933
Amadeus IT Group SA		2,993		204,660
Applus Services SA		781		8,433
Atresmedia Corp. de Medios de Comunicacion SA		477		1,975
Banco Bilbao Vizcaya Argentaria SA		39,685		367,435
Banco de Sabadell SA		37,443		54,614
Banco Santander SA		107,683		445,527
Bankinter SA		4,421		31,010
CaixaBank SA		27,212		122,361
Cellnex Telecom SA, 144A*		3,916		149,360
Cia de Distribucion Integral Logista Holdings SA		453		11,726
CIE Automotive SA		321		9,022
Construcciones y Auxiliar de Ferrocarriles SA		111		3,896
Corp ACCIONA Energias Renovables SA		453		13,432
Distribuidora Internacional de Alimentacion SA*		74,889		970
EDP Renovaveis SA		2,105		38,379
eDreams ODIGEO SA*		435		3,206
Enagas SA		1,597		29,204
Ence Energia y Celulosa SA		610		1,948

	Number of Shares		Value
Spain (Continued)
Endesa SA		2,085	$	43,541
Faes Farma SA		2,033		6,904
Ferrovial SE		3,428		118,509
Fluidra SA		663		13,676
Gestamp Automocion SA, 144A		875		3,353
Global Dominion Access SA, 144A		572		2,083
Grenergy Renovables SA*		59		1,878
Grifols SA*		1,974		27,858
Iberdrola SA		40,146		495,764
Indra Sistemas SA		856		13,184
Industria de Diseno Textil SA		7,235		297,923
Inmobiliaria Colonial Socimi SA REIT		1,852		12,176
Laboratorios Farmaceuticos Rovi SA		122		7,456
Lar Espana Real Estate Socimi SA REIT		515		3,425
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		3,796		3,595
Mapfre SA		5,858		12,893
Melia Hotels International SA*		610		3,728
Merlin Properties Socimi SA REIT		2,186		22,034
Naturgy Energy Group SA		830		24,773
Neinor Homes SA, 144A*		96		1,080
Opdenergy Holdings SA*		604		3,813
Pharma Mar SA		93		3,968
Prosegur Cash SA, 144A		2,906		1,648
Prosegur Cia de Seguridad SA		1,483		2,922
Redeia Corp. SA		2,732		45,737
Repsol SA		8,610		131,583
Sacyr SA		2,777		9,304
Solaria Energia y Medio Ambiente SA*		515		9,622
Talgo SA, 144A		606		2,810
Tecnicas Reunidas SA*		187		1,814
Telefonica SA		32,293		138,987
Unicaja Banco SA, 144A		7,498		8,317
Vidrala SA		140		12,801
Viscofan SA		265		16,240
(Cost $3,046,138)				3,186,873
Switzerland — 0.3%
DSM-Firmenich AG (Cost $143,484)		1,278		120,845
United Kingdom — 0.3%
Allfunds Group PLC		2,186		13,777
Coca-Cola Europacific Partners PLC		1,419		86,048
(Cost $95,759)				99,825
TOTAL COMMON STOCKS (Cost $36,334,339)				37,346,999
PREFERRED STOCKS — 1.4%
Germany — 1.4%
Bayerische Motoren Werke AG		392		37,165
Dr Ing hc F Porsche AG, 144A		756		69,174
Draegerwerk AG & Co. KGaA		78		4,389
FUCHS SE		472		19,934
Henkel AG & Co. KGaA		1,176		92,422
Jungheinrich AG		287		9,328
Porsche Automobil Holding SE		1,010		49,318
Sartorius AG		180		57,897

See Notes to Financial Statements. 68

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Germany (Continued)
Schaeffler AG		692	$	3,823
Sixt SE		89		6,103
STO SE & Co. KGaA		18		2,383
Volkswagen AG		1,421		164,606
(Cost $605,147)				516,542
RIGHTS — 0.0%
Italy — 0.0%
Carel Industries SpA*, expires 12/18/23 (Cost $0)		244		242
WARRANTS — 0.0%
Italy — 0.0%
Webuild SpA* (c), expires 8/2/30 (Cost $0)		38		23
Spain — 0.0%
Abengoa SA* (c), expires 3/31/25 (Cost $43)		7,125		0
TOTAL WARRANTS (Cost $43)				23

	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 1.0%
iShares Currency Hedged MSCI Eurozone ETF		11,250	$	365,063
iShares MSCI Eurozone ETF (a)		500		22,825
(Cost $372,745)				387,888
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e) (Cost $39,385)		39,385		39,385
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (d) (Cost $11,098)		11,098		11,098
TOTAL INVESTMENTS — 99.6% (Cost $37,362,757)			$	38,302,177
Other assets and liabilities, net — 0.4%				144,384
NET ASSETS — 100.0%			$	38,446,561

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
COMMON STOCKS — 0.4%
Germany — 0.4%
Deutsche Bank AG (b)
		100,569		58,271		(22,082	)		(15,240	)		44,867		—		—		13,378		166,385
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (d)(e)
		1,477,246		—		(1,437,861	)(f)		—			—		1,922		—		39,385		39,385
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (d)
		8,289		1,052,135		(1,049,326	)		—			—		1,873		—		11,098		11,098
		1,586,104		1,110,406		(2,509,269	)		(15,240	)		44,867		3,795		—		63,861		216,868

* 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 November 30, 2023 amounted to $36,895, which is 0.1% of net assets.

(b) Affiliated issuer. This security is owned in proportion with its representation in the index.

(c) Investment was valued using significant unobservable inputs.

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

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

CVA: Credit Valuation Adjustment

REIT: Real Estate Investment Trust

RSP: Risparmio (Convertible Savings Shares)

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. 69

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Securities are listed in country of domicile.

At November 30, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
EURO STOXX 50 Futures	EUR	2	$	92,948	$95,592		12/15/2023	$	2,644

As of November 30, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	12/4/2023	EUR	34,185,930	USD	36,180,782	$	—	$	(1,037,831	)
Morgan Stanley Capital	12/4/2023	USD	35,842,033	EUR	32,849,930		—		(77,939	)
RBC Capital Markets	12/4/2023	USD	1,413,994	EUR	1,336,000		40,524		—
Morgan Stanley Capital	1/3/2024	EUR	32,849,930	USD	35,892,031		76,537		—
Morgan Stanley Capital	1/3/2024	EUR	1,772,000	USD	1,936,098		4,129		—
Total unrealized appreciation (depreciation)						$	121,190	$	(1,115,770	)

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

Currency Abbreviations

EUR Euro

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	37,346,999	$	—		$	0	$	37,346,999
Preferred Stocks		516,542		—			—		516,542
Rights		—		242			—		242
Warrants (a)		—		—			23		23
Exchange-Traded Funds		387,888		—			—		387,888
Short-Term Investments (a)		50,483		—			—		50,483
Derivatives (b)
Forward Foreign Currency Contracts		—		121,190			—		121,190
Futures Contracts		2,644		—			—		2,644
TOTAL	$	38,304,556	$	121,432		$	23	$	38,426,011
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(1,115,770	)	$	—	$	(1,115,770	)
TOTAL	$	—	$	(1,115,770	)	$	—	$	(1,115,770	)

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

(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

See Notes to Financial Statements. 70

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 92.3%
Communication Services — 6.1%
Deutsche Telekom AG		22,193	$	530,852
Scout24 SE, 144A		521		36,295
(Cost $444,445)				567,147
Consumer Discretionary — 10.9%
adidas AG		1,109		231,941
Bayerische Motoren Werke AG		2,180		226,828
Continental AG		753		58,211
Delivery Hero SE, 144A*		1,201		38,049
Mercedes-Benz Group AG		5,492		356,172
Puma SE		721		46,445
Volkswagen AG		207		26,813
Zalando SE, 144A*		1,555		37,001
(Cost $1,333,150)				1,021,460
Consumer Staples — 1.8%
Beiersdorf AG		690		96,662
HelloFresh SE*		1,099		16,771
Henkel AG & Co. KGaA		712		49,663
(Cost $198,959)				163,096
Financials — 18.5%
Allianz SE		2,761		693,034
Commerzbank AG		7,210		88,252
Deutsche Bank AG (a)		13,265		164,980
Deutsche Boerse AG		1,300		246,643
Hannover Rueck SE		414		98,690
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		934		397,311
Talanx AG		440		31,897
(Cost $1,451,653)				1,720,807
Health Care — 7.8%
Bayer AG		6,723		229,492
Carl Zeiss Meditec AG		273		24,462
Fresenius Medical Care AG & Co. KGaA		1,406		57,590
Fresenius SE & Co. KGaA		2,892		91,574
Merck KGaA		884		154,102
QIAGEN NV*		1,559		63,891
Siemens Healthineers AG, 144A		1,927		111,044
(Cost $1,466,107)				732,155
Industrials — 18.5%
Brenntag SE		951		82,068
Daimler Truck Holding AG		3,659		118,808
Deutsche Lufthansa AG*		4,091		35,535
Deutsche Post AG		6,784		317,824
GEA Group AG		1,112		40,815
Knorr-Bremse AG		493		30,856
MTU Aero Engines AG		368		75,207
Rational AG		36		23,022
Rheinmetall AG		298		89,527
Siemens AG		5,203		872,174
Siemens Energy AG*		3,550		42,042
(Cost $1,375,124)				1,727,878

	Number of Shares		Value
Information Technology — 16.5%
Bechtle AG		569	$	28,168
Infineon Technologies AG		8,936		345,789
Nemetschek SE		394		34,327
SAP SE		7,147		1,131,764
(Cost $900,953)				1,540,048
Materials — 6.2%
BASF SE		6,108		283,794
Covestro AG, 144A*		1,323		69,412
Evonik Industries AG		1,593		29,738
Heidelberg Materials AG		956		77,837
Symrise AG		908		101,999
Wacker Chemie AG		128		15,646
(Cost $869,271)				578,426
Real Estate — 1.9%
LEG Immobilien SE*		507		38,708
Vonovia SE		5,016		139,337
(Cost $263,373)				178,045
Utilities — 4.1%
E.ON SE		15,372		199,702
RWE AG		4,327		185,430
(Cost $349,004)				385,132
TOTAL COMMON STOCKS (Cost $8,652,039)				8,614,194
PREFERRED STOCKS — 5.1%
Consumer Discretionary — 3.5%
Bayerische Motoren Werke AG		407		38,587
Dr Ing hc F Porsche AG, 144A		777		71,095
Porsche Automobil Holding SE		1,045		51,028
Volkswagen AG		1,408		163,100
(Cost $505,728)				323,810
Consumer Staples — 1.0%
Henkel AG & Co. KGaA (Cost $127,662)		1,158		91,007
Health Care — 0.6%
Sartorius AG (Cost $33,599)		181		58,219
TOTAL PREFERRED STOCKS (Cost $666,989)				473,036
EXCHANGE-TRADED FUNDS — 1.4%
iShares Currency Hedged MSCI Germany ETF
(Cost $129,893)		4,350		136,285
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) (Cost $53,317)		53,317		53,317
TOTAL INVESTMENTS — 99.4% (Cost $9,502,238)			$	9,276,832
Other assets and liabilities, net — 0.6%				59,781
NET ASSETS — 100.0%			$	9,336,613

See Notes to Financial Statements. 71

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
COMMON STOCKS — 1.8%
Financials — 1.8%
Deutsche Bank AG (a)
		135,616		7,167		(9,094	)		(16,885	)		48,176		—		—		13,265		164,980
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)
		1,145		445,114		(392,942	)		—			—		1,779		—		53,317		53,317
		136,761		452,281		(402,036	)		(16,885	)		48,176		1,779		—		66,582		218,297

* Non-income producing security.

(a) Affiliated issuer. This security is owned in proportion with its representation in the index.

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

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.

At November 30, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
DAX Mini Futures	EUR	1	$	86,439	$	88,490	12/15/2023	$	2,051

As of November 30, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	12/4/2023	EUR	8,210,186	USD	8,689,275	$	—	$	(249,248	)
Morgan Stanley Capital	12/4/2023	USD	8,552,119	EUR	7,838,186		—		(18,597	)
RBC Capital Markets	12/4/2023	USD	393,717	EUR	372,000		11,284		—
Morgan Stanley Capital	1/3/2024	EUR	7,838,186	USD	8,564,049		18,262		—
Morgan Stanley Capital	1/3/2024	EUR	534,000	USD	583,452		1,244		—
Total unrealized appreciation (depreciation)						$	30,790	$	(267,845	)

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

Currency Abbreviations

EUR Euro

USD U.S. Dollar

See Notes to Financial Statements. 72

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	8,614,194	$	—		$	—	$	8,614,194
Preferred Stocks (a)		473,036		—			—		473,036
Exchange-Traded Funds		136,285		—			—		136,285
Short-Term Investments (a)		53,317		—			—		53,317
Derivatives (b)
Forward Foreign Currency Contracts		—		30,790			—		30,790
Futures Contracts		2,051		—			—		2,051
TOTAL	$	9,278,883	$	30,790		$	—	$	9,309,673
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(267,845	)	$	—	$	(267,845	)
TOTAL	$	—	$	(267,845	)	$	—	$	(267,845	)

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

(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

See Notes to Financial Statements. 73

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.0%
Communication Services — 6.9%
Capcom Co. Ltd.		14,100	$	473,899
Dentsu Group, Inc.		16,736		449,838
KDDI Corp.		125,315		3,909,226
Koei Tecmo Holdings Co. Ltd.		9,840		120,163
Konami Group Corp.		8,164		402,804
LY Corp.		226,328		657,337
Nexon Co. Ltd.		28,964		624,760
Nintendo Co. Ltd.		87,010		4,056,476
Nippon Telegraph & Telephone Corp.		2,496,600		2,914,889
SoftBank Corp.		239,900		2,910,159
SoftBank Group Corp.		86,286		3,503,586
Square Enix Holdings Co. Ltd.		7,500		259,611
Toho Co. Ltd.		8,998		311,404
(Cost $20,546,711)				20,594,152
Consumer Discretionary — 18.8%
Aisin Corp.		12,423		456,750
Bandai Namco Holdings, Inc.		49,921		990,945
Bridgestone Corp.		47,707		1,962,210
Denso Corp.		145,140		2,265,304
Fast Retailing Co. Ltd.		14,618		3,696,404
Honda Motor Co. Ltd.		386,235		3,931,125
Iida Group Holdings Co. Ltd.		12,866		191,784
Isuzu Motors Ltd.		48,795		643,590
Koito Manufacturing Co. Ltd.		15,844		239,006
Mazda Motor Corp.		47,504		505,767
McDonald’s Holdings Co. Japan Ltd.		7,019		298,731
Nissan Motor Co. Ltd.		194,247		763,703
Nitori Holdings Co. Ltd.		6,747		776,365
Open House Group Co. Ltd.		6,300		175,411
Oriental Land Co. Ltd.		91,225		3,091,904
Pan Pacific International Holdings Corp.		32,200		695,864
Panasonic Holdings Corp.		185,144		1,910,632
Rakuten Group, Inc.		126,638		500,282
Sekisui Chemical Co. Ltd.		31,452		445,602
Sekisui House Ltd.		50,252		1,026,665
Sharp Corp.*		21,755		135,818
Shimano, Inc.		6,484		995,167
Sony Group Corp.		105,693		9,139,244
Subaru Corp.		51,317		907,203
Sumitomo Electric Industries Ltd.		60,413		747,318
Suzuki Motor Corp.		30,889		1,254,436
Toyota Motor Corp.		887,565		16,729,397
USS Co. Ltd.		17,218		335,975
Yamaha Corp.		11,307		263,952
Yamaha Motor Co. Ltd.		25,224		642,594
Zensho Holdings Co. Ltd.		7,800		432,141
ZOZO, Inc.		11,334		238,896
(Cost $51,750,515)				56,390,185
Consumer Staples — 5.6%
Aeon Co. Ltd.		55,002		1,135,580
Ajinomoto Co., Inc.		37,201		1,386,569
Asahi Group Holdings Ltd.		40,297		1,482,666
Japan Tobacco, Inc.		100,489		2,576,276
Kao Corp.		39,084		1,501,568

	Number of Shares		Value
Consumer Staples (Continued)
Kikkoman Corp.		11,548	$	706,075
Kirin Holdings Co. Ltd.		65,489		921,864
Kobe Bussan Co. Ltd.		12,200		321,252
Kose Corp.		2,788		196,792
MatsukiyoCocokara & Co.		29,200		502,915
MEIJI Holdings Co. Ltd.		19,486		449,889
Nissin Foods Holdings Co. Ltd.		5,570		550,951
Seven & i Holdings Co. Ltd.		63,302		2,346,179
Shiseido Co. Ltd.		33,807		904,348
Suntory Beverage & Food Ltd.		11,336		355,387
Unicharm Corp.		33,874		1,088,236
Yakult Honsha Co. Ltd.		20,876		465,085
(Cost $18,908,610)				16,891,632
Energy — 0.8%
ENEOS Holdings, Inc.		241,337		951,284
Idemitsu Kosan Co. Ltd.		16,360		447,566
Inpex Corp.		80,744		1,138,237
(Cost $2,470,874)				2,537,087
Financials — 12.2%
Chiba Bank Ltd.		42,960		320,621
Concordia Financial Group Ltd.		89,938		420,936
Dai-ichi Life Holdings, Inc.		78,819		1,637,942
Daiwa Securities Group, Inc.		112,644		725,887
Japan Exchange Group, Inc.		41,832		851,820
Japan Post Bank Co. Ltd.		121,825		1,199,269
Japan Post Holdings Co. Ltd.		173,870		1,529,835
Japan Post Insurance Co. Ltd.		15,600		290,935
Mitsubishi HC Capital, Inc.		67,616		439,828
Mitsubishi UFJ Financial Group, Inc.		957,142		8,102,072
Mizuho Financial Group, Inc.		202,277		3,427,221
MS&AD Insurance Group Holdings, Inc.		35,889		1,339,362
Nomura Holdings, Inc.		253,077		1,036,650
ORIX Corp.		97,727		1,778,742
Resona Holdings, Inc.		177,976		922,532
SBI Holdings, Inc.		20,399		441,249
Shizuoka Financial Group, Inc.		37,882		305,591
Sompo Holdings, Inc.		24,775		1,129,129
Sumitomo Mitsui Financial Group, Inc.		106,472		5,212,288
Sumitomo Mitsui Trust Holdings, Inc.		27,462		1,029,686
T&D Holdings, Inc.		42,349		624,552
Tokio Marine Holdings, Inc.		150,913		3,713,278
(Cost $31,459,993)				36,479,425
Health Care — 8.2%
Asahi Intecc Co. Ltd.		18,100		349,951
Astellas Pharma, Inc.		151,435		1,835,994
Chugai Pharmaceutical Co. Ltd.		56,235		1,979,187
Daiichi Sankyo Co. Ltd.		155,183		4,186,780
Eisai Co. Ltd.		21,112		1,092,481
Hoya Corp.		29,586		3,325,581
Kyowa Kirin Co. Ltd.		21,860		359,320
M3, Inc.		37,384		616,637
Olympus Corp.		100,576		1,469,362
Ono Pharmaceutical Co. Ltd.		32,783		601,663
Otsuka Holdings Co. Ltd.		34,900		1,339,175
Shionogi & Co. Ltd.		21,908		1,031,121

See Notes to Financial Statements. 74

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Sysmex Corp.		14,144	$	780,467
Takeda Pharmaceutical Co. Ltd.		132,723		3,728,526
Terumo Corp.		56,402		1,794,851
(Cost $26,494,866)				24,491,096
Industrials — 21.2%
AGC, Inc.		16,462		596,256
ANA Holdings, Inc.*		13,018		267,981
BayCurrent Consulting, Inc.		11,000		369,189
Central Japan Railway Co.		60,760		1,454,863
Dai Nippon Printing Co. Ltd.		16,643		466,197
Daifuku Co. Ltd.		25,000		469,277
Daikin Industries Ltd.		22,148		3,309,651
East Japan Railway Co.		25,085		1,352,722
FANUC Corp.		79,645		2,210,033
Fuji Electric Co. Ltd.		10,806		451,963
Hankyu Hanshin Holdings, Inc.		19,240		580,211
Hikari Tsushin, Inc.		1,752		271,675
Hitachi Construction Machinery Co. Ltd.		8,820		228,144
Hitachi Ltd.		77,534		5,378,640
Hoshizaki Corp.		9,408		298,815
ITOCHU Corp.		99,588		3,854,283
Japan Airlines Co. Ltd.		11,354		215,271
Kajima Corp.		35,376		557,507
Kawasaki Kisen Kaisha Ltd.		11,500		402,492
Keisei Electric Railway Co. Ltd.		10,984		441,553
Kintetsu Group Holdings Co. Ltd.		14,810		414,153
Komatsu Ltd.		77,337		1,967,592
Kubota Corp.		83,763		1,197,179
Makita Corp.		19,144		506,685
Marubeni Corp.		119,287		1,856,166
MINEBEA MITSUMI, Inc.		31,024		588,631
MISUMI Group, Inc.		23,920		387,212
Mitsubishi Corp.		96,491		4,481,566
Mitsubishi Electric Corp.		161,626		2,190,116
Mitsubishi Heavy Industries Ltd.		26,902		1,500,241
Mitsui & Co. Ltd.		108,371		3,941,295
Mitsui OSK Lines Ltd.		29,000		794,341
MonotaRO Co. Ltd.		19,600		197,375
Nidec Corp.		34,890		1,318,788
NIPPON EXPRESS HOLDINGS, Inc.		5,839		317,864
Nippon Yusen KK		40,736		1,091,898
Obayashi Corp.		55,108		463,694
Odakyu Electric Railway Co. Ltd.		25,777		361,549
Recruit Holdings Co. Ltd.		120,791		4,485,056
Secom Co. Ltd.		17,572		1,220,179
SG Holdings Co. Ltd.		25,900		373,406
Shimizu Corp.		44,968		294,691
SMC Corp.		4,773		2,396,802
Sumitomo Corp.		87,573		1,831,083
Taisei Corp.		14,152		480,229
Tobu Railway Co. Ltd.		15,590		384,335
Tokyu Corp.		41,922		490,730
TOPPAN Holdings, Inc.		20,539		479,881
Toshiba Corp.*		7,023		217,900
TOTO Ltd.		10,738		275,005
Toyota Industries Corp.		12,299		1,054,781
Toyota Tsusho Corp.		17,831		984,999

	Number of Shares		Value
Industrials (Continued)
West Japan Railway Co.		18,479	$	728,765
Yamato Holdings Co. Ltd.		22,617		400,977
Yaskawa Electric Corp.		20,282		776,068
(Cost $58,023,097)				63,627,955
Information Technology — 14.3%
Advantest Corp.		64,200		2,026,981
Azbil Corp.		9,300		299,336
Brother Industries Ltd.		19,722		332,026
Canon, Inc.		83,597		2,146,592
Disco Corp.		7,700		1,666,619
FUJIFILM Holdings Corp.		31,257		1,825,750
Fujitsu Ltd.		14,688		2,092,342
Hamamatsu Photonics KK		11,588		457,705
Hirose Electric Co. Ltd.		2,566		286,438
Ibiden Co. Ltd.		9,600		457,855
Keyence Corp.		16,243		6,940,470
Kyocera Corp.		27,008		1,491,943
Lasertec Corp.		6,300		1,403,966
Murata Manufacturing Co. Ltd.		144,035		2,801,328
NEC Corp.		20,493		1,138,961
Nomura Research Institute Ltd.		32,322		905,173
NTT Data Group Corp.		53,040		642,877
Obic Co. Ltd.		5,867		898,095
Omron Corp.		14,617		611,161
Oracle Corp.		3,272		252,363
Otsuka Corp.		9,760		397,286
Renesas Electronics Corp.*		123,200		2,163,437
Ricoh Co. Ltd.		46,934		382,095
Rohm Co. Ltd.		27,248		519,285
SCSK Corp.		12,800		235,176
Seiko Epson Corp.		23,324		345,785
Shimadzu Corp.		20,136		520,852
SUMCO Corp.		29,500		441,028
TDK Corp.		32,684		1,514,495
TIS, Inc.		18,800		396,517
Tokyo Electron Ltd.		39,542		6,407,639
Trend Micro, Inc.		11,372		576,347
Yokogawa Electric Corp.		19,108		360,998
(Cost $37,015,068)				42,938,921
Materials — 4.8%
Asahi Kasei Corp.		103,284		715,102
JFE Holdings, Inc.		47,919		704,596
JSR Corp.		15,051		413,075
Mitsubishi Chemical Group Corp.		107,996		705,478
Mitsui Chemicals, Inc.		13,981		408,133
Nippon Paint Holdings Co. Ltd.		80,815		602,051
Nippon Sanso Holdings Corp.		14,380		376,619
Nippon Steel Corp.		71,837		1,675,034
Nissan Chemical Corp.		10,302		374,738
Nitto Denko Corp.		12,018		852,349
Oji Holdings Corp.		68,884		255,167
Shin-Etsu Chemical Co. Ltd.		152,655		5,366,504
Sumitomo Chemical Co. Ltd.		120,056		305,687
Sumitomo Metal Mining Co. Ltd.		20,905		605,182
Toray Industries, Inc.		117,142		606,095
Tosoh Corp.		20,900		277,285
(Cost $13,747,765)				14,243,095

See Notes to Financial Statements. 75

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Real Estate — 3.1%
Daito Trust Construction Co. Ltd.		5,251	$	577,305
Daiwa House Industry Co. Ltd.		49,417		1,399,582
Daiwa House REIT Investment Corp. REIT		191		339,848
GLP J REIT		377		355,233
Hulic Co. Ltd.		30,810		305,066
Japan Metropolitan Fund Invest REIT		589		391,316
Japan Real Estate Investment Corp. REIT		110		426,615
KDX Realty Investment Corp. REIT		344		393,282
Mitsubishi Estate Co. Ltd.		93,324		1,256,720
Mitsui Fudosan Co. Ltd.		74,782		1,751,269
Nippon Building Fund, Inc. REIT		129		540,328
Nippon Prologis REIT, Inc. REIT (a)		187		353,668
Nomura Real Estate Holdings, Inc.		8,628		209,735
Nomura Real Estate Master Fund, Inc. REIT		365		418,029
Sumitomo Realty & Development Co. Ltd.		24,250		682,716
(Cost $10,190,736)				9,400,712
Utilities — 1.1%
Chubu Electric Power Co., Inc.		53,963		664,983
Kansai Electric Power Co., Inc.		59,107		785,781
Osaka Gas Co. Ltd.		31,789		617,512
Tokyo Electric Power Co. Holdings, Inc.*		127,984		544,619
Tokyo Gas Co. Ltd.		30,865		713,438
(Cost $3,231,678)				3,326,333
TOTAL COMMON STOCKS (Cost $273,839,913)				290,920,593

	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 1.1%
iShares Currency Hedged MSCI Japan ETF (a)		15,000	$	534,900
iShares MSCI Japan ETF		45,000		2,817,450
(Cost $3,116,150)				3,352,350
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $330,475)		330,475		330,475
CASH EQUIVALENTS — 2.3%
DWS ESG Liquidity Fund “Capital Shares”, 5.46% (b)		125,612		125,612
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)		6,618,532		6,618,532
TOTAL CASH EQUIVALENTS (Cost $6,744,142)				6,744,144
TOTAL INVESTMENTS — 100.5% (Cost $284,030,680)			$	301,347,562
Other assets and liabilities, net — (0.5%)				(1,467,688	)
NET ASSETS — 100.0%			$	299,879,874

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		3,785,348		—		(3,454,873	)(d)		—		—		11,690		—		330,475		330,475
CASH EQUIVALENTS — 2.3%
DWS ESG Liquidity Fund “Capital Shares”, 5.46% (b)
		122,244		3,331		—			—		37		3,366		—		125,612		125,612
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)
		4,433,180		26,702,004		(24,516,652	)		—		—		111,178		—		6,618,532		6,618,532
		8,340,772		26,705,335		(27,971,525	)		—		37		126,234		—		7,074,619		7,074,619

* 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 November 30, 2023 amounted to $315,077, 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 cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

REIT: Real Estate Investment Trust

See Notes to Financial Statements. 76

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2023 (Unaudited)

At November 30, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
Nikkei 225 Futures	JPY	4	$	856,219		$903,818		12/07/2023	$	47,599
TOPIX Index Futures	JPY	25		3,900,468		4,006,475		12/07/2023		106,007
Total unrealized appreciation									$	153,606

As of November 30, 2023, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co	12/04/2023	JPY	42,068,972,900	USD	279,187,654	$	—	$	(4,757,173	)
JP Morgan & Chase Co	12/04/2023	JPY	862,208,200	USD	5,855,788		36,308		—
JP Morgan & Chase Co	12/4/2023	USD	10,254,683	JPY	1,545,188,000		174,574		—
Morgan Stanley Capital	12/4/2023	USD	279,942,992	JPY	41,385,993,100		—		(607,941	)
Morgan Stanley Capital	1/5/2024	JPY	41,385,993,100	USD	281,423,960		568,719		—
Morgan Stanley Capital	1/5/2024	JPY	2,312,882,000	USD	15,727,553		31,783		—
Total unrealized appreciation (depreciation)						$	811,384	$	(5,365,114	)

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

Currency Abbreviations

JPY Japanese Yen

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	290,920,593	$	—		$	—	$	290,920,593
Exchange-Traded Funds		3,352,350		—			—		3,352,350
Short-Term Investments (a)		7,074,619		—			—		7,074,619
Derivatives (b)
Forward Foreign Currency Contracts		—		811,384			—		811,384
Futures Contracts		153,606		—			—		153,606
TOTAL	$	301,501,168	$	811,384		$	—	$	302,312,552
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(5,365,114	)	$	—	$	(5,365,114	)
TOTAL	$	—	$	(5,365,114	)	$	—	$	(5,365,114	)

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

(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

See Notes to Financial Statements. 77

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2023 (Unaudited)

	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	131,575,213		$	93,248,095		$	452,754,726		$	38,085,309
Investment in affiliated securities at value		135,242			—			1,086,029			166,385
Investment in DWS ESG Liquidity Fund		—			—			683,054			—
Investment in DWS Government Money Market Series		4,158,796			601,398			6,199,341			11,098
Investment in DWS Government & Agency Securities Portfolio*		15,310			32,480			378,750			39,385
Cash		19			526			—			—
Foreign currency at value		199,364			180,589			666,608			85,441
Receivable for return of collateral pledged for forward foreign currency contracts		10,000			1,000,000			—			—
Unrealized appreciation on forward foreign currency contracts		376,826			137,556			1,934,148			121,190
Deposit with broker for futures contracts		119,245			93,052			554,493			6,810
Receivables:
Investment securities sold		2,487,379			3,404,276			14,540,834			1,463,495
Variation margin on futures contracts		52,535			—			194,403			126
Dividends		300,439			124,519			530,465			4,062
Interest		20,803			4,049			55,834			198
Securities lending income		101			226			3,042			149
Foreign tax reclaim		149,843			—			1,729,289			22,755
Total assets	$	139,601,115		$	98,826,766		$	481,311,016		$	40,006,403
Liabilities
Payable upon return of securities loaned	$	15,310		$	32,480		$	378,750		$	39,385
Unrealized depreciation on forward foreign currency contracts		3,653,115			1,668,561			16,515,685			1,115,770
Payables:
Investment securities purchased		383,212			832,274			1,096,820			390,943
Investment advisory fees		43,218			49,729			166,282			13,744
Variation margin on futures contracts		—			27,856			—			—
Deferred foreign tax		176,571			518,330			—			—
IRS closing agreement fee		—			—			200,000			—
Total liabilities		4,271,426			3,129,230			18,357,537			1,559,842
Net Assets, at value	$	135,329,689		$	95,697,536		$	462,953,479		$	38,446,561
Net Assets Consist of
Paid-in capital	$	135,613,524		$	106,849,929		$	580,844,366		$	38,186,490
Distributable earnings (loss)		(283,835	)		(11,152,393	)		(117,890,887	)		260,071
Net Assets, at value	$	135,329,689		$	95,697,536		$	462,953,479		$	38,446,561
Number of Common Shares outstanding		4,600,001			4,250,001			12,700,001			950,001
Net Asset Value	$	29.42		$	22.52		$	36.45		$	40.47
Investment in non-affiliated securities at cost	$	115,922,565		$	79,690,680		$	466,595,165		$	37,108,292
Investment in affiliated securities at cost	$	126,611		$	—		$	2,161,489		$	203,982
Value of securities loaned	$	14,291		$	30,456		$	354,285		$	36,895
Investment in DWS ESG Liquidity Fund at cost	$	—		$	—		$	683,054		$	—
Investment in DWS Government Money Market Series at cost	$	4,158,796		$	601,398		$	6,199,341		$	11,098
Investment in DWS Government & Agency Securities Portfolio at cost*	$	15,310		$	32,480		$	378,750		$	39,385
Foreign currency at cost	$	197,666		$	182,004		$	655,638		$	83,949

* Represents collateral on securities loaned.

See Notes to Financial Statements. 78

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2023 (Unaudited)

	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	9,058,535		$	294,272,943
Investment in affiliated securities at value		164,980			—
Investment in DWS ESG Liquidity Fund		—			125,612
Investment in DWS Government Money Market Series		53,317			6,618,532
Investment in DWS Government & Agency Securities Portfolio*		—			330,475
Foreign currency at value		7,876			561,965
Unrealized appreciation on forward foreign currency contracts		30,790			811,384
Deposit with broker for futures contracts		6,589			241,299
Receivables:
Investment securities sold		313,886			2,617,488
Capital shares		—			6,219,885
Variation margin on futures contracts		291			286,183
Dividends		—			1,787,649
Interest		202			27,246
Securities lending income		—			1,549
Foreign tax reclaim		27,775			154,420
Total assets	$	9,664,241		$	314,056,630
Liabilities
Payable upon return of securities loaned	$	—		$	330,475
Unrealized depreciation on forward foreign currency contracts		267,845			5,365,114
Payables:
Investment securities purchased		56,487			8,374,789
Investment advisory fees		3,296			106,378
Total liabilities		327,628			14,176,756
Net Assets, at value	$	9,336,613		$	299,879,874
Net Assets Consist of
Paid-in capital	$	17,396,785		$	387,325,439
Distributable earnings (loss)		(8,060,172	)		(87,445,565	)
Net Assets, at value	$	9,336,613		$	299,879,874
Number of Common Shares outstanding		300,001			4,800,001
Net Asset Value	$	31.12		$	62.47
Investment in non-affiliated securities at cost	$	9,052,313		$	276,956,063
Investment in affiliated securities at cost	$	396,608		$	—
Value of securities loaned	$	—		$	315,077
Investment in DWS ESG Liquidity Fund at cost	$	—		$	125,610
Investment in DWS Government Money Market Series at cost	$	53,317		$	6,618,532
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	330,475
Foreign currency at cost	$	7,487		$	564,079

* Represents collateral on securities loaned.

See Notes to Financial Statements. 79

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2023 (Unaudited)

	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF			Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	1,688,079		$	1,509,901		$	4,227,815		$	229,342
Income distributions from affiliated funds		80,473			24,846			163,073			1,873
Affiliated securities lending income		2,553			1,490			17,570			1,922
Unaffiliated non-cash dividend income		—			128,004			—			29,625
Total investment income		1,771,105			1,664,241			4,408,458			262,762
Expenses
Investment advisory fees		266,057			299,384			1,023,517			82,932
Other expenses		650			5,304			7,717			58
Total expenses		266,707			304,688			1,031,234			82,990
Less fees waived (see note 3):
Waiver		(1,527	)		(495	)		(2,678	)		(39	)
Net expenses		265,180			304,193			1,028,556			82,951
Net investment income (loss)		1,505,925			1,360,048			3,379,902			179,811
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(1,572,118	)		(1,308,987	)		(10,501,858	)		(542,047	)
Investments in affiliates		(8,679	)		—			(122,982	)		(15,725	)
In-kind redemptions		—			62			801,650			1,197,308
In-kind redemptions in affiliates		—			—			(24	)		485
Futures contracts		124,475			21,073			(42,287	)		2,371
Foreign currency transactions		(29,566	)		(8,633	)		(75,473	)		287
Forward foreign currency contracts		6,798,775			1,862,291			22,760,178			1,678,145
Net realized gain (loss)		5,312,887			565,806			12,819,204			2,320,824
Net change in unrealized appreciation (depreciation) on:
Investments***		5,818,036			3,659,555			26,830,960			914,490
Investments in affiliates		32,960			—			324,356			44,867
Futures contracts		136,091			47,518			399,376			5,921
Foreign currency translations		32,139			8,721			157,130			3,424
Forward foreign currency contracts		(5,773,432	)		(1,975,699	)		(27,878,458	)		(1,927,168	)
Net change in unrealized appreciation (depreciation)		245,794			1,740,095			(166,636	)		(958,466	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		5,558,681			2,305,901			12,652,568			1,362,358
Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,064,606		$	3,665,949		$	16,032,470		$	1,542,169
*    Unaffiliated foreign tax withheld	$	177,726		$	195,886		$	345,384		$	43,986
**   Including foreign taxes	$	2,705		$	11,653		$	—		$	—
***   Including change in deferred foreign taxes	$	73,034		$	182,069		$	—		$	—

See Notes to Financial Statements. 80

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended November 30, 2023 (Unaudited)

	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	20,860		$	2,818,137
Income distributions from affiliated funds		1,779			114,544
Affiliated securities lending income		—			11,690
Total investment income		22,639			2,944,371
Expenses
Investment advisory fees		20,372			661,060
Other expenses		310			8,314
Total expenses		20,682			669,374
Less fees waived (see note 3):
Waiver		(35	)		(2,258	)
Net expenses		20,647			667,116
Net investment income (loss)		1,992			2,277,255
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(123,262	)		(4,166,471	)
Investments in affiliates		(16,885	)		—
In-kind redemptions		—			11,820,102
Futures contracts		3,958			1,058,953
Foreign currency transactions		(1,186	)		(160,416	)
Forward foreign currency contracts		476,686			37,156,995
Net realized gain (loss)		339,311			45,709,163
Net change in unrealized appreciation (depreciation) on:
Investments		522,986			6,053,150
Investments in affiliates		48,176			37
Futures contracts		(593	)		(365,222	)
Foreign currency translations		2,021			113,125
Forward foreign currency contracts		(547,718	)		(11,465,149	)
Net change in unrealized appreciation (depreciation)		24,872			(5,664,059	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		364,183			40,045,104
Net Increase (Decrease) in Net Assets Resulting from Operations	$	366,175		$	42,322,359
*   Unaffiliated foreign tax withheld	$	1,866		$	313,307

See Notes to Financial Statements. 81

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers MSCI All World ex US Hedged Equity ETF						Xtrackers MSCI Emerging Markets Hedged Equity ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,505,925		$	3,735,993		$	1,360,048		$	2,113,847
Net realized gain (loss)		5,312,887			(2,975,862	)		565,806			(475,922	)
Net change in net unrealized appreciation (depreciation)		245,794			4,148,408			1,740,095			(6,483,269	)
Net increase (decrease) in net assets resulting from operations		7,064,606			4,908,539			3,665,949			(4,845,344	)
Distributions to Shareholders		(4,633,950	)		(16,652,096	)		(1,233,321	)		(2,355,448	)
Fund Shares Transactions
Proceeds from shares sold		—			—			4,475,426			5,375,253
Value of shares redeemed		—			(11,041,632	)		—			(6,843,163	)
Net increase (decrease) in net assets resulting from fund share transactions		—			(11,041,632	)		4,475,426			(1,467,910	)
Total net increase (decrease) in Net Assets		2,430,656			(22,785,189	)		6,908,054			(8,668,702	)
Net Assets
Beginning of period		132,899,033			155,684,222			88,789,482			97,458,184
End of period	$	135,329,689		$	132,899,033		$	95,697,536		$	88,789,482
Changes in Shares Outstanding
Shares outstanding, beginning of period		4,600,001			4,950,001			4,050,001			4,100,800
Shares sold		—			—			200,000			250,000
Shares redeemed		—			(350,000	)		—			(300,799	)
Shares outstanding, end of period		4,600,001			4,600,001			4,250,001			4,050,001

See Notes to Financial Statements. 82

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI Europe Hedged Equity ETF						Xtrackers MSCI Eurozone Hedged Equity ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	3,379,902		$	15,199,340		$	179,811		$	574,043
Net realized gain (loss)		12,819,204			3,849,863			2,320,824			(730,905	)
Net change in net unrealized appreciation (depreciation)		(166,636	)		16,042,211			(958,466	)		1,256,623
Net increase (decrease) in net assets resulting from operations		16,032,470			35,091,414			1,542,169			1,099,761
Distributions to Shareholders		(17,261,146	)		(9,814,152	)		(693,739	)		(206,409	)
Fund Shares Transactions
Proceeds from shares sold		10,802,841			102,071,418			13,945,201			15,755,852
Value of shares redeemed		(5,304,334	)		(195,260,931	)		(3,911,872	)		(1,771,612	)
Net increase (decrease) in net assets resulting from fund share transactions		5,498,507			(93,189,513	)		10,033,329			13,984,240
Total net increase (decrease) in Net Assets		4,269,831			(67,912,251	)		10,881,759			14,877,592
Net Assets
Beginning of period		458,683,648			526,595,899			27,564,802			12,687,210
End of period	$	462,953,479		$	458,683,648		$	38,446,561		$	27,564,802
Changes in Shares Outstanding
Shares outstanding, beginning of period		12,550,001			15,350,001			700,001			350,001
Shares sold		300,000			2,800,000			350,000			400,000
Shares redeemed		(150,000	)		(5,600,000	)		(100,000	)		(50,000	)
Shares outstanding, end of period		12,700,001			12,550,001			950,001			700,001

See Notes to Financial Statements. 83

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI Germany Hedged Equity ETF						Xtrackers MSCI Japan Hedged Equity ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,992		$	241,929		$	2,277,255		$	4,467,020
Net realized gain (loss)		339,311			(966,185	)		45,709,163			5,284,765
Net change in net unrealized appreciation (depreciation)		24,872			1,393,538			(5,664,059	)		29,562,507
Net increase (decrease) in net assets resulting from operations		366,175			669,282			42,322,359			39,314,292
Distributions to Shareholders		(273,912	)		(239,488	)		(16,165,331	)		(1,555,170	)
Fund Shares Transactions
Proceeds from shares sold		—			—			30,228,232			89,775,794
Value of shares redeemed		—			(1,301,794	)		(47,515,290	)		(27,037,043	)
Net increase (decrease) in net assets resulting from fund share transactions		—			(1,301,794	)		(17,287,058	)		62,738,751
Total net increase (decrease) in Net Assets		92,263			(872,000	)		8,869,970			100,497,873
Net Assets
Beginning of period		9,244,350			10,116,350			291,009,904			190,512,031
End of period	$	9,336,613		$	9,244,350		$	299,879,874		$	291,009,904
Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			350,800			5,100,001			3,900,800
Shares sold		—			—			500,000			1,750,000
Shares redeemed		—			(50,799	)		(800,000	)		(550,799	)
Shares outstanding, end of period		300,001			300,001			4,800,001			5,100,001

See Notes to Financial Statements. 84

DBX ETF Trust

Financial Highlights

Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	28.89		$	31.45		$	33.37		$	25.63		$	26.61		$	27.71
Income (loss) from investment operations:
Net investment income (loss)(a)		0.33			0.81			0.88			0.64			0.62			0.73
Net realized and unrealized gain (loss)		1.21			0.25			(2.11	)		7.73			(0.76	)		(1.12	)
Total from investment operations		1.54			1.06			(1.23	)		8.37			(0.14	)		(0.39	)
Less distributions from:
Net investment income		(1.01	)		(0.62	)		(0.69	)		(0.63	)		(0.84	)		(0.71	)
Net realized gains		—			(3.00	)		—			—			—			—
Total distributions		(1.01	)		(3.62	)		(0.69	)		(0.63	)		(0.84	)		(0.71	)
Net Asset Value, end of period	$	29.42		$	28.89		$	31.45		$	33.37		$	25.63		$	26.61
Total Return (%)(b)		5.43	**		4.02			(3.79	)		33.10			(0.78	)		(1.30	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		135			133			156			125			99			98
Ratio of expenses before fee waiver (%)		0.40	*		0.41			0.40			0.40			0.41			0.41
Ratio of expenses after fee waiver (%)		0.40	*		0.41			0.40			0.40			0.41			0.41
Ratio of net investment income (loss) (%)		2.26	*		2.77			2.69			2.15			2.29			2.74
Portfolio turnover rate (%)(c)		5	**		14			6			14			10			13
Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	21.92		$	23.77		$	29.36		$	21.03		$	21.81		$	23.91
Income (loss) from investment operations:
Net investment income (loss)(a)		0.33			0.52			0.53			0.39			0.58			0.52
Net realized and unrealized gain (loss)		0.57			(1.80	)		(5.65	)		8.42			(0.74	)		(2.02	)
Total from investment operations		0.90			(1.28	)		(5.12	)		8.81			(0.16	)		(1.50	)
Less distributions from:
Net investment income		(0.30	)		(0.57	)		(0.47	)		(0.48	)		(0.62	)		(0.60	)
Total distributions		(0.30	)		(0.57	)		(0.47	)		(0.48	)		(0.62	)		(0.60	)
Net Asset Value, end of period	$	22.52		$	21.92		$	23.77		$	29.36		$	21.03		$	21.81
Total Return (%)(b)		4.12	**		(5.40	)		(17.67	)		42.20			(1.01	)		(6.18	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		96			89			97			117			89			112
Ratio of expenses before fee waiver (%)		0.66	*		0.66			0.65			0.65			0.66			0.66
Ratio of expenses after fee waiver (%)		0.66	*		0.66			0.65			0.65			0.66			0.66
Ratio of net investment income (loss) (%)		2.81	*		2.33			2.00			1.48			2.62			2.29
Portfolio turnover rate (%)(c)		6	**		16			14			13			20			13

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

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 85

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	36.55		$	34.31		$	34.02		$	26.91		$	28.31		$	28.71
Income (loss) from investment operations:
Net investment income (loss)(a)		0.27			1.04	(b)		0.97			0.77			0.52			0.75
Net realized and unrealized gain (loss)		1.01			1.85			(0.00	)(c)		7.07			(1.06	)		(0.26	)
Total from investment operations		1.28			2.89			0.97			7.84			(0.54	)		0.49
Less distributions from:
Net investment income		(1.38	)		(0.65	)		(0.68	)		(0.73	)		(0.86	)		(0.89	)
Total distributions		(1.38	)		(0.65	)		(0.68	)		(0.73	)		(0.86	)		(0.89	)
Net Asset Value, end of period	$	36.45		$	36.55		$	34.31		$	34.02		$	26.91		$	28.31
Total Return (%)(d)		3.54	**		8.77			2.85			29.68			(2.16	)		1.88
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		463			459			527			563			487			849
Ratio of expenses before fee waiver (%)		0.45	*		0.48			0.45			0.45			0.46			0.47
Ratio of expenses after fee waiver (%)		0.45	*		0.48			0.45			0.45			0.46			0.47
Ratio of net investment income (loss) (%)		1.49	*		3.06	(b)		2.77			2.58			1.79			2.67
Portfolio turnover rate (%)(e)		6	**		13			5			9			13			7
Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	39.38		$	36.25		$	37.92		$	28.10		$	29.80		$	30.90
Income (loss) from investment operations:
Net investment income (loss)(a)		0.19			1.35			0.88			0.76			0.40			0.71
Net realized and unrealized gain (loss)		1.67			2.37			(1.90	)		9.71			(1.15	)		(1.13	)
Total from investment operations		1.86			3.72			(1.02	)		10.47			(0.75	)		(0.42	)
Less distributions from:
Net investment income		(0.77	)		(0.59	)		(0.65	)		(0.65	)		(0.95	)		(0.68	)
Total distributions		(0.77	)		(0.59	)		(0.65	)		(0.65	)		(0.95	)		(0.68	)
Net Asset Value, end of period	$	40.47		$	39.38		$	36.25		$	37.92		$	28.10		$	29.80
Total Return (%)(d)		4.80	**		10.57			(2.77	)		37.79			(2.80	)		(1.34	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		38			28			13			15			21			31
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.45			0.45			0.47			0.47
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.45			0.45			0.46			0.47
Ratio of net investment income (loss) (%)		0.90	*		3.65			2.32			2.37			1.31			2.42
Portfolio turnover rate (%)(e)		8	**		14			7			10			11			5

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

(b) Net investment income per share and the ratio of net investment income include non-recurring foreign dividend reclaims and related interest amounting to $0.13 per share. Excluding these non-recurring amounts which are included in Unaffiliated dividend income and Other income, respectively in the Statement of Operations, the net investment income ratio would have been 2.70%.

(c) 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.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 86

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	30.81		$	28.84		$	32.44		$	25.49		$	25.77		$	27.93
Income (loss) from investment operations:
Net investment income (loss)(a)		0.01			0.79			0.66			0.95			0.24			0.53
Net realized and unrealized gain (loss)		1.21			1.86			(3.67	)		6.84			0.08			(2.02	)
Total from investment operations		1.22			2.65			(3.01	)		7.79			0.32			(1.49	)
Less distributions from:
Net investment income		(0.91	)		(0.68	)		(0.59	)		(0.84	)		(0.60	)		(0.67	)
Total distributions		(0.91	)		(0.68	)		(0.59	)		(0.84	)		(0.60	)		(0.67	)
Net Asset Value, end of period	$	31.12		$	30.81		$	28.84		$	32.44		$	25.49		$	25.77
Total Return (%)(b)		4.06	**		9.67			(9.49	)		31.15			1.15			(5.48	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		9			9			10			15			15			23
Ratio of expenses before fee waiver (%)		0.46	*		0.45			0.45			0.45			0.45			0.46
Ratio of expenses after fee waiver (%)		0.46	*		0.45			0.45			0.45			0.45			0.46
Ratio of net investment income (loss) (%)		0.04	*		2.83			2.10			3.29			0.90			2.03
Portfolio turnover rate (%)(c)		6	**		20			7			15			14			11
Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	57.06		$	48.84		$	49.08		$	39.80		$	37.95		$	42.95
Income (loss) from investment operations:
Net investment income (loss)(a)		0.46			1.00			0.79			0.62			0.67			0.64
Net realized and unrealized gain (loss)		8.03			7.61			0.13			9.82			2.27			(4.24	)
Total from investment operations		8.49			8.61			0.92			10.44			2.94			(3.60	)
Less distributions from:
Net investment income		(3.08	)		(0.39	)		(1.16	)		(1.16	)		(1.09	)		(1.40	)
Total distributions		(3.08	)		(0.39	)		(1.16	)		(1.16	)		(1.09	)		(1.40	)
Net Asset Value, end of period	$	62.47		$	57.06		$	48.84		$	49.08		$	39.80		$	37.95
Total Return (%)(b)		15.32	**		17.78			1.87			26.96			7.88			(8.59	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		300			291			191			199			221			414
Ratio of expenses before fee waiver (%)		0.46	*		0.47			0.45			0.45			0.46			0.47
Ratio of expenses after fee waiver (%)		0.45	*		0.46			0.45			0.45			0.46			0.47
Ratio of net investment income (loss) (%)		1.55	*		1.98			1.61			1.41			1.69			1.55
Portfolio turnover rate (%)(c)		8	**		18			6			12			12			15

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

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 87

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 “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of November 30, 2023, the Trust consists of forty-four 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 MSCI All World ex US Hedged Equity ETF

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

Xtrackers MSCI Germany Hedged Equity ETF

Xtrackers MSCI Japan Hedged Equity 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 seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

Fund	Underlying Index
Xtrackers MSCI All World ex US Hedged Equity ETF	MSCI ACWI ex USA US Dollar Hedged Index
Xtrackers MSCI Emerging Markets Hedged Equity ETF	MSCI EM US Dollar Hedged Index
Xtrackers MSCI Europe Hedged Equity ETF	MSCI Europe US Dollar Hedged Index
Xtrackers MSCI Eurozone Hedged Equity ETF	MSCI EMU IMI US Dollar Hedged Index
Xtrackers MSCI Germany Hedged Equity ETF	MSCI Germany US Dollar Hedged Index
Xtrackers MSCI Japan Hedged Equity ETF	MSCI Japan US Dollar Hedged Index

The MSCI ACWI ex USA US Dollar Hedged Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States), while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.

The MSCI EM US Dollar Hedged Index is designed to track emerging market performance while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.

The MSCI Europe US Dollar Hedged Index is designed to track the performance of the developed markets in Europe, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.

The MSCI EMU IMI US Dollar Hedged Index is designed to track the performance of equity securities based in the countries in the European Monetary Union (the “EMU”), while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro.

The MSCI Germany US Dollar Hedged Index is designed to track the performance of the German equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.

The MSCI Japan US Dollar Hedged Index is designed to track the performance of the Japanese equity market while mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.

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The MSCI Hedged Underlying Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of the following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.

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.

Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF are diversified series of the Trust. Xtrackers MSCI Germany Hedged Equity ETF is non-diversified and is not limited by the 1940 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. In addition, 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 the 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.

The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

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

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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.

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

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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 Pricing Committee 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.

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 the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually. 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.

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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 November 30, 2023, the Funds did not incur any interest or penalties.

At May 31, 2023, 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 MSCI Emerging Markets Hedged Equity ETF	$	9,138,698	$	10,476,559	$	19,615,257
Xtrackers MSCI Europe Hedged Equity ETF		—		85,689,611		85,689,611
Xtrackers MSCI Eurozone Hedged Equity ETF		—		1,015,082		1,015,082
Xtrackers MSCI Germany Hedged Equity ETF		1,081,009		6,215,533		7,296,542
Xtrackers MSCI Japan Hedged Equity ETF		53,845,220		78,664,081		132,509,301

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2023, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:

	Post-October Losses on Capital
Xtrackers MSCI All World ex US Hedged Equity ETF	$	15,481,939

As of May 31, 2023, 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 MSCI All World ex US Hedged Equity ETF	$	126,492,475	$	8,150,502		$	22,225,803	$	(14,075,301	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		83,728,687		5,134,697			21,668,325		(16,533,628	)
Xtrackers MSCI Europe Hedged Equity ETF		514,413,196		(48,003,657	)		31,282,387		(79,286,044	)
Xtrackers MSCI Eurozone Hedged Equity ETF		29,240,710		(260,847	)		2,415,620		(2,676,467	)
Xtrackers MSCI Germany Hedged Equity ETF		10,165,352		(1,126,400	)		1,300,537		(2,426,937	)
Xtrackers MSCI Japan Hedged Equity ETF		292,938,648		2,344,244			26,498,113		(24,153,869	)

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 November 30, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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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    Prior to August 1, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF and may lend securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and Xtrackers MSCI Germany Hedged Equity ETF. Effective September 27, 2023, Deutsche Bank AG, serves as securities lending agent for Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and Xtrackers MSCI Germany Hedged Equity ETF and may lend securities to certain financial institutions under the terms of its securities lending agreements. 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 either cash or liquid, unencumbered assets 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 November 30, 2023, 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 (0.10% annualized effective rate as of November 30, 2023) 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.

As of November 30, 2023, 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 November 30, 2023
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All World ex US Hedged Equity ETF
Common Stocks	$	15,310	$	—	$	—	$	—	$	15,310
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	15,310
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Common Stocks	$	32,480	$	—	$	—	$	—	$	32,480
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	32,480

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Remaining Contractual Maturity of the Agreements, as of November 30, 2023
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI Europe Hedged Equity ETF
Common Stocks	$	378,750	$	—	$	—	$	—	$	378,750
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	378,750
Xtrackers MSCI Eurozone Hedged Equity ETF
Common Stocks	$	25,360	$	—	$	—	$	—	$	25,360
Exchange-Traded Funds	$	14,025	$	—	$	—	$	—	$	14,025
Total Borrowings	$	39,385	$	—	$	—	$	—	$	39,385
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	39,385
Xtrackers MSCI Japan Hedged Equity ETF
Common Stocks	$	319,600	$	—	$	—	$	—	$	319,600
Exchange-Traded Funds	$	10,875	$	—	$	—	$	—	$	10,875
Total Borrowings	$	330,475	$	—	$	—	$	—	$	330,475
Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	330,475

As of November 30, 2023, Xtrackers MSCI Germany Hedged Equity ETF had no securities on loan.

Derivatives

Forward Foreign Currency Contracts    Each Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to shareholders.

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2023, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF and Xtrackers MSCI Eurozone Hedged Equity ETF, invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the euro and the Japanese yen, respectively.

The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.

A summary of the open forward currency contracts as of November 30, 2023 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2023.

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 November 30, 2023, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF and Xtrackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investments in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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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 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 November 30, 2023 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 November 30, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All World ex US Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	124,388	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		376,826	Unrealized depreciation on forward foreign currency contracts		3,653,115
		Total	$	501,214	Total	$	3,653,115
Xtrackers MSCI Emerging Markets Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	37,213	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		137,556	Unrealized depreciation on forward foreign currency contracts		1,668,561
		Total	$	174,769	Total	$	1,668,561
Xtrackers MSCI Europe Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	224,064	Unrealized depreciation on futures contracts*	$	28,098
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,934,148	Unrealized depreciation on forward foreign currency contracts		16,515,685
		Total	$	2,158,212	Total	$	16,543,783
Xtrackers MSCI Eurozone Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	2,644	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		121,190	Unrealized depreciation on forward foreign currency contracts		1,115,770
		Total	$	123,834	Total	$	1,115,770

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		Asset Derivatives			Liability Derivatives
Xtrackers MSCI Germany Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	2,051	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		30,790	Unrealized depreciation on forward foreign currency contracts		267,845
		Total	$	32,841	Total	$	267,845
Xtrackers MSCI Japan Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	153,606	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		811,384	Unrealized depreciation on forward foreign currency contracts		5,365,114
		Total	$	964,990		$	5,365,114

* Includes cumulative appreciation or cumulative depreciation on 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 November 30, 2023 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			Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	124,475		$	6,798,775	$	6,923,250
Xtrackers MSCI Emerging Markets Hedged Equity ETF		21,073			1,862,291		1,883,364
Xtrackers MSCI Europe Hedged Equity ETF		(42,287	)		22,760,178		22,717,891
Xtrackers MSCI Eurozone Hedged Equity ETF		2,371			1,678,145		1,680,516
Xtrackers MSCI Germany Hedged Equity ETF		3,958			476,686		480,644
Xtrackers MSCI Japan Hedged Equity ETF		1,058,953			37,156,995		38,215,948

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	136,091		$	(5,773,432	)	$	(5,637,341	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		47,518			(1,975,699	)		(1,928,181	)
Xtrackers MSCI Europe Hedged Equity ETF		399,376			(27,878,458	)		(27,479,082	)
Xtrackers MSCI Eurozone Hedged Equity ETF		5,921			(1,927,168	)		(1,921,247	)
Xtrackers MSCI Germany Hedged Equity ETF		(593	)		(547,718	)		(548,311	)
Xtrackers MSCI Japan Hedged Equity ETF		(365,222	)		(11,465,149	)		(11,830,371	)

For the period ended November 30, 2023 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	3,719,604	$	(131,346,971	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,408,239		(89,589,368	)
Xtrackers MSCI Europe Hedged Equity ETF		9,001,992		(449,332,255	)
Xtrackers MSCI Eurozone Hedged Equity ETF		133,309		(36,210,655	)
Xtrackers MSCI Germany Hedged Equity ETF		109,550		(9,009,314	)
Xtrackers MSCI Japan Hedged Equity ETF		5,179,103		(286,870,879	)

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DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

As of November 30, 2023, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Interest expense on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received (a)		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged (a)			Net Amount of Derivatives Liabilities
Xtrackers MSCI All World ex US Hedged Equity ETF
Bank of America	$	62,006	$	(61,332	)	$	—	$	674	$	61,332	$	(61,332	)	$	—		$	—
Goldman Sachs & Co.		35,564		(35,564	)		—		—		540,837		(35,564	)		—			505,273
JP Morgan & Chase Co.		41,047		(41,047	)		—		—		840,893		(41,047	)		(10,000	)		789,846
Morgan Stanley Capital		150,357		(150,357	)		—		—		444,941		(150,357	)		—			294,584
RBC Capital Markets		87,852		(87,852	)		—		—		1,765,112		(87,852	)		—			1,677,260
	$	376,826	$	(376,152	)	$	—	$	674	$	3,653,115	$	(376,152	)	$	(10,000	)	$	3,266,963
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Goldman Sachs & Co.	$	52,222	$	(52,222	)	$	—	$	—	$	287,017	$	(52,222	)	$	(10,000	)	$	224,795
JP Morgan & Chase Co.		56,397		(56,397	)				—		798,118		(56,397	)		(480,000	)		261,721
Morgan Stanley Capital		1,009		(901	)				108		901		(901	)		—			—
RBC Capital Markets		27,928		(27,928	)		—		—		582,525		(27,928	)		(510,000	)		44,597
	$	137,556	$	(137,448	)	$	—	$	108	$	1,668,561	$	(137,448	)	$	(1,000,000	)	$	531,113
Xtrackers MSCI Europe Hedged Equity ETF
Bank of America	$	496,288	$	(494,279	)	$	—	$	2,009	$	494,279	$	(494,279	)	$	—		$	—
Goldman Sachs & Co.		68,583		(68,583	)		—		—		2,140,714		(68,583	)		—			2,072,131
Morgan Stanley Capital		903,909		(903,909	)		—		—		3,269,858		(903,909	)		—			2,365,949
RBC Capital Markets		465,368		(465,368	)		—		—		10,610,834		(465,368	)		—			10,145,466
	$	1,934,148	$	(1,932,139	)	$	—	$	2,009	$	16,515,685	$	(1,932,139	)	$	—		$	14,583,546
Xtrackers MSCI Eurozone Hedged Equity ETF
Morgan Stanley Capital	$	80,666	$	(77,939	)	$	—	$	2,727	$	77,939	$	(77,939	)	$	—		$	—
RBC Capital Markets		40,524		(40,524	)		—		—		1,037,831		(40,524	)		—			997,307
	$	121,190	$	(118,463	)	$	—	$	2,727	$	1,115,770	$	(118,463	)	$	—		$	997,307
Xtrackers MSCI Germany Hedged Equity ETF
Morgan Stanley Capital	$	19,506	$	(18,597	)	$	—	$	909	$	18,597	$	(18,597	)	$	—		$	—
RBC Capital Markets		11,284		(11,284	)		—		—		249,248		(11,284	)		—			237,964
	$	30,790	$	(29,881	)	$	—	$	909	$	267,845	$	(29,881	)	$	—		$	237,964
Xtrackers MSCI Japan Hedged Equity ETF
JP Morgan & Chase Co.	$	210,882	$	(210,882	)	$	—	$	—	$	4,757,173	$	(210,882	)	$	—		$	4,546,291
Morgan Stanley Capital		600,502		(600,502	)		—		—		607,941		(600,502	)		—			7,439
	$	811,384	$	(811,384	)	$	—	$	—	$	5,365,114	$	(811,384	)	$	—		$	4,553,730

(a) The actual collateral received may be more than the amount shown.

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Notes to Financial Statements (Unaudited) (Continued)

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 MSCI All World ex US Hedged Equity ETF		0.40	%
Xtrackers MSCI Emerging Markets Hedged Equity ETF		0.65	%
Xtrackers MSCI Europe Hedged Equity ETF		0.45	%
Xtrackers MSCI Eurozone Hedged Equity ETF		0.45	%
Xtrackers MSCI Germany Hedged Equity ETF		0.45	%
Xtrackers MSCI Japan Hedged Equity ETF		0.45	%

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 Fund’s investments in affiliated cash management vehicles. For the period ended November 30, 2023, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers MSCI All World ex US Hedged Equity ETF	$	1,527
Xtrackers MSCI Emerging Markets Hedged Equity ETF		495
Xtrackers MSCI Europe Hedged Equity ETF		2,678
Xtrackers MSCI Eurozone Hedged Equity ETF		39
Xtrackers MSCI Germany Hedged Equity ETF		35
Xtrackers MSCI Japan Hedged Equity ETF		2,258

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 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.

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DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Securities Lending Agent Fees.    Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended November 30, 2023, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

	Security Lending Agent Fees
Xtrackers MSCI All World ex US Hedged Equity ETF	$	18
Xtrackers MSCI Emerging Markets Hedged Equity ETF		58
Xtrackers MSCI Germany Hedged Equity ETF		—

4. Investment Portfolio Transactions

For the period ended November 30, 2023, 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 MSCI All World ex US Hedged Equity ETF	$	6,432,089	$	8,062,177
Xtrackers MSCI Emerging Markets Hedged Equity ETF		8,082,355		5,694,167
Xtrackers MSCI Europe Hedged Equity ETF		25,144,032		42,377,510
Xtrackers MSCI Eurozone Hedged Equity ETF		2,766,161		3,583,089
Xtrackers MSCI Germany Hedged Equity ETF		552,078		773,891
Xtrackers MSCI Japan Hedged Equity ETF		34,873,634		22,771,371

For the period ended November 30, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	—	$	—
Xtrackers MSCI Emerging Markets Hedged Equity ETF		643,732		—
Xtrackers MSCI Europe Hedged Equity ETF		10,399,627		4,955,245
Xtrackers MSCI Eurozone Hedged Equity ETF		13,971,905		3,927,321
Xtrackers MSCI Germany Hedged Equity ETF		—		—
Xtrackers MSCI Japan Hedged Equity ETF		29,178,886		46,395,085

5. Fund Share Transactions

As of November 30, 2023, 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 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. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors

98

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Notes to Financial Statements (Unaudited) (Continued)

than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

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 or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor (“QFI”) 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; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund 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 Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2023.

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Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

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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 or Cboe, as applicable, 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.

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DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S 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. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. 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. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. DBGR is non-diversified and can take larger positions in fewer issues, increasing the Fund’s potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change 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 their investments.

On January 31, 2020, the United Kingdom officially withdrew from the EU pursuant to a withdrawal agreement, providing for a transition period in which the United Kingdom negotiated and finalized a trade deal with the EU, the EU-UK Trade and Cooperation Agreement provisionally applied effective January 1, 2021. As a result, as of January 1, 2021 the United Kingdom is no longer part of the EU customs union and single market, nor is it subject to EU policies and international agreements. The long-term impact of the United Kingdom’s withdrawal from the EU is still unknown and could have adverse economic and political effects on the United Kingdom, the EU and its member countries, and the global economy, including financial markets and asset valuations.

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.

Copyright © 2024 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 & 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-049077-8 (1/24) DBX005766 (1/25)

November 30, 2023

Semi-Annual Report

DBX ETF Trust

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

Xtrackers MSCI All China Equity ETF (CN)

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

DBX ETF Trust

Table of Contents

	Page
Portfolio Summary
Xtrackers Harvest CSI 300 China A-Shares ETF		1
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		2
Xtrackers MSCI All China Equity ETF		3
Xtrackers MSCI China A Inclusion Equity ETF		4
Fees and Expenses		5
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF		6
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		11
Xtrackers MSCI All China Equity ETF		19
Xtrackers MSCI China A Inclusion Equity ETF		23
Statements of Assets and Liabilities		32
Statements of Operations		33
Statements of Changes in Net Assets		34
Financial Highlights		36
Notes to Financial Statements		38
Other Information		47
Additional Information		48

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

The Xtrackers Harvest CSI 300 China A-Shares 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 CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2023 (22.0% of Net Assets)

Description	% of Net Assets
Kweichow Moutai Co. Ltd.		6.5%
Contemporary Amperex Technology Co. Ltd.		2.6%
Ping An Insurance Group Co. of China Ltd.		2.6%
China Merchants Bank Co. Ltd.		2.1%
Wuliangye Yibin Co. Ltd.		1.7%
Midea Group Co. Ltd.		1.5%
China Yangtze Power Co. Ltd.		1.3%
Jiangsu Hengrui Pharmaceuticals Co. Ltd.		1.3%
CITIC Securities Co. Ltd.		1.2%
Industrial Bank Co. Ltd.		1.2%

Sector Diversification* as of November 30, 2023

Financials	22.2%
Information Technology	15.5%
Industrials	15.3%
Consumer Staples	14.2%
Materials	8.9%
Health Care	7.9%
Consumer Discretionary	7.2%
Utilities	3.4%
Energy	2.9%
Real Estate	1.3%
Communication Services	1.2%
Total	100.0%

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 6.

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

The Xtrackers Harvest CSI 500 China A-Shares Small Cap 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 CSI 500 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2023 (5.5% of Net Assets)

Description	% of Net Assets
Zhongji Innolight Co. Ltd.		1.0%
Sichuan Kelun Pharmaceutical Co. Ltd.		0.5%
Zhongjin Gold Corp. Ltd.		0.5%
Wintime Energy Group Co. Ltd.		0.5%
Cambricon Technologies Corp. Ltd.		0.5%
SooChow Securities Co. Ltd.		0.5%
Anhui Jianghuai Automobile Group Corp. Ltd.		0.5%
Sieyuan Electric Co. Ltd.		0.5%
Humanwell Healthcare Group Co. Ltd.		0.5%
Huagong Tech Co. Ltd.		0.5%

Sector Diversification* as of November 30, 2023

Materials	20.3%
Information Technology	20.2%
Industrials	15.1%
Health Care	11.2%
Financials	9.5%
Consumer Discretionary	8.2%
Consumer Staples	5.3%
Communication Services	3.3%
Utilities	3.2%
Real Estate	1.9%
Energy	1.8%
Total	100.0%

* As a percent of total investments.     

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

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI All China Equity ETF (CN)

The Xtrackers MSCI All China 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 China All Shares Index (the “Underlying Index”). The Underlying Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includes A-Shares, H-Shares, B-Shares, Red chips and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Fund expects to obtain exposure to the A-Share components of the Underlying Index indirectly by investing in the Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC (the “Advisor”). The Fund may also invest in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF or other affiliated funds advised by the Advisor and sub-advised by Harvest Global Investments Limited. It is not possible to invest directly into an index.

Ten Largest Equity and ETF Holdings

as of November 30, 2023 (72.8% of Net Assets)

Description	% of Net Assets
Xtrackers MSCI China A Inclusion Equity ETF		45.7%
Tencent Holdings Ltd.		8.7%
Alibaba Group Holding Ltd.		4.7%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		3.8%
PDD Holdings, Inc.		2.8%
Meituan		1.9%
China Construction Bank Corp.		1.7%
NetEase, Inc.		1.4%
Baidu, Inc.		1.1%
JD.com, Inc.		1.0%

Sector Diversification* as of November 30, 2023

Consumer Discretionary	20.4%
Financials	16.3%
Communication Services	13.6%
Information Technology	10.0%
Industrials	8.9%
Consumer Staples	8.8%
Health Care	7.4%
Materials	6.4%
Utilities	3.0%
Energy	3.0%
Real Estate	2.2%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Fund’s investment in Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI China A Inclusion Equity ETF (ASHX)

The Xtrackers MSCI China A Inclusion 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 China A Inclusion Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program. China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. It is not possible to invest directly into an index.

Ten Largest Equity Holdings

as of November 30, 2023 (17.3% of Net Assets)

Description	% of Net Assets
Kweichow Moutai Co. Ltd.		6.0%
Contemporary Amperex Technology Co. Ltd.		2.0%
China Merchants Bank Co. Ltd.		1.6%
Wuliangye Yibin Co. Ltd.		1.5%
China Yangtze Power Co. Ltd.		1.5%
Ping An Insurance Group Co. of China Ltd.		1.2%
BYD Co. Ltd.		1.0%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		0.9%
Agricultural Bank of China Ltd.		0.8%
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		0.8%

Sector Diversification* as of November 30, 2023

Financials	18.5%
Information Technology	15.1%
Consumer Staples	14.9%
Industrials	14.7%
Materials	10.6%
Health Care	9.1%
Consumer Discretionary	6.4%
Utilities	4.0%
Energy	3.3%
Communication Services	1.8%
Real Estate	1.6%
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 23.

4

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 unitary advisory fees and other fund expenses. In the most recent six-month period Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. The Underlying Funds’ expenses are not included in Xtrackers MSCI All China Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. 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 six-month period and held for the entire period (June 1, 2023 to, November 30, 2023).

Actual expenses

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period. 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 June 1, 2023		Ending Account Value November 30, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	931.90		0.65	%	$	3.14
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	920.90		0.65	%	$	3.12
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
Xtrackers MSCI All China Equity ETF(2)
Actual	$	1,000.00	$	967.60		0.20	%	$	0.98
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.20	%	$	1.01
Xtrackers MSCI China A Inclusion Equity ETF
Actual	$	1,000.00	$	929.60		0.60	%	$	2.89
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.00		0.60	%	$	3.03

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

5

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.8%
Communication Services — 1.2%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,403,304	$	4,349,640
China United Network Communications Ltd., Class A		16,922,881		10,396,010
Focus Media Information Technology Co. Ltd., Class A		8,707,353		7,968,779
Mango Excellent Media Co. Ltd., Class A		654,389		2,363,480
(Cost $23,350,648)				25,077,909
Consumer Discretionary — 7.2%
BYD Co. Ltd., Class A		765,095		21,321,784
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		133,524		2,693,967
China Tourism Group Duty Free Corp. Ltd., Class A		802,648		10,013,234
Chongqing Changan Automobile Co. Ltd., Class A		4,389,786		12,519,166
Ecovacs Robotics Co. Ltd., Class A		195,392		1,168,336
Fuyao Glass Industry Group Co. Ltd., Class A		1,393,744		7,344,990
Great Wall Motor Co. Ltd., Class A		1,052,177		3,960,673
Gree Electric Appliances, Inc. of Zhuhai, Class A		3,755,019		17,313,921
Guangzhou Automobile Group Co. Ltd., Class A		1,973,082		2,738,954
Haier Smart Home Co. Ltd., Class A		3,288,908		10,180,397
Huali Industrial Group Co. Ltd., Class A		95,057		635,828
Huayu Automotive Systems Co. Ltd., Class A		1,399,254		3,407,012
Huizhou Desay Sv Automotive Co. Ltd., Class A		247,434		4,495,337
Midea Group Co. Ltd., Class A		4,133,291		29,885,623
Ningbo Tuopu Group Co. Ltd., Class A		416,030		4,290,037
Oppein Home Group, Inc., Class A		153,828		1,700,554
SAIC Motor Corp. Ltd., Class A		3,943,983		8,212,320
Shanghai Jinjiang International Hotels Co. Ltd., Class A		365,500		1,733,863
(Cost $130,169,386)				143,615,996
Consumer Staples — 14.2%
Anhui Gujing Distillery Co. Ltd., Class A		136,999		4,956,860
Chongqing Brewery Co. Ltd., Class A		194,127		1,935,524
Eastroc Beverage Group Co. Ltd., Class A		36,500		1,007,023
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,352,273		7,211,593
Guangdong Haid Group Co. Ltd., Class A		635,141		3,928,441
Henan Shuanghui Investment & Development Co. Ltd., Class A		862,827		3,151,317
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		5,286,277		20,157,854
Jiangsu King’s Luck Brewery JSC Ltd., Class A		589,482		4,440,407

	Number of Shares		Value
Consumer Staples (Continued)
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		478,180	$	7,804,221
Kweichow Moutai Co. Ltd., Class A		519,505		130,237,010
Luzhou Laojiao Co. Ltd., Class A		624,629		18,137,111
Muyuan Foods Co. Ltd., Class A		2,246,052		12,282,937
New Hope Liuhe Co. Ltd., Class A*		1,536,327		2,149,867
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		411,932		13,768,823
Tsingtao Brewery Co. Ltd., Class A		297,382		3,102,762
Wens Foodstuffs Group Co. Ltd., Class A		4,315,854		11,631,907
Wuliangye Yibin Co. Ltd., Class A		1,623,278		33,880,049
Yihai Kerry Arawana Holdings Co. Ltd., Class A		481,093		2,350,211
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		91,174		911,721
(Cost $199,883,446)				283,045,638
Energy — 2.9%
China Coal Energy Co. Ltd., Class A		1,427,898		1,864,261
China Merchants Energy Shipping Co. Ltd., Class A		2,577,900		2,168,045
China Oilfield Services Ltd., Class A		452,485		944,715
China Petroleum & Chemical Corp., Class A		16,410,098		12,561,063
China Shenhua Energy Co. Ltd., Class A		2,761,571		12,169,052
PetroChina Co. Ltd., Class A		9,842,941		9,889,565
Shaanxi Coal Industry Co. Ltd., Class A		3,312,216		9,028,914
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,849,500		2,518,228
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		1,063,600		3,255,030
Yankuang Energy Group Co. Ltd., Class A		1,119,571		3,219,521
(Cost $45,819,658)				57,618,394
Financials — 22.1%
Agricultural Bank of China Ltd., Class A		27,451,500		14,059,668
Bank of Beijing Co. Ltd., Class A		12,600,143		7,987,328
Bank of Chengdu Co. Ltd., Class A		1,794,756		2,840,508
Bank of China Ltd., Class A		18,174,900		10,147,821
Bank of Communications Co. Ltd., Class A		23,612,050		19,296,317
Bank of Hangzhou Co. Ltd., Class A		2,313,333		3,217,750
Bank of Jiangsu Co. Ltd., Class A		12,064,865		11,176,565
Bank of Nanjing Co. Ltd., Class A		3,859,953		3,899,842
Bank of Ningbo Co. Ltd., Class A		3,283,110		10,529,989
Bank of Shanghai Co. Ltd., Class A		7,729,188		6,370,552
China CITIC Bank Corp. Ltd., Class A		3,196,429		2,410,914
China Construction Bank Corp., Class A		6,228,228		5,577,920
China Everbright Bank Co. Ltd., Class A		15,771,773		6,378,319
China Galaxy Securities Co. Ltd., Class A		1,353,617		2,369,632

See Notes to Financial Statements. 6

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Financials (Continued)
China International Capital Corp. Ltd., Class A		748,010	$	4,249,730
China Life Insurance Co. Ltd., Class A		1,431,795		6,018,782
China Merchants Bank Co. Ltd., Class A		10,361,010		41,741,844
China Merchants Securities Co. Ltd., Class A		3,025,235		5,956,362
China Minsheng Banking Corp. Ltd., Class A		20,789,308		11,200,274
China Pacific Insurance Group Co. Ltd., Class A		2,913,180		9,820,463
CITIC Securities Co. Ltd., Class A		8,242,768		24,741,626
CNPC Capital Co. Ltd., Class A		2,432,500		1,957,260
CSC Financial Co. Ltd., Class A		1,215,450		4,384,781
East Money Information Co. Ltd., Class A		10,636,672		21,790,878
Everbright Securities Co. Ltd., Class A		1,760,827		4,004,035
Founder Securities Co. Ltd., Class A		3,540,596		4,300,550
GF Securities Co. Ltd., Class A		2,493,202		5,027,468
Guosen Securities Co. Ltd., Class A		2,334,251		3,103,123
Guotai Junan Securities Co. Ltd., Class A		3,730,532		7,882,711
Haitong Securities Co. Ltd., Class A		8,064,674		10,969,352
Hithink RoyalFlush Information Network Co. Ltd., Class A		192,290		3,780,063
Hongta Securities Co. Ltd., Class A		813,910		890,658
Huatai Securities Co. Ltd., Class A		4,578,531		9,181,216
Huaxia Bank Co. Ltd., Class A		5,506,361		4,469,105
Industrial & Commercial Bank of China Ltd., Class A		29,158,984		19,626,612
Industrial Bank Co. Ltd., Class A		11,967,570		24,450,441
Industrial Securities Co. Ltd., Class A		5,848,536		4,975,980
New China Life Insurance Co. Ltd., Class A		769,960		3,367,023
Orient Securities Co. Ltd., Class A		4,634,905		5,649,199
People’s Insurance Co. Group of China Ltd., Class A		3,232,498		2,284,324
Ping An Bank Co. Ltd., Class A		7,947,621		10,765,653
Ping An Insurance Group Co. of China Ltd., Class A		9,011,942		51,452,493
Postal Savings Bank of China Co. Ltd., Class A		9,822,000		6,033,820
SDIC Capital Co. Ltd., Class A		2,490,149		2,404,375
Shanghai Pudong Development Bank Co. Ltd., Class A		9,560,749		9,164,533
Shenwan Hongyuan Group Co. Ltd., Class A		8,170,734		5,156,624
Zheshang Securities Co. Ltd., Class A		1,652,550		2,428,129
Zhongtai Securities Co. Ltd., Class A		2,133,775		2,146,869
(Cost $441,320,239)				441,639,481
Health Care — 7.9%
Aier Eye Hospital Group Co. Ltd., Class A		3,893,562		9,295,099
Asymchem Laboratories Tianjin Co. Ltd., Class A		208,513		4,201,685
Beijing Tongrentang Co. Ltd., Class A		618,096		4,597,134

	Number of Shares		Value
Health Care (Continued)
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		311,691	$	2,129,364
Bloomage Biotechnology Corp. Ltd., Class A		157,520		1,569,656
Changchun High & New Technology Industry Group, Inc., Class A		262,221		5,903,702
Chongqing Zhifei Biological Products Co. Ltd., Class A		960,763		8,768,493
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		678,157		2,861,181
Hangzhou Tigermed Consulting Co. Ltd., Class A		440,382		3,827,533
Huadong Medicine Co. Ltd., Class A		747,280		4,265,451
Hualan Biological Engineering, Inc., Class A		933,480		3,157,254
Imeik Technology Development Co. Ltd., Class A		98,605		4,202,146
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		3,761,339		25,275,078
Pharmaron Beijing Co. Ltd., Class A		743,213		3,473,662
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,013,235		3,955,872
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,003,650		2,522,415
Shanghai RAAS Blood Products Co. Ltd., Class A		4,343,620		4,832,221
Shenzhen Kangtai Biological Products Co. Ltd., Class A		509,617		2,290,590
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		409,491		16,667,527
Topchoice Medical Corp., Class A*		186,392		2,137,229
Walvax Biotechnology Co. Ltd., Class A		1,270,216		4,397,493
WuXi AppTec Co. Ltd., Class A		1,709,106		19,754,994
Yunnan Baiyao Group Co. Ltd., Class A		632,364		4,453,710
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		261,322		9,242,984
Zhejiang NHU Co. Ltd., Class A		1,437,781		3,424,366
(Cost $153,102,553)				157,206,839
Industrials — 15.3%
AECC Aviation Power Co. Ltd., Class A		1,432,436		7,208,133
Air China Ltd., Class A*		3,062,637		3,458,573
Beijing New Building Materials PLC, Class A		824,777		2,696,108
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		21,787,483		15,396,652
China CSSC Holdings Ltd., Class A		1,959,526		7,579,087
China Eastern Airlines Corp. Ltd., Class A*		6,024,924		3,541,023
China Energy Engineering Corp. Ltd., Class A		12,849,977		3,830,097
China National Chemical Engineering Co. Ltd., Class A		3,497,802		3,240,269
China Railway Group Ltd., Class A		9,174,366		7,240,741
China Southern Airlines Co. Ltd., Class A*		4,609,466		3,966,921

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
China State Construction Engineering Corp. Ltd., Class A		18,915,820	$	13,155,563
Contemporary Amperex Technology Co. Ltd., Class A		2,206,367		51,561,091
COSCO SHIPPING Holdings Co. Ltd., Class A		5,249,496		7,353,254
CRRC Corp. Ltd., Class A		11,301,699		8,223,846
Daqin Railway Co. Ltd., Class A		5,519,228		5,607,159
Dongfang Electric Corp. Ltd., Class A		1,062,706		2,166,709
Eve Energy Co. Ltd., Class A		1,053,573		6,220,167
FAW Jiefang Group Co. Ltd., Class A*		1,221,787		1,690,907
Ginlong Technologies Co. Ltd., Class A		172,119		1,605,303
Goldwind Science & Technology Co. Ltd., Class A		2,675,824		3,257,652
Gongniu Group Co. Ltd., Class A		170,011		2,326,005
Gotion High-tech Co. Ltd., Class A*		1,015,656		3,148,098
Jiangsu Hengli Hydraulic Co. Ltd., Class A		483,920		3,812,499
Metallurgical Corp. of China Ltd., Class A		7,879,758		3,418,239
Ming Yang Smart Energy Group Ltd., Class A		1,355,560		2,555,137
NARI Technology Co. Ltd., Class A		3,623,562		11,160,499
Ningbo Deye Technology Co. Ltd., Class A		151,740		1,338,792
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		272,849		1,489,833
Power Construction Corp. of China Ltd., Class A		6,006,328		4,194,087
Sany Heavy Industry Co. Ltd., Class A		5,174,837		9,884,556
SF Holding Co. Ltd., Class A		2,071,791		12,251,896
Shanghai International Airport Co. Ltd., Class A*		1,063,976		5,342,102
Shanghai International Port Group Co. Ltd., Class A		2,690,747		1,893,951
Shanghai M&G Stationery, Inc., Class A		343,978		1,912,393
Shenzhen Inovance Technology Co. Ltd., Class A		1,616,136		14,928,478
Sichuan Road & Bridge Group Co. Ltd., Class A		2,566,200		2,772,271
Spring Airlines Co. Ltd., Class A*		343,871		2,553,716
Sungrow Power Supply Co. Ltd., Class A		893,938		10,407,792
Sunwoda Electronic Co. Ltd., Class A		1,249,858		2,660,221
Suzhou Maxwell Technologies Co. Ltd., Class A		118,512		1,791,076
TBEA Co. Ltd., Class A		4,434,924		8,645,003
Weichai Power Co. Ltd., Class A		4,855,934		10,124,811
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		960,060		3,514,503
XCMG Construction Machinery Co. Ltd., Class A		4,440,187		3,436,009
YTO Express Group Co. Ltd., Class A		1,418,444		2,610,152
Yunda Holding Co. Ltd., Class A		1,140,335		1,370,735
Zhejiang Chint Electrics Co. Ltd., Class A		969,992		2,976,697

	Number of Shares		Value
Industrials (Continued)
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,914,101	$	7,746,241
Zhuzhou CRRC Times Electric Co. Ltd., Class A		239,791		1,291,542
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,899,153		4,421,897
(Cost $353,039,949)				304,978,486
Information Technology — 15.4%
360 Security Technology, Inc., Class A*		3,288,068		3,993,819
Advanced Micro-Fabrication Equipment, Inc. China, Class A		382,749		9,099,872
Avary Holding Shenzhen Co. Ltd., Class A		752,051		2,267,893
Beijing Kingsoft Office Software, Inc., Class A		159,236		6,723,825
BOE Technology Group Co. Ltd., Class A		34,562,125		18,717,130
Chaozhou Three-Circle Group Co. Ltd., Class A		1,407,358		5,774,261
China Resources Microelectronics Ltd., Class A		641,562		4,215,942
China Zhenhua Group Science & Technology Co. Ltd., Class A		351,000		3,173,964
Flat Glass Group Co. Ltd., Class A		595,558		2,109,327
Foxconn Industrial Internet Co. Ltd., Class A		3,469,731		7,331,632
GigaDevice Semiconductor, Inc., Class A		600,867		7,912,175
Glodon Co. Ltd., Class A		1,187,599		3,255,608
GoerTek, Inc., Class A		2,186,361		5,507,091
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		406,953		2,578,568
Hangzhou First Applied Material Co. Ltd., Class A		697,129		2,266,158
Hangzhou Silan Microelectronics Co. Ltd., Class A		932,127		3,151,374
Hoyuan Green Energy Co. Ltd., Class A		291,117		1,348,415
Hundsun Technologies, Inc., Class A		1,365,494		5,738,165
IEIT Systems Co. Ltd., Class A		934,475		4,606,893
Iflytek Co. Ltd., Class A		1,600,595		10,023,107
Ingenic Semiconductor Co. Ltd., Class A		250,722		2,387,879
JA Solar Technology Co. Ltd., Class A		1,448,089		4,032,517
JCET Group Co. Ltd., Class A		1,410,564		6,028,228
Jinko Solar Co. Ltd., Class A		1,883,214		2,340,133
Lens Technology Co. Ltd., Class A		2,283,087		4,172,473
LONGi Green Energy Technology Co. Ltd., Class A		5,118,003		15,204,719
Luxshare Precision Industry Co. Ltd., Class A		4,361,725		19,427,762
Maxscend Microelectronics Co. Ltd., Class A		334,838		6,489,517
Montage Technology Co. Ltd., Class A		738,337		6,093,787
National Silicon Industry Group Co. Ltd., Class A*		1,377,068		3,403,095

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
NAURA Technology Group Co. Ltd., Class A		233,821	$	7,674,442
Ninestar Corp., Class A		965,831		3,735,657
Qi An Xin Technology Group, Inc., Class A*		294,676		1,855,603
Sangfor Technologies, Inc., Class A*		238,915		2,821,718
SG Micro Corp., Class A		299,350		3,756,249
Shanghai Aiko Solar Energy Co. Ltd., Class A		1,004,985		2,275,443
Shanghai Baosight Software Co. Ltd., Class A		732,715		4,306,379
Shengyi Technology Co. Ltd., Class A		1,665,781		3,993,035
Shennan Circuits Co. Ltd., Class A		267,052		2,731,377
Shenzhen Transsion Holdings Co. Ltd., Class A		296,164		4,586,592
StarPower Semiconductor Ltd., Class A		100,022		2,635,285
TCL Technology Group Corp., Class A*		13,689,847		8,007,607
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		2,789,444		6,510,908
Thunder Software Technology Co. Ltd., Class A		279,921		3,141,505
Tongwei Co. Ltd., Class A		2,361,089		8,094,804
Trina Solar Co. Ltd., Class A		951,111		3,588,219
Unigroup Guoxin Microelectronics Co. Ltd., Class A*		609,354		6,177,830
Unisplendour Corp. Ltd., Class A*		2,146,566		6,070,695
Will Semiconductor Co. Ltd. Shanghai, Class A		771,048		11,678,769
Wingtech Technology Co. Ltd., Class A*		796,026		5,372,450
Wuhan Guide Infrared Co. Ltd., Class A		2,446,319		2,656,456
Xinjiang Daqo New Energy Co. Ltd., Class A		590,624		2,544,771
Yealink Network Technology Corp. Ltd., Class A		470,052		2,116,703
Yonyou Network Technology Co. Ltd., Class A		1,829,474		4,277,899
Zhejiang Dahua Technology Co. Ltd., Class A		1,660,259		4,490,923
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		630,272		3,807,482
ZTE Corp., Class A		2,808,025		10,071,113
(Cost $338,022,874)				308,355,243
Materials — 8.9%
Aluminum Corp. of China Ltd., Class A		7,320,367		5,675,060
Anhui Conch Cement Co. Ltd., Class A		2,022,316		6,508,857
Baoshan Iron & Steel Co. Ltd., Class A		8,035,309		6,993,923
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,731,316		5,216,128
Cathay Biotech, Inc., Class A		146,761		1,116,396
China Jushi Co. Ltd., Class A		2,255,609		3,494,131
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		2,145,171		5,955,681

	Number of Shares		Value
Materials (Continued)
Citic Pacific Special Steel Group Co. Ltd., Class A		804,752	$	1,605,866
CMOC Group Ltd., Class A		6,453,685		4,705,148
CNGR Advanced Material Co. Ltd., Class A		211,100		1,452,501
Ganfeng Lithium Group Co. Ltd., Class A		953,467		5,203,531
Guangzhou Tinci Materials Technology Co. Ltd., Class A		993,397		3,364,078
Hengli Petrochemical Co. Ltd., Class A*		1,684,683		3,307,530
Hoshine Silicon Industry Co. Ltd., Class A		288,608		2,005,593
Huafon Chemical Co. Ltd., Class A		1,716,902		1,648,153
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		19,136,827		4,097,220
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,896,773		1,572,802
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,120,300		3,002,657
Jiangxi Copper Co. Ltd., Class A		1,134,401		2,811,337
LB Group Co. Ltd., Class A		1,355,650		3,274,283
Ningbo Shanshan Co. Ltd., Class A		884,200		1,653,046
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,922,774		3,947,174
Qinghai Salt Lake Industry Co. Ltd., Class A*		4,482,785		9,942,717
Rongsheng Petrochemical Co. Ltd., Class A		2,534,037		3,811,968
Satellite Chemical Co. Ltd., Class A*		1,405,939		3,139,983
Shandong Gold Mining Co. Ltd., Class A		1,622,066		5,266,043
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,304,638		5,449,570
Shandong Nanshan Aluminum Co. Ltd., Class A		6,117,690		2,465,516
Shanghai Putailai New Energy Technology Co. Ltd., Class A		905,233		2,907,174
Shanxi Meijin Energy Co. Ltd., Class A*		2,073,067		2,097,391
Shenzhen Dynanonic Co. Ltd., Class A		181,146		1,637,530
Tianqi Lithium Corp., Class A		859,387		6,022,558
Wanhua Chemical Group Co. Ltd., Class A		1,593,314		17,981,819
Xinjiang Tianshan Cement Co. Ltd., Class A		1,266,951		1,230,402
YongXing Special Materials Technology Co. Ltd., Class A		275,500		1,695,527
Yunnan Energy New Material Co. Ltd., Class A		491,174		4,046,292
Zangge Mining Co. Ltd., Class A		672,901		2,252,372
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,158,336		5,203,164
Zijin Mining Group Co. Ltd., Class A		13,834,417		23,579,578
(Cost $198,839,160)				177,340,699

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Real Estate — 1.3%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,894,824	$	4,221,024
China Vanke Co. Ltd., Class A		5,491,180		8,790,622
Gemdale Corp., Class A		2,281,636		1,634,723
Greenland Holdings Corp. Ltd., Class A*		2,677,746		925,538
Poly Developments and Holdings Group Co. Ltd., Class A		5,953,892		8,548,229
Seazen Holdings Co. Ltd., Class A*		545,343		978,330
Shenzhen Overseas Chinese Town Co. Ltd., Class A*		3,118,657		1,505,617
(Cost $36,615,437)				26,604,083
Utilities — 3.4%
CGN Power Co. Ltd., Class A		7,325,979		3,106,248
China Longyuan Power Group Corp. Ltd., Class A		84,800		230,686
China National Nuclear Power Co. Ltd., Class A		8,160,701		8,028,061
China Three Gorges Renewables Group Co. Ltd., Class A		11,845,300		7,624,858
China Yangtze Power Co. Ltd., Class A		8,196,295		26,184,926
ENN Natural Gas Co. Ltd., Class A		759,200		1,703,012
GD Power Development Co. Ltd., Class A		7,939,053		4,388,274

	Number of Shares		Value
Utilities (Continued)
Huaneng Lancang River Hydropower, Inc., Class A		2,000,000	$	2,334,124
Huaneng Power International, Inc., Class A*		3,798,442		4,098,149
SDIC Power Holdings Co. Ltd., Class A		2,830,066		4,910,730
Sichuan Chuantou Energy Co. Ltd., Class A		2,260,067		4,516,244
(Cost $58,361,883)				67,125,312
TOTAL COMMON STOCKS (Cost $1,978,525,233)				1,992,608,080
TOTAL INVESTMENTS — 99.8% (Cost $1,978,525,233)			$	1,992,608,080
Other assets and liabilities, net — 0.2%				4,780,729
NET ASSETS — 100.0%			$	1,997,388,809

* Non-income producing security.

JSC: Joint Stock Company

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,992,608,080	$	—	$	—	$	1,992,608,080
TOTAL	$	1,992,608,080	$	—	$	—	$	1,992,608,080

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

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 3.3%
Beijing Enlight Media Co. Ltd., Class A		29,900	$	33,263
Beijing Jetsen Technology Co. Ltd., Class A*		53,000		38,788
Bluefocus Intelligent Communications Group Co. Ltd., Class A*		63,700		65,607
China South Publishing & Media Group Co. Ltd., Class A		18,700		28,261
Chinese Universe Publishing and Media Group Co. Ltd., Class A		16,289		30,066
G-bits Network Technology Xiamen Co. Ltd., Class A		1,073		38,485
Inmyshow Digital Technology Group Co. Ltd., Class A		23,500		20,553
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		74,000		33,344
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		19,700		27,733
Kunlun Tech Co. Ltd., Class A*		21,400		96,876
Leo Group Co. Ltd., Class A*		171,495		54,716
Oriental Pearl Group Co. Ltd., Class A		51,700		58,384
People.cn Co. Ltd., Class A		14,200		67,481
Perfect World Co. Ltd., Class A		35,200		62,114
Wanda Film Holding Co. Ltd., Class A*		33,100		57,944
Wasu Media Holding Co. Ltd., Class A		23,000		24,815
(Cost $680,027)				738,430
Consumer Discretionary — 8.2%
AIMA Technology Group Co. Ltd., Class A		6,900		27,731
Anhui Jianghuai Automobile Group Corp. Ltd., Class A*		45,300		111,822
Anhui Zhongding Sealing Parts Co. Ltd., Class A		21,300		39,523
Autel Intelligent Technology Corp. Ltd., Class A*		7,144		26,682
Beijing Roborock Technology Co. Ltd., Class A		1,942		81,255
Beiqi Foton Motor Co. Ltd., Class A*		128,600		54,887
Bethel Automotive Safety Systems Co. Ltd., Class A		8,000		87,342
BTG Hotels Group Co. Ltd., Class A*		17,145		41,482
China Grand Automotive Services Group Co. Ltd., Class A*		102,700		26,731
Chow Tai Seng Jewellery Co. Ltd., Class A		11,500		24,558
Easyhome New Retail Group Co. Ltd., Class A		47,600		23,779
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		8,417		19,340
Hang Zhou Great Star Industrial Co. Ltd., Class A		18,353		56,013
Hangzhou Robam Appliances Co. Ltd., Class A		12,100		39,333
Hisense Visual Technology Co. Ltd., Class A		20,400		66,799
HLA Group Corp. Ltd., Class A		46,100		48,899
Jason Furniture Hangzhou Co. Ltd., Class A		12,600		66,084

	Number of Shares		Value
Consumer Discretionary (Continued)
Keboda Technology Co. Ltd., Class A		2,400	$	25,256
KingClean Electric Co. Ltd., Class A		2,800		8,989
Liaoning Cheng Da Co. Ltd., Class A		27,158		47,999
Ninebot Ltd.*		11,108		51,451
Ningbo Joyson Electronic Corp., Class A		25,220		69,383
Sailun Group Co. Ltd., Class A		63,900		95,410
Shandong Linglong Tyre Co. Ltd., Class A		19,491		54,304
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		48,100		43,414
Shenzhen Kedali Industry Co. Ltd., Class A		3,700		45,589
Shenzhen MTC Co. Ltd., Class A		58,800		47,394
Sichuan Changhong Electric Co. Ltd., Class A		95,400		76,762
Songcheng Performance Development Co. Ltd., Class A		47,400		69,712
Suofeiya Home Collection Co. Ltd., Class A		16,318		37,312
Tianneng Battery Group Co. Ltd., Class A		3,914		16,212
Wangfujing Group Co. Ltd., Class A		20,430		49,630
Wanxiang Qianchao Co. Ltd., Class A		40,100		30,919
Weifu High-Technology Group Co. Ltd., Class A		13,400		30,565
Wuchan Zhongda Group Co. Ltd., Class A		79,300		51,267
Xiamen Intretech, Inc., Class A		8,130		21,400
Zhejiang China Commodities City Group Co. Ltd., Class A		70,800		78,764
Zhejiang Semir Garment Co. Ltd., Class A		22,100		18,988
Zhejiang Supor Co. Ltd., Class A		4,300		31,446
(Cost $1,886,850)				1,844,426
Consumer Staples — 5.2%
Angel Yeast Co. Ltd., Class A		16,000		81,744
Anhui Kouzi Distillery Co. Ltd., Class A		9,100		60,130
Beijing Dabeinong Technology Group Co. Ltd., Class A		85,762		87,368
Beijing Yanjing Brewery Co. Ltd., Class A		36,000		50,125
Bright Dairy & Food Co. Ltd., Class A		19,100		24,883
By-health Co. Ltd., Class A		26,500		67,861
C&S Paper Co. Ltd., Class A		21,100		31,712
Chacha Food Co. Ltd., Class A		8,000		42,742
Chongqing Fuling Zhacai Group Co. Ltd., Class A		21,369		48,563
COFCO Sugar Holding Co. Ltd., Class A		29,100		35,631
DaShenLin Pharmaceutical Group Co. Ltd., Class A		14,212		51,708
Fujian Sunner Development Co. Ltd., Class A		19,500		49,527
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		13,500		42,562
Heilongjiang Agriculture Co. Ltd., Class A		19,600		34,614
Juewei Food Co. Ltd., Class A		9,700		42,975
Laobaixing Pharmacy Chain JSC, Class A		7,620		32,576
MeiHua Holdings Group Co. Ltd., Class A		52,700		70,427
Pengdu Agriculture & Animal Husbandry Co. Ltd., Class A*		84,720		20,746
Shanghai Bailian Group Co. Ltd., Class A		21,000		29,709

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Consumer Staples (Continued)
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		13,300	$	47,980
Shanghai Flyco Electrical Appliance Co. Ltd., Class A		1,200		9,159
Shanghai Jahwa United Co. Ltd., Class A		8,964		29,039
Sichuan Teway Food Group Co. Ltd., Class A		8,759		18,324
Toly Bread Co. Ltd., Class A		20,972		24,417
Yantai Changyu Pioneer Wine Co. Ltd., Class A		3,200		11,741
Yifeng Pharmacy Chain Co. Ltd., Class A		12,480		66,573
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		27,954		66,109
(Cost $1,419,859)				1,178,945
Energy — 1.8%
China Petroleum Engineering Corp., Class A		44,700		19,891
China Suntien Green Energy Corp. Ltd., Class A		7,100		7,789
CNOOC Energy Technology & Services Ltd., Class A		56,200		22,807
COFCO Capital Holdings Co. Ltd., Class A		23,900		22,742
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		22,800		46,550
Jizhong Energy Resources Co. Ltd., Class A		27,600		26,997
Oriental Energy Co. Ltd., Class A*		28,700		43,656
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		34,900		57,335
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		45,705		56,858
Sinopec Oilfield Service Corp., Class A*		114,900		30,067
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		15,729		65,261
(Cost $326,568)				399,953
Financials — 9.5%
AVIC Industry-Finance Holdings Co. Ltd., Class A		135,700		62,095
Bank of Changsha Co. Ltd., Class A		51,900		49,313
Bank of Guiyang Co. Ltd., Class A		72,800		51,854
Bank of Lanzhou Co. Ltd., Class A		72,700		27,874
Bank of Suzhou Co. Ltd., Class A		95,010		86,286
Bank of Xi’an Co. Ltd., Class A		36,300		17,169
Bank of Zhengzhou Co. Ltd., Class A*		147,896		42,633
BOC International China Co. Ltd., Class A		44,500		67,066
Caida Securities Co. Ltd., Class A		33,800		36,657
Caitong Securities Co. Ltd., Class A		84,225		94,995
Capital Securities Co. Ltd., Class A		8,200		24,694
Changjiang Securities Co. Ltd., Class A		100,398		78,114
China Great Wall Securities Co. Ltd., Class A		42,400		49,187
Chinalin Securities Co. Ltd., Class A		8,000		15,393
Chongqing Rural Commercial Bank Co. Ltd., Class A		163,600		93,177
Dongxing Securities Co. Ltd., Class A		50,700		61,227
First Capital Securities Co. Ltd., Class A		90,200		77,121

	Number of Shares		Value
Financials (Continued)
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		38,955	$	34,615
Guolian Securities Co. Ltd., Class A*		31,100		50,700
Guosheng Financial Holding, Inc., Class A*		30,587		40,020
Guoyuan Securities Co. Ltd., Class A		67,900		65,466
Huaan Securities Co. Ltd., Class A		73,415		50,032
Huaxi Securities Co. Ltd., Class A		40,500		44,999
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		71,055		67,414
Jiangsu Financial Leasing Co. Ltd., Class A		43,120		29,507
Minmetals Capital Co. Ltd., Class A		58,400		39,554
Nanjing Securities Co. Ltd., Class A		58,300		66,326
Polaris Bay Group Co. Ltd., Class A*		35,200		43,543
Qilu Bank Co. Ltd., Class A		58,000		31,166
Qingdao Rural Commercial Bank Corp., Class A*		100,700		37,343
Sealand Securities Co. Ltd., Class A		100,870		51,379
Shaanxi International Trust Co. Ltd., Class A		58,190		24,836
Shanxi Securities Co. Ltd., Class A		56,440		44,070
Sinolink Securities Co. Ltd., Class A		68,400		91,505
SooChow Securities Co. Ltd., Class A		104,420		112,075
Southwest Securities Co. Ltd., Class A		88,400		50,966
SPIC Industry-Finance Holdings Co. Ltd., Class A		41,500		23,578
Tianfeng Securities Co. Ltd., Class A*		183,600		81,958
Western Securities Co. Ltd., Class A		70,500		65,112
Xiamen Bank Co. Ltd., Class A		31,600		22,508
Yongan Futures Co. Ltd., Class A		7,900		18,031
(Cost $2,529,666)				2,121,558
Health Care — 11.2%
Andon Health Co. Ltd., Class A		10,000		51,776
Anhui Anke Biotechnology Group Co. Ltd., Class A		30,908		46,193
Apeloa Pharmaceutical Co. Ltd., Class A		15,100		35,245
Autobio Diagnostics Co. Ltd., Class A		6,100		43,832
Beijing Tiantan Biological Products Corp. Ltd., Class A		21,600		96,814
Betta Pharmaceuticals Co. Ltd., Class A		6,500		51,837
BGI Genomics Co. Ltd., Class A		6,400		45,952
CanSino Biologics, Inc., Class A*		1,675		19,839
Changchun BCHT Biotechnology Co. Ltd., Class A		3,247		27,385
China Animal Husbandry Industry Co. Ltd., Class A		13,657		22,035
China Meheco Co. Ltd., Class A		19,321		32,498
China National Medicines Corp. Ltd., Class A		10,033		42,892
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		10,849		28,512
Daan Gene Co. Ltd., Class A		24,818		35,979
Dian Diagnostics Group Co. Ltd., Class A		12,740		47,618
Dong-E-E-Jiao Co. Ltd., Class A		11,900		83,927
Double Medical Technology, Inc., Class A*		1,500		8,509

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		7,200	$	66,497
Guangzhou Wondfo Biotech Co. Ltd., Class A		7,040		30,038
Haisco Pharmaceutical Group Co. Ltd., Class A*		5,900		20,030
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		9,700		43,341
Humanwell Healthcare Group Co. Ltd., Class A		29,400		109,517
Intco Medical Technology Co. Ltd., Class A		11,620		33,350
iRay Technology Co. Ltd., Class A		1,163		35,446
Jafron Biomedical Co. Ltd., Class A		12,400		41,558
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		15,585		74,477
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		23,600		54,259
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		29,856		52,850
Joinn Laboratories China Co. Ltd., Class A		9,676		36,031
Jointown Pharmaceutical Group Co. Ltd., Class A		50,409		52,976
Lepu Medical Technology Beijing Co. Ltd., Class A		34,000		81,692
Livzon Pharmaceutical Group, Inc., Class A		9,862		48,329
Micro-Tech Nanjing Co. Ltd., Class A		2,421		31,490
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		12,174		26,644
Nanjing Vazyme Biotech Co. Ltd., Class A		2,991		16,035
Ovctek China, Inc., Class A		13,637		46,525
Porton Pharma Solutions Ltd., Class A		8,300		33,578
Sansure Biotech, Inc., Class A		7,062		18,381
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		14,500		36,442
Shandong Pharmaceutical Glass Co. Ltd., Class A		13,738		50,675
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		9,300		16,489
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		8,100		79,638
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		14,600		68,524
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		30,200		121,203
Sinocelltech Group Ltd., Class A*		3,466		24,246
Tasly Pharmaceutical Group Co. Ltd., Class A		23,600		50,561
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		54,400		33,799
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		7,462		37,477
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		36,900		61,757
Winner Medical Co. Ltd., Class A		6,040		32,752
Winning Health Technology Group Co. Ltd., Class A		44,100		46,839

	Number of Shares		Value
Health Care (Continued)
Yifan Pharmaceutical Co. Ltd., Class A*		19,300	$	44,860
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		22,820		49,976
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		11,617		44,640
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		8,200		34,504
(Cost $2,769,250)				2,508,269
Industrials — 15.0%
AECC Aero-Engine Control Co. Ltd., Class A		24,700		70,891
AVICOPTER PLC, Class A		10,400		54,458
Beijing Bei Mo Gao Ke Friction Material Co. Ltd., Class A*		7,359		37,546
Beijing Easpring Material Technology Co. Ltd., Class A		10,600		60,742
Beijing Originwater Technology Co. Ltd., Class A		57,900		41,160
Bohai Leasing Co. Ltd., Class A*		59,700		18,546
Centre Testing International Group Co. Ltd., Class A		43,900		97,001
China Baoan Group Co. Ltd., Class A		56,080		91,738
China First Heavy Industries Co. Ltd., Class A*		82,800		33,601
China International Marine Containers Group Co. Ltd., Class A		52,980		58,421
China Merchants Port Group Co. Ltd., Class A		6,300		14,053
China Railway Hi-tech Industry Co. Ltd., Class A		37,400		39,670
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A		40,100		30,190
China Southern Power Grid Technology Co. Ltd., Class A		2,252		8,310
China XD Electric Co. Ltd., Class A		57,300		36,964
CITIC Heavy Industries Co. Ltd., Class A		56,100		29,910
COSCO SHIPPING Development Co. Ltd., Class A		99,200		32,344
Dajin Heavy Industry Co. Ltd., Class A		8,500		29,879
Deppon Logistics Co. Ltd., Class A*		8,000		16,457
Dongguan Yiheda Automation Co. Ltd., Class A		5,020		19,816
Eastern Air Logistics Co. Ltd., Class A		11,700		21,939
Eternal Asia Supply Chain Management Ltd., Class A		47,600		31,173
Fangda Carbon New Material Co. Ltd., Class A*		76,300		61,714
Farasis Energy Gan Zhou Co. Ltd., Class A*		22,387		58,708
GoodWe Technologies Co. Ltd., Class A		2,549		38,459
Guangdong Kinlong Hardware Products Co. Ltd., Class A		3,400		21,395
Guangzhou Great Power Energy & Technology Co. Ltd., Class A		8,400		32,325
Guangzhou Port Co. Ltd., Class A		45,200		19,671

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Han’s Laser Technology Industry Group Co. Ltd., Class A		22,600	$	69,196
Hefei Meiya Optoelectronic Technology, Inc., Class A		9,900		27,403
Hongfa Technology Co. Ltd., Class A		22,512		91,672
Infore Environment Technology Group Co. Ltd., Class A		40,400		27,589
Jiangsu Expressway Co. Ltd., Class A		13,900		19,821
Jihua Group Corp. Ltd., Class A		62,600		25,053
JL Mag Rare-Earth Co. Ltd., Class A		18,740		51,897
Juneyao Airlines Co. Ltd., Class A*		23,240		44,261
Kaishan Group Co. Ltd., Class A		11,351		24,604
Keda Industrial Group Co. Ltd., Class A		36,500		51,025
Kuang-Chi Technologies Co. Ltd., Class A		45,800		89,406
Liaoning Port Co. Ltd., Class A		214,920		45,112
Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A		5,000		22,998
North Industries Group Red Arrow Co. Ltd., Class A		22,347		46,469
Qingdao Port International Co. Ltd., Class A		21,700		18,705
Qingdao TGOOD Electric Co. Ltd., Class A		19,181		51,454
Range Intelligent Computing Technology Group Co. Ltd., Class A		5,220		19,723
Riyue Heavy Industry Co. Ltd., Class A		14,300		25,974
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		11,100		46,179
Shandong Hi-speed Co. Ltd., Class A		20,200		19,137
Shanghai Construction Group Co. Ltd., Class A		166,000		58,073
Shanghai Tunnel Engineering Co. Ltd., Class A		59,900		44,677
Shanxi Coal International Energy Group Co. Ltd., Class A		25,500		65,230
Shenzhen Airport Co. Ltd., Class A*		29,500		28,112
Shenzhen Kstar Science And Technology Co. Ltd., Class A		6,200		22,037
Shuangliang Eco-Energy Systems Co. Ltd., Class A		30,100		36,182
Siasun Robot & Automation Co. Ltd., Class A*		33,200		55,285
Sichuan New Energy Power Co. Ltd., Class A*		19,000		31,001
Sieyuan Electric Co. Ltd., Class A		16,080		111,473
Sinochem International Corp., Class A		36,800		23,534
Sinoma International Engineering Co., Class A		28,650		37,566
Sinotrans Ltd., Class A		41,300		27,741
State Grid Yingda Co. Ltd., Class A		48,800		33,052
STO Express Co. Ltd., Class A*		20,000		25,104
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		43,600		23,917
TangShan Port Group Co. Ltd., Class A		83,674		42,621
Tian Di Science & Technology Co. Ltd., Class A		47,800		34,448
Titan Wind Energy Suzhou Co. Ltd., Class A*		23,700		41,423

	Number of Shares		Value
Industrials (Continued)
Wolong Electric Group Co. Ltd., Class A		25,439	$	43,928
Xiamen C & D, Inc., Class A		38,200		50,622
Xiamen ITG Group Corp. Ltd., Class A		34,348		32,444
Xiangtan Electric Manufacturing Co. Ltd., Class A*		17,800		36,616
XTC New Energy Materials Xiamen Co. Ltd., Class A		4,424		24,676
Xuji Electric Co. Ltd., Class A		18,800		53,878
Yantai Eddie Precision Machinery Co. Ltd., Class A		9,740		22,448
Yutong Bus Co. Ltd., Class A		36,000		67,807
Zhefu Holding Group Co. Ltd., Class A		71,500		36,620
Zhejiang Construction Investment Group Co. Ltd., Class A		11,300		17,742
Zhejiang Dingli Machinery Co. Ltd., Class A		7,000		47,606
Zhejiang HangKe Technology, Inc. Co., Class A		6,452		21,525
Zhejiang Weiming Environment Protection Co. Ltd., Class A		13,388		33,141
Zhejiang Weixing New Building Materials Co. Ltd., Class A		21,180		44,339
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		25,000		41,631
Zhongshan Broad Ocean Motor Co. Ltd., Class A		47,600		33,904
Zhuhai CosMX Battery Co. Ltd., Class A		17,404		51,583
Zhuzhou Kibing Group Co. Ltd., Class A		41,100		45,148
(Cost $3,849,400)				3,371,893
Information Technology — 20.1%
3peak, Inc., Class A		1,796		40,669
Accelink Technologies Co. Ltd., Class A		10,622		40,638
ACM Research Shanghai, Inc., Class A		2,260		36,240
Addsino Co. Ltd., Class A		34,800		43,389
Aisino Corp., Class A		29,900		46,318
Amlogic Shanghai Co. Ltd., Class A		7,588		64,963
Anker Innovations Technology Co. Ltd., Class A		5,300		65,548
ASR Microelectronics Co. Ltd., Class A*		5,552		52,030
Beijing E-Hualu Information Technology Co. Ltd., Class A*		10,240		48,490
Beijing Huafeng Test & Control Technology Co. Ltd., Class A		2,059		35,894
Beijing Shiji Information Technology Co. Ltd., Class A*		21,209		31,668
Beijing Sinnet Technology Co. Ltd., Class A*		37,500		53,158
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		3,700		28,891
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		26,000		39,185
Cambricon Technologies Corp. Ltd., Class A*		5,423		113,686
CETC Cyberspace Security Technology Co. Ltd., Class A		15,404		49,362
China Greatwall Technology Group Co. Ltd., Class A		50,300		78,552

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
China National Software & Service Co. Ltd., Class A		15,538	$	74,797
China Railway Signal & Communication Corp. Ltd., Class A		71,792		43,701
China TransInfo Technology Co. Ltd., Class A*		29,000		48,982
DHC Software Co. Ltd., Class A		59,600		53,210
Everdisplay Optronics Shanghai Co. Ltd., Class A*		121,221		45,631
Fiberhome Telecommunication Technologies Co. Ltd., Class A		19,500		48,626
GCL System Integration Technology Co. Ltd., Class A*		113,400		43,004
GRG Banking Equipment Co. Ltd., Class A		35,100		59,923
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		25,300		51,690
Guangzhou Haige Communications Group, Inc. Co., Class A		51,000		90,351
Hangzhou Chang Chuan Technology Co. Ltd., Class A		11,100		62,597
Hangzhou Lion Electronics Co. Ltd., Class A		14,100		63,416
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		21,500		40,707
Hengtong Optic-electric Co. Ltd., Class A		51,200		89,201
Huagong Tech Co. Ltd., Class A		26,059		107,902
IRICO Display Devices Co. Ltd., Class A*		39,500		32,722
Jiangsu Pacific Quartz Co. Ltd., Class A		4,700		56,470
Leyard Optoelectronic Co. Ltd., Class A		56,900		48,172
Lingyi iTech Guangdong Co., Class A		76,100		71,243
Longshine Technology Group Co. Ltd., Class A		16,900		40,274
MLS Co. Ltd., Class A		24,173		30,883
Neusoft Corp., Class A*		22,900		30,699
Newland Digital Technology Co. Ltd., Class A		21,940		54,281
Piotech, Inc., Class A		1,361		50,944
Raytron Technology Co. Ltd., Class A		9,413		66,269
Risen Energy Co. Ltd., Class A		17,800		40,202
Rockchip Electronics Co. Ltd., Class A		4,400		40,526
Shanghai Anlogic Infotech Co. Ltd., Class A*		3,217		17,890
Shanghai Belling Co. Ltd., Class A		15,700		34,471
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		1,456		45,861
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		6,977		43,691
Shanghai Stonehill Technology Co. Ltd., Class A		148,348		66,221
Shenzhen Everwin Precision Technology Co. Ltd., Class A*		22,136		37,419
Shenzhen Goodix Technology Co. Ltd., Class A*		7,500		76,342
Shenzhen Kaifa Technology Co. Ltd., Class A		24,600		58,865
Shenzhen Kinwong Electronic Co. Ltd., Class A		9,320		29,475

	Number of Shares		Value
Information Technology (Continued)
Shenzhen SC New Energy Technology Corp., Class A		7,200	$	70,840
Shenzhen Sunlord Electronics Co. Ltd., Class A		21,500		81,624
Shenzhen Sunway Communication Co. Ltd., Class A		26,300		86,598
SICC Co. Ltd., Class A*		2,271		23,167
Sinosoft Co. Ltd., Class A		9,520		41,538
State Grid Information & Communication Co. Ltd., Class A		12,700		27,298
SUPCON Technology Co. Ltd., Class A		12,395		75,972
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		35,400		92,287
Suzhou Novosense Microelectronics Co. Ltd., Class A		1,019		22,300
Taiji Computer Corp. Ltd., Class A		11,219		46,156
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		12,300		53,185
Tianma Microelectronics Co. Ltd., Class A*		33,300		50,652
Tianshui Huatian Technology Co. Ltd., Class A		69,400		86,821
TongFu Microelectronics Co. Ltd., Class A		27,600		87,672
Universal Scientific Industrial Shanghai Co. Ltd., Class A		17,600		36,721
Venustech Group, Inc., Class A		17,400		62,382
Verisilicon Microelectronics Shanghai Co. Ltd., Class A*		6,513		48,669
Wangsu Science & Technology Co. Ltd., Class A		63,400		61,394
Wuhan DR Laser Technology Corp. Ltd., Class A		3,640		29,614
Wuhu Token Science Co. Ltd., Class A		66,700		64,683
WUS Printed Circuit Kunshan Co. Ltd., Class A		34,600		100,079
Wuxi Autowell Technology Co. Ltd., Class A		4,054		51,653
Wuxi Taiji Industry Co. Ltd., Class A*		40,900		43,784
Xiamen Faratronic Co. Ltd., Class A		3,600		47,354
Yangling Metron New Material, Inc., Class A		5,200		25,272
Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class A		3,500		14,248
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		7,100		37,218
Zhejiang Crystal-Optech Co. Ltd., Class A		38,062		69,507
Zhongji Innolight Co. Ltd., Class A		16,400		217,836
(Cost $4,833,454)				4,521,863
Materials — 20.3%
ADAMA Ltd., Class A		11,400		12,284
Angang Steel Co. Ltd., Class A		67,600		24,216
Asia — Potash International Investment Guangzhou Co. Ltd., Class A*		14,500		55,069
BBMG Corp., Class A		110,700		31,291
Beijing Shougang Co. Ltd., Class A*		37,600		19,258
Bluestar Adisseo Co., Class A		11,000		12,114

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Canmax Technologies Co. Ltd., Class A		14,940	$	50,384
Chengxin Lithium Group Co. Ltd., Class A		16,300		49,610
Chifeng Jilong Gold Mining Co. Ltd., Class A*		43,300		84,284
China Hainan Rubber Industry Group Co. Ltd., Class A*		48,800		29,774
China Rare Earth Resources And Technology Co. Ltd., Class A		15,500		60,667
Chongqing Iron & Steel Co. Ltd., Class A*		188,200		38,450
COFCO Biotechnology Co. Ltd., Class A		25,985		24,726
CSG Holding Co. Ltd., Class A		35,661		27,846
Do-Fluoride New Materials Co. Ltd., Class A		27,840		58,398
Fangda Special Steel Technology Co. Ltd., Class A*		37,546		25,430
Fujian Kuncai Material Technology Co. Ltd., Class A*		3,800		29,528
Fushun Special Steel Co. Ltd., Class A*		40,900		57,062
GEM Co. Ltd., Class A		134,700		106,310
Guangdong HEC Technology Holding Co. Ltd., Class A*		39,305		36,576
Guangdong Hongda Holdings Group Co. Ltd., Class A		11,900		35,019
Hainan Mining Co. Ltd., Class A		16,400		15,353
Hangzhou Iron & Steel Co., Class A		37,010		28,174
Hangzhou Oxygen Plant Group Co. Ltd., Class A		12,900		56,845
Haohua Chemical Science & Technology Co. Ltd., Class A		7,300		30,309
Henan Shenhuo Coal & Power Co. Ltd., Class A		40,400		89,154
Hengyi Petrochemical Co. Ltd., Class A*		56,300		54,046
Hesteel Co. Ltd., Class A		106,600		32,370
Huabao Flavours & Fragrances Co. Ltd., Class A		3,300		10,644
Huaibei Mining Holdings Co. Ltd., Class A		23,700		52,532
Huaxin Cement Co. Ltd., Class A		17,172		32,007
Hubei Feilihua Quartz Glass Co. Ltd., Class A		10,900		63,392
Hubei Xingfa Chemicals Group Co. Ltd., Class A		19,820		52,170
Hunan Changyuan Lico Co. Ltd., Class A		24,961		26,057
Hunan Gold Corp. Ltd., Class A		22,400		37,019
Hunan Valin Steel Co. Ltd., Class A		106,820		82,662
Inner Mongolia Dazhong Mining Co. Ltd., Class A		11,900		17,468
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		64,900		57,670
Jiangsu Cnano Technology Co. Ltd., Class A		8,975		35,882
Jiangsu Yangnong Chemical Co. Ltd., Class A		6,490		58,723
Jiangsu Yoke Technology Co. Ltd., Class A		7,396		63,723
Jinduicheng Molybdenum Co. Ltd., Class A		25,500		33,863
Kingfa Sci & Tech Co. Ltd., Class A		47,700		50,529

	Number of Shares		Value
Materials (Continued)
Lianhe Chemical Technology Co. Ltd., Class A		19,259	$	20,510
Luxi Chemical Group Co. Ltd., Class A		29,100		40,477
Maanshan Iron & Steel Co. Ltd., Class A		65,100		24,597
Nanjing Hanrui Cobalt Co. Ltd., Class A		5,700		23,123
Nanjing Iron & Steel Co. Ltd., Class A		80,600		41,844
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		110,700		52,514
Red Avenue New Materials Group Co. Ltd., Class A		4,700		22,710
Rising Nonferrous Metals Share Co. Ltd., Class A*		5,500		26,222
Sansteel Minguang Co. Ltd. Fujian, Class A		30,650		18,743
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A		33,790		23,311
Shaanxi Huaqin Technology Industry Co. Ltd., Class A		988		20,476
Shandong Iron and Steel Co. Ltd., Class A		148,030		29,415
Shandong Sinocera Functional Material Co. Ltd., Class A		20,900		74,872
Shandong Sun Paper Industry JSC Ltd., Class A		43,400		72,939
Shanghai Huayi Group Co. Ltd., Class A		18,700		17,638
Shanxi Taigang Stainless Steel Co. Ltd., Class A		57,700		31,167
Shenghe Resources Holding Co. Ltd., Class A		36,890		53,429
Shenzhen Capchem Technology Co. Ltd., Class A		13,480		84,206
Shenzhen Senior Technology Material Co. Ltd., Class A		33,300		69,711
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		9,740		35,560
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		70,900		43,952
Shinghwa Advanced Material Group Co. Ltd., Class A		3,700		25,199
Sichuan Hebang Biotechnology Co. Ltd., Class A		158,380		51,861
Sichuan Yahua Industrial Group Co. Ltd., Class A		29,600		52,605
Sinoma Science & Technology Co. Ltd., Class A		17,200		40,436
Sinomine Resource Group Co. Ltd., Class A		14,720		70,859
Skshu Paint Co. Ltd., Class A*		5,580		42,173
Sunresin New Materials Co. Ltd., Class A		6,650		46,798
Suzhou Nanomicro Technology Co. Ltd., Class A		4,378		18,815
Tangshan Jidong Cement Co. Ltd., Class A		27,181		26,435
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		31,200		24,187
Tianshan Aluminum Group Co. Ltd., Class A		71,300		60,263
Tongkun Group Co. Ltd., Class A*		43,100		81,964

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Tongling Nonferrous Metals Group Co. Ltd., Class A		191,700	$	81,550
Transfar Zhilian Co. Ltd., Class A		35,800		24,097
Weihai Guangwei Composites Co. Ltd., Class A		15,200		52,962
Western Mining Co. Ltd., Class A		49,100		88,084
Xiamen Tungsten Co. Ltd., Class A		22,220		53,450
Xinfengming Group Co. Ltd., Class A*		19,616		33,104
Xinjiang Zhongtai Chemical Co. Ltd., Class A		53,300		48,182
Xinxing Ductile Iron Pipes Co. Ltd., Class A		63,350		34,484
Xinyu Iron & Steel Co. Ltd., Class A		49,900		26,395
Yintai Gold Co. Ltd., Class A		43,608		90,314
Youngy Co. Ltd., Class A		5,400		38,228
Yunnan Aluminium Co. Ltd., Class A		53,600		96,532
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		94,600		66,719
Yunnan Copper Co. Ltd., Class A		31,900		47,586
Yunnan Tin Co. Ltd., Class A		25,630		49,495
Yunnan Yuntianhua Co. Ltd., Class A		32,900		72,373
Zhejiang Hailiang Co. Ltd., Class A		31,400		48,729
Zhejiang Juhua Co. Ltd., Class A		35,090		78,025
Zhejiang Longsheng Group Co. Ltd., Class A		67,800		81,688
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A		6,460		27,635
Zhejiang Yongtai Technology Co. Ltd., Class A		16,000		26,801
Zhongfu Shenying Carbon Fiber Co. Ltd., Class A		2,237		9,573
Zhongjin Gold Corp. Ltd., Class A		76,500		115,294
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		45,421		35,594
(Cost $5,337,442)				4,544,793
Real Estate — 1.9%
China Green Electricity Investment of Tianjin Co. Ltd., Class A		14,300		20,250
China Merchants Property Operation & Service Co. Ltd., Class A		11,100		20,643
Financial Street Holdings Co. Ltd., Class A		29,700		16,500
Grandjoy Holdings Group Co. Ltd., Class A*		35,200		15,861
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		31,600		34,138
Red Star Macalline Group Corp. Ltd., Class A		26,800		15,939
Shanghai Lingang Holdings Corp. Ltd., Class A		24,900		38,259

	Number of Shares		Value
Real Estate (Continued)
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		22,000	$	27,646
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		20,000		63,670
Xiangcai Co. Ltd., Class A		22,200		24,417
Xinhu Zhongbao Co. Ltd., Class A		109,700		35,768
Youngor Group Co. Ltd., Class A		69,900		66,319
Zhongtian Financial Group Co. Ltd., Class A* (a)		139,200		0
Zhuhai Huafa Properties Co. Ltd., Class A		43,440		45,530
(Cost $553,246)				424,940
Utilities — 3.2%
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		113,790		42,993
CECEP Solar Energy Co. Ltd., Class A		71,300		55,574
CECEP Wind-Power Corp., Class A		101,730		43,846
Chengdu Xingrong Environment Co. Ltd., Class A		47,300		36,801
China Southern Power Grid Energy Storage Co. Ltd., Class A		9,300		12,493
Chongqing Water Group Co. Ltd., Class A		16,700		13,578
Datang International Power Generation Co. Ltd., Class A		97,800		34,214
Huadian Power International Corp. Ltd., Class A		87,300		62,548
Hubei Energy Group Co. Ltd., Class A		52,600		30,621
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		86,000		45,851
Jiangsu Guoxin Corp. Ltd., Class A		20,200		19,052
Jinko Power Technology Co. Ltd., Class A		46,200		22,887
Luenmei Quantum Co. Ltd., Class A		24,750		20,503
Shanghai Electric Power Co. Ltd., Class A		37,000		45,564
Shenergy Co. Ltd., Class A		65,749		55,111
Shenzhen Energy Group Co. Ltd., Class A		37,860		32,370
Shenzhen Gas Corp. Ltd., Class A		16,000		15,135
Wintime Energy Group Co. Ltd., Class A*		575,800		114,416
Zhejiang Provincial New Energy Investment Group Co. Ltd., Class A		5,500		6,295
(Cost $795,457)				709,852
TOTAL COMMON STOCKS (Cost $24,981,219)				22,364,922
TOTAL INVESTMENTS — 99.7% (Cost $24,981,219)			$	22,364,922
Other assets and liabilities, net — 0.3%				71,012
NET ASSETS — 100.0%			$	22,435,934

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

JSC: Joint Stock Company

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2023 (Unaudited)

Fair Value Measurements

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

The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	22,364,922	$	—	$	0	$	22,364,922
TOTAL	$	22,364,922	$	—	$	0	$	22,364,922

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

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 50.4%
Communication Services — 12.7%
Autohome, Inc., ADR		152	$	4,151
Baidu, Inc., Class A*		4,588		68,200
Bilibili, Inc., Class Z*		366		4,213
China Literature Ltd., 144A*		934		3,187
China Ruyi Holdings Ltd.*		10,742		2,434
China Tower Corp. Ltd., Class H, 144A		93,077		9,653
iQIYI, Inc., ADR*		926		4,158
JOYY, Inc., ADR		99		3,803
Kanzhun Ltd., ADR*		470		7,769
Kingsoft Corp. Ltd.		1,965		6,290
Kuaishou Technology, 144A*		4,649		34,345
NetEase, Inc.		3,958		89,343
Tencent Holdings Ltd.		13,547		567,183
Tencent Music Entertainment Group, ADR*		1,551		13,199
Weibo Corp., ADR		190		1,921
(Cost $961,531)				819,849
Consumer Discretionary — 17.1%
Alibaba Group Holding Ltd.*		33,067		308,007
ANTA Sports Products Ltd.		2,509		26,165
Bosideng International Holdings Ltd.		6,935		2,912
BYD Co. Ltd., Class H		2,130		57,271
China Tourism Group Duty Free Corp. Ltd., Class H, 144A		133		1,448
Chow Tai Fook Jewellery Group Ltd.		3,914		5,683
Dongfeng Motor Group Co. Ltd., Class H		6,612		3,319
East Buy Holding Ltd., 144A*		749		2,786
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		1,228		5,762
Geely Automobile Holdings Ltd.		12,792		13,938
Great Wall Motor Co. Ltd., Class H		4,769		6,875
Guangzhou Automobile Group Co. Ltd., Class H		6,438		2,984
H World Group Ltd., ADR*		439		16,059
Haidilao International Holding Ltd., 144A		3,400		6,765
Haier Smart Home Co. Ltd., Class H		4,861		14,097
JD.com, Inc., Class A		4,750		64,892
Li Auto, Inc., Class A*		2,274		42,450
Li Ning Co. Ltd.		4,818		13,417
Meituan, Class B, 144A*		10,363		120,212
MINISO Group Holding Ltd., ADR		200		5,066
Minth Group Ltd.		1,607		3,481
New Oriental Education & Technology Group, Inc.*		3,049		24,614
NIO, Inc., ADR*		2,888		20,996
PDD Holdings, Inc., ADR*		1,229		181,204
Pop Mart International Group Ltd., 144A		880		2,642
Shenzhou International Group Holdings Ltd.		1,651		16,573
TAL Education Group, ADR*		917		11,490
Tongcheng Travel Holdings Ltd.*		2,610		4,805
Topsports International Holdings Ltd., 144A		4,063		3,303
TravelSky Technology Ltd., Class H		2,082		3,513
Trip.Com Group Ltd.*		1,124		39,518

	Number of Shares		Value
Consumer Discretionary (Continued)
Vipshop Holdings Ltd., ADR*		731	$	11,718
XPeng, Inc., Class A*		2,000		17,208
Xtep International Holdings Ltd.		2,814		1,625
Yadea Group Holdings Ltd., 144A		2,300		4,317
Yum China Holdings, Inc.		852		36,789
Zhejiang Leapmotor Technology Co. Ltd., 144A*		785		4,030
Zhongsheng Group Holdings Ltd.		1,304		3,122
(Cost $1,782,027)				1,111,056
Consumer Staples — 1.8%
Alibaba Health Information Technology Ltd.*		9,807		5,575
Anhui Gujing Distillery Co. Ltd., Class B		155		2,353
China Feihe Ltd., 144A		7,800		4,574
China Mengniu Dairy Co. Ltd.*		6,501		20,393
China Resources Beer Holdings Co. Ltd.		3,299		14,868
Hengan International Group Co. Ltd.		1,429		5,214
JD Health International, Inc., 144A*		2,197		10,478
Nongfu Spring Co. Ltd., Class H, 144A		3,850		21,985
Ping An Healthcare and Technology Co. Ltd., 144A*		1,068		2,388
Smoore International Holdings Ltd., 144A		3,823		3,333
Tingyi Cayman Islands Holding Corp.		4,364		5,493
Tsingtao Brewery Co. Ltd., Class H		1,322		8,734
Uni-President China Holdings Ltd.		3,308		2,118
Vinda International Holdings Ltd.		923		2,364
Want Want China Holdings Ltd.		9,104		5,327
(Cost $171,792)				115,197
Energy — 1.5%
China Coal Energy Co. Ltd., Class H		4,365		3,700
China Oilfield Services Ltd., Class H		4,138		4,450
China Petroleum & Chemical Corp., Class H		50,966		26,233
China Shenhua Energy Co. Ltd., Class H		6,923		22,647
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		2,000		1,941
PetroChina Co. Ltd., Class H		43,354		28,476
Yankuang Energy Group Co. Ltd., Class H		4,845		9,007
(Cost $82,133)				96,454
Financials — 7.4%
Agricultural Bank of China Ltd., Class H		56,062		20,744
Bank of China Ltd., Class H		161,826		59,465
Bank of Communications Co. Ltd., Class H		17,815		10,515
China Cinda Asset Management Co. Ltd., Class H		23,162		2,254
China CITIC Bank Corp. Ltd., Class H		17,414		7,871
China Construction Bank Corp., Class H		195,973		113,414
China Everbright Bank Co. Ltd., Class H		6,519		1,861
China Galaxy Securities Co. Ltd., Class H		7,669		4,104
China International Capital Corp. Ltd., Class H, 144A		3,289		5,205
China Life Insurance Co. Ltd., Class H		15,304		20,731

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Financials (Continued)
China Merchants Bank Co. Ltd., Class H		8,026	$	28,054
China Minsheng Banking Corp. Ltd., Class H		12,739		4,257
China Pacific Insurance Group Co. Ltd., Class H		5,412		11,433
China Taiping Insurance Holdings Co. Ltd.		2,593		2,351
CITIC Securities Co. Ltd., Class H		3,772		7,833
Far East Horizon Ltd.		2,663		1,954
GF Securities Co. Ltd., Class H		2,419		3,026
Haitong Securities Co. Ltd., Class H		5,113		2,867
Huatai Securities Co. Ltd., Class H, 144A		2,465		3,087
Industrial & Commercial Bank of China Ltd., Class H		132,871		63,626
Lufax Holding Ltd., ADR		1,461		1,240
New China Life Insurance Co. Ltd., Class H		1,692		3,358
People’s Insurance Co. Group of China Ltd., Class H		18,269		5,918
PICC Property & Casualty Co. Ltd., Class H		13,775		15,997
Ping An Insurance Group Co. of China Ltd., Class H		13,709		63,189
Postal Savings Bank of China Co. Ltd., Class H, 144A		15,388		6,837
Qifu Technology, Inc., ADR		284		4,408
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		1,509		3,806
(Cost $728,309)				479,405
Health Care — 2.8%
3SBio, Inc., 144A*		3,368		3,131
Akeso, Inc., 144A*		1,000		6,383
BeiGene Ltd.*		1,415		20,273
China Medical System Holdings Ltd.		3,060		5,885
China Resources Pharmaceutical Group Ltd., 144A		3,500		2,187
China Traditional Chinese Medicine Holdings Co. Ltd.		5,879		3,011
CSPC Pharmaceutical Group Ltd.		18,220		16,446
Genscript Biotech Corp.*		2,593		7,204
Hansoh Pharmaceutical Group Co. Ltd., 144A		2,547		5,159
Hygeia Healthcare Holdings Co. Ltd., 144A		738		4,545
Innovent Biologics, Inc., 144A*		2,200		12,901
Legend Biotech Corp., ADR*		148		9,001
Microport Scientific Corp.*		1,405		2,252
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		4,899		4,648
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,183		2,617
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,680		2,435
Sino Biopharmaceutical Ltd.		21,063		10,356
Sinopharm Group Co. Ltd., Class H		2,935		7,283
WuXi AppTec Co. Ltd., Class H, 144A		754		8,833
Wuxi Biologics Cayman, Inc., 144A*		7,621		42,446

	Number of Shares		Value
Health Care (Continued)
Zai Lab Ltd.*		1,800	$	4,897
(Cost $170,310)				181,893
Industrials — 1.6%
Air China Ltd., Class H*		3,754		2,528
AviChina Industry & Technology Co. Ltd., Class H		4,360		1,976
BOC Aviation Ltd., 144A		455		3,274
China Communications Services Corp. Ltd., Class H		4,018		1,713
China Everbright Environment Group Ltd.		8,141		2,679
China Merchants Port Holdings Co. Ltd.		2,816		3,605
China Railway Group Ltd., Class H		8,835		3,880
China Southern Airlines Co. Ltd., Class H*		4,449		2,136
China State Construction International Holdings Ltd.		4,449		5,161
CITIC Ltd.		11,906		11,219
COSCO SHIPPING Holdings Co. Ltd., Class H		5,950		5,485
COSCO SHIPPING Ports Ltd.		2,243		1,508
CRRC Corp. Ltd., Class H		9,486		3,826
Fosun International Ltd.		5,472		3,118
Haitian International Holdings Ltd.		1,409		3,590
JD Logistics, Inc., 144A*		4,049		4,972
Jiangsu Expressway Co. Ltd., Class H		2,095		1,886
Orient Overseas International Ltd.		281		3,380
Sany Heavy Equipment International Holdings Co. Ltd.		2,284		2,375
Sinotruk Hong Kong Ltd.		1,414		2,933
Weichai Power Co. Ltd., Class H		4,304		7,913
Zhejiang Expressway Co. Ltd., Class H		2,486		1,576
Zhuzhou CRRC Times Electric Co. Ltd., Class H		1,035		3,273
ZTO Express Cayman, Inc., ADR		896		19,999
(Cost $137,538)				104,005
Information Technology — 2.3%
AAC Technologies Holdings, Inc.		1,596		4,485
BYD Electronic International Co. Ltd.		1,447		6,605
Chinasoft International Ltd.*		5,976		5,119
Daqo New Energy Corp., ADR*		126		2,981
Flat Glass Group Co. Ltd., Class H		789		1,297
GCL Technology Holdings Ltd.		41,641		5,545
GDS Holdings Ltd., Class A*		1,612		2,097
Hua Hong Semiconductor Ltd., 144A*		1,150		2,659
Kingboard Holdings Ltd.		1,426		3,433
Kingboard Laminates Holdings Ltd.		2,458		2,140
Kingdee International Software Group Co. Ltd.*		5,695		7,919
Lenovo Group Ltd.		14,796		18,281
Sunny Optical Technology Group Co. Ltd.		1,517		14,402
Xiaomi Corp., Class B, 144A*		31,464		62,926
Xinyi Solar Holdings Ltd.		9,482		5,451

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
ZTE Corp., Class H		1,608	$	3,508
(Cost $161,596)				148,848
Materials — 0.8%
Aluminum Corp. of China Ltd., Class H		8,732		4,316
Anhui Conch Cement Co. Ltd., Class H		2,367		5,540
China Hongqiao Group Ltd.		5,013		4,089
China National Building Material Co. Ltd., Class H		8,296		3,696
CMOC Group Ltd., Class H		7,624		4,354
Ganfeng Lithium Group Co. Ltd., Class H, 144A		773		2,474
Jiangxi Copper Co. Ltd., Class H		2,428		3,444
Nine Dragons Paper Holdings Ltd.*		3,620		1,812
Shandong Gold Mining Co. Ltd., Class H, 144A		1,287		2,541
Zhaojin Mining Industry Co. Ltd., Class H		3,019		3,912
Zijin Mining Group Co. Ltd., Class H		11,209		17,767
(Cost $52,210)				53,945
Real Estate — 1.4%
C&D International Investment Group Ltd.		1,343		2,744
China Overseas Land & Investment Ltd.		7,627		14,101
China Overseas Property Holdings Ltd.		2,910		2,370
China Resources Land Ltd.		6,600		24,168
China Resources Mixc Lifestyle Services Ltd., 144A		1,327		5,021
China Vanke Co. Ltd., Class H		4,330		4,374
Country Garden Holdings Co. Ltd.*		22,721		2,560
Country Garden Services Holdings Co. Ltd.		4,386		4,144
Greentown China Holdings Ltd.		1,990		2,117
KE Holdings, Inc., ADR		1,346		21,442
Longfor Group Holdings Ltd., 144A		4,014		7,113
Yuexiu Property Co. Ltd.		3,048		2,779
(Cost $184,319)				92,933
Utilities — 1.0%
Beijing Enterprises Holdings Ltd.		1,104		3,661
Beijing Enterprises Water Group Ltd.		7,824		1,573
CGN Power Co. Ltd., Class H, 144A		20,465		4,926

	Number of Shares		Value
Utilities (Continued)
China Gas Holdings Ltd.		5,594	$	5,128
China Longyuan Power Group Corp. Ltd., Class H		7,305		5,471
China Power International Development Ltd.		11,511		4,230
China Resources Gas Group Ltd.		2,045		6,415
China Resources Power Holdings Co. Ltd.		3,785		7,298
ENN Energy Holdings Ltd.		1,618		11,228
Guangdong Investment Ltd.		6,481		4,498
Huaneng Power International, Inc., Class H*		7,773		4,041
Kunlun Energy Co. Ltd.		8,523		7,879
(Cost $94,741)				66,348
TOTAL COMMON STOCKS (Cost $4,526,506)				3,269,933
RIGHTS — 0.0%
Industrials — 0.0%
Zhejiang Expressway Co. Ltd.*, expires 12/19/23 (Cost $0)		944		107
EXCHANGE-TRADED FUNDS — 49.5%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (a)		8,815		246,910
Xtrackers MSCI China A Inclusion Equity ETF (a)		155,170		2,962,459
(Cost $4,661,121)				3,209,369
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) (Cost $972)		972		972
TOTAL INVESTMENTS — 99.9% (Cost $9,188,599)			$	6,480,381
Other assets and liabilities, net — 0.1%				7,230
NET ASSETS — 100.0%			$	6,487,611

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
EXCHANGE-TRADED FUNDS — 49.5%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (a)
		269,023		3,009		(1,998	)		(599	)		(22,525	)		—		—		8,815		246,910
Xtrackers MSCI China A Inclusion Equity ETF (a)
		3,174,271		37,739		(8,041	)		(4,590	)		(236,920	)		—		—		155,170		2,962,459

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		32,169		—		(32,169	)(d)		—			—			89		—		—		—
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)
		25,239		20,134		(44,401	)		—			—			64		—		972		972
		3,500,702		60,882		(86,609	)		(5,189	)		(259,445	)		153		—		164,957		3,210,341

* Non-income producing security.

(a) Affiliated fund advised by DBX Advisors LLC.

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

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023.

ADR: American Depositary Receipt

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.

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	3,269,933	$	—	$	—	$	3,269,933
Rights		—		107		—		107
Exchange-Traded Funds		3,209,369		—		—		3,209,369
Short-Term Investments (a)		972		—		—		972
TOTAL	$	6,480,274	$	107	$	—	$	6,480,381

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

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF

November 30, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.5%
Communication Services — 1.7%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,000	$	6,204
Beijing Enlight Media Co. Ltd., Class A		2,500		2,783
China Film Co. Ltd., Class A*		1,500		2,584
China United Network Communications Ltd., Class A		28,900		17,767
Focus Media Information Technology Co. Ltd., Class A		13,223		12,110
G-bits Network Technology Xiamen Co. Ltd., Class A		100		3,589
Giant Network Group Co. Ltd., Class A		1,800		3,047
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		2,200		3,099
Kingnet Network Co. Ltd., Class A		1,900		3,108
Kunlun Tech Co. Ltd., Class A*		1,000		4,530
Mango Excellent Media Co. Ltd., Class A		1,500		5,422
Oriental Pearl Group Co. Ltd., Class A		2,700		3,051
People.cn Co. Ltd., Class A		1,000		4,756
Perfect World Co. Ltd., Class A		2,100		3,708
Wanda Film Holding Co. Ltd., Class A*		1,400		2,453
Zhejiang Century Huatong Group Co. Ltd., Class A*		6,820		5,329
(Cost $95,138)				83,540
Consumer Discretionary — 6.3%
AIMA Technology Group Co. Ltd., Class A		500		2,011
Anhui Jianghuai Automobile Group Corp. Ltd., Class A*		1,900		4,694
BAIC BluePark New Energy Technology Co. Ltd., Class A*		4,300		3,902
Beijing Roborock Technology Co. Ltd., Class A		123		5,150
Beiqi Foton Motor Co. Ltd., Class A*		6,000		2,563
Bethel Automotive Safety Systems Co. Ltd., Class A		400		4,370
BTG Hotels Group Co. Ltd., Class A*		1,000		2,421
BYD Co. Ltd., Class A		1,698		47,354
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		300		6,057
China Tourism Group Duty Free Corp. Ltd., Class A		1,743		21,760
Chongqing Changan Automobile Co. Ltd., Class A		7,762		22,152
Ecovacs Robotics Co. Ltd., Class A		500		2,992
Fuyao Glass Industry Group Co. Ltd., Class A		1,709		9,013
Great Wall Motor Co. Ltd., Class A		2,300		8,664
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,500		11,536
Guangzhou Automobile Group Co. Ltd., Class A		4,400		6,112
Haier Smart Home Co. Ltd., Class A		5,800		17,966
Hang Zhou Great Star Industrial Co. Ltd., Class A		1,000		3,054
Hangzhou Robam Appliances Co. Ltd., Class A		800		2,603

	Number of Shares		Value
Consumer Discretionary (Continued)
Hisense Visual Technology Co. Ltd., Class A		1,000	$	3,277
HLA Group Corp. Ltd., Class A		3,900		4,140
Huayu Automotive Systems Co. Ltd., Class A		2,900		7,066
Huizhou Desay Sv Automotive Co. Ltd., Class A		500		9,091
Jason Furniture Hangzhou Co. Ltd., Class A		810		4,251
Ningbo Joyson Electronic Corp., Class A		1,300		3,579
Ningbo Tuopu Group Co. Ltd., Class A		1,000		10,319
Offcn Education Technology Co. Ltd., Class A*		4,800		3,280
Oppein Home Group, Inc., Class A		440		4,868
SAIC Motor Corp. Ltd., Class A		6,627		13,809
Sailun Group Co. Ltd., Class A		2,800		4,184
Seres Group Co. Ltd., Class A*		1,400		14,839
Shandong Linglong Tyre Co. Ltd., Class A		1,400		3,903
Shanghai Jinjiang International Hotels Co. Ltd., Class A		900		4,273
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		3,700		3,342
Shenzhen Kedali Industry Co. Ltd., Class A		200		2,466
Sichuan Changhong Electric Co. Ltd., Class A		4,200		3,382
Songcheng Performance Development Co. Ltd., Class A		2,343		3,448
Wuchan Zhongda Group Co. Ltd., Class A		5,500		3,558
Zhejiang China Commodities City Group Co. Ltd., Class A		5,200		5,789
Zhejiang Supor Co. Ltd., Class A		500		3,659
(Cost $244,159)				300,897
Consumer Staples — 14.6%
Angel Yeast Co. Ltd., Class A		800		4,090
Anhui Gujing Distillery Co. Ltd., Class A		400		14,483
Anhui Kouzi Distillery Co. Ltd., Class A		400		2,645
Anhui Yingjia Distillery Co. Ltd., Class A		500		5,263
Anjoy Foods Group Co. Ltd., Class A		300		4,801
Beijing Dabeinong Technology Group Co. Ltd., Class A		4,200		4,282
Beijing Yanjing Brewery Co. Ltd., Class A		2,500		3,483
By-health Co. Ltd., Class A		1,200		3,075
Chongqing Brewery Co. Ltd., Class A		400		3,991
DaShenLin Pharmaceutical Group Co. Ltd., Class A		1,123		4,089
Eastroc Beverage Group Co. Ltd., Class A		200		5,522
Foshan Haitian Flavouring & Food Co. Ltd., Class A		4,311		23,007
Fujian Sunner Development Co. Ltd., Class A		800		2,033
Guangdong Haid Group Co. Ltd., Class A		1,400		8,666
Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A		800		2,580
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		1,100		3,471
Heilongjiang Agriculture Co. Ltd., Class A		1,500		2,651
Henan Shuanghui Investment & Development Co. Ltd., Class A		3,200		11,696

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Consumer Staples (Continued)
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		5,713	$	21,801
Jiangsu King’s Luck Brewery JSC Ltd., Class A		1,100		8,292
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,324		21,624
JiuGui Liquor Co. Ltd., Class A		300		3,000
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A*		800		3,662
Juewei Food Co. Ltd., Class A		600		2,660
Kweichow Moutai Co. Ltd., Class A		1,150		288,507
Luzhou Laojiao Co. Ltd., Class A		1,306		37,949
MeiHua Holdings Group Co. Ltd., Class A		2,500		3,343
Muyuan Foods Co. Ltd., Class A		4,985		27,281
New Hope Liuhe Co. Ltd., Class A*		4,072		5,702
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		1,092		3,942
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,174		39,269
Shede Spirits Co. Ltd., Class A		300		4,214
Sichuan Swellfun Co. Ltd., Class A		500		4,095
Tsingtao Brewery Co. Ltd., Class A		600		6,265
Wens Foodstuffs Group Co. Ltd., Class A		5,844		15,762
Wuliangye Yibin Co. Ltd., Class A		3,554		74,230
Yifeng Pharmacy Chain Co. Ltd., Class A		960		5,125
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,000		4,889
Yonghui Superstores Co. Ltd., Class A*		8,100		3,460
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		1,200		2,840
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		300		3,002
(Cost $431,732)				700,742
Energy — 3.3%
China Merchants Energy Shipping Co. Ltd., Class A		8,100		6,817
China Petroleum & Chemical Corp., Class A		28,850		22,099
China Shenhua Energy Co. Ltd., Class A		6,000		26,459
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		3,200		5,906
Guanghui Energy Co. Ltd., Class A		5,800		5,897
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		1,800		3,678
Jizhong Energy Resources Co. Ltd., Class A		3,300		3,230
Offshore Oil Engineering Co. Ltd., Class A		3,900		3,512
PetroChina Co. Ltd., Class A		19,635		19,742
Shaanxi Coal Industry Co. Ltd., Class A		8,999		24,548
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		3,300		4,108
Shanxi Coking Coal Energy Group Co. Ltd., Class A		5,600		7,630
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		2,700		8,269
Yankuang Energy Group Co. Ltd., Class A		3,450		9,928
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		900		3,737
(Cost $102,122)				155,560

	Number of Shares		Value
Financials — 18.2%
Agricultural Bank of China Ltd., Class A		77,517	$	39,730
AVIC Industry-Finance Holdings Co. Ltd., Class A		8,010		3,668
Bank of Beijing Co. Ltd., Class A		19,114		12,125
Bank of Changsha Co. Ltd., Class A		3,800		3,613
Bank of Chengdu Co. Ltd., Class A		3,750		5,939
Bank of China Ltd., Class A		33,012		18,445
Bank of Communications Co. Ltd., Class A		36,538		29,881
Bank of Hangzhou Co. Ltd., Class A		5,240		7,294
Bank of Jiangsu Co. Ltd., Class A		14,499		13,441
Bank of Nanjing Co. Ltd., Class A		9,300		9,403
Bank of Ningbo Co. Ltd., Class A		6,155		19,755
Bank of Shanghai Co. Ltd., Class A		12,735		10,504
Bank of Suzhou Co. Ltd., Class A		3,400		3,090
BOC International China Co. Ltd., Class A		2,800		4,223
Caitong Securities Co. Ltd., Class A		4,110		4,639
Changjiang Securities Co. Ltd., Class A		3,600		2,803
China Construction Bank Corp., Class A		8,600		7,708
China Everbright Bank Co. Ltd., Class A		41,531		16,808
China Galaxy Securities Co. Ltd., Class A		3,700		6,482
China Great Wall Securities Co. Ltd., Class A		2,700		3,134
China International Capital Corp. Ltd., Class A		2,200		12,508
China Life Insurance Co. Ltd., Class A		2,514		10,576
China Merchants Bank Co. Ltd., Class A		18,743		75,565
China Merchants Securities Co. Ltd., Class A		6,131		12,080
China Minsheng Banking Corp. Ltd., Class A		32,971		17,776
China Pacific Insurance Group Co. Ltd., Class A		6,277		21,175
China Zheshang Bank Co. Ltd., Class A		18,990		6,728
Chongqing Rural Commercial Bank Co. Ltd., Class A		7,700		4,389
CITIC Securities Co. Ltd., Class A		11,093		33,321
CNPC Capital Co. Ltd., Class A		5,600		4,509
CSC Financial Co. Ltd., Class A		3,900		14,080
Dongxing Securities Co. Ltd., Class A		3,100		3,746
East Money Information Co. Ltd., Class A		14,529		29,786
Everbright Securities Co. Ltd., Class A		3,637		8,276
First Capital Securities Co. Ltd., Class A		4,000		3,422
Founder Securities Co. Ltd., Class A		7,700		9,359
GF Securities Co. Ltd., Class A		5,300		10,695
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		3,867		3,439
Guolian Securities Co. Ltd., Class A*		2,100		3,426
Guosen Securities Co. Ltd., Class A		5,700		7,583
Guotai Junan Securities Co. Ltd., Class A		7,051		14,910
Guoyuan Securities Co. Ltd., Class A		3,890		3,753
Haitong Securities Co. Ltd., Class A		8,914		12,133
Hithink RoyalFlush Information Network Co. Ltd., Class A		500		9,836
Huatai Securities Co. Ltd., Class A		6,880		13,806
Huaxi Securities Co. Ltd., Class A		2,800		3,113
Huaxia Bank Co. Ltd., Class A		12,598		10,232

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Industrial & Commercial Bank of China Ltd., Class A		57,233	$	38,551
Industrial Bank Co. Ltd., Class A		18,785		38,407
Industrial Securities Co. Ltd., Class A		7,720		6,573
Nanjing Securities Co. Ltd., Class A		3,400		3,871
New China Life Insurance Co. Ltd., Class A		1,964		8,595
Orient Securities Co. Ltd., Class A		6,385		7,788
People’s Insurance Co. Group of China Ltd., Class A		8,600		6,082
Ping An Bank Co. Ltd., Class A		17,566		23,812
Ping An Insurance Group Co. of China Ltd., Class A		9,809		56,044
Postal Savings Bank of China Co. Ltd., Class A		26,700		16,414
SDIC Capital Co. Ltd., Class A		5,700		5,508
Shanghai Pudong Development Bank Co. Ltd., Class A		26,527		25,446
Shanghai Rural Commercial Bank Co. Ltd., Class A		7,500		6,018
Shanxi Securities Co. Ltd., Class A		3,680		2,876
Shenwan Hongyuan Group Co. Ltd., Class A		21,195		13,386
Sinolink Securities Co. Ltd., Class A		3,500		4,686
SooChow Securities Co. Ltd., Class A		4,473		4,804
Southwest Securities Co. Ltd., Class A		4,200		2,423
Tianfeng Securities Co. Ltd., Class A*		7,700		3,440
Western Securities Co. Ltd., Class A		4,600		4,252
Zheshang Securities Co. Ltd., Class A		3,400		4,999
Zhongtai Securities Co. Ltd., Class A		6,200		6,243
(Cost $934,593)				873,125
Health Care — 9.0%
Aier Eye Hospital Group Co. Ltd., Class A		8,418		20,111
Apeloa Pharmaceutical Co. Ltd., Class A		1,300		3,037
Asymchem Laboratories Tianjin Co. Ltd., Class A		320		6,453
Autobio Diagnostics Co. Ltd., Class A		500		3,595
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,500		6,728
Beijing Tongrentang Co. Ltd., Class A		1,200		8,931
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		812		5,551
Betta Pharmaceuticals Co. Ltd., Class A		400		3,192
BGI Genomics Co. Ltd., Class A		400		2,874
Bloomage Biotechnology Corp. Ltd., Class A		303		3,021
Changchun High & New Technology Industry Group, Inc., Class A		400		9,012
China Meheco Co. Ltd., Class A		1,400		2,357
China National Medicines Corp. Ltd., Class A		700		2,995
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		875		5,953
Chongqing Taiji Industry Group Co. Ltd., Class A*		500		3,612
Chongqing Zhifei Biological Products Co. Ltd., Class A		2,100		19,180

	Number of Shares		Value
Health Care (Continued)
CSPC Innovation Pharmaceutical Co. Ltd., Class A		1,100	$	6,516
Dong-E-E-Jiao Co. Ltd., Class A		500		3,529
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,300		5,489
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		400		3,697
Hangzhou Tigermed Consulting Co. Ltd., Class A		350		3,044
Huadong Medicine Co. Ltd., Class A		1,560		8,911
Hualan Biological Engineering, Inc., Class A		1,840		6,228
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		900		4,024
Humanwell Healthcare Group Co. Ltd., Class A		1,200		4,473
Imeik Technology Development Co. Ltd., Class A		200		8,529
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		5,776		38,841
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		800		2,884
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		1,000		4,782
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		1,300		2,303
Jointown Pharmaceutical Group Co. Ltd., Class A		3,129		3,291
Kangmei Pharmaceutical Co. Ltd., Class A*		12,413		3,355
Lepu Medical Technology Beijing Co. Ltd., Class A		1,700		4,087
Livzon Pharmaceutical Group, Inc., Class A		600		2,942
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		4,132		3,582
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		923		2,021
Ovctek China, Inc., Class A		860		2,936
Pharmaron Beijing Co. Ltd., Class A		975		4,560
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		1,238		3,114
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,900		7,423
Shanghai Junshi Biosciences Co. Ltd., Class A*		745		4,703
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,500		6,288
Shanghai RAAS Blood Products Co. Ltd., Class A		6,100		6,791
Shanghai United Imaging Healthcare Co. Ltd., Class A		746		14,939
Shenzhen Kangtai Biological Products Co. Ltd., Class A		820		3,688
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,100		44,806
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		700		6,887
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		1,000		4,697

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		1,480	$	5,206
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,200		4,819
Topchoice Medical Corp., Class A*		300		3,442
Walvax Biotechnology Co. Ltd., Class A		1,300		4,504
WuXi AppTec Co. Ltd., Class A		2,336		27,021
Yunnan Baiyao Group Co. Ltd., Class A		1,578		11,122
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		596		21,096
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1,420		3,112
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		400		1,538
Zhejiang NHU Co. Ltd., Class A		2,764		6,588
(Cost $392,422)				428,410
Industrials — 14.4%
AECC Aero-Engine Control Co. Ltd., Class A		1,200		3,447
AECC Aviation Power Co. Ltd., Class A		2,400		12,086
Air China Ltd., Class A*		10,500		11,866
AVICOPTER PLC, Class A		400		2,096
Beijing Easpring Material Technology Co. Ltd., Class A		500		2,867
Beijing New Building Materials PLC, Class A		1,300		4,253
Beijing United Information Technology Co. Ltd., Class A		775		3,691
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		44,700		31,611
China Baoan Group Co. Ltd., Class A		2,700		4,420
China CSSC Holdings Ltd., Class A		4,000		15,482
China Eastern Airlines Corp. Ltd., Class A*		14,800		8,705
China Energy Engineering Corp. Ltd., Class A		30,300		9,038
China National Chemical Engineering Co. Ltd., Class A		5,200		4,821
China Railway Group Ltd., Class A		19,000		15,006
China Southern Airlines Co. Ltd., Class A*		10,800		9,301
China State Construction Engineering Corp. Ltd., Class A		38,000		26,447
China XD Electric Co. Ltd., Class A		3,800		2,453
Contemporary Amperex Technology Co. Ltd., Class A		4,020		94,012
COSCO SHIPPING Development Co. Ltd., Class A		10,800		3,524
COSCO SHIPPING Holdings Co. Ltd., Class A		11,950		16,751
CRRC Corp. Ltd., Class A		22,000		16,020
CSSC Science & Technology Co. Ltd., Class A		1,400		3,605
Daqin Railway Co. Ltd., Class A		14,200		14,437
Dongfang Electric Corp. Ltd., Class A		2,500		5,101
Eve Energy Co. Ltd., Class A		1,862		11,001
Fangda Carbon New Material Co. Ltd., Class A*		4,273		3,459

	Number of Shares		Value
Industrials (Continued)
Farasis Energy Gan Zhou Co. Ltd., Class A*		1,164	$	3,055
FAW Jiefang Group Co. Ltd., Class A*		3,200		4,432
Ginlong Technologies Co. Ltd., Class A		350		3,267
Goldwind Science & Technology Co. Ltd., Class A		3,343		4,073
Gongniu Group Co. Ltd., Class A		400		5,476
GoodWe Technologies Co. Ltd., Class A		176		2,657
Gotion High-tech Co. Ltd., Class A*		1,600		4,963
Guangzhou Baiyun International Airport Co. Ltd., Class A*		2,000		3,089
Hainan Airlines Holding Co. Ltd., Class A*		38,000		7,716
Hongfa Technology Co. Ltd., Class A		420		1,711
Jiangsu Hengli Hydraulic Co. Ltd., Class A		1,208		9,524
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,400		6,180
Jiangxi Special Electric Motor Co. Ltd., Class A*		1,700		2,471
Juneyao Airlines Co. Ltd., Class A*		1,800		3,431
Keda Industrial Group Co. Ltd., Class A		1,800		2,518
Kuang-Chi Technologies Co. Ltd., Class A		2,200		4,298
Liaoning Port Co. Ltd., Class A		14,800		3,109
Metallurgical Corp. of China Ltd., Class A		16,314		7,082
Ming Yang Smart Energy Group Ltd., Class A		2,200		4,150
NARI Technology Co. Ltd., Class A		7,488		23,079
Ningbo Deye Technology Co. Ltd., Class A		360		3,179
Ningbo Orient Wires & Cables Co. Ltd., Class A		700		4,019
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		469		2,563
North Industries Group Red Arrow Co. Ltd., Class A		1,400		2,913
Power Construction Corp. of China Ltd., Class A		15,500		10,831
Pylon Technologies Co. Ltd., Class A		159		2,270
Range Intelligent Computing Technology Group Co. Ltd., Class A		1,300		4,915
Sany Heavy Industry Co. Ltd., Class A		7,650		14,623
SF Holding Co. Ltd., Class A		4,400		26,039
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		600		2,498
Shanghai Construction Group Co. Ltd., Class A		8,700		3,046
Shanghai Electric Group Co. Ltd., Class A*		11,400		7,040
Shanghai International Airport Co. Ltd., Class A*		995		4,999
Shanghai International Port Group Co. Ltd., Class A		6,500		4,578
Shanghai M&G Stationery, Inc., Class A		900		5,007
Shanghai Moons’ Electric Co. Ltd., Class A		400		4,200
Shanxi Coal International Energy Group Co. Ltd., Class A		1,600		4,096
Shenzhen Inovance Technology Co. Ltd., Class A		1,200		11,093
Shuangliang Eco-Energy Systems Co. Ltd., Class A		1,600		1,925

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Sichuan Road & Bridge Group Co. Ltd., Class A		6,580	$	7,113
Sieyuan Electric Co. Ltd., Class A		600		4,162
Sinoma International Engineering Co., Class A		1,900		2,493
Spring Airlines Co. Ltd., Class A*		900		6,689
Sungrow Power Supply Co. Ltd., Class A		1,400		16,311
Sunwoda Electronic Co. Ltd., Class A		1,800		3,834
Suzhou Maxwell Technologies Co. Ltd., Class A		256		3,872
TBEA Co. Ltd., Class A		4,525		8,827
Titan Wind Energy Suzhou Co. Ltd., Class A*		1,800		3,148
Weichai Power Co. Ltd., Class A		6,200		12,937
XCMG Construction Machinery Co. Ltd., Class A		10,649		8,247
Xiamen C & D, Inc., Class A		2,900		3,846
YTO Express Group Co. Ltd., Class A		3,100		5,709
Yunda Holding Co. Ltd., Class A		2,810		3,380
Yutong Bus Co. Ltd., Class A		1,700		3,204
Zhefu Holding Group Co. Ltd., Class A		5,000		2,563
Zhejiang Chint Electrics Co. Ltd., Class A		1,717		5,273
Zhejiang Dingli Machinery Co. Ltd., Class A		280		1,906
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,600		6,480
Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,590		3,939
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,700		3,561
Zhuzhou CRRC Times Electric Co. Ltd., Class A		728		3,924
Zhuzhou Kibing Group Co. Ltd., Class A		2,400		2,638
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		6,350		5,735
(Cost $649,615)				691,406
Information Technology — 14.9%
360 Security Technology, Inc., Class A*		6,500		7,901
3peak, Inc., Class A		121		2,742
Accelink Technologies Co. Ltd., Class A		700		2,680
Advanced Micro-Fabrication Equipment, Inc., China, Class A		580		13,799
Amlogic Shanghai Co. Ltd., Class A		386		3,307
Anker Innovations Technology Co. Ltd., Class A		300		3,713
ASR Microelectronics Co. Ltd., Class A*		300		2,813
Avary Holding Shenzhen Co. Ltd., Class A		1,700		5,130
Beijing E-Hualu Information Technology Co. Ltd., Class A*		600		2,843
Beijing Kingsoft Office Software, Inc., Class A		421		17,790
Beijing Shiji Information Technology Co. Ltd., Class A*		2,256		3,371
BOE Technology Group Co. Ltd., Class A		35,002		18,969
Cambricon Technologies Corp. Ltd., Class A*		350		7,343

	Number of Shares		Value
Information Technology (Continued)
CETC Cyberspace Security Technology Co. Ltd., Class A		800	$	2,565
Chaozhou Three-Circle Group Co. Ltd., Class A		1,758		7,218
China Greatwall Technology Group Co. Ltd., Class A		2,900		4,532
China National Software & Service Co. Ltd., Class A		780		3,757
China Railway Signal & Communication Corp. Ltd., Class A		6,119		3,727
China Resources Microelectronics Ltd., Class A		1,151		7,569
China Zhenhua Group Science & Technology Co. Ltd., Class A		500		4,525
DHC Software Co. Ltd., Class A		2,500		2,234
Empyrean Technology Co. Ltd., Class A		300		4,130
Eoptolink Technology, Inc. Ltd., Class A		600		3,890
Everdisplay Optronics Shanghai Co. Ltd., Class A*		11,042		4,160
Flat Glass Group Co. Ltd., Class A		1,400		4,962
Foxconn Industrial Internet Co. Ltd., Class A		12,100		25,586
GalaxyCore, Inc., Class A		1,545		4,442
GigaDevice Semiconductor, Inc., Class A		612		8,065
GoerTek, Inc., Class A		3,077		7,756
GRG Banking Equipment Co. Ltd., Class A		2,600		4,442
Guangzhou Haige Communications Group, Inc. Co., Class A		1,800		3,191
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		700		4,439
Hangzhou Chang Chuan Technology Co. Ltd., Class A		600		3,386
Hangzhou First Applied Material Co. Ltd., Class A		1,681		5,468
Hangzhou Lion Electronics Co. Ltd., Class A		700		3,151
Hangzhou Silan Microelectronics Co. Ltd., Class A		1,400		4,737
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		1,600		3,032
Hengtong Optic-electric Co. Ltd., Class A		2,300		4,010
Hoyuan Green Energy Co. Ltd., Class A		586		2,716
Huagong Tech Co. Ltd., Class A		900		3,729
Hundsun Technologies, Inc., Class A		1,746		7,342
Hygon Information Technology Co. Ltd., Class A		1,754		17,628
IEIT Systems Co. Ltd., Class A		1,288		6,354
Iflytek Co. Ltd., Class A		2,134		13,373
Ingenic Semiconductor Co. Ltd., Class A		500		4,765
Isoftstone Information Technology Group Co. Ltd., Class A*		850		4,765
JA Solar Technology Co. Ltd., Class A		3,032		8,449
JCET Group Co. Ltd., Class A		1,400		5,987
Jiangsu Pacific Quartz Co. Ltd., Class A		300		3,607
Jinko Solar Co. Ltd., Class A		5,700		7,088
Lens Technology Co. Ltd., Class A		4,600		8,413
Lingyi iTech Guangdong Co., Class A		6,400		5,996
LONGi Green Energy Technology Co. Ltd., Class A		6,903		20,522

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Luxshare Precision Industry Co. Ltd., Class A		6,633	$	29,566
Maxscend Microelectronics Co. Ltd., Class A		512		9,930
Montage Technology Co. Ltd., Class A		1,029		8,499
National Silicon Industry Group Co. Ltd., Class A*		2,000		4,946
NAURA Technology Group Co. Ltd., Class A		500		16,423
NavInfo Co. Ltd., Class A*		2,200		3,019
Ninestar Corp., Class A		1,200		4,645
OFILM Group Co. Ltd., Class A*		3,000		4,260
Qi An Xin Technology Group, Inc., Class A*		600		3,781
Raytron Technology Co. Ltd., Class A		495		3,487
Risen Energy Co. Ltd., Class A		1,000		2,260
Rockchip Electronics Co. Ltd., Class A		300		2,765
Sanan Optoelectronics Co. Ltd., Class A		4,200		8,164
Sangfor Technologies, Inc., Class A*		400		4,728
SG Micro Corp., Class A		387		4,860
Shanghai Aiko Solar Energy Co. Ltd., Class A		1,540		3,489
Shanghai Baosight Software Co. Ltd., Class A		1,621		9,534
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		128		4,035
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		500		3,133
Shengyi Technology Co. Ltd., Class A		1,800		4,318
Shennan Circuits Co. Ltd., Class A		380		3,889
Shenzhen Goodix Technology Co. Ltd., Class A*		400		4,075
Shenzhen Kaifa Technology Co. Ltd., Class A		1,200		2,874
Shenzhen SC New Energy Technology Corp., Class A		300		2,954
Shenzhen SED Industry Co. Ltd., Class A		800		2,182
Shenzhen Sunlord Electronics Co. Ltd., Class A		800		3,039
Shenzhen Transsion Holdings Co. Ltd., Class A		696		10,786
StarPower Semiconductor Ltd., Class A		200		5,273
SUPCON Technology Co. Ltd., Class A		580		3,557
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,500		3,913
Suzhou TFC Optical Communication Co. Ltd., Class A		400		4,106
TCL Technology Group Corp., Class A*		16,800		9,834
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		3,600		8,409
Thunder Software Technology Co. Ltd., Class A		400		4,492
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		800		3,462
Tianma Microelectronics Co. Ltd., Class A*		2,500		3,806
Tianshui Huatian Technology Co. Ltd., Class A		2,200		2,754

	Number of Shares		Value
Information Technology (Continued)
TongFu Microelectronics Co. Ltd., Class A		1,200	$	3,815
Tongwei Co. Ltd., Class A		4,100		14,067
Trina Solar Co. Ltd., Class A		1,952		7,370
Tsinghua Tongfang Co. Ltd., Class A*		3,100		3,516
Unigroup Guoxin Microelectronics Co. Ltd., Class A*		739		7,498
Unisplendour Corp. Ltd., Class A*		2,508		7,098
Universal Scientific Industrial Shanghai Co. Ltd., Class A		1,700		3,550
Verisilicon Microelectronics Shanghai Co. Ltd., Class A*		400		2,991
Will Semiconductor Co. Ltd., Class A		1,115		16,901
Wingtech Technology Co. Ltd., Class A*		1,164		7,862
Wuhan Guide Infrared Co. Ltd., Class A		4,319		4,693
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,610		4,660
Wuxi Autowell Technology Co. Ltd., Class A		232		2,958
Xiamen Faratronic Co. Ltd., Class A		200		2,633
Xinjiang Daqo New Energy Co. Ltd., Class A		1,500		6,468
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		500		2,623
Yealink Network Technology Corp. Ltd., Class A		1,260		5,678
Yonyou Network Technology Co. Ltd., Class A		3,026		7,081
Zhejiang Dahua Technology Co. Ltd., Class A		3,200		8,662
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,200		7,254
Zhongji Innolight Co. Ltd., Class A		700		9,305
ZTE Corp., Class A		3,700		13,280
(Cost $745,139)				713,319
Materials — 10.5%
Aluminum Corp. of China Ltd., Class A		12,008		9,316
Anhui Conch Cement Co. Ltd., Class A		3,564		11,479
Anhui Honglu Steel Construction Group Co. Ltd., Class A		780		2,582
Asia — Potash International Investment Guangzhou Co. Ltd., Class A*		500		1,900
Baoshan Iron & Steel Co. Ltd., Class A		20,657		17,993
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,000		3,015
Canmax Technologies Co. Ltd., Class A		780		2,632
Cathay Biotech, Inc., Class A		513		3,905
Chengxin Lithium Group Co. Ltd., Class A		800		2,437
Chifeng Jilong Gold Mining Co. Ltd., Class A*		1,400		2,727
China Jushi Co. Ltd., Class A		3,672		5,692
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		3,393		9,427
China Rare Earth Resources And Technology Co. Ltd., Class A		900		3,525
CMOC Group Ltd., Class A		16,400		11,965
CNGR Advanced Material Co. Ltd., Class A		600		4,131
Do-Fluoride New Materials Co. Ltd., Class A		1,120		2,351
Ganfeng Lithium Group Co. Ltd., Class A		1,280		6,991

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Materials (Continued)
GEM Co. Ltd., Class A		3,500	$	2,764
Guangdong HEC Technology Holding Co. Ltd., Class A*		2,600		2,421
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,880		6,371
Hangzhou Oxygen Plant Group Co. Ltd., Class A		900		3,969
Haohua Chemical Science & Technology Co. Ltd., Class A		600		2,493
Henan Shenhuo Coal & Power Co. Ltd., Class A		2,100		4,638
Hengli Petrochemical Co. Ltd., Class A*		6,220		12,220
Hengyi Petrochemical Co. Ltd., Class A*		2,260		2,171
Hesteel Co. Ltd., Class A		11,200		3,403
Hoshine Silicon Industry Co. Ltd., Class A		700		4,868
Huafon Chemical Co. Ltd., Class A		4,000		3,843
Huaibei Mining Holdings Co. Ltd., Class A		2,300		5,102
Hubei Feilihua Quartz Glass Co. Ltd., Class A		500		2,910
Hubei Xingfa Chemicals Group Co. Ltd., Class A		1,200		3,161
Hunan Valin Steel Co. Ltd., Class A		6,100		4,724
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		40,000		8,570
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		6,495		3,529
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		3,700		3,290
Jiangsu Eastern Shenghong Co. Ltd., Class A		5,800		8,220
Jiangsu Yangnong Chemical Co. Ltd., Class A		390		3,531
Jiangsu Yoke Technology Co. Ltd., Class A		500		4,311
Jiangxi Copper Co. Ltd., Class A		1,844		4,573
Jinduicheng Molybdenum Co. Ltd., Class A		3,000		3,987
LB Group Co. Ltd., Class A		2,000		4,834
Luxi Chemical Group Co. Ltd., Class A		800		1,114
Ningbo Shanshan Co. Ltd., Class A		2,200		4,116
Ningxia Baofeng Energy Group Co. Ltd., Class A		6,600		13,559
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		8,500		4,035
Qinghai Salt Lake Industry Co. Ltd., Class A*		4,900		10,876
Rongsheng Petrochemical Co. Ltd., Class A		9,228		13,892
Satellite Chemical Co. Ltd., Class A*		2,586		5,780
Shandong Gold Mining Co. Ltd., Class A		3,253		10,568
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,870		7,817
Shandong Nanshan Aluminum Co. Ltd., Class A		9,900		3,993
Shandong Sun Paper Industry JSC Ltd., Class A		2,600		4,373
Shanghai Putailai New Energy Technology Co. Ltd., Class A		2,001		6,431
Shanxi Meijin Energy Co. Ltd., Class A*		3,700		3,746

	Number of Shares		Value
Materials (Continued)
Shanxi Taigang Stainless Steel Co. Ltd., Class A		5,400	$	2,919
Shenghe Resources Holding Co. Ltd., Class A		1,600		2,319
Shenzhen Capchem Technology Co. Ltd., Class A		720		4,501
Shenzhen Dynanonic Co. Ltd., Class A		220		1,990
Shenzhen Senior Technology Material Co. Ltd., Class A		1,198		2,510
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		900		3,288
Sichuan Hebang Biotechnology Co. Ltd., Class A		9,200		3,015
Sinoma Science & Technology Co. Ltd., Class A		1,500		3,529
Sinomine Resource Group Co. Ltd., Class A		588		2,833
Sinopec Shanghai Petrochemical Co. Ltd., Class A*		6,570		2,686
Skshu Paint Co. Ltd., Class A*		476		3,600
Sunresin New Materials Co. Ltd., Class A		450		3,169
Tangshan Jidong Cement Co. Ltd., Class A		2,400		2,336
Tianqi Lithium Corp., Class A		1,300		9,117
Tianshan Aluminum Group Co. Ltd., Class A		4,100		3,468
Tongkun Group Co. Ltd., Class A*		2,100		3,996
Tongling Nonferrous Metals Group Co. Ltd., Class A		11,700		4,981
Wanhua Chemical Group Co. Ltd., Class A		2,900		32,752
Weihai Guangwei Composites Co. Ltd., Class A		800		2,790
Western Mining Co. Ltd., Class A		2,100		3,770
Western Superconducting Technologies Co. Ltd., Class A		610		4,482
Xiamen Tungsten Co. Ltd., Class A		1,400		3,370
Yintai Gold Co. Ltd., Class A		2,480		5,140
YongXing Special Materials Technology Co. Ltd., Class A		520		3,203
Yunnan Aluminium Co. Ltd., Class A		3,100		5,587
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		4,800		3,388
Yunnan Energy New Material Co. Ltd., Class A		900		7,420
Yunnan Tin Co. Ltd., Class A		1,700		3,285
Yunnan Yuntianhua Co. Ltd., Class A		1,800		3,962
Zangge Mining Co. Ltd., Class A		1,600		5,359
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,401		6,298
Zhejiang Juhua Co. Ltd., Class A		2,500		5,563
Zhejiang Longsheng Group Co. Ltd., Class A		3,000		3,617
Zhongjin Gold Corp. Ltd., Class A		4,500		6,787
Zijin Mining Group Co. Ltd., Class A		18,797		32,061
(Cost $554,948)				501,362
Real Estate — 1.6%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		7,815		11,403
China Vanke Co. Ltd., Class A		8,396		13,451

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2023 (Unaudited)

	Number of Shares		Value
Real Estate (Continued)
Gemdale Corp., Class A		4,722	$	3,386
Greenland Holdings Corp. Ltd., Class A*		10,200		3,528
Hainan Airport Infrastructure Co. Ltd., Class A*		10,000		5,699
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		3,000		3,243
Poly Developments and Holdings Group Co. Ltd., Class A		11,273		16,197
Seazen Holdings Co. Ltd., Class A*		1,913		3,434
Shanghai Lingang Holdings Corp. Ltd., Class A		2,500		3,844
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		1,400		4,460
Shenzhen Overseas Chinese Town Co. Ltd., Class A*		8,300		4,010
Youngor Group Co. Ltd., Class A		4,200		3,988
(Cost $115,949)				76,643
Utilities — 4.0%
CECEP Solar Energy Co. Ltd., Class A		4,100		3,198
CECEP Wind-Power Corp., Class A		6,760		2,916
CGN Power Co. Ltd., Class A		14,200		6,025
China National Nuclear Power Co. Ltd., Class A		17,184		16,917
China Three Gorges Renewables Group Co. Ltd., Class A		26,900		17,328
China Yangtze Power Co. Ltd., Class A		22,300		71,294
Datang International Power Generation Co. Ltd., Class A		7,800		2,731
ENN Natural Gas Co. Ltd., Class A		2,500		5,612
GD Power Development Co. Ltd., Class A		16,200		8,961
Huadian Power International Corp. Ltd., Class A		7,700		5,521

	Number of Shares		Value
Utilities (Continued)
Huaneng Power International, Inc., Class A*		8,400	$	9,069
SDIC Power Holdings Co. Ltd., Class A		6,700		11,634
Shanghai Electric Power Co. Ltd., Class A		2,600		3,204
Shenergy Co. Ltd., Class A		4,000		3,355
Shenzhen Energy Group Co. Ltd., Class A		4,200		3,593
Sichuan Chuantou Energy Co. Ltd., Class A		4,100		8,199
Wintime Energy Group Co. Ltd., Class A*		20,000		3,977
Zhejiang Zheneng Electric Power Co. Ltd., Class A*		10,000		6,498
(Cost $180,973)				190,032
TOTAL COMMON STOCKS (Cost $4,446,790)				4,715,036
EXCHANGE-TRADED FUNDS — 0.6%
Xtrackers Harvest CSI 300 China A-Shares ETF (a)		300		7,449
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (a)		800		22,408
(Cost $30,389)				29,857
CASH EQUIVALENTS — 1.3%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) (Cost $64,129)		64,129		64,129
TOTAL INVESTMENTS — 100.4%
(Cost $4,541,308)			$	4,809,022
Other assets and liabilities, net — (0.4%)				(21,345	)
NET ASSETS — 100.0%			$	4,787,677

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
EXCHANGE-TRADED FUNDS — 0.6%
Xtrackers Harvest CSI 300 China A-Shares ETF (a)
		4,009		35,198		(29,895	)		(1,505	)		(358	)		—		—		300		7,449
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (a)
		—		22,376		—			—			32			—		—		800		22,408
CASH EQUIVALENTS — 1.3%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b)
		61,695		142,206		(139,772	)		—			—			582		—		64,129		64,129
		65,704		199,780		(169,667	)		(1,505	)		(326	)		582		—		65,229		93,986

* Non-income producing security.

(a) Affiliated fund advised by DBX Advisors LLC.

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

JSC: Joint Stock Company

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2023 (Unaudited)

At November 30, 2023, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
FTSE China A50 Index Futures	USD	2	$	23,664	$23,520		12/28/2023	$	(144	)

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

Currency Abbreviations

USD U.S. Dollar

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 November 30, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	4,715,036		$	—	$	—	$	4,715,036
Exchange-Traded Funds		29,857			—		—		29,857
Short-Term Investments (a)		64,129			—		—		64,129
TOTAL	$	4,809,022		$	—	$	—	$	4,809,022
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(144	)	$	—	$	—	$	(144	)
TOTAL	$	(144	)	$	—	$	—	$	(144	)

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

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

During the period ended November 30, 2023, the amount of transfers from Level 3 to Level 1 was $3,854. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs. Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements. 31

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2023 (Unaudited)

	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Assets
Investment in non-affiliated securities at value	$	1,992,608,080		$	22,364,922		$	3,270,040		$	4,715,036
Investment in affiliated securities at value		—			—			3,209,369			29,857
Investment in DWS Government Money Market Series		—			—			972			64,129
Cash		410,108			—			—			—
Foreign currency at value		5,437,927	†		82,879	†		9,156			—
Deposit with broker for futures contracts		—			—			—			1,540
Receivables:
Investment securities sold		—			—			27,653			158,916
Dividends		—			—			1,499			—
Interest		—			—			5			67
Securities lending income		—			—			1			—
Total assets	$	1,998,456,115		$	22,447,801		$	6,518,695		$	4,969,545
Liabilities
Due to custodian	$	—		$	1		$	—		$	—
Due to foreign custodian		—			—			—			43,444
Payables:
Investment securities purchased		—			—			30,034			135,358
Investment advisory fees		1,067,306			11,866			1,050			2,353
Variation margin on futures contracts		—			—			—			713
Total liabilities		1,067,306			11,867			31,084			181,868
Net Assets, at value	$	1,997,388,809		$	22,435,934		$	6,487,611		$	4,787,677
Net Assets Consist of
Paid-in capital	$	2,632,741,037		$	42,186,730		$	23,359,493		$	6,005,654
Distributable earnings (loss)		(635,352,228	)		(19,750,796	)		(16,871,882	)		(1,217,977	)
Net Assets, at value	$	1,997,388,809		$	22,435,934		$	6,487,611		$	4,787,677
Number of Common Shares outstanding		80,150,001			800,001			250,001			250,001
Net Asset Value	$	24.92		$	28.04		$	25.95		$	19.15
Investment in non-affiliated securities at cost	$	1,978,525,233		$	24,981,219		$	4,526,506		$	4,446,790
Investment in affiliated securities at cost	$	—		$	—		$	4,661,121		$	30,389
Investment in DWS Government Money Market Series at cost	$	—		$	—		$	972		$	64,129
Foreign currency at cost	$	5,342,448		$	81,135		$	9,518		$	—

† Included in foreign currency at value is $150,160 and $9,550 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

See Notes to Financial Statements. 32

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2023 (Unaudited)

	Xtrackers Harvest CSI 300 China A-Shares ETF			Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF			Xtrackers MSCI China A Inclusion Equity ETF
Investment Income
Unaffiliated interest income	$	3,624		$	80		$	—		$	—
Unaffiliated dividend income*		43,826,189			264,386			65,792			91,759
Income distributions from affiliated funds		—			—			64			582
Affiliated securities lending income		—			—			89			—
Total investment income		43,829,813			264,466			65,945			92,341
Expenses
Investment advisory fees		6,861,599			78,974			16,914			15,061
Other expenses		58			58			58			58
Total expenses		6,861,657			79,032			16,972			15,119
Less fees waived (see note 3):
Waiver		—			—			(10,139	)		(85	)
Net expenses		6,861,657			79,032			6,833			15,034
Net investment income (loss)		36,968,156			185,434			59,112			77,307
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(94,734,518	)		(837,944	)		(140,249	)		(33,655	)
Investments in affiliates		—			—			(5,189	)		(1,505	)
Futures contracts		—			—			612			(944	)
Foreign currency transactions		(685,170	)		(6,583	)		(195	)		104
Net realized gain (loss)		(95,419,688	)		(844,527	)		(145,021	)		(36,000	)
Net change in unrealized appreciation (depreciation) on:
Investments		(80,736,182	)		(1,437,068	)		126,532			(402,568	)
Investments in affiliates		—			—			(259,445	)		(326	)
Futures contracts		—			—			349			205
Foreign currency translations		190,746			3,341			400			(6	)
Net change in unrealized appreciation (depreciation)		(80,545,436	)		(1,433,727	)		(132,164	)		(402,695	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(175,965,124	)		(2,278,254	)		(277,185	)		(438,695	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(138,996,968	)	$	(2,092,820	)	$	(218,073	)	$	(361,388	)
*   Unaffiliated foreign tax withheld	$	4,879,897		$	29,650		$	5,194		$	10,248

See Notes to Financial Statements. 33

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Harvest CSI 300 China A-Shares ETF						Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	36,968,156		$	34,057,288		$	185,434		$	336,436
Net realized gain (loss)		(95,419,688	)		(145,222,998	)		(844,527	)		(1,591,517	)
Net change in net unrealized appreciation (depreciation)		(80,545,436	)		(198,385,419	)		(1,433,727	)		(36,890	)
Net increase (decrease) in net assets resulting from operations		(138,996,968	)		(309,551,129	)		(2,092,820	)		(1,291,971	)
Distributions to Shareholders		—			(23,017,176	)		—			(463,728	)
Fund Shares Transactions
Proceeds from shares sold		181,797,791			2,304,709,929			—			1,649,807
Value of shares redeemed		(378,479,342	)		(1,311,138,220	)		(1,350,737	)		(8,194,136	)
Net increase (decrease) in net assets resulting from fund share transactions		(196,681,551	)		993,571,709			(1,350,737	)		(6,544,329	)
Total net increase (decrease) in Net Assets		(335,678,519	)		661,003,404			(3,443,557	)		(8,300,028	)
Net Assets
Beginning of period		2,333,067,328			1,672,063,924			25,879,491			34,179,519
End of period	$	1,997,388,809		$	2,333,067,328		$	22,435,934		$	25,879,491
Changes in Shares Outstanding
Shares outstanding, beginning of period		87,250,001			54,250,001			850,001			1,050,001
Shares sold		7,150,000			75,050,000			—			50,000
Shares redeemed		(14,250,000	)		(42,050,000	)		(50,000	)		(250,000	)
Shares outstanding, end of period		80,150,001			87,250,001			800,001			850,001

See Notes to Financial Statements. 34

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI All China Equity ETF						Xtrackers MSCI China A Inclusion Equity ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	59,112		$	151,494		$	77,307		$	84,996
Net realized gain (loss)		(145,021	)		(521,954	)		(36,000	)		(72,011	)
Net change in net unrealized appreciation (depreciation)		(132,164	)		(763,439	)		(402,695	)		(744,455	)
Net increase (decrease) in net assets resulting from operations		(218,073	)		(1,133,899	)		(361,388	)		(731,470	)
Distributions to Shareholders		—			(129,968	)		—			(95,723	)
Fund Shares Transactions
Proceeds from shares sold		—			—			—			—
Value of shares redeemed		—			(1,474,801	)		—			—
Net increase (decrease) in net assets resulting from fund share transactions		—			(1,474,801	)		—			—
Total net increase (decrease) in Net Assets		(218,073	)		(2,738,668	)		(361,388	)		(827,193	)
Net Assets
Beginning of period		6,705,684			9,444,352			5,149,065			5,976,258
End of period	$	6,487,611		$	6,705,684		$	4,787,677		$	5,149,065
Changes in Shares Outstanding
Shares outstanding, beginning of period		250,001			300,001			250,001			250,001
Shares sold		—			—			—			—
Shares redeemed		—			(50,000	)		—			—
Shares outstanding, end of period		250,001			250,001			250,001			250,001

See Notes to Financial Statements. 35

DBX ETF Trust

Financial Highlights

Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	26.74		$	30.82		$	41.83		$	27.18		$	26.27		$	29.56
Income (loss) from investment operations:
Net investment income (loss)(a)		0.46			0.46			0.36			0.30			0.29			0.22
Net realized and unrealized gain (loss)		(2.28	)		(4.22	)		(11.02	)		14.67			0.91			(3.22	)
Total from investment operations		(1.82	)		(3.76	)		(10.66	)		14.97			1.20			(3.00	)
Less distributions from:
Net investment income		—			(0.32	)		(0.35	)		(0.32	)		(0.29	)		—
Net realized gains		—			—			—			—			—			(0.29	)
Total distributions		—			(0.32	)		(0.35	)		(0.32	)		(0.29	)		(0.29	)
Net Asset Value, end of period	$	24.92		$	26.74		$	30.82		$	41.83		$	27.18		$	26.27
Total Return (%)		(6.81	)**		(12.28	)		(25.67	)		55.20			4.50			(10.02	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,997			2,333			1,672			2,715			1,271			1,449
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		3.50	*		1.55			0.97			0.79			1.05			0.87
Portfolio turnover rate (%)(b)		14	**		69			95			78			115			81
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	30.45		$	32.55		$	38.36		$	27.59		$	25.93		$	32.53
Income (loss) from investment operations:
Net investment income (loss)(a)		0.22			0.36			0.28			0.13			0.17			0.20
Net realized and unrealized gain (loss)		(2.63	)		(1.88	)		(5.77	)		10.79			1.65			(6.80	)
Total from investment operations		(2.41	)		(1.52	)		(5.49	)		10.92			1.82			(6.60	)
Less distributions from:
Net investment income		—			(0.58	)		(0.32	)		(0.15	)		(0.16	)		—
Total distributions		—			(0.58	)		(0.32	)		(0.15	)		(0.16	)		—
Net Asset Value, end of period	$	28.04		$	30.45		$	32.55		$	38.36		$	27.59		$	25.93
Total Return (%)		(7.91	)**		(4.71	)		(14.50	)		39.64			7.02			(20.29	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		22			26			34			40			30			74
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.65			0.65
Ratio of net investment income (loss) (%)		1.53	*		1.13			0.73			0.37			0.63			0.74
Portfolio turnover rate (%)(b)		13	**		41			62			34			48			16

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

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 36

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI All China Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	26.82		$	31.48		$	46.64		$	32.66		$	31.13		$	37.78
Income (loss) from investment operations:
Net investment income (loss)(a)		0.24			0.55			0.54			0.48			0.76			0.36
Net realized and unrealized gain (loss)		(1.11	)		(4.69	)		(14.93	)		13.85			2.21			(6.42	)
Total from investment operations		(0.87	)		(4.14	)		(14.39	)		14.33			2.97			(6.06	)
Less distributions from:
Net investment income		—			(0.52	)		(0.77	)		(0.35	)		(1.44	)		(0.59	)
Total distributions		—			(0.52	)		(0.77	)		(0.35	)		(1.44	)		(0.59	)
Net Asset Value, end of period	$	25.95		$	26.82		$	31.48		$	46.64		$	32.66		$	31.13
Total Return (%)(b)		(3.24	)**		(13.28	)		(31.15	)		43.94			9.35			(15.89	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6			7			9			35			20			227
Ratio of expenses before fee waiver (%)(c)		0.50	*		0.50			0.50			0.50			0.50			0.50
Ratio of expenses after fee waiver (%)(c)		0.20	*		0.19			0.21			0.25			0.26			0.28
Ratio of net investment income (loss) (%)		1.75	*		1.83			1.34			1.10			2.27			1.07
Portfolio turnover rate (%)(d)		1	**		7			5			8			14			102
Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
				2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	20.60		$	23.90		$	31.38		$	19.98		$	18.75		$	20.80
Income (loss) from investment operations:
Net investment income (loss)(a)		0.31			0.34			0.32			0.20			0.41			0.15
Net realized and unrealized gain (loss)		(1.76	)		(3.26	)		(7.55	)		11.44			1.19			(2.03	)
Total from investment operations		(1.45	)		(2.92	)		(7.23	)		11.64			1.60			(1.88	)
Less distributions from:
Net investment income		—			(0.38	)		(0.25	)		(0.24	)		(0.37	)		(0.17	)
Total distributions		—			(0.38	)		(0.25	)		(0.24	)		(0.37	)		(0.17	)
Net Asset Value, end of period	$	19.15		$	20.60		$	23.90		$	31.38		$	19.98		$	18.75
Total Return (%)(b)		(7.04	)**		(12.32	)		(23.20	)		58.37			8.49			(8.91	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5			5			6			16			14			83
Ratio of expenses before fee waiver (%)(c)		0.60	*		0.60			0.60			0.60			0.60			0.60
Ratio of expenses after fee waiver (%)(c)		0.60	*		0.60			0.60			0.60			0.60			0.60
Ratio of net investment income (loss) (%)		3.08	*		1.48			1.11			0.74			2.03			0.75
Portfolio turnover rate (%)(d)		5	**		12			18			33			27			180

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

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

(c) The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 37

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 “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of November 30, 2023, the Trust consists of forty-four 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 Harvest CSI 300 China A-Shares ETF

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Xtrackers MSCI All China Equity ETF

Xtrackers MSCI China A Inclusion Equity 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 seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

Fund	Underlying Index
Xtrackers Harvest CSI 300 China A-Shares ETF	CSI 300 Index
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	CSI 500 Index
Xtrackers MSCI All China Equity ETF	MSCI China All Shares Index
Xtrackers MSCI China A Inclusion Equity ETF	MSCI China A Inclusion Index

CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index generally must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange for specified time periods, have demonstrated positive performance, and not be subject to abnormal volatility or other evidence of possible market manipulation, among other factors. The composition of the Underlying Index is reviewed every six-months.

MSCI China All Shares Index and MSCI China A Inclusion Equity Index are each calculated and maintained by MSCI, Inc. (“MSCI”). The MSCI China All Share Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, H-Shares, B-Shares, Red chips and P chips share classes as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Underlying Index is rebalanced on a quarterly basis.

38

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

The MSCI China A Inclusion Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together “Stock Connect”). “A-Shares” are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. Certain eligible A-Shares are traded on the Shanghai or Shenzhen Stock Exchanges. The Underlying Index is designed to track the inclusion of A-Shares in the MSCI Emerging Markets Index over time and is constructed by MSCI by applying eligibility criteria for the MSCI Global Investable Market Indexes, and then excluding mid- and small-capitalization A-Shares (as determined by MSCI), A-Shares suspended for trading for more than 50 days in the past 12 months and A-Shares that are not accessible through Stock Connect. The Underlying Index is weighted by each issuer’s free float-adjusted market capitalization (i.e., includes only shares that are readily available for trading in the market) available to foreign investors and includes only large-capitalization companies, as determined by MSCI. The Underlying Index is rebalanced on a quarterly basis.

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 is a diversified series of the Trust. In addition, each Fund, with the exception of Xtrackers MSCI All China Equity ETF, 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 the 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.

The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

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.

39

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Investments in open-end investment companies are valued at their NAV each business day and are categorized as a 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 Pricing Committee 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. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. 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 the policy of each Fund to pay out dividends from its net investment income, if any, to investors annually. 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

40

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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 November 30, 2023, the Funds did not incur any interest or penalties.

At May 31, 2023, 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 Harvest CSI 300 China A-Shares ETF	$	360,440,664	$	106,754,229	$	467,194,893
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		14,446,255		1,274,166		15,720,421
Xtrackers MSCI All China Equity ETF		8,211,386		5,835,377		14,046,763
Xtrackers MSCI China A Inclusion Equity ETF		1,388,705		62,745		1,451,450

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2023, the Fund listed below incurred and will elect to defer late year ordinary losses as follows. The Funds had no post-October capital losses.

	Late Year Ordinary Losses
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	$	7,668

As of May 31, 2023, 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 Harvest CSI 300 China A-Shares ETF	$	2,370,902,961	$	(44,198,192	)	$	234,245,855	$	(278,444,047	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		27,686,651		(1,927,298	)		3,275,951		(5,203,249	)
Xtrackers MSCI All China Equity ETF		9,457,373		(2,708,475	)		221,165		(2,929,640	)
Xtrackers MSCI China A Inclusion Equity ETF		4,586,096		561,902			1,206,229		(644,327	)

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 November 30, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (“WHT”) on dividends, WHT on bank deposit interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp duty. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non People’s Republic of

41

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

China (“PRC”) enterprises including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.

Since November 17, 2014, QFIIs and RQFIIs have been temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises). With respect to gains derived from equity investments prior to November 17, 2014, QFIIs and RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to QFIIs and RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014 as long as treaty relief is eligible. Land-rich enterprises refer to companies whose value of immovable property in the PRC is greater than 50% of the value of their total assets at any time during the three-year period before the alienation of the PRC companies’ shares. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

The PRC rules for taxation of QFIIs and RQFIIs are evolving and the tax regulations to be issued by the PRC State Taxation Administration and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.

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    Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for the Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF. Effective September 27, 2023, Deutsche Bank AG, serves as securities lending agent for Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF and may lend securities of the Funds to certain financial institutions under the terms if its 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 either cash or liquid, unencumbered assets 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 November 30, 2023, 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 (0.10% annualized effective rate as of November 30, 2023) 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

42

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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.

As of November 30, 2023, the Funds had no securities on loan.

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 Novem 30, 2023, Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity 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 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 November 30, 2023 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 November 30, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers MSCI China A Inclusion Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	(144	)

* Includes cumulative appreciation or cumulative depreciation on 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 November 30, 2023 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 MSCI All China Equity ETF	$	612
Xtrackers MSCI China A Inclusion Equity ETF		(944	)

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DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers MSCI All China Equity ETF	$	349
Xtrackers MSCI China A Inclusion Equity ETF		205

For the period ended November 30, 2023 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers MSCI All China Equity ETF	$	11,130
Xtrackers MSCI China A Inclusion Equity ETF		17,903

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.

Harvest Global Investments Limited serves as investment sub-Advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.

For its investment advisory services to the Funds below, the Advisor is 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 Harvest CSI 300 China A-Shares ETF		0.65	%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		0.65	%
Xtrackers MSCI All China Equity ETF		0.50	%
Xtrackers MSCI China A Inclusion Equity ETF		0.60	%

The Advisor for Xtrackers MSCI All China Equity ETF has contractually agreed, until November 14, 2024, to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. In addition, the Advisor has contractually agreed, until September 30, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the Fund from exceeding 0.50% of the Fund’s average daily net assets. For the period ended November 30, 2023, the Advisor waived $10,102 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

The Advisor for Xtrackers MSCI China A Inclusion Equity ETF 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 Fund’s

44

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

investments in affiliated funds. For the period ended November 30, 2023, the advisor waived $74 of the expenses of the Fund.

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 funds’ fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2023, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers MSCI All China Equity ETF	$	37
Xtrackers MSCI China A Inclusion Equity ETF		11

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 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 November 30, 2023, 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 Harvest CSI 300 China A-Shares ETF	$	288,506,886	$	447,135,543
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		3,016,711		4,136,201
Xtrackers MSCI All China Equity ETF		145,365		79,414
Xtrackers MSCI China A Inclusion Equity ETF		346,178		249,855

5. Fund Share Transactions

As of November 30, 2023, 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 disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of Xtrackers MSCI All China Equity ETF 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. The purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and Xtrackers MSCI China A Inclusion Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. 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, Xtrackers MSCI China A Inclusion Equity ETF may have a concentration of several shareholders, including affiliated funds, holding a significant percentage of shares outstanding. Investment

45

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

activities of these shareholders could have a material impact on the Fund. As of November 30, 2023, Xtrackers MSCI All China Equity ETF held 62% of the total shares outstanding of the Fund.

7. Investing in China

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 or regulatory limitations; restrictions on foreign ownership which require U.S. investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, a Qualified Foreign Investor (“QFI”) 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; different and less stringent financial reporting standards; and increased political pressure from the U.S. and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers MSCI China A Inclusion Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund 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 Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2023.

46

DBX ETF Trust

Other Information (Unaudited)

Regulatory Update — Tailored Shareholder Report

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

47

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.

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DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. 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. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards, the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. 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.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change 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 their 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 CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.

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.

Copyright © 2024 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	Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong	Administrator, custodian, fund accounting 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-049076-8 (1/24) DBX005765 (1/25)

(b) Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) There have been no changes in the registrant’s internal control over financial reporting that

occurred during the period covered by this report that has materially affected, or is reasonably 

likely to materially affect, the registrant’s internal controls over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes- Oxley Act of 2002 are attached hereto.
(a)(2)(1)	Not applicable.
(a)(2)(2)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	DBX ETF Trust
By (Signature and Title)	/s/ Freddi Klassen
	Freddi Klassen
	President and Chief Executive Officer

Date February 2, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Freddi Klassen
	Freddi Klassen
	President and Chief Executive Officer

Date February 2, 2024

By (Signature and Title)	/s/ Diane Kenneally
	Diane Kenneally
	Treasurer and Chief Financial Officer

Date February 2, 2024