DBX ETF Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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, 2021

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, 2021

Semi-Annual Report

DBX ETF Trust

Xtrackers Eurozone Equity ETF (EURZ)

Xtrackers International Real Estate ETF (HAUZ)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Eurozone Equity ETF		3
Xtrackers International Real Estate ETF		4
Xtrackers Japan JPX-Nikkei 400 Equity ETF		5
Fees and Expenses		6
Schedules of Investments
Xtrackers Eurozone Equity ETF		7
Xtrackers International Real Estate ETF		12
Xtrackers Japan JPX-Nikkei 400 Equity ETF		22
Statements of Assets and Liabilities		27
Statements of Operations		28
Statements of Changes in Net Assets		29
Financial Highlights		31
Notes to Financial Statements		33
Additional Information		41
Privacy Policy Notice		42

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report on three of our sector ETFs for the period ended November 30, 2021.

The global reopening continued during the reporting period, with trade restrictions being lifted in developed and emerging markets. The pace of economic recovery has been faster than expected, which, apart from growth, also accelerated inflation above central banks’ targets. The reopening of economies drove rapid increases in output and strong company earnings growth. The U.S. GDP¹ experienced accelerated growth despite softening in Q3 2021 due to a slowdown in spending growth along with lower fixed investments and exports. Global equity markets became more volatile as fear of inflation precipitated a rise in longer-term interest rates, with central banks emphasizing the transitory nature of higher current inflation and their commitment to avoiding withdrawal of support prematurely.

The Eurozone made a rapid recovery since most restrictions were lifted in April this year; however, supply chain disruptions and heightened concerns of rising inflation along with the detection of the Omicron COVID-19 variant kept the markets in check. On the positive side, the Eurozone PMI² flash survey rebounded in November, after three consecutive months of decline, as demand for services increased. The European Central Bank (ECB) signaled a “moderately lower” pace of asset purchases in Q4 2021. The Bank of England hinted that a modest tightening of monetary policy may be necessary to meet its inflation target before the asset purchase program ends. Among the market sectors, energy outperformed while information technology, especially semiconductor-related stocks, saw a robust advance. The consumer discretionary sector contracted as luxury goods companies faced pressure due to demand concerns from China.

Japan’s economy contracted in Q3 2021, falling below expectations, as global supply disruptions and fresh COVID-19 cases hit business and consumer spending, raising challenges for the new government’s growth plans. Prime Minister Yoshihide Suga faced constant public criticism for the government’s approach to tackling the virus and eventually announced his resignation, leading to Fumio Kishida becoming the country’s 100th prime minister. The automobile sector suffered major production cuts due to the shortage of semiconductors and the spread of COVID-19 in Southeast Asia, an important supplier of parts, bringing down personal consumption, exports, and capital expenditure. However, consumer turnout recovered sharply as the state of emergency and “special stricter measures” were lifted completely toward the end of September.

Global real estate markets continued their recovery, with some markets posting record year-to-date investment activity. With the hybrid working model introduced and adopted by various organizations, overall sentiment and activity in office markets across the globe improved, although at differing speeds. Leasing activity continued to pick up in many major retail markets. Prime spaces were highly sought after in countries with high vaccination rates and reduced containment measures, while markets dependent on international tourism spending lagged. Demand for logistics space outpaced supply and remained robust across the U.S., EMEA and Asia Pacific markets as a lack of space resulted in higher rents and vacancies hitting record lows. However, in the aftermath of Evergrande Group’s debt crisis, China’s real estate sector has continued to struggle. The country’s developers face USD12bn in trust payments due in December, a significant challenge for an industry whose liquidity crisis has spooked global markets.

We believe the global economy is positioned for an uneven recovery, with countries emerging from the crisis facing different challenges. The pandemic continues to affect economies, particularly emerging markets, as new variants of the virus cause uncertainty. High energy prices, rising inflation, and persistent supply constraints continue to threaten the overall recovery. Meanwhile, rate hikes by global central banks and the winding up of pandemic-era asset purchase programs appear imminent.

1

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

² Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.

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

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Eurozone Equity ETF (EURZ)

The Xtrackers Eurozone 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 NASDAQ Eurozone Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union (the “EMU” or “Eurozone”) of the European Union (“EU”). It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2021 (23.8% of Net Assets)

Description	% of Net Assets
ASML Holding NV (Netherlands)		4.8%
LVMH Moet Hennessy Louis Vuitton SE (France)		3.9%
SAP SE (Germany)		2.4%
Siemens AG (Germany)		2.2%
L’Oreal SA (France)		2.0%
TotalEnergies SE (France)		2.0%
Sanofi (France)		1.9%
Schneider Electric SE (France)		1.7%
Allianz SE (Germany)		1.5%
Air Liquide SA (France)		1.4%

Country Diversification* as of November 30, 2021

France	33.6%
Germany	26.0%
Netherlands	15.3%
Spain	7.2%
Italy	6.1%
Finland	3.6%
Belgium	3.1%
Ireland	2.1%
Other	3.0%
Total	100.0%

Sector Diversification* as of November 30, 2021

Consumer Discretionary	16.4%
Industrials	15.6%
Financials	15.0%
Information Technology	14.5%
Consumer Staples	7.8%
Materials	7.1%
Health Care	6.6%
Utilities	6.3%
Communication Services	5.2%
Energy	3.6%
Real Estate	1.9%
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 7.

3

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, 2021 (17.6% of Net Assets)

Description	% of Net Assets
Vonovia SE (Germany)		2.7%
Goodman Group (Australia)		2.7%
Segro PLC (United Kingdom)		2.0%
Mitsui Fudosan Co. Ltd. (Japan)		1.8%
Mitsubishi Estate Co. Ltd. (Japan)		1.7%
Sun Hung Kai Properties Ltd. (Hong Kong)		1.7%
Link (Hong Kong)		1.6%
Sumitomo Realty & Development Co. Ltd. (Japan)		1.3%
China Resources Land Ltd. (Hong Kong)		1.1%
CK Asset Holdings Ltd. (Hong Kong)		1.0%

Sector Diversification* as of November 30, 2021

Real Estate Operations/Development	32.5%
Diversified	16.2%
Real Estate Management/Services	14.4%
Warehouse/Industry	10.1%
Shopping Centers	8.1%
Office Property	6.7%
Apartments	3.7%
Other	8.3%
Total	100.0%

Country Diversification* as of November 30, 2021

Japan	20.6%
Hong Kong	11.7%
Australia	10.2%
United Kingdom	8.3%
Canada	6.6%
Sweden	6.3%
Singapore	6.0%
Germany	4.8%
France	2.7%
Israel	2.4%
Belgium	2.3%
Philippines	2.3%
Other	15.8%
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 12.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

The Xtrackers Japan JPX-Nikkei 400 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 JPX-Nikkei 400 Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies), “Mothers” (for high-growth and emerging stocks) and JASDAQ. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of November 30, 2021 (17.2% of Net Assets)

Description	% of Net Assets
Recruit Holdings Co. Ltd.		2.0%
Tokyo Electron Ltd.		2.0%
Sony Group Corp.		1.9%
Hoya Corp.		1.8%
Keyence Corp.		1.7%
Nippon Telegraph & Telephone Corp.		1.6%
Hitachi Ltd.		1.6%
Nidec Corp.		1.6%
Toyota Motor Corp.		1.5%
Daikin Industries Ltd.		1.5%

Sector Diversification* as of November 30, 2021

Industrials	24.9%
Consumer Discretionary	15.3%
Information Technology	14.5%
Health Care	11.0%
Financials	9.6%
Consumer Staples	8.0%
Communication Services	6.7%
Materials	5.3%
Real Estate	2.7%
Utilities	1.1%
Energy	0.9%
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 22.

5

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 Equity 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, 2021 to November 30, 2021).

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, 2021		Ending Account Value November 30, 2021		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Eurozone Equity ETF
Actual	$	1,000.00	$	938.70		0.09	%	$	0.44
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.62		0.09	%	$	0.46
Xtrackers International Real Estate ETF
Actual	$	1,000.00	$	972.50		0.10	%	$	0.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.57		0.10	%	$	0.51
Xtrackers Japan JPX-Nikkei 400 Equity ETF
Actual	$	1,000.00	$	972.40		0.09	%	$	0.45
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.62		0.09	%	$	0.46

(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 365.

6

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.8%
Austria — 0.9%
ANDRITZ AG		35	$	1,655
BAWAG Group AG, 144A*		30		1,737
Erste Group Bank AG		145		6,295
OMV AG		71		3,754
Raiffeisen Bank International AG		68		2,007
Telekom Austria AG*		67		561
Verbund AG		54		5,622
voestalpine AG		62		2,085
(Cost $20,600)				23,716
Belgium — 3.1%
Ackermans & van Haaren NV		12		1,975
Aedifica SA REIT		17		2,262
Ageas SA/NV		75		3,852
Anheuser-Busch InBev SA/NV		444		24,616
Cofinimmo SA REIT		13		2,028
D’ieteren SA/NV		11		1,990
Elia Group SA/NV		33		4,082
Etablissements Franz Colruyt NV		27		1,256
Groupe Bruxelles Lambert SA		38		4,086
KBC Group NV		135		11,248
Proximus SADP (a)		68		1,226
Sofina SA		8		3,681
Solvay SA		36		4,008
UCB SA		58		6,276
Umicore SA		89		4,309
Warehouses De Pauw CVA REIT		64		2,951
(Cost $91,251)				79,846
Finland — 3.5%
Elisa OYJ		73		4,352
Fortum OYJ		212		6,063
Huhtamaki OYJ		48		2,049
Kesko OYJ, Class B		126		3,934
Kojamo OYJ		85		1,940
Kone OYJ, Class B		191		12,521
Metso Outotec OYJ		349		3,508
Neste OYJ		203		9,544
Nokia OYJ*		2,630		14,549
Nokian Renkaat OYJ		55		2,034
Sampo OYJ, Class A		226		11,038
Stora Enso OYJ, Class R		305		5,141
UPM-Kymmene OYJ		251		9,055
Valmet OYJ		67		2,730
Wartsila OYJ Abp		225		3,111
(Cost $81,069)				91,569
France — 33.5%
Accor SA*		78		2,298
Aeroports de Paris*		14		1,625
Air Liquide SA		228		37,423
Airbus SE*		295		32,780
Alstom SA		142		5,032
Alten SA		12		1,972
Amundi SA, 144A		30		2,480
Arkema SA		23		2,993
Atos SE		49		2,085

	Number of Shares		Value
France (Continued)
AXA SA		993	$	27,216
BioMerieux		22		3,100
BNP Paribas SA		524		32,487
Bollore SA		447		2,383
Bouygues SA		105		3,540
Bureau Veritas SA		141		4,438
Capgemini SE		75		17,230
Carrefour SA		270		4,443
Cie de Saint-Gobain		218		13,785
Cie Generale des Etablissements Michelin SCA		78		11,457
CNP Assurances		81		1,967
Covivio REIT		22		1,813
Credit Agricole SA		642		8,719
Danone SA		311		18,200
Dassault Systemes SE		345		20,655
Edenred		104		4,626
Eiffage SA		44		4,072
Electricite de France SA		241		3,361
Engie SA		900		12,977
EssilorLuxottica SA		144		28,693
Eurazeo SE		21		1,710
Faurecia SE		66		2,816
Gecina SA REIT		24		3,226
Getlink SE		204		2,997
Hermes International		17		31,630
ICADE REIT		16		1,128
Ipsen SA		18		1,745
JCDecaux SA*		25		636
Kering SA		35		26,844
Klepierre SA REIT*		105		2,208
La Francaise des Jeux SAEM, 144A		50		2,302
Legrand SA		129		14,053
L’Oreal SA		116		51,901
LVMH Moet Hennessy Louis Vuitton SE		129		99,696
Orange SA		895		9,580
Orpea SA		25		2,347
Pernod Ricard SA		97		22,110
Publicis Groupe SA		116		7,461
Remy Cointreau SA		10		2,330
Renault SA*		103		3,300
Rexel SA*		116		2,118
Safran SA		151		16,789
Sanofi		511		48,235
Sartorius Stedim Biotech		12		7,043
Schneider Electric SE		256		45,015
SCOR SE		90		2,815
SEB SA		17		2,505
Societe Generale SA		342		10,604
Sodexo SA*		42		3,500
SOITEC*		11		2,880
Teleperformance		27		11,023
Thales SA		54		4,406
TotalEnergies SE		1,110		50,739
Ubisoft Entertainment SA*		54		2,754
Unibail-Rodamco-Westfield REIT*		58		3,800
Valeo		102		2,932

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
France (Continued)
Veolia Environnement SA		291	$	9,302
Vinci SA		260		24,484
Vivendi SE		384		4,863
Wendel SE		14		1,593
Worldline SA, 144A*		116		6,056
(Cost $773,968)				867,326
Germany — 24.2%
1&1 AG		21		592
adidas AG		85		24,450
Allianz SE		185		40,073
BASF SE		413		26,907
Bayer AG		451		22,600
Bayerische Motoren Werke AG		156		14,922
Bechtle AG		36		2,585
Beiersdorf AG		57		5,660
Brenntag SE		72		6,135
Carl Zeiss Meditec AG		15		2,988
Commerzbank AG*		512		3,593
Continental AG*		50		5,330
Covestro AG, 144A		87		4,881
CTS Eventim AG & Co. KGaA*		28		1,808
Daimler AG		380		35,501
Delivery Hero SE, 144A*		81		10,731
Deutsche Bank AG*(b)		918		11,015
Deutsche Boerse AG		84		13,105
Deutsche Lufthansa AG*		494		2,981
Deutsche Post AG		440		25,838
Deutsche Telekom AG		1,966		34,495
E.ON SE		1,064		13,047
Evonik Industries AG		100		2,995
Evotec SE*		47		2,211
Fielmann AG		12		781
Fraport AG Frankfurt Airport Services Worldwide*		18		1,117
Fresenius Medical Care AG & Co. KGaA		94		5,585
Fresenius SE & Co. KGaA		192		7,239
FUCHS PETROLUB SE		14		484
GEA Group AG		67		3,373
Hannover Rueck SE		30		5,222
HeidelbergCement AG		72		4,793
Hella GmbH & Co. KGaA		22		1,476
HelloFresh SE*		76		7,648
Henkel AG & Co. KGaA		50		3,689
HOCHTIEF AG		9		675
Infineon Technologies AG		587		26,383
KION Group AG		37		3,973
Knorr-Bremse AG		30		2,964
LANXESS AG		32		1,847
LEG Immobilien SE		35		4,865
Merck KGaA		57		14,044
MTU Aero Engines AG		23		4,270
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		65		17,439
Nemetschek SE		29		3,649
Puma SE		44		5,287
Rational AG		2		1,833
RWE AG		310		11,916

	Number of Shares		Value
Germany (Continued)
SAP SE		497	$	63,316
Scout24 SE, 144A		36		2,375
Siemens AG		361		57,408
Siemens Energy AG*		195		5,145
Sixt SE*		6		969
Symrise AG		53		7,427
TAG Immobilien AG		69		1,903
Talanx AG		26		1,155
TeamViewer AG, 144A*		81		1,093
Telefonica Deutschland Holding AG		447		1,186
thyssenkrupp AG*		209		2,290
TUI AG*		479		1,256
Uniper SE		49		2,119
United Internet AG		45		1,679
Varta AG		8		1,014
Vonovia SE		246		13,568
Wacker Chemie AG		9		1,540
Zalando SE, 144A*		81		7,318
(Cost $600,960)				627,756
Greece — 0.1%
Hellenic Telecommunications Organization SA		123		2,112
OPAP SA		95		1,312
(Cost $3,260)				3,424
Ireland — 2.1%
AIB Group PLC*		401		873
Bank of Ireland Group PLC*		400		2,167
CRH PLC		381		18,406
Glanbia PLC		94		1,207
Kerry Group PLC, Class A		76		9,290
Kingspan Group PLC		67		7,708
Ryanair Holdings PLC, ADR*		92		8,791
Smurfit Kappa Group PLC		119		6,030
(Cost $42,046)				54,472
Italy — 6.1%
A2A SpA		779		1,514
Amplifon SpA		62		3,009
Assicurazioni Generali SpA (a)		627		12,513
Atlantia SpA*		103		1,870
Banca Generali SpA		28		1,141
Banca Mediolanum SpA		129		1,198
Buzzi Unicem SpA		48		1,001
Davide Campari-Milano NV		263		3,810
De’ Longhi SpA		24		799
DiaSorin SpA		6		1,275
Enel SpA		3,272		24,702
Eni SpA		1,231		16,131
FinecoBank Banca Fineco SpA		290		5,056
Hera SpA		586		2,246
Infrastrutture Wireless Italiane SpA, 144A		173		1,974
Interpump Group SpA		37		2,482
Intesa Sanpaolo SpA		8,435		20,085
Italgas SpA		235		1,473
Mediobanca Banca di Credito Finanziario SpA (a)		357		3,926

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Italy (Continued)
Moncler SpA		111	$	8,006
Nexi SpA, 144A*		248		3,784
Pirelli & C SpA, 144A		160		978
Poste Italiane SpA, 144A		231		2,897
Prysmian SpA		129		4,761
Recordati Industria Chimica e Farmaceutica SpA		33		2,059
Reply SpA		11		2,121
Snam SpA		1,019		5,705
Telecom Italia SpA		5,126		2,654
Telecom Italia SpA-RSP		2,643		1,283
Terna — Rete Elettrica Nazionale		621		4,597
UniCredit SpA		948		11,407
(Cost $146,238)				156,457
Luxembourg — 0.9%
APERAM SA		21		1,001
ArcelorMittal SA		302		8,135
Aroundtown SA		587		3,502
Eurofins Scientific SE		60		7,627
Tenaris SA		235		2,291
(Cost $19,497)				22,556
Netherlands — 15.2%
Aalberts NV		36		2,196
ABN AMRO Bank NV, 144A		408		5,787
Adyen NV, 144A*		13		35,814
Aegon NV		771		3,394
Akzo Nobel NV		88		9,204
Argenx SE*		23		6,395
ASM International NV		21		9,379
ASML Holding NV		157		123,633
ASR Nederland NV		62		2,633
BE Semiconductor Industries NV		30		2,828
Euronext NV, 144A		43		4,204
EXOR NV		56		4,898
Heineken Holding NV		52		4,305
Heineken NV		115		11,383
IMCD NV		21		4,635
ING Groep NV		1,862		25,586
Just Eat Takeaway.com NV, 144A*		86		5,343
Koninklijke Ahold Delhaize NV		481		16,053
Koninklijke DSM NV		79		16,909
Koninklijke KPN NV		1,385		4,055
Koninklijke Philips NV		402		14,115
Koninklijke Vopak NV		34		1,284
NN Group NV		125		6,182
OCI NV*		30		816
Prosus NV*		427		34,086
Randstad NV		57		3,575
Signify NV, 144A		60		2,710
Universal Music Group NV		637		18,147
Wolters Kluwer NV		124		13,854
(Cost $266,350)				393,403
Poland — 0.0%
InPost SA* (Cost $1,574)		86		952

	Number of Shares		Value
Portugal — 0.5%
EDP — Energias de Portugal SA		1,266	$	6,889
Galp Energia SGPS SA		225		2,094
Jeronimo Martins SGPS SA		121		2,617
(Cost $10,544)				11,600
Spain — 7.1%
Acciona SA		12		2,127
ACS Actividades de Construccion y Servicios SA		112		2,674
Aena SME SA, 144A*		36		5,248
Amadeus IT Group SA*		198		12,588
Banco Bilbao Vizcaya Argentaria SA		2,991		15,832
Banco Santander SA		7,888		24,417
Bankinter SA		309		1,511
CaixaBank SA		2,106		5,391
Cellnex Telecom SA, 144A*		275		16,108
Enagas SA		113		2,555
Endesa SA		156		3,483
Ferrovial SA		259		7,160
Grifols SA (a)		144		2,566
Iberdrola SA		2,612		29,118
Industria de Diseno Textil SA		547		17,153
Inmobiliaria Colonial Socimi SA REIT*		137		1,234
Mapfre SA (a)		471		959
Merlin Properties Socimi SA REIT		137		1,517
Naturgy Energy Group SA		160		4,376
Red Electrica Corp. SA		214		4,513
Repsol SA		629		6,932
Siemens Gamesa Renewable Energy SA*		113		2,993
Telefonica SA (a)		2,684		12,074
(Cost $217,395)				182,529
Switzerland — 0.6%
STMicroelectronics NV (Cost $6,867)		325		15,767
TOTAL COMMON STOCKS (Cost $2,281,619)				2,531,373
PREFERRED STOCKS — 1.8%
Germany — 1.7%
Bayerische Motoren Werke AG		26		2,031
FUCHS PETROLUB SE		34		1,516
Henkel AG & Co. KGaA		87		6,826
Porsche Automobil Holding SE		72		6,012
Sartorius AG		14		9,565
Sixt SE		8		723
Volkswagen AG		100		18,196
(Cost $40,026)				44,869
Spain — 0.1%
Grifols SA, Class B (Cost $2,851)		129		1,368
TOTAL PREFERRED STOCKS (Cost $42,877)				46,237
RIGHTS — 0.0%
Germany — 0.0%
Vonovia SE*, expires 1/7/22 (Cost $0)		246		861

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 0.2%
iShares MSCI Eurozone ETF (a) (Cost $4,034)		85	$	4,046
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $20,156)		20,156		20,156
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $255)		255		255
TOTAL INVESTMENTS — 100.6% (Cost $2,348,941)			$	2,602,928
Other assets and liabilities, net — (0.6%)				(15,835	)
NET ASSETS — 100.0%			$	2,587,093

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
COMMON STOCKS — 0.4%
Germany — 0.4%
Deutsche Bank AG*(b)
		14,310		611		(1,155	)		(337	)		(2,414	)		—		—		918		11,015
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		135,258		—		(115,102	)(e)		—			—			2		—		20,156		20,156
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		394		44,192		(44,331	)		—			—			0		—		255		255
		149,962		44,803		(160,588	)		(337	)		(2,414	)		2		—		21,329		31,426

* 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, 2021 amounted to $33,713, which is 1.3% of net assets.

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

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $16,795.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

ADR: American Depositary Receipt

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.

Securities are listed in country of domicile.

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2021 (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, 2021 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 (f)	$	2,531,373	$	—	$	—	$	2,531,373
Preferred Stocks (f)		46,237		—		—		46,237
Rights		861		—		—		861
Exchange-Traded Funds		4,046		—		—		4,046
Short-Term Investments (f)		20,411		—		—		20,411
TOTAL	$	2,602,928	$	—	$	—	$	2,602,928

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

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.8%
Australia — 10.1%
Abacus Property Group REIT		194,493	$	495,080
ALE Property Group REIT (a)		47,257		186,972
Arena REIT		169,814		538,218
Aventus Group REIT		187,134		444,503
BWP Trust REIT		232,906		680,385
Centuria Industrial REIT		231,243		613,221
Centuria Office REIT		223,736		358,527
Charter Hall Group REIT		221,546		3,034,925
Charter Hall Long Wale REIT		266,940		916,085
Charter Hall Retail REIT		241,619		712,691
Charter Hall Social Infrastructure REIT		163,903		435,808
Cromwell Property Group REIT		762,273		464,821
Dexus REIT		512,984		4,062,880
GDI Property Group REIT		282,868		218,619
Goodman Group REIT		806,694		14,122,347
GPT Group REIT		766,708		2,864,953
Growthpoint Properties Australia Ltd. REIT		158,343		465,934
Home Consortium Ltd. REIT		103,543		535,945
HomeCo Daily Needs REIT		188,977		184,242
Ingenia Communities Group REIT		171,606		748,315
Lifestyle Communities Ltd.		46,728		681,204
Mirvac Group REIT		1,901,249		3,855,511
National Storage REIT		521,504		935,524
REA Group Ltd.		24,289		2,796,700
Rural Funds Group REIT		181,921		381,814
Scentre Group REIT		2,477,163		5,427,377
Shopping Centres Australasia Property Group REIT		509,741		1,004,781
Stockland REIT		1,137,782		3,525,473
US Masters Residential Property Fund REIT*		204,814		47,924
Vicinity Centres REIT		2,194,625		2,637,588
Waypoint REIT		364,069		663,428
(Cost $45,217,110)				54,041,795
Austria — 0.4%
CA Immobilien Anlagen AG		22,848		933,553
IMMOFINANZ AG*(a)		38,548		889,487
S IMMO AG		21,424		475,545
(Cost $2,148,916)				2,298,585
Belgium — 2.3%
Aedifica SA REIT		17,331		2,305,819
Ascencio REIT		2,090		116,684
Atenor		2,428		151,406
Befimmo SA REIT		11,135		393,554
Care Property Invest NV REIT		12,522		359,417
Cofinimmo SA REIT		13,496		2,105,486
Home Invest Belgium SA REIT		996		135,092
Immobel SA (a)		2,046		166,275
Intervest Offices & Warehouses NV REIT		11,893		366,797
Montea NV REIT		6,133		880,862
Nextensa REIT (a)		1,660		135,653
Retail Estates NV REIT		4,760		370,764
VGP NV		4,580		1,214,061
Warehouses De Pauw CVA REIT		67,281		3,101,962

	Number of Shares		Value
Belgium (Continued)
Xior Student Housing NV REIT		9,884	$	553,490
(Cost $10,142,745)				12,357,322
Brazil — 0.4%
Aliansce Sonae Shopping Centers SA		67,340		245,105
BR Malls Participacoes SA*		423,609		592,444
Cyrela Brazil Realty SA Empreendimentos e Participacoes		155,455		374,282
Ez Tec Empreendimentos e Participacoes SA		73,002		234,438
Multiplan Empreendimentos Imobiliarios SA		151,747		526,540
(Cost $3,467,992)				1,972,809
Canada — 6.5%
Allied Properties Real Estate Investment Trust REIT		60,495		1,945,291
Altus Group Ltd.		20,107		1,025,413
American Hotel Income Properties REIT LP*(a)		41,445		126,971
Artis Real Estate Investment Trust REIT		36,241		313,309
Boardwalk Real Estate Investment Trust REIT		16,053		665,747
Canadian Apartment Properties REIT		82,614		3,661,858
Chartwell Retirement Residences		103,831		892,778
Choice Properties Real Estate Investment Trust REIT (a)		120,643		1,328,879
Colliers International Group, Inc.		18,143		2,439,150
Cominar Real Estate Investment Trust REIT		71,339		638,425
Crombie Real Estate Investment Trust REIT (a)		46,706		624,422
CT Real Estate Investment Trust REIT (a)		33,319		430,383
Dream Industrial Real Estate Investment Trust REIT		96,560		1,223,184
Dream Office Real Estate Investment Trust REIT		16,981		286,326
DREAM Unlimited Corp., Class A		12,031		323,940
First Capital Real Estate Investment Trust REIT (a)		95,631		1,306,092
FirstService Corp.		17,332		3,317,508
Granite Real Estate Investment Trust REIT (a)		29,579		2,212,509
H&R Real Estate Investment Trust REIT (a)		136,941		1,674,933
InterRent Real Estate Investment Trust REIT (a)		67,509		867,807
Killam Apartment Real Estate Investment Trust REIT		52,518		902,321
Minto Apartment Real Estate Investment Trust REIT, 144A		17,815		302,472
Morguard Corp.		2,333		240,066
Morguard North American Residential Real Estate Investment Trust REIT		14,812		200,449
NorthWest Healthcare Properties Real Estate Investment Trust REIT (a)		95,610		984,571
RioCan Real Estate Investment Trust REIT (a)		151,053		2,502,242

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Canada (Continued)
SmartCentres Real Estate Investment Trust REIT (a)		62,193	$	1,445,740
Summit Industrial Income REIT		75,990		1,334,031
Tricon Residential, Inc.		101,190		1,383,593
True North Commercial Real Estate Investment Trust REIT		39,268		215,503
(Cost $29,219,799)				34,815,913
Chile — 0.1%
Cencosud Shopping SA		227,488		239,527
Parque Arauco SA*		351,502		337,532
Plaza SA		119,658		126,393
(Cost $1,205,434)				703,452
China — 1.3%
A-Living Smart City Services Co. Ltd., 144A		277,473		654,188
China Resources Mixc Lifestyle Services Ltd., 144A		303,853		1,504,483
China Vanke Co. Ltd., Class H		813,078		1,841,872
Colour Life Services Group Co. Ltd.*(b)		166,598		24,789
Guangzhou R&F Properties Co. Ltd., Class H (a)		768,715		416,116
Jinke Smart Services Group Co. Ltd., Class H		66,287		265,714
Poly Property Services Co. Ltd., Class H		69,548		472,821
Powerlong Real Estate Holdings Ltd.		673,786		406,215
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		136,332		118,609
Shanghai Lingang Holdings Corp. Ltd., Class B		56,106		59,809
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		533,652		483,489
Shanghai Shibei Hi-Tech Co. Ltd., Class B		120,865		32,996
Shenzhen Wongtee International Enterprise Co. Ltd., Class B*		41,029		7,684
Sino-Ocean Group Holding Ltd.		1,337,278		312,198
Zhenro Properties Group Ltd. (a)		956,183		539,673
(Cost $9,749,040)				7,140,656
Denmark — 0.0%
Jeudan A/S (Cost $183,742)		4,576		184,227
Egypt — 0.1%
Arab Co. for Asset Management & Development*		207,345		6,688
Egyptians Housing Development & Reconstruction*		330,000		9,219
Emaar Misr for Development SAE*		226,940		38,041
Heliopolis Housing		135,100		42,633
Medinet Nasr Housing		407,521		61,583
Palm Hills Developments SAE		635,916		72,275
Six of October Development & Investment		55,509		69,115
Talaat Moustafa Group		455,211		236,717
(Cost $530,761)				536,271

	Number of Shares		Value
Finland — 0.5%
Citycon OYJ (a)		44,937	$	346,986
Kojamo OYJ		100,659		2,297,760
(Cost $2,334,249)				2,644,746
France — 2.7%
Altarea SCA REIT		1,867		341,283
ARGAN SA REIT		4,879		600,803
Carmila SA REIT		29,234		402,109
Covivio REIT		22,516		1,855,688
Covivio Hotels SACA REIT (a)		1,993		35,781
Gecina SA REIT		22,610		3,038,708
ICADE REIT		14,935		1,053,199
Klepierre SA REIT*		99,608		2,094,939
Mercialys SA REIT		37,344		346,364
Nexity SA		19,710		839,059
Unibail — Rodamco-Westfield REIT*		56,188		3,680,872
(Cost $15,896,483)				14,288,805
Germany — 4.6%
alstria office REIT-AG REIT		80,460		1,766,033
Deutsche EuroShop AG		23,880		378,192
DIC Asset AG		17,501		284,061
Hamborner REIT AG REIT		36,135		383,389
Instone Real Estate Group SE, 144A		22,670		472,071
LEG Immobilien SE		34,815		4,839,689
PATRIZIA AG		21,591		485,571
TAG Immobilien AG		70,205		1,936,058
Vonovia SE		249,049		13,736,149
(Cost $24,140,473)				24,281,213
Greece — 0.1%
LAMDA Development SA* (Cost $300,607)		40,148		317,690
Hong Kong — 11.6%
Asia Standard International Group Ltd.		112,346		12,393
C C Land Holdings Ltd.		569,220		128,508
C&D International Investment Group Ltd.		218,024		416,144
Champion REIT		1,173,682		606,725
China Jinmao Holdings Group Ltd.		3,047,917		930,500
China Motor Bus Co. Ltd.		8,543		109,365
China Overseas Grand Oceans Group Ltd.		859,529		389,199
China Overseas Land & Investment Ltd.		1,786,055		4,114,695
China Overseas Property Holdings Ltd.		618,724		580,958
China Resources Land Ltd.		1,382,189		5,753,322
China Shandong Hi-Speed Financial Group Ltd.*(a)		3,148,257		319,032
Chinese Estates Holdings Ltd.		229,781		113,773
Chuang’s Consortium International Ltd.		88,749		9,904
CK Asset Holdings Ltd.		949,873		5,434,216
CSI Properties Ltd.		1,212,350		33,435
Emperor International Holdings Ltd.		299,495		38,033
ESR Cayman Ltd., 144A*		827,973		2,740,138
Far East Consortium International Ltd.		473,343		145,114
Fullshare Holdings Ltd.*		2,499,231		34,303
Hang Lung Group Ltd.		396,929		878,800
Hang Lung Properties Ltd.		906,930		1,798,539

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
Henderson Land Development Co. Ltd.		636,020	$	2,602,543
HKR International Ltd.		291,741		108,900
Hong Kong Ferry Holdings Co. Ltd.		105,487		73,474
Hongkong Land Holdings Ltd.		558,687		3,016,910
Hysan Development Co. Ltd.		291,580		890,166
Joy City Property Ltd.		1,112,083		55,634
K Wah International Holdings Ltd.		487,598		188,888
Kerry Properties Ltd.		283,317		735,926
Kowloon Development Co. Ltd.		164,884		214,040
Lai Sun Development Co. Ltd.*		71,182		35,519
Landing International Development Ltd.*		164,942		4,930
Langham Hospitality Investments and Langham Hospitality Investments Ltd.*(c)		438,887		48,416
Link REIT		1,001,784		8,686,750
New World Development Co. Ltd.		680,412		2,688,185
Poly Property Group Co. Ltd.		873,749		219,674
Prosperity REIT		626,702		241,168
Regal Real Estate Investment Trust REIT		319,029		59,747
SEA Holdings Ltd.		71,653		55,147
Shenzhen Investment Ltd.		1,133,722		257,405
Shun Tak Holdings Ltd.*		634,716		169,348
Sino Land Co. Ltd.		1,633,134		1,952,425
Sun Hung Kai Properties Ltd.		747,405		9,088,681
Suncity Group Holdings Ltd.*(a)		647,515		10,964
Sunlight Real Estate Investment Trust REIT		488,408		284,430
Swire Properties Ltd.		508,182		1,207,249
TAI Cheung Holdings Ltd.		145,594		88,710
Wang On Properties Ltd.		990,390		10,417
Wharf Real Estate Investment Co. Ltd.		748,172		3,790,837
Yuexiu Property Co. Ltd.		618,955		577,999
(Cost $68,306,089)				61,951,578
India — 1.3%
Brigade Enterprises Ltd.		71,174		475,851
DLF Ltd.		470,168		2,344,818
Godrej Properties Ltd.*		64,333		1,709,241
Indiabulls Real Estate Ltd.*		196,414		438,029
Macrotech Developers Ltd., 144A*		35,189		663,863
Oberoi Realty Ltd.*		57,045		632,104
Omaxe Ltd.*		16,452		15,357
Prestige Estates Projects Ltd.		82,232		461,480
Sobha Ltd.		18,945		215,925
Sunteck Realty Ltd.		31,395		180,928
(Cost $4,551,097)				7,137,596
Indonesia — 0.4%
PT Alam Sutera Realty Tbk*		6,817,894		81,877
PT Andalan Perkasa Abadi Tbk*		507,804		2,269
PT Bumi Serpong Damai Tbk*		4,430,183		335,608
PT Ciputra Development Tbk		4,456,237		326,692
PT Jaya Real Property Tbk		1,739,294		59,505
PT Jaya Sukses Makmur Sentosa Tbk*		823,481		21,848
PT Kawasan Industri Jababeka Tbk*		7,173,162		86,644
PT Lippo Cikarang Tbk		278,468		27,220
PT Lippo Karawaci Tbk*		15,551,104		160,696

	Number of Shares		Value
Indonesia (Continued)
PT Pakuwon Jati Tbk*		7,447,705	$	255,840
PT Pollux Properties Indonesia Tbk*		586,060		81,838
PT PP Properti Tbk*		6,178,504		29,765
PT Puradelta Lestari Tbk		4,712,912		71,734
PT Summarecon Agung Tbk*		4,947,172		300,509
(Cost $1,872,126)				1,842,045
Ireland — 0.1%
Hibernia REIT PLC REIT (Cost $443,108)		320,196		464,932
Israel — 2.4%
Adgar Investment and Development Ltd.		44,199		102,492
AFI Properties Ltd.		4,999		290,993
Africa Israel Residences Ltd. (a)		3,644		213,043
Airport City Ltd.*		32,227		674,377
Alony Hetz Properties & Investments Ltd.		70,997		1,217,291
Alrov Properties and Lodgings Ltd.*		1,256		76,580
Amot Investments Ltd.		86,901		673,275
Arad Investment & Industrial Development Ltd.		2,179		294,070
Azrieli Group Ltd.		17,590		1,607,338
Big Shopping Centers Ltd.		5,327		819,682
Blue Square Real Estate Ltd.		2,199		198,218
Duniec Brothers Ltd.		1,066		67,499
Electra Real Estate Ltd. (a)		10,914		204,725
Gav-Yam Lands Corp. Ltd.		64,789		760,857
Gazit-Globe Ltd.		33,148		249,979
Israel Canada T.R Ltd.		55,427		294,670
Isras Investment Co. Ltd.		781		190,128
Lahav L.R. Real Estate Ltd. (a)		38,099		77,138
Megureit Israel Ltd. REIT*		36,440		86,860
Melisron Ltd.*		11,118		973,242
Menivim- The New REIT Ltd. REIT		279,593		204,638
Mivne Real Estate KD Ltd.		320,044		1,287,023
Norstar Holdings, Inc. (a)		6,245		50,049
Prashkovsky Investments and Construction Ltd.		3,388		117,641
Property & Building Corp. Ltd.*		1,424		196,336
Reit 1 Ltd. REIT		89,379		618,148
REIT Azorim HF Living Ltd. REIT*(a)		23,022		123,270
Sella Capital Real Estate Ltd. REIT		102,410		361,449
Summit Real Estate Holdings Ltd.*		19,913		390,404
Villar International Ltd. (a)		2,340		133,761
(Cost $8,765,554)				12,555,176
Italy — 0.0%
COIMA RES SpA REIT, 144A		10,819		88,168
Immobiliare Grande Distribuzione SIIQ SpA REIT*		26,681		103,911
(Cost $208,066)				192,079
Japan — 20.4%
Activia Properties, Inc. REIT (a)		337		1,282,170
Advance Residence Investment Corp. REIT		664		2,037,994
Aeon Mall Co. Ltd.		44,800		634,053
AEON REIT Investment Corp. REIT		732		979,911

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Comforia Residential REIT, Inc. REIT		318	$	893,408
CRE Logistics REIT, Inc. REIT		238		459,043
Daibiru Corp.		29,300		377,782
Daito Trust Construction Co. Ltd.		33,300		3,604,360
Daiwa House REIT Investment Corp. REIT		940		2,678,145
Daiwa Office Investment Corp. REIT (a)		142		892,932
Daiwa Securities Living Investments Corp. REIT		1,034		996,254
ES-Con Japan Ltd.		17,200		113,611
ESCON Japan Reit Investment Corp. REIT		143		171,154
Frontier Real Estate Investment Corp. REIT		259		1,133,674
Fukuoka REIT Corp. REIT		358		514,559
GA Technologies Co. Ltd.*(a)		7,100		85,291
Global One Real Estate Investment Corp. REIT		475		498,657
GLP J REIT		2,171		3,447,367
Goldcrest Co. Ltd.		7,200		94,609
Hankyu Hanshin REIT, Inc. REIT (a)		337		469,535
Health Care & Medical Investment Corp. REIT		160		217,711
Heiwa Real Estate Co. Ltd.		15,800		473,116
Heiwa Real Estate REIT, Inc. REIT		429		569,380
Hoshino Resorts REIT, Inc. REIT		103		577,841
Hulic Co. Ltd.		285,100		2,701,727
Hulic Reit, Inc. REIT		593		870,607
Ichigo Office REIT Investment Corp. REIT (a)		734		553,352
Ichigo, Inc.		111,300		278,385
Industrial & Infrastructure Fund Investment Corp. REIT		988		1,764,643
Invincible Investment Corp. REIT		3,012		1,009,350
Itochu Advance Logistics Investment Corp. REIT		262		396,421
Japan Excellent, Inc. REIT		448		523,972
Japan Hotel REIT Investment Corp. REIT		2,149		1,109,088
Japan Logistics Fund, Inc. REIT		424		1,172,540
Japan Metropolitan Fund Invest REIT		3,340		2,876,851
Japan Prime Realty Investment Corp. REIT		448		1,595,984
Japan Real Estate Investment Corp. REIT		662		3,818,838
Kabuki-Za Co. Ltd.		4,200		175,516
Keihanshin Building Co. Ltd.		25,200		305,609
Kenedix Office Investment Corp. REIT (a)		217		1,316,773
Kenedix Residential Next Investment Corp. REIT		373		677,047
Kenedix Retail REIT Corp. REIT		289		712,924
Ki-Star Real Estate Co. Ltd.		3,100		232,886
LaSalle Logiport REIT		852		1,404,680
Leopalace21 Corp.*		117,100		201,105
LIFULL Co. Ltd.		39,000		88,617
Mirai Corp. REIT		787		368,738
Mitsubishi Estate Co. Ltd.		666,600		9,187,802
Mitsubishi Estate Logistics REIT Investment Corp. REIT		186		774,829
Mitsui Fudosan Co. Ltd.		461,100		9,486,368
Mitsui Fudosan Logistics Park, Inc. REIT		250		1,283,632

	Number of Shares		Value
Japan (Continued)
Mori Hills REIT Investment Corp. REIT		786	$	1,041,124
Mori Trust Hotel Reit, Inc. REIT		138		153,988
Mori Trust Sogo Reit, Inc. REIT		440		548,716
Nippon Accommodations Fund, Inc. REIT		252		1,376,018
Nippon Building Fund, Inc. REIT		791		4,876,481
Nippon Kanzai Co. Ltd.		9,600		231,323
Nippon Prologis REIT, Inc. REIT (a)		1,063		3,459,232
NIPPON REIT Investment Corp. REIT		226		838,954
Nomura Real Estate Holdings, Inc.		56,000		1,215,729
Nomura Real Estate Master Fund, Inc. REIT		2,246		3,192,606
NTT UD REIT Investment Corp. REIT		456		603,208
One REIT, Inc. REIT		105		272,060
Open House Co. Ltd.		38,200		2,166,612
Orix JREIT, Inc. REIT		1,327		2,109,503
Pressance Corp.		10,400		156,992
Relo Group, Inc.		56,300		1,037,790
SAMTY Co. Ltd. (a)		15,300		308,035
Samty Residential Investment Corp. REIT		205		214,488
Sankei Real Estate, Inc. REIT		150		163,944
Sekisui House Reit, Inc. REIT		2,034		1,477,872
SOSiLA Logistics REIT, Inc. REIT (a)		315		443,877
SRE Holdings Corp.*		3,200		255,053
Star Asia Investment Corp. REIT		765		414,351
Starts Corp., Inc.		15,500		331,582
Starts Proceed Investment Corp. REIT		109		216,378
Sumitomo Realty & Development Co. Ltd.		228,600		7,125,064
Sun Frontier Fudousan Co. Ltd.		10,700		90,278
Takara Leben Co. Ltd.		40,300		94,410
Takara Leben Real Estate Investment Corp. REIT		210		205,848
Tama Home Co. Ltd. (a)		7,800		157,312
TOC Co. Ltd.		30,800		150,820
Tokyo Tatemono Co. Ltd.		99,800		1,413,346
Tokyu Fudosan Holdings Corp.		289,800		1,495,643
Tokyu REIT, Inc. REIT		428		702,622
Tosei Corp.		16,400		139,092
Tosei Reit Investment Corp. REIT		134		149,289
United Urban Investment Corp. REIT (a)		1,516		1,930,632
(Cost $111,968,889)				108,851,113
Jersey — 0.1%
Atrium European Real Estate Ltd.* (Cost $182,175)		57,101		225,919
Luxembourg — 1.0%
ADLER Group SA, 144A (a)		41,699		405,296
Aroundtown SA		463,475		2,764,943
Grand City Properties SA		50,628		1,191,026
Shurgard Self Storage SA		11,912		732,085
(Cost $6,147,999)				5,093,350
Malaysia — 0.6%
AmFIRST Real Estate Investment Trust REIT		442,600		40,986
Axis Real Estate Investment Trust REIT		511,239		239,141
Capitaland Malaysia Trust REIT		167,538		23,869

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Malaysia (Continued)
Eastern & Oriental Bhd*		106,136	$	15,751
Eco World Development Group Bhd		447,200		89,196
Eco World International Bhd		546,800		58,426
IGB Bhd*		126,721		58,674
IGB Real Estate Investment Trust REIT		693,600		270,095
IOI Properties Group Bhd		517,125		137,523
Iskandar Waterfront City Bhd*		161,200		13,205
KIP REIT		222,352		43,821
KLCCP Stapled Group (c)		92,900		143,161
KSL Holdings Bhd*		197,300		29,046
Land & General Bhd		1,261,100		32,939
LBS Bina Group Bhd		473,669		57,922
Mah Sing Group Bhd		504,900		88,716
Malton Bhd*		97,400		11,910
Matrix Concepts Holdings Bhd		252,496		128,901
MKH Bhd		125,900		38,564
Paramount Corp. Bhd		202,240		34,575
Pavilion Real Estate Investment Trust REIT		320,300		96,588
Sentral REIT		154,400		32,812
Sime Darby Property Bhd		1,014,146		152,911
SP Setia Bhd Group*		628,005		190,869
Sunway Bhd		1,014,161		406,965
Sunway Real Estate Investment Trust REIT		715,900		243,081
Symphony Life Bhd		322,700		34,097
Tropicana Corp. Bhd*		81,091		20,410
UEM Sunrise Bhd*		413,100		30,407
UOA Development Bhd		169,400		66,368
YNH Property Bhd*		181,600		114,699
Yong Tai Bhd*		1,071,775		25,449
YTL Hospitality REIT		360,700		78,367
(Cost $3,231,524)				3,049,444
Mexico — 0.7%
CFE Capital S de RL de CV REIT		397,566		488,228
Corp. Inmobiliaria Vesta SAB de CV		314,671		536,520
Fibra MTY SAPI de CV REIT		456,970		257,092
Fibra Uno Administracion SA de CV REIT		1,371,843		1,257,605
Macquarie Mexico Real Estate Management SA de CV REIT, 144A		360,981		415,247
PLA Administradora Industrial S de RL de CV REIT		390,407		467,082
Prologis Property Mexico SA de CV REIT (a)		219,446		492,514
(Cost $4,095,072)				3,914,288
Netherlands — 0.1%
CTP NV, 144A (Cost $782,391)		33,805		703,942
New Zealand — 0.7%
Argosy Property Ltd.		414,242		416,096
Goodman Property Trust REIT		495,714		829,328
Kiwi Property Group Ltd.		751,914		589,424
Precinct Properties New Zealand Ltd. (a)		595,393		628,365
Property for Industry Ltd.		244,307		460,955
Stride Property Group (c)		229,136		323,471

	Number of Shares		Value
New Zealand (Continued)
Vital Healthcare Property Trust REIT		185,242	$	360,199
(Cost $3,525,460)				3,607,838
Norway — 0.3%
Entra ASA, 144A		61,313		1,367,394
Olav Thon Eiendomsselskap ASA		12,573		266,602
Selvaag Bolig ASA		23,873		121,967
Solon Eiendom ASA*		12,544		60,164
(Cost $1,350,586)				1,816,127
Philippines — 2.3%
8990 Holdings, Inc.		1,071,600		216,511
AREIT, Inc. REIT		253,100		233,082
Ayala Corp.		136,595		2,266,417
Ayala Land, Inc.		3,893,996		2,666,326
Belle Corp.*		1,131,000		30,753
DDMP Reit, Inc. REIT		3,792,000		135,469
DoubleDragon Corp.		277,670		42,104
Filinvest Land, Inc.		3,636,000		80,824
GT Capital Holdings, Inc.		46,581		526,966
Megaworld Corp.		5,739,600		357,693
Robinsons Land Corp.		972,161		351,548
SM Prime Holdings, Inc.		6,933,257		5,146,448
Vista Land & Lifescapes, Inc.		1,409,900		107,453
(Cost $12,117,169)				12,161,594
Poland — 0.1%
Atal SA		5,265		61,862
Develia SA		248,552		167,952
Dom Development SA		4,722		142,700
Echo Investment SA (a)		68,559		72,267
Globe Trade Centre SA*(a)		80,668		136,322
MLP Group SA*		4,552		85,839
(Cost $660,643)				666,942
Romania — 0.2%
NEPI Rockcastle PLC (Cost $1,155,435)		173,660		1,069,135
Russia — 0.5%
LSR Group PJSC		27,813		279,247
PIK Group PJSC		176,385		2,568,187
(Cost $2,239,375)				2,847,434
Singapore — 6.0%
AIMS APAC REIT		227,700		232,491
ARA LOGOS Logistics Trust REIT (a)		629,022		408,292
Ascendas India Trust		429,800		435,709
Ascendas Real Estate Investment Trust REIT		1,620,169		3,450,311
Ascott Residence Trust		896,596		647,362
Bukit Sembawang Estates Ltd.		79,100		290,752
CapitaLand China Trust REIT		502,047		424,734
CapitaLand Integrated Commercial Trust REIT		2,177,392		3,350,689
Capitaland Investment Ltd.*		1,227,463		3,007,895
CDL Hospitality Trusts (c)		370,100		302,310
Chip Eng Seng Corp. Ltd.		233,700		71,585
City Developments Ltd.		222,098		1,137,095

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Singapore (Continued)
Cromwell European Real Estate Investment Trust REIT		169,919	$	480,065
ESR REIT		1,265,671		433,844
Far East Hospitality Trust (c)		467,800		197,881
First Real Estate Investment Trust REIT		754,600		159,599
Frasers Centrepoint Trust REIT		486,600		805,588
Frasers Hospitality Trust (c)		390,000		130,839
Frasers Logistics & Commercial Trust REIT		1,400,078		1,501,014
Frasers Property Ltd.		394,300		327,828
GuocoLand Ltd.		156,000		176,348
Ho Bee Land Ltd.		106,500		215,928
Keppel REIT		940,300		761,210
Keppel DC REIT		596,055		1,021,573
Keppel Pacific Oak US REIT		372,754		294,476
Lendlease Global Commercial REIT		370,000		237,465
Lippo Malls Indonesia Retail Trust REIT*		2,128,400		83,823
Manulife US Real Estate Investment Trust REIT (b)		734,026		518,956
Mapletree Commercial Trust REIT		1,049,170		1,560,957
Mapletree Industrial Trust REIT		943,422		1,816,456
Mapletree Logistics Trust REIT		1,384,369		1,877,932
Mapletree North Asia Commercial Trust REIT		998,000		727,856
OUE Commercial Real Estate Investment Trust REIT		1,265,739		410,789
Parkway Life Real Estate Investment Trust REIT		190,200		683,868
Prime US REIT		263,900		220,357
Singapore Land Group Ltd.		81,800		157,497
SPH REIT		448,700		325,607
Starhill Global REIT		712,309		324,686
Suntec Real Estate Investment Trust REIT		843,900		904,739
UOL Group Ltd.		223,817		1,123,043
Wing Tai Holdings Ltd.		219,200		294,153
Yanlord Land Group Ltd.		309,700		246,197
(Cost $31,535,812)				31,779,799
South Africa — 0.8%
Attacq Ltd. REIT*(a)		351,155		151,211
Equites Property Fund Ltd. REIT		318,330		415,004
Fortress REIT Ltd., Class A REIT		519,577		407,912
Fortress REIT Ltd., Class B REIT*		537,269		100,589
Growthpoint Properties Ltd. REIT		1,423,176		1,185,702
Hyprop Investments Ltd. REIT		142,688		287,090
Redefine Properties Ltd. REIT*		2,353,632		734,420
Resilient REIT Ltd. REIT		154,567		538,929
SA Corporate Real Estate Ltd. REIT		1,062,085		149,134
Vukile Property Fund Ltd. REIT		332,998		259,977
(Cost $4,502,970)				4,229,968
South Korea — 0.3%
ESR Kendall Square REIT Co. Ltd. REIT		62,733		350,658
JR Global REIT		77,022		344,294
Koramco Energy Plus REIT		20,405		108,561
Korea Asset In Trust Co. Ltd.		27,109		91,284
Korea Real Estate Investment & Trust Co. Ltd.		78,954		170,151

	Number of Shares		Value
South Korea (Continued)
LOTTE Reit Co. Ltd. REIT		54,847	$	251,172
Seobu T&D		17,392		124,009
Shinhan Alpha REIT Co. Ltd. REIT		22,123		147,872
SK D&D Co. Ltd.		3,893		92,745
(Cost $1,653,771)				1,680,746
Spain — 0.7%
Aedas Homes SA, 144A		6,963		191,236
Inmobiliaria Colonial Socimi SA REIT*		130,700		1,176,928
Lar Espana Real Estate Socimi SA REIT		36,465		193,322
Merlin Properties Socimi SA REIT		162,527		1,800,134
Neinor Homes SA, 144A*		26,445		325,645
(Cost $3,758,178)				3,687,265
Sweden — 6.2%
Atrium Ljungberg AB, Class B		19,636		433,629
Castellum AB (a)		146,369		4,108,145
Catena AB		14,375		902,922
Cibus Nordic Real Estate AB		18,878		513,415
Corem Property Group AB, Class B		385,110		1,411,056
Corem Property Group AB, Class D		3,082		104,435
Dios Fastigheter AB		41,566		526,749
Eastnine AB		5,406		90,312
Fabege AB		132,677		2,208,432
Fastighets AB Balder, Class B*		50,372		3,757,903
FastPartner AB, Class A		82,682		1,251,888
Heba Fastighets AB, Class B		19,481		350,777
Hemnet Group AB*		14,687		268,502
Hufvudstaden AB, Class A		56,359		847,121
JM AB		26,607		1,186,873
John Mattson Fastighetsforetagen AB*		9,273		209,991
K-fast Holding AB*		32,882		320,497
NP3 Fastigheter AB		12,986		494,414
Nyfosa AB		81,320		1,489,348
Pandox AB*		47,284		678,932
Platzer Fastigheter Holding AB, Class B		29,479		456,737
Sagax AB, Class A		2,791		110,721
Sagax AB, Class B		79,666		3,100,712
Sagax AB, Class D		56,385		201,936
Samhallsbyggnadsbolaget i Norden AB		554,376		4,022,184
Samhallsbyggnadsbolaget i Norden AB, Class D		74,989		256,830
Stendorren Fastigheter AB*		6,241		216,981
Wallenstam AB, Class B		108,493		1,940,385
Wihlborgs Fastigheter AB		66,199		1,561,108
(Cost $23,173,296)				33,022,935
Switzerland — 1.8%
Allreal Holding AG		7,102		1,461,229
Fundamenta Real Estate AG		14,171		300,142
Intershop Holding AG		598		369,630
Mobimo Holding AG*		3,178		1,030,257
PSP Swiss Property AG		21,884		2,554,001
Swiss Prime Site AG		36,476		3,437,116
Zug Estates Holding AG, Class B		132		278,150
(Cost $9,489,728)				9,430,525

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Taiwan — 1.2%
Cathay No. 1 REIT		674,578	$	436,464
Cathay No. 2 REIT		313,150		222,773
Cathay Real Estate Development Co. Ltd.		246,110		174,373
Chong Hong Construction Co. Ltd.		107,050		284,907
Farglory Land Development Co. Ltd.		96,970		225,297
Fubon No. 1 REIT		260,311		165,898
Fubon No. 2 REIT		325,246		183,769
Highwealth Construction Corp.		531,830		883,689
Hong Pu Real Estate Development Co. Ltd.		127,265		101,384
Huaku Development Co. Ltd.		119,396		393,771
Huang Hsiang Construction Corp.		63,033		83,426
Hung Sheng Construction Ltd.		158,807		127,939
KEE TAI Properties Co. Ltd.		249,049		134,805
Kindom Development Co. Ltd.		197,887		274,008
Kuo Yang Construction Co. Ltd.		101,987		86,015
O-Bank No1 Real Estate Investment Trust REIT		87,357		28,559
Prince Housing & Development Corp.		648,034		307,650
Radium Life Tech Co. Ltd.		225,672		80,677
Ruentex Development Co. Ltd.		672,142		1,551,962
Shin Kong No.1 REIT		566,898		406,551
Shining Building Business Co. Ltd.*		310,319		119,978
Sinyi Realty, Inc.		162,918		190,431
Taiwan Land Development Corp.*		243,531		37,662
(Cost $5,114,688)				6,501,988
Thailand — 1.6%
Amata Corp. PCL, NVDR		416,500		239,783
Ananda Development PCL, NVDR*		819,700		37,704
AP Thailand PCL, NVDR		1,274,800		329,127
Asset World Corp. PCL, NVDR*		4,014,500		509,891
Bangkok Land PCL, NVDR		6,223,300		193,915
Central Pattana PCL, NVDR		1,589,400		2,452,669
CP Tower Growth Leasehold Property Fund		800		208
CPN Retail Growth Leasehold REIT*		896,900		548,294
Frasers Property Thailand Industrial Freehold & Leasehold REIT		792,300		300,955
Frasers Property Thailand PCL, NVDR		303,825		98,277
Golden Ventures Leasehold Real Estate Investment Trust REIT		13,500		4,126
Grand Canal Land PCL, NVDR*		572,300		36,345
IMPACT Growth Real Estate Investment Trust REIT		318,832		175,039
Land & Houses PCL, NVDR		4,175,500		1,034,659
LH Hotel Leasehold Real Estate Investment Trust, Class F REIT*		11,700		2,951
LPN Development PCL, NVDR		741,600		103,876
Noble Development PCL, NVDR		406,057		72,903
Origin Property PCL, NVDR		546,200		170,194
Platinum Group PCL, NVDR*		697,700		62,529
Principal Capital PCL, NVDR*		521,900		68,146
Property Perfect PCL, NVDR		4,031,730		58,626
Pruksa Holding PCL, NVDR		429,000		165,502
Quality Houses PCL, NVDR		4,396,700		289,656
Sansiri PCL, NVDR		6,851,400		243,985

	Number of Shares		Value
Thailand (Continued)
SC Asset Corp. PCL, NVDR		897,500	$	85,762
Singha Estate PCL, NVDR*		1,331,500		71,914
Supalai PCL, NVDR		741,700		460,020
U City PCL, NVDR*		1,511,700		89,722
Univentures PCL, NVDR		312,000		35,184
WHA Corp. PCL, NVDR		4,676,300		455,175
WHA Premium Growth Freehold & Leasehold Real Estate InvestmentTrust, Class F REIT		727,200		276,227
(Cost $9,424,810)				8,673,364
Turkey — 0.1%
AKIS Gayrimenkul Yatirimi AS REIT*		160,390		21,381
Akmerkez Gayrimenkul Yatirim Ortakligi AS REIT		2,473		7,376
Alarko Gayrimenkul Yatirim Ortakligi AS REIT		23,960		51,465
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		982,365		165,728
Halk Gayrimenkul Yatirim Ortakligi AS REIT		186,729		37,127
Ihlas Gayrimenkul Proje Gelistirme Ve Ticaret AS*		360,980		23,924
Is Gayrimenkul Yatirim Ortakligi AS REIT*		170,152		33,318
Kiler Gayrimenkul Yatirim Ortakligi AS REIT*		103,647		16,783
Nurol Gayrimenkul Yatirim Ortakligi AS REIT*		45,900		34,569
Ozderici Gayrimenkul Yatirim Ortakligi AS REIT*		88,325		10,710
Panora Gayrimenkul Yatirim Ortakligi		31,657		18,096
Peker Gayrimenkul Yatirim Ortakligi AS*		402,260		30,902
Reysas Gayrimenkul Yatirim Ortakligi AS, Class O REIT*		72,262		18,994
Servet Gayrimenkul Yatirim Ortakligi AS, Class O*		5,028		35,974
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT*		76,724		23,114
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT*		56,728		16,363
Vakif Gayrimenkul Yatirim Ortakligi AS REIT*		135,626		18,386
Yeni Gimat Gayrimenkul Ortakligi AS		71,105		96,394
Ziraat Gayrimenkul Yatirim Ortakligi AS*		305,858		55,055
(Cost $1,060,629)				715,659
United Kingdom — 8.2%
Assura PLC REIT		1,268,498		1,135,318
Big Yellow Group PLC REIT		88,206		1,904,489
British Land Co. PLC REIT		413,778		2,785,317
Capital & Counties Properties PLC REIT		338,193		725,283
CLS Holdings PLC		72,142		194,228
Derwent London PLC REIT		48,952		2,195,484
Empiric Student Property PLC REIT		280,915		303,267
Grainger PLC		328,700		1,296,783
Great Portland Estates PLC REIT		99,129		939,674
Hammerson PLC REIT		1,607,907		642,646

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Helical PLC		56,416	$	327,663
Land Securities Group PLC REIT		329,171		3,166,038
LondonMetric Property PLC REIT		441,481		1,582,856
LXI REIT PLC REIT		328,678		642,695
Picton Property Income Ltd. REIT		257,938		340,228
Primary Health Properties PLC REIT		630,832		1,251,887
Rightmove PLC		417,330		4,123,291
Safestore Holdings PLC REIT		101,371		1,785,056
Savills PLC		68,645		1,213,320
Segro PLC REIT		576,296		10,742,780
Shaftesbury PLC REIT		101,963		829,617
Tritax Big Box REIT PLC REIT		826,577		2,602,677
UK Commercial Property REIT Ltd. REIT		363,099		366,050
UNITE Group PLC REIT		156,768		2,200,558
Workspace Group PLC REIT		61,173		643,813
(Cost $36,643,205)				43,941,018
United States — 0.0%
Eagle Hospitality Trust*(b) (Cost $94,982)		173,500		23,769
TOTAL COMMON STOCKS (Cost $502,592,178)				527,421,052
RIGHTS — 0.2%
France — 0.0%
Altarea SCA*(a) , expires 12/9/21 (Cost $0)		1,889		4,063
Germany — 0.2%
Vonovia SE* , expires 1/7/22 (Cost $0)		246,448		862,720
Singapore — 0.0%
Mapletree Industrial Trust* , expires 12/21/21 (Cost $0)		50,822		742
South Korea — 0.0%
ESR Kendall Square REIT Co. Ltd.* , expires 12/14/21 (Cost $0)		30,095		5,320

	Number of Shares		Value
Thailand — 0.0%
Origin Property PCL* , expires 12/14/21 (b) (Cost $0)		7,629	$	0
TOTAL RIGHTS (Cost $0)				872,845
WARRANTS — 0.0%
Malaysia — 0.0%
Paramount Corp. Bhd*, expires 7/28/24 (Cost $0)		7,840		130
Thailand — 0.0%
Noble Development PCL*, expires 1/12/24 (Cost $0)		54,825		1,595
TOTAL WARRANTS (Cost $0)				1,725
EXCHANGE-TRADED FUNDS — 0.1%
iShares Global REIT ETF		11,000		316,910
Vanguard Global ex-U.S. Real Estate ETF		1,500		82,785
TOTAL EXCHANGE-TRADED FUNDS (Cost $310,340)				399,695
SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $7,668,675)		7,668,675		7,668,675
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) (Cost $1,089,238)		1,089,238		1,089,238
TOTAL INVESTMENTS — 100.7% (Cost $511,660,431)			$	537,453,230
Other assets and liabilities, net — (0.7%)				(3,893,668	)
NET ASSETS — 100.0%			$	533,559,562

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01%, (d)(e)
		20,979,642		—		(13,310,967	)(f)		—		—		310		—		7,668,675		7,668,675
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d)
		61,186		32,100,475		(31,072,423	)		—		—		185		—		1,089,238		1,089,238
		21,040,828		32,100,475		(44,383,390	)		—		—		495		—		8,757,913		8,757,913

* 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, 2021 amounted to $21,301,066, which is 4.0% of net assets.

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2021 (Unaudited)

(b) Investment was valued using significant unobservable inputs.

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

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $15,300,207.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

REIT: Real Estate Investment Trust

SAE: Societe Anonyme Egyptienne

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

Securities are listed in country of domicile.

At November 30, 2021, 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	1	$	80,292	$	75,595		12/17/2021	$	(4,697	)
E-Mini S&P 500 Futures	USD	2		445,890		456,625		12/17/2021		10,735
EURO STOXX 50 Futures	EUR	5		230,329		229,454		12/17/2021		(875	)
MINI TOPIX Index Futures	JPY	16		290,109		267,172		12/09/2021		(22,937	)
SPI 200 Futures	AUD	1		127,018		128,178		12/16/2021		1,160
Total net unrealized depreciation									$	(16,614	)

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

AUD Australian Dollar

EUR Euro

JPY Japanese Yen

USD U.S. Dollar

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers International Real Estate ETF (Continued)

November 30, 2021 (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, 2021 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (g)	$	526,853,538		$	—	$	567,514	$	527,421,052
Rights (g)		862,720			10,125		0		872,845
Warrants (g)		1,725			—		—		1,725
Exchange-Traded Funds		399,695			—		—		399,695
Short-Term Investments (g)		8,757,913			—		—		8,757,913
Derivatives (h)
Futures Contracts		11,895			—		—		11,895
TOTAL	$	536,887,486		$	10,125	$	567,514	$	537,465,125
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (h)
Futures Contracts	$	(28,509	)	$	—	$	—	$	(28,509	)
TOTAL	$	(28,509	)	$	—	$	—	$	(28,509	)

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

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

During the period ended November 30, 2021, the amount of transfers from Level 1 to Level 3 was $521,115 and from Level 3 to Level 1 was $3,698. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investments was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.1%
Communication Services — 6.7%
Capcom Co. Ltd.		1,000	$	24,915
Dip Corp.		200		7,010
GungHo Online Entertainment, Inc.		240		6,426
Hakuhodo DY Holdings, Inc.		1,400		20,875
Kakaku.com, Inc.		700		19,574
KDDI Corp.		7,900		229,601
Koei Tecmo Holdings Co. Ltd.		360		15,076
Konami Holdings Corp.		400		20,468
Mixi, Inc.		400		7,120
Nexon Co. Ltd.		2,500		49,628
Nintendo Co. Ltd.		501		221,059
Nippon Telegraph & Telephone Corp.		11,400		313,752
SoftBank Group Corp.		3,300		175,252
Square Enix Holdings Co. Ltd.		400		20,890
Toei Animation Co. Ltd. (a)		50		7,217
Toho Co. Ltd.		700		31,133
Z Holdings Corp.		15,900		105,304
(Cost $1,378,359)				1,275,300
Consumer Discretionary — 15.2%
ABC-Mart, Inc.		170		7,995
Aisin Corp.		700		25,708
Bandai Namco Holdings, Inc.		1,000		77,828
Bic Camera, Inc.		700		5,777
Bridgestone Corp.		3,100		125,726
Casio Computer Co. Ltd.		1,000		12,982
Denso Corp.		2,500		183,430
Fast Retailing Co. Ltd.		132		78,355
Food & Life Cos. Ltd.		700		29,746
Goldwin, Inc.		251		14,258
Haseko Corp.		1,000		11,925
Hikari Tsushin, Inc.		137		19,860
Honda Motor Co. Ltd.		9,000		245,797
Iida Group Holdings Co. Ltd.		900		18,611
Isuzu Motors Ltd.		3,400		45,874
Izumi Co. Ltd.		200		5,540
Kohnan Shoji Co. Ltd.		200		5,848
Koito Manufacturing Co. Ltd.		700		40,257
KOMEDA Holdings Co. Ltd.		200		3,424
K’s Holdings Corp.		900		9,107
Marui Group Co. Ltd.		1,000		18,372
McDonald’s Holdings Co. Japan Ltd.		600		26,686
NGK Spark Plug Co. Ltd.		900		14,965
Nifco, Inc.		600		16,487
Nitori Holdings Co. Ltd.		462		73,362
Nojima Corp.		100		1,960
Open House Co. Ltd.		400		22,687
Oriental Land Co. Ltd.		1,213		190,585
PALTAC Corp.		200		7,759
Pan Pacific International Holdings Corp.		2,100		35,806
Panasonic Corp.		11,900		130,219
Pressance Corp.		200		3,019
Rinnai Corp.		264		24,925
Ryohin Keikaku Co. Ltd.		1,300		21,009
Sekisui Chemical Co. Ltd.		2,200		35,748
Sekisui House Ltd.		3,800		73,962

	Number of Shares		Value
Consumer Discretionary (Continued)
Seria Co. Ltd.		300	$	9,115
Shimano, Inc.		430		118,913
Sony Group Corp.		3,000		365,274
Stanley Electric Co. Ltd.		800		20,799
Subaru Corp.		3,300		62,268
Sumitomo Electric Industries Ltd.		4,100		53,784
Sumitomo Forestry Co. Ltd.		900		18,128
Sumitomo Rubber Industries Ltd.		1,000		10,031
Suzuki Motor Corp.		2,600		104,989
T-Gaia Corp.		100		1,423
Token Corp.		100		7,882
Toyo Tire Corp.		400		6,080
Toyoda Gosei Co. Ltd.		600		11,990
Toyota Boshoku Corp.		300		5,916
Toyota Motor Corp.		16,630		293,070
TS Tech Co. Ltd.		600		7,044
USS Co. Ltd.		1,200		17,607
Workman Co. Ltd.		200		10,410
Yamaha Corp.		600		30,754
Yamaha Motor Co. Ltd.		1,500		37,769
Yokohama Rubber Co. Ltd.		700		10,887
Zensho Holdings Co. Ltd.		300		6,819
ZOZO, Inc.		800		25,470
(Cost $2,944,670)				2,902,021
Consumer Staples — 7.9%
Ain Holdings, Inc.		200		10,762
Ajinomoto Co., Inc.		2,700		81,015
Ariake Japan Co. Ltd.		100		5,637
Asahi Group Holdings Ltd.		2,700		99,730
Calbee, Inc.		700		15,708
Cosmos Pharmaceutical Corp.		74		11,477
Create SD Holdings Co. Ltd.		200		5,496
Fancl Corp.		600		18,099
Ito En Ltd.		400		23,497
Japan Tobacco, Inc. (a)		6,000		120,137
Kagome Co. Ltd.		400		9,741
Kao Corp.		2,500		127,416
Kewpie Corp.		400		8,134
Kikkoman Corp.		800		61,015
Kirin Holdings Co. Ltd.		3,900		62,410
Kobayashi Pharmaceutical Co. Ltd.		340		26,710
Kobe Bussan Co. Ltd.		800		30,155
Kose Corp.		162		19,504
Kusuri no Aoki Holdings Co. Ltd.		100		6,332
Lawson, Inc.		200		9,758
Life Corp.		100		2,955
Lion Corp.		1,300		18,445
MatsukiyoCocokara & Co.		600		23,515
MEIJI Holdings Co. Ltd.		800		46,924
Morinaga & Co. Ltd.		300		9,327
Morinaga Milk Industry Co. Ltd.		300		14,373
NH Foods Ltd.		700		23,858
Nichirei Corp.		400		9,163
Nippon Suisan Kaisha Ltd.		1,200		6,056
Nissin Foods Holdings Co. Ltd.		364		26,736
Pigeon Corp.		700		14,186

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Consumer Staples (Continued)
Pola Orbis Holdings, Inc.		700	$	12,466
Prima Meat Packers Ltd.		200		4,176
Rohto Pharmaceutical Co. Ltd.		500		14,245
Seven & i Holdings Co. Ltd.		4,400		176,473
Shiseido Co. Ltd.		2,000		114,545
Sugi Holdings Co. Ltd.		200		12,577
Sundrug Co. Ltd.		400		10,530
Suntory Beverage & Food Ltd.		600		21,163
Toyo Suisan Kaisha Ltd.		400		16,205
Tsuruha Holdings, Inc.		184		20,742
Unicharm Corp.		2,200		94,708
Welcia Holdings Co. Ltd.		700		24,814
Yakult Honsha Co. Ltd.		700		34,955
Yaoko Co. Ltd.		200		11,784
(Cost $1,714,561)				1,517,654
Energy — 0.9%
Cosmo Energy Holdings Co. Ltd.		400		7,838
ENEOS Holdings, Inc.		17,000		63,392
Idemitsu Kosan Co. Ltd.		1,200		30,976
Inpex Corp.		6,200		51,164
Iwatani Corp.		300		15,139
(Cost $257,593)				168,509
Financials — 9.5%
Acom Co. Ltd.		2,100		6,233
AEON Financial Service Co. Ltd.		700		7,564
Aozora Bank Ltd.		400		8,708
Chiba Bank Ltd.		3,400		19,793
Concordia Financial Group Ltd.		6,700		24,370
Dai-ichi Life Holdings, Inc.		5,300		106,752
Daiwa Securities Group, Inc.		8,000		44,451
Financial Products Group Co. Ltd.		300		1,456
Fukuoka Financial Group, Inc.		900		14,569
Fuyo General Lease Co. Ltd.		100		6,323
JAFCO Group Co. Ltd.		100		6,271
Japan Exchange Group, Inc.		2,800		60,638
Mebuki Financial Group, Inc.		5,500		10,850
Mitsubishi HC Capital, Inc.		4,100		19,282
Mitsubishi UFJ Financial Group, Inc.		50,900		269,596
Mizuho Financial Group, Inc.		14,100		174,100
Mizuho Leasing Co. Ltd.		200		5,221
MS&AD Insurance Group Holdings, Inc.		2,700		78,852
Nomura Holdings, Inc.		16,900		71,056
Orient Corp.		3,700		4,041
ORIX Corp.		6,600		130,495
Resona Holdings, Inc.		12,900		47,217
SBI Holdings, Inc.		1,400		36,053
Seven Bank Ltd.		3,400		6,827
Shinsei Bank Ltd.		900		15,187
Sompo Holdings, Inc.		1,900		78,212
Sumitomo Mitsui Financial Group, Inc.		7,800		254,378
Sumitomo Mitsui Trust Holdings, Inc.		2,000		62,706
T&D Holdings, Inc.		3,100		36,639
Tokio Marine Holdings, Inc.		3,700		186,002
Tokyo Century Corp.		200		9,547
Zenkoku Hosho Co. Ltd.		300		13,105
(Cost $2,129,218)				1,816,494

	Number of Shares		Value
Health Care — 10.9%
Alfresa Holdings Corp.		1,200	$	16,254
Asahi Intecc Co. Ltd.		1,200		26,294
Astellas Pharma, Inc.		9,700		152,020
Chugai Pharmaceutical Co. Ltd.		3,500		113,435
Daiichi Sankyo Co. Ltd.		8,899		221,368
Eisai Co. Ltd.		1,300		78,690
Hoya Corp.		2,200		349,148
Japan Lifeline Co. Ltd.		300		2,795
JCR Pharmaceuticals Co. Ltd.		200		4,402
Kaken Pharmaceutical Co. Ltd.		200		7,125
Kyowa Kirin Co. Ltd.		1,300		36,294
M3, Inc.		1,950		105,087
Medipal Holdings Corp.		1,200		21,560
Nihon Kohden Corp.		400		11,784
Nippon Shinyaku Co. Ltd.		300		22,194
Olympus Corp.		5,800		129,695
Ono Pharmaceutical Co. Ltd.		2,600		57,372
Otsuka Holdings Co. Ltd.		2,300		83,983
PeptiDream, Inc.*		300		7,562
Santen Pharmaceutical Co. Ltd.		2,000		26,492
Sawai Group Holdings Co. Ltd.		200		7,398
Shionogi & Co. Ltd.		1,400		97,690
Ship Healthcare Holdings, Inc.		600		13,369
Sumitomo Dainippon Pharma Co. Ltd.		800		9,737
Sysmex Corp.		1,000		124,708
Takeda Pharmaceutical Co. Ltd.		8,300		221,562
Terumo Corp.		3,200		130,429
Towa Pharmaceutical Co. Ltd.		200		4,626
(Cost $2,268,420)				2,083,073
Industrials — 24.7%
Aeon Delight Co. Ltd.		200		6,244
AGC, Inc.		1,000		48,879
Aica Kogyo Co. Ltd.		300		8,759
Amada Co. Ltd.		1,300		12,170
BayCurrent Consulting, Inc.		75		31,243
Benefit One, Inc.		600		28,112
Central Japan Railway Co.		906		124,476
COMSYS Holdings Corp.		300		6,542
Daifuku Co. Ltd.		634		50,756
Daikin Industries Ltd.		1,382		281,768
DMG Mori Co. Ltd.		700		10,937
Ebara Corp.		400		21,489
en Japan, Inc.		200		6,235
EXEO Group, Inc.		700		14,833
FANUC Corp.		999		195,718
Fuji Corp.		700		15,345
Fuji Electric Co. Ltd.		600		31,388
Hankyu Hanshin Holdings, Inc.		1,500		44,454
Hazama Ando Corp.		800		5,925
Hino Motors Ltd.		1,300		10,808
Hitachi Construction Machinery Co. Ltd.		300		8,719
Hitachi Ltd.		5,300		312,179
Hitachi Transport System Ltd.		300		12,233
Hoshizaki Corp.		300		22,775
IHI Corp.*		800		15,085
INFRONEER Holdings, Inc.		900		7,443

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
IR Japan Holdings Ltd.		50	$	3,122
ITOCHU Corp.		7,900		226,818
Japan Elevator Service Holdings Co. Ltd.		400		7,486
Japan Steel Works Ltd.		300		9,049
Kajima Corp.		2,600		28,646
Kanamoto Co. Ltd. (a)		300		5,691
Kandenko Co. Ltd.		400		2,853
Kanematsu Corp.		700		7,589
Kintetsu World Express, Inc.		300		7,208
Komatsu Ltd.		5,100		116,423
Kubota Corp.		5,500		114,752
Kumagai Gumi Co. Ltd.		100		2,314
Kyudenko Corp.		300		8,878
Kyushu Railway Co.		700		14,765
Makita Corp.		1,500		65,842
Marubeni Corp.		10,500		94,093
Maruwa Unyu Kikan Co. Ltd.		300		3,646
Meitec Corp.		200		11,731
MINEBEA MITSUMI, Inc.		1,800		47,558
Mirait Holdings Corp.		300		5,192
MISUMI Group, Inc.		1,400		58,999
Mitsubishi Corp.		8,300		247,878
Mitsubishi Electric Corp.		11,400		143,021
Mitsubishi Heavy Industries Ltd.		1,800		40,599
Mitsui & Co. Ltd.		8,600		193,669
Mitsui OSK Lines Ltd.		600		34,348
Miura Co. Ltd.		700		24,567
MonotaRO Co. Ltd.		1,400		27,816
Nabtesco Corp.		400		11,572
NGK Insulators Ltd.		1,200		18,992
Nichias Corp.		300		6,780
Nidec Corp.		2,698		308,900
Nihon M&A Center Holdings, Inc.		1,800		52,869
Nippo Corp.		300		10,595
Nippon Express Co. Ltd.		300		17,095
Nippon Steel Trading Corp.		100		4,056
Nippon Yusen KK		900		58,655
Nishimatsu Construction Co. Ltd.		300		8,944
NSK Ltd.		2,000		13,580
Obayashi Corp.		3,200		23,561
OSG Corp.		700		10,147
Outsourcing, Inc.		400		5,298
Penta-Ocean Construction Co. Ltd.		1,300		7,453
Persol Holdings Co. Ltd.		1,000		28,887
Pilot Corp.		200		7,301
Recruit Holdings Co. Ltd.		6,300		382,899
Sankyu, Inc.		400		15,888
Sanwa Holdings Corp.		1,100		11,751
Secom Co. Ltd.		1,059		71,480
Senko Group Holdings Co. Ltd.		300		2,447
SG Holdings Co. Ltd.		1,900		42,001
Shimizu Corp.		3,400		21,470
SMC Corp.		327		209,226
SMS Co. Ltd.		300		11,189
Sohgo Security Services Co. Ltd.		400		17,050
Sojitz Corp.		1,220		17,256
Sumitomo Corp.		6,900		93,949

	Number of Shares		Value
Industrials (Continued)
Sumitomo Heavy Industries Ltd.		400	$	8,881
Sumitomo Mitsui Construction Co. Ltd.		1,000		3,646
Taisei Corp.		1,100		32,067
Takeuchi Manufacturing Co. Ltd.		200		4,787
TechnoPro Holdings, Inc.		700		19,235
Toda Corp.		1,400		8,236
TOKAI Holdings Corp.		300		2,182
Tokyu Construction Co. Ltd.		700		3,976
TOTO Ltd.		800		35,440
Toyota Industries Corp.		900		73,874
Toyota Tsusho Corp.		1,100		48,003
UT Group Co. Ltd.		100		3,567
Yamato Holdings Co. Ltd.		1,400		30,874
Yaskawa Electric Corp.		1,200		53,794
(Cost $4,889,783)				4,708,921
Information Technology — 14.3%
Advantest Corp.		850		74,785
Anritsu Corp.		600		9,327
Azbil Corp.		600		26,527
Bell System24 Holdings, Inc.		200		2,211
Brother Industries Ltd.		1,400		24,093
Daiwabo Holdings Co. Ltd.		300		4,780
Digital Garage, Inc.		200		8,772
Disco Corp.		144		41,344
Elecom Co. Ltd.		400		4,668
FUJIFILM Holdings Corp.		2,000		157,312
Fujitsu Ltd.		1,025		169,667
GMO Payment Gateway, Inc.		200		26,826
Hamamatsu Photonics KK		750		46,105
Horiba Ltd.		300		17,834
Infocom Corp.		100		1,681
Information Services International-Dentsu Ltd.		200		6,482
Itochu Techno-Solutions Corp.		400		13,017
Japan Material Co. Ltd.		600		8,201
Justsystems Corp.		200		9,142
Keyence Corp.		532		329,522
Kyocera Corp.		1,600		94,849
Lasertec Corp.		500		130,983
MCJ Co. Ltd.		200		1,737
Murata Manufacturing Co. Ltd.		3,300		243,551
NEC Corp.		1,400		63,129
NEC Networks & System Integration Corp.		300		4,780
Nihon Unisys Ltd.		400		11,555
Nomura Research Institute Ltd.		2,100		90,255
NS Solutions Corp.		200		6,059
NTT Data Corp.		3,000		63,252
Obic Co. Ltd.		339		62,668
Omron Corp.		900		86,913
Optorun Co. Ltd.		200		3,951
Oracle Corp.		269		26,439
Otsuka Corp.		600		27,425
Rakus Co. Ltd.		400		10,815
Renesas Electronics Corp.*		6,100		77,469
SCREEN Holdings Co. Ltd.		200		20,256

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
SCSK Corp.		800	$	15,183
Seiko Epson Corp.		1,300		20,952
Shimadzu Corp.		1,500		63,543
SUMCO Corp.		1,600		35,059
Systena Corp.		2,800		11,639
Taiyo Yuden Co. Ltd.		700		38,593
TDK Corp.		1,727		68,444
TIS, Inc.		1,000		30,913
Tokyo Electron Ltd.		719		378,924
Tokyo Seimitsu Co. Ltd.		200		8,455
Trend Micro, Inc.		400		23,075
Ulvac, Inc.		200		11,449
Wacom Co. Ltd.		800		6,158
Yokogawa Electric Corp.		1,000		18,803
(Cost $2,395,278)				2,739,572
Materials — 5.2%
Air Water, Inc.		1,000		14,769
Asahi Holdings, Inc.		400		6,743
Asahi Kasei Corp.		7,300		68,889
Daicel Corp.		1,300		8,965
Daio Paper Corp.		300		4,753
Denka Co. Ltd.		600		17,676
DIC Corp.		700		17,539
FP Corp.		200		6,596
Kansai Paint Co. Ltd.		1,200		26,950
Kuraray Co. Ltd.		1,800		14,965
Mitsubishi Chemical Holdings Corp.		7,300		57,361
Mitsubishi Gas Chemical Co., Inc.		1,000		16,637
Mitsui Chemicals, Inc.		900		24,136
Mitsui Mining & Smelting Co. Ltd.		300		7,741
Nippon Paint Holdings Co. Ltd. (a)		4,300		45,179
Nippon Sanso Holdings Corp.		1,000		21,163
Nissan Chemical Corp.		600		34,559
Nitto Denko Corp.		700		48,703
NOF Corp.		300		14,796
Oji Holdings Corp.		5,000		23,119
Rengo Co. Ltd.		1,100		7,431
Shin-Etsu Chemical Co. Ltd.		1,581		264,556
Showa Denko KK		1,000		22,035
Sumitomo Chemical Co. Ltd.		8,700		40,150
Sumitomo Metal Mining Co. Ltd.		1,400		52,193
Taiheiyo Cement Corp.		600		11,620
Teijin Ltd.		900		10,312
Tokai Carbon Co. Ltd.		1,100		11,403
Tokuyama Corp.		300		4,714
Toray Industries, Inc.		7,800		45,394
Tosoh Corp.		1,900		27,292
Ube Industries Ltd.		700		11,713
Zeon Corp.		900		9,535
(Cost $1,173,031)				999,587
Real Estate — 2.7%
Aeon Mall Co. Ltd.		600		8,492
Daito Trust Construction Co. Ltd.		300		32,472
Daiwa House Industry Co. Ltd.		3,200		93,454
Hulic Co. Ltd.		2,500		23,691

	Number of Shares		Value
Real Estate (Continued)
Ichigo, Inc.		1,300	$	3,251
Katitas Co. Ltd.		300		11,070
Mitsubishi Estate Co. Ltd.		7,200		99,238
Mitsui Fudosan Co. Ltd.		5,100		104,924
Nomura Real Estate Holdings, Inc.		700		15,197
Relo Group, Inc.		600		11,060
SAMTY Co. Ltd.		200		4,027
Starts Corp., Inc.		100		2,139
Sumitomo Realty & Development Co. Ltd.		2,300		71,687
Tokyo Tatemono Co. Ltd.		1,200		16,994
Tokyu Fudosan Holdings Corp.		3,300		17,031
(Cost $580,841)				514,727
Utilities — 1.1%
Chubu Electric Power Co., Inc.		3,400		34,316
Chugoku Electric Power Co., Inc.		1,400		10,986
Electric Power Development Co. Ltd.		900		11,454
eRex Co. Ltd.		200		4,506
Hokkaido Electric Power Co., Inc.		900		3,717
Kansai Electric Power Co., Inc.		4,300		38,893
Kyushu Electric Power Co., Inc.		2,400		17,142
Osaka Gas Co. Ltd.		2,000		32,181
RENOVA, Inc.*		200		9,424
Tohoku Electric Power Co., Inc.		2,600		17,998
Tokyo Gas Co. Ltd.		2,200		37,685
(Cost $304,975)				218,302
TOTAL COMMON STOCKS (Cost $20,036,729)				18,944,160
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $156,627)		156,627		156,627
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $11,264)		11,264		11,264
TOTAL INVESTMENTS — 100.0% (Cost $20,204,620)			$	19,112,051
Other assets and liabilities, net — (0.0)%				(8,922	)
NET ASSETS — 100.0%			$	19,103,129

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2021 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c)
		77,510		79,117	(d)		—			—		—		13		—		156,627		156,627
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b)
		15,458		278,043			(282,237	)		—		—		5		—		11,264		11,264
		92,968		357,160			(282,237	)		—		—		18		—		167,891		167,891

* 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, 2021 amounted to $159,492, which is 0.8% of net assets.

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

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $11,096.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

At November 30, 2021, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
JPX-Nikkei 400 Index Futures	JPY	10	$	161,963	$150,821		12/09/2021	$	(11,142	)

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

JPY Japanese Yen

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, 2021 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 (e)	$	18,944,160		$	—	$	—	$	18,944,160
Short-Term Investments (e)		167,891			—		—		167,891
TOTAL	$	19,112,051		$	—	$	—	$	19,112,051
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (f)
Futures Contracts	$	(11,142	)	$	—	$	—	$	(11,142	)
TOTAL	$	(11,142	)	$	—	$	—	$	(11,142	)

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

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

See Notes to Financial Statements. 26

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2021 (Unaudited)

	Xtrackers Eurozone Equity ETF			Xtrackers International Real Estate ETF			Xtrackers Japan JPX-Nikkei 400 Equity ETF
Assets
Investment in non-affiliated securities at value	$	2,571,502		$	528,695,317		$	18,944,160
Investment in affiliated securities at value		11,015			—			—
Investment in DWS Government Money Market Series		255			1,089,238			11,264
Investment in DWS Government & Agency Securities Portfolio*		20,156			7,668,675			156,627
Foreign currency at value		2,588			—			49,835
Deposit with broker for futures contracts		—			67,132			6,148
Receivables:
Investment securities sold		—			2,425,399			131,435
Capital shares		—			4,126,565			—
Variation margin on futures contracts		—			742			—
Dividends		618			1,513,536			116,864
Interest		—			36			—
Securities lending income		21			14,286			68
Foreign tax reclaim		1,298			149,588			—
Total assets	$	2,607,453		$	545,750,514		$	19,416,401
Liabilities
Due to foreign custodian	$	—		$	186,720		$	—
Payable upon return of securities loaned		20,156			7,668,675			156,627
Payables:
Investment securities purchased		—			3,931,104			151,081
Investment advisory fees		204			44,832			1,355
Variation margin on futures contracts		—			—			4,209
Deferred foreign tax payable		—			359,621			—
Total liabilities		20,360			12,190,952			313,272
Net Assets, at value	$	2,587,093		$	533,559,562		$	19,103,129
Net Assets Consist of
Paid-in capital	$	2,749,000		$	524,163,568		$	19,708,676
Distributable earnings (loss)		(161,907	)		9,395,994			(605,547	)
Net Assets, at value	$	2,587,093		$	533,559,562		$	19,103,129
Number of Common Shares outstanding		100,001			19,400,001			600,001
Net Asset Value	$	25.87		$	27.50		$	31.84
Investment in non-affiliated securities at cost	$	2,319,443		$	502,902,518		$	20,036,729
Investment in affiliated securities at cost	$	9,087		$	—		$	—
Value of securities loaned	$	33,713		$	21,301,066		$	159,492
Investment in DWS Government Money Market Series at cost	$	255		$	1,089,238		$	11,264
Investment in DWS Government & Agency Securities Portfolio at cost*	$	20,156		$	7,668,675		$	156,627
Non-cash collateral for securities on loan	$	16,795		$	15,300,207		$	11,096
Foreign currency at cost	$	2,583		$	(170,526	)	$	49,437

* Represents collateral on securities loaned.

See Notes to Financial Statements. 27

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2021 (Unaudited)

	Xtrackers Eurozone Equity ETF			Xtrackers International Real Estate ETF			Xtrackers Japan JPX-Nikkei 400 Equity ETF
Investment Income
Unaffiliated dividend income*	$	15,264		$	8,692,111		$	181,291
Income distributions from affiliated funds		0			185			5
Affiliated securities lending income		2			310			13
Unaffiliated non-cash dividend income		13,103			—			—
Unaffiliated securities lending income, net of borrower rebates		1,175			82,623			1,212
Total investment income		29,544			8,775,229			182,521
Expenses
Investment advisory fees		1,239			304,134			9,943
Other expenses		57			172			57
Total expenses		1,296			304,306			10,000
Less fees waived (see note 3):
Waiver		—			(50,815	)		(2	)
Net expenses		1,296			253,491			9,998
Net investment income (loss)		28,248			8,521,738			172,523
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(2,252	)		(1,575,902	)		(379,996	)
Investments in affiliates		(337	)		—			—
In-kind redemptions		—			962,459			2,636,025
Futures contracts		—			174,411			1,715
Foreign currency transactions		(140	)		(85,268	)		(3,160	)
Net realized gain (loss)		(2,729	)		(524,300	)		2,254,584
Net change in unrealized appreciation (depreciation) on:
Investments***		(192,023	)		(23,689,481	)		(2,729,640	)
Investments in affiliates		(2,414	)		—			—
Futures contracts		—			(82,329	)		(7,695	)
Foreign currency translations		(133	)		(52,928	)		(2,405	)
Net change in unrealized appreciation (depreciation)		(194,570	)		(23,824,738	)		(2,739,740	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(197,299	)		(24,349,038	)		(485,156	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(169,051	)	$	(15,827,300	)	$	(312,633	)
*   Unaffiliated foreign tax withheld	$	4,809		$	678,333		$	20,145
**   Including foreign taxes	$	—		$	8,259		$	—
***  Including change in deferred foreign taxes	$	—		$	257,171		$	—

See Notes to Financial Statements. 28

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Eurozone Equity ETF						Xtrackers International Real Estate ETF
	For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	28,248		$	64,525		$	8,521,738		$	11,340,684
Net realized gain (loss)		(2,729	)		(107,402	)		(524,300	)		(7,184,905	)
Net change in net unrealized appreciation (depreciation)		(194,570	)		1,033,887			(23,824,738	)		85,212,771
Net increase (decrease) in net assets resulting from operations		(169,051	)		991,010			(15,827,300	)		89,368,550
Distributions to Shareholders		(40,985	)		(68,438	)		(14,408,060	)		(10,236,025	)
Fund Shares Transactions
Proceeds from shares sold		—			—			108,955,403			147,772,936
Value of shares redeemed		—			(2,013,187	)		(2,843,826	)		—
Net increase (decrease) in net assets resulting from fund share transactions		—			(2,013,187	)		106,111,577			147,772,936
Total net increase (decrease) in Net Assets		(210,036	)		(1,090,615	)		75,876,217			226,905,461
Net Assets
Beginning of period		2,797,129			3,887,744			457,683,345			230,777,884
End of period	$	2,587,093		$	2,797,129		$	533,559,562		$	457,683,345
Changes in Shares Outstanding
Shares outstanding, beginning of period		100,001			200,001			15,700,001			10,100,001
Shares sold		—			—			3,800,000			5,600,000
Shares redeemed		—			(100,000	)		(100,000	)		—
Shares outstanding, end of period		100,001			100,001			19,400,001			15,700,001

See Notes to Financial Statements. 29

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers Japan JPX-Nikkei 400 Equity ETF
	For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	172,523		$	297,186
Net realized gain (loss)		2,254,584			443,179
Net change in net unrealized appreciation (depreciation)		(2,739,740	)		2,871,009
Net increase (decrease) in net assets resulting from operations		(312,633	)		3,611,374
Distributions to Shareholders		(193,035	)		(402,982	)
Fund Shares Transactions
Proceeds from shares sold		1,610,599			29,855,461
Value of shares redeemed		(28,202,978	)		(8,615,493	)
Net increase (decrease) in net assets resulting from fund share transactions		(26,592,379	)		21,239,968
Total net increase (decrease) in Net Assets		(27,098,047	)		24,448,360
Net Assets
Beginning of period		46,201,176			21,752,816
End of period	$	19,103,129		$	46,201,176
Changes in Shares Outstanding
Shares outstanding, beginning of period		1,400,001			800,001
Shares sold		50,000			900,000
Shares redeemed		(850,000	)		(300,000	)
Shares outstanding, end of period		600,001			1,400,001

See Notes to Financial Statements. 30

DBX ETF Trust

Financial Highlights

Xtrackers Eurozone Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	27.97		$	19.44		$	21.10		$	23.60		$	23.94		$	20.25
Income (loss) from investment operations:
Net investment income (loss) (a)		0.28			0.62			0.32			0.65			0.73			0.74
Net realized and unrealized gain (loss)		(1.97	)		8.59			(1.37	)		(2.52	)		(0.68	)		3.74
Total from investment operations		(1.69	)		9.21			(1.05	)		(1.87	)		0.05			4.48
Less distributions from:
Net investment income		(0.41	)		(0.68	)		(0.61	)		(0.63	)		(0.39	)		(0.79	)
Total distributions		(0.41	)		(0.68	)		(0.61	)		(0.63	)		(0.39	)		(0.79	)
Net Asset Value, end of period	$	25.87		$	27.97		$	19.44		$	21.10		$	23.60		$	23.94
Total Return (%)		(6.13	)**		48.46	(b)		(5.29	)		(8.09	)(b)		0.22	(b)		23.01
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		3			3			4			2			2			2
Ratio of expenses before fee waiver (%)		0.09	*		0.09			0.09			0.10			0.27			0.45
Ratio of expenses after fee waiver (%)		0.09	*		0.09			0.09			0.09			0.26			0.45
Ratio of net investment income (loss) (%)		1.58	*		2.65			1.52			3.00			3.01			3.62
Portfolio turnover rate (%) (c)		6	**		14			9			14			93			20
Xtrackers International Real Estate ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	29.15		$	22.85		$	27.84		$	29.17		$	26.22		$	22.27
Income (loss) from investment operations:
Net investment income (loss) (a)		0.48			0.92			0.84			1.14			0.68			0.56
Net realized and unrealized gain (loss)		(1.25	)		6.28			(4.74	)		(1.98	)		3.01			3.89
Total from investment operations		(0.77	)		7.20			(3.90	)		(0.84	)		3.69			4.45
Less distributions from:
Net investment income		(0.88	)		(0.90	)		(1.09	)		(0.49	)		(0.74	)		(0.50	)
Total distributions		(0.88	)��		(0.90	)		(1.09	)		(0.49	)		(0.74	)		(0.50	)
Net Asset Value, end of period	$	27.50		$	29.15		$	22.85		$	27.84		$	29.17		$	26.22
Total Return (%)		(2.75	)**(b)		32.15	(b)		(14.80	)(b)		(2.78	)(b)		14.20			20.34
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		534			458			231			60			4			4
Ratio of expenses before fee waiver (%)		0.12	*		0.12			0.12			0.30			0.60			0.60
Ratio of expenses after fee waiver (%)		0.10	*		0.10			0.10			0.28			0.60			0.60
Ratio of net investment income (loss) (%)		3.36	*		3.55			3.21			4.25			2.40			2.34
Portfolio turnover rate (%) (c)		10	**		9			12			43			24			14

(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. 31

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Japan JPX-Nikkei 400 Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	33.00		$	27.19		$	25.84		$	29.39		$	26.24		$	23.19
Income (loss) from investment operations:
Net investment income (loss) (a)		0.26			0.50			0.58			0.28			0.40			0.35
Net realized and unrealized gain (loss)		(1.16	)		5.95			1.47			(3.62	)		3.30			3.04
Total from investment operations		(0.90	)		6.45			2.05			(3.34	)		3.70			3.39
Less distributions from:
Net investment income		(0.26	)		(0.64	)		(0.70	)		(0.21	)		(0.55	)		(0.34	)
Total distributions		(0.26	)		(0.64	)		(0.70	)		(0.21	)		(0.55	)		(0.34	)
Net Asset Value, end of period	$	31.84		$	33.00		$	27.19		$	25.84		$	29.39		$	26.24
Total Return (%)		(2.76	)**(b)		23.98	(b)		7.87	(b)		(11.35	)(b)(c)		14.21	(b)		14.75
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		19			46			22			30			128			10
Ratio of expenses before fee waiver (%)		0.09	*		0.09			0.09			0.10			0.21			0.40
Ratio of expenses after fee waiver (%)		0.09	*		0.09			0.09			0.09			0.18			0.40
Ratio of net investment income (loss) (%)		1.56	*		1.66			2.14			1.00			1.39			1.46
Portfolio turnover rate (%)(d)		19	**		25			12			149			78			22

(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’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.22%.

(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

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2021, the Trust consists of thirty-five 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 Eurozone Equity ETF

Xtrackers International Real Estate ETF

Xtrackers Japan JPX-Nikkei 400 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 Eurozone Equity ETF offers shares that are listed and traded on the Cboe BZX Exchange (“Cboe”). Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 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 track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are

Fund	Underlying Index
Xtrackers Eurozone Equity ETF	NASDAQ Eurozone Large Mid Cap Index
Xtrackers International Real Estate ETF	iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index
Xtrackers Japan JPX-Nikkei 400 Equity ETF	JPX-Nikkei 400 Index

The NASDAQ Eurozone Large Mid Cap Index is designed to track the performance of equity securities of large-and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union. The NASDAQ Eurozone Large Mid Cap Index is rebalanced semi-annually in March and September.

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 iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is rebalanced quarterly.

The JPX-Nikkei Index 400 Net Total Return Index is designed to reflect the performance of the Japanese stock market, specifically companies which are primarily listed on the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies), “Mothers” (for high-growth and emerging stocks) and JASDAQ. The JPX-Nikkei Index 400 Index is rebalanced annually in August.

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 International Real Estate 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.

33

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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.

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.

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

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

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

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

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

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

Investment Transactions and Investment Income    Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the

34

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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 each Fund to pay out dividends from its net investment income, if any, 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.

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, 2021, the Funds did not incur any interest or penalties.

At May 31, 2021, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these 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 Eurozone Equity ETF	$	102,804	$	317,314	$	420,118
Xtrackers International Real Estate ETF		1,633,855		1,064,331		2,698,186
Xtrackers Japan JPX-Nikkei 400 Equity ETF		1,422,425		151,796		1,574,221

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

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Eurozone Equity ETF	$	2,497,880	$	429,866	$	572,915	$	(143,049	)
Xtrackers International Real Estate ETF		447,626,158		28,865,164		42,904,036		(14,038,872	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		44,791,478		1,279,960		2,808,308		(1,528,348	)

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

35

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2021, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending    The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2021, 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 (0.03% annualized effective rate as of November 30, 2021) 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, 2021, 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, 2021
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Eurozone Equity ETF
Common Stocks	$	16,326	$	—	$	—	$	16,795	$	33,121
Exchange-Traded Funds		3,830		—		—		—		3,830
Total Borrowings	$	20,156	$	—	$	—	$	16,795	$	36,951
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	36,951
Xtrackers International Real Estate ETF
Common Stocks	$	7,668,675	$	—	$	337,842	$	14,962,365	$	22,968,882
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	22,968,882
Xtrackers Japan JPX-Nikkei 400 Equity ETF
Common Stocks	$	156,627	$	—	$	224	$	10,872	$	167,723
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	167,723

36

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2021, Xtrackers International Real Estate ETF and Xtrackers Japan JPX-Nikkei 400 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, 2021 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, 2021 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*	$	11,895	Unrealized depreciation on futures contracts*	$	28,509
Xtrackers Japan JPX-Nikkei 400 Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	11,142

* 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, 2021 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	$	174,411
Xtrackers Japan JPX-Nikkei 400 Equity ETF		1,715

37

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers International Real Estate ETF	$	(82,329	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		(7,695	)

For the period ended November 30, 2021 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers International Real Estate ETF	$	2,073,910
Xtrackers Japan JPX-Nikkei 400 Equity ETF		163,115

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 Eurozone Equity ETF		0.09	%
Xtrackers International Real Estate ETF		0.12	%
Xtrackers Japan JPX-Nikkei 400 Equity ETF		0.09	%

The Advisor for Xtrackers International Real Estate ETF has contractually agreed, until September 30, 2022, 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, 2021, the Advisor waived $50,689 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, 2021, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers International Real Estate ETF	$	126
Xtrackers Japan JPX-Nikkei 400 Equity ETF		2

38

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

4. Investment Portfolio Transactions

For the period ended November 30, 2021, 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 Eurozone Equity ETF	$	163,076	$	177,312
Xtrackers International Real Estate ETF		60,502,647		49,326,805
Xtrackers Japan JPX-Nikkei 400 Equity ETF		4,593,439		4,654,195

For the period ended November 30, 2021, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers International Real Estate ETF	$	88,821,748	$	2,607,059
Xtrackers Japan JPX-Nikkei 400 Equity ETF		1,608,966		28,111,987

5. Fund Share Transactions

As of November 30, 2021, 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. 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 the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. The 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 Fund had no outstanding loans at November 30, 2021.

39

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

7. Other — COVID-19 Pandemic

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

40

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.

41

DBX ETF Trust

Privacy Policy Notice (Unaudited)

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

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

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

Rev. 12/2021

42

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. 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. Investing in foreign securities, particularly those of emerging markets, present certain risks such as currency fluctuations, political and economical changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. 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. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. 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 Funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. A fund that focuses its investments in Japan can be impacted by the events and developments in Japan, which can adversely affect performance. 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 that fund. Please read the prospectus for more information.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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.

Nasdaq^{® and NASDAQ Eurozone Large Mid Cap Index are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by DBX Advisors LLC. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).}

The iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index is the intellectual property (including registered trademarks) of STOXX Limited, Zug, Switzerland (“STOXX”), Deutsche Börse Group or their licensors, which is used under license. Xtrackers International Real Estate ETF is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the Index or its data.

The “JPX-Nikkei Index 400” is a copyrightable work calculated through such methodology as independently developed by Nikkei Inc. (hereinafter called “Nikkei”), and Tokyo Stock Exchange, Inc. (hereinafter called “TSE”) and Nikkei and TSE jointly own copyrights and any other intellectual property rights subsisting in the “JPX-Nikkei Index 400” itself and the methodology to calculate the “JPX-Nikkei Index 400.” The ownership of trademarks and any other intellectual property rights with respect to marks representing the “JPX-Nikkei Index 400 belong” to Nikkei, TSE and Japan Exchange Group, Inc. Nikkei and TSE have no obligation to publish the “JPX-Nikkei Index 400” continuously, and Nikkei and TSE shall not be liable for any errors, delays or suspension of the publication of the “JPXNikkei Index 400.” Nikkei and TSE shall have the right to make any changes in the “JPX-Nikkei Index 400” regarding the calculation methods, etc., and to discontinue the publication thereof.

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

Not FDIC Insured  |  No Bank Guarantee  |  May Lose Value

DBX ETF Trust

Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-049074-6 (1/22) DBX005043 (1/23)

November 30, 2021

Semi-Annual Report

DBX ETF Trust

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Portfolio Summary		2
Fees and Expenses		3
Schedule of Investments		4
Statement of Assets and Liabilities		18
Statement of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		22
Additional Information		30
Privacy Policy Notice		31

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report on our Xtrackers MSCI EAFE Hedged Equity ETF for the period ended November 30, 2021.

An easing of restrictions as COVID-19 vaccines were rolled out in addition to central-bank fiscal and monetary policy support helped the global economic recovery. In the U.S., although growth contracted during the reporting period, the economy regained momentum, with the period ending with increasing personal consumption expenditure. Moreover, the unemployment rate declined and jobless claims plummeted. However, inflation increased due to rising prices of food, shelter, energy and other essentials. Giving a rising inflation environment, the Federal Reserve Board indicated tapering its quantitative easing program and hiking the interest rate sooner than expected. The Eurozone recovered amid growing demand and steady vaccination rates, although it faced headwinds from supply chain bottlenecks and inflation. Steep inflation and lower COVID-19 vaccination rates deterred growth in emerging markets.

The Eurozone’s manufacturing sector remained dull, while the services sector remained buoyant as unemployment rates declined gradually. The European Central Bank reiterated that the current spike in inflation is transitory but indicated that the very generous monetary policy will be reassessed at some point in the future. In France, the services sector recovered at the end of the period, coupled with an upswing in tourism and notable industrial growth, despite input-related issues and weaker demand. Germany’s economic recovery was the slowest in the Eurozone as business and consumer confidence continued to deteriorate during the period due to the materials shortages and inflated energy prices that hindered manufacturing activity. However, unemployment rates edged down significantly. The UK’s GDP¹ growth slowed as the period ended, owing to supply bottlenecks and fuel shortages . However, retail sales picked up swiftly at the start of the festive season. Concerning Brexit² negotiations, both the EU and Britain remained in a deadlock with regard to the Northern Ireland Protocol.

In Japan, soaring vaccination rates and an end to the state of emergency boosted industrial expansion as the period ended. After being elected prime minister, Fumio Kishida announced an economic stimulus package for the youth and ailing businesses in an effort to deliver a sense of security. China’s economy experienced a healthy rebound on a recovery in domestic demand, an easing of power shortages and a drop in raw material prices. Australia’s economy recovered on successful vaccination programs and relaxed COVID-19 related restrictions.

We believe the global economy is positioned for an uneven recovery, with countries recovering from the crisis facing novel difficulties. The emergence of new variants of the coronavirus continues to create uncertainty, particularly in emerging markets. Rising energy prices, a spike in inflation, and persistent supply constraints are impeding overall recovery. Monetary policy would play a vital role as global central banks attempt to balance economic recovery with an accommodative stance while keeping watch on possible hyperinflation.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

² Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

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

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers 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, 2021 (13.1% of Net Assets)

Description	% of Net Assets
Nestle SA (Switzerland)		2.1%
ASML Holding NV (Netherlands)		1.9%
Roche Holding AG (Switzerland)		1.7%
LVMH Moet Hennessy Louis Vuitton SE (France)		1.3%
Toyota Motor Corp. (Japan)		1.1%
Novo Nordisk A/S (Denmark)		1.1%
Novartis AG (Switzerland)		1.0%
AstraZeneca PLC (United Kingdom)		1.0%
Royal Dutch Shell PLC (Netherlands)		1.0%
Sony Group Corp. (Japan)		0.9%

Country Diversification* as of November 30, 2021

Japan	23.2%
United Kingdom	12.5%
France	11.1%
Switzerland	10.8%
Germany	8.7%
Australia	7.1%
Netherlands	6.4%
Sweden	3.7%
Hong Kong	2.8%
Denmark	2.7%
Spain	2.3%
Italy	2.0%
Other	6.7%
Total	100.0%

Sector Diversification* as of November 30, 2021

Financials	16.8%
Industrials	15.9%
Consumer Discretionary	12.8%
Health Care	12.7%
Consumer Staples	10.3%
Information Technology	9.8%
Materials	7.4%
Communication Services	4.8%
Utilities	3.4%
Energy	3.3%
Real Estate	2.8%
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 4.

2

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 resent 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, 2021 to November 30, 2021).

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, 2021		Ending Account Value November 30, 2021		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	1,025.50		0.35	%	$	1.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.35	%	$	1.78

(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 365.

3

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 96.8%
Australia — 6.9%
Afterpay Ltd.*		51,129	$	3,967,291
Ampol Ltd.		58,308		1,191,665
APA Group (a)		274,542		1,865,091
Aristocrat Leisure Ltd.		149,588		4,703,619
ASX Ltd.		44,721		2,882,852
Aurizon Holdings Ltd.		449,562		1,079,985
AusNet Services Ltd.		448,355		811,809
Australia & New Zealand Banking Group Ltd.		697,048		13,266,987
BHP Group Ltd. (b)		708,450		19,882,591
BHP Group PLC		518,407		14,247,605
BlueScope Steel Ltd.		112,615		1,587,089
Brambles Ltd.		336,622		2,402,011
Cochlear Ltd.		15,785		2,450,760
Coles Group Ltd.		322,712		4,145,417
Commonwealth Bank of Australia		431,129		28,637,052
Computershare Ltd.		148,966		2,027,176
Crown Resorts Ltd.*		104,714		822,592
CSL Ltd.		110,517		24,169,555
Dexus REIT		253,290		2,016,831
Domino’s Pizza Enterprises Ltd.		14,191		1,312,255
Endeavour Group Ltd.		341,348		1,666,811
Evolution Mining Ltd.		382,976		1,100,208
Fortescue Metals Group Ltd.		405,517		4,917,131
Goodman Group REIT		403,427		7,100,426
GPT Group REIT		453,392		1,703,267
IDP Education Ltd.		51,032		1,272,509
Insurance Australia Group Ltd.		592,426		1,870,838
Lendlease Corp. Ltd. (a)		153,715		1,170,269
Macquarie Group Ltd.		86,137		12,080,385
Magellan Financial Group Ltd.		29,644		700,728
Medibank Pvt Ltd.		635,492		1,562,887
Mirvac Group REIT		915,997		1,867,491
National Australia Bank Ltd.		790,461		15,383,015
Newcrest Mining Ltd.		204,164		3,437,616
Northern Star Resources Ltd.		249,088		1,676,190
Oil Search Ltd.		454,942		1,235,604
Orica Ltd.		108,036		1,090,511
Origin Energy Ltd.		424,039		1,450,927
Qantas Airways Ltd.*		226,558		817,200
QBE Insurance Group Ltd.		352,963		2,923,706
Ramsay Health Care Ltd.		45,211		2,153,520
REA Group Ltd.		12,282		1,421,761
Reece Ltd.		72,931		1,217,580
Rio Tinto Ltd.		88,458		5,895,859
Santos Ltd.		434,276		1,975,081
Scentre Group REIT		1,325,736		2,920,209
SEEK Ltd.		76,692		1,902,513
Sonic Healthcare Ltd.		110,454		3,362,077
South32 Ltd.		1,138,871		2,865,811
Stockland REIT		579,324		1,804,685
Suncorp Group Ltd.		309,053		2,383,738
Sydney Airport*(a)		370,349		2,191,228
Tabcorp Holdings Ltd.		524,628		1,862,427
Telstra Corp. Ltd.		1,017,417		2,951,833
Transurban Group (a)		744,910		7,253,588

	Number of Shares		Value
Australia (Continued)
Treasury Wine Estates Ltd.		166,761	$	1,438,395
Vicinity Centres REIT		852,476		1,030,031
Washington H Soul Pattinson & Co. Ltd.		50,484		1,118,493
Wesfarmers Ltd.		272,684		11,052,611
Westpac Banking Corp.		878,678		12,853,029
WiseTech Global Ltd.		35,096		1,312,705
Woodside Petroleum Ltd.		235,168		3,592,516
Woolworths Group Ltd.		308,821		8,986,244
(Cost $272,765,587)				282,043,886
Austria — 0.2%
Erste Group Bank AG		82,255		3,598,020
OMV AG		33,681		1,794,143
Raiffeisen Bank International AG		35,114		1,044,154
Verbund AG		16,338		1,713,926
voestalpine AG		30,329		1,027,757
(Cost $6,839,146)				9,178,000
Belgium — 0.8%
Ageas SA/NV		43,952		2,274,473
Anheuser-Busch InBev SA/NV		182,914		10,217,599
Elia Group SA/NV		6,406		798,429
Etablissements Franz Colruyt NV		13,202		618,959
Groupe Bruxelles Lambert SA		29,072		3,149,349
KBC Group NV		59,898		5,028,205
Proximus SADP (b)		34,239		622,064
Sofina SA		3,668		1,700,559
Solvay SA		17,954		2,014,174
UCB SA		30,401		3,314,695
Umicore SA		47,346		2,309,427
(Cost $39,958,152)				32,047,933
Chile — 0.1%
Antofagasta PLC (Cost $1,291,347)		97,263		1,785,099
Denmark — 2.6%
A.P. Moller — Maersk A/S, Class A		759		2,172,441
A.P. Moller — Maersk A/S, Class B		1,377		4,152,334
Ambu A/S, Class B (b)		37,845		1,072,250
Carlsberg A/S, Class B		24,664		3,836,238
Chr Hansen Holding A/S		25,239		1,877,780
Coloplast A/S, Class B		28,343		4,637,537
Danske Bank A/S		164,423		2,715,394
Demant A/S*		25,556		1,222,501
DSV A/S		50,195		10,930,260
Genmab A/S*		15,728		6,087,051
GN Store Nord AS		29,150		1,675,798
Novo Nordisk A/S, Class B		408,405		43,887,127
Novozymes A/S, Class B		49,299		3,737,005
Orsted A/S, 144A		45,352		5,842,412
Pandora A/S		23,982		2,976,814
ROCKWOOL International A/S, Class B		2,267		944,439
Tryg A/S		83,376		2,020,894
Vestas Wind Systems A/S		241,605		8,105,325
(Cost $63,250,863)				107,893,600

See Notes to Financial Statements. 4

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Finland — 1.2%
Elisa OYJ		32,871	$	1,974,297
Fortum OYJ		107,811		3,106,843
Kesko OYJ, Class B		66,121		2,080,163
Kone OYJ, Class B		81,804		5,403,156
Neste OYJ		101,697		4,817,527
Nokia OYJ*		1,292,337		7,202,889
Nordea Bank Abp		771,602		9,167,989
Orion OYJ, Class B		24,406		1,004,466
Sampo OYJ, Class A		120,522		5,930,722
Stora Enso OYJ, Class R		137,307		2,331,906
UPM-Kymmene OYJ		134,361		4,883,743
Wartsila OYJ Abp		114,872		1,600,446
(Cost $43,830,885)				49,504,147
France — 10.8%
Accor SA*		40,213		1,193,498
Aeroports de Paris*		7,042		823,391
Air Liquide SA		115,329		19,072,481
Airbus SE*		141,135		15,801,250
Alstom SA (b)		76,173		2,719,489
Amundi SA, 144A		16,035		1,335,711
Arkema SA		15,942		2,090,029
AXA SA		462,635		12,775,827
BioMerieux		9,435		1,339,670
BNP Paribas SA		269,513		16,835,469
Bollore SA		240,641		1,292,507
Bouygues SA		53,762		1,826,097
Bureau Veritas SA		72,644		2,303,502
Capgemini SE		38,421		8,893,306
Carrefour SA		147,841		2,451,285
Cie de Saint-Gobain		120,981		7,708,156
Cie Generale des Etablissements Michelin SCA		40,800		6,038,405
CNP Assurances		40,164		982,514
Covivio REIT		11,519		956,524
Credit Agricole SA		310,558		4,249,694
Danone SA		157,023		9,258,373
Dassault Aviation SA		5,998		568,675
Dassault Systemes SE		163,342		9,853,249
Edenred		57,263		2,566,508
Eiffage SA		20,495		1,911,072
Electricite de France SA		113,487		1,594,663
Engie SA		437,660		6,358,249
EssilorLuxottica SA		70,060		14,065,140
Eurazeo SE		8,490		696,623
Faurecia SE		7,779		333,213
Faurecia SE		20,220		869,104
Gecina SA REIT		11,112		1,504,694
Getlink SE		103,023		1,524,742
Hermes International		7,573		14,196,863
Ipsen SA		8,765		856,265
Kering SA		18,002		13,911,516
Klepierre SA REIT*		45,487		963,900
La Francaise des Jeux SAEM, 144A		22,862		1,060,447
Legrand SA		64,126		7,038,358
L’Oreal SA		61,046		27,519,841
LVMH Moet Hennessy Louis Vuitton SE		67,116		52,261,448

	Number of Shares		Value
France (Continued)
Orange SA (b)		480,803	$	5,185,603
Orpea SA		12,063		1,140,967
Pernod Ricard SA		50,240		11,537,886
Publicis Groupe SA		54,603		3,538,411
Remy Cointreau SA		5,079		1,192,340
Renault SA*		44,469		1,435,304
Safran SA		82,090		9,196,252
Sanofi		275,862		26,236,042
Sartorius Stedim Biotech		6,433		3,803,962
Schneider Electric SE		131,918		23,371,806
SEB SA		6,826		1,013,345
Societe Generale SA		194,305		6,069,855
Sodexo SA*		20,387		1,711,872
Suez SA		85,224		1,907,439
Teleperformance		14,096		5,798,224
Thales SA		25,799		2,120,668
TotalEnergies SE		610,199		28,103,218
Ubisoft Entertainment SA*		20,857		1,071,760
Unibail-Rodamco-Westfield REIT*		15,906		1,049,870
Unibail-Rodamco-Westfield CDI*		285,626		977,321
Valeo		56,144		1,626,207
Veolia Environnement SA		164,377		5,294,330
Vinci SA		132,217		12,544,598
Vivendi SE		190,143		2,425,965
Wendel SE		7,133		817,852
Worldline SA, 144A*		55,818		2,936,320
(Cost $345,699,326)				441,709,165
Germany — 8.0%
adidas AG		46,362		13,436,607
Allianz SE		100,551		21,944,885
BASF SE		220,560		14,477,943
Bayer AG		235,958		11,913,557
Bayerische Motoren Werke AG		80,057		7,715,563
Bechtle AG		19,534		1,412,952
Beiersdorf AG		24,522		2,453,435
Brenntag SE		37,064		3,181,997
Carl Zeiss Meditec AG		9,637		1,933,944
Commerzbank AG*		230,793		1,631,964
Continental AG*		26,992		2,898,923
Covestro AG, 144A		46,314		2,617,833
Daimler AG		208,668		19,641,992
Delivery Hero SE, 144A*(b)		38,847		5,185,439
Deutsche Bank AG*(c)		495,837		5,994,428
Deutsche Boerse AG		45,674		7,179,329
Deutsche Lufthansa AG*		197,627		1,201,555
Deutsche Post AG		241,787		14,305,576
Deutsche Telekom AG		821,536		14,523,409
E.ON SE		538,939		6,658,533
Evonik Industries AG		47,458		1,432,207
Fresenius Medical Care AG & Co. KGaA		48,270		2,889,337
Fresenius SE & Co. KGaA		100,417		3,814,510
GEA Group AG		38,332		1,944,518
Hannover Rueck SE		14,541		2,550,326
HeidelbergCement AG		36,069		2,419,173
HelloFresh SE*		39,256		3,980,111

See Notes to Financial Statements. 5

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Germany (Continued)
Henkel AG & Co. KGaA		22,860	$	1,699,419
Infineon Technologies AG		320,545		14,515,764
KION Group AG		16,918		1,830,413
Knorr-Bremse AG		16,827		1,674,769
LANXESS AG		18,784		1,092,415
LEG Immobilien SE		17,101		2,395,190
Merck KGaA		30,960		7,685,963
MTU Aero Engines AG		12,909		2,414,885
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		33,576		9,076,025
Nemetschek SE		13,342		1,691,665
Puma SE		26,172		3,168,519
Rational AG		1,210		1,117,295
RWE AG		154,475		5,982,745
SAP SE		253,537		32,543,377
Scout24 SE, 144A		20,812		1,383,130
Siemens AG		185,590		29,736,294
Siemens Energy AG*		95,822		2,547,267
Siemens Healthineers AG, 144A		66,632		4,860,495
Symrise AG		30,740		4,340,350
Telefonica Deutschland Holding AG		248,821		665,399
Uniper SE		27,968		1,218,626
United Internet AG		23,853		896,764
Volkswagen AG		7,521		2,101,686
Vonovia SE		131,445		7,304,521
Zalando SE, 144A*		54,976		5,004,076
(Cost $311,004,381)				326,287,098
Hong Kong — 2.8%
AIA Group Ltd.		2,934,306		30,874,559
BOC Hong Kong Holdings Ltd.		895,076		2,703,134
Budweiser Brewing Co. APAC Ltd., 144A		384,882		977,259
Chow Tai Fook Jewellery Group Ltd.		469,895		842,412
CK Asset Holdings Ltd.		495,579		2,834,422
CK Hutchison Holdings Ltd.		654,617		4,100,800
CK Infrastructure Holdings Ltd.		140,799		815,219
CLP Holdings Ltd.		398,736		3,906,570
ESR Cayman Ltd., 144A*		491,965		1,627,686
Futu Holdings Ltd., ADR*(b)		11,759		558,435
Galaxy Entertainment Group Ltd.*		536,931		2,936,664
Hang Lung Properties Ltd.		477,412		946,498
Hang Seng Bank Ltd.		179,460		3,175,876
Henderson Land Development Co. Ltd.		380,214		1,555,377
HK Electric Investments & HK Electric Investments Ltd. (a)		657,181		643,023
HKT Trust & HKT Ltd. (a)		879,446		1,193,196
Hong Kong & China Gas Co. Ltd.		2,705,744		4,038,838
Hong Kong Exchanges & Clearing Ltd.		293,356		16,176,337
Hongkong Land Holdings Ltd.		277,400		1,497,960
Jardine Matheson Holdings Ltd.		51,757		2,928,929
Link REIT		509,531		4,417,068
Melco Resorts & Entertainment Ltd., ADR*		44,793		437,180
MTR Corp. Ltd.		358,266		1,911,242
New World Development Co. Ltd.		360,615		1,424,332
Power Assets Holdings Ltd.		325,932		1,962,363

	Number of Shares		Value
Hong Kong (Continued)
Sino Land Co. Ltd.		738,656	$	882,826
SITC International Holdings Co. Ltd.		309,822		1,241,592
Sun Hung Kai Properties Ltd.		318,262		3,869,099
Swire Pacific Ltd., Class A		130,300		721,011
Swire Properties Ltd.		279,206		663,105
Techtronic Industries Co. Ltd.		327,762		6,762,876
WH Group Ltd., 144A		2,047,827		1,284,159
Wharf Real Estate Investment Co. Ltd.		401,983		2,036,205
Xinyi Glass Holdings Ltd.		441,430		1,076,686
(Cost $101,326,581)				113,022,938
Ireland — 1.0%
CRH PLC		189,318		9,215,167
DCC PLC		23,021		1,695,558
Experian PLC		221,735		9,967,507
Flutter Entertainment PLC*		39,998		5,432,070
James Hardie Industries PLC CDI		109,763		4,355,876
Kerry Group PLC, Class A		37,548		4,624,537
Kingspan Group PLC		35,926		4,164,006
Smurfit Kappa Group PLC		59,920		3,059,348
(Cost $28,051,338)				42,514,069
Israel — 0.7%
Azrieli Group Ltd.		10,247		935,964
Bank Hapoalim BM		280,224		2,739,162
Bank Leumi Le-Israel BM		357,951		3,463,731
Check Point Software Technologies Ltd.*		26,200		2,916,322
CyberArk Software Ltd.*		9,615		1,661,953
Elbit Systems Ltd.		6,061		886,858
Fiverr International Ltd.*		8,000		1,132,960
ICL Group Ltd.		169,972		1,489,436
Inmode Ltd.*		12,590		956,840
Israel Discount Bank Ltd., Class A*		276,215		1,697,452
Kornit Digital Ltd.*		11,077		1,715,938
Mizrahi Tefahot Bank Ltd.		32,100		1,186,456
Nice Ltd.*		15,112		4,310,249
Teva Pharmaceutical Industries Ltd., ADR*		263,662		2,175,211
Wix.com Ltd.*		13,368		2,042,630
(Cost $27,777,687)				29,311,162
Italy — 2.0%
Amplifon SpA		33,758		1,650,848
Assicurazioni Generali SpA (b)		261,339		5,254,901
Atlantia SpA*		114,981		2,103,352
Davide Campari-Milano NV		145,026		2,116,781
DiaSorin SpA		5,945		1,272,596
Enel SpA		1,983,056		15,083,942
Eni SpA		604,891		7,986,496
Ferrari NV		30,003		7,883,922
FinecoBank Banca Fineco SpA		143,157		2,514,870
Infrastrutture Wireless Italiane SpA, 144A		80,181		921,609
Intesa Sanpaolo SpA		3,943,503		9,461,212
Mediobanca Banca di Credito Finanziario SpA (b)		144,229		1,598,081
Moncler SpA		48,920		3,555,171

See Notes to Financial Statements. 6

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Italy (Continued)
Nexi SpA, 144A*		123,081	$	1,892,092
Poste Italiane SpA, 144A		119,330		1,507,601
Prysmian SpA		60,441		2,247,629
Recordati Industria Chimica e Farmaceutica SpA		24,923		1,567,022
Snam SpA		471,231		2,658,222
Telecom Italia SpA		2,251,965		1,174,819
Terna — Rete Elettrica Nazionale		327,350		2,441,326
UniCredit SpA		509,523		6,177,220
(Cost $76,893,147)				81,069,712
Japan — 22.5%
Advantest Corp.		47,900		4,233,388
Aeon Co. Ltd.		157,600		3,687,116
AGC, Inc.		45,500		2,234,043
Aisin Corp.		35,154		1,296,874
Ajinomoto Co., Inc.		117,447		3,539,983
ANA Holdings, Inc.*		46,900		929,204
Asahi Group Holdings Ltd.		109,565		4,065,251
Asahi Intecc Co. Ltd.		50,300		1,107,147
Asahi Kasei Corp.		293,000		2,777,454
Astellas Pharma, Inc.		445,932		7,020,268
Azbil Corp.		27,900		1,239,068
Bandai Namco Holdings, Inc.		48,200		3,768,243
Benefit One, Inc.		19,500		917,769
Bridgestone Corp.		138,076		5,625,160
Brother Industries Ltd.		56,900		983,612
Canon, Inc.		240,386		5,316,628
Capcom Co. Ltd.		42,900		1,073,686
Central Japan Railway Co.		34,854		4,810,213
Chiba Bank Ltd.		118,000		690,034
Chubu Electric Power Co., Inc.		148,900		1,509,616
Chugai Pharmaceutical Co. Ltd.		161,300		5,251,329
Concordia Financial Group Ltd.		255,615		933,950
Cosmos Pharmaceutical Corp. (b)		4,800		747,804
CyberAgent, Inc.		98,600		1,825,716
Dai Nippon Printing Co. Ltd.		59,700		1,406,477
Daifuku Co. Ltd.		24,821		1,996,044
Dai-ichi Life Holdings, Inc.		246,738		4,992,169
Daiichi Sankyo Co. Ltd.		419,693		10,487,220
Daikin Industries Ltd.		59,488		12,183,370
Daito Trust Construction Co. Ltd.		15,413		1,675,815
Daiwa House Industry Co. Ltd.		136,736		4,011,294
Daiwa House REIT Investment Corp. REIT		531		1,519,693
Daiwa Securities Group, Inc.		326,587		1,822,831
Denso Corp.		104,053		7,669,001
Dentsu Group, Inc.		55,500		1,772,504
Disco Corp.		6,900		1,990,003
East Japan Railway Co.		72,353		4,471,695
Eisai Co. Ltd.		57,752		3,511,563
ENEOS Holdings, Inc.		715,128		2,678,685
FANUC Corp.		46,117		9,075,708
Fast Retailing Co. Ltd.		14,217		8,477,249
Fuji Electric Co. Ltd.		34,500		1,812,978
FUJIFILM Holdings Corp.		86,254		6,815,008
Fujitsu Ltd.		47,302		7,865,184

	Number of Shares		Value
Japan (Continued)
GLP J REIT		1,121	$	1,788,086
GMO Payment Gateway, Inc.		10,000		1,347,370
Hakuhodo DY Holdings, Inc.		63,559		951,965
Hamamatsu Photonics KK		33,200		2,050,126
Hankyu Hanshin Holdings, Inc.		54,140		1,611,723
Hikari Tsushin, Inc.		5,000		728,093
Hino Motors Ltd.		79,900		667,276
Hirose Electric Co. Ltd.		7,366		1,241,406
Hitachi Construction Machinery Co. Ltd.		24,300		709,426
Hitachi Ltd.		237,101		14,028,677
Hitachi Metals Ltd.*		53,600		996,746
Honda Motor Co. Ltd.		389,799		10,693,738
Hoshizaki Corp.		12,700		968,496
Hoya Corp.		88,774		14,152,320
Hulic Co. Ltd.		74,100		705,371
Ibiden Co. Ltd.		24,700		1,544,911
Idemitsu Kosan Co. Ltd.		50,184		1,301,272
Iida Group Holdings Co. Ltd.		40,000		830,893
Inpex Corp.		251,317		2,083,284
Isuzu Motors Ltd.		140,700		1,906,953
Ito En Ltd.		12,000		708,099
ITOCHU Corp.		284,354		8,200,947
Itochu Techno-Solutions Corp.		24,300		794,342
Japan Airlines Co. Ltd.*		35,473		645,220
Japan Exchange Group, Inc.		121,878		2,651,373
Japan Metropolitan Fund Invest REIT		1,768		1,529,707
Japan Post Bank Co. Ltd.		97,458		800,115
Japan Post Holdings Co. Ltd.*		584,913		4,429,473
Japan Post Insurance Co. Ltd.		53,900		838,291
Japan Real Estate Investment Corp. REIT		303		1,755,784
Japan Tobacco, Inc.		287,041		5,773,324
JFE Holdings, Inc.		113,785		1,324,732
JSR Corp.		46,800		1,755,492
Kajima Corp.		106,500		1,178,675
Kakaku.com, Inc.		37,300		1,047,706
Kansai Electric Power Co., Inc.		178,967		1,626,037
Kansai Paint Co. Ltd.		42,400		956,518
Kao Corp.		113,904		5,831,490
KDDI Corp.		393,933		11,500,676
Keio Corp.		24,260		1,096,728
Keisei Electric Railway Co. Ltd.		30,828		848,189
Keyence Corp.		47,270		29,411,236
Kikkoman Corp.		35,982		2,756,705
Kintetsu Group Holdings Co. Ltd.*		38,440		1,108,634
Kirin Holdings Co. Ltd.		198,723		3,194,406
Kobayashi Pharmaceutical Co. Ltd.		11,200		883,832
Kobe Bussan Co. Ltd.		33,900		1,283,602
Koei Tecmo Holdings Co. Ltd.		14,300		601,553
Koito Manufacturing Co. Ltd.		25,000		1,444,243
Komatsu Ltd.		210,873		4,835,518
Konami Holdings Corp.		21,366		1,098,213
Kose Corp.		7,500		907,020
Kubota Corp.		246,281		5,161,584
Kurita Water Industries Ltd.		24,500		1,148,759
Kyocera Corp.		76,300		4,543,507

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Kyowa Kirin Co. Ltd.		64,500	$	1,808,864
Lasertec Corp.		18,400		4,841,934
Lawson, Inc.		12,600		617,543
Lion Corp.		53,600		763,919
Lixil Corp.		61,000		1,505,100
M3, Inc.		105,642		5,718,790
Makita Corp.		52,300		2,306,040
Marubeni Corp.		374,400		3,370,213
Mazda Motor Corp.*		134,900		1,095,574
McDonald’s Holdings Co. Japan Ltd.		22,722		1,015,138
Medipal Holdings Corp.		38,600		696,634
MEIJI Holdings Co. Ltd.		31,390		1,849,493
Mercari, Inc.*		24,100		1,469,005
MINEBEA MITSUMI, Inc.		87,420		2,320,166
MISUMI Group, Inc.		68,200		2,887,044
Mitsubishi Chemical Holdings Corp.		297,700		2,349,785
Mitsubishi Corp.		311,725		9,351,612
Mitsubishi Electric Corp.		437,979		5,519,539
Mitsubishi Estate Co. Ltd.		284,451		3,938,301
Mitsubishi Gas Chemical Co., Inc.		35,100		586,578
Mitsubishi HC Capital, Inc.		200,600		947,675
Mitsubishi Heavy Industries Ltd.		76,499		1,733,215
Mitsubishi UFJ Financial Group, Inc.		3,009,252		16,010,653
Mitsui & Co. Ltd.		382,260		8,647,223
Mitsui Chemicals, Inc.		41,600		1,120,644
Mitsui Fudosan Co. Ltd.		227,326		4,697,957
Miura Co. Ltd.		19,400		683,939
Mizuho Financial Group, Inc.		574,558		7,126,380
MonotaRO Co. Ltd.		61,400		1,225,447
MS&AD Insurance Group Holdings, Inc.		106,121		3,113,171
Murata Manufacturing Co. Ltd.		138,077		10,236,522
NEC Corp.		57,659		2,611,705
Nexon Co. Ltd.		113,245		2,258,188
NGK Insulators Ltd.		62,600		995,198
Nidec Corp.		107,146		12,322,714
Nihon M&A Center Holdings, Inc.		73,300		2,162,653
Nintendo Co. Ltd.		27,271		12,087,204
Nippon Building Fund, Inc. REIT		382		2,365,639
Nippon Express Co. Ltd.		17,900		1,024,576
Nippon Paint Holdings Co. Ltd. (b)		167,010		1,762,666
Nippon Prologis REIT, Inc. REIT (b)		545		1,781,550
Nippon Sanso Holdings Corp.		39,400		837,601
Nippon Shinyaku Co. Ltd.		11,500		854,603
Nippon Steel Corp.		204,909		3,080,841
Nippon Telegraph & Telephone Corp.		308,502		8,528,940
Nippon Yusen KK		38,900		2,546,645
Nissan Chemical Corp.		29,549		1,709,652
Nissan Motor Co. Ltd.*		561,442		2,795,910
Nisshin Seifun Group, Inc.		46,100		667,223
Nissin Foods Holdings Co. Ltd.		15,700		1,158,385
Nitori Holdings Co. Ltd.		18,501		2,951,060
Nitto Denko Corp.		36,324		2,538,679
Nomura Holdings, Inc.		729,254		3,079,983
Nomura Real Estate Holdings, Inc.		26,436		576,501
Nomura Real Estate Master Fund, Inc. REIT		1,014		1,447,867

	Number of Shares		Value
Japan (Continued)
Nomura Research Institute Ltd.		77,243	$	3,334,771
NTT Data Corp.		150,934		3,196,674
Obayashi Corp.		151,300		1,119,006
Obic Co. Ltd.		16,400		3,045,393
Odakyu Electric Railway Co. Ltd.		72,150		1,395,957
Oji Holdings Corp.		189,468		879,999
Olympus Corp.		278,716		6,260,538
Omron Corp.		44,792		4,345,064
Ono Pharmaceutical Co. Ltd.		90,506		2,006,129
Open House Co. Ltd.		20,000		1,139,470
Oracle Corp.		8,100		799,717
Oriental Land Co. Ltd.		48,100		7,591,489
ORIX Corp.		292,646		5,812,273
Orix JREIT, Inc. REIT		620		990,047
Osaka Gas Co. Ltd.		90,300		1,459,531
Otsuka Corp.		27,700		1,271,845
Otsuka Holdings Co. Ltd.		94,067		3,450,275
Pan Pacific International Holdings Corp.		99,872		1,710,552
Panasonic Corp.		527,085		5,793,808
Persol Holdings Co. Ltd.		40,900		1,186,818
Pola Orbis Holdings, Inc.		26,200		468,673
Rakuten Group, Inc.		199,086		2,044,843
Recruit Holdings Co. Ltd.		329,553		20,119,832
Renesas Electronics Corp.*		301,100		3,841,166
Resona Holdings, Inc.		487,925		1,793,972
Ricoh Co. Ltd.		157,500		1,397,554
Rinnai Corp.		7,900		749,219
Rohm Co. Ltd.		20,900		1,965,471
Ryohin Keikaku Co. Ltd.		61,200		993,515
Santen Pharmaceutical Co. Ltd.		79,551		1,058,475
SBI Holdings, Inc.		59,425		1,537,211
SCSK Corp.		37,500		714,933
Secom Co. Ltd.		51,100		3,464,683
Seiko Epson Corp.		67,559		1,093,758
Sekisui Chemical Co. Ltd.		86,000		1,403,724
Sekisui House Ltd.		144,351		2,822,274
Seven & i Holdings Co. Ltd.		184,776		7,444,331
SG Holdings Co. Ltd.		75,100		1,667,634
Sharp Corp.		53,373		599,670
Shimadzu Corp.		56,300		2,395,745
Shimano, Inc.		17,694		4,915,217
Shimizu Corp.		132,200		838,567
Shin-Etsu Chemical Co. Ltd.		85,004		14,288,282
Shionogi & Co. Ltd.		63,395		4,443,567
Shiseido Co. Ltd.		96,057		5,526,241
Shizuoka Bank Ltd.		102,700		726,854
SMC Corp.		13,982		8,986,529
SoftBank Corp.		688,300		9,514,476
SoftBank Group Corp.		288,628		15,397,238
Sohgo Security Services Co. Ltd.		15,200		650,843
Sompo Holdings, Inc.		78,135		3,230,884
Sony Group Corp.		305,816		37,403,514
Square Enix Holdings Co. Ltd.		20,200		1,059,725
Stanley Electric Co. Ltd.		32,500		848,764
Subaru Corp.		149,234		2,828,627
SUMCO Corp.		80,000		1,760,871

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Sumitomo Chemical Co. Ltd.		348,922	$	1,617,509
Sumitomo Corp.		278,076		3,803,295
Sumitomo Dainippon Pharma Co. Ltd.		38,700		473,158
Sumitomo Electric Industries Ltd.		176,900		2,331,070
Sumitomo Metal Mining Co. Ltd.		60,000		2,246,915
Sumitomo Mitsui Financial Group, Inc.		317,415		10,398,441
Sumitomo Mitsui Trust Holdings, Inc.		81,681		2,572,516
Sumitomo Realty & Development Co. Ltd.		74,203		2,323,213
Suntory Beverage & Food Ltd.		30,700		1,087,747
Suzuki Motor Corp.		88,426		3,586,794
Sysmex Corp.		40,707		5,099,404
T&D Holdings, Inc.		127,400		1,512,547
Taisei Corp.		46,115		1,350,384
Taisho Pharmaceutical Holdings Co. Ltd.		8,234		406,473
Takeda Pharmaceutical Co. Ltd.		378,611		10,152,342
TDK Corp.		95,872		3,816,729
Terumo Corp.		154,444		6,323,412
TIS, Inc.		52,100		1,617,826
Tobu Railway Co. Ltd.		43,879		995,706
Toho Co. Ltd.		24,500		1,094,572
Tokio Marine Holdings, Inc.		150,150		7,582,220
Tokyo Century Corp.		7,100		340,443
Tokyo Electric Power Co. Holdings, Inc.*		346,700		929,359
Tokyo Electron Ltd.		35,964		19,039,110
Tokyo Gas Co. Ltd.		91,180		1,568,940
Tokyu Corp.		120,810		1,679,060
TOPPAN, Inc.		63,589		969,291
Toray Industries, Inc.		326,043		1,906,040
Toshiba Corp.		96,216		3,853,407
Tosoh Corp.		63,240		912,500
TOTO Ltd.		35,615		1,584,849
Toyo Suisan Kaisha Ltd.		23,400		952,271
Toyota Industries Corp.		35,600		2,935,303
Toyota Motor Corp.		2,569,820		45,492,191
Toyota Tsusho Corp.		50,711		2,222,966
Trend Micro, Inc.		36,776		2,131,046
Tsuruha Holdings, Inc.		8,500		962,534
Unicharm Corp.		97,100		4,198,919
USS Co. Ltd.		48,700		717,779
Welcia Holdings Co. Ltd.		23,600		840,359
West Japan Railway Co.		50,406		2,184,178
Yakult Honsha Co. Ltd.		31,179		1,563,984
Yamaha Corp.		32,581		1,677,546
Yamaha Motor Co. Ltd.		73,574		1,860,911
Yamato Holdings Co. Ltd.		70,471		1,561,104
Yaskawa Electric Corp.		55,820		2,513,591
Yokogawa Electric Corp.		56,844		1,073,667
Z Holdings Corp.		642,500		4,274,428
ZOZO, Inc.		30,597		978,530
(Cost $754,617,648)				925,600,807
Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $1,358,159)		42,499		1,251,953

	Number of Shares		Value
Luxembourg — 0.3%
ArcelorMittal SA		171,417	$	4,652,091
Aroundtown SA		250,334		1,504,691
Eurofins Scientific SE		31,893		4,085,025
Tenaris SA		113,711		1,117,049
(Cost $9,847,915)				11,358,856
Macau — 0.0%
Sands China Ltd.* (Cost $2,759,208)		621,772		1,428,848
Netherlands — 6.2%
ABN AMRO Bank NV, 144A		102,246		1,461,061
Adyen NV, 144A*		4,890		13,573,228
Aegon NV		437,942		1,942,478
Akzo Nobel NV		45,640		4,809,572
Argenx SE*		10,838		3,035,971
ASM International NV		11,207		5,043,275
ASML Holding NV		100,278		79,562,247
Euronext NV, 144A		21,188		2,086,947
EXOR NV		25,243		2,224,403
Heineken Holding NV		27,348		2,281,181
Heineken NV		62,175		6,200,887
IMCD NV		13,441		2,989,240
ING Groep NV		936,249		12,962,461
JDE Peet’s NV		22,386		611,850
Just Eat Takeaway.com NV, 144A*		41,622		2,605,163
Koninklijke Ahold Delhaize NV		253,507		8,524,447
Koninklijke DSM NV		43,700		9,423,871
Koninklijke KPN NV		816,424		2,408,284
Koninklijke Philips NV		219,194		7,754,704
NN Group NV		69,943		3,485,426
Prosus NV*		225,893		18,168,668
QIAGEN NV*		53,649		2,981,325
Randstad NV		27,344		1,727,924
Royal Dutch Shell PLC, Class A		997,118		20,912,879
Royal Dutch Shell PLC, Class B		891,214		18,696,462
Stellantis NV		504,901		8,669,293
Universal Music Group NV		170,719		4,900,333
Wolters Kluwer NV		63,797		7,181,681
(Cost $186,735,093)				256,225,261
New Zealand — 0.3%
Auckland International Airport Ltd.*		285,779		1,540,849
Fisher & Paykel Healthcare Corp. Ltd.		133,131		3,028,428
Mercury NZ Ltd.		165,495		679,961
Meridian Energy Ltd.		307,199		995,901
Ryman Healthcare Ltd.		97,245		816,348
Spark New Zealand Ltd.		420,792		1,321,077
Xero Ltd.*		32,289		3,333,815
(Cost $8,326,792)				11,716,379
Norway — 0.6%
Adevinta ASA*		65,734		941,907
Aker BP ASA		33,757		1,068,932
DNB Bank ASA		218,509		4,788,351
Equinor ASA		234,028		5,917,619
Gjensidige Forsikring ASA		44,696		1,015,037
Mowi ASA		101,681		2,318,150

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Norway (Continued)
Norsk Hydro ASA		326,616	$	2,126,992
Orkla ASA		175,803		1,609,810
Schibsted ASA, Class A		19,115		854,459
Schibsted ASA, Class B		22,244		859,308
Telenor ASA		170,421		2,522,055
Yara International ASA		42,599		2,098,735
(Cost $24,005,721)				26,121,355
Poland — 0.0%
InPost SA* (Cost $832,585)		45,009		502,025
Portugal — 0.2%
EDP — Energias de Portugal SA		710,800		3,896,778
Galp Energia SGPS SA		116,812		1,095,316
Jeronimo Martins SGPS SA		61,139		1,332,325
(Cost $5,565,791)				6,324,419
Singapore — 1.2%
Ascendas Real Estate Investment Trust REIT		748,299		1,601,285
CapitaLand Integrated Commercial Trust REIT		1,157,134		1,789,273
Capitaland Investment Ltd.*		597,900		1,472,239
City Developments Ltd.		104,600		538,120
DBS Group Holdings Ltd.		435,987		9,543,756
Genting Singapore Ltd.		1,351,978		762,906
Keppel Corp. Ltd.		346,800		1,296,164
Mapletree Commercial Trust REIT		545,000		814,774
Mapletree Logistics Trust REIT		621,674		847,396
Oversea-Chinese Banking Corp. Ltd.		802,887		6,460,518
Sea Ltd., ADR*		33,658		9,695,860
Singapore Airlines Ltd.*		364,050		1,299,273
Singapore Exchange Ltd.		196,200		1,283,988
Singapore Technologies Engineering Ltd.		363,300		1,014,380
Singapore Telecommunications Ltd.		1,996,489		3,452,943
United Overseas Bank Ltd.		286,354		5,344,939
UOL Group Ltd.		87,881		443,092
Venture Corp. Ltd.		60,000		813,895
Wilmar International Ltd.		450,366		1,356,494
(Cost $51,089,878)				49,831,295
Spain — 2.2%
ACS Actividades de Construccion y Servicios SA		60,621		1,458,194
Aena SME SA, 144A*		17,583		2,582,345
Amadeus IT Group SA*		107,215		6,867,550
Banco Bilbao Vizcaya Argentaria SA		1,599,645		8,531,080
Banco Santander SA		4,258,445		13,281,139
CaixaBank SA		1,064,807		2,746,078
Cellnex Telecom SA, 144A*		122,612		7,236,388
EDP Renovaveis SA		68,225		1,750,200
Enagas SA		65,372		1,489,441
Endesa SA		73,513		1,653,666
Ferrovial SA (b)		117,401		3,270,030
Grifols SA (b)		71,183		1,277,935
Iberdrola SA		1,395,983		15,679,866

	Number of Shares		Value
Spain (Continued)
Industria de Diseno Textil SA		267,337	$	8,446,791
Naturgy Energy Group SA		46,420		1,279,272
Red Electrica Corp. SA		99,778		2,120,021
Repsol SA		340,275		3,778,406
Siemens Gamesa Renewable Energy SA*		55,583		1,483,254
Telefonica SA (b)		1,224,888		5,551,723
(Cost $121,146,462)				90,483,379
Sweden — 3.6%
Alfa Laval AB		75,408		2,928,328
Assa Abloy AB, Class B (b)		241,016		6,784,966
Atlas Copco AB, Class A		161,872		9,964,945
Atlas Copco AB, Class B		91,565		4,783,663
Boliden AB		66,844		2,310,309
Electrolux AB, Class B (b)		53,855		1,209,654
Embracer Group AB*		128,944		1,396,351
Epiroc AB, Class A		153,615		3,738,354
Epiroc AB, Class B		97,365		1,966,632
EQT AB		69,019		4,088,087
Essity AB, Class B		147,374		4,714,399
Evolution AB, 144A		40,086		4,227,582
Fastighets AB Balder, Class B*		25,691		1,929,212
Getinge AB, Class B		57,626		2,421,884
H & M Hennes & Mauritz AB, Class B (b)		173,328		3,076,089
Hexagon AB, Class B		471,309		6,900,648
Husqvarna AB, Class B		97,968		1,383,864
ICA Gruppen AB		26,664		1,579,344
Industrivarden AB, Class A		30,242		901,675
Industrivarden AB, Class C		37,710		1,116,388
Investment AB Latour, Class B		36,698		1,388,870
Investor AB, Class A		125,000		3,019,799
Investor AB, Class B		443,587		10,330,108
Kinnevik AB, Class B*		58,262		2,085,102
L E Lundbergforetagen AB, Class B		19,014		1,046,292
Lifco AB, Class B		57,787		1,572,309
Lundin Energy AB		45,647		1,617,682
Nibe Industrier AB, Class B		340,830		4,876,831
Sagax AB, Class B		41,388		1,621,457
Sandvik AB		270,797		6,740,264
Securitas AB, Class B		72,353		1,048,117
Sinch AB, 144A*		120,878		1,624,355
Skandinaviska Enskilda Banken AB, Class A		384,388		5,615,207
Skanska AB, Class B		82,442		1,906,623
SKF AB, Class B		99,284		2,282,910
Svenska Cellulosa AB SCA, Class B		141,003		2,306,127
Svenska Handelsbanken AB, Class A		355,371		3,777,800
Swedbank AB, Class A		226,254		4,576,025
Swedish Match AB		366,374		2,676,434
Tele2 AB, Class B (b)		120,355		1,723,457
Telefonaktiebolaget LM Ericsson, Class B		699,164		7,069,579
Telia Co. AB		664,907		2,574,666
Volvo AB, Class A		46,427		1,017,578

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Volvo AB, Class B		345,128	$	7,480,995
(Cost $113,473,522)				147,400,961
Switzerland — 10.5%
ABB Ltd.		403,201		14,005,860
Adecco Group AG		35,651		1,662,069
Alcon, Inc.		122,557		9,707,908
Bachem Holding AG		1,500		1,084,908
Baloise Holding AG		10,702		1,604,047
Barry Callebaut AG		917		2,177,507
Chocoladefabriken Lindt & Spruengli AG		26		3,211,590
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		247		3,042,939
Cie Financiere Richemont SA		126,064		18,771,253
Clariant AG*		45,868		901,822
Coca-Cola HBC AG*		46,386		1,432,467
Credit Suisse Group AG		645,564		6,266,833
EMS-Chemie Holding AG		1,827		1,745,307
Geberit AG		8,866		6,796,896
Givaudan SA		2,272		11,136,648
Glencore PLC*		2,395,945		11,378,952
Holcim Ltd.*		125,891		6,095,371
Julius Baer Group Ltd.		54,231		3,381,278
Kuehne + Nagel International AG		12,883		3,700,503
Logitech International SA		42,349		3,360,981
Lonza Group AG		17,801		14,406,779
Nestle SA		682,611		87,738,247
Novartis AG		532,030		42,560,082
Partners Group Holding AG		5,641		9,769,827
Roche Holding AG		170,367		66,741,998
Roche Holding AG		7,730		3,216,448
Schindler Holding AG		5,087		1,267,802
Schindler Holding AG Participation Certificates		10,038		2,591,369
SGS SA		1,437		4,346,767
Sika AG		33,924		13,328,671
Sonova Holding AG		13,586		5,127,770
STMicroelectronics NV		162,779		7,961,210
Straumann Holding AG		2,473		5,271,675
Swatch Group AG — Bearer		6,544		1,934,580
Swatch Group AG — Registered		13,006		744,475
Swiss Life Holding AG		7,625		4,400,332
Swiss Prime Site AG		20,621		1,958,664
Swiss Re AG		72,385		6,815,489
Swisscom AG		6,298		3,501,442
Temenos AG		16,176		2,076,512
UBS Group AG		876,487		15,218,346
VAT Group AG, 144A		6,347		3,062,710
Vifor Pharma AG		12,145		1,365,246
Zurich Insurance Group AG		35,934		14,838,603
(Cost $325,993,516)				431,710,183
United Kingdom — 12.1%
3i Group PLC		229,913		4,241,071
abrdn PLC		527,959		1,638,138
Admiral Group PLC		45,968		1,807,767

	Number of Shares		Value
United Kingdom (Continued)
Anglo American PLC		310,412	$	11,443,722
Ashtead Group PLC		107,216		8,618,261
Associated British Foods PLC		82,478		2,109,371
AstraZeneca PLC		375,401		41,319,161
Auto Trader Group PLC, 144A		222,014		2,163,131
AVEVA Group PLC		27,561		1,175,519
Aviva PLC		930,291		4,763,379
BAE Systems PLC		773,728		5,641,089
Barclays PLC		4,110,512		10,070,900
Barratt Developments PLC		251,287		2,330,706
Berkeley Group Holdings PLC		27,425		1,562,542
BP PLC		4,848,232		20,984,724
British American Tobacco PLC		530,597		17,853,398
British Land Co. PLC REIT		199,903		1,352,702
BT Group PLC*		2,137,719		4,509,095
Bunzl PLC		81,192		3,096,906
Burberry Group PLC		93,846		2,193,546
CNH Industrial NV		244,632		4,065,844
Coca-Cola Europacific Partners PLC		48,637		2,401,209
Compass Group PLC*		429,235		8,348,849
Croda International PLC		33,673		4,529,844
Diageo PLC		570,589		28,832,708
Entain PLC*		135,746		3,013,138
Evraz PLC		123,780		948,219
Ferguson PLC		53,256		8,120,414
GlaxoSmithKline PLC		1,219,977		24,743,269
Halma PLC		90,977		3,631,058
Hargreaves Lansdown PLC		85,258		1,516,010
HSBC Holdings PLC		4,954,681		27,632,993
Imperial Brands PLC		223,263		4,578,642
Informa PLC*		350,314		2,175,755
InterContinental Hotels Group PLC*		45,915		2,716,768
Intertek Group PLC		40,382		2,867,904
J Sainsbury PLC		399,659		1,470,203
JD Sports Fashion PLC		695,910		2,062,998
Johnson Matthey PLC		44,301		1,234,924
Kingfisher PLC		487,260		2,052,965
Land Securities Group PLC REIT		162,380		1,570,010
Legal & General Group PLC		1,431,152		5,365,577
Lloyds Banking Group PLC		16,945,020		10,546,868
London Stock Exchange Group PLC		78,807		6,814,709
M&G PLC		599,074		1,489,105
Melrose Industries PLC		1,012,420		1,952,380
Mondi PLC		117,555		2,688,307
National Grid PLC		882,315		11,811,802
NatWest Group PLC		1,419,959		4,014,899
Next PLC		32,373		3,384,945
Ocado Group PLC*		116,970		2,793,158
Pearson PLC		189,387		1,494,125
Persimmon PLC		79,073		2,878,317
Phoenix Group Holdings PLC		151,406		1,289,123
Prudential PLC		626,236		10,627,333
Reckitt Benckiser Group PLC		170,973		13,893,265
RELX PLC		474,195		14,738,431
Rentokil Initial PLC		447,645		3,653,042
Rio Tinto PLC		274,181		16,817,531
Rolls-Royce Holdings PLC*		2,006,606		3,269,142

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Sage Group PLC		278,717	$	2,860,908
Schroders PLC		28,709		1,311,918
Segro PLC REIT		290,865		5,450,521
Severn Trent PLC		59,896		2,298,951
Smith & Nephew PLC		211,624		3,426,648
Smiths Group PLC		96,797		1,856,362
Spirax-Sarco Engineering PLC		17,698		3,678,907
SSE PLC		249,647		5,152,923
St James’s Place PLC		127,589		2,627,605
Standard Chartered PLC		624,959		3,459,308
Taylor Wimpey PLC		892,262		1,873,743
Tesco PLC		1,902,087		7,000,895
Unilever PLC		627,340		32,196,847
United Utilities Group PLC		158,103		2,280,370
Vodafone Group PLC (b)		6,713,227		9,762,161
Whitbread PLC*		46,681		1,740,199
WPP PLC		283,143		3,923,820
(Cost $552,568,242)				497,812,997
TOTAL COMMON STOCKS (Cost $3,477,008,972)				3,974,135,527
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		12,897		1,015,079
FUCHS PETROLUB SE		16,232		728,985
Henkel AG & Co. KGaA		43,480		3,436,955
Porsche Automobil Holding SE		36,031		3,031,201
Sartorius AG		6,567		4,520,717
Volkswagen AG		44,770		8,208,074
(Cost $22,802,566)				20,941,011
TOTAL PREFERRED STOCKS (Cost $22,802,566)				20,941,011

	Number of Shares		Value
RIGHTS — 0.0%
Germany — 0.0%
Vonovia SE* , expires 1/7/22 (Cost $0)		131,445	$	463,613
Singapore — 0.0%
Mapletree Industrial Trust* , expires 12/21/21 (Cost $0)		23,001		337
TOTAL RIGHTS (Cost $0)				463,950
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		255,836		278,673
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $14,611,184)		14,611,184		14,611,184
CASH EQUIVALENTS — 3.5%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (d)		11,376,638		11,374,362
DWS Government Money Market Series “Institutional Shares”, 0.04% (d)		134,552,933		134,552,933
TOTAL CASH EQUIVALENTS (Cost $145,929,571)				145,927,295
TOTAL INVESTMENTS — 101.2% (Cost $3,660,352,293)			$	4,156,357,640
Other assets and liabilities, net — (1.2%)				(48,947,070	)
NET ASSETS — 100.0%			$	4,107,410,570

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/ (Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
COMMON STOCKS — 0.2%
Germany — 0.2%
Deutsche Bank AG*(c)
		6,993,425		386,440		(44,789	)		607		(1,341,255	)		—		—		495,837		5,994,428
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e)
		92,121,583		—		(77,510,399	)(f)		—		—			1,915		—		14,611,184		14,611,184
CASH EQUIVALENTS — 3.5%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (d)
		11,370,965		4,535		—			—		(1,138	)		4,609		—		11,376,638		11,374,362
DWS Government Money Market Series “Institutional Shares”, 0.04% (d)
		37,987,992		839,045,458		(742,480,517	)		—		—			14,645		—		134,552,933		134,552,933
		148,473,965		839,436,433		(820,035,705	)		607		(1,342,393	)		21,169		—		161,036,592		166,532,907

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

* 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, 2021 amounted to $52,181,091, which is 1.3% 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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $41,141,776.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

ADR: American Depositary Receipt

CDI: Chess Depositary Interest

REIT: Real Estate Investment Trust

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

Securities are listed in country of domicile.

At November 30, 2021, 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	72	$	13,182,909	$	12,691,511		12/17/2021	$	(491,398	)
CAC40 10 EURO Futures	EUR	218		17,187,513		16,604,231		12/17/2021		(583,282	)
DAX Index Futures	EUR	30		13,139,746		12,880,264		12/17/2021		(259,482	)
FTSE/MIB Index Futures	EUR	4		584,926		585,241		12/17/2021		315
FTSE 100 Index Futures	GBP	168		15,756,243		15,817,850		12/17/2021		61,607
IBEX 35 Index Futures	EUR	50		4,940,624		4,725,457		12/17/2021		(215,167	)
MSCI EAFE Futures	USD	50		5,921,750		5,588,750		12/17/2021		(333,000	)
OMXS30 Index Futures	SEK	300		7,720,009		7,463,812		12/17/2021		(256,197	)
SPI 200 Futures	AUD	79		10,294,012		10,180,376		12/16/2021		(113,636	)
SWISS MKT IX Futures	CHF	100		13,122,907		13,287,947	��	12/17/2021		165,040
TOPIX Index Futures	JPY	174		30,672,183		29,186,005		12/09/2021		(1,486,178	)
Total net unrealized depreciation									$	(3,511,378	)

As of November 30, 2021, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	12/3/2021	AUD	2,195,700	USD	1,631,838	$	66,552	$	—
Citigroup Global Markets	12/3/2021	AUD	129,796,542	USD	97,474,607		4,944,363		—
JP Morgan & Chase Co.	12/3/2021	AUD	14,304,000	USD	10,744,052		546,919		—
JP Morgan & Chase Co.	12/3/2021	AUD	121,422,000	USD	91,200,732		4,640,589		—
RBC Capital Markets	12/3/2021	AUD	3,659,600	USD	2,645,690		36,809		—
RBC Capital Markets	12/3/2021	AUD	126,051,800	USD	94,685,700		4,825,034		—
Citigroup Global Markets	12/3/2021	CHF	16,533,000	USD	18,106,966		95,450		—
Citigroup Global Markets	12/3/2021	CHF	115,522,100	USD	126,519,144		666,110		—
JP Morgan & Chase Co.	12/3/2021	CHF	122,776,900	USD	134,468,094		711,476		—
RBC Capital Markets	12/3/2021	CHF	3,504,700	USD	3,755,733		—		(62,386	)
RBC Capital Markets	12/3/2021	CHF	2,102,800	USD	2,301,457		10,608		—
RBC Capital Markets	12/3/2021	CHF	120,169,100	USD	131,611,971		696,365		—
Citigroup Global Markets	12/3/2021	DKK	232,498,900	USD	36,188,993		730,523		—
JP Morgan & Chase Co.	12/3/2021	DKK	215,090,200	USD	33,479,289		675,824		—
JP Morgan & Chase Co.	12/3/2021	DKK	43,875,000	USD	6,829,323		137,935		—
RBC Capital Markets	12/3/2021	DKK	228,239,200	USD	35,526,680		717,857		—
RBC Capital Markets	12/3/2021	DKK	6,726,200	USD	1,017,695		—		(8,119	)
RBC Capital Markets	12/3/2021	DKK	4,035,700	USD	628,563		13,077		—
Citigroup Global Markets	12/3/2021	EUR	384,286,700	USD	444,955,963		9,072,980		—
Citigroup Global Markets	12/3/2021	EUR	35,663,000	USD	41,293,510		842,215		—

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/3/2021	EUR	384,016,000	USD	444,655,199	$	9,079,262	$	—
RBC Capital Markets	12/3/2021	EUR	11,083,000	USD	12,470,315		—		(100,745	)
RBC Capital Markets	12/3/2021	EUR	6,649,800	USD	7,705,196		162,561		—
RBC Capital Markets	12/3/2021	EUR	381,918,400	USD	442,234,009		9,037,307		—
Citigroup Global Markets	12/3/2021	GBP	2,450,900	USD	3,336,645		76,790		—
Citigroup Global Markets	12/3/2021	GBP	143,063,500	USD	196,100,430		5,816,763		—
JP Morgan & Chase Co.	12/3/2021	GBP	145,626,100	USD	199,616,831		5,924,741		—
RBC Capital Markets	12/3/2021	GBP	4,084,900	USD	5,466,381		33,200		—
RBC Capital Markets	12/3/2021	GBP	9,477,000	USD	12,990,418		385,397		—
RBC Capital Markets	12/3/2021	GBP	138,919,000	USD	190,423,497		5,652,282		—
Citigroup Global Markets	12/3/2021	HKD	287,096,200	USD	36,908,704		91,993		—
JP Morgan & Chase Co.	12/3/2021	HKD	276,398,100	USD	35,533,827		89,022		—
JP Morgan & Chase Co.	12/3/2021	HKD	4,897,400	USD	629,388		1,355		—
RBC Capital Markets	12/3/2021	HKD	8,162,300	USD	1,047,170		451		—
RBC Capital Markets	12/3/2021	HKD	309,868,700	USD	39,836,818		99,802		—
Citigroup Global Markets	12/3/2021	ILS	268,500	USD	85,732		532		—
Citigroup Global Markets	12/3/2021	ILS	14,959,300	USD	4,739,070		—		(7,776	)
JP Morgan & Chase Co.	12/3/2021	ILS	18,492,800	USD	5,858,530		—		(9,557	)
RBC Capital Markets	12/3/2021	ILS	447,600	USD	142,642		611		—
RBC Capital Markets	12/3/2021	ILS	14,437,700	USD	4,573,959		—		(7,374	)
Citigroup Global Markets	12/3/2021	JPY	33,401,197,100	USD	292,974,967		—		(2,541,489	)
Citigroup Global Markets	12/3/2021	JPY	602,275,200	USD	5,285,834		—		(42,785	)
JP Morgan & Chase Co.	12/3/2021	JPY	34,150,618,000	USD	299,555,263		—		(2,591,681	)
RBC Capital Markets	12/3/2021	JPY	41,609,008,700	USD	364,982,020		—		(3,152,894	)
RBC Capital Markets	12/3/2021	JPY	1,003,791,900	USD	8,716,309		—		(164,721	)
Citigroup Global Markets	12/3/2021	NOK	74,002,800	USD	8,746,084		564,163		—
JP Morgan & Chase Co.	12/3/2021	NOK	53,741,200	USD	6,351,449		409,698		—
JP Morgan & Chase Co.	12/3/2021	NOK	1,271,500	USD	149,115		8,535		—
RBC Capital Markets	12/3/2021	NOK	2,119,100	USD	238,038		3,746		—
RBC Capital Markets	12/3/2021	NOK	99,004,600	USD	11,700,943		754,765		—
Citigroup Global Markets	12/3/2021	NZD	5,150,500	USD	3,684,292		169,176		—
JP Morgan & Chase Co.	12/3/2021	NZD	75,400	USD	53,591		2,132		—
JP Morgan & Chase Co.	12/3/2021	NZD	3,078,400	USD	2,202,103		101,155		—
RBC Capital Markets	12/3/2021	NZD	125,700	USD	87,403		1,615		—
RBC Capital Markets	12/3/2021	NZD	5,217,900	USD	3,732,578		171,463		—
Citigroup Global Markets	12/3/2021	SEK	440,499,700	USD	51,299,634		2,431,553		—
Citigroup Global Markets	12/3/2021	SEK	7,536,000	USD	879,394		43,366		—
JP Morgan & Chase Co.	12/3/2021	SEK	445,918,700	USD	51,932,243		2,462,990		—
RBC Capital Markets	12/3/2021	SEK	402,251,000	USD	46,847,020		2,222,167		—
RBC Capital Markets	12/3/2021	SEK	55,252,000	USD	6,434,596		305,059		—
RBC Capital Markets	12/3/2021	SEK	12,560,000	USD	1,388,188		—		(5,192	)
Citigroup Global Markets	12/3/2021	SGD	22,053,500	USD	16,351,430		189,904		—
JP Morgan & Chase Co.	12/3/2021	SGD	308,100	USD	228,348		2,562		—
JP Morgan & Chase Co.	12/3/2021	SGD	16,300,000	USD	12,085,761		140,589		—
RBC Capital Markets	12/3/2021	SGD	16,593,600	USD	12,303,490		143,158		—
RBC Capital Markets	12/3/2021	SGD	513,500	USD	375,951		—		(358	)
Goldman Sachs & Co.	12/3/2021	USD	93,503,700	AUD	131,992,242		591,829		—
JP Morgan & Chase Co.	12/3/2021	USD	96,236,927	AUD	135,726,000		520,349		—
RBC Capital Markets	12/3/2021	USD	91,972,387	AUD	129,711,400		497,160		—
Goldman Sachs & Co.	12/3/2021	USD	142,704,109	CHF	132,055,100		1,160,442		—
JP Morgan & Chase Co.	12/3/2021	USD	132,674,411	CHF	122,776,900		1,082,207		—
RBC Capital Markets	12/3/2021	USD	135,919,306	CHF	125,776,600		1,105,269		—
Goldman Sachs & Co.	12/3/2021	USD	35,189,581	DKK	232,498,900		268,889		—
JP Morgan & Chase Co.	12/3/2021	USD	39,194,691	DKK	258,965,200		300,162		—
RBC Capital Markets	12/3/2021	USD	36,173,703	DKK	239,001,100		276,420		—
Goldman Sachs & Co.	12/3/2021	USD	472,703,781	EUR	419,949,700		3,630,496		—
JP Morgan & Chase Co.	12/3/2021	USD	432,248,410	EUR	384,016,000		3,327,527		—
RBC Capital Markets	12/3/2021	USD	449,855,783	EUR	399,651,200		3,454,615		—

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/3/2021	USD	192,515,842	GBP	145,514,400	$	1,027,679	$	—
JP Morgan & Chase Co.	12/3/2021	USD	192,663,767	GBP	145,626,100		1,028,322		—
RBC Capital Markets	12/3/2021	USD	201,732,688	GBP	152,480,900		1,076,727		—
Goldman Sachs & Co.	12/3/2021	USD	36,826,799	HKD	287,096,200		—		(10,087	)
JP Morgan & Chase Co.	12/3/2021	USD	36,082,724	HKD	281,295,500		—		(9,884	)
RBC Capital Markets	12/3/2021	USD	40,795,015	HKD	318,031,000		—		(11,279	)
Goldman Sachs & Co.	12/3/2021	USD	4,833,225	ILS	15,227,800		—		(1,180	)
JP Morgan & Chase Co.	12/3/2021	USD	5,869,519	ILS	18,492,800		—		(1,433	)
RBC Capital Markets	12/3/2021	USD	4,724,630	ILS	14,885,300		—		(1,266	)
Goldman Sachs & Co.	12/3/2021	USD	299,472,518	JPY	34,003,472,300		1,372,557		—
JP Morgan & Chase Co.	12/3/2021	USD	300,768,580	JPY	34,150,618,000		1,378,364		—
RBC Capital Markets	12/3/2021	USD	15,395,709	JPY	1,755,086,000		132,381		—
RBC Capital Markets	12/3/2021	USD	359,838,782	JPY	40,857,714,600		1,649,071		—
Goldman Sachs & Co.	12/3/2021	USD	8,121,984	NOK	74,002,800		59,937		—
JP Morgan & Chase Co.	12/3/2021	USD	6,037,821	NOK	55,012,700		44,510		—
RBC Capital Markets	12/3/2021	USD	11,098,560	NOK	101,123,700		81,910		—
Goldman Sachs & Co.	12/3/2021	USD	3,495,644	NZD	5,150,500		19,471		—
JP Morgan & Chase Co.	12/3/2021	USD	2,140,484	NZD	3,153,800		11,923		—
RBC Capital Markets	12/3/2021	USD	3,626,568	NZD	5,343,600		20,335		—
Goldman Sachs & Co.	12/3/2021	USD	49,372,284	SEK	448,035,700		331,825		—
JP Morgan & Chase Co.	12/3/2021	USD	49,138,671	SEK	445,918,700		330,582		—
RBC Capital Markets	12/3/2021	USD	51,799,688	SEK	470,063,000		348,082		—
Goldman Sachs & Co.	12/3/2021	USD	16,083,944	SGD	22,053,500		77,581		—
JP Morgan & Chase Co.	12/3/2021	USD	12,112,569	SGD	16,608,100		58,390		—
RBC Capital Markets	12/3/2021	USD	12,476,461	SGD	17,107,100		60,180		—
Goldman Sachs & Co.	1/5/2022	AUD	131,992,242	USD	93,549,238		—		(591,829	)
JP Morgan & Chase Co.	1/5/2022	AUD	135,726,000	USD	96,282,667		—		(521,434	)
RBC Capital Markets	1/5/2022	AUD	129,711,400	USD	92,012,987		—		(501,310	)
Goldman Sachs & Co.	1/5/2022	CHF	132,055,100	USD	142,921,415		—		(1,161,890	)
JP Morgan & Chase Co.	1/5/2022	CHF	122,776,900	USD	132,872,557		—		(1,087,446	)
JP Morgan & Chase Co.	1/5/2022	CHF	4,998,000	USD	5,423,077		—		(30,165	)
RBC Capital Markets	1/5/2022	CHF	125,776,600	USD	136,122,156		—		(1,110,774	)
Goldman Sachs & Co.	1/5/2022	DKK	232,498,900	USD	35,228,296		—		(276,914	)
JP Morgan & Chase Co.	1/5/2022	DKK	258,965,200	USD	39,244,287		—		(302,627	)
RBC Capital Markets	1/5/2022	DKK	239,001,100	USD	36,219,696		—		(278,473	)
Goldman Sachs & Co.	1/5/2022	EUR	419,949,700	USD	473,402,158		—		(3,616,511	)
JP Morgan & Chase Co.	1/5/2022	EUR	384,016,000	USD	432,880,116		—		(3,321,651	)
RBC Capital Markets	1/5/2022	EUR	399,651,200	USD	450,503,618		—		(3,458,090	)
Goldman Sachs & Co.	1/5/2022	GBP	145,514,400	USD	192,676,199		—		(1,016,358	)
JP Morgan & Chase Co.	1/5/2022	GBP	145,626,100	USD	192,819,878		—		(1,021,361	)
RBC Capital Markets	1/5/2022	GBP	152,480,900	USD	201,897,977		—		(1,067,608	)
Goldman Sachs & Co.	1/5/2022	HKD	287,096,200	USD	36,825,854		8,510		—
JP Morgan & Chase Co.	1/5/2022	HKD	281,295,500	USD	36,082,677		9,217		—
RBC Capital Markets	1/5/2022	HKD	318,031,000	USD	40,794,125		9,689		—
Goldman Sachs & Co.	1/5/2022	ILS	15,227,800	USD	4,837,831		—		(2,184	)
JP Morgan & Chase Co.	1/5/2022	ILS	18,492,800	USD	5,879,222		1,457		—
RBC Capital Markets	1/5/2022	ILS	14,885,300	USD	4,730,673		—		(482	)
Goldman Sachs & Co.	1/5/2022	JPY	34,003,472,300	USD	299,696,741		—		(1,366,637	)
JP Morgan & Chase Co.	1/5/2022	JPY	34,150,618,000	USD	300,988,600		—		(1,377,591	)
RBC Capital Markets	1/5/2022	JPY	40,857,714,600	USD	360,103,600		—		(1,646,560	)
Goldman Sachs & Co.	1/5/2022	NOK	74,002,800	USD	8,119,857		—		(60,310	)
JP Morgan & Chase Co.	1/5/2022	NOK	55,012,700	USD	6,036,695		—		(44,333	)
RBC Capital Markets	1/5/2022	NOK	101,123,700	USD	11,096,490		—		(81,584	)
Goldman Sachs & Co.	1/5/2022	SEK	448,035,700	USD	49,448,571		—		(329,726	)
JP Morgan & Chase Co.	1/5/2022	SEK	445,918,700	USD	49,215,412		—		(327,679	)
RBC Capital Markets	1/5/2022	SEK	470,063,000	USD	51,881,759		—		(343,846	)
RBC Capital Markets	1/5/2022	SEK	80,176,000	USD	8,848,902		—		(58,925	)
Goldman Sachs & Co.	1/5/2022	SGD	22,053,500	USD	16,081,598		—		(77,547	)
JP Morgan & Chase Co.	1/5/2022	SGD	16,608,100	USD	12,110,749		—		(58,417	)

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	1/5/2022	SGD	17,107,100	USD	12,474,642	$	—	$	(60,154	)
JP Morgan & Chase Co.	1/5/2022	USD	3,898,940	AUD	5,497,000		21,696		—
RBC Capital Markets	1/5/2022	USD	21,628,550	EUR	19,186,000		164,727		—
RBC Capital Markets	1/5/2022	USD	8,465,329	GBP	6,393,000		44,320		—
RBC Capital Markets	1/5/2022	USD	1,426,355	HKD	11,119,000		—		(449	)
RBC Capital Markets	1/5/2022	USD	20,993,724	JPY	2,381,843,000		94,878		—
Goldman Sachs & Co.	1/6/2022	NZD	5,150,500	USD	3,494,460		—		(19,417	)
JP Morgan & Chase Co.	1/6/2022	NZD	3,153,800	USD	2,139,730		—		(11,918	)
RBC Capital Markets	1/6/2022	NZD	5,343,600	USD	3,625,339		—		(20,279	)
Total unrealized appreciation (depreciation)						$	101,690,237	$	(33,982,685	)

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

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, 2021 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (g)	$	3,974,135,527		$	—		$	—	$	3,974,135,527
Preferred Stocks		20,941,011			—			—		20,941,011
Rights (g)		463,613			337			—		463,950
Warrants		278,673			—			—		278,673
Short-Term Investments (g)		160,538,479			—			—		160,538,479
Derivatives (h)
Forward Foreign Currency Contracts		—			101,690,237			—		101,690,237
Futures Contracts		226,962			—			—		226,962
TOTAL	$	4,156,584,265		$	101,690,574		$	—	$	4,258,274,839
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (h)
Forward Foreign Currency Contracts	$	—		$	(33,982,685	)	$	—	$	(33,982,685	)
Futures Contracts		(3,738,340	)		—			—		(3,738,340	)
TOTAL	$	(3,738,340	)	$	(33,982,685	)	$	—	$	(37,721,025	)

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

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

See Notes to Financial Statements. 16

This Page is Intentionally Left Blank

17

DBX ETF Trust

Statement of Assets and Liabilities

November 30, 2021 (Unaudited)

	Xtrackers MSCI EAFE Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	3,989,824,733
Investment in affiliated securities at value		5,994,428
Investment in DWS ESG Liquidity Fund*		11,374,362
Investment in DWS Government Money Market Series*		134,552,933
Investment in DWS Government & Agency Securities Portfolio**		14,611,184
Cash		14
Foreign currency at value		7,549,399
Unrealized appreciation on forward foreign currency contracts		101,690,237
Deposit with broker for futures contracts		8,555,377
Receivables:
Investment securities sold		18,109,127
Dividends		9,996,221
Interest		2,633
Securities lending income		32,501
Foreign tax reclaim		7,211,612
Total assets	$	4,309,504,761
Liabilities
Payable upon return of securities loaned	$	14,611,184
Payable upon return of deposit for forward foreign currency contracts		87,117,039
Unrealized depreciation on forward foreign currency contracts		33,982,685
Payables:
Investment securities purchased		61,255,314
Investment advisory fees		1,219,497
Variation margin on futures contracts		3,908,472
Total liabilities		202,094,191
Net Assets, at value	$	4,107,410,570
Net Assets Consist of
Paid-in capital	$	3,826,485,638
Distributable earnings (loss)		280,924,932
Net Assets, at value	$	4,107,410,570
Number of Common Shares outstanding		108,550,800
Net Asset Value	$	37.84
Investment in non-affiliated securities at cost	$	3,484,439,368
Investment in affiliated securities at cost	$	15,372,170
Value of securities loaned	$	52,181,091
Investment in DWS ESG Liquidity Fund at cost*	$	11,376,638
Investment in DWS Government Money Market Series at cost*	$	134,552,933
Investment in DWS Government & Agency Securities Portfolio at cost**	$	14,611,184
Non-cash collateral for securities on loan	$	41,141,776
Foreign currency at cost	$	8,131,749
*   Includes collateral held for forward foreign currency contracts	$	87,117,039

** Represents collateral on securities loaned.

See Notes to Financial Statements. 18

DBX ETF Trust

Statement of Operations

For the Six Months Ended November 30, 2021 (Unaudited)

	Xtrackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	40,425,034
Income distributions from affiliated funds		19,254
Affiliated securities lending income		1,915
Unaffiliated non-cash dividend income		7,979,562
Unaffiliated securities lending income, net of borrower rebates		675,056
Total investment income		49,100,821
Expenses
Investment advisory fees		7,194,718
Other expenses		11,342
Total expenses		7,206,060
Less fees waived (see note 3):
Waiver		(11,342	)
Net expenses		7,194,718
Net investment income (loss)		41,906,103
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(10,206,727	)
In-kind redemptions		9,961,624
In-kind redemptions in affiliates		607
Futures contracts		8,498,563
Foreign currency transactions		(1,583,546	)
Forward foreign currency contracts		123,098,159
Net realized gain (loss)		129,768,680
Net change in unrealized appreciation (depreciation) on:
Investments		(174,380,039	)
Investments in affiliates		(1,342,393	)
Futures contracts		(5,094,485	)
Foreign currency translations		(1,285,666	)
Forward foreign currency contracts		109,936,346
Net change in unrealized appreciation (depreciation)		(72,166,237	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		57,602,443
Net Increase (Decrease) in Net Assets Resulting from Operations	$	99,508,546
*   Unaffiliated foreign tax withheld	$	3,711,943

See Notes to Financial Statements. 19

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers MSCI EAFE Hedged Equity ETF
	For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	41,906,103		$	88,399,193
Net realized gain (loss)		129,768,680			(203,628,166	)
Net change in net unrealized appreciation (depreciation)		(72,166,237	)		1,081,608,765
Net increase (decrease) in net assets resulting from operations		99,508,546			966,379,792
Distributions to Shareholders		(69,619,002	)		(95,300,827	)
Fund Shares Transactions
Proceeds from shares sold		153,521,140			14,993,565
Value of shares redeemed		(30,999,684	)		(761,591,407	)
Net increase (decrease) in net assets resulting from fund share transactions		122,521,456			(746,597,842	)
Total net increase (decrease) in Net Assets		152,411,000			124,481,123
Net Assets
Beginning of period		3,954,999,570			3,830,518,447
End of period	$	4,107,410,570		$	3,954,999,570
Changes in Shares Outstanding
Shares outstanding, beginning of period		105,350,800			128,750,800
Shares sold		4,000,000			400,000
Shares redeemed		(800,000	)		(23,800,000	)
Shares outstanding, end of period		108,550,800			105,350,800

See Notes to Financial Statements. 20

DBX ETF Trust

Financial Highlights

Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	37.54		$	29.75		$	30.87		$	31.86		$	30.68		$	26.48
Income (loss) from investment operations:
Net investment income (loss)(a)		0.39			0.78			0.66			0.91			0.80			0.74
Net realized and unrealized gain (loss)		0.57			7.82			(0.76	)		(1.00	)		1.33			4.18
Total from investment operations		0.96			8.60			(0.10	)		(0.09	)		2.13			4.92
Less distributions from:
Net investment income		(0.66	)		(0.81	)		(1.02	)		(0.90	)		(0.95	)		(0.72	)
Total distributions		(0.66	)		(0.81	)		(1.02	)		(0.90	)		(0.95	)		(0.72	)
Net Asset Value, end of period	$	37.84		$	37.54		$	29.75		$	30.87		$	31.86		$	30.68
Total Return (%)		2.55	**(b)		29.41	(b)		(0.56	)(b)		(0.14	)(b)		7.05			19.17
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4,107			3,955			3,831			4,715			6,140			8,638
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.36			0.36			0.35			0.35
Ratio of expenses after fee waiver (%)		0.35	*		0.35			0.36			0.36			0.35			0.35
Ratio of net investment income (loss) (%)		1.85	*		2.35			2.10			2.93			2.57			2.72
Portfolio turnover rate (%)(c)		1	**		8			9			5			10			14

(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. 21

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2021, the Trust consists of thirty-five 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 the 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 track 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.

22

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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 Board 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. 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

23

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2021, the Fund did not incur any interest or penalties.

At May 31, 2021, for Federal income tax purposes, the Fund had 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
$	79,777,782	$	366,662,067	$	446,439,849

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

Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
$	3,375,577,270	$	628,372,265	$	1,020,633,853	$	(392,261,588	)

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, 2021, 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.

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.

24

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Securities Lending    The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues 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 cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2021, 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 (0.03% annualized effective rate as of November 30, 2021) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Fund receives 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, 2021, 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 May 31, 2021
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Common Stocks	$	14,611,184	$	—	$	180,998	$	40,960,778	$	55,752,960
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	55,752,960

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, 2021, 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, 2021 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 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, 2021.

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

25

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2021, 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, 2021 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, 2021 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*	$	226,962	Unrealized depreciation on futures contracts*	$	3,738,340
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		101,690,237	Unrealized depreciation on forward foreign currency contracts		33,982,685
	Total	$	101,917,199	Total	$	37,721,025

* 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, 2021 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
	$	8,498,563		$	123,098,159	$	131,596,722
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts		Total
	$	(5,094,485	)	$	109,936,346	$	104,841,861

26

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

For the period ended November 30, 2021 the average monthly volume of derivatives was as follows:

Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
$	98,009,283	$	(3,974,038,819	)

As of November 30, 2021, 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 Other expenses 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
Citigroup Global Markets	$	25,802,433	$	(2,592,050	)	$	23,210,383	$	—	$	2,592,050	$	(2,592,050	)	$	—	$	—
Goldman Sachs & Co.		8,549,216		(8,530,590	)		—		18,626		8,530,590		(8,530,590	)		—		—
JP Morgan & Chase Co.		33,049,490		(10,717,177	)		22,332,313		—		10,717,177		(10,717,177	)		—		—
RBC Capital Markets		34,289,098		(12,142,868	)		22,146,230		—		12,142,868		(12,142,868	)		—		—
	$	101,690,237	$	(33,982,685	)	$	67,688,926	$	18,626	$	33,982,685	$	(33,982,685	)	$	—	$	—

(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 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.

27

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2020 through November 30, 2021, the Advisor waived $11,342 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, Lending 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, 2021, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

Purchases		Sales
$	226,711,740	$	35,060,740

For the period ended November 30, 2021, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Purchases		Sales
$	144,115,444	$	29,459,699

5. Fund Share Transactions

As of November 30, 2021, 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.

6. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to

28

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.

29

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.

30

DBX ETF Trust

Privacy Policy Notice (Unaudited)

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

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

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

Rev. 12/2021

31

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, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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 © 2022 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured  |  No Bank Guarantee  |  May Lose Value

DBX ETF Trust

Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-049078-6 (1/22) DBX005041 (1/23)

November 30, 2021

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
Shareholder Letter		1
Portfolio Summary
Xtrackers MSCI All World ex US Hedged Equity ETF		4
Xtrackers MSCI Emerging Markets Hedged Equity ETF		5
Xtrackers MSCI Europe Hedged Equity ETF		6
Xtrackers MSCI Eurozone Hedged Equity ETF		7
Xtrackers MSCI Germany Hedged Equity ETF		8
Xtrackers MSCI Japan Hedged Equity ETF		9
Fees and Expenses		10
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF		11
Xtrackers MSCI Emerging Markets Hedged Equity ETF		39
Xtrackers MSCI Europe Hedged Equity ETF		59
Xtrackers MSCI Eurozone Hedged Equity ETF		67
Xtrackers MSCI Germany Hedged Equity ETF		76
Xtrackers MSCI Japan Hedged Equity ETF		79
Statements of Assets and Liabilities		84
Statements of Operations		86
Statements of Changes in Net Assets		88
Financial Highlights		91
Notes to Financial Statements		94
Additional Information		106
Privacy Policy Notice		107

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semi-annual report on our six currency hedged equity ETFs for the period ended November 30, 2021.

The world economy has been recovering from its pandemic woes, supported largely by vaccine rollouts and accommodative fiscal and monetary policies by governments and central banks. However, leading central banks worldwide have signaled a tightening of monetary policies due to concerns of rising inflation. While most advanced economies were able to administer vaccines on a large scale thanks to robust vaccination drives, the outcome was more mixed in emerging markets. Global equity markets witnessed an incredible rally, as corporate profits soared around the world, breaking previous records. Emerging market equity indices lagged developed markets’ over the reporting period largely due to unexpected regulatory actions enforced in China.

The U.S. GDP¹ experienced accelerated growth despite softening in Q3 2021, caused by a slowdown in spending growth along with lower fixed investments and exports. The labor market continued its gradual recovery as surge in demand for labor and record levels of job openings took the unemployment rate to its lowest since March 2020. The U.S. President Joe Biden signed the USD1.2tn bipartisan infrastructure bill into law, aimed at directing new funds primarily into the transportation, broadband, and utility sectors. The Federal Reserve Board took a hawkish stance and indicated at plans to wind down its bond purchase program and eventually raise interest rates to curb surging inflation.

The Eurozone GDP growth surprised on the upside in Q2 and Q3 2021 as the economy gradually opened up. France and Italy saw stronger-than-expected expansions, more than offsetting subdued growth in Spain. Germany’s economic growth cooled marginally as supply bottlenecks affected the industrial sector. Consumer confidence in the Eurozone remained choppy amid concerns over rising COVID-19 cases and the prospect of new pandemic-induced restrictions across the region. The prices of an array of commodities — particularly natural gas — and input components surged in Europe as countries restarted their economies. Delayed maintenance and reduced investment in the energy sector also contributed to the rise in prices. The UK economy fell behind its G-7 peers as supply chain disruptions weighed on its Q3 2021 GDP growth rate. The Bank of England said it would keep a close eye on the labor market, while keeping interest rates on hold.

China was among the first major economies to rebound rapidly from the pandemic; however, regulatory scrutiny across a range of industries impeded the nation’s growth. The real estate market saw extensive contraction as a result of Beijing’s efforts to reduce leverage in the property sector. Japan’s Tokyo Olympics was well received but failed to push up consumer spending, as audiences were prohibited from most events. However, overall sentiment in the country was buoyed by the appointment of Fumio Kishida as the new prime minister, after former Prime Minister Yoshihide Suga lost favor over his handling of the pandemic and decision to move ahead with conducting the Olympics. Taiwan benefited from consistently high demand for electronic components, while soaring energy prices in Europe put gas-rich Russia in a unique position, allowing the country to export natural gas to the continent on favorable terms.

We believe the global economy is positioned for an uneven recovery, with countries emerging from the crisis facing different challenges. The pandemic continues to exact a heavy toll, particularly across emerging markets, as new variants of the virus erupt to cause uncertainty in the economy. High energy prices, rising inflation, and persistent supply constraints continue to threaten overall recovery. We believe monetary policy will play a vital role as central banks around the world need to strike a balance with revitalizing the economy, taking an accommodative stance while also remaining watchful of a runaway inflation situation.

1

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

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

2

This Page is Intentionally Left Blank

3

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, 2021 (11.3% of Net Assets)

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		2.0%
Nestle SA (Switzerland)		1.3%
Tencent Holdings Ltd. (China)		1.3%
ASML Holding NV (Netherlands)		1.3%
Samsung Electronics Co. Ltd. (South Korea)		1.2%
Roche Holding AG (Switzerland)		1.1%
Alibaba Group Holding Ltd. (China)		0.9%
LVMH Moet Hennessy Louis Vuitton SE (France)		0.8%
Toyota Motor Corp. (Japan)		0.7%
Novo Nordisk A/S (Denmark)		0.7%

Country Diversification* as of November 30, 2021

Japan	14.7%
China	9.4%
United Kingdom	7.9%
Canada	7.4%
France	7.0%
Switzerland	6.8%
Germany	5.4%
Taiwan	4.5%
Australia	4.5%
Netherlands	4.0%
South Korea	3.6%
India	3.6%
Hong Kong	2.4%
Sweden	2.3%
Other	16.5%
Total	100.0%

Sector Diversification* as of November 30, 2021

Financials	19.1%
Information Technology	13.6%
Consumer Discretionary	12.6%
Industrials	12.3%
Health Care	9.4%
Consumer Staples	8.4%
Materials	7.9%
Communication Services	6.5%
Energy	4.8%
Utilities	3.0%
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 11.

4

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 and index.

Ten Largest Equity Holdings
as of November 30, 2021 (24.6% of Net Assets)

Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		6.7%
Tencent Holdings Ltd. (China)		4.3%
Samsung Electronics Co. Ltd. (South Korea)		4.2%
Alibaba Group Holding Ltd. (China)		3.1%
Meituan (China)		1.6%
Reliance Industries Ltd. (India)		1.2%
Infosys Ltd. (India)		1.0%
JD.com, Inc. (China)		0.9%
China Construction Bank Corp. (China)		0.8%
Housing Development Finance Corp. Ltd. (India)		0.8%

Country Diversification* as of November 30, 2021

China	32.0%
Taiwan	15.2%
South Korea	12.3%
India	12.2%
Brazil	4.0%
Russia	3.6%
Saudi Arabia	3.2%
South Africa	3.0%
Hong Kong	2.1%
Other	12.4%
Total	100.0%

Sector Diversification* as of November 30, 2021

Information Technology	21.7%
Financials	19.2%
Consumer Discretionary	14.5%
Communication Services	11.0%
Materials	8.4%
Consumer Staples	5.8%
Energy	5.5%
Industrials	5.0%
Health Care	4.6%
Utilities	2.3%
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 39.

5

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, 2021 (19.4% of Net Assets)

Description	% of Net Assets
Nestle SA (Switzerland)		3.3%
ASML Holding NV (Netherlands)		3.0%
Roche Holding AG (Switzerland)		2.6%
LVMH Moet Hennessy Louis Vuitton SE (France)		1.9%
Novo Nordisk A/S (Denmark)		1.6%
Novartis AG (Switzerland)		1.6%
AstraZeneca PLC (United Kingdom)		1.5%
Royal Dutch Shell PLC (Netherlands)		1.5%
SAP SE (Germany)		1.2%
Unilever PLC (United Kingdom)		1.2%

Country Diversification* as of November 30, 2021

United Kingdom	19.2%
France	17.1%
Switzerland	16.6%
Germany	13.4%
Netherlands	9.9%
Sweden	5.7%
Denmark	4.2%
Spain	3.5%
Italy	3.1%
Other	7.3%
Total	100.0%

Sector Diversification* as of November 30, 2021

Financials	15.7%
Industrials	15.0%
Health Care	14.7%
Consumer Staples	12.7%
Consumer Discretionary	11.7%
Information Technology	8.7%
Materials	7.8%
Energy	4.6%
Utilities	4.3%
Communication Services	3.6%
Real Estate	1.2%
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 59.

6

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, 2021 (23.0% of Net Assets)

Description	% of Net Assets
ASML Holding NV (Netherlands)		5.3%
LVMH Moet Hennessy Louis Vuitton SE (France)		3.5%
SAP SE (Germany)		2.2%
Siemens AG (Germany)		2.0%
TotalEnergies SE (France)		1.9%
L’Oreal SA (France)		1.9%
Sanofi (France)		1.8%
Schneider Electric SE (France)		1.6%
Allianz SE (Germany)		1.5%
Daimler AG (Germany)		1.3%

Country Diversification* as of November 30, 2021

France	31.7%
Germany	26.1%
Netherlands	15.7%
Spain	7.1%
Italy	6.9%
Finland	3.6%
Belgium	3.0%
Ireland	2.2%
Other	3.7%
Total	100.0%

Sector Diversification* as of November 30, 2021

Consumer Discretionary	17.1%
Industrials	15.9%
Information Technology	14.5%
Financials	14.3%
Consumer Staples	7.4%
Health Care	7.4%
Materials	7.1%
Utilities	6.1%
Communication Services	4.4%
Energy	3.6%
Real Estate	2.2%
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 67.

7

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, 2021
(51.9% of Net Assets)

Description	% of Net Assets
SAP SE		9.0%
Siemens AG		8.3%
Allianz SE		6.1%
Daimler AG		5.4%
BASF SE		4.1%
Infineon Technologies AG		4.0%
Deutsche Telekom AG		4.0%
Deutsche Post AG		4.0%
adidas AG		3.7%
Bayer AG		3.3%

Sector Diversification* as of November 30, 2021

Consumer Discretionary	20.2%
Industrials	16.9%
Information Technology	14.2%
Financials	13.7%
Health Care	11.7%
Materials	7.8%
Communication Services	4.9%
Utilities	3.9%
Consumer Staples	3.4%
Real Estate	3.3%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 76.

8

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, 2021
(23.7% of Net Assets)

Description	% of Net Assets
Toyota Motor Corp.		4.8%
Sony Group Corp.		3.9%
Keyence Corp.		3.1%
Recruit Holdings Co. Ltd.		2.1%
Tokyo Electron Ltd.		2.0%
Mitsubishi UFJ Financial Group, Inc.		1.7%
SoftBank Group Corp.		1.6%
Shin-Etsu Chemical Co. Ltd.		1.5%
Hoya Corp.		1.5%
Hitachi Ltd.		1.5%

Sector Diversification* as of November 30, 2021

Industrials	22.2%
Consumer Discretionary	19.4%
Information Technology	15.6%
Health Care	9.8%
Financials	8.9%
Communication Services	8.0%
Consumer Staples	6.6%
Materials	4.7%
Real Estate	3.3%
Utilities	0.8%
Energy	0.7%
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 79.

9

DBX ETF Trust

Fees and Expenses (Unaudited)

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds limted 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, 2021 to November 30, 2021).

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, 2021		Ending Account Value November 30, 2021		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	992.20		0.40	%	$	2.00
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06		0.40	%	$	2.03
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	911.40		0.65	%	$	3.11
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	1,037.50		0.45	%	$	2.30
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	1,022.30		0.45	%	$	2.28
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	978.50		0.45	%	$	2.23
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Xtrackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	1,017.50		0.45	%	$	2.28
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28

(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 365.

10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 96.2%
Australia — 4.3%
Afterpay Ltd.*		1,125	$	87,293
Ampol Ltd.		1,608		32,863
APA Group (a)		6,274		42,622
Aristocrat Leisure Ltd.		3,112		97,853
ASX Ltd.		943		60,789
Aurizon Holdings Ltd.		10,799		25,943
AusNet Services Ltd.		10,044		18,186
Australia & New Zealand Banking Group Ltd.		14,569		277,293
BHP Group Ltd.		14,827		416,119
BHP Group PLC		11,020		302,867
BlueScope Steel Ltd.		3,145		44,323
Brambles Ltd.		7,093		50,613
Cochlear Ltd.		330		51,235
Coles Group Ltd.		6,753		86,746
Commonwealth Bank of Australia		9,091		603,855
Computershare Ltd.		2,470		33,613
Crown Resorts Ltd.*		2,212		17,377
CSL Ltd.		2,348		513,497
Dexus REIT		5,360		42,679
Domino’s Pizza Enterprises Ltd.		334		30,885
Endeavour Group Ltd.		6,318		30,851
Evolution Mining Ltd.		11,748		33,750
Fortescue Metals Group Ltd.		8,551		103,686
Goodman Group REIT		8,278		145,695
GPT Group REIT		10,194		38,296
IDP Education Ltd.		1,142		28,476
Insurance Australia Group Ltd.		11,016		34,788
Lendlease Corp. Ltd. (a)		3,221		24,522
Macquarie Group Ltd.		1,895		265,766
Magellan Financial Group Ltd.		675		15,956
Medibank Pvt Ltd.		14,392		35,395
Mirvac Group REIT		20,991		42,795
MMG Ltd.*		18,284		6,636
National Australia Bank Ltd.		16,937		329,608
Newcrest Mining Ltd.		3,701		62,316
Northern Star Resources Ltd.		5,519		37,139
Oil Search Ltd.		9,774		26,546
Orica Ltd.		2,039		20,582
Origin Energy Ltd.		9,947		34,035
Qantas Airways Ltd.*		3,945		14,230
QBE Insurance Group Ltd.		7,693		63,724
Ramsay Health Care Ltd.		993		47,299
REA Group Ltd.		298		34,496
Reece Ltd.		1,624		27,113
Rio Tinto Ltd.		1,826		121,706
Santos Ltd.		9,898		45,016
Scentre Group REIT		25,313		55,757
SEEK Ltd.		1,794		44,504
Sonic Healthcare Ltd.		2,252		68,548
South32 Ltd.		27,278		68,641
Stockland REIT		13,177		41,048
Suncorp Group Ltd.		5,846		45,090
Sydney Airport*(a)		7,195		42,570
Tabcorp Holdings Ltd.		12,392		43,992
Telstra Corp. Ltd.		22,494		65,262

	Number of Shares		Value
Australia (Continued)
Transurban Group (a)		15,039	$	146,443
Treasury Wine Estates Ltd.		4,160		35,882
Vicinity Centres REIT		15,262		18,441
Washington H Soul Pattinson & Co. Ltd.		1,090		24,149
Wesfarmers Ltd.		5,894		238,900
Westpac Banking Corp.		18,814		275,205
WiseTech Global Ltd.		896		33,513
Woodside Petroleum Ltd.		5,090		77,757
Woolworths Group Ltd.		6,488		188,791
(Cost $5,521,816)				6,021,566
Austria — 0.1%
Erste Group Bank AG		1,763		77,118
OMV AG		824		43,893
Raiffeisen Bank International AG		827		24,592
Verbund AG		320		33,569
voestalpine AG		506		17,147
(Cost $170,829)				196,319
Belgium — 0.5%
Ageas SA/NV		760		39,329
Anheuser-Busch InBev SA/NV		3,902		217,966
Elia Group SA/NV		257		32,032
Etablissements Franz Colruyt NV		262		12,284
Groupe Bruxelles Lambert SA		577		62,506
KBC Group NV		1,274		106,948
Proximus SADP (b)		845		15,352
Sofina SA		71		32,917
Solvay SA		410		45,996
UCB SA		595		64,874
Umicore SA		1,031		50,290
(Cost $799,137)				680,494
Brazil — 0.8%
Ambev SA		24,810		70,875
Americanas SA*		1,806		9,740
Atacadao SA		1,728		4,712
B3 SA — Brasil Bolsa Balcao		31,865		62,972
Banco Bradesco SA		6,398		19,370
Banco BTG Pactual SA		6,203		23,105
Banco do Brasil SA		3,608		20,434
Banco Inter SA		1,197		7,714
Banco Santander Brasil SA		2,049		12,013
BB Seguridade Participacoes SA		5,043		18,730
BRF SA*		2,728		9,584
CCR SA		5,921		12,965
Centrais Eletricas Brasileiras SA		1,047		6,077
Cia de Saneamento Basico do Estado de Sao Paulo		1,764		10,568
Cia Siderurgica Nacional SA		2,953		11,430
Cosan SA		5,775		21,829
Energisa SA		1,284		10,390
Engie Brasil Energia SA		1,304		8,937
Equatorial Energia SA		4,715		18,929
Hapvida Participacoes e Investimentos SA, 144A		5,245		10,179
Hypera SA		1,860		8,973

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Brazil (Continued)
JBS SA		5,044	$	31,986
Klabin SA		2,672		11,345
Localiza Rent a Car SA		2,709		24,628
Lojas Renner SA		6,128		31,011
Magazine Luiza SA		14,268		19,796
Natura & Co. Holding SA*		6,051		28,727
Notre Dame Intermedica Participacoes SA		2,765		30,228
Petroleo Brasileiro SA		19,845		106,394
Raia Drogasil SA		4,370		17,397
Rede D’Or Sao Luiz SA, 144A		2,304		20,561
Rumo SA*		5,811		18,161
Suzano SA*		3,531		35,273
Telefonica Brasil SA		3,863		34,556
TIM SA		3,349		8,221
TOTVS SA		1,919		10,817
Ultrapar Participacoes SA		3,444		8,840
Vale SA		20,178		251,065
Via S/A*		5,215		5,260
Vibra Energia SA		5,262		20,367
WEG SA		7,976		45,726
(Cost $1,148,889)				1,139,885
Canada — 7.2%
Agnico Eagle Mines Ltd.		1,329		66,250
Air Canada*		941		15,322
Algonquin Power & Utilities Corp.		3,019		40,861
Alimentation Couche-Tard, Inc., Class B		4,288		157,093
AltaGas Ltd.		1,184		22,522
Ballard Power Systems, Inc.*		1,119		17,038
Bank of Montreal		3,444		358,675
Bank of Nova Scotia		6,119		382,147
Barrick Gold Corp.		6,266		119,095
Barrick Gold Corp.		2,794		53,806
BCE, Inc.		420		21,137
BlackBerry Ltd.*		2,629		25,046
Brookfield Asset Management, Inc., Class A		7,275		406,277
CAE, Inc.*		1,666		40,038
Cameco Corp.		1,874		43,701
Canadian Apartment Properties REIT		401		17,849
Canadian Imperial Bank of Commerce		2,283		254,580
Canadian National Railway Co.		3,657		463,362
Canadian Natural Resources Ltd.		6,093		249,167
Canadian Pacific Railway Ltd.		3,360		235,143
Canadian Tire Corp. Ltd., Class A		265		35,025
Canadian Utilities Ltd., Class A		732		19,654
Canopy Growth Corp.*		1,085		11,653
CCL Industries, Inc., Class B		836		41,026
Cenovus Energy, Inc.		6,904		81,932
CGI, Inc.*		1,107		92,480
Constellation Software, Inc.		100		170,159
Dollarama, Inc.		1,520		65,657
Emera, Inc.		1,304		59,910
Empire Co. Ltd., Class A		944		27,069
Enbridge, Inc.		10,226		383,680
Fairfax Financial Holdings Ltd.		146		64,797
First Quantum Minerals Ltd.		3,116		66,420

	Number of Shares		Value
Canada (Continued)
FirstService Corp.		230	$	44,209
Fortis, Inc.		2,507		108,448
Franco-Nevada Corp.		951		130,413
George Weston Ltd.		413		43,587
GFL Environmental, Inc.		996		38,384
Gildan Activewear, Inc.		1,248		50,557
Great-West Lifeco, Inc.		1,272		36,922
Hydro One Ltd., 144A		1,364		33,346
iA Financial Corp., Inc.		589		31,298
IGM Financial, Inc.		605		21,866
Imperial Oil Ltd. (b)		1,530		50,579
Intact Financial Corp.		904		112,178
Ivanhoe Mines Ltd., Class A*		3,358		26,655
Keyera Corp. (b)		1,196		26,271
Kinross Gold Corp.		5,655		33,555
Kirkland Lake Gold Ltd.		1,358		53,695
Lightspeed Commerce, Inc.*		554		28,024
Loblaw Cos. Ltd.		892		67,243
Lundin Mining Corp.		3,657		28,713
Magna International, Inc.		1,412		105,835
Manulife Financial Corp. (b)		10,205		182,459
Metro, Inc.		1,292		61,654
National Bank of Canada		1,754		136,302
Northland Power, Inc.		991		29,665
Nutrien Ltd.		2,997		198,666
Nuvei Corp., 144A*		299		29,442
Onex Corp.		427		31,026
Open Text Corp.		1,367		64,805
Pan American Silver Corp.		1,140		29,119
Parkland Corp.		801		20,679
Pembina Pipeline Corp.		2,913		86,196
Power Corp. of Canada		2,734		88,198
Quebecor, Inc., Class B		928		20,653
Restaurant Brands International, Inc.		1,434		80,229
RioCan Real Estate Investment Trust REIT		1,411		23,472
Ritchie Bros Auctioneers, Inc.		597		40,523
Rogers Communications, Inc., Class B (b)		1,938		86,717
Royal Bank of Canada		7,243		716,107
Saputo, Inc.		1,186		26,256
Shaw Communications, Inc., Class B		2,382		68,992
Shopify, Inc., Class A*		582		884,324
Sun Life Financial, Inc. (b)		2,926		155,365
Suncor Energy, Inc. (b)		7,767		189,212
TC Energy Corp.		5,044		236,594
Teck Resources Ltd., Class B		2,814		74,632
TELUS Corp.		2,387		54,562
TFI International, Inc.		465		46,171
Thomson Reuters Corp.		883		105,653
TMX Group Ltd.		309		29,987
Toromont Industries Ltd.		397		33,346
Toronto-Dominion Bank		9,290		655,598
Tourmaline Oil Corp.		1,685		56,072
West Fraser Timber Co. Ltd.		413		33,959
Wheaton Precious Metals Corp.		2,290		95,763
WSP Global, Inc.		546		75,947
(Cost $7,541,763)				9,928,694

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Chile — 0.1%
Antofagasta PLC		2,299	$	42,194
Banco de Chile		190,744		18,443
Banco de Credito e Inversiones SA		205		6,938
Banco Santander Chile		312,455		13,973
Cencosud SA		8,433		13,454
Empresas CMPC SA		4,132		6,692
Empresas COPEC SA		1,142		8,424
Enel Americas SA		168,740		21,745
Enel Chile SA		123,794		5,386
Falabella SA		2,985		9,236
(Cost $180,484)				146,485
China — 9.1%
360 DigiTech, Inc., ADR*		473		11,011
360 Security Technology, Inc., Class A*		3,700		6,951
3SBio, Inc., 144A*		10,076		8,618
51job, Inc., ADR*		134		7,732
AAC Technologies Holdings, Inc.		3,752		16,359
AECC Aviation Power Co. Ltd., Class A		1,000		10,106
Agile Group Holdings Ltd.		7,637		5,034
Agora, Inc., ADR*		378		7,900
Agricultural Bank of China Ltd., Class A		19,900		9,096
Agricultural Bank of China Ltd., Class H		141,363		46,589
Aier Eye Hospital Group Co. Ltd., Class A		1,205		8,078
Air China Ltd., Class H*		10,436		6,571
Airtac International Group		527		16,205
Akeso, Inc., 144A*		2,000		12,721
Alibaba Group Holding Ltd.*		77,918		1,271,988
A-Living Smart City Services Co. Ltd., 144A		1,682		3,965
Aluminum Corp. of China Ltd., Class H*		19,623		9,638
Anhui Conch Cement Co. Ltd., Class A		1,200		6,827
Anhui Conch Cement Co. Ltd., Class H		5,526		25,121
Anhui Gujing Distillery Co. Ltd., Class B		1,210		16,741
ANTA Sports Products Ltd.		5,749		91,565
Asymchem Laboratories Tianjin Co. Ltd., Class A		200		16,120
Autohome, Inc., ADR		352		12,028
AviChina Industry & Technology Co. Ltd., Class H		23,032		15,181
Baidu, Inc., ADR*		1,458		218,467
Bank of Beijing Co. Ltd., Class A		11,100		7,637
Bank of China Ltd., Class A		16,800		8,048
Bank of China Ltd., Class H		393,799		136,855
Bank of Communications Co. Ltd., Class A		13,200		9,475
Bank of Communications Co. Ltd., Class H		49,017		28,538
Bank of Hangzhou Co. Ltd., Class A		4,400		9,510
Bank of Jiangsu Co. Ltd., Class A		13,000		12,027
Bank of Nanjing Co. Ltd., Class A		8,600		12,252
Bank of Ningbo Co. Ltd., Class A (c)		3,100		18,932
Bank of Shanghai Co. Ltd., Class A		5,590		6,278
Baoshan Iron & Steel Co. Ltd., Class A		10,200		10,446
BeiGene Ltd., ADR*		242		84,102
Beijing Capital International Airport Co. Ltd., Class H*		6,836		3,980
Beijing Kingsoft Office Software, Inc., Class A		256		10,891

	Number of Shares		Value
China (Continued)
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		13,800	$	9,798
BGI Genomics Co. Ltd., Class A		500		7,461
Bilibili, Inc., ADR*(b)		808		53,336
BOE Technology Group Co. Ltd., Class A		15,500		11,735
BYD Co. Ltd., Class A		600		28,716
BYD Co. Ltd., Class H		4,002		157,247
BYD Electronic International Co. Ltd.		3,046		11,308
CanSino Biologics, Inc., Class H, 144A*(b)		468		10,287
CGN Power Co. Ltd., Class H, 144A		49,417		13,561
Changchun High & New Technology Industry Group, Inc., Class A		200		8,902
Chaozhou Three-Circle Group Co. Ltd., Class A		2,900		18,995
China Cinda Asset Management Co. Ltd., Class H		57,510		9,219
China CITIC Bank Corp. Ltd., Class H		42,425		18,226
China Communications Services Corp. Ltd., Class H		14,967		7,140
China Conch Venture Holdings Ltd.		7,357		35,898
China Construction Bank Corp., Class H		501,840		326,923
China CSSC Holdings Ltd., Class A		2,400		9,032
China Everbright Bank Co. Ltd., Class A		14,000		7,367
China Everbright Bank Co. Ltd., Class H		14,192		4,877
China Evergrande Group (b)		7,935		2,330
China Feihe Ltd., 144A		17,162		22,845
China Galaxy Securities Co. Ltd., Class A		7,370		12,074
China Galaxy Securities Co. Ltd., Class H		22,920		12,639
China Hongqiao Group Ltd.		7,896		7,655
China Huarong Asset Management Co. Ltd., Class H, 144A*(c)		38,726		5,065
China International Capital Corp. Ltd., Class H, 144A		8,852		21,455
China Lesso Group Holdings Ltd.		5,758		8,403
China Life Insurance Co. Ltd., Class A		700		3,249
China Life Insurance Co. Ltd., Class H		37,508		61,760
China Literature Ltd., 144A*(b)		2,150		15,081
China Longyuan Power Group Corp. Ltd., Class H		18,399		37,751
China Medical System Holdings Ltd.		5,555		9,147
China Meidong Auto Holdings Ltd.		2,773		13,442
China Merchants Bank Co. Ltd., Class A		6,900		53,637
China Merchants Bank Co. Ltd., Class H		20,417		157,880
China Merchants Securities Co. Ltd., Class A		4,500		12,030
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,800		3,237
China Minsheng Banking Corp. Ltd., Class A		13,500		8,249
China Minsheng Banking Corp. Ltd., Class H		30,378		11,687
China Molybdenum Co. Ltd., Class A		16,600		15,358
China Molybdenum Co. Ltd., Class H		16,036		9,891
China National Building Material Co. Ltd., Class H		17,277		18,655
China National Medicines Corp. Ltd., Class A		600		2,910

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
China National Nuclear Power Co. Ltd., Class A		12,600	$	13,517
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,300		10,990
China Oilfield Services Ltd., Class H		11,564		9,165
China Pacific Insurance Group Co. Ltd., Class A		1,600		6,808
China Pacific Insurance Group Co. Ltd., Class H		12,636		36,621
China Petroleum & Chemical Corp., Class A		9,200		5,838
China Petroleum & Chemical Corp., Class H		122,794		53,697
China Railway Group Ltd., Class A		15,300		12,737
China Railway Group Ltd., Class H		19,440		9,249
China Resources Mixc Lifestyle Services Ltd., 144A		3,720		18,414
China Shenhua Energy Co. Ltd., Class A		4,900		15,039
China Shenhua Energy Co. Ltd., Class H		18,610		38,566
China Southern Airlines Co. Ltd., Class A*		10,000		9,613
China Southern Airlines Co. Ltd., Class H*(b)		8,000		4,422
China State Construction Engineering Corp. Ltd., Class A		39,100		28,497
China Tourism Group Duty Free Corp. Ltd., Class A		500		16,135
China Tower Corp. Ltd., Class H, 144A		197,660		25,094
China United Network Communications Ltd., Class A		10,000		6,094
China Vanke Co. Ltd., Class A		3,600		10,325
China Vanke Co. Ltd., Class H		8,754		19,825
China Yangtze Power Co. Ltd., Class A (c)		6,200		19,019
China Yuhua Education Corp. Ltd., 144A		11,516		5,508
Chinasoft International Ltd.*		15,186		25,472
Chongqing Rural Commercial Bank Co. Ltd., Class A		25,500		15,300
Chongqing Zhifei Biological Products Co. Ltd., Class A		400		8,097
CIFI Ever Sunshine Services Group Ltd.		6,042		10,197
CIFI Holdings Group Co. Ltd.		12,563		6,847
CITIC Ltd.		27,932		25,217
CITIC Securities Co. Ltd., Class A		2,200		8,214
CITIC Securities Co. Ltd., Class H		12,292		29,319
Contemporary Amperex Technology Co. Ltd., Class A		747		79,786
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		2,600		2,414
COSCO SHIPPING Holdings Co. Ltd., Class A*		6,630		18,089
COSCO SHIPPING Holdings Co. Ltd., Class H*		14,313		24,485
Country Garden Holdings Co. Ltd.		38,078		33,595
Country Garden Services Holdings Co. Ltd.		8,297		50,167
CRRC Corp. Ltd., Class A		15,100		14,444
CRRC Corp. Ltd., Class H		36,860		16,355
CSC Financial Co. Ltd., Class A		1,960		8,629

	Number of Shares		Value
China (Continued)
CSPC Pharmaceutical Group Ltd.		49,256	$	51,037
Dada Nexus Ltd., ADR*		422		7,626
Dali Foods Group Co. Ltd., 144A		16,563		8,708
Daqo New Energy Corp., ADR*		264		15,138
DiDi Global, Inc., ADR*(b)		1,508		11,506
Dongfeng Motor Group Co. Ltd., Class H		13,324		12,371
Dongyue Group Ltd.		9,814		18,651
East Money Information Co. Ltd., Class A		3,840		20,893
ENN Energy Holdings Ltd.		4,675		87,769
Eve Energy Co. Ltd., Class A		900		20,673
Everbright Securities Co. Ltd., Class A		1,800		4,085
Flat Glass Group Co. Ltd., Class H (b)		2,751		12,065
Focus Media Information Technology Co. Ltd., Class A		3,200		3,554
Foshan Haitian Flavouring & Food Co. Ltd., Class A		780		13,759
Fosun International Ltd.		21,173		23,133
Founder Securities Co. Ltd., Class A		10,000		12,173
Foxconn Industrial Internet Co. Ltd., Class A		4,600		8,071
Fuyao Glass Industry Group Co. Ltd., Class A		1,100		7,946
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		2,673		14,722
Ganfeng Lithium Co. Ltd., Class A		500		13,156
Ganfeng Lithium Co. Ltd., Class H, 144A		1,146		22,353
GCL System Integration Technology Co. Ltd., Class A*		1,000		679
GDS Holdings Ltd., ADR*(b)		384		21,519
Genscript Biotech Corp.*		6,014		31,620
GF Securities Co. Ltd., Class A		2,000		7,332
GF Securities Co. Ltd., Class H		6,449		11,231
Gigadevice Semiconductor Beijing, Inc., Class A		168		3,974
GoerTek, Inc., Class A		2,900		23,723
GOME Retail Holdings Ltd.*(b)		48,942		4,268
Great Wall Motor Co. Ltd., Class H		17,116		71,554
Greentown China Holdings Ltd. (b)		5,176		7,673
Greentown Service Group Co. Ltd.		4,614		4,426
Guangdong Haid Group Co. Ltd., Class A		1,300		13,101
Guangzhou Automobile Group Co. Ltd., Class H		13,551		13,867
Guangzhou R&F Properties Co. Ltd., Class H (b)		11,516		6,232
Guangzhou Tinci Materials Technology Co. Ltd., Class A		400		8,482
Guosen Securities Co. Ltd., Class A		5,900		10,222
Guotai Junan Securities Co. Ltd., Class A		3,400		8,935
Haidilao International Holding Ltd., 144A		4,880		10,776
Haier Smart Home Co. Ltd., Class A		1,100		4,703
Haier Smart Home Co. Ltd., Class H		11,155		41,770
Haitian International Holdings Ltd.		4,720		12,953
Haitong Securities Co. Ltd., Class A		5,000		9,291
Haitong Securities Co. Ltd., Class H		14,938		12,547
Hangzhou First Applied Material Co. Ltd., Class A		400		7,640
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		518		8,257

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
Hansoh Pharmaceutical Group Co. Ltd., 144A		5,758	$	11,755
Hello Group, Inc., ADR (b)		712		8,238
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,100		4,917
Hengan International Group Co. Ltd.		3,162		15,267
Hengli Petrochemical Co. Ltd., Class A		1,800		5,968
HengTen Networks Group Ltd.*		12,000		5,078
Hua Hong Semiconductor Ltd., 144A*		2,831		18,951
Hualan Biological Engineering, Inc., Class A		670		3,041
Huaneng Power International, Inc., Class A		3,500		3,414
Huaneng Power International, Inc., Class H		17,895		8,009
Huatai Securities Co. Ltd., Class A		1,700		4,224
Huatai Securities Co. Ltd., Class H, 144A		6,773		9,710
Huaxia Bank Co. Ltd., Class A		9,400		8,327
Huayu Automotive Systems Co. Ltd., Class A		4,400		17,831
Huazhu Group Ltd., ADR*		1,071		42,326
Hundsun Technologies, Inc., Class A		1,120		10,276
Hygeia Healthcare Holdings Co. Ltd., 144A		2,231		17,352
Iflytek Co. Ltd., Class A		900		7,634
I-Mab, ADR*		213		12,878
Industrial & Commercial Bank of China Ltd., Class A		14,000		10,071
Industrial & Commercial Bank of China Ltd., Class H		295,949		156,362
Industrial Bank Co. Ltd., Class A		9,100		25,743
Industrial Securities Co. Ltd., Class A		1,500		2,017
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		32,600		14,798
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,600		2,164
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,500		9,229
Innovent Biologics, Inc., 144A*		5,759		51,217
iQIYI, Inc., ADR*		1,259		7,856
JA Solar Technology Co. Ltd., Class A		900		12,293
JD Health International, Inc., 144A*		1,674		14,598
JD.com, Inc., ADR*		4,427		372,355
Jiangsu Expressway Co. Ltd., Class H		9,332		9,071
Jiangsu Hengli Hydraulic Co. Ltd., Class A		600		7,420
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,800		14,185
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		400		10,951
Jiangxi Copper Co. Ltd., Class A		3,000		10,739
Jiangxi Copper Co. Ltd., Class H		4,184		6,739
Jiangxi Zhengbang Technology Co. Ltd., Class A		1,600		2,435
Jinxin Fertility Group Ltd., 144A*(b)		5,618		7,853
Jiumaojiu International Holdings Ltd., 144A		2,638		5,474
Kanzhun Ltd., ADR*		354		11,321
KE Holdings, Inc., ADR*		1,828		36,578
Kingdee International Software Group Co. Ltd.*		12,962		39,312

	Number of Shares		Value
China (Continued)
Kingsoft Cloud Holdings Ltd., ADR*(b)		272	$	4,700
Kingsoft Corp. Ltd.		4,347		18,842
Kuaishou Technology, 144A*(b)		2,702		29,435
Kweichow Moutai Co. Ltd., Class A		400		121,308
KWG Group Holdings Ltd.		5,582		4,137
Lenovo Group Ltd.		33,752		34,496
Lens Technology Co. Ltd., Class A		2,610		8,605
Li Auto, Inc., ADR*(b)		2,891		102,457
Li Ning Co. Ltd.		11,610		131,912
Lingyi iTech Guangdong Co., Class A*		3,100		3,301
Logan Group Co. Ltd.		9,356		9,034
Longfor Group Holdings Ltd., 144A		8,291		39,339
LONGi Green Energy Technology Co. Ltd., Class A		1,600		21,970
Luxshare Precision Industry Co. Ltd., Class A		2,849		17,743
Luzhou Laojiao Co. Ltd., Class A		400		14,454
Mango Excellent Media Co. Ltd., Class A		1,200		8,201
Maxscend Microelectronics Co. Ltd., Class A		100		5,887
Meituan, Class B, 144A*		21,266		649,052
Metallurgical Corp. of China Ltd., Class A		21,100		12,561
Microport Scientific Corp.		3,836		16,037
Ming Yuan Cloud Group Holdings Ltd.*(b)		1,559		4,458
Minth Group Ltd.		3,269		15,133
Muyuan Foods Co. Ltd., Class A		1,534		12,626
Nanjing Securities Co. Ltd., Class A		4,800		7,178
NARI Technology Co. Ltd., Class A		2,760		17,952
NAURA Technology Group Co. Ltd., Class A		200		12,157
NetEase, Inc., ADR		2,080		224,078
New China Life Insurance Co. Ltd., Class A		2,400		14,291
New China Life Insurance Co. Ltd., Class H		4,480		11,978
New Hope Liuhe Co. Ltd., Class A*		1,400		3,160
New Oriental Education & Technology Group, Inc., ADR*		7,640		16,884
Ninestar Corp., Class A		548		3,774
Ningxia Baofeng Energy Group Co. Ltd., Class A		6,100		15,560
NIO, Inc., ADR*		6,933		271,288
Noah Holdings Ltd., ADR*		320		11,658
Nongfu Spring Co. Ltd., Class H, 144A (b)		9,995		57,294
OFILM Group Co. Ltd., Class A*		103		142
Oppein Home Group, Inc., Class A		500		9,537
Orient Securities Co. Ltd., Class A		1,600		3,534
People’s Insurance Co. Group of China Ltd., Class H		32,329		9,452
PetroChina Co. Ltd., Class A		7,700		5,697
PetroChina Co. Ltd., Class H		97,414		42,348
Pharmaron Beijing Co. Ltd., Class A		400		11,410
Pharmaron Beijing Co. Ltd., Class H, 144A		474		9,768
PICC Property & Casualty Co. Ltd., Class H		35,770		30,596
Pinduoduo, Inc., ADR*		2,214		147,231
Ping An Bank Co. Ltd., Class A		6,900		18,901
Ping An Healthcare and Technology Co. Ltd., 144A*(b)		2,194		8,272
Ping An Insurance Group Co. of China Ltd., Class A		4,700		35,598

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
Ping An Insurance Group Co. of China Ltd., Class H		31,867	$	220,879
Poly Developments and Holdings Group Co. Ltd., Class A		2,900		6,309
Postal Savings Bank of China Co. Ltd., Class A		14,000		11,171
Postal Savings Bank of China Co. Ltd., Class H, 144A		35,348		23,979
Power Construction Corp. of China Ltd., Class A		14,500		14,963
Qingdao Rural Commercial Bank Corp., Class A		1,600		960
RLX Technology, Inc., ADR*(b)		3,726		15,314
Rongsheng Petrochemical Co. Ltd., Class A		2,850		7,252
SAIC Motor Corp. Ltd., Class A		1,500		4,700
Sanan Optoelectronics Co. Ltd., Class A		1,800		9,904
Sangfor Technologies, Inc., Class A		400		12,327
Sany Heavy Equipment International Holdings Co. Ltd.		7,187		7,475
Sany Heavy Industry Co. Ltd., Class A		3,100		10,664
Seazen Group Ltd.*(c)		10,122		7,308
SF Holding Co. Ltd., Class A		2,000		19,235
Shaanxi Coal Industry Co. Ltd., Class A		5,400		10,076
Shandong Gold Mining Co. Ltd., Class A		2,200		6,600
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		14,122		19,957
Shanghai Baosight Software Co. Ltd., Class A		2,400		24,990
Shanghai Baosight Software Co. Ltd., Class B		2,600		12,665
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,173		16,418
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,931		3,562
Shanghai M&G Stationery, Inc., Class A		800		7,037
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,500		13,006
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,483		9,999
Shanghai Pudong Development Bank Co. Ltd., Class A		9,300		12,431
Shanghai Putailai New Energy Technology Co. Ltd., Class A		400		11,435
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		2,900		6,769
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		420		20,452
Shenwan Hongyuan Group Co. Ltd., Class A		11,900		9,439
Shenzhen Goodix Technology Co. Ltd., Class A		100		1,728
Shenzhen Inovance Technology Co. Ltd., Class A		1,050		10,819
Shenzhen Kangtai Biological Products Co. Ltd., Class A		560		10,108
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		280		15,764

	Number of Shares		Value
China (Continued)
Shenzhen Transsion Holdings Co. Ltd., Class A		633	$	16,632
Shenzhou International Group Holdings Ltd.		4,138		78,005
Shimao Services Holdings Ltd., 144A (b)		3,479		4,310
Silergy Corp.		426		71,857
Sinopharm Group Co. Ltd., Class H		5,801		12,602
Sinotruk Hong Kong Ltd.		3,539		5,246
Smoore International Holdings Ltd., 144A (b)		9,944		59,424
Sunac China Holdings Ltd.		13,848		24,933
Sunac Services Holdings Ltd., 144A		4,577		7,290
Sungrow Power Supply Co. Ltd., Class A		500		12,682
Sunny Optical Technology Group Co. Ltd.		3,515		106,288
TAL Education Group, ADR*(b)		1,912		9,904
TCL Technology Group Corp., Class A		1,164		1,123
Tencent Holdings Ltd.		29,614		1,744,636
Tencent Music Entertainment Group, ADR*		3,379		24,295
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		1,100		7,775
Tianma Microelectronics Co. Ltd., Class A		1,000		1,963
Tingyi Cayman Islands Holding Corp.		10,308		19,960
Tongcheng-Elong Holdings Ltd.*		3,836		7,949
Tongwei Co. Ltd., Class A		1,700		11,995
Topsports International Holdings Ltd., 144A		6,923		8,043
TravelSky Technology Ltd., Class H		4,567		7,555
Trip.com Group Ltd., ADR*		2,605		71,638
Tsingtao Brewery Co. Ltd., Class A		800		12,411
Tsingtao Brewery Co. Ltd., Class H		1,897		15,289
Unigroup Guoxin Microelectronics Co. Ltd., Class A		340		12,331
Uni-President China Holdings Ltd.		10,782		10,577
Unisplendour Corp. Ltd., Class A		1,880		7,636
Venus MedTech Hangzhou, Inc., Class H, 144A*(b)		1,772		8,794
Vipshop Holdings Ltd., ADR*		2,409		23,536
Vnet Group, Inc., ADR*		420		4,082
Walvax Biotechnology Co. Ltd., Class A		300		3,242
Wanhua Chemical Group Co. Ltd., Class A		1,021		15,355
Want Want China Holdings Ltd.		27,088		22,892
Weibo Corp., ADR*(b)		305		12,142
Weichai Power Co. Ltd., Class A		2,800		6,786
Weichai Power Co. Ltd., Class H		9,672		17,191
Weimob, Inc., 144A*(b)		6,794		8,242
Wens Foodstuffs Group Co. Ltd., Class A		1,440		3,608
Will Semiconductor Co. Ltd., Class A		400		17,113
Wingtech Technology Co. Ltd., Class A		300		5,782
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		200		741
Wuliangye Yibin Co. Ltd., Class A		1,100		37,666
WuXi AppTec Co. Ltd., Class A		590		13,345
WuXi AppTec Co. Ltd., Class H, 144A		1,883		41,944
Wuxi Biologics Cayman, Inc., 144A*		18,575		252,971
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		912		11,355

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
Xiaomi Corp., Class B, 144A*		72,470	$	179,177
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		5,000		14,372
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		4,587		10,118
Xinyi Solar Holdings Ltd.		23,516		43,124
XPeng, Inc., ADR*(b)		2,136		117,480
Yadea Group Holdings Ltd., 144A		4,475		8,023
Yanzhou Coal Mining Co. Ltd., Class A		700		2,498
Yanzhou Coal Mining Co. Ltd., Class H (b)		9,558		15,003
Yihai International Holding Ltd.*		2,561		13,728
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,000		9,663
Yonyou Network Technology Co. Ltd., Class A		1,700		8,689
Yum China Holdings, Inc.		2,090		104,709
Yunnan Baiyao Group Co. Ltd., Class A		400		5,550
Yunnan Energy New Material Co. Ltd., Class A		300		11,978
Zai Lab Ltd., ADR*		390		27,008
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		200		14,042
Zhejiang Chint Electrics Co. Ltd., Class A		1,200		9,764
Zhejiang Dahua Technology Co. Ltd., Class A		3,900		15,039
Zhejiang Expressway Co. Ltd., Class H		6,113		5,762
Zhejiang Huayou Cobalt Co. Ltd., Class A		500		10,163
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,400		15,796
Zhejiang NHU Co. Ltd., Class A		1,800		8,208
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		2,800		10,217
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		2,108		7,191
Zhongjin Gold Corp. Ltd., Class A		9,000		11,776
Zhongsheng Group Holdings Ltd.		2,422		19,925
Zhuzhou CRRC Times Electric Co. Ltd.		2,038		13,433
Zijin Mining Group Co. Ltd., Class A		7,500		11,957
Zijin Mining Group Co. Ltd., Class H		27,737		36,850
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,400		4,824
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		3,126		2,052
ZTE Corp., Class A		1,512		7,286
ZTE Corp., Class H		3,657		9,919
ZTO Express Cayman, Inc., ADR		2,414		76,307
(Cost $11,681,325)				12,673,870
Colombia — 0.0%
Bancolombia SA		1,060		8,589
Ecopetrol SA		23,874		15,537
Grupo de Inversiones Suramericana SA		1,654		10,413
Interconexion Electrica SA ESP		1,750		9,768
(Cost $37,329)				44,307
Cyprus — 0.0%
TCS Group Holding PLC, GDR (Cost $33,089)		580		56,759

	Number of Shares		Value
Czech Republic — 0.0%
CEZ AS		888	$	29,017
Komercni Banka AS		568		21,730
(Cost $38,435)				50,747
Denmark — 1.7%
A.P. Moller — Maersk A/S, Class A		16		45,796
A.P. Moller — Maersk A/S, Class B		33		99,511
Ambu A/S, Class B		889		25,188
Carlsberg A/S, Class B		477		74,193
Chr Hansen Holding A/S		511		38,018
Coloplast A/S, Class B		577		94,410
Danske Bank A/S		3,145		51,939
Demant A/S*		610		29,180
DSV A/S		1,020		222,111
Genmab A/S*		334		129,265
GN Store Nord AS		692		39,782
Novo Nordisk A/S, Class B		8,652		929,742
Novozymes A/S, Class B		1,072		81,261
Orsted AS, 144A		1,007		129,725
Pandora A/S		498		61,815
ROCKWOOL International A/S, Class B		44		18,331
Tryg A/S		1,896		45,956
Vestas Wind Systems A/S		5,267		176,696
(Cost $1,388,754)				2,292,919
Egypt — 0.0%
Commercial International Bank Egypt SAE*		7,798		25,450
Eastern Co. SAE		4,376		3,109
(Cost $27,118)				28,559
Finland — 0.8%
Elisa OYJ		799		47,989
Fortum OYJ		2,506		72,217
Kesko OYJ, Class B		1,255		39,482
Kone OYJ, Class B		1,688		111,492
Neste OYJ		2,256		106,870
Nokia OYJ*		28,777		160,390
Nordea Bank Abp		16,123		191,570
Orion OYJ, Class B		650		26,752
Sampo OYJ, Class A		2,390		117,609
Stora Enso OYJ, Class R		3,025		51,374
UPM-Kymmene OYJ		2,621		95,268
Wartsila OYJ Abp		2,465		34,343
(Cost $950,436)				1,055,356
France — 6.8%
Accor SA*		908		26,949
Aeroports de Paris*		138		16,136
Air Liquide SA		2,426		401,199
Airbus SE*		3,013		337,331
Alstom SA (b)		1,691		60,371
Amundi SA, 144A		350		29,155
Arkema SA		305		39,986
AXA SA		9,905		273,530
BioMerieux		217		30,812
BNP Paribas SA		5,683		354,996
Bollore SA		3,502		18,810

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
France (Continued)
Bouygues SA		1,072	$	36,412
Bureau Veritas SA		1,619		51,338
Capgemini SE		818		189,342
Carrefour SA		3,103		51,449
Cie de Saint-Gobain		2,649		168,778
Cie Generale des Etablissements Michelin SCA		823		121,804
CNP Assurances		1,018		24,903
Covivio REIT		328		27,237
Credit Agricole SA		6,493		88,851
Danone SA		3,320		195,753
Dassault Aviation SA		138		13,084
Dassault Systemes SE		3,491		210,587
Edenred		1,341		60,103
Eiffage SA		423		39,443
Electricite de France SA		2,371		33,316
Engie SA		9,347		135,792
EssilorLuxottica SA		1,491		299,331
Eurazeo SE		227		18,626
Faurecia SE		428		18,396
Faurecia SE		153		6,554
Gecina SA REIT		250		33,853
Getlink SE		2,280		33,744
Hermes International		161		301,822
Ipsen SA		139		13,579
Kering SA		384		296,746
Klepierre SA REIT*		1,147		24,306
La Francaise des Jeux SAEM, 144A		516		23,934
Legrand SA		1,419		155,747
L’Oreal SA		1,301		586,497
LVMH Moet Hennessy Louis Vuitton SE		1,427		1,111,167
Orange SA		9,577		103,291
Orpea SA		271		25,632
Pernod Ricard SA		1,061		243,664
Publicis Groupe SA		1,171		75,884
Remy Cointreau SA		118		27,701
Renault SA*		1,071		34,568
Safran SA		1,756		196,718
Sanofi		5,828		554,276
Sartorius Stedim Biotech		142		83,967
Schneider Electric SE		2,783		493,062
SEB SA		124		18,408
Societe Generale SA		4,052		126,580
Sodexo SA*		459		38,542
Suez SA		1,656		37,064
Teleperformance		303		124,635
Thales SA		579		47,594
TotalEnergies SE		12,780		588,593
Ubisoft Entertainment SA*		465		23,894
Unibail-Rodamco-Westfield REIT*		729		48,117
Valeo		1,108		32,093
Veolia Environnement SA		3,153		101,553
Vinci SA		2,723		258,355
Vivendi SE		3,525		44,974
Wendel SE		152		17,428
Worldline SA, 144A*		1,184		62,285
(Cost $7,432,464)				9,370,647

	Number of Shares		Value
Germany — 5.0%
adidas AG		976	$	282,864
Allianz SE		2,096		457,444
BASF SE		4,791		314,490
Bayer AG		5,001		252,501
Bayerische Motoren Werke AG		1,733		167,019
Bechtle AG		431		31,175
Beiersdorf AG		465		46,523
Brenntag SE		847		72,716
Carl Zeiss Meditec AG		230		46,156
Commerzbank AG*		4,827		34,132
Continental AG*		519		55,740
Covestro AG, 144A		1,052		59,463
Daimler AG (b)		4,370		411,350
Delivery Hero SE, 144A*(b)		807		107,721
Deutsche Bank AG*(d)		10,689		129,224
Deutsche Boerse AG		967		151,999
Deutsche Lufthansa AG*		2,338		14,215
Deutsche Post AG		5,112		302,457
Deutsche Telekom AG		16,913		298,994
E.ON SE		11,440		141,340
Evonik Industries AG		1,105		33,347
Fresenius Medical Care AG & Co. KGaA		1,000		59,858
Fresenius SE & Co. KGaA		2,286		86,838
GEA Group AG		693		35,155
Hannover Rueck SE		319		55,949
HeidelbergCement AG		749		50,236
HelloFresh SE*		865		87,701
Henkel AG & Co. KGaA		570		42,374
Infineon Technologies AG		6,684		302,682
KION Group AG		340		36,786
Knorr-Bremse AG		341		33,939
LANXESS AG		375		21,809
LEG Immobilien SE		402		56,305
Merck KGaA		660		163,848
MTU Aero Engines AG		306		57,243
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		726		196,247
Nemetschek SE		256		32,459
Puma SE		517		62,591
Rational AG		34		31,395
RWE AG		3,157		122,269
SAP SE		5,386		691,334
Scout24 SE, 144A		460		30,571
Siemens AG		3,921		628,245
Siemens Energy AG*		2,187		58,138
Siemens Healthineers AG, 144A		1,413		103,072
Symrise AG		673		95,025
Telefonica Deutschland Holding AG		3,568		9,542
Uniper SE		435		18,954
United Internet AG		431		16,204
Volkswagen AG		177		49,461
Vonovia SE		2,831		157,321
Zalando SE, 144A*		1,104		100,489
(Cost $6,349,524)				6,904,910

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Greece — 0.1%
Alpha Services and Holdings SA*		11,100	$	13,067
Eurobank Ergasias Services and Holdings SA*		15,253		15,205
FF Group*(c)		197		1,073
Hellenic Telecommunications Organization SA		1,504		26,020
JUMBO SA		741		10,412
OPAP SA		889		12,371
Public Power Corp. SA*		1,072		11,440
(Cost $87,511)				89,588
Hong Kong — 2.3%
AIA Group Ltd.		62,602		658,694
Alibaba Health Information Technology Ltd.*		17,988		16,586
Alibaba Pictures Group Ltd.*		54,478		5,589
Beijing Enterprises Holdings Ltd.		5,000		16,895
Beijing Enterprises Water Group Ltd.		31,122		11,614
BOC Hong Kong Holdings Ltd.		19,613		59,231
Bosideng International Holdings Ltd.		14,888		10,462
Brilliance China Automotive Holdings Ltd.*(c)		14,554		13,625
Budweiser Brewing Co. APAC Ltd., 144A		7,555		19,183
China Education Group Holdings Ltd.		6,638		12,207
China Everbright Environment Group Ltd.		17,909		11,896
China Gas Holdings Ltd.		14,079		25,313
China Jinmao Holdings Group Ltd.		29,075		8,874
China Mengniu Dairy Co. Ltd.*		19,368		108,042
China Merchants Port Holdings Co. Ltd.		6,983		10,764
China Overseas Land & Investment Ltd.		17,649		40,648
China Power International Development Ltd.		20,553		10,490
China Resources Beer Holdings Co. Ltd.		8,345		68,275
China Resources Cement Holdings Ltd.		11,200		8,187
China Resources Gas Group Ltd.		4,448		23,016
China Resources Land Ltd.		15,704		65,349
China Resources Power Holdings Co. Ltd.		8,149		21,162
China State Construction International Holdings Ltd.		8,909		9,026
China Taiping Insurance Holdings Co. Ltd.		8,853		12,329
China Traditional Chinese Medicine Holdings Co. Ltd.		3,270		1,577
China Youzan Ltd.*		61,777		5,546
Chow Tai Fook Jewellery Group Ltd.		8,400		15,059
CK Asset Holdings Ltd.		10,076		57,629
CK Hutchison Holdings Ltd.		14,628		91,636
CK Infrastructure Holdings Ltd.		3,275		18,962
CLP Holdings Ltd.		8,746		85,688
COSCO SHIPPING Ports Ltd.		8,723		6,857
ESR Cayman Ltd., 144A*		10,945		36,212
Far East Horizon Ltd. (b)		12,307		10,685
Futu Holdings Ltd., ADR*(b)		269		12,775
Galaxy Entertainment Group Ltd.*		10,410		56,936
Geely Automobile Holdings Ltd.		31,152		92,481
Guangdong Investment Ltd.		14,271		18,996
Hang Lung Properties Ltd.		8,765		17,377
Hang Seng Bank Ltd.		4,002		70,823

	Number of Shares		Value
Hong Kong (Continued)
Henderson Land Development Co. Ltd.		6,894	$	28,202
HK Electric Investments & HK Electric Investments Ltd. (a)		12,131		11,870
HKT Trust & HKT Ltd. (a)		16,894		22,921
Hong Kong & China Gas Co. Ltd.		59,641		89,026
Hong Kong Exchanges & Clearing Ltd.		6,144		338,795
Hongkong Land Holdings Ltd.		6,700		36,180
Hopson Development Holdings Ltd.		3,520		8,577
Huabao International Holdings Ltd.		5,625		16,194
Hutchmed China Ltd., ADR*		304		10,293
Jardine Matheson Holdings Ltd.		1,021		57,778
Kingboard Holdings Ltd.		2,849		14,285
Kingboard Laminates Holdings Ltd.		7,089		12,564
Kunlun Energy Co. Ltd.		15,562		14,648
Link REIT		12,684		109,956
Melco Resorts & Entertainment Ltd., ADR*		1,344		13,117
MTR Corp. Ltd.		7,377		39,354
New World Development Co. Ltd.		12,077		47,701
Nine Dragons Paper Holdings Ltd.		12,014		13,496
Power Assets Holdings Ltd.		6,710		40,399
Shenzhen International Holdings Ltd.		4,309		4,697
Shimao Group Holdings Ltd.		6,017		6,944
Sino Biopharmaceutical Ltd.		47,813		34,888
Sino Land Co. Ltd.		15,642		18,695
SITC International Holdings Co. Ltd.		7,577		30,364
Sun Hung Kai Properties Ltd.		6,695		81,391
Swire Pacific Ltd., Class A		2,671		14,780
Swire Properties Ltd.		5,983		14,209
Techtronic Industries Co. Ltd.		7,091		146,312
Vinda International Holdings Ltd. (b)		3,290		8,902
WH Group Ltd., 144A		63,286		39,686
Wharf Holdings Ltd.		5,552		19,401
Wharf Real Estate Investment Co. Ltd.		7,713		39,069
Xinyi Glass Holdings Ltd.		8,402		20,493
Yuexiu Property Co. Ltd.		5,314		4,961
(Cost $3,097,513)				3,256,844
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		1,707		12,837
OTP Bank Nyrt*		1,264		69,994
Richter Gedeon Nyrt		779		20,732
(Cost $77,652)				103,563
India — 3.5%
ACC Ltd.		400		12,169
Adani Enterprises Ltd.		1,325		29,317
Adani Green Energy Ltd.*		1,753		30,216
Adani Ports & Special Economic Zone Ltd.		2,391		21,757
Adani Total Gas Ltd.		1,272		27,078
Adani Transmission Ltd.*		1,270		30,410
Ambuja Cements Ltd.		4,048		20,177
Apollo Hospitals Enterprise Ltd.		476		36,025
Asian Paints Ltd.		1,992		83,326
Aurobindo Pharma Ltd.		998		8,768
Avenue Supermarts Ltd., 144A*		1,043		65,380
Axis Bank Ltd.*		12,278		107,117
Bajaj Auto Ltd.		458		19,747

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
India (Continued)
Bajaj Finance Ltd.		1,431	$	133,237
Bajaj Finserv Ltd.		207		47,479
Balkrishna Industries Ltd.		329		9,521
Bandhan Bank Ltd., 144A		3,030		10,985
Berger Paints India Ltd.		1,200		12,004
Bharat Electronics Ltd.		6,187		16,774
Bharat Forge Ltd.		2,232		20,601
Bharat Petroleum Corp. Ltd.		3,044		14,987
Bharti Airtel Ltd.*		12,189		118,115
Biocon Ltd.*		2,284		10,953
Britannia Industries Ltd.		592		27,929
Cholamandalam Investment and Finance Co. Ltd.		2,016		14,767
Cipla Ltd.		2,387		30,851
Coal India Ltd.		6,331		12,805
Colgate-Palmolive India Ltd.		750		14,314
Container Corp. Of India Ltd.		1,015		8,374
Dabur India Ltd.		2,525		19,989
Divi’s Laboratories Ltd.		695		45,119
DLF Ltd.		3,591		17,909
Dr. Reddy’s Laboratories Ltd.		600		37,331
Eicher Motors Ltd.		605		19,083
GAIL India Ltd.		7,774		13,427
Godrej Consumer Products Ltd.*		1,909		23,448
Godrej Properties Ltd.*		767		20,378
Grasim Industries Ltd.		1,418		31,368
Havells India Ltd.		1,309		23,694
HCL Technologies Ltd.		5,162		78,210
HDFC Asset Management Co. Ltd., 144A		537		17,944
HDFC Life Insurance Co. Ltd., 144A		5,677		51,427
Hero MotoCorp Ltd.		494		16,100
Hindalco Industries Ltd.		7,747		42,548
Hindustan Petroleum Corp. Ltd.		2,572		10,099
Hindustan Unilever Ltd.		4,442		136,982
Housing Development Finance Corp. Ltd.		8,697		309,344
ICICI Bank Ltd.		25,658		243,888
ICICI Lombard General Insurance Co. Ltd., 144A		1,159		22,167
ICICI Prudential Life Insurance Co. Ltd., 144A		2,550		20,123
Indian Oil Corp. Ltd.		8,950		14,166
Indian Railway Catering & Tourism Corp. Ltd.		1,558		16,484
Indraprastha Gas Ltd.		1,513		9,749
Indus Towers Ltd.		2,785		10,541
Info Edge India Ltd.		402		31,052
Infosys Ltd.		17,140		390,603
InterGlobe Aviation Ltd., 144A*		661		16,756
ITC Ltd.		19,706		57,989
JSW Steel Ltd.		4,058		32,852
Jubilant Foodworks Ltd.		552		26,817
Kotak Mahindra Bank Ltd.		2,865		74,793
Larsen & Toubro Infotech Ltd., 144A		225		20,388
Larsen & Toubro Ltd.		3,132		73,546
Lupin Ltd.		1,353		15,922
Mahindra & Mahindra Ltd.		5,544		61,635
Marico Ltd.		2,701		19,348

	Number of Shares		Value
India (Continued)
Maruti Suzuki India Ltd.		785	$	73,826
Mindtree Ltd.		425		24,479
Motherson Sumi Systems Ltd.		5,715		15,958
Mphasis Ltd.		567		21,843
MRF Ltd.		18		17,875
Muthoot Finance Ltd.		540		10,248
Nestle India Ltd.		151		38,482
NTPC Ltd.		32,771		55,489
Oil & Natural Gas Corp. Ltd.		12,131		22,938
Page Industries Ltd.		15		7,663
Petronet LNG Ltd.		3,652		10,684
PI Industries Ltd.		318		12,142
Pidilite Industries Ltd.		786		23,070
Piramal Enterprises Ltd.		437		14,062
Power Grid Corp. of India Ltd.		20,114		55,335
Reliance Industries Ltd.		14,584		466,789
SBI Cards & Payment Services Ltd.*		822		10,396
SBI Life Insurance Co. Ltd., 144A		2,058		31,781
Shree Cement Ltd.		32		11,114
Shriram Transport Finance Co. Ltd.		903		16,902
Siemens Ltd.		413		11,826
SRF Ltd.		984		26,263
State Bank of India		9,814		60,142
Sun Pharmaceutical Industries Ltd.		4,538		45,505
Tata Consultancy Services Ltd.		4,744		222,778
Tata Consumer Products Ltd.		3,320		34,396
Tata Motors Ltd.*		7,221		44,064
Tata Power Co. Ltd.		8,273		23,866
Tata Steel Ltd.		3,409		48,591
Tech Mahindra Ltd.		3,239		66,435
Titan Co. Ltd.		1,841		58,192
Torrent Pharmaceuticals Ltd.		248		10,039
Trent Ltd.		962		12,985
UltraTech Cement Ltd.		466		46,095
United Spirits Ltd.*		1,528		17,952
UPL Ltd.		2,430		22,042
Vedanta Ltd.		5,028		22,670
Wipro Ltd.		7,795		66,097
Yes Bank Ltd.*		56,316		9,292
Zomato Ltd.*		9,586		19,458
(Cost $3,775,207)				4,878,166
Indonesia — 0.4%
PT Adaro Energy Tbk		30,996		3,679
PT Astra International Tbk		105,187		42,413
PT Bank Central Asia Tbk		252,785		128,400
PT Bank Mandiri Persero Tbk		103,803		50,733
PT Bank Negara Indonesia Persero Tbk		38,214		18,143
PT Bank Rakyat Indonesia Persero Tbk		358,404		102,348
PT Barito Pacific Tbk		131,246		8,431
PT Charoen Pokphand Indonesia Tbk		42,509		18,031
PT Gudang Garam Tbk		4,533		9,938
PT Indah Kiat Pulp & Paper Tbk		19,084		10,060
PT Indofood CBP Sukses Makmur Tbk		13,972		8,243
PT Indofood Sukses Makmur Tbk		18,861		8,296
PT Kalbe Farma Tbk		117,214		13,094
PT Merdeka Copper Gold Tbk*		69,800		17,837

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Indonesia (Continued)
PT Sarana Menara Nusantara Tbk		151,046	$	12,233
PT Semen Indonesia Persero Tbk		21,235		11,861
PT Telkom Indonesia Persero Tbk		271,038		75,506
PT Tower Bersama Infrastructure Tbk		44,462		9,375
PT Unilever Indonesia Tbk		43,218		13,518
PT United Tractors Tbk		10,339		15,412
(Cost $528,372)				577,551
Ireland — 0.7%
CRH PLC		3,961		192,804
DCC PLC		567		41,761
Experian PLC		4,745		213,299
Flutter Entertainment PLC*		827		112,314
Flutter Entertainment PLC*		48		6,505
James Hardie Industries PLC CDI		2,280		90,480
Kerry Group PLC, Class A		820		100,994
Kingspan Group PLC		850		98,519
Smurfit Kappa Group PLC		1,139		58,154
(Cost $682,669)				914,830
Israel — 0.5%
Azrieli Group Ltd.		228		20,825
Bank Hapoalim BM		5,768		56,382
Bank Leumi Le-Israel BM		6,695		64,784
Check Point Software Technologies Ltd.*		525		58,438
CyberArk Software Ltd.*		206		35,607
Elbit Systems Ltd.		131		19,168
Fiverr International Ltd.*		159		22,518
ICL Group Ltd.		3,526		30,898
Inmode Ltd.*		305		23,180
Israel Discount Bank Ltd., Class A*		7,337		45,089
Kornit Digital Ltd.*		254		39,347
Mizrahi Tefahot Bank Ltd.		725		26,797
Nice Ltd.*		329		93,837
Teva Pharmaceutical Industries Ltd., ADR*		5,675		46,819
Wix.com Ltd.*		270		41,256
(Cost $592,018)				624,945
Italy — 1.3%
Amplifon SpA		610		29,830
Assicurazioni Generali SpA		5,602		112,643
Atlantia SpA*		2,637		48,239
Davide Campari-Milano NV		3,072		44,839
DiaSorin SpA		136		29,112
Enel SpA		41,159		313,072
Eni SpA		12,902		170,348
Ferrari NV		656		172,378
FinecoBank Banca Fineco SpA		3,312		58,183
Infrastrutture Wireless Italiane SpA, 144A		1,980		22,758
Intesa Sanpaolo SpA		83,965		201,448
Mediobanca Banca di Credito Finanziario SpA (b)		3,818		42,304
Moncler SpA		1,114		80,958
Nexi SpA, 144A*		2,301		35,373
Poste Italiane SpA, 144A		2,466		31,155
Prysmian SpA		1,356		50,426
Recordati Industria Chimica e Farmaceutica SpA		575		36,153

	Number of Shares		Value
Italy (Continued)
Snam SpA		10,367	$	58,480
Telecom Italia SpA		46,063		24,030
Terna — Rete Elettrica Nazionale		7,685		57,314
UniCredit SpA		10,325		125,175
(Cost $1,574,002)				1,744,218
Japan — 14.2%
Advantest Corp.		1,000		88,380
Aeon Co. Ltd.		3,800		88,903
AGC, Inc.		800		39,280
Aisin Corp.		800		29,513
Ajinomoto Co., Inc.		2,700		81,381
ANA Holdings, Inc.*		600		11,887
Asahi Group Holdings Ltd.		2,400		89,049
Asahi Intecc Co. Ltd.		1,100		24,212
Asahi Kasei Corp.		7,000		66,356
Astellas Pharma, Inc.		9,700		152,706
Azbil Corp.		500		22,206
Bandai Namco Holdings, Inc.		1,100		85,997
Benefit One, Inc.		500		23,533
Bridgestone Corp.		3,100		126,293
Brother Industries Ltd.		919		15,886
Canon, Inc.		5,400		119,432
Capcom Co. Ltd.		800		20,022
Central Japan Railway Co.		700		96,607
Chiba Bank Ltd.		3,600		21,052
Chubu Electric Power Co., Inc.		3,300		33,457
Chugai Pharmaceutical Co. Ltd.		3,764		122,542
Concordia Financial Group Ltd.		5,400		19,730
Cosmos Pharmaceutical Corp. (b)		100		15,579
CyberAgent, Inc.		1,800		33,330
Dai Nippon Printing Co. Ltd.		1,000		23,559
Daifuku Co. Ltd.		500		40,209
Dai-ichi Life Holdings, Inc.		5,500		111,280
Daiichi Sankyo Co. Ltd.		8,826		220,543
Daikin Industries Ltd.		1,313		268,907
Daito Trust Construction Co. Ltd.		300		32,618
Daiwa House Industry Co. Ltd.		3,271		95,958
Daiwa House REIT Investment Corp. REIT		11		31,481
Daiwa Securities Group, Inc.		8,800		49,117
Denso Corp.		2,300		169,517
Dentsu Group, Inc.		900		28,743
Disco Corp.		200		57,681
East Japan Railway Co.		1,570		97,032
Eisai Co. Ltd.		1,200		72,965
ENEOS Holdings, Inc.		13,893		52,040
FANUC Corp.		1,025		201,717
Fast Retailing Co. Ltd.		258		153,839
Fuji Electric Co. Ltd.		600		31,530
FUJIFILM Holdings Corp.		1,700		134,319
Fujitsu Ltd.		1,000		166,276
GLP J REIT		27		43,067
GMO Payment Gateway, Inc.		200		26,947
Hakuhodo DY Holdings, Inc.		1,200		17,973
Hamamatsu Photonics KK		600		37,050
Hankyu Hanshin Holdings, Inc.		1,100		32,747
Hikari Tsushin, Inc.		100		14,562

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Hino Motors Ltd.		1,000	$	8,351
Hirose Electric Co. Ltd.		205		34,549
Hitachi Construction Machinery Co. Ltd.		600		17,517
Hitachi Ltd.		5,041		298,263
Hitachi Metals Ltd.*		1,148		21,348
Honda Motor Co. Ltd.		8,243		226,138
Hoshizaki Corp.		278		21,200
Hoya Corp.		1,878		299,390
Hulic Co. Ltd.		1,300		12,375
Ibiden Co. Ltd.		400		25,019
Idemitsu Kosan Co. Ltd.		1,032		26,760
Iida Group Holdings Co. Ltd.		500		10,386
Inpex Corp.		6,600		54,711
Isuzu Motors Ltd.		3,800		51,503
Ito En Ltd.		200		11,802
ITOCHU Corp.		6,400		184,580
Itochu Techno-Solutions Corp.		400		13,076
Japan Airlines Co. Ltd.*		500		9,095
Japan Exchange Group, Inc.		3,100		67,438
Japan Metropolitan Fund Invest REIT		46		39,800
Japan Post Bank Co. Ltd.		3,000		24,630
Japan Post Holdings Co. Ltd.*		12,499		94,653
Japan Post Insurance Co. Ltd.		1,100		17,108
Japan Real Estate Investment Corp. REIT		6		34,768
Japan Tobacco, Inc.		6,188		124,461
JFE Holdings, Inc.		2,900		33,763
JSR Corp.		800		30,008
Kajima Corp.		1,800		19,921
Kakaku.com, Inc.		500		14,044
Kansai Electric Power Co., Inc.		4,400		39,977
Kansai Paint Co. Ltd.		800		18,048
Kao Corp.		2,711		138,794
KDDI Corp.		8,100		236,475
Keio Corp.		500		22,604
Keisei Electric Railway Co. Ltd.		500		13,757
Keyence Corp.		1,000		622,197
Kikkoman Corp.		700		53,629
Kintetsu Group Holdings Co. Ltd.*		800		23,073
Kirin Holdings Co. Ltd.		4,600		73,943
Kobayashi Pharmaceutical Co. Ltd.		200		15,783
Kobe Bussan Co. Ltd.		700		26,505
Koei Tecmo Holdings Co. Ltd.		260		10,937
Koito Manufacturing Co. Ltd.		600		34,662
Komatsu Ltd.		4,900		112,362
Konami Holdings Corp.		400		20,560
Kose Corp.		200		24,187
Kubota Corp.		5,800		121,557
Kurita Water Industries Ltd.		400		18,755
Kyocera Corp.		1,484		88,369
Kyowa Kirin Co. Ltd.		1,400		39,262
Lasertec Corp.		400		105,259
Lawson, Inc.		300		14,703
Lion Corp.		1,032		14,708
Lixil Corp.		1,100		27,141
M3, Inc.		2,342		126,781
Makita Corp.		1,000		44,093
Marubeni Corp.		8,400		75,614

	Number of Shares		Value
Japan (Continued)
Mazda Motor Corp.*		3,700	$	30,049
McDonald’s Holdings Co. Japan Ltd.		300		13,403
Medipal Holdings Corp.		865		15,611
MEIJI Holdings Co. Ltd.		500		29,460
Mercari, Inc.*		400		24,382
MINEBEA MITSUMI, Inc.		2,000		53,081
MISUMI Group, Inc.		1,500		63,498
Mitsubishi Chemical Holdings Corp.		6,800		53,673
Mitsubishi Corp.		6,644		199,317
Mitsubishi Electric Corp.		9,200		115,941
Mitsubishi Estate Co. Ltd.		6,300		87,225
Mitsubishi Gas Chemical Co., Inc.		600		10,027
Mitsubishi HC Capital, Inc.		1,500		7,086
Mitsubishi Heavy Industries Ltd.		1,500		33,985
Mitsubishi UFJ Financial Group, Inc.		62,900		334,658
Mitsui & Co. Ltd.		7,900		178,708
Mitsui Chemicals, Inc.		1,100		29,632
Mitsui Fudosan Co. Ltd.		5,200		107,464
Miura Co. Ltd.		400		14,102
Mizuho Financial Group, Inc.		12,650		156,901
MonotaRO Co. Ltd.		1,200		23,950
MS&AD Insurance Group Holdings, Inc.		2,700		79,207
Murata Manufacturing Co. Ltd.		3,000		222,409
NEC Corp.		1,100		49,825
Nexon Co. Ltd.		2,860		57,030
NGK Insulators Ltd.		1,000		15,898
Nidec Corp.		2,300		264,520
Nihon M&A Center Holdings, Inc.		1,400		41,306
Nintendo Co. Ltd.		620		274,800
Nippon Building Fund, Inc. REIT		7		43,349
Nippon Express Co. Ltd.		300		17,172
Nippon Paint Holdings Co. Ltd.		4,200		44,328
Nippon Prologis REIT, Inc. REIT (b)		10		32,689
Nippon Sanso Holdings Corp.		500		10,629
Nippon Shinyaku Co. Ltd.		200		14,863
Nippon Steel Corp.		4,510		67,809
Nippon Telegraph & Telephone Corp.		6,600		182,466
Nippon Yusen KK		800		52,373
Nissan Chemical Corp.		600		34,715
Nissan Motor Co. Ltd.*		13,000		64,738
Nisshin Seifun Group, Inc.		850		12,302
Nissin Foods Holdings Co. Ltd.		315		23,241
Nitori Holdings Co. Ltd.		401		63,963
Nitto Denko Corp.		700		48,923
Nomura Holdings, Inc.		15,500		65,464
Nomura Real Estate Holdings, Inc.		600		13,084
Nomura Real Estate Master Fund, Inc. REIT		29		41,408
Nomura Research Institute Ltd.		1,756		75,811
NTT Data Corp.		3,600		76,245
Obayashi Corp.		3,900		28,844
Obic Co. Ltd.		400		74,278
Odakyu Electric Railway Co. Ltd.		1,500		29,022
Oji Holdings Corp.		5,622		26,112
Olympus Corp.		5,800		130,280
Omron Corp.		900		87,305
Ono Pharmaceutical Co. Ltd.		1,600		35,465

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Open House Co. Ltd.		500	$	28,487
Oracle Corp.		200		19,746
Oriental Land Co. Ltd.		1,025		161,773
ORIX Corp.		6,700		133,069
Orix JREIT, Inc. REIT		12		19,162
Osaka Gas Co. Ltd.		1,308		21,141
Otsuka Corp.		608		27,916
Otsuka Holdings Co. Ltd.		2,083		76,402
Pan Pacific International Holdings Corp.		2,700		46,244
Panasonic Corp.		11,500		126,410
Persol Holdings Co. Ltd.		1,000		29,018
Pola Orbis Holdings, Inc.		400		7,155
Rakuten Group, Inc.		5,100		52,383
Recruit Holdings Co. Ltd.		7,100		433,468
Renesas Electronics Corp.*		6,500		82,921
Resona Holdings, Inc.		12,200		44,856
Ricoh Co. Ltd.		4,300		38,155
Rinnai Corp.		200		18,968
Rohm Co. Ltd.		400		37,617
Ryohin Keikaku Co. Ltd.		1,350		21,916
Santen Pharmaceutical Co. Ltd.		1,600		21,289
SBI Holdings, Inc.		1,017		26,308
SCSK Corp.		900		17,158
Secom Co. Ltd.		1,100		74,582
Seiko Epson Corp.		1,500		24,285
Sekisui Chemical Co. Ltd.		2,200		35,909
Sekisui House Ltd.		3,500		68,430
Seven & i Holdings Co. Ltd.		4,087		164,659
SG Holdings Co. Ltd.		1,400		31,088
Sharp Corp.		900		10,112
Shimadzu Corp.		1,200		51,064
Shimano, Inc.		353		98,060
Shimizu Corp.		3,700		23,470
Shin-Etsu Chemical Co. Ltd.		1,755		294,997
Shionogi & Co. Ltd.		1,309		91,752
Shiseido Co. Ltd.		2,006		115,407
Shizuoka Bank Ltd.		3,200		22,648
SMC Corp.		252		161,966
SoftBank Corp.		14,700		203,200
SoftBank Group Corp.		6,200		330,747
Sohgo Security Services Co. Ltd.		400		17,127
Sompo Holdings, Inc.		1,500		62,025
Sony Group Corp.		6,500		794,997
Square Enix Holdings Co. Ltd.		400		20,985
Stanley Electric Co. Ltd.		500		13,058
Subaru Corp.		3,400		64,445
SUMCO Corp.		1,600		35,217
Sumitomo Chemical Co. Ltd.		8,300		38,477
Sumitomo Corp.		5,800		79,328
Sumitomo Dainippon Pharma Co. Ltd.		1,000		12,226
Sumitomo Electric Industries Ltd.		4,300		56,663
Sumitomo Metal Mining Co. Ltd.		1,400		52,428
Sumitomo Mitsui Financial Group, Inc.		6,600		216,214
Sumitomo Mitsui Trust Holdings, Inc.		1,610		50,706
Sumitomo Realty & Development Co. Ltd.		1,639		51,315
Suntory Beverage & Food Ltd.		700		24,802
Suzuki Motor Corp.		1,700		68,957

	Number of Shares		Value
Japan (Continued)
Sysmex Corp.		800	$	100,217
T&D Holdings, Inc.		2,900		34,430
Taisei Corp.		900		26,355
Taisho Pharmaceutical Holdings Co. Ltd.		100		4,937
Takeda Pharmaceutical Co. Ltd.		8,087		216,851
TDK Corp.		1,800		71,659
Terumo Corp.		3,500		143,301
TIS, Inc.		1,100		34,158
Tobu Railway Co. Ltd.		1,092		24,780
Toho Co. Ltd.		500		22,338
Tokio Marine Holdings, Inc.		3,234		163,309
Tokyo Century Corp.		200		9,590
Tokyo Electric Power Co. Holdings, Inc.*		8,000		21,445
Tokyo Electron Ltd.		798		422,456
Tokyo Gas Co. Ltd.		1,700		29,252
Tokyu Corp.		3,400		47,254
TOPPAN, Inc.		1,500		22,865
Toray Industries, Inc.		7,200		42,091
Toshiba Corp.		2,051		82,142
Tosoh Corp.		900		12,986
TOTO Ltd.		640		28,480
Toyo Suisan Kaisha Ltd.		400		16,278
Toyota Industries Corp.		800		65,962
Toyota Motor Corp.		54,720		968,680
Toyota Tsusho Corp.		1,000		43,836
Trend Micro, Inc.		600		34,768
Tsuruha Holdings, Inc.		200		22,648
Unicharm Corp.		2,005		86,703
USS Co. Ltd.		1,100		16,213
Welcia Holdings Co. Ltd.		400		14,243
West Japan Railway Co.		1,000		43,332
Yakult Honsha Co. Ltd.		700		35,113
Yamaha Corp.		700		36,042
Yamaha Motor Co. Ltd.		1,300		32,881
Yamato Holdings Co. Ltd.		1,400		31,013
Yaskawa Electric Corp.		1,300		58,539
Yokogawa Electric Corp.		961		18,151
Z Holdings Corp.		14,200		94,470
ZOZO, Inc.		633		20,244
(Cost $16,084,962)				19,766,348
Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $28,314)		868		25,570
Kuwait — 0.2%
Agility Public Warehousing Co. KSC		5,817		17,730
Boubyan Bank KSCP*		4,865		12,191
Kuwait Finance House KSCP		25,549		66,892
Mobile Telecommunications Co. KSCP		11,344		21,338
National Bank of Kuwait SAKP		35,195		114,485
(Cost $194,602)				232,636
Luxembourg — 0.2%
ArcelorMittal SA		3,711		100,713
Aroundtown SA		5,086		30,570
Eurofins Scientific SE		692		88,635
Reinet Investments SCA		743		12,307
Tenaris SA		2,552		25,070
(Cost $238,019)				257,295

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Macau — 0.0%
Sands China Ltd.* (Cost $43,881)		9,660	$	22,199
Malaysia — 0.4%
AMMB Holdings Bhd*		6,287		4,717
Axiata Group Bhd		13,276		12,294
CIMB Group Holdings Bhd		40,781		50,159
Dialog Group Bhd		16,100		9,787
DiGi.Com Bhd		21,544		21,332
Fraser & Neave Holdings Bhd		800		4,863
Genting Bhd		10,100		10,552
Genting Malaysia Bhd		21,700		14,273
HAP Seng Consolidated Bhd		2,069		3,734
Hartalega Holdings Bhd		9,900		15,256
Hong Leong Bank Bhd		5,082		21,817
Hong Leong Financial Group Bhd		1,753		7,159
IHH Healthcare Bhd		7,891		12,329
Inari Amertron Bhd		21,000		20,893
IOI Corp. Bhd		12,200		10,660
Kuala Lumpur Kepong Bhd		1,320		6,594
Malayan Banking Bhd		20,504		38,851
Malaysia Airports Holdings Bhd*		9,100		12,381
Maxis Bhd		13,500		15,002
MISC Bhd		6,700		10,579
Nestle Malaysia Bhd		300		9,517
Petronas Chemicals Group Bhd		9,057		18,280
Petronas Dagangan Bhd		1,500		7,088
Petronas Gas Bhd		4,741		18,935
PPB Group Bhd		1,840		7,785
Press Metal Aluminium Holdings Bhd		11,000		13,974
Public Bank Bhd		71,000		66,423
QL Resources Bhd		7,800		8,427
RHB Bank Bhd		7,059		8,850
Sime Darby Plantation Bhd		13,111		11,456
Telekom Malaysia Bhd		4,400		5,809
Tenaga Nasional Bhd		12,300		26,986
Top Glove Corp. Bhd		19,800		13,775
Westports Holdings Bhd		5,300		5,097
(Cost $545,427)				525,634
Mexico — 0.5%
Alfa SAB de CV, Class A		18,971		13,563
America Movil SAB de CV, Series L		191,902		168,342
Arca Continental SAB de CV		2,131		12,996
Becle SAB de CV		4,808		11,012
Cemex SAB de CV, Series CPO*		79,244		49,152
Coca-Cola Femsa SAB de CV		2,724		13,378
Fibra Uno Administracion SA de CV REIT		10,095		9,275
Fomento Economico Mexicano SAB de CV		10,678		75,918
Gruma SAB de CV, Class B		1,161		14,073
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		2,082		24,050
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,116		20,445
Grupo Bimbo SAB de CV, Series A		8,514		22,323
Grupo Carso SAB de CV, Series A1		3,539		10,294
Grupo Financiero Banorte SAB de CV, Class O		13,925		83,209

	Number of Shares		Value
Mexico (Continued)
Grupo Financiero Inbursa SAB de CV, Class O*		13,814	$	13,329
Grupo Mexico SAB de CV, Series B		14,862		62,186
Grupo Televisa SAB, Series CPO		12,957		23,935
Industrias Penoles SAB de CV		525		6,437
Kimberly-Clark de Mexico SAB de CV, Class A		7,311		11,480
Megacable Holdings SAB de CV, Series CPO		2,305		6,390
Orbia Advance Corp. SAB de CV		5,998		13,969
Wal-Mart de Mexico SAB de CV		29,113		91,483
(Cost $805,968)				757,239
Netherlands — 3.9%
ABN AMRO Bank NV, 144A		2,234		31,923
Adyen NV, 144A*		99		274,795
Aegon NV		8,104		35,945
Akzo Nobel NV		942		99,269
Argenx SE*		249		69,751
ASM International NV		240		108,003
ASML Holding NV		2,167		1,719,334
Euronext NV, 144A		460		45,308
EXOR NV		490		43,179
Heineken Holding NV		587		48,964
Heineken NV		1,257		125,364
IMCD NV		325		72,279
ING Groep NV		20,162		279,145
JDE Peet’s NV		507		13,857
Just Eat Takeaway.com NV, 144A*		902		56,457
Koninklijke Ahold Delhaize NV		5,444		183,060
Koninklijke DSM NV		900		194,084
Koninklijke KPN NV		17,209		50,763
Koninklijke Philips NV		4,702		166,349
NN Group NV		1,363		67,922
Prosus NV*		4,822		387,835
QIAGEN NV*		1,119		62,184
Randstad NV		656		41,454
Royal Dutch Shell PLC, Class A		21,018		440,817
Royal Dutch Shell PLC, Class B		19,035		399,329
Stellantis NV		10,535		180,889
Universal Music Group NV		3,525		101,182
Wolters Kluwer NV		1,360		153,096
(Cost $4,074,760)				5,452,537
New Zealand — 0.2%
Auckland International Airport Ltd.*		5,276		28,447
Fisher & Paykel Healthcare Corp. Ltd.		3,034		69,017
Mercury NZ Ltd.		2,422		9,951
Meridian Energy Ltd.		7,121		23,085
Ryman Healthcare Ltd. (b)		2,525		21,197
Spark New Zealand Ltd.		10,559		33,150
Xero Ltd.*		639		65,976
(Cost $197,294)				250,823
Norway — 0.4%
Adevinta ASA*		1,461		20,935
Aker BP ASA		661		20,931
DNB Bank ASA		4,483		98,239

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Norway (Continued)
Equinor ASA		4,888	$	123,598
Gjensidige Forsikring ASA		1,151		26,139
Mowi ASA		2,402		54,761
Norsk Hydro ASA		7,606		49,532
Orkla ASA		4,034		36,939
Schibsted ASA, Class A		273		12,203
Schibsted ASA, Class B		602		23,256
Telenor ASA		3,557		52,640
Yara International ASA		904		44,538
(Cost $508,811)				563,711
Peru — 0.1%
Cia de Minas Buenaventura SAA, ADR*(b)		1,102		8,056
Credicorp Ltd.		323		38,114
Southern Copper Corp.		427		24,979
(Cost $88,371)				71,149
Philippines — 0.2%
Aboitiz Equity Ventures, Inc.		4,000		3,898
AC Energy Corp.		59,400		13,298
Ayala Corp.		1,460		24,225
Ayala Land, Inc.		38,500		26,362
Bank of the Philippine Islands		11,880		21,456
BDO Unibank, Inc.		10,090		24,832
Globe Telecom, Inc.		160		10,422
GT Capital Holdings, Inc.		1		11
International Container Terminal Services, Inc.		5,540		21,760
JG Summit Holdings, Inc.		23,280		26,129
Jollibee Foods Corp.		1,750		8,162
Manila Electric Co.		930		5,316
Metropolitan Bank & Trust Co.		491		486
Monde Nissin Corp., 144A*		39,200		13,242
PLDT, Inc.		240		8,002
SM Investments Corp.		1,155		22,465
SM Prime Holdings, Inc.		52,000		38,599
Universal Robina Corp.		4,820		12,723
(Cost $256,324)				281,388
Poland — 0.2%
Allegro.eu SA, 144A*		1,913		18,335
Bank Polska Kasa Opieki SA		822		23,766
CD Projekt SA		356		15,841
Cyfrowy Polsat SA		1,085		9,267
Dino Polska SA, 144A*		338		27,997
InPost SA*		915		10,206
KGHM Polska Miedz SA		713		24,486
LPP SA		6		19,546
Orange Polska SA*		3,647		7,579
PGE Polska Grupa Energetyczna SA*		4,845		9,777
Polski Koncern Naftowy ORLEN SA		1,623		28,404
Polskie Gornictwo Naftowe i Gazownictwo SA		6,505		8,768
Powszechna Kasa Oszczednosci Bank Polski SA*		4,919		52,146
Powszechny Zaklad Ubezpieczen SA		3,365		29,445
Santander Bank Polska SA		155		13,763
(Cost $288,366)				299,326

	Number of Shares		Value
Portugal — 0.1%
EDP — Energias de Portugal SA		14,154	$	77,596
Galp Energia SGPS SA		2,789		26,152
Jeronimo Martins SGPS SA		1,145		24,951
(Cost $117,856)				128,699
Qatar — 0.2%
Barwa Real Estate Co.		8,950		7,598
Commercial Bank PSQC		8,970		16,137
Industries Qatar QSC		6,257		24,952
Masraf Al Rayan QSC		16,472		21,941
Mesaieed Petrochemical Holding Co.		20,910		11,945
Ooredoo QPSC		1,983		3,703
Qatar Electricity & Water Co. QSC		1,690		7,659
Qatar Fuel QSC		1,750		8,748
Qatar Gas Transport Co. Ltd.		18,209		16,504
Qatar International Islamic Bank QSC		4,987		12,752
Qatar Islamic Bank SAQ		7,732		36,526
Qatar National Bank QPSC		23,103		123,034
(Cost $234,516)				291,499
Romania — 0.0%
NEPI Rockcastle PLC (Cost $27,523)		2,300		14,266
Russia — 1.0%
Alrosa PJSC		14,578		25,322
Gazprom PJSC		60,473		276,184
Inter RAO UES PJSC		190,879		11,035
LUKOIL PJSC		2,094		186,421
Magnit PJSC, GDR		2,026		31,302
Norilsk Nickel PJSC		336		98,511
Mobile TeleSystems PJSC, ADR		2,755		22,067
Moscow Exchange MICEX-RTS PJSC		7,741		15,864
Novatek PJSC, GDR		467		102,320
Novolipetsk Steel PJSC		6,595		19,270
Ozon Holdings PLC, ADR*		306		12,588
PhosAgro PJSC, GDR		600		13,236
Polymetal International PLC		1,658		31,107
Polyus PJSC		188		36,821
Rosneft Oil Co. PJSC		5,827		44,745
Sberbank of Russia PJSC		54,998		236,664
Severstal PAO		1,187		25,278
Surgutneftegas PJSC		28,260		14,100
Tatneft PJSC		7,194		46,341
United Co RUSAL International PJSC*		19,590		18,297
VK Co. Ltd., GDR*		432		7,317
VTB Bank PJSC		16,181,878		10,456
X5 Retail Group NV, GDR		607		17,103
Yandex NV, Class A*		1,504		109,497
(Cost $1,124,786)				1,411,846
Saudi Arabia — 0.9%
Advanced Petrochemical Co.		842		15,374
Al Rajhi Bank		6,479		228,309
Alinma Bank		4,886		29,668
Almarai Co. JSC		788		10,051
Arab National Bank		2,656		15,490
Bank AlBilad*		2,759		31,550

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Saudi Arabia (Continued)
Bank Al-Jazira		1,168	$	5,654
Banque Saudi Fransi		2,705		28,985
Bupa Arabia for Cooperative Insurance Co.		297		10,687
Dar Al Arkan Real Estate Development Co*		4,027		9,822
Dr Sulaiman Al Habib Medical Services Group Co.		193		8,447
Etihad Etisalat Co.		2,362		19,769
Jarir Marketing Co.		225		11,119
Mobile Telecommunications Co. Saudi Arabia*		2,628		8,588
Mouwasat Medical Services Co.		305		13,886
National Industrialization Co.*		3,705		19,850
National Petrochemical Co.		769		8,199
Rabigh Refining & Petrochemical Co.*		1,926		11,294
Riyad Bank		6,677		49,834
SABIC Agri-Nutrients Co.		1,037		47,709
Sahara International Petrochemical Co.		2,629		26,945
Saudi Arabian Mining Co.*		2,145		40,881
Saudi Arabian Oil Co., 144A		10,456		96,572
Saudi Basic Industries Corp.		4,800		138,437
Saudi British Bank		3,759		30,059
Saudi Cement Co.		623		9,233
Saudi Electricity Co.		6,330		39,820
Saudi Industrial Investment Group		1,267		10,216
Saudi Kayan Petrochemical Co.*		4,804		21,359
Saudi National Bank		11,218		180,608
Saudi Telecom Co.		3,198		94,620
Savola Group		735		6,113
Yanbu National Petrochemical Co.		1,170		19,866
(Cost $1,090,119)				1,299,014
Singapore — 0.8%
Ascendas Real Estate Investment Trust REIT		15,646		33,481
BOC Aviation Ltd., 144A		736		5,196
CapitaLand Integrated Commercial Trust REIT		28,140		43,513
Capitaland Investment Ltd.*		13,257		32,643
City Developments Ltd.		1,600		8,231
DBS Group Holdings Ltd.		9,206		201,519
Genting Singapore Ltd.		40,200		22,684
JOYY, Inc., ADR (b)		268		13,722
Keppel Corp. Ltd.		7,800		29,153
Mapletree Commercial Trust REIT		7,000		10,465
Mapletree Logistics Trust REIT		9,652		13,157
Oversea-Chinese Banking Corp. Ltd.		17,265		138,925
Sea Ltd., ADR*		720		207,411
Singapore Airlines Ltd.*		8,050		28,730
Singapore Exchange Ltd.		4,393		28,749
Singapore Technologies Engineering Ltd.		8,730		24,375
Singapore Telecommunications Ltd.		44,100		76,271
United Overseas Bank Ltd.		6,322		118,003
UOL Group Ltd.		1,500		7,563
Venture Corp. Ltd.		1,500		20,347
Wilmar International Ltd.		9,037		27,219
(Cost $1,107,367)				1,091,357

	Number of Shares		Value
South Africa — 0.9%
Absa Group Ltd. (b)		3,570	$	30,077
African Rainbow Minerals Ltd.		563		7,292
Anglo American Platinum Ltd.		333		35,613
AngloGold Ashanti Ltd.		1,885		40,899
Aspen Pharmacare Holdings Ltd.		1,936		29,002
Bid Corp. Ltd.		1,678		32,176
Bidvest Group Ltd.		1,829		20,791
Capitec Bank Holdings Ltd.		403		46,191
Clicks Group Ltd.		1,283		22,869
Discovery Ltd.*		2,493		20,891
Exxaro Resources Ltd.		1,065		10,165
FirstRand Ltd.		26,051		91,445
Gold Fields Ltd.		4,390		51,973
Growthpoint Properties Ltd. REIT		15,906		13,351
Harmony Gold Mining Co. Ltd.		2,006		8,627
Impala Platinum Holdings Ltd.		4,311		54,846
Kumba Iron Ore Ltd.		377		10,749
Mr Price Group Ltd.		1,001		12,524
MTN Group Ltd.*		9,063		92,077
MultiChoice Group		2,441		18,879
Naspers Ltd., Class N*		1,117		172,641
Nedbank Group Ltd.		2,464		25,590
Northam Platinum Holdings Ltd.*		1,927		26,919
Old Mutual Ltd.		18,588		14,200
Pepkor Holdings Ltd., 144A*		10,000		13,788
Rand Merchant Investment Holdings Ltd.		9,460		24,892
Remgro Ltd.		2,877		22,705
Sanlam Ltd.		10,218		35,591
Sasol Ltd.*		2,916		48,649
Shoprite Holdings Ltd.		2,858		35,428
Sibanye Stillwater Ltd.		12,234		38,798
SPAR Group Ltd.		854		8,731
Standard Bank Group Ltd.		6,796		55,393
Tiger Brands Ltd.		977		11,010
Vodacom Group Ltd.		3,172		26,626
Woolworths Holdings Ltd.		5,302		17,201
(Cost $1,161,782)				1,228,599
South Korea — 3.3%
Alteogen, Inc.*		130		7,518
Amorepacific Corp.		143		18,900
AMOREPACIFIC Group		63		2,188
BGF retail Co. Ltd.		34		4,179
Celltrion Healthcare Co. Ltd.*		464		31,639
Celltrion Pharm, Inc.*		53		5,354
Celltrion, Inc.*		481		83,818
Cheil Worldwide, Inc.		320		5,846
CJ CheilJedang Corp.		34		10,132
CJ ENM Co. Ltd.		120		13,718
Coway Co. Ltd.		253		14,419
DB Insurance Co. Ltd.		302		13,678
Doosan Bobcat, Inc.*		409		12,464
Doosan Heavy Industries & Construction Co. Ltd.*		1,368		21,881
Douzone Bizon Co. Ltd.		101		6,411
Ecopro BM Co. Ltd.		64		29,277
E-MART, Inc.		89		10,714

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
F&F Co. Ltd. / New*		27	$	18,865
Green Cross Corp.		32		5,873
GS Engineering & Construction Corp.		342		10,566
GS Holdings Corp.		25		789
Hana Financial Group, Inc.		1,493		49,645
Hankook Tire & Technology Co. Ltd.		342		11,055
Hanmi Pharm. Co. Ltd.		34		7,227
Hanon Systems		837		9,125
Hanwha Solutions Corp.*		499		13,862
HLB, Inc.*		328		9,940
HMM Co. Ltd.*		1,216		24,158
Hotel Shilla Co. Ltd.		152		9,034
HYBE Co. Ltd.*		84		25,775
Hyundai Engineering & Construction Co. Ltd.		246		9,153
Hyundai Glovis Co. Ltd.		90		11,024
Hyundai Heavy Industries Holdings Co. Ltd.		340		15,141
Hyundai Mobis Co. Ltd.		340		63,111
Hyundai Motor Co.		779		128,205
Hyundai Steel Co.		525		16,397
Iljin Materials Co. Ltd.		143		15,469
Industrial Bank of Korea		1,244		10,786
Kakao Corp.		1,578		162,064
Kakao Games Corp.*		182		15,107
KakaoBank Corp.*		725		40,037
Kangwon Land, Inc.*		553		10,242
KB Financial Group, Inc.		2,132		94,764
Kia Corp.		1,419		92,936
Korea Aerospace Industries Ltd.		311		7,147
Korea Electric Power Corp.		1,065		18,603
Korea Investment Holdings Co. Ltd.		206		13,058
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		181		13,332
Korea Zinc Co. Ltd.		70		29,081
Korean Air Lines Co. Ltd.*		650		14,500
Krafton, Inc.*		129		54,623
KT&G Corp.		559		38,540
Kumho Petrochemical Co. Ltd.		50		6,524
L&F Co. Ltd.		136		25,680
LG Chem Ltd.		248		144,888
LG Corp.		411		27,126
LG Display Co. Ltd.*		1,120		18,763
LG Electronics, Inc.		507		49,296
LG Household & Health Care Ltd.		53		47,026
LG Innotek Co. Ltd.		88		22,557
LG Uplus Corp.		922		10,517
Lotte Chemical Corp.		98		16,623
Mirae Asset Securities Co. Ltd.		1,783		12,878
NAVER Corp.		629		201,742
NCSoft Corp.		82		47,009
Netmarble Corp., 144A		128		12,607
NH Investment & Securities Co. Ltd.		483		5,021
Orion Corp.		110		8,991
Pan Ocean Co. Ltd.		1,682		7,320
Pearl Abyss Corp.*		90		9,978
POSCO		353		77,560

	Number of Shares		Value
South Korea (Continued)
POSCO Chemical Co. Ltd.		164	$	21,744
S-1 Corp.		77		4,764
Samsung Biologics Co. Ltd., 144A*		91		68,103
Samsung C&T Corp.		485		43,074
Samsung Electro-Mechanics Co. Ltd.		327		45,833
Samsung Electronics Co. Ltd.		24,558		1,474,017
Samsung Engineering Co. Ltd.*		550		9,607
Samsung Fire & Marine Insurance Co. Ltd.		131		22,276
Samsung Heavy Industries Co. Ltd.*		2,773		11,835
Samsung Life Insurance Co. Ltd.		377		18,979
Samsung SDI Co. Ltd.		287		166,223
Samsung SDS Co. Ltd.		146		17,637
Samsung Securities Co. Ltd.		383		14,299
SD Biosensor, Inc.*		464		22,811
Seegene, Inc.		160		10,196
Shin Poong Pharmaceutical Co. Ltd.		149		4,127
Shinhan Financial Group Co. Ltd.		2,493		72,719
SK Biopharmaceuticals Co. Ltd.*		223		17,890
SK Bioscience Co. Ltd.*		97		22,905
SK Chemicals Co. Ltd.		54		6,319
SK Hynix, Inc.		2,799		268,613
SK IE Technology Co. Ltd., 144A*		114		14,923
SK Innovation Co. Ltd.*		284		46,501
SK Square Co. Ltd.*		139		7,957
SK Telecom Co. Ltd.		215		9,864
SK, Inc.		145		31,676
SKC Co. Ltd.		85		14,168
S-Oil Corp.		231		15,537
Woori Financial Group, Inc.		2,236		23,717
Yuhan Corp.		204		9,926
(Cost $3,249,048)				4,631,716
Spain — 1.4%
ACS Actividades de Construccion y Servicios SA		1,324		31,848
Aena SME SA, 144A*		356		52,284
Amadeus IT Group SA*		2,292		146,812
Banco Bilbao Vizcaya Argentaria SA		34,180		182,286
Banco Santander SA		3,531		11,517
Banco Santander SA		84,056		262,152
CaixaBank SA		23,611		60,891
Cellnex Telecom SA, 144A*		2,626		154,983
EDP Renovaveis SA		1,511		38,762
Enagas SA		1,141		25,997
Endesa SA		1,742		39,186
Ferrovial SA		2,471		68,826
Grifols SA		1,408		25,278
Iberdrola SA		30,277		340,075
Industria de Diseno Textil SA		5,567		175,895
Naturgy Energy Group SA		990		27,283
Red Electrica Corp. SA		2,266		48,147
Repsol SA		7,039		78,161
Siemens Gamesa Renewable Energy SA*		1,318		35,171
Telefonica SA (b)		25,279		114,575
(Cost $2,247,264)				1,920,129

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Sweden — 2.3%
Alfa Laval AB		1,582	$	61,434
Assa Abloy AB, Class B (b)		5,042		141,940
Atlas Copco AB, Class A		3,355		206,536
Atlas Copco AB, Class B		1,964		102,606
Boliden AB		1,601		55,335
Electrolux AB, Class B (b)		1,399		31,423
Embracer Group AB*		2,836		30,711
Epiroc AB, Class A		3,030		73,738
Epiroc AB, Class B		2,162		43,669
EQT AB		1,492		88,373
Essity AB, Class B		2,913		93,185
Evolution AB, 144A		878		92,596
Fastighets AB Balder, Class B*		503		37,772
Getinge AB, Class B		1,279		53,753
H & M Hennes & Mauritz AB, Class B (b)		3,543		62,878
Hexagon AB, Class B		9,993		146,312
Husqvarna AB, Class B		2,292		32,376
ICA Gruppen AB		414		24,522
Industrivarden AB, Class A		1,133		33,781
Industrivarden AB, Class C		575		17,023
Investment AB Latour, Class B		811		30,693
Investor AB, Class A		2,565		61,966
Investor AB, Class B		9,648		224,680
Kinnevik AB, Class B*		1,264		45,237
L E Lundbergforetagen AB, Class B		412		22,671
Lifco AB, Class B		1,442		39,235
Lundin Energy AB		1,033		36,609
Nibe Industrier AB, Class B		6,816		97,528
Sagax AB, Class B		996		39,020
Sandvik AB		5,726		142,523
Securitas AB, Class B		1,706		24,713
Sinch AB, 144A*		2,370		31,848
Skandinaviska Enskilda Banken AB, Class A (b)		8,713		127,281
Skanska AB, Class B		1,876		43,386
SKF AB, Class B		2,026		46,585
Svenska Cellulosa AB SCA, Class B		3,351		54,806
Svenska Handelsbanken AB, Class A		7,331		77,933
Swedbank AB, Class A		4,447		89,941
Swedish Match AB		8,166		59,654
Tele2 AB, Class B (b)		2,779		39,795
Telefonaktiebolaget LM Ericsson, Class B		14,828		149,933
Telia Co. AB		13,771		53,324
Volvo AB, Class A		687		15,058
Volvo AB, Class B		7,742		167,816
(Cost $2,520,195)				3,152,198
Switzerland — 6.6%
ABB Ltd.		8,522		296,026
Adecco Group AG		730		34,033
Alcon, Inc.		2,549		201,910
Bachem Holding AG		37		26,761
Baloise Holding AG		257		38,520
Barry Callebaut AG		19		45,117
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		10		123,196
Cie Financiere Richemont SA		2,634		392,209

	Number of Shares		Value
Switzerland (Continued)
Clariant AG*		1,231	$	24,203
Coca-Cola HBC AG*		862		26,620
Credit Suisse Group AG		13,249		128,615
EMS-Chemie Holding AG		39		37,256
Geberit AG		186		142,592
Givaudan SA		48		235,281
Glencore PLC*		51,467		244,430
Holcim Ltd.*		2,794		135,280
Julius Baer Group Ltd.		1,100		68,585
Kuehne + Nagel International AG		269		77,267
Logitech International SA		900		71,428
Lonza Group AG		383		309,971
Nestle SA		14,341		1,843,296
Novartis AG		11,479		918,270
Partners Group Holding AG		116		200,904
Roche Holding AG		3,627		1,420,893
Roche Holding AG		155		64,496
Schindler Holding AG		100		24,923
Schindler Holding AG Participation Certificates		211		54,471
SGS SA		33		99,821
Sika AG		727		285,637
Sonova Holding AG		294		110,965
STMicroelectronics NV		3,589		175,531
Straumann Holding AG		54		115,111
Swatch Group AG — Bearer		168		49,665
Swatch Group AG — Registered		290		16,600
Swiss Life Holding AG		159		91,758
Swiss Prime Site AG		329		31,250
Swiss Re AG		1,520		143,117
Swisscom AG		122		67,827
Temenos AG		352		45,186
UBS Group AG		18,469		320,675
VAT Group AG, 144A		157		75,759
Vifor Pharma AG		236		26,529
Zurich Insurance Group AG		769		317,551
(Cost $6,903,234)				9,159,535
Taiwan — 4.3%
Accton Technology Corp.		2,826		29,323
Acer, Inc.		16,145		16,084
Advantech Co. Ltd.		1,562		21,460
ASE Technology Holding Co. Ltd.		16,687		61,216
Asia Cement Corp.		9,867		14,905
ASMedia Technology, Inc.		156		10,913
Asustek Computer, Inc.		2,962		37,552
AU Optronics Corp.		37,038		26,775
Catcher Technology Co. Ltd.		2,747		15,314
Cathay Financial Holding Co. Ltd.		39,943		86,194
Chailease Holding Co. Ltd.		6,249		55,513
Chang Hwa Commercial Bank Ltd.		22,356		13,186
Cheng Shin Rubber Industry Co. Ltd.		9,594		11,559
China Development Financial Holding Corp.		78,751		46,450
China Life Insurance Co. Ltd.		8,914		9,826
China Steel Corp.		62,447		73,105
Chunghwa Telecom Co. Ltd.		17,437		70,238

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Compal Electronics, Inc.		22,036	$	18,347
CTBC Financial Holding Co. Ltd.		95,863		84,125
Delta Electronics, Inc.		10,680		98,332
E.Sun Financial Holding Co. Ltd.		80,039		77,579
Eclat Textile Co. Ltd.		1,161		24,260
eMemory Technology, Inc.		364		28,147
Evergreen Marine Corp. Taiwan Ltd.		12,974		58,094
Far Eastern New Century Corp.		15,056		15,108
Far EasTone Telecommunications Co. Ltd.		8,193		18,122
Feng TAY Enterprise Co. Ltd.		2,395		17,529
First Financial Holding Co. Ltd.		56,405		46,861
Formosa Chemicals & Fibre Corp.		18,162		51,015
Formosa Petrochemical Corp.		6,187		21,228
Formosa Plastics Corp.		21,913		80,781
Foxconn Technology Co. Ltd.		4,226		9,910
Fubon Financial Holding Co. Ltd.		40,121		105,481
Giant Manufacturing Co. Ltd.		1,660		18,597
Globalwafers Co. Ltd.		1,095		32,096
Hiwin Technologies Corp.		1,006		10,330
Hon Hai Precision Industry Co. Ltd.		64,450		239,910
Hotai Motor Co. Ltd.		1,345		29,314
Hua Nan Financial Holdings Co. Ltd.		46,185		33,553
Innolux Corp.		42,730		26,817
Inventec Corp.		13,870		12,870
Largan Precision Co. Ltd.		589		42,155
Lite-On Technology Corp.		9,228		20,013
MediaTek, Inc.		7,713		280,175
Mega Financial Holding Co. Ltd.		52,361		64,405
Micro-Star International Co. Ltd.		4,636		27,178
momo.com, Inc.		247		15,813
Nan Ya Plastics Corp.		25,043		74,306
Nan Ya Printed Circuit Board Corp.		945		21,276
Nanya Technology Corp.		6,135		16,372
Nien Made Enterprise Co. Ltd.		661		9,034
Novatek Microelectronics Corp.		2,548		42,658
Oneness Biotech Co. Ltd.*		1,300		13,910
Pegatron Corp.		8,977		21,503
Pou Chen Corp.		11,351		13,084
President Chain Store Corp.		2,267		21,933
Quanta Computer, Inc.		11,072		34,206
Realtek Semiconductor Corp.		1,982		39,562
Ruentex Development Co. Ltd.		5,287		12,208
Shanghai Commercial & Savings Bank Ltd.		19,102		31,843
Shin Kong Financial Holding Co. Ltd.		88,234		33,479
SinoPac Financial Holdings Co. Ltd.		46,659		25,675
Synnex Technology International Corp.		7,783		16,347
Taishin Financial Holding Co. Ltd.		44,205		29,571
Taiwan Cement Corp.		26,727		44,217
Taiwan Cooperative Financial Holding Co. Ltd.		58,146		49,667
Taiwan High Speed Rail Corp.		9,687		10,330
Taiwan Mobile Co. Ltd.		9,988		34,845
Taiwan Semiconductor Manufacturing Co. Ltd.		126,378		2,708,960
Unimicron Technology Corp.		6,000		49,201
Uni-President Enterprises Corp.		25,189		59,248

	Number of Shares		Value
Taiwan (Continued)
United Microelectronics Corp.		59,818	$	137,043
Vanguard International Semiconductor Corp.		4,502		25,097
Voltronic Power Technology Corp.		382		21,776
Wan Hai Lines Ltd.		3,300		18,574
Win Semiconductors Corp.		1,988		25,919
Winbond Electronics Corp.		12,252		14,123
Wistron Corp.		8,893		9,147
Wiwynn Corp.		519		19,599
WPG Holdings Ltd.		10,759		19,464
Yageo Corp.		2,101		34,495
Yang Ming Marine Transport Corp.*		7,000		29,078
Yuanta Financial Holding Co. Ltd.		50,529		43,070
Zhen Ding Technology Holding Ltd.		2,151		7,581
(Cost $3,128,726)				6,026,159
Thailand — 0.5%
Advanced Info Service PCL, NVDR		6,800		41,570
Airports of Thailand PCL, NVDR		24,100		42,732
Bangkok Dusit Medical Services PCL, NVDR		56,000		37,059
Bangkok Expressway & Metro PCL, NVDR		59,300		14,870
Berli Jucker PCL, NVDR		6,900		6,757
BTS Group Holdings PCL, NVDR		42,600		11,631
Bumrungrad Hospital PCL, NVDR		1,700		7,265
Central Pattana PCL, NVDR		14,900		22,993
Central Retail Corp. PCL, NVDR		9,100		8,642
Charoen Pokphand Foods PCL, NVDR		21,500		15,185
CP ALL PCL, NVDR		33,800		58,678
Delta Electronics Thailand PCL, NVDR		1,200		15,882
Electricity Generating PCL, NVDR		1,600		7,882
Energy Absolute PCL, NVDR		9,000		21,901
Global Power Synergy PCL, Class F		4,900		10,688
Gulf Energy Development PCL, NVDR		17,510		20,395
Home Product Center PCL, NVDR		26,900		10,857
Indorama Ventures PCL, NVDR		9,500		11,065
Intouch Holdings PCL, NVDR		5,700		12,306
Krung Thai Bank PCL, NVDR		24,100		8,082
Krungthai Card PCL, NVDR		5,100		8,097
Land & Houses PCL, NVDR		49,100		12,167
Minor International PCL, NVDR*		17,794		14,389
PTT Exploration & Production PCL, NVDR		8,000		26,946
PTT Global Chemical PCL, NVDR		7,800		13,020
PTT Oil & Retail Business PCL, NVDR		15,000		11,128
PTT PCL, NVDR		46,900		49,409
Ratch Group PCL, NVDR		4,600		5,904
SCG Packaging PCL, NVDR		7,200		13,247
Siam Cement PCL		700		7,728
Siam Cement PCL, NVDR		4,300		47,469
Siam Commercial Bank PCL, NVDR		4,100		14,844
Srisawad Corp. PCL, NVDR		4,500		8,012
Thai Oil PCL, NVDR		9,600		13,247
Thai Union Group PCL, NVDR		18,300		10,698
True Corp. PCL, NVDR		60,100		8,061
(Cost $734,845)				650,806

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Turkey — 0.1%
Akbank TAS		23,233	$	11,066
Aselsan Elektronik Sanayi Ve Ticaret AS		7,557		12,002
BIM Birlesik Magazalar AS		2,277		11,545
Eregli Demir ve Celik Fabrikalari TAS		7,785		12,819
Ford Otomotiv Sanayi AS		265		4,763
KOC Holding AS		4,622		9,637
Turkcell Iletisim Hizmetleri AS		5,343		7,377
Turkiye Garanti Bankasi AS		12,741		10,630
Turkiye Petrol Rafinerileri AS*		899		9,963
(Cost $151,123)				89,802
United Arab Emirates — 0.3%
Abu Dhabi Commercial Bank PJSC		12,383		28,656
Abu Dhabi Islamic Bank PJSC		11,262		19,868
Abu Dhabi National Oil Co. for Distribution PJSC		13,198		14,876
Aldar Properties PJSC		19,526		21,370
Dubai Islamic Bank PJSC		24,164		33,946
Emaar Properties PJSC		14,089		17,989
Emirates NBD Bank PJSC		12,876		46,272
Emirates Telecommunications Group Co. PJSC		19,702		171,322
First Abu Dhabi Bank PJSC		21,551		112,534
(Cost $387,200)				466,833
United Kingdom — 7.6%
3i Group PLC		4,766		87,916
abrdn PLC		10,850		33,665
Admiral Group PLC		859		33,782
Anglo American PLC		6,443		237,529
Ashtead Group PLC		2,387		191,872
Associated British Foods PLC		1,842		47,109
AstraZeneca PLC		7,961		876,241
Auto Trader Group PLC, 144A		5,070		49,398
AVEVA Group PLC		712		30,368
Aviva PLC		19,518		99,938
BAE Systems PLC		15,307		111,600
Barclays PLC		88,004		215,613
Barratt Developments PLC		5,891		54,640
Berkeley Group Holdings PLC		643		36,635
BP PLC		103,898		449,704
British American Tobacco PLC		11,225		377,696
British Land Co. PLC REIT		4,865		32,920
BT Group PLC*		44,660		94,201
Bunzl PLC		1,880		71,709
Burberry Group PLC		2,316		54,134
CNH Industrial NV		5,237		87,040
Coca-Cola Europacific Partners PLC		1,054		52,036
Compass Group PLC*		9,142		177,817
Croda International PLC		671		90,266
Diageo PLC		12,166		614,766
Entain PLC*		2,855		63,372
Evraz PLC		3,276		25,096
Ferguson PLC		1,144		174,436
GlaxoSmithKline PLC		25,572		518,645
Halma PLC		1,990		79,425
Hargreaves Lansdown PLC		1,785		31,740

	Number of Shares		Value
United Kingdom (Continued)
HSBC Holdings PLC		105,007	$	585,640
Imperial Brands PLC		4,855		99,566
Informa PLC*		7,593		47,159
InterContinental Hotels Group PLC*		1,053		62,306
Intertek Group PLC		847		60,153
J Sainsbury PLC		8,339		30,676
JD Sports Fashion PLC		13,560		40,198
Johnson Matthey PLC		1,058		29,493
Kingfisher PLC		11,180		47,105
Land Securities Group PLC REIT		3,442		33,280
Legal & General Group PLC		30,162		113,081
Lloyds Banking Group PLC		357,625		222,592
London Stock Exchange Group PLC		1,705		147,437
M&G PLC		14,684		36,500
Melrose Industries PLC		20,938		40,378
Mondi PLC		2,599		59,435
National Grid PLC		18,504		247,718
NatWest Group PLC		30,633		86,614
Next PLC		661		69,115
Ocado Group PLC*		2,359		56,331
Pearson PLC		4,380		34,555
Persimmon PLC		1,538		55,984
Phoenix Group Holdings PLC		2,864		24,385
Prudential PLC		13,233		224,566
Reckitt Benckiser Group PLC		3,601		292,617
RELX PLC		9,847		306,054
Rentokil Initial PLC		8,787		71,707
Rio Tinto PLC		5,681		348,457
Rolls-Royce Holdings PLC*		43,202		70,384
Sage Group PLC		6,226		63,907
Schroders PLC		655		29,932
Segro PLC REIT		6,078		113,896
Severn Trent PLC		1,216		46,673
Smith & Nephew PLC		4,378		70,889
Smiths Group PLC		2,300		44,109
Spirax-Sarco Engineering PLC		398		82,733
SSE PLC		5,309		109,582
St James’s Place PLC		2,751		56,655
Standard Chartered PLC		13,010		72,014
Taylor Wimpey PLC		20,583		43,224
Tesco PLC		38,668		142,323
Unilever PLC		13,509		693,320
United Utilities Group PLC		3,100		44,712
Vodafone Group PLC		145,134		211,049
Whitbread PLC*		931		34,706
WPP PLC		6,019		83,412
(Cost $10,853,750)				10,587,931
United States — 0.1%
Bausch Health Cos., Inc.*		1,690		40,112
Brookfield Renewable Corp., Class A		609		22,645
Legend Biotech Corp., ADR*		266		13,702
Parade Technologies Ltd.		433		33,170
(Cost $112,167)				109,629
TOTAL COMMON STOCKS (Cost $112,222,936)				133,547,095

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
PREFERRED STOCKS — 0.9%
Brazil — 0.3%
Alpargatas SA		1,066	$	7,412
Banco Bradesco SA		25,979		92,006
Bradespar SA		857		7,584
Braskem SA, Class A*		1,034		9,205
Centrais Eletricas Brasileiras SA, Class B		2,235		12,742
Cia Energetica de Minas Gerais		4,398		10,279
Gerdau SA		4,611		21,161
Itau Unibanco Holding SA		24,308		96,768
Itausa SA		21,785		37,472
Petroleo Brasileiro SA		23,763		124,398
(Cost $422,663)				419,027
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $25,914)		769		48,424
Colombia — 0.0%
Bancolombia SA (Cost $22,691)		2,425		19,667
Germany — 0.3%
Bayerische Motoren Werke AG		210		16,529
FUCHS PETROLUB SE		425		19,087
Henkel AG & Co. KGaA		925		73,118
Porsche Automobil Holding SE		863		72,602
Sartorius AG		138		94,999
Volkswagen AG		947		173,622
(Cost $437,055)				449,957
Russia — 0.0%
Surgutneftegas PJSC (Cost $21,591)		39,214		19,873
South Korea — 0.2%
Hyundai Motor Co.		289		22,090
Hyundai Motor Co.—2nd Preferred		156		12,174
LG Chem Ltd.		22		5,982
LG Household & Health Care Ltd.		17		8,529
Samsung Electronics Co. Ltd.		4,217		226,843
(Cost $158,753)				275,618
TOTAL PREFERRED STOCKS (Cost $1,088,667)				1,232,566
	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. 8.00%, 8/28/22		INR      9,360		127
Series N3, 5.50%, 6/3/24		INR    17,168		229
(Cost $132)				356
TOTAL CORPORATE BONDS (Cost $132)				356

	Number of Shares		Value
RIGHTS — 0.0%
China — 0.0%
CIFI Holdings Group Co. Ltd.*, expires 12/27/21 (Cost $0)		628	$	20
Germany — 0.0%
Vonovia SE*, expires 1/7/22 (Cost $0)		2,831		9,985
Singapore — 0.0%
Mapletree Industrial Trust*, expires 12/21/21 (Cost $0)		357		5
Thailand — 0.0%
Charoen Pokphand Foods PCL* , expires 12/31/22 (c)		307		0
CP ALL PCL* , expires 12/31/21 (c)		2,253		0
(Cost $0)				0
TOTAL RIGHTS (Cost $0)				10,010
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		4,502		4,904
Thailand — 0.0%
BTS Group Holdings PCL*, expires 9/5/22		1,980		48
BTS Group Holdings PCL*, expires 11/7/24		3,960		60
BTS Group Holdings PCL*(c), expires 11/20/26		7,920		68
(Cost $0)				176
TOTAL WARRANTS (Cost $0)				5,080
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (e)(f) (Cost $1,087,572)		1,087,572		1,087,572
CASH EQUIVALENTS — 3.9%
DWS Government Money Market Series “Institutional Shares”, 0.04% (e) (Cost $5,435,979)		5,435,979		5,435,979
TOTAL INVESTMENTS — 101.8% (Cost $119,835,286)			$	141,318,658
Other assets and liabilities, net — (1.8%)				(2,458,910	)
NET ASSETS — 100.0%			$	138,859,748

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
COMMON STOCKS — 0.1%
Germany — 0.1%
Deutsche Bank AG *(d)
		132,123		23,260		—			—		(26,159	)		—		—		10,689		129,224
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (e)(f)
		2,372,722		–		(1,285,150	) (g)		—		—			73		—		1,087,572		1,087,572
CASH EQUIVALENTS — 3.9%
DWS Government Money Market Series “Institutional Shares”, 0.04% (e)
		1,498,682		18,934,029		(14,996,732	)		—		—			682		—		5,435,979		5,435,979
		4,003,527		18,957,289		(16,281,882	)		—		(26,159	)		755		—		6,534,240		6,652,775

* 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, 2021 amounted to $1,953,624, which is 1.4% of net assets.

(c) Investment was valued using significant unobservable inputs.

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

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $968,472.

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

ADR: American Depositary Receipt

CDI: Chess Depositary Interest

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, 2021, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
MSCI EAFE Futures	USD	26	$	3,035,780	$	2,906,150	12/17/2021	$	(129,630	)
MSCI Emerging Markets Index Future	USD	23		1,445,004		1,394,145	12/17/2021		(50,859	)
MINI S&P/TSX 60 Futures	CAD	7		336,374		341,383	12/16/2021		5,009
Total net unrealized depreciation								$	(175,480	)

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

As of November 30, 2021, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	12/3/2021	AUD	283,000	USD	212,544	$	10,797	$	—
Citigroup Global Markets	12/3/2021	AUD	1,229,900	USD	923,630		46,851		—
JP Morgan & Chase Co.	12/3/2021	AUD	3,594,200	USD	2,699,623		137,366		—
RBC Capital Markets	12/3/2021	AUD	3,545,000	USD	2,662,880		135,696		—
Citigroup Global Markets	12/3/2021	BRL	1,011,200	USD	178,194		—		(1,558	)
JP Morgan & Chase Co.	12/3/2021	BRL	4,694,800	USD	827,015		—		(7,539	)
RBC Capital Markets	12/3/2021	BRL	4,392,600	USD	774,504		—		(6,331	)
Citigroup Global Markets	12/3/2021	CAD	668,000	USD	538,848		15,905		—
Citigroup Global Markets	12/3/2021	CAD	4,019,500	USD	3,242,604		95,949		—
JP Morgan & Chase Co.	12/3/2021	CAD	4,045,000	USD	3,263,184		96,565		—
RBC Capital Markets	12/3/2021	CAD	4,554,900	USD	3,674,551		108,759		—
Citigroup Global Markets	12/3/2021	CHF	355,000	USD	388,797		2,050		—
Citigroup Global Markets	12/3/2021	CHF	2,643,500	USD	2,895,146		15,243		—
JP Morgan & Chase Co.	12/3/2021	CHF	2,460,600	USD	2,694,906		14,259		—
RBC Capital Markets	12/3/2021	CHF	2,826,300	USD	3,095,429		16,378		—
Citigroup Global Markets	12/3/2021	CLP	102,090,400	USD	125,625		2,278		—
JP Morgan & Chase Co.	12/3/2021	CLP	13,480,400	USD	16,572		285		—
JP Morgan & Chase Co.	12/3/2021	CNH	10,327,200	USD	1,609,225		—		(12,492	)
RBC Capital Markets	12/3/2021	CNH	2,474,300	USD	385,535		—		(3,013	)
Citigroup Global Markets	12/3/2021	COP	204,235,700	USD	53,828		2,723		—
JP Morgan & Chase Co.	12/3/2021	COP	23,380,500	USD	6,155		304		—
Citigroup Global Markets	12/3/2021	CZK	1,161,500	USD	52,277		639		—
JP Morgan & Chase Co.	12/3/2021	DKK	970,000	USD	150,984		3,050		—
JP Morgan & Chase Co.	12/3/2021	DKK	7,156,900	USD	1,113,988		22,487		—
RBC Capital Markets	12/3/2021	DKK	7,880,700	USD	1,226,674		24,786		—
Citigroup Global Markets	12/3/2021	EUR	8,472,800	USD	9,810,443		200,042		—
JP Morgan & Chase Co.	12/3/2021	EUR	8,880,100	USD	10,282,339		209,952		—
RBC Capital Markets	12/3/2021	EUR	742,000	USD	859,177		17,553		—
RBC Capital Markets	12/3/2021	EUR	8,071,500	USD	9,346,216		190,995		—
Citigroup Global Markets	12/3/2021	GBP	184,000	USD	252,218		7,486		—
Citigroup Global Markets	12/3/2021	GBP	3,120,000	USD	4,276,656		126,855		—
JP Morgan & Chase Co.	12/3/2021	GBP	3,281,400	USD	4,497,976		133,502		—
RBC Capital Markets	12/3/2021	GBP	3,145,400	USD	4,311,563		127,979		—
Citigroup Global Markets	12/3/2021	HKD	1,361,000	USD	174,965		432		—
Citigroup Global Markets	12/3/2021	HKD	27,035,500	USD	3,475,648		8,663		—
JP Morgan & Chase Co.	12/3/2021	HKD	30,801,600	USD	3,959,863		9,920		—
RBC Capital Markets	12/3/2021	HKD	38,370,300	USD	4,932,898		12,358		—
Citigroup Global Markets	12/3/2021	HUF	17,124,900	USD	54,984		1,682		—
JP Morgan & Chase Co.	12/3/2021	HUF	16,042,500	USD	51,515		1,582		—
JP Morgan & Chase Co.	12/3/2021	IDR	3,953,831,100	USD	277,793		1,824		—
JP Morgan & Chase Co.	12/3/2021	IDR	853,775,000	USD	59,780		188		—
RBC Capital Markets	12/3/2021	IDR	3,734,227,700	USD	262,051		1,409		—
Citigroup Global Markets	12/3/2021	ILS	650,100	USD	205,950		—		(338	)
RBC Capital Markets	12/3/2021	ILS	391,000	USD	123,871		—		(200	)
Citigroup Global Markets	12/3/2021	INR	91,947,800	USD	1,222,856		—		(253	)
JP Morgan & Chase Co.	12/3/2021	INR	276,769,900	USD	3,681,675		21		—
Citigroup Global Markets	12/3/2021	JPY	927,140,700	USD	8,132,314		—		(70,546	)
JP Morgan & Chase Co.	12/3/2021	JPY	726,305,800	USD	6,370,858		—		(55,119	)
RBC Capital Markets	12/3/2021	JPY	769,532,600	USD	6,750,114		—		(58,311	)
Citigroup Global Markets	12/3/2021	KRW	1,938,771,500	USD	1,657,764		25,725		—
JP Morgan & Chase Co.	12/3/2021	KRW	2,136,251,100	USD	1,827,246		28,971		—
RBC Capital Markets	12/3/2021	KRW	2,003,441,900	USD	1,712,929		26,452		—
Citigroup Global Markets	12/3/2021	MXN	8,562,600	USD	414,871		15,801		—
JP Morgan & Chase Co.	12/3/2021	MXN	4,106,600	USD	198,995		7,602		—
RBC Capital Markets	12/3/2021	MXN	4,148,000	USD	200,974		7,652		—
RBC Capital Markets	12/3/2021	MYR	2,257,600	USD	543,542		7,543		—

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	12/3/2021	NOK	5,166,200	USD	610,572	$	39,385	$	—
JP Morgan & Chase Co.	12/3/2021	NZD	54,300	USD	38,843		1,784		—
RBC Capital Markets	12/3/2021	NZD	238,100	USD	170,323		7,824		—
JP Morgan & Chase Co.	12/3/2021	PHP	561,200	USD	11,107		—		(30	)
RBC Capital Markets	12/3/2021	PHP	12,357,800	USD	244,419		—		(827	)
Citigroup Global Markets	12/3/2021	PLN	1,073,200	USD	268,976		7,733		—
JP Morgan & Chase Co.	12/3/2021	PLN	150,900	USD	37,824		1,092		—
Citigroup Global Markets	12/3/2021	RUB	52,802,600	USD	744,212		31,589		—
Citigroup Global Markets	12/3/2021	RUB	4,021,000	USD	56,371		2,104		—
JP Morgan & Chase Co.	12/3/2021	RUB	50,069,300	USD	705,574		29,840		—
JP Morgan & Chase Co.	12/3/2021	SEK	1,174,000	USD	136,724		6,483		—
JP Morgan & Chase Co.	12/3/2021	SEK	14,937,100	USD	1,739,593		82,504		—
RBC Capital Markets	12/3/2021	SEK	13,478,800	USD	1,569,770		74,461		—
JP Morgan & Chase Co.	12/3/2021	SGD	764,700	USD	566,993		6,596		—
RBC Capital Markets	12/3/2021	SGD	470,500	USD	348,857		4,059		—
JP Morgan & Chase Co.	12/3/2021	THB	22,168,100	USD	664,113		6,242		—
JP Morgan & Chase Co.	12/3/2021	TRY	911,400	USD	93,365		26,877		—
Citigroup Global Markets	12/3/2021	TWD	55,604,700	USD	2,004,011		4,188		—
Citigroup Global Markets	12/3/2021	TWD	2,756,000	USD	99,140		21		—
JP Morgan & Chase Co.	12/3/2021	TWD	52,957,400	USD	1,908,375		3,761		—
RBC Capital Markets	12/3/2021	TWD	58,839,200	USD	2,120,484		4,332		—
Goldman Sachs & Co.	12/3/2021	USD	1,072,726	AUD	1,512,900		5,800		—
JP Morgan & Chase Co.	12/3/2021	USD	2,548,478	AUD	3,594,200		13,780		—
RBC Capital Markets	12/3/2021	USD	2,513,596	AUD	3,545,000		13,587		—
Goldman Sachs & Co.	12/3/2021	USD	178,953	BRL	1,011,200		799		—
JP Morgan & Chase Co.	12/3/2021	USD	132,095	BRL	750,000		1,226		—
JP Morgan & Chase Co.	12/3/2021	USD	697,306	BRL	3,944,800		3,927		—
RBC Capital Markets	12/3/2021	USD	777,486	BRL	4,392,600		3,349		—
Goldman Sachs & Co.	12/3/2021	USD	3,654,116	CAD	4,687,500		15,482		—
JP Morgan & Chase Co.	12/3/2021	USD	3,153,249	CAD	4,045,000		13,370		—
RBC Capital Markets	12/3/2021	USD	3,550,748	CAD	4,554,900		15,044		—
Goldman Sachs & Co.	12/3/2021	USD	3,240,301	CHF	2,998,500		26,349		—
JP Morgan & Chase Co.	12/3/2021	USD	2,658,958	CHF	2,460,600		21,689		—
RBC Capital Markets	12/3/2021	USD	3,054,215	CHF	2,826,300		24,836		—
Goldman Sachs & Co.	12/3/2021	USD	122,541	CLP	102,090,400		806		—
JP Morgan & Chase Co.	12/3/2021	USD	16,273	CLP	13,480,400		14		—
JP Morgan & Chase Co.	12/3/2021	USD	1,619,483	CNH	10,327,200		2,234		—
RBC Capital Markets	12/3/2021	USD	387,992	CNH	2,474,300		556		—
Goldman Sachs & Co.	12/3/2021	USD	50,961	COP	204,235,700		144		—
JP Morgan & Chase Co.	12/3/2021	USD	5,831	COP	23,380,500		20		—
Goldman Sachs & Co.	12/3/2021	USD	51,390	CZK	1,161,500		248		—
JP Morgan & Chase Co.	12/3/2021	USD	1,230,016	DKK	8,126,900		9,420		—
RBC Capital Markets	12/3/2021	USD	1,192,773	DKK	7,880,700		9,115		—
Goldman Sachs & Co.	12/3/2021	USD	9,537,153	EUR	8,472,800		73,248		—
JP Morgan & Chase Co.	12/3/2021	USD	9,995,441	EUR	8,880,100		76,947		—
RBC Capital Markets	12/3/2021	USD	9,920,661	EUR	8,813,500		76,185		—
Goldman Sachs & Co.	12/3/2021	USD	4,371,192	GBP	3,304,000		23,341		—
JP Morgan & Chase Co.	12/3/2021	USD	4,341,302	GBP	3,281,400		23,171		—
RBC Capital Markets	12/3/2021	USD	4,161,374	GBP	3,145,400		22,211		—
Goldman Sachs & Co.	12/3/2021	USD	3,642,515	HKD	28,396,500		—		(998	)
JP Morgan & Chase Co.	12/3/2021	USD	3,951,025	HKD	30,801,600		—		(1,082	)
RBC Capital Markets	12/3/2021	USD	4,921,901	HKD	38,370,300		—		(1,361	)
Goldman Sachs & Co.	12/3/2021	USD	52,768	HUF	17,124,900		534		—
JP Morgan & Chase Co.	12/3/2021	USD	49,434	HUF	16,042,500		499		—
JP Morgan & Chase Co.	12/3/2021	USD	335,492	IDR	4,807,606,100		69		—
RBC Capital Markets	12/3/2021	USD	260,443	IDR	3,734,227,700		199		—
Goldman Sachs & Co.	12/3/2021	USD	206,338	ILS	650,100		—		(50	)
RBC Capital Markets	12/3/2021	USD	124,104	ILS	391,000		—		(33	)

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/3/2021	USD	1,224,526	INR	91,947,800	$	—	$	(1,416	)
JP Morgan & Chase Co.	12/3/2021	USD	3,682,900	INR	276,769,900		—		(1,246	)
Citigroup Global Markets	12/3/2021	USD	491,056	JPY	55,975,000		4,182		—
Goldman Sachs & Co.	12/3/2021	USD	7,672,454	JPY	871,165,700		35,168		—
JP Morgan & Chase Co.	12/3/2021	USD	6,396,662	JPY	726,305,800		29,315		—
RBC Capital Markets	12/3/2021	USD	6,777,366	JPY	769,532,600		31,059		—
Goldman Sachs & Co.	12/3/2021	USD	1,632,375	KRW	1,938,771,500		—		(336	)
JP Morgan & Chase Co.	12/3/2021	USD	1,723,993	KRW	2,047,931,100		—		(65	)
JP Morgan & Chase Co.	12/3/2021	USD	75,158	KRW	88,320,000		—		(811	)
RBC Capital Markets	12/3/2021	USD	1,687,038	KRW	2,003,441,900		—		(561	)
Goldman Sachs & Co.	12/3/2021	USD	398,344	MXN	8,562,600		726		—
JP Morgan & Chase Co.	12/3/2021	USD	191,098	MXN	4,106,600		295		—
RBC Capital Markets	12/3/2021	USD	192,998	MXN	4,148,000		325		—
RBC Capital Markets	12/3/2021	USD	536,247	MYR	2,257,600		—		(249	)
Goldman Sachs & Co.	12/3/2021	USD	567,003	NOK	5,166,200		4,184		—
JP Morgan & Chase Co.	12/3/2021	USD	36,853	NZD	54,300		205		—
RBC Capital Markets	12/3/2021	USD	161,593	NZD	238,100		906		—
JP Morgan & Chase Co.	12/3/2021	USD	11,145	PHP	561,200		—		(8	)
RBC Capital Markets	12/3/2021	USD	245,389	PHP	12,357,800		—		(143	)
Goldman Sachs & Co.	12/3/2021	USD	259,459	PLN	1,073,200		1,784		—
JP Morgan & Chase Co.	12/3/2021	USD	36,482	PLN	150,900		251		—
Goldman Sachs & Co.	12/3/2021	USD	758,409	RUB	56,823,600		8,481		—
JP Morgan & Chase Co.	12/3/2021	USD	669,465	RUB	50,069,300		6,269		—
JP Morgan & Chase Co.	12/3/2021	USD	1,775,387	SEK	16,111,100		11,944		—
RBC Capital Markets	12/3/2021	USD	1,485,328	SEK	13,478,800		9,981		—
JP Morgan & Chase Co.	12/3/2021	USD	557,709	SGD	764,700		2,688		—
RBC Capital Markets	12/3/2021	USD	343,143	SGD	470,500		1,655		—
JP Morgan & Chase Co.	12/3/2021	USD	656,444	THB	22,168,100		1,428		—
JP Morgan & Chase Co.	12/3/2021	USD	68,641	TRY	911,400		—		(2,153	)
Goldman Sachs & Co.	12/3/2021	USD	2,103,088	TWD	58,360,700		—		(4,145	)
JP Morgan & Chase Co.	12/3/2021	USD	1,914,238	TWD	52,957,400		—		(9,625	)
RBC Capital Markets	12/3/2021	USD	2,124,159	TWD	58,839,200		—		(8,006	)
JP Morgan & Chase Co.	12/3/2021	USD	591,822	ZAR	9,483,200		4,149		—
RBC Capital Markets	12/3/2021	USD	623,984	ZAR	9,999,600		4,439		—
JP Morgan & Chase Co.	12/3/2021	ZAR	9,483,200	USD	621,572		25,601		—
RBC Capital Markets	12/3/2021	ZAR	9,999,600	USD	655,454		27,030		—
Citigroup Global Markets	12/6/2021	EGP	632,000	USD	39,822		—		(228	)
Citigroup Global Markets	12/6/2021	KWD	70,000	USD	231,988		614		—
Citigroup Global Markets	12/6/2021	QAR	1,070,500	USD	293,916		—		(97	)
Citigroup Global Markets	12/6/2021	SAR	4,894,000	USD	1,304,301		—		(188	)
Citigroup Global Markets	12/6/2021	SAR	401,000	USD	106,862		—		(24	)
Goldman Sachs & Co.	12/6/2021	USD	40,128	EGP	632,000		—		(78	)
Goldman Sachs & Co.	12/6/2021	USD	231,405	KWD	70,000		—		(31	)
Goldman Sachs & Co.	12/6/2021	USD	1,411,398	SAR	5,295,000		—		(23	)
Citigroup Global Markets	12/7/2021	AED	1,162,100	USD	316,355		—		(24	)
Goldman Sachs & Co.	12/7/2021	USD	316,381	AED	1,162,100		—		(2	)
Goldman Sachs & Co.	1/5/2022	AED	1,162,100	USD	316,364		—		(7	)
JP Morgan & Chase Co.	1/5/2022	AED	575,000	USD	156,536		—		(3	)
Goldman Sachs & Co.	1/5/2022	AUD	1,512,900	USD	1,073,271		—		(5,777	)
JP Morgan & Chase Co.	1/5/2022	AUD	3,594,200	USD	2,549,690		—		(13,808	)
RBC Capital Markets	1/5/2022	AUD	3,545,000	USD	2,514,706		—		(13,701	)
Goldman Sachs & Co.	1/5/2022	BRL	1,011,200	USD	177,804		—		(653	)
JP Morgan & Chase Co.	1/5/2022	BRL	3,944,800	USD	692,739		—		(3,443	)
RBC Capital Markets	1/5/2022	BRL	4,392,600	USD	772,495		—		(2,714	)
Goldman Sachs & Co.	1/5/2022	CAD	4,687,500	USD	3,655,852		—		(15,342	)
JP Morgan & Chase Co.	1/5/2022	CAD	159,000	USD	124,168		—		(359	)
JP Morgan & Chase Co.	1/5/2022	CAD	4,045,000	USD	3,154,746		—		(13,249	)
RBC Capital Markets	1/5/2022	CAD	4,554,900	USD	3,552,435		—		(14,908	)

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	1/5/2022	CHF	2,998,500	USD	3,245,235	$	—	$	(26,382	)
JP Morgan & Chase Co.	1/5/2022	CHF	2,460,600	USD	2,662,929		—		(21,794	)
RBC Capital Markets	1/5/2022	CHF	2,826,300	USD	3,058,773		—		(24,960	)
Goldman Sachs & Co.	1/5/2022	CLP	102,090,400	USD	122,093		—		(789	)
JP Morgan & Chase Co.	1/5/2022	CLP	13,480,400	USD	16,205		—		(21	)
JP Morgan & Chase Co.	1/5/2022	CNH	10,327,200	USD	1,615,253		—		(1,971	)
RBC Capital Markets	1/5/2022	CNH	2,474,300	USD	386,981		—		(490	)
Goldman Sachs & Co.	1/5/2022	COP	204,235,700	USD	50,761		—		(151	)
JP Morgan & Chase Co.	1/5/2022	COP	23,380,500	USD	5,807		—		(22	)
Goldman Sachs & Co.	1/5/2022	CZK	1,161,500	USD	51,362		—		(250	)
JP Morgan & Chase Co.	1/5/2022	DKK	8,126,900	USD	1,231,572		—		(9,497	)
RBC Capital Markets	1/5/2022	DKK	7,880,700	USD	1,194,290		—		(9,182	)
Goldman Sachs & Co.	1/5/2022	EGP	632,000	USD	39,687		28		—
Goldman Sachs & Co.	1/5/2022	EUR	8,472,800	USD	9,551,193		—		(73,017	)
JP Morgan & Chase Co.	1/5/2022	EUR	8,880,100	USD	10,010,048		—		(76,811	)
RBC Capital Markets	1/5/2022	EUR	8,813,500	USD	9,934,947		—		(76,261	)
Goldman Sachs & Co.	1/5/2022	GBP	3,304,000	USD	4,374,859		—		(23,057	)
JP Morgan & Chase Co.	1/5/2022	GBP	3,281,400	USD	4,344,820		—		(23,014	)
RBC Capital Markets	1/5/2022	GBP	3,145,400	USD	4,164,783		—		(22,023	)
Goldman Sachs & Co.	1/5/2022	HKD	28,396,500	USD	3,642,510		930		—
JP Morgan & Chase Co.	1/5/2022	HKD	30,801,600	USD	3,951,020		1,009		—
RBC Capital Markets	1/5/2022	HKD	38,370,300	USD	4,921,793		1,169		—
Goldman Sachs & Co.	1/5/2022	HUF	17,124,900	USD	52,737		—		(510	)
JP Morgan & Chase Co.	1/5/2022	HUF	16,042,500	USD	49,390		—		(492	)
JP Morgan & Chase Co.	1/5/2022	IDR	4,807,606,100	USD	334,186		—		(245	)
RBC Capital Markets	1/5/2022	IDR	3,734,227,700	USD	259,484		—		(281	)
Goldman Sachs & Co.	1/5/2022	ILS	650,100	USD	206,679		51		—
RBC Capital Markets	1/5/2022	ILS	391,000	USD	124,263		—		(13	)
Goldman Sachs & Co.	1/5/2022	INR	91,947,800	USD	1,219,977		1,001		—
JP Morgan & Chase Co.	1/5/2022	INR	276,769,900	USD	3,668,985		—		(225	)
Goldman Sachs & Co.	1/5/2022	JPY	871,165,700	USD	7,678,209		—		(35,006	)
JP Morgan & Chase Co.	1/5/2022	JPY	726,305,800	USD	6,401,341		—		(29,298	)
RBC Capital Markets	1/5/2022	JPY	769,532,600	USD	6,782,353		—		(31,012	)
Goldman Sachs & Co.	1/5/2022	KRW	1,938,771,500	USD	1,631,619		275		—
JP Morgan & Chase Co.	1/5/2022	KRW	2,047,931,100	USD	1,723,195		—		—
RBC Capital Markets	1/5/2022	KRW	2,003,441,900	USD	1,686,186		426		—
Goldman Sachs & Co.	1/5/2022	KWD	70,000	USD	231,214		—		—
Goldman Sachs & Co.	1/5/2022	MXN	8,562,600	USD	395,656		—		(655	)
JP Morgan & Chase Co.	1/5/2022	MXN	4,106,600	USD	189,808		—		(262	)
RBC Capital Markets	1/5/2022	MXN	4,148,000	USD	191,695		—		(291	)
RBC Capital Markets	1/5/2022	MYR	2,257,600	USD	534,280		—		(1,085	)
Goldman Sachs & Co.	1/5/2022	NOK	5,166,200	USD	566,897		—		(4,168	)
JP Morgan & Chase Co.	1/5/2022	PHP	561,200	USD	11,121		—		(5	)
RBC Capital Markets	1/5/2022	PHP	12,357,800	USD	244,830		—		(169	)
Goldman Sachs & Co.	1/5/2022	PLN	1,073,200	USD	258,811		—		(1,826	)
JP Morgan & Chase Co.	1/5/2022	PLN	150,900	USD	36,391		—		(257	)
Goldman Sachs & Co.	1/5/2022	QAR	1,070,500	USD	293,972		—		(34	)
Goldman Sachs & Co.	1/5/2022	SAR	5,295,000	USD	1,411,210		—		(68	)
JP Morgan & Chase Co.	1/5/2022	SEK	16,111,100	USD	1,778,159		—		(11,839	)
JP Morgan & Chase Co.	1/5/2022	SEK	1,817,000	USD	200,441		—		(1,434	)
RBC Capital Markets	1/5/2022	SEK	13,478,800	USD	1,487,681		—		(9,860	)
JP Morgan & Chase Co.	1/5/2022	SGD	764,700	USD	557,625		—		(2,690	)
RBC Capital Markets	1/5/2022	SGD	470,500	USD	343,093		—		(1,654	)
JP Morgan & Chase Co.	1/5/2022	THB	22,168,100	USD	655,812		—		(2,208	)
JP Morgan & Chase Co.	1/5/2022	TRY	911,400	USD	67,472		2,020		—
Goldman Sachs & Co.	1/5/2022	TWD	58,360,700	USD	2,105,364		6,610		—
JP Morgan & Chase Co.	1/5/2022	TWD	2,575,000	USD	93,155		554		—
JP Morgan & Chase Co.	1/5/2022	TWD	52,957,400	USD	1,916,871		12,429		—

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	1/5/2022	TWD	58,839,200	USD	2,127,154	$	11,191	$	—
JP Morgan & Chase Co.	1/5/2022	USD	101,428	AUD	143,000		564		—
RBC Capital Markets	1/5/2022	USD	553,509	EUR	491,000		4,216		—	��
JP Morgan & Chase Co.	1/5/2022	USD	231,699	GBP	175,000		1,241		—
JP Morgan & Chase Co.	1/5/2022	USD	600,375	HKD	4,681,000		—		(82	)
JP Morgan & Chase Co.	1/5/2022	USD	196,138	INR	14,799,000		56		—
JP Morgan & Chase Co.	1/5/2022	USD	337,808	JPY	38,309,000		1,376		—
JP Morgan & Chase Co.	1/5/2022	USD	110,008	KRW	130,533,000		—		(173	)
JP Morgan & Chase Co.	1/5/2022	USD	107,678	SAR	404,000		—		—
JP Morgan & Chase Co.	1/5/2022	ZAR	9,483,200	USD	588,958		—		(4,119	)
RBC Capital Markets	1/5/2022	ZAR	9,999,600	USD	620,998		—		(4,375	)
JP Morgan & Chase Co.	1/6/2022	NZD	54,300	USD	36,840		—		(205	)
RBC Capital Markets	1/6/2022	NZD	238,100	USD	161,538		—		(904	)
Goldman Sachs & Co.	1/11/2022	RUB	56,823,600	USD	752,290		—		(7,396	)
JP Morgan & Chase Co.	1/11/2022	RUB	50,069,300	USD	664,014		—		(5,373	)
JP Morgan & Chase Co.	1/11/2022	USD	91,227	RUB	6,837,000		178		—
Total unrealized appreciation (depreciation)						$	3,001,636	$	(881,410	)

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

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

RUB Russian Ruble

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. 37

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (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, 2021 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 (h)	$	133,482,073		$	—		$	65,022	$	133,547,095
Preferred Stocks (h)		1,232,566			—			—		1,232,566
Corporate Bonds		—			356			—		356
Rights (h)		9,985			25			0		10,010
Warrants (h)		5,012			—			68		5,080
Short-Term Investments (h)		6,523,551			—			—		6,523,551
Derivatives (i)
Forward Foreign Currency Contracts		—			3,001,636			—		3,001,636
Futures Contracts		5,009			—			—		5,009
TOTAL	$	141,258,196		$	3,002,017		$	65,090	$	144,325,303
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—		$	(881,410	)	$	—	$	(881,410	)
Futures Contracts		(180,489	)		—			—		(180,489	)
TOTAL	$	(180,489	)	$	(881,410	)	$	—	$	(1,061,899	)

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

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

During the year ended November 30, 2021, the amount of transfers from Level 1 to Level 3 was $46,215, the amount of transfers from Level 3 to Level 2 was $236. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investment was transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 95.9%
Australia — 0.0%
MMG Ltd.* (Cost $24,195)		44,722	$	16,230
Brazil — 2.9%
Ambev SA		68,132		194,633
Americanas SA*		6,434		34,700
Atacadao SA		7,089		19,331
B3 SA — Brasil Bolsa Balcao		88,345		174,589
Banco Bradesco SA		21,298		64,479
Banco BTG Pactual SA		16,871		62,840
Banco do Brasil SA		11,750		66,547
Banco Inter SA		4,798		30,921
Banco Santander Brasil SA		5,519		32,357
BB Seguridade Participacoes SA		10,861		40,339
BRF SA*		9,181		32,254
CCR SA		17,851		39,088
Centrais Eletricas Brasileiras SA		3,954		22,950
Cia de Saneamento Basico do Estado de Sao Paulo		5,017		30,056
Cia Siderurgica Nacional SA		10,331		39,987
Cosan SA		15,389		58,169
Energisa SA		2,558		20,698
Engie Brasil Energia SA		2,037		13,961
Equatorial Energia SA		13,275		53,295
Hapvida Participacoes e Investimentos SA, 144A		17,140		33,263
Hypera SA		4,984		24,043
JBS SA		12,613		79,983
Klabin SA		10,581		44,926
Localiza Rent a Car SA		9,000		81,822
Lojas Renner SA		13,444		68,035
Magazine Luiza SA		41,285		57,281
Natura & Co. Holding SA*		13,410		63,665
Notre Dame Intermedica Participacoes SA		7,718		84,376
Petroleo Brasileiro SA		53,774		288,294
Raia Drogasil SA		16,193		64,463
Rede D’Or Sao Luiz SA, 144A		5,779		51,572
Rumo SA*		17,743		55,452
Suzano SA*		10,882		108,707
Telefonica Brasil SA		7,285		65,168
TIM SA		12,611		30,956
TOTVS SA		7,131		40,197
Ultrapar Participacoes SA		10,483		26,907
Vale SA		55,421		689,577
Via S/A*		19,678		19,847
Vibra Energia SA		16,619		64,326
WEG SA		24,219		138,847
(Cost $2,833,881)				3,212,901
Chile — 0.3%
Banco de Chile		636,726		61,566
Banco de Credito e Inversiones SA		773		26,160
Banco Santander Chile		985,378		44,066
Cencosud SA		21,678		34,585
Cia Cervecerias Unidas SA		1,715		13,681
Empresas CMPC SA		15,988		25,894
Empresas COPEC SA		5,759		42,480

	Number of Shares		Value
Chile (Continued)
Enel Americas SA		318,424	$	41,034
Enel Chile SA		408,382		17,769
Falabella SA		10,460		32,364
(Cost $463,854)				339,599
China — 31.3%
360 DigiTech, Inc., ADR*		1,231		28,658
360 Security Technology, Inc., Class A*		7,500		14,089
3SBio, Inc., 144A*		18,468		15,797
51job, Inc., ADR*		451		26,023
AAC Technologies Holdings, Inc.		10,218		44,551
Addsino Co. Ltd., Class A		2,000		5,139
Advanced Micro-Fabrication Equipment Inc China, Class A*		525		13,197
AECC Aviation Power Co. Ltd., Class A		2,400		24,254
Agile Group Holdings Ltd.		16,661		10,982
Agora, Inc., ADR*		806		16,845
Agricultural Bank of China Ltd., Class A		81,700		37,343
Agricultural Bank of China Ltd., Class H		312,968		103,145
Aier Eye Hospital Group Co. Ltd., Class A		5,278		35,383
Air China Ltd., Class A*		1,000		1,253
Air China Ltd., Class H*		33,420		21,043
Airtac International Group		2,235		68,727
Akeso, Inc., 144A*		4,024		25,595
Alibaba Group Holding Ltd.*		215,764		3,522,282
A-Living Smart City Services Co. Ltd., 144A		8,456		19,931
Aluminum Corp. of China Ltd., Class A*		18,200		14,865
Aluminum Corp. of China Ltd., Class H*		52,118		25,598
Anhui Conch Cement Co. Ltd., Class A		3,000		17,067
Anhui Conch Cement Co. Ltd., Class H		17,397		79,087
Anhui Gujing Distillery Co. Ltd., Class A		360		14,344
Anhui Gujing Distillery Co. Ltd., Class B		1,400		19,370
ANTA Sports Products Ltd.		15,550		247,667
Apeloa Pharmaceutical Co. Ltd., Class A		800		5,192
Asymchem Laboratories Tianjin Co. Ltd., Class A		260		20,956
Autobio Diagnostics Co. Ltd., Class A		650		5,715
Autohome, Inc., ADR		1,095		37,416
Avary Holding Shenzhen Co. Ltd., Class A		1,000		6,321
AVIC Electromechanical Systems Co. Ltd., Class A		5,000		13,351
AVIC Industry-Finance Holdings Co. Ltd., Class A		2,300		1,387
AviChina Industry & Technology Co. Ltd., Class H		37,920		24,995
Baidu, Inc., ADR*		3,945		591,119
Bank of Beijing Co. Ltd., Class A		16,300		11,214
Bank of Chengdu Co. Ltd., Class A		6,555		11,542
Bank of China Ltd., Class A		35,100		16,815
Bank of China Ltd., Class H		1,141,132		396,572
Bank of Communications Co. Ltd., Class A		33,700		24,191
Bank of Communications Co. Ltd., Class H		126,714		73,773
Bank of Hangzhou Co. Ltd., Class A		5,960		12,881
Bank of Jiangsu Co. Ltd., Class A		16,222		15,008
Bank of Nanjing Co. Ltd., Class A		8,400		11,967

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
Bank of Ningbo Co. Ltd., Class A (a)		4,700	$	28,703
Bank of Shanghai Co. Ltd., Class A		12,540		14,083
Baoshan Iron & Steel Co. Ltd., Class A		17,500		17,922
BBMG Corp., Class A		22,100		9,338
BeiGene Ltd., ADR*		669		232,498
Beijing Capital International Airport Co. Ltd., Class H*		28,744		16,735
Beijing Dabeinong Technology Group Co. Ltd., Class A		2,100		2,992
Beijing Kingsoft Office Software, Inc., Class A		328		13,954
Beijing New Building Materials PLC, Class A		1,770		7,409
Beijing Roborock Technology Co. Ltd., Class A		100		12,753
Beijing Shiji Information Technology Co. Ltd., Class A		280		1,247
Beijing Shunxin Agriculture Co. Ltd., Class A		800		4,034
Beijing Sinnet Technology Co. Ltd., Class A		1,800		4,170
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,440		6,788
Beijing United Information Technology Co. Ltd., Class A		300		5,600
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		300		11,804
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		200		5,831
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		43,500		30,884
Betta Pharmaceuticals Co. Ltd., Class A		600		7,844
BGI Genomics Co. Ltd., Class A		600		8,953
Bilibili, Inc., ADR*(b)		2,355		155,454
BOC International China Co. Ltd., Class A		2,100		4,489
BOE Technology Group Co. Ltd., Class A		33,800		25,590
BYD Co. Ltd., Class A		1,500		71,790
BYD Co. Ltd., Class H		11,477		450,956
BYD Electronic International Co. Ltd.		10,459		38,829
By-health Co. Ltd., Class A		2,100		7,765
C&S Paper Co. Ltd., Class A		1,800		4,705
Caitong Securities Co. Ltd., Class A		7,080		11,321
CanSino Biologics, Inc., Class A*		117		5,146
CanSino Biologics, Inc., Class H, 144A*(b)		1,146		25,189
CGN Power Co. Ltd., Class H, 144A		141,916		38,946
Changchun High & New Technology Industry Group, Inc., Class A		360		16,024
Changjiang Securities Co. Ltd., Class A		1,400		1,581
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		400		13,634
Chaozhou Three-Circle Group Co. Ltd., Class A		2,000		13,100
China Baoan Group Co. Ltd., Class A		1,700		4,734
China Bohai Bank Co. Ltd., Class H, 144A		45,874		13,648
China Cinda Asset Management Co. Ltd., Class H		118,807		19,044
China CITIC Bank Corp. Ltd., Class H		126,725		54,441
China Coal Energy Co. Ltd., Class H		26,975		13,560

	Number of Shares		Value
China (Continued)
China Communications Services Corp. Ltd., Class H		34,794	$	16,598
China Conch Venture Holdings Ltd.		24,732		120,679
China Construction Bank Corp., Class A		10,400		9,409
China Construction Bank Corp., Class H		1,335,720		870,154
China CSSC Holdings Ltd., Class A		5,600		21,075
China Eastern Airlines Corp. Ltd., Class A*		14,800		10,833
China Everbright Bank Co. Ltd., Class A		58,500		30,782
China Everbright Bank Co. Ltd., Class H		45,782		15,734
China Evergrande Group (b)		25,065		7,361
China Feihe Ltd., 144A		51,330		68,326
China Galaxy Securities Co. Ltd., Class H		54,983		30,319
China Greatwall Technology Group Co. Ltd., Class A		3,300		7,288
China Hongqiao Group Ltd.		33,144		32,132
China Huarong Asset Management Co. Ltd., Class H, 144A*(a)		85,265		11,153
China International Capital Corp. Ltd., Class A		1,000		7,477
China International Capital Corp. Ltd., Class H, 144A		19,680		47,698
China Jushi Co. Ltd., Class A		4,572		12,567
China Lesso Group Holdings Ltd.		16,411		23,949
China Life Insurance Co. Ltd., Class A		2,400		11,140
China Life Insurance Co. Ltd., Class H		104,776		172,522
China Literature Ltd., 144A*(b)		5,780		40,544
China Longyuan Power Group Corp. Ltd., Class H		48,283		99,067
China Medical System Holdings Ltd.		19,414		31,967
China Meidong Auto Holdings Ltd.		7,824		37,926
China Merchants Bank Co. Ltd., Class A		18,263		141,967
China Merchants Bank Co. Ltd., Class H		55,516		429,291
China Merchants Energy Shipping Co. Ltd., Class A		9,240		6,342
China Merchants Securities Co. Ltd., Class A		6,100		16,308
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		5,700		10,251
China Minsheng Banking Corp. Ltd., Class A		30,600		18,697
China Minsheng Banking Corp. Ltd., Class H		82,700		31,816
China Molybdenum Co. Ltd., Class A		15,700		14,525
China Molybdenum Co. Ltd., Class H		54,450		33,586
China National Building Material Co. Ltd., Class H		57,199		61,761
China National Chemical Engineering Co. Ltd., Class A		5,200		9,083
China National Nuclear Power Co. Ltd., Class A		11,400		12,230
China National Software & Service Co. Ltd., Class A		600		4,887
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		3,600		30,433
China Oilfield Services Ltd., Class H		26,989		21,389
China Pacific Insurance Group Co. Ltd., Class A		5,100		21,701

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
China Pacific Insurance Group Co. Ltd., Class H		38,389	$	111,258
China Petroleum & Chemical Corp., Class A		41,100		26,081
China Petroleum & Chemical Corp., Class H		348,183		152,258
China Railway Group Ltd., Class A		18,600		15,484
China Railway Group Ltd., Class H		64,875		30,865
China Resources Mixc Lifestyle Services Ltd., 144A		8,589		42,515
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		200		767
China Shenhua Energy Co. Ltd., Class A		3,965		12,169
China Shenhua Energy Co. Ltd., Class H		52,181		108,136
China Southern Airlines Co. Ltd., Class A*		15,100		14,515
China Southern Airlines Co. Ltd., Class H*(b)		17,619		9,738
China State Construction Engineering Corp. Ltd., Class A		40,000		29,153
China Suntien Green Energy Corp. Ltd., Class H		24,340		17,074
China Tourism Group Duty Free Corp. Ltd., Class A		1,600		51,633
China Tower Corp. Ltd., Class H, 144A		649,865		82,504
China TransInfo Technology Co. Ltd., Class A		1,700		3,933
China United Network Communications Ltd., Class A		26,500		16,150
China Vanke Co. Ltd., Class A		9,400		26,960
China Vanke Co. Ltd., Class H		24,841		56,257
China Yangtze Power Co. Ltd., Class A (a)		21,100		64,727
China Yuhua Education Corp. Ltd., 144A		17,128		8,193
China Zheshang Bank Co. Ltd., Class A		8,500		4,579
Chinasoft International Ltd.*		38,000		63,739
Chindata Group Holdings Ltd., ADR*		1,225		11,588
Chongqing Brewery Co. Ltd., Class A*		500		11,356
Chongqing Changan Automobile Co. Ltd., Class A		5,740		15,661
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,316		26,640
CIFI Ever Sunshine Services Group Ltd.		9,349		15,777
CIFI Holdings Group Co. Ltd.		48,411		26,385
CITIC Ltd.		88,516		79,912
CITIC Securities Co. Ltd., Class A		13,400		50,030
CITIC Securities Co. Ltd., Class H		30,249		72,151
Contemporary Amperex Technology Co. Ltd., Class A		2,064		220,454
COSCO SHIPPING Holdings Co. Ltd., Class A*		8,430		23,000
COSCO SHIPPING Holdings Co. Ltd., Class H*		53,973		92,331
Country Garden Holdings Co. Ltd.		112,321		99,098
Country Garden Services Holdings Co. Ltd.		24,853		150,272
CRRC Corp. Ltd., Class A		20,700		19,801
CRRC Corp. Ltd., Class H		50,571		22,439
CSC Financial Co. Ltd., Class A		2,925		12,878

	Number of Shares		Value
China (Continued)
CSPC Pharmaceutical Group Ltd.		127,741	$	132,360
Dada Nexus Ltd., ADR*		845		15,269
Dali Foods Group Co. Ltd., 144A		24,956		13,121
Daqo New Energy Corp., ADR*		847		48,567
DaShenLin Pharmaceutical Group Co. Ltd., Class A		800		4,431
DHC Software Co. Ltd., Class A		800		912
DiDi Global, Inc., ADR*(b)		4,365		33,305
Dong-E-E-Jiao Co. Ltd., Class A		200		1,285
Dongfang Electric Corp. Ltd., Class A		4,580		14,676
Dongfeng Motor Group Co. Ltd., Class H		39,342		36,527
Dongxing Securities Co. Ltd., Class A		600		1,127
Dongyue Group Ltd.		22,000		41,811
East Money Information Co. Ltd., Class A		8,672		47,184
Ecovacs Robotics Co. Ltd., Class A		500		12,874
ENN Energy Holdings Ltd.		11,279		211,752
Eve Energy Co. Ltd., Class A		2,067		47,479
Everbright Securities Co. Ltd., Class A		4,800		10,895
Fangda Carbon New Material Co. Ltd., Class A		3,834		7,275
Fiberhome Telecommunication Technologies Co. Ltd., Class A		1,300		3,624
First Capital Securities Co. Ltd., Class A		900		984
Flat Glass Group Co. Ltd., Class A		700		5,006
Flat Glass Group Co. Ltd., Class H (b)		6,844		30,016
Focus Media Information Technology Co. Ltd., Class A		11,720		13,015
Foshan Haitian Flavouring & Food Co. Ltd., Class A		3,376		59,550
Fosun International Ltd.		39,850		43,540
Founder Securities Co. Ltd., Class A		14,700		17,894
Foxconn Industrial Internet Co. Ltd., Class A		3,700		6,492
Fu Jian Anjoy Foods Co. Ltd., Class A		200		5,457
Fuyao Glass Industry Group Co. Ltd., Class A		2,100		15,170
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		8,369		46,095
Ganfeng Lithium Co. Ltd., Class A		1,200		31,573
Ganfeng Lithium Co. Ltd., Class H, 144A		3,714		72,442
GDS Holdings Ltd., ADR*(b)		1,284		71,955
Gemdale Corp., Class A		4,300		6,754
Genscript Biotech Corp.*		16,304		85,722
GF Securities Co. Ltd., Class A		6,700		24,563
GF Securities Co. Ltd., Class H		14,702		25,603
Giant Network Group Co. Ltd., Class A		300		476
Gigadevice Semiconductor Beijing, Inc., Class A		641		15,163
GoerTek, Inc., Class A		2,100		17,179
GOME Retail Holdings Ltd.*(b)		191,599		16,708
Gotion High-tech Co. Ltd., Class A*		1,200		12,538
Great Wall Motor Co. Ltd., Class A		1,900		17,864
Great Wall Motor Co. Ltd., Class H		46,959		196,315
Greenland Holdings Corp. Ltd., Class A		12,781		8,231
Greentown China Holdings Ltd. (b)		13,498		20,010
Greentown Service Group Co. Ltd.		20,281		19,454
Guangdong Haid Group Co. Ltd., Class A		1,885		18,997

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
Guangdong Kinlong Hardware Products Co. Ltd., Class A		400	$	9,613
Guanghui Energy Co. Ltd., Class A*		8,300		7,757
Guangzhou Automobile Group Co. Ltd., Class H		42,672		43,668
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		2,300		10,614
Guangzhou Haige Communications Group, Inc. Co., Class A		600		982
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		500		8,595
Guangzhou R&F Properties Co. Ltd., Class H		21,065		11,400
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		600		6,545
Guangzhou Tinci Materials Technology Co. Ltd., Class A		970		20,569
Guolian Securities Co. Ltd., Class A		1,900		3,745
Guosen Securities Co. Ltd., Class A		6,400		11,088
Guotai Junan Securities Co. Ltd., Class A		6,100		16,030
Guoyuan Securities Co. Ltd., Class A		6,630		7,758
Haidilao International Holding Ltd., 144A		14,948		33,009
Haier Smart Home Co. Ltd., Class A		6,500		27,791
Haier Smart Home Co. Ltd., Class H		32,251		120,765
Haitian International Holdings Ltd.		10,564		28,991
Haitong Securities Co. Ltd., Class A		7,800		14,494
Haitong Securities Co. Ltd., Class H		42,944		36,071
Hang Zhou Great Star Industrial Co. Ltd., Class A*		1,100		5,534
Hangzhou First Applied Material Co. Ltd., Class A		1,100		21,010
Hangzhou Robam Appliances Co. Ltd., Class A		200		989
Hangzhou Silan Microelectronics Co. Ltd., Class A		1,300		12,674
Hangzhou Tigermed Consulting Co. Ltd., Class A		600		12,938
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		1,579		25,169
Hansoh Pharmaceutical Group Co. Ltd., 144A		18,665		38,106
Hello Group, Inc., ADR		2,217		25,651
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,308		10,317
Hengan International Group Co. Ltd.		8,096		39,089
Hengli Petrochemical Co. Ltd., Class A		6,210		20,591
HengTen Networks Group Ltd.*		37,344		15,803
Hengyi Petrochemical Co. Ltd., Class A		7,241		11,908
Hesteel Co. Ltd., Class A		2,700		988
Hithink RoyalFlush Information Network Co. Ltd., Class A		500		9,215
Hongfa Technology Co. Ltd., Class A		500		5,695
Hua Hong Semiconductor Ltd., 144A*		6,970		46,657
Huaan Securities Co. Ltd., Class A		1,170		935
Huadian Power International Corp. Ltd., Class A		2,000		1,140
Huadong Medicine Co. Ltd., Class A		1,900		10,114

	Number of Shares		Value
China (Continued)
Huafon Chemical Co. Ltd., Class A		2,500	$	4,202
Hualan Biological Engineering, Inc., Class A		2,573		11,680
Huaneng Power International, Inc., Class A		1,200		1,170
Huaneng Power International, Inc., Class H		57,583		25,771
Huatai Securities Co. Ltd., Class A		9,300		23,109
Huatai Securities Co. Ltd., Class H, 144A		23,737		34,032
Huaxia Bank Co. Ltd., Class A		14,100		12,491
Huaxin Cement Co. Ltd., Class A		1,500		4,175
Huayu Automotive Systems Co. Ltd., Class A		2,800		11,347
Huazhu Group Ltd., ADR*		2,523		99,709
Hubei Xingfa Chemicals Group Co. Ltd., Class A		1,000		6,275
Huizhou Desay Sv Automotive Co. Ltd., Class A		400		8,735
Humanwell Healthcare Group Co. Ltd., Class A		1,500		5,007
Hunan Valin Steel Co. Ltd., Class A		4,600		3,634
Hundsun Technologies, Inc., Class A		2,223		20,395
Hygeia Healthcare Holdings Co. Ltd., 144A		4,719		36,703
Iflytek Co. Ltd., Class A		2,050		17,388
I-Mab, ADR*		471		28,477
Imeik Technology Development Co. Ltd., Class A		200		17,743
Industrial & Commercial Bank of China Ltd., Class A		50,400		36,257
Industrial & Commercial Bank of China Ltd., Class H		778,308		411,212
Industrial Bank Co. Ltd., Class A		19,100		54,031
Industrial Securities Co. Ltd., Class A		11,000		14,790
Ingenic Semiconductor Co. Ltd., Class A		600		12,826
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		49,800		22,606
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		9,600		7,992
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		5,600		34,454
Innovent Biologics, Inc., 144A*		16,718		148,678
Inspur Electronic Information Industry Co. Ltd., Class A		1,585		8,091
Intco Medical Technology Co. Ltd., Class A		450		4,615
iQIYI, Inc., ADR*		4,033		25,166
JA Solar Technology Co. Ltd., Class A		1,400		19,123
Jafron Biomedical Co. Ltd., Class A		950		7,627
Jason Furniture Hangzhou Co. Ltd., Class A		900		9,464
JCET Group Co. Ltd., Class A		1,800		9,387
JD Health International, Inc., 144A*		4,995		43,557
JD.com, Inc., ADR*		12,538		1,054,571
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,400		8,930

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
Jiangsu Expressway Co. Ltd., Class H		21,342	$	20,745
Jiangsu Hengli Hydraulic Co. Ltd., Class A		1,332		16,472
Jiangsu Hengrui Medicine Co. Ltd., Class A		6,178		48,685
Jiangsu King’s Luck Brewery JSC Ltd., Class A		1,540		13,655
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,200		32,853
Jiangsu Yoke Technology Co. Ltd., Class A		500		6,270
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,000		8,755
Jiangxi Copper Co. Ltd., Class A		500		1,790
Jiangxi Copper Co. Ltd., Class H		17,222		27,739
Jiangxi Zhengbang Technology Co. Ltd., Class A		2,800		4,262
Jinke Properties Group Co. Ltd., Class A		1,400		906
Jinxin Fertility Group Ltd., 144A*(b)		19,640		27,453
JiuGui Liquor Co. Ltd., Class A		300		10,583
Jiumaojiu International Holdings Ltd., 144A		10,200		21,164
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		2,500		4,696
Joinn Laboratories China Co. Ltd., Class A		200		4,398
Jointown Pharmaceutical Group Co. Ltd., Class A		500		1,074
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		980		5,057
Juewei Food Co. Ltd., Class A		1,200		12,237
Kanzhun Ltd., ADR*		781		24,976
KE Holdings, Inc., ADR*		5,329		106,633
Kingdee International Software Group Co. Ltd.*		36,372		110,310
Kingfa Sci & Tech Co. Ltd., Class A		1,700		3,623
Kingsoft Cloud Holdings Ltd., ADR*(b)		913		15,777
Kingsoft Corp. Ltd.		13,792		59,781
Kuaishou Technology, 144A*(b)		6,634		72,270
Kuang-Chi Technologies Co. Ltd., Class A*		1,600		5,823
Kunlun Tech Co. Ltd., Class A		1,800		5,968
Kweichow Moutai Co. Ltd., Class A		1,100		333,597
KWG Group Holdings Ltd.		16,119		11,948
LB Group Co. Ltd., Class A		2,300		10,101
Lenovo Group Ltd.		109,346		111,758
Lens Technology Co. Ltd., Class A		3,700		12,199
Lepu Medical Technology Beijing Co. Ltd., Class A		3,020		10,517
Li Auto, Inc., ADR*(b)		7,900		279,976
Li Ning Co. Ltd.		32,224		366,125
Liaoning Cheng Da Co. Ltd., Class A		400		1,161
Lingyi iTech Guangdong Co., Class A*		6,890		7,337
Logan Group Co. Ltd.		20,021		19,333
Longfor Group Holdings Ltd., 144A		26,797		127,147
LONGi Green Energy Technology Co. Ltd., Class A		4,910		67,420
Luxshare Precision Industry Co. Ltd., Class A		6,870		42,786

	Number of Shares		Value
China (Continued)
Luzhou Laojiao Co. Ltd., Class A		1,200	$	43,361
Mango Excellent Media Co. Ltd., Class A		1,803		12,322
Maxscend Microelectronics Co. Ltd., Class A		280		16,484
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		3,708		4,345
Meituan, Class B, 144A*		58,302		1,779,415
Metallurgical Corp. of China Ltd., Class A		21,700		12,918
Microport Scientific Corp.		9,200		38,461
Ming Yang Smart Energy Group Ltd., Class A		1,200		6,007
Ming Yuan Cloud Group Holdings Ltd.*(b)		5,316		15,202
Minth Group Ltd.		10,444		48,349
Montage Technology Co. Ltd., Class A		489		6,322
Muyuan Foods Co. Ltd., Class A		4,464		36,741
Nanjing Securities Co. Ltd., Class A		4,000		5,981
NARI Technology Co. Ltd., Class A		4,644		30,206
National Silicon Industry Group Co. Ltd., Class A*		1,239		5,768
NAURA Technology Group Co. Ltd., Class A		565		34,344
NavInfo Co. Ltd., Class A*		2,200		5,384
NetEase, Inc., ADR		5,787		623,434
New China Life Insurance Co. Ltd., Class A		2,100		12,505
New China Life Insurance Co. Ltd., Class H		12,167		32,532
New Hope Liuhe Co. Ltd., Class A*		4,300		9,706
New Oriental Education & Technology Group, Inc., ADR*		22,628		50,008
Ninestar Corp., Class A		200		1,377
Ningbo Joyson Electronic Corp., Class A		1,500		5,388
Ningbo Tuopu Group Co. Ltd., Class A		900		9,479
Ningxia Baofeng Energy Group Co. Ltd., Class A		6,000		15,305
NIO, Inc., ADR*		19,337		756,657
Noah Holdings Ltd., ADR*		513		18,689
Nongfu Spring Co. Ltd., Class H, 144A (b)		24,719		141,695
Offshore Oil Engineering Co. Ltd., Class A		14,000		9,478
OFILM Group Co. Ltd., Class A*		4,100		5,641
Oppein Home Group, Inc., Class A		460		8,774
Orient Securities Co. Ltd., Class A		7,100		15,680
Ovctek China, Inc., Class A		900		8,072
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		6,600		3,919
People’s Insurance Co. Group of China Ltd., Class A		6,700		4,894
People’s Insurance Co. Group of China Ltd., Class H		120,316		35,178
Perfect World Co. Ltd., Class A		2,250		6,658
PetroChina Co. Ltd., Class A		13,632		10,085
PetroChina Co. Ltd., Class H		304,188		132,239
Pharmaron Beijing Co. Ltd., Class A		700		19,968
Pharmaron Beijing Co. Ltd., Class H, 144A		1,691		34,848

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
PICC Property & Casualty Co. Ltd., Class H		97,667	$	83,539
Pinduoduo, Inc., ADR*		6,353		422,474
Ping An Bank Co. Ltd., Class A		18,300		50,130
Ping An Healthcare and Technology Co. Ltd., 144A*(b)		6,511		24,548
Ping An Insurance Group Co. of China Ltd., Class A		10,900		82,557
Ping An Insurance Group Co. of China Ltd., Class H		89,711		621,811
Poly Developments and Holdings Group Co. Ltd., Class A		9,900		21,537
Postal Savings Bank of China Co. Ltd., Class A		23,800		18,991
Postal Savings Bank of China Co. Ltd., Class H, 144A		118,157		80,155
Power Construction Corp. of China Ltd., Class A		12,201		12,591
Powerlong Real Estate Holdings Ltd.		17,536		10,569
Raytron Technology Co. Ltd., Class A		344		4,690
RiseSun Real Estate Development Co. Ltd., Class A		8,800		5,722
RLX Technology, Inc., ADR*(b)		9,012		37,039
Rongsheng Petrochemical Co. Ltd., Class A		8,875		22,583
SAIC Motor Corp. Ltd., Class A		7,700		24,129
Sailun Group Co. Ltd., Class A		2,700		5,899
Sanan Optoelectronics Co. Ltd., Class A		4,700		25,861
Sangfor Technologies, Inc., Class A		375		11,557
Sany Heavy Equipment International Holdings Co. Ltd.		15,022		15,623
Sany Heavy Industry Co. Ltd., Class A		6,400		22,015
Satellite Chemical Co. Ltd., Class A		2,000		12,409
SDIC Capital Co. Ltd., Class A		10,032		12,622
SDIC Power Holdings Co. Ltd., Class A		5,900		9,221
Seazen Group Ltd.*(a)		25,352		18,304
Seazen Holdings Co. Ltd., Class A		2,200		10,747
SF Holding Co. Ltd., Class A		3,735		35,921
SG Micro Corp., Class A		300		16,163
Shaanxi Coal Industry Co. Ltd., Class A		7,100		13,249
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		338		994
Shandong Gold Mining Co. Ltd., Class A		4,536		13,608
Shandong Gold Mining Co. Ltd., Class H, 144A		12,538		22,510
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,560		7,204
Shandong Linglong Tyre Co. Ltd., Class A		1,400		8,466
Shandong Nanshan Aluminum Co. Ltd., Class A		6,800		4,689
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		37,778		53,387
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		700		6,412
Shanghai Baosight Software Co. Ltd., Class A		1,300		13,536
Shanghai Baosight Software Co. Ltd., Class B		5,500		26,790
Shanghai Electric Group Co. Ltd., Class A		20,000		15,205

	Number of Shares		Value
China (Continued)
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,700	$	14,953
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		7,093		36,702
Shanghai International Airport Co. Ltd., Class A*		900		6,101
Shanghai International Port Group Co. Ltd., Class A		11,400		8,577
Shanghai Jahwa United Co. Ltd., Class A		700		4,604
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,100		9,016
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		22,159		20,076
Shanghai M&G Stationery, Inc., Class A		1,475		12,974
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		500		1,445
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		13,412		24,457
Shanghai Pudong Development Bank Co. Ltd., Class A		30,000		40,101
Shanghai Putailai New Energy Technology Co. Ltd., Class A		800		22,870
Shanghai RAAS Blood Products Co. Ltd., Class A		5,600		5,761
Shanxi Coking Coal Energy Group Co. Ltd., Class A		3,640		4,563
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		700		1,187
Shanxi Meijin Energy Co. Ltd., Class A*		4,700		9,966
Shanxi Securities Co. Ltd., Class A		4,050		4,020
Shanxi Taigang Stainless Steel Co. Ltd., Class A		5,900		6,645
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		980		47,722
Shenergy Co. Ltd., Class A		1,100		1,064
Shenghe Resources Holding Co. Ltd., Class A		1,600		5,612
Shengyi Technology Co. Ltd., Class A		2,455		9,100
Shennan Circuits Co. Ltd., Class A		658		10,852
Shenwan Hongyuan Group Co. Ltd., Class A		21,000		16,657
Shenzhen Capchem Technology Co. Ltd., Class A		300		5,711
Shenzhen Energy Group Co. Ltd., Class A		6,260		7,935
Shenzhen Goodix Technology Co. Ltd., Class A		565		9,765
Shenzhen Inovance Technology Co. Ltd., Class A		2,800		28,851
Shenzhen Kangtai Biological Products Co. Ltd., Class A		470		8,484
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,008		56,750
Shenzhen Overseas Chinese Town Co. Ltd., Class A		12,200		11,364
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A*		200		888
Shenzhen SC New Energy Technology Corp., Class A		300		5,711
Shenzhen Sunway Communication Co. Ltd., Class A		1,100		4,319

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
Shenzhen Transsion Holdings Co. Ltd., Class A		994	$	26,117
Shenzhou International Group Holdings Ltd.		11,865		223,667
Shimao Services Holdings Ltd., 144A (b)		7,734		9,581
Sichuan Chuantou Energy Co. Ltd., Class A		6,100		10,942
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		400		1,194
Sichuan Swellfun Co. Ltd., Class A		500		10,234
Silergy Corp.		1,129		190,437
Sinolink Securities Co. Ltd., Class A		800		1,337
Sinoma Science & Technology Co. Ltd., Class A		1,000		5,733
Sinopec Shanghai Petrochemical Co. Ltd., Class A		1,200		867
Sinopharm Group Co. Ltd., Class H		19,268		41,857
Sinotruk Hong Kong Ltd.		11,437		16,955
Skshu Paint Co. Ltd., Class A		420		7,852
Smoore International Holdings Ltd., 144A (b)		25,789		154,112
Songcheng Performance Development Co. Ltd., Class A		2,520		5,225
SooChow Securities Co. Ltd., Class A		1,040		1,429
Spring Airlines Co. Ltd., Class A*		1,200		10,367
StarPower Semiconductor Ltd., Class A		200		15,079
Sunac China Holdings Ltd.		43,294		77,949
Sunac Services Holdings Ltd., 144A		11,025		17,560
Sungrow Power Supply Co. Ltd., Class A		1,200		30,437
Suning.com Co. Ltd., Class A*		8,800		5,322
Sunny Optical Technology Group Co. Ltd.		10,422		315,146
Sunwoda Electronic Co. Ltd., Class A		1,800		14,971
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,500		9,428
Suzhou Maxwell Technologies Co. Ltd., Class A		100		11,074
TAL Education Group, ADR*(b)		5,885		30,484
TBEA Co. Ltd., Class A		3,700		13,303
TCL Technology Group Corp., Class A		12,800		12,345
Tencent Holdings Ltd.		82,141		4,839,135
Tencent Music Entertainment Group, ADR*		9,566		68,780
Thunder Software Technology Co. Ltd., Class A		400		9,862
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		3,400		24,032
Tianma Microelectronics Co. Ltd., Class A		1,000		1,963
Tingyi Cayman Islands Holding Corp.		30,830		59,699
Tongcheng-Elong Holdings Ltd.*		13,365		27,697
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		400		694
Tongkun Group Co. Ltd., Class A		2,000		6,201
Tongling Nonferrous Metals Group Co. Ltd., Class A		2,600		1,401
Tongwei Co. Ltd., Class A		3,100		21,873
Topchoice Medical Corp., Class A*		255		7,912
Topsports International Holdings Ltd., 144A		21,029		24,432

	Number of Shares		Value
China (Continued)
TravelSky Technology Ltd., Class H		13,127	$	21,716
Trip.com Group Ltd., ADR*		7,420		204,050
Tsingtao Brewery Co. Ltd., Class A		1,000		15,514
Tsingtao Brewery Co. Ltd., Class H		7,218		58,175
Unigroup Guoxin Microelectronics Co. Ltd., Class A		700		25,386
Uni-President China Holdings Ltd.		21,376		20,970
Unisplendour Corp. Ltd., Class A		2,954		11,999
Venus MedTech Hangzhou, Inc., Class H, 144A*		2,953		14,655
Vipshop Holdings Ltd., ADR*		6,610		64,580
Vnet Group, Inc., ADR*		1,523		14,804
Walvax Biotechnology Co. Ltd., Class A		1,300		14,049
Wanhua Chemical Group Co. Ltd., Class A		3,015		45,345
Want Want China Holdings Ltd.		66,381		56,098
Weibo Corp., ADR*(b)		889		35,391
Weichai Power Co. Ltd., Class A		5,900		14,299
Weichai Power Co. Ltd., Class H		28,223		50,163
Weimob, Inc., 144A*(b)		26,144		31,716
Wens Foodstuffs Group Co. Ltd., Class A		7,480		18,740
Western Securities Co. Ltd., Class A		900		1,108
Will Semiconductor Co. Ltd., Class A		618		26,440
Wingtech Technology Co. Ltd., Class A		1,035		19,947
Winning Health Technology Group Co. Ltd., Class A		2,470		6,099
Wuchan Zhongda Group Co. Ltd., Class A		4,500		4,283
Wuhan Guide Infrared Co. Ltd., Class A		2,618		10,005
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,000		3,705
Wuliangye Yibin Co. Ltd., Class A		3,200		109,574
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,200		5,239
WuXi AppTec Co. Ltd., Class A		2,057		46,526
WuXi AppTec Co. Ltd., Class H, 144A		5,158		114,894
Wuxi Biologics Cayman, Inc., 144A*		51,927		707,187
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		1,100		13,696
Wuxi Shangji Automation Co. Ltd., Class A		200		6,969
XCMG Construction Machinery Co. Ltd., Class A		8,400		7,824
Xiamen C & D, Inc., Class A		700		887
Xiaomi Corp., Class B, 144A*		202,441		500,521
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		5,333		15,329
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		8,785		19,377
Xinyi Solar Holdings Ltd.		70,876		129,973
XPeng, Inc., ADR*(b)		5,513		303,215
Yadea Group Holdings Ltd., 144A		18,437		33,053
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,100		6,744
Yanzhou Coal Mining Co. Ltd., Class A		2,200		7,851
Yanzhou Coal Mining Co. Ltd., Class H (b)		24,730		38,817
Yealink Network Technology Corp. Ltd., Class A		900		10,946

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
Yifeng Pharmacy Chain Co. Ltd., Class A		1,430	$	10,141
Yihai International Holding Ltd.*		7,063		37,860
Yihai Kerry Arawana Holdings Co. Ltd., Class A		900		8,697
Yonghui Superstores Co. Ltd., Class A		7,800		4,754
Yonyou Network Technology Co. Ltd., Class A		2,697		13,785
Yum China Holdings, Inc.		5,996		300,400
Yunda Holding Co. Ltd., Class A		3,160		9,867
Yunnan Aluminium Co. Ltd., Class A*		3,800		6,381
Yunnan Baiyao Group Co. Ltd., Class A		1,000		13,874
Yunnan Energy New Material Co. Ltd., Class A		800		31,942
Yutong Bus Co. Ltd., Class A		503		872
Zai Lab Ltd., ADR*		1,120		77,560
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		500		35,106
Zhejiang Century Huatong Group Co. Ltd., Class A*		8,280		9,533
Zhejiang Chint Electrics Co. Ltd., Class A		2,300		18,714
Zhejiang Dahua Technology Co. Ltd., Class A		4,900		18,895
Zhejiang Expressway Co. Ltd., Class H		14,525		13,691
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,252		25,447
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1,100		12,411
Zhejiang Juhua Co. Ltd., Class A		2,100		4,354
Zhejiang Longsheng Group Co. Ltd., Class A		5,300		10,414
Zhejiang NHU Co. Ltd., Class A		3,294		15,020
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		5,205		18,992
Zhejiang Supor Co. Ltd., Class A		945		9,135
Zhejiang Yongtai Technology Co. Ltd., Class A*		1,000		9,856
Zheshang Securities Co. Ltd., Class A		2,100		4,097
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		7,353		25,082
Zhongji Innolight Co. Ltd., Class A		700		4,194
Zhongjin Gold Corp. Ltd., Class A		900		1,178
Zhongsheng Group Holdings Ltd.		8,411		69,193
Zhongtai Securities Co. Ltd., Class A		4,000		6,534
Zhuzhou CRRC Times Electric Co. Ltd.		7,575		49,930
Zhuzhou Kibing Group Co. Ltd., Class A		1,800		4,518
Zijin Mining Group Co. Ltd., Class A		26,200		41,770
Zijin Mining Group Co. Ltd., Class H		73,303		97,386
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		6,976		7,648
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		19,474		12,786
ZTE Corp., Class A		2,900		13,975
ZTE Corp., Class H		11,757		31,888
ZTO Express Cayman, Inc., ADR		6,311		199,491
(Cost $28,315,982)				35,333,588
Colombia — 0.1%
Bancolombia SA		3,210		26,009
Ecopetrol SA		65,565		42,671
Grupo de Inversiones Suramericana SA		3,686		23,205

	Number of Shares		Value
Colombia (Continued)
Interconexion Electrica SA ESP		6,557	$	36,601
(Cost $135,780)				128,486
Cyprus — 0.2%
TCS Group Holding PLC, GDR (Cost $96,164)		1,744		170,668
Czech Republic — 0.1%
CEZ AS		2,186		71,433
Komercni Banka AS		1,290		49,351
Moneta Money Bank AS, 144A*		3,735		15,941
(Cost $99,991)				136,725
Egypt — 0.1%
Commercial International Bank Egypt SAE*		24,222		79,051
Eastern Co. SAE		17,485		12,423
Fawry for Banking & Payment Technology Services SAE*		6,956		5,737
(Cost $93,824)				97,211
Greece — 0.2%
Alpha Services and Holdings SA*		31,866		37,513
Eurobank Ergasias Services and Holdings SA*		34,923		34,814
FF Group*(a)		1,458		7,937
Hellenic Telecommunications Organization SA		3,550		61,417
JUMBO SA		1,558		21,892
OPAP SA		3,212		44,696
Public Power Corp. SA*		3,043		32,475
(Cost $245,816)				240,744
Hong Kong — 2.1%
Alibaba Health Information Technology Ltd.*		58,863		54,273
Alibaba Pictures Group Ltd.*		164,638		16,890
Beijing Enterprises Holdings Ltd.		8,365		28,266
Beijing Enterprises Water Group Ltd.		74,972		27,977
Bosideng International Holdings Ltd.		55,421		38,947
Brilliance China Automotive Holdings Ltd.*(a)		44,597		41,749
China Education Group Holdings Ltd.		10,753		19,774
China Everbright Environment Group Ltd.		50,593		33,608
China Gas Holdings Ltd.		45,131		81,141
China Jinmao Holdings Group Ltd.		83,744		25,559
China Mengniu Dairy Co. Ltd.*		45,368		253,079
China Merchants Port Holdings Co. Ltd.		20,235		31,191
China Overseas Land & Investment Ltd.		56,228		129,502
China Overseas Property Holdings Ltd. (b)		19,032		17,865
China Power International Development Ltd.		62,334		31,814
China Resources Beer Holdings Co. Ltd.		20,380		166,741
China Resources Cement Holdings Ltd.		36,421		26,622
China Resources Gas Group Ltd.		13,295		68,794
China Resources Land Ltd.		45,067		187,538
China Resources Power Holdings Co. Ltd.		28,622		74,326

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
China State Construction International Holdings Ltd.		27,804	$	28,168
China Taiping Insurance Holdings Co. Ltd.		23,320		32,477
China Traditional Chinese Medicine Holdings Co. Ltd.		42,000		20,251
China Youzan Ltd.*		203,418		18,260
COSCO SHIPPING Ports Ltd.		28,790		22,632
Far East Horizon Ltd.		29,983		26,030
Geely Automobile Holdings Ltd.		85,107		252,658
Guangdong Investment Ltd.		44,544		59,293
Hopson Development Holdings Ltd.		9,788		23,849
Huabao International Holdings Ltd.		14,000		40,305
Hutchmed China Ltd., ADR*		1,246		42,190
Kingboard Holdings Ltd.		9,863		49,454
Kingboard Laminates Holdings Ltd.		14,352		25,435
Kunlun Energy Co. Ltd.		54,388		51,194
Lee & Man Paper Manufacturing Ltd.		18,661		12,875
Nine Dragons Paper Holdings Ltd.		27,294		30,661
Shenzhen International Holdings Ltd.		20,427		22,266
Shimao Group Holdings Ltd.		18,475		21,323
Sino Biopharmaceutical Ltd.		144,666		105,559
Sun Art Retail Group Ltd. (b)		25,367		10,312
Vinda International Holdings Ltd.		5,708		15,445
Wharf Holdings Ltd.		19,318		67,506
Yuexiu Property Co. Ltd.		21,274		19,861
(Cost $1,957,867)				2,353,660
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		5,888		44,280
OTP Bank Nyrt*		3,183		176,259
Richter Gedeon Nyrt		2,049		54,531
(Cost $165,298)				275,070
India — 11.9%
ACC Ltd.		1,207		36,721
Adani Enterprises Ltd.		3,973		87,908
Adani Green Energy Ltd.*		5,813		100,198
Adani Ports & Special Economic Zone Ltd.		7,464		67,919
Adani Total Gas Ltd.		3,933		83,726
Adani Transmission Ltd.*		3,928		94,055
Ambuja Cements Ltd.		9,929		49,491
Apollo Hospitals Enterprise Ltd.		1,400		105,956
Asian Paints Ltd.		5,463		228,519
Aurobindo Pharma Ltd.		4,001		35,151
Avenue Supermarts Ltd., 144A*		2,465		154,517
Axis Bank Ltd.*		8,590		74,941
Axis Bank Ltd., GDR*		4,537		201,443
Bajaj Auto Ltd.		630		27,163
Bajaj Finance Ltd.		3,914		364,422
Bajaj Finserv Ltd.		589		135,096
Balkrishna Industries Ltd.		1,411		40,831
Bandhan Bank Ltd., 144A		9,449		34,255
Berger Paints India Ltd.		3,231		32,320
Bharat Electronics Ltd.		17,144		46,480
Bharat Forge Ltd.		3,229		29,803
Bharat Petroleum Corp. Ltd.		12,581		61,940

	Number of Shares		Value
India (Continued)
Bharti Airtel Ltd.*		34,983	$	338,996
Biocon Ltd.*		6,024		28,889
Britannia Industries Ltd.		1,548		73,031
Cholamandalam Investment and Finance Co. Ltd.		5,759		42,185
Cipla Ltd.		7,037		90,949
Coal India Ltd.		21,989		44,474
Colgate-Palmolive India Ltd.		1,912		36,492
Container Corp. Of India Ltd.		3,854		31,795
Dabur India Ltd.		8,801		69,674
Divi’s Laboratories Ltd.		1,995		129,513
DLF Ltd.		9,082		45,294
Dr. Reddy’s Laboratories Ltd., ADR		1,701		106,210
Eicher Motors Ltd.		2,050		64,661
GAIL India Ltd.		20,635		35,640
Godrej Consumer Products Ltd.*		5,127		62,975
Godrej Properties Ltd.*		1,667		44,290
Grasim Industries Ltd.		3,716		82,202
Havells India Ltd.		3,538		64,042
HCL Technologies Ltd.		15,687		237,677
HDFC Asset Management Co. Ltd., 144A		732		24,461
HDFC Life Insurance Co. Ltd., 144A		11,513		104,295
Hero MotoCorp Ltd.		1,023		33,341
Hindalco Industries Ltd.		23,592		129,571
Hindustan Petroleum Corp. Ltd.		8,633		33,899
Hindustan Unilever Ltd.		11,868		365,985
Housing Development Finance Corp. Ltd.		24,305		864,505
ICICI Bank Ltd., ADR		10,048		185,486
ICICI Bank Ltd.		54,239		515,560
ICICI Lombard General Insurance Co. Ltd., 144A		3,203		61,260
ICICI Prudential Life Insurance Co. Ltd., 144A		5,085		40,127
Indian Oil Corp. Ltd.		25,147		39,802
Indian Railway Catering & Tourism Corp. Ltd.		3,220		34,069
Indraprastha Gas Ltd.		4,455		28,706
Indus Towers Ltd.		9,712		36,760
Info Edge India Ltd.		1,102		85,122
Infosys Ltd.		27,223		620,385
Infosys Ltd., ADR		21,960		495,857
InterGlobe Aviation Ltd., 144A*		1,544		39,139
ITC Ltd.		37,574		110,568
JSW Steel Ltd.		12,711		102,902
Jubilant Foodworks Ltd.		1,061		51,545
Kotak Mahindra Bank Ltd.		7,895		206,104
Larsen & Toubro Infotech Ltd., 144A		791		71,674
Larsen & Toubro Ltd.		9,248		217,164
Lupin Ltd.		3,643		42,871
Mahindra & Mahindra Ltd.		12,471		138,645
Marico Ltd.		7,349		52,644
Maruti Suzuki India Ltd.		1,930		181,509
Mindtree Ltd.		900		51,837
Motherson Sumi Systems Ltd.		18,654		52,088
Mphasis Ltd.		1,109		42,723
MRF Ltd.		31		30,785
Muthoot Finance Ltd.		1,978		37,537

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
India (Continued)
Nestle India Ltd.		485	$	123,602
NTPC Ltd.		69,396		117,503
Oil & Natural Gas Corp. Ltd.		35,593		67,300
Page Industries Ltd.		93		47,508
Petronet LNG Ltd.		11,514		33,683
PI Industries Ltd.		1,322		50,477
Pidilite Industries Ltd.		1,989		58,380
Piramal Enterprises Ltd.		1,435		46,177
Power Grid Corp. of India Ltd.		44,875		123,454
Reliance Industries Ltd.		1,596		51,083
Reliance Industries Ltd., GDR, 144A		19,428		1,241,449
SBI Cards & Payment Services Ltd.*		3,211		40,611
SBI Life Insurance Co. Ltd., 144A		6,495		100,300
Shree Cement Ltd.		158		54,877
Shriram Transport Finance Co. Ltd.		2,939		55,012
Siemens Ltd.		1,068		30,581
SRF Ltd.		1,925		51,379
State Bank of India		25,942		158,978
Sun Pharmaceutical Industries Ltd.		12,424		124,583
Tata Consultancy Services Ltd.		12,988		609,915
Tata Consumer Products Ltd.		9,152		94,817
Tata Motors Ltd., ADR*(b)		5,045		154,074
Tata Power Co. Ltd.		19,890		57,379
Tata Steel Ltd.		10,178		145,074
Tech Mahindra Ltd.		9,128		187,224
Titan Co. Ltd.		5,070		160,258
Torrent Pharmaceuticals Ltd.		795		32,180
Trent Ltd.		2,877		38,833
UltraTech Cement Ltd.		1,407		139,174
United Spirits Ltd.*		4,191		49,239
UPL Ltd.		7,512		68,141
Vedanta Ltd.		16,541		74,581
Wipro Ltd., ADR		8,076		68,969
Wipro Ltd.		11,944		101,278
Yes Bank Ltd.*		179,838		29,673
Zomato Ltd.*		19,945		40,486
(Cost $8,177,651)				13,479,002
Indonesia — 1.4%
Aneka Tambang Tbk		120,904		19,416
PT Adaro Energy Tbk		190,060		22,559
PT Astra International Tbk		303,816		122,502
PT Bank Central Asia Tbk		792,190		402,387
PT Bank Mandiri Persero Tbk		275,574		134,684
PT Bank Negara Indonesia Persero Tbk		125,100		59,395
PT Bank Rakyat Indonesia Persero Tbk		930,595		265,745
PT Barito Pacific Tbk		449,719		28,887
PT Charoen Pokphand Indonesia Tbk		109,663		46,514
PT Gudang Garam Tbk		7,952		17,434
PT Indah Kiat Pulp & Paper Tbk		38,261		20,169
PT Indocement Tunggal Prakarsa Tbk		22,241		16,422
PT Indofood CBP Sukses Makmur Tbk		34,858		20,566
PT Indofood Sukses Makmur Tbk		57,856		25,449
PT Kalbe Farma Tbk		277,474		30,997
PT Merdeka Copper Gold Tbk*		142,354		36,377
PT Sarana Menara Nusantara Tbk		321,012		25,999
PT Semen Indonesia Persero Tbk		50,446		28,177

	Number of Shares		Value
Indonesia (Continued)
PT Telkom Indonesia Persero Tbk		698,598	$	194,617
PT Tower Bersama Infrastructure Tbk		110,896		23,383
PT Unilever Indonesia Tbk		111,130		34,761
PT United Tractors Tbk		25,029		37,310
(Cost $1,450,154)				1,613,750
Kuwait — 0.6%
Agility Public Warehousing Co. KSC		17,118		52,174
Boubyan Bank KSCP*		19,212		48,141
Kuwait Finance House KSCP		66,601		174,373
Mabanee Co KPSC		7,944		20,484
Mobile Telecommunications Co. KSCP		28,925		54,408
National Bank of Kuwait SAKP		98,994		322,017
(Cost $542,669)				671,597
Luxembourg — 0.0%
Reinet Investments SCA (Cost $39,434)		2,089		34,602
Malaysia — 1.3%
AMMB Holdings Bhd*		25,746		19,318
Axiata Group Bhd		42,599		39,448
CIMB Group Holdings Bhd		87,543		107,675
Dialog Group Bhd		58,336		35,460
DiGi.Com Bhd		45,860		45,408
Fraser & Neave Holdings Bhd		1,800		10,941
Genting Bhd		32,067		33,502
Genting Malaysia Bhd		48,934		32,185
HAP Seng Consolidated Bhd		8,151		14,709
Hartalega Holdings Bhd		26,202		40,378
Hong Leong Bank Bhd		10,141		43,535
Hong Leong Financial Group Bhd		2,700		11,027
IHH Healthcare Bhd		21,735		33,959
Inari Amertron Bhd		41,500		41,288
IOI Corp. Bhd		32,394		28,306
Kuala Lumpur Kepong Bhd		7,010		35,021
Malayan Banking Bhd		60,540		114,712
Malaysia Airports Holdings Bhd*		16,200		22,041
Maxis Bhd		32,096		35,666
MISC Bhd		20,700		32,686
Nestle Malaysia Bhd		800		25,378
Petronas Chemicals Group Bhd		37,924		76,541
Petronas Dagangan Bhd		4,104		19,392
Petronas Gas Bhd		10,735		42,874
PPB Group Bhd		9,962		42,152
Press Metal Aluminium Holdings Bhd		44,100		56,022
Public Bank Bhd		197,010		184,310
QL Resources Bhd		17,100		18,474
RHB Bank Bhd		25,259		31,667
Sime Darby Bhd		34,123		17,744
Sime Darby Plantation Bhd		28,823		25,186
Telekom Malaysia Bhd		16,645		21,975
Tenaga Nasional Bhd		32,205		70,658
Top Glove Corp. Bhd		80,500		56,005
Westports Holdings Bhd		14,807		14,239
(Cost $1,507,980)				1,479,882

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Mexico — 1.8%
Alfa SAB de CV, Class A		34,251	$	24,487
America Movil SAB de CV, Series L		476,632		418,116
Arca Continental SAB de CV		6,647		40,538
Becle SAB de CV		8,852		20,274
Cemex SAB de CV, Series CPO*		213,459		132,401
Coca-Cola Femsa SAB de CV		8,593		42,203
Fibra Uno Administracion SA de CV REIT		49,523		45,499
Fomento Economico Mexicano SAB de CV		27,772		197,451
Gruma SAB de CV, Class B		3,316		40,194
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		5,275		60,933
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,041		55,712
Grupo Bimbo SAB de CV, Series A		23,488		61,583
Grupo Carso SAB de CV, Series A1		6,873		19,991
Grupo Financiero Banorte SAB de CV, Class O		36,604		218,728
Grupo Financiero Inbursa SAB de CV, Class O*		31,548		30,441
Grupo Mexico SAB de CV, Series B		43,503		182,026
Grupo Televisa SAB, Series CPO		34,758		64,207
Industrias Penoles SAB de CV		2,241		27,475
Kimberly-Clark de Mexico SAB de CV, Class A		24,734		38,838
Megacable Holdings SAB de CV, Series CPO		3,615		10,021
Orbia Advance Corp. SAB de CV		16,857		39,260
Promotora y Operadora de Infraestructura SAB de CV		2,738		18,828
Telesites SAB de CV		14,219		12,586
Wal-Mart de Mexico SAB de CV		74,073		232,764
(Cost $2,352,946)				2,034,556
Peru — 0.2%
Cia de Minas Buenaventura SAA, ADR*(b)		3,292		24,065
Credicorp Ltd.		987		116,466
Southern Copper Corp.		1,285		75,172
(Cost $253,077)				215,703
Philippines — 0.7%
Aboitiz Equity Ventures, Inc.		27,490		26,789
AC Energy Corp.		103,500		23,171
Ayala Corp.		3,826		63,482
Ayala Land, Inc.		120,724		82,663
Bank of the Philippine Islands		24,904		44,979
BDO Unibank, Inc.		28,395		69,881
Globe Telecom, Inc.		439		28,596
GT Capital Holdings, Inc.		1,565		17,705
International Container Terminal Services, Inc.		14,591		57,310
JG Summit Holdings, Inc.		42,654		47,873
Jollibee Foods Corp.		7,083		33,036
Manila Electric Co.		3,760		21,492
Metro Pacific Investments Corp.		192,127		15,481
Metropolitan Bank & Trust Co.		28,512		28,238
Monde Nissin Corp., 144A*		45,600		15,404

	Number of Shares		Value
Philippines (Continued)
PLDT, Inc.		1,061	$	35,377
SM Investments Corp.		3,463		67,356
SM Prime Holdings, Inc.		148,591		110,297
Universal Robina Corp.		13,309		35,131
(Cost $878,165)				824,261
Poland — 0.7%
Allegro.eu SA, 144A*		5,002		47,941
Bank Polska Kasa Opieki SA		2,788		80,609
CD Projekt SA		1,001		44,542
Cyfrowy Polsat SA		2,976		25,418
Dino Polska SA, 144A*		763		63,199
KGHM Polska Miedz SA		2,073		71,191
LPP SA		15		48,865
mBank SA*		187		22,082
Orange Polska SA*		8,810		18,308
PGE Polska Grupa Energetyczna SA*		12,284		24,788
Polski Koncern Naftowy ORLEN SA		4,107		71,877
Polskie Gornictwo Naftowe i Gazownictwo SA		27,442		36,988
Powszechna Kasa Oszczednosci Bank Polski SA*		12,590		133,465
Powszechny Zaklad Ubezpieczen SA		8,923		78,081
Santander Bank Polska SA		485		43,066
(Cost $837,702)				810,420
Qatar — 0.7%
Barwa Real Estate Co.		30,787		26,136
Commercial Bank PSQC		28,021		50,409
Industries Qatar QSC		21,307		84,971
Masraf Al Rayan QSC		54,613		72,747
Mesaieed Petrochemical Holding Co.		66,023		37,717
Ooredoo QPSC		9,806		18,314
Qatar Electricity & Water Co. QSC		5,883		26,660
Qatar Fuel QSC		7,765		38,814
Qatar Gas Transport Co. Ltd.		33,234		30,122
Qatar International Islamic Bank QSC		12,810		32,755
Qatar Islamic Bank SAQ		15,836		74,809
Qatar National Bank QPSC		64,992		346,112
(Cost $657,977)				839,566
Romania — 0.0%
NEPI Rockcastle PLC (Cost $85,530)		6,574		40,775
Russia — 3.5%
Alrosa PJSC		35,559		61,767
Gazprom PJSC		168,751		770,697
Inter RAO UES PJSC		502,967		29,077
LUKOIL PJSC		3,627		322,898
LUKOIL PJSC, ADR		2,366		206,410
Magnit PJSC, GDR		4,783		73,897
MMC Norilsk Nickel PJSC		905		265,335
Mobile TeleSystems PJSC, ADR		6,756		54,116
Moscow Exchange MICEX-RTS PJSC		21,243		43,534
Novatek PJSC, GDR		1,313		287,678
Novolipetsk Steel PJSC		21,701		63,408
Ozon Holdings PLC, ADR*		718		29,536

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Russia (Continued)
PhosAgro PJSC, GDR		2,205	$	48,642
Polymetal International PLC		5,014		94,070
Polyus PJSC		488		95,577
Rosneft Oil Co. PJSC		552		4,239
Rosneft Oil Co. PJSC, GDR		15,924		120,608
Sberbank of Russia PJSC		150,593		648,022
Severstal PAO		725		15,439
Severstal PAO, GDR		2,304		48,384
Surgutneftegas PJSC, ADR		11,096		54,104
Tatneft PJSC		18,413		118,609
United Co RUSAL International PJSC*		40,289		37,631
VK Co. Ltd., GDR*		1,733		29,354
VTB Bank PJSC		43,225,935		27,932
VTB Bank PJSC, GDR		3,374		4,130
X5 Retail Group NV, GDR		1,793		50,520
Yandex NV, Class A*		4,381		318,954
(Cost $2,987,466)				3,924,568
Saudi Arabia — 3.2%
Abdullah Al Othaim Markets Co.		731		20,849
Advanced Petrochemical Co.		1,850		33,779
Al Rajhi Bank		17,610		620,546
Alinma Bank		13,590		82,520
Almarai Co. JSC		3,503		44,679
Arab National Bank		8,632		50,343
Bank AlBilad*		5,350		61,178
Bank Al-Jazira		5,352		25,907
Banque Saudi Fransi		8,345		89,420
Bupa Arabia for Cooperative Insurance Co.		826		29,723
Co. for Cooperative Insurance		703		14,523
Dar Al Arkan Real Estate Development Co.*		6,066		14,795
Dr Sulaiman Al Habib Medical Services Group Co.		727		31,819
Emaar Economic City*		7,036		20,780
Etihad Etisalat Co.		5,612		46,971
Jarir Marketing Co.		796		39,338
Mobile Telecommunications Co. Saudi Arabia*		7,368		24,078
Mouwasat Medical Services Co.		634		28,864
National Industrialization Co.*		4,594		24,613
National Petrochemical Co.		1,664		17,742
Rabigh Refining & Petrochemical Co.*		4,036		23,668
Riyad Bank		19,664		146,762
SABIC Agri-Nutrients Co.		3,093		142,300
Sahara International Petrochemical Co.		5,286		54,176
Saudi Arabian Mining Co.*		6,296		119,993
Saudi Arabian Oil Co., 144A		30,444		281,183
Saudi Basic Industries Corp.		12,894		371,876
Saudi British Bank		11,841		94,688
Saudi Cement Co.		1,309		19,400
Saudi Electricity Co.		12,439		78,249
Saudi Industrial Investment Group		3,185		25,681
Saudi Kayan Petrochemical Co.*		10,081		44,821
Saudi National Bank		31,486		506,918
Saudi Telecom Co.		8,632		255,398

	Number of Shares		Value
Saudi Arabia (Continued)
Savola Group		3,773	$	31,378
Yanbu National Petrochemical Co.		3,623		61,517
(Cost $2,878,747)				3,580,475
Singapore — 0.1%
BOC Aviation Ltd., 144A		2,787		19,675
JOYY, Inc., ADR (b)		842		43,110
(Cost $73,772)				62,785
South Africa — 3.0%
Absa Group Ltd. (b)		10,625		89,516
African Rainbow Minerals Ltd.		1,500		19,429
Anglo American Platinum Ltd.		805		86,091
AngloGold Ashanti Ltd.		6,238		135,346
Aspen Pharmacare Holdings Ltd.		5,520		82,691
Bid Corp. Ltd.		4,775		91,561
Bidvest Group Ltd.		3,798		43,174
Capitec Bank Holdings Ltd.		1,153		132,155
Clicks Group Ltd.		2,584		46,059
Discovery Ltd.*		6,102		51,133
Exxaro Resources Ltd.		4,047		38,628
FirstRand Ltd.		72,275		253,701
Gold Fields Ltd.		12,981		153,683
Growthpoint Properties Ltd. REIT		44,381		37,252
Harmony Gold Mining Co. Ltd.		8,562		36,821
Impala Platinum Holdings Ltd.		11,570		147,198
Kumba Iron Ore Ltd.		971		27,686
Mr Price Group Ltd.		3,846		48,120
MTN Group Ltd.*		24,660		250,538
MultiChoice Group		5,575		43,117
Naspers Ltd., Class N*		2,966		458,418
Nedbank Group Ltd.		6,372		66,176
Northam Platinum Holdings Ltd.*		5,374		75,070
Old Mutual Ltd.		69,562		53,139
Pepkor Holdings Ltd., 144A*		12,091		16,671
Rand Merchant Investment Holdings Ltd.		12,924		34,006
Remgro Ltd.		7,357		58,060
Sanlam Ltd.		26,814		93,398
Sasol Ltd.*		8,142		135,837
Shoprite Holdings Ltd.		7,115		88,198
Sibanye Stillwater Ltd.		39,629		125,677
SPAR Group Ltd.		3,034		31,017
Standard Bank Group Ltd.		18,791		153,164
Tiger Brands Ltd.		2,448		27,586
Vodacom Group Ltd.		9,413		79,015
Woolworths Holdings Ltd.		15,153		49,160
(Cost $4,046,627)				3,358,491
South Korea — 11.4%
Alteogen, Inc.*		431		24,926
Amorepacific Corp.		484		63,968
AMOREPACIFIC Group		396		13,751
BGF retail Co. Ltd.		104		12,782
Celltrion Healthcare Co. Ltd.*		1,229		83,802
Celltrion Pharm, Inc.*		235		23,739
Celltrion, Inc.*		1,394		242,914
Cheil Worldwide, Inc.		1,203		21,976
CJ CheilJedang Corp.		119		35,463

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
CJ Corp.		217	$	14,614
CJ ENM Co. Ltd.		150		17,148
CJ Logistics Corp.*		125		13,048
Coway Co. Ltd.		806		45,935
DB Insurance Co. Ltd.		766		34,692
Doosan Bobcat, Inc.*		786		23,953
Doosan Heavy Industries & Construction Co. Ltd.*		3,848		61,547
Douzone Bizon Co. Ltd.		297		18,852
Ecopro BM Co. Ltd.		156		71,362
E-MART, Inc.		280		33,707
F&F Co. Ltd. / New*		44		30,743
Green Cross Corp.		92		16,884
GS Engineering & Construction Corp.		1,008		31,142
GS Holdings Corp.		689		21,751
Hana Financial Group, Inc.		4,277		142,219
Hankook Tire & Technology Co. Ltd.		965		31,195
Hanmi Pharm. Co. Ltd.		92		19,555
Hanon Systems		2,382		25,968
Hanwha Solutions Corp.*		1,748		48,560
HLB, Inc.*		1,357		41,125
HMM Co. Ltd.*		3,714		73,786
Hotel Shilla Co. Ltd.		477		28,349
HYBE Co. Ltd.*		194		59,528
Hyundai Engineering & Construction Co. Ltd.		1,192		44,353
Hyundai Glovis Co. Ltd.		255		31,234
Hyundai Heavy Industries Holdings Co. Ltd.		670		29,837
Hyundai Mobis Co. Ltd.		964		178,939
Hyundai Motor Co.		1,959		322,405
Hyundai Steel Co.		1,375		42,943
Iljin Materials Co. Ltd.		324		35,048
Industrial Bank of Korea		4,197		36,391
Kakao Corp.		4,485		460,620
Kakao Games Corp.*		422		35,028
KakaoBank Corp.*		1,119		61,795
Kangwon Land, Inc.*		869		16,094
KB Financial Group, Inc.		5,695		253,132
Kia Corp.		3,791		248,287
Korea Aerospace Industries Ltd.		1,128		25,923
Korea Electric Power Corp.		3,690		64,456
Korea Investment Holdings Co. Ltd.		643		40,759
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		558		41,102
Korea Zinc Co. Ltd.		125		51,930
Korean Air Lines Co. Ltd.*		2,411		53,785
Krafton, Inc.*		304		128,725
KT&G Corp.		1,662		114,587
Kumho Petrochemical Co. Ltd.		276		36,013
L&F Co. Ltd.		319		60,234
LG Chem Ltd.		663		387,341
LG Corp.		1,225		80,849
LG Display Co. Ltd.*		3,412		57,159
LG Electronics, Inc.		1,543		150,026
LG Household & Health Care Ltd.		135		119,783
LG Innotek Co. Ltd.		213		54,599

	Number of Shares		Value
South Korea (Continued)
LG Uplus Corp.		3,060	$	34,904
Lotte Chemical Corp.		234		39,693
Lotte Shopping Co. Ltd.		157		11,036
Meritz Securities Co. Ltd.		4,531		19,014
Mirae Asset Securities Co. Ltd.		4,078		29,455
NAVER Corp.		1,780		570,907
NCSoft Corp.		244		139,880
Netmarble Corp., 144A		348		34,276
NH Investment & Securities Co. Ltd.		1,668		17,341
Orion Corp.		372		30,408
Pan Ocean Co. Ltd.		4,052		17,635
Pearl Abyss Corp.*		475		52,662
POSCO		1,064		233,777
POSCO Chemical Co. Ltd.		442		58,603
S-1 Corp.		230		14,231
Samsung Biologics Co. Ltd., 144A*		245		183,353
Samsung C&T Corp.		1,198		106,397
Samsung Electro-Mechanics Co. Ltd.		743		104,141
Samsung Electronics Co. Ltd.		67,749		4,066,423
Samsung Engineering Co. Ltd.*		2,216		38,709
Samsung Fire & Marine Insurance Co. Ltd.		463		78,732
Samsung Heavy Industries Co. Ltd.*		8,991		38,374
Samsung Life Insurance Co. Ltd.		1,039		52,304
Samsung SDI Co. Ltd.		789		456,968
Samsung SDS Co. Ltd.		522		63,058
Samsung Securities Co. Ltd.		639		23,857
SD Biosensor, Inc.*		366		17,993
Seegene, Inc.		518		33,010
Shin Poong Pharmaceutical Co. Ltd.		508		14,070
Shinhan Financial Group Co. Ltd.		6,243		182,103
SK Biopharmaceuticals Co. Ltd.*		373		29,924
SK Bioscience Co. Ltd.*		291		68,714
SK Chemicals Co. Ltd.		163		19,073
SK Hynix, Inc.		7,703		739,239
SK IE Technology Co. Ltd., 144A*		302		39,533
SK Innovation Co. Ltd.*		729		119,362
SK Square Co. Ltd.*		229		13,109
SK Telecom Co. Ltd.		355		16,287
SK, Inc.		615		134,348
SKC Co. Ltd.		290		48,337
S-Oil Corp.		642		43,182
Woori Financial Group, Inc.		7,256		76,964
Yuhan Corp.		787		38,293
(Cost $7,732,196)				12,842,040
Taiwan — 14.9%
Accton Technology Corp.		7,308		75,828
Acer, Inc.		42,329		42,170
Advantech Co. Ltd.		5,732		78,751
ASE Technology Holding Co. Ltd.		47,703		174,997
Asia Cement Corp.		21,679		32,747
ASMedia Technology, Inc.		416		29,100
Asustek Computer, Inc.		9,964		126,322
AU Optronics Corp.		116,186		83,991
Catcher Technology Co. Ltd.		7,116		39,669
Cathay Financial Holding Co. Ltd.		111,360		240,306

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Chailease Holding Co. Ltd.		18,724	$	166,334
Chang Hwa Commercial Bank Ltd.		65,720		38,764
Cheng Shin Rubber Industry Co. Ltd.		27,949		33,674
China Development Financial Holding Corp.		185,186		109,229
China Life Insurance Co. Ltd.		24,850		27,393
China Steel Corp.		170,180		199,225
Chunghwa Telecom Co. Ltd.		55,440		223,319
Compal Electronics, Inc.		58,387		48,613
CTBC Financial Holding Co. Ltd.		260,703		228,781
Delta Electronics, Inc.		27,816		256,106
E.Sun Financial Holding Co. Ltd.		175,340		169,951
Eclat Textile Co. Ltd.		2,758		57,631
eMemory Technology, Inc.		921		71,217
Evergreen Marine Corp. Taiwan Ltd.		37,487		167,855
Far Eastern New Century Corp.		45,483		45,639
Far EasTone Telecommunications Co. Ltd.		24,704		54,642
Feng TAY Enterprise Co. Ltd.		6,259		45,809
First Financial Holding Co. Ltd.		152,735		126,892
Formosa Chemicals & Fibre Corp.		48,601		136,515
Formosa Petrochemical Corp.		16,223		55,663
Formosa Plastics Corp.		53,724		198,051
Foxconn Technology Co. Ltd.		13,464		31,572
Fubon Financial Holding Co. Ltd.		106,242		279,318
Giant Manufacturing Co. Ltd.		4,768		53,417
Globalwafers Co. Ltd.		3,091		90,603
Hiwin Technologies Corp.		3,793		38,947
Hon Hai Precision Industry Co. Ltd.		175,111		651,837
Hotai Motor Co. Ltd.		4,564		99,473
Hua Nan Financial Holdings Co. Ltd.		129,268		93,913
Innolux Corp.		132,196		82,966
Inventec Corp.		37,871		35,141
Largan Precision Co. Ltd.		1,482		106,068
Lite-On Technology Corp.		32,588		70,674
MediaTek, Inc.		21,400		777,356
Mega Financial Holding Co. Ltd.		156,078		191,979
Micro-Star International Co. Ltd.		10,332		60,570
momo.com, Inc.		650		41,612
Nan Ya Plastics Corp.		72,304		214,537
Nan Ya Printed Circuit Board Corp.		3,188		71,776
Nanya Technology Corp.		18,555		49,517
Nien Made Enterprise Co. Ltd.		2,452		33,511
Novatek Microelectronics Corp.		8,254		138,188
Oneness Biotech Co. Ltd.*		3,573		38,230
Pegatron Corp.		29,346		70,292
Pou Chen Corp.		37,225		42,909
President Chain Store Corp.		8,416		81,422
Quanta Computer, Inc.		39,057		120,664
Realtek Semiconductor Corp.		6,665		133,039
Ruentex Development Co. Ltd.		20,074		46,350
Shanghai Commercial & Savings Bank Ltd.		50,995		85,009
Shin Kong Financial Holding Co. Ltd.		147,522		55,975
SinoPac Financial Holdings Co. Ltd.		149,821		82,442
Synnex Technology International Corp.		18,736		39,353
Taishin Financial Holding Co. Ltd.		154,172		103,134
Taiwan Cement Corp.		70,696		116,960

	Number of Shares		Value
Taiwan (Continued)
Taiwan Cooperative Financial Holding Co. Ltd.		143,518	$	122,590
Taiwan High Speed Rail Corp.		11,983		12,778
Taiwan Mobile Co. Ltd.		23,924		83,462
Taiwan Semiconductor Manufacturing Co. Ltd.		350,838		7,520,346
Unimicron Technology Corp.		17,396		142,649
Uni-President Enterprises Corp.		67,885		159,675
United Microelectronics Corp.		170,400		390,386
Vanguard International Semiconductor Corp.		14,065		78,407
Voltronic Power Technology Corp.		950		54,155
Wan Hai Lines Ltd.		8,778		49,408
Win Semiconductors Corp.		4,929		64,262
Winbond Electronics Corp.		43,782		50,467
Wistron Corp.		42,619		43,838
Wiwynn Corp.		1,267		47,847
WPG Holdings Ltd.		21,771		39,385
Yageo Corp.		5,435		89,233
Yang Ming Marine Transport Corp.*		22,682		94,221
Yuanta Financial Holding Co. Ltd.		131,601		112,174
Zhen Ding Technology Holding Ltd.		9,466		33,364
(Cost $7,246,261)				16,802,585
Thailand — 1.6%
Advanced Info Service PCL, NVDR		16,774		102,543
Airports of Thailand PCL, NVDR		62,900		111,530
Asset World Corp. PCL, NVDR*		125,500		15,940
B Grimm Power PCL, NVDR		10,800		12,660
Bangkok Commercial Asset Management PCL, NVDR		25,700		14,948
Bangkok Dusit Medical Services PCL, NVDR		121,600		80,471
Bangkok Expressway & Metro PCL, NVDR		109,100		27,358
Berli Jucker PCL, NVDR		19,000		18,607
BTS Group Holdings PCL, NVDR		125,844		34,358
Bumrungrad Hospital PCL, NVDR		7,000		29,913
Carabao Group PCL, NVDR		4,600		15,494
Central Pattana PCL, NVDR		27,200		41,973
Central Retail Corp. PCL, NVDR		28,600		27,159
Charoen Pokphand Foods PCL, NVDR		54,743		38,664
CP ALL PCL, NVDR		83,100		144,264
Delta Electronics Thailand PCL, NVDR		4,437		58,725
Electricity Generating PCL, NVDR		3,900		19,212
Energy Absolute PCL, NVDR		22,900		55,725
Global Power Synergy PCL, NVDR		10,800		23,557
Gulf Energy Development PCL, NVDR		41,850		48,746
Home Product Center PCL, NVDR		59,000		23,812
Indorama Ventures PCL, NVDR		28,597		33,309
Intouch Holdings PCL, NVDR		16,000		34,543
Krung Thai Bank PCL, NVDR		40,206		13,483
Krungthai Card PCL, NVDR		11,200		17,782
Land & Houses PCL, NVDR		124,100		30,751
Minor International PCL, NVDR*		44,960		36,358
Muangthai Capital PCL, NVDR		10,100		16,785
Osotspa PCL, NVDR		15,300		14,529
PTT Exploration & Production PCL, NVDR		20,213		68,081

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Thailand (Continued)
PTT Global Chemical PCL, NVDR		31,000	$	51,747
PTT Oil & Retail Business PCL, NVDR		42,700		31,679
PTT PCL		14,200		14,960
PTT PCL, NVDR		131,380		138,408
Ratch Group PCL, NVDR		11,200		14,375
SCG Packaging PCL, NVDR		18,600		34,222
Siam Cement PCL		4,758		52,525
Siam Cement PCL, NVDR		6,200		68,444
Siam Commercial Bank PCL, NVDR		12,098		43,800
Sri Trang Gloves Thailand PCL, NVDR		11,800		10,505
Srisawad Corp. PCL, NVDR		10,800		19,230
Thai Oil PCL, NVDR		18,157		25,055
Thai Union Group PCL, NVDR		39,800		23,268
True Corp. PCL, NVDR		189,500		25,418
(Cost $1,904,974)				1,764,916
Turkey — 0.2%
Akbank TAS		45,559		21,701
Aselsan Elektronik Sanayi Ve Ticaret AS		10,709		17,008
BIM Birlesik Magazalar AS		6,041		30,628
Eregli Demir ve Celik Fabrikalari TAS		22,527		37,095
Ford Otomotiv Sanayi AS		937		16,839
KOC Holding AS		10,044		20,942
Turkcell Iletisim Hizmetleri AS		16,503		22,786
Turkiye Garanti Bankasi AS		33,140		27,648
Turkiye Is Bankasi AS, Class C		23,610		11,332
Turkiye Petrol Rafinerileri AS*		2,020		22,387
Turkiye Sise ve Cam Fabrikalari AS		21,855		20,038
(Cost $595,793)				248,404
United Arab Emirates — 1.1%
Abu Dhabi Commercial Bank PJSC		42,247		97,765
Abu Dhabi Islamic Bank PJSC		20,810		36,713
Abu Dhabi National Oil Co. for Distribution PJSC		35,198		39,672
Aldar Properties PJSC		54,186	��	59,303
Dubai Islamic Bank PJSC		27,879		39,165
Emaar Properties PJSC		52,092		66,514
Emirates NBD Bank PJSC		37,587		135,076
Emirates Telecommunications Group Co. PJSC		48,871		424,965
First Abu Dhabi Bank PJSC		62,077		324,150
(Cost $931,290)				1,223,323
United States — 0.1%
Legend Biotech Corp., ADR*		504		25,961
Parade Technologies Ltd.		1,079		82,658
(Cost $109,486)				108,619
TOTAL COMMON STOCKS (Cost $79,722,549)				108,265,202
PREFERRED STOCKS — 2.0%
Brazil — 1.0%
Alpargatas SA		2,731		18,989
Banco Bradesco SA		68,154		241,370
Bradespar SA		3,860		34,159
Braskem SA, Class A*		2,554		22,738
Centrais Eletricas Brasileiras SA, Class B		4,726		26,943

	Number of Shares		Value
Brazil (Continued)
Cia Energetica de Minas Gerais		17,546	$	41,010
Gerdau SA		15,737		72,221
Itau Unibanco Holding SA		65,987		262,687
Itausa SA		63,904		109,920
Petroleo Brasileiro SA		66,199		346,547
(Cost $1,151,025)				1,176,584
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $47,257)		2,045		128,774
Colombia — 0.1%
Bancolombia SA (Cost $68,782)		7,347		59,585
Russia — 0.1%
Surgutneftegas PJSC (Cost $57,183)		104,203		52,809
South Korea — 0.7%
Hyundai Motor Co.		375		28,664
Hyundai Motor Co.—2nd Preferred		570		44,481
LG Chem Ltd.		111		30,182
LG Household & Health Care Ltd.		30		15,052
Samsung Electronics Co. Ltd.		11,804		634,966
(Cost $330,074)				753,345
TOTAL PREFERRED STOCKS (Cost $1,654,321)				2,171,097
	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd.
8.00%, 8/28/22		INR    29,160		397
Series N3, 5.50%, 6/3/24		INR    45,965		612
(Cost $410)				1,009
TOTAL CORPORATE BONDS (Cost $410)				1,009
	Number of Shares
RIGHTS — 0.0%
China — 0.0%
CIFI Holdings Group Co. Ltd.* , expires 12/27/21 (Cost $0)		2,421		77
Thailand — 0.0%
Charoen Pokphand Foods PCL* , expires 12/31/22 (a)		782		0
CP ALL PCL* , expires 12/31/21 (a)		5,541		0
(Cost $0)				0
TOTAL RIGHTS (Cost $0)				77

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 9/5/22		5,917	$	144
BTS Group Holdings PCL*, expires 11/7/24		11,834		179
BTS Group Holdings PCL*(a), expires 11/20/26		23,669		203
Srisawad Corp. PCL*, expires 8/29/25		432		127
(Cost $0)				653
TOTAL WARRANTS (Cost $0)				653
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $864,626)		864,626		864,626

	Number of Shares		Value
CASH EQUIVALENTS — 1.8%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $2,085,759)		2,085,759	$	2,085,759
TOTAL INVESTMENTS — 100.5% (Cost $84,327,665)			$	113,388,423
Other assets and liabilities, net — (0.5%)				(510,151	)
NET ASSETS — 100.0%			$	112,878,272

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		1,406,061		—		(541,435	) (e)		—		—		46		—		864,626		864,626
CASH EQUIVALENTS — 1.8%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		217,017		12,935,842		(11,067,100	)		—		—		336		—		2,085,759		2,085,759
		1,623,078		12,935,842		(11,608,535	)		—		—		382		—		2,950,385		2,950,385

* 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, 2021 amounted to $1,712,402, which is 1.5% of net assets.

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $905,006.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

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

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

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, 2021, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
MSCI Emerging Markets Index Future	USD	46	$	2,908,601	$2,788,290		12/17/2021	$	(120,311	)

As of November 30, 2021, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	12/3/2021	BRL	10,303,600	USD	1,815,708	$	—	$	(15,874	)
JP Morgan & Chase Co.	12/3/2021	BRL	10,056,600	USD	1,771,526		—		(16,149	)
RBC Capital Markets	12/3/2021	BRL	7,955,700	USD	1,402,751		—		(11,466	)
Citigroup Global Markets	12/3/2021	CLP	328,132,300	USD	403,777		7,323		—
RBC Capital Markets	12/3/2021	CLP	95,364,400	USD	117,110		1,889		—
JP Morgan & Chase Co.	12/3/2021	CNH	1,590,000	USD	247,730		—		(1,954	)
JP Morgan & Chase Co.	12/3/2021	CNH	17,143,700	USD	2,671,399		—		(20,737	)
RBC Capital Markets	12/3/2021	CNH	19,092,300	USD	2,974,885		—		(23,246	)
Citigroup Global Markets	12/3/2021	COP	669,847,400	USD	176,543		8,931		—
JP Morgan & Chase Co.	12/3/2021	CZK	3,093,000	USD	139,216		1,706		—
JP Morgan & Chase Co.	12/3/2021	EUR	199,800	USD	231,350		4,724		—
Citigroup Global Markets	12/3/2021	HKD	62,136,800	USD	7,988,224		19,910		—
Citigroup Global Markets	12/3/2021	HKD	6,237,000	USD	801,803		1,981		—
JP Morgan & Chase Co.	12/3/2021	HKD	67,853,400	USD	8,723,255		21,854		—
RBC Capital Markets	12/3/2021	HKD	84,383,700	USD	10,848,395		27,178		—
JP Morgan & Chase Co.	12/3/2021	HUF	46,347,000	USD	148,826		4,570		—
RBC Capital Markets	12/3/2021	HUF	44,286,400	USD	142,207		4,364		—
Citigroup Global Markets	12/3/2021	IDR	8,853,743,800	USD	621,778		3,804		—
JP Morgan & Chase Co.	12/3/2021	IDR	8,266,267,700	USD	580,782		3,813		—
RBC Capital Markets	12/3/2021	IDR	2,993,383,000	USD	209,723		791		—
RBC Capital Markets	12/3/2021	IDR	3,930,153,600	USD	275,800		1,483		—
Citigroup Global Markets	12/3/2021	INR	510,531,500	USD	6,789,795		—		(1,405	)
Citigroup Global Markets	12/3/2021	INR	19,632,000	USD	260,893		—		(256	)
JP Morgan & Chase Co.	12/3/2021	INR	532,468,500	USD	7,083,053		41		—
JP Morgan & Chase Co.	12/3/2021	KRW	8,581,257,000	USD	7,339,991		116,375		—
RBC Capital Markets	12/3/2021	KRW	8,535,208,400	USD	7,297,545		112,692		—
Citigroup Global Markets	12/3/2021	MXN	15,081,900	USD	730,741		27,832		—
JP Morgan & Chase Co.	12/3/2021	MXN	14,587,300	USD	706,862		27,005		—
RBC Capital Markets	12/3/2021	MXN	15,863,400	USD	768,594		29,263		—
RBC Capital Markets	12/3/2021	MYR	6,418,800	USD	1,545,395		21,447		—
Citigroup Global Markets	12/3/2021	PHP	21,273,200	USD	420,876		—		(1,299	)
JP Morgan & Chase Co.	12/3/2021	PHP	423,100	USD	8,374		—		(23	)
RBC Capital Markets	12/3/2021	PHP	16,343,200	USD	323,244		—		(1,094	)
Citigroup Global Markets	12/3/2021	PLN	2,339,100	USD	586,248		16,855		—
JP Morgan & Chase Co.	12/3/2021	PLN	1,336,300	USD	334,954		9,667		—
Citigroup Global Markets	12/3/2021	RUB	8,393,000	USD	117,663		4,391		—
Citigroup Global Markets	12/3/2021	RUB	167,305,100	USD	2,358,037		100,091		—
JP Morgan & Chase Co.	12/3/2021	RUB	123,135,500	USD	1,735,219		73,385		—
Citigroup Global Markets	12/3/2021	THB	5,609,000	USD	168,022		1,566		—
JP Morgan & Chase Co.	12/3/2021	THB	63,516,900	USD	1,902,843		17,884		—
JP Morgan & Chase Co.	12/3/2021	TRY	925,200	USD	94,779		27,284		—
RBC Capital Markets	12/3/2021	TRY	1,744,100	USD	178,595		51,361		—
Citigroup Global Markets	12/3/2021	TWD	171,295,800	USD	6,173,556		12,900		—
JP Morgan & Chase Co.	12/3/2021	TWD	149,584,300	USD	5,390,425		10,624		—
RBC Capital Markets	12/3/2021	TWD	10,668,000	USD	383,624		—		(51	)
RBC Capital Markets	12/3/2021	TWD	149,073,700	USD	5,372,412		10,975		—
Citigroup Global Markets	12/3/2021	USD	206,779	BRL	1,172,000		1,557		—

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/3/2021	USD	1,616,026	BRL	9,131,600	$	7,220	$	—
JP Morgan & Chase Co.	12/3/2021	USD	1,777,664	BRL	10,056,600		10,011		—
RBC Capital Markets	12/3/2021	USD	1,408,151	BRL	7,955,700		6,066		—
Citigroup Global Markets	12/3/2021	USD	59,150	CLP	48,133,000		—		(995	)
Goldman Sachs & Co.	12/3/2021	USD	336,089	CLP	279,999,300		2,210		—
RBC Capital Markets	12/3/2021	USD	114,458	CLP	95,364,400		762		—
JP Morgan & Chase Co.	12/3/2021	USD	2,937,767	CNH	18,733,700		4,052		—
RBC Capital Markets	12/3/2021	USD	2,993,837	CNH	19,092,300		4,294		—
Goldman Sachs & Co.	12/3/2021	USD	167,140	COP	669,847,400		472		—
JP Morgan & Chase Co.	12/3/2021	USD	136,859	CZK	3,093,000		651		—
JP Morgan & Chase Co.	12/3/2021	USD	224,895	EUR	199,800		1,731		—
Goldman Sachs & Co.	12/3/2021	USD	8,770,538	HKD	68,373,800		—		(2,402	)
JP Morgan & Chase Co.	12/3/2021	USD	8,703,785	HKD	67,853,400		—		(2,384	)
RBC Capital Markets	12/3/2021	USD	10,824,210	HKD	84,383,700		—		(2,993	)
JP Morgan & Chase Co.	12/3/2021	USD	142,815	HUF	46,347,000		1,441		—
RBC Capital Markets	12/3/2021	USD	136,459	HUF	44,286,400		1,383		—
Goldman Sachs & Co.	12/3/2021	USD	618,278	IDR	8,853,743,800		—		(305	)
JP Morgan & Chase Co.	12/3/2021	USD	576,851	IDR	8,266,267,700		119		—
RBC Capital Markets	12/3/2021	USD	482,880	IDR	6,923,536,600		369		—
Goldman Sachs & Co.	12/3/2021	USD	7,060,515	INR	530,163,500		—		(8,165	)
JP Morgan & Chase Co.	12/3/2021	USD	7,085,409	INR	532,468,500		—		(2,398	)
JP Morgan & Chase Co.	12/3/2021	USD	94,365	KRW	110,891,000		—		(1,018	)
JP Morgan & Chase Co.	12/3/2021	USD	7,130,538	KRW	8,470,366,000		—		(269	)
RBC Capital Markets	12/3/2021	USD	7,187,241	KRW	8,535,208,400		—		(2,388	)
Goldman Sachs & Co.	12/3/2021	USD	701,631	MXN	15,081,900		1,278		—
JP Morgan & Chase Co.	12/3/2021	USD	678,811	MXN	14,587,300		1,047		—
RBC Capital Markets	12/3/2021	USD	738,090	MXN	15,863,400		1,242		—
RBC Capital Markets	12/3/2021	USD	1,524,656	MYR	6,418,800		—		(708	)
Goldman Sachs & Co.	12/3/2021	USD	422,221	PHP	21,273,200		—		(46	)
JP Morgan & Chase Co.	12/3/2021	USD	8,403	PHP	423,100		—		(6	)
RBC Capital Markets	12/3/2021	USD	324,527	PHP	16,343,200		—		(190	)
Goldman Sachs & Co.	12/3/2021	USD	565,505	PLN	2,339,100		3,887		—
JP Morgan & Chase Co.	12/3/2021	USD	323,067	PLN	1,336,300		2,221		—
Goldman Sachs & Co.	12/3/2021	USD	2,344,996	RUB	175,698,100		26,222		—
JP Morgan & Chase Co.	12/3/2021	USD	1,646,417	RUB	123,135,500		15,418		—
Goldman Sachs & Co.	12/3/2021	USD	166,452	THB	5,609,000		4		—
JP Morgan & Chase Co.	12/3/2021	USD	1,880,868	THB	63,516,900		4,092		—
JP Morgan & Chase Co.	12/3/2021	USD	69,680	TRY	925,200		—		(2,186	)
RBC Capital Markets	12/3/2021	USD	131,258	TRY	1,744,100		—		(4,024	)
Goldman Sachs & Co.	12/3/2021	USD	6,172,822	TWD	171,295,800		—		(12,166	)
JP Morgan & Chase Co.	12/3/2021	USD	5,406,987	TWD	149,584,300		—		(27,186	)
RBC Capital Markets	12/3/2021	USD	5,766,848	TWD	159,741,700		—		(21,736	)
JP Morgan & Chase Co.	12/3/2021	USD	1,808,622	ZAR	28,980,900		12,680		—
RBC Capital Markets	12/3/2021	USD	1,640,633	ZAR	26,291,800		11,672		—
JP Morgan & Chase Co.	12/3/2021	ZAR	28,980,900	USD	1,899,540		78,239		—
RBC Capital Markets	12/3/2021	ZAR	26,291,800	USD	1,723,374		71,069		—
Citigroup Global Markets	12/6/2021	EGP	1,263,600	USD	79,618		—		(456	)
Citigroup Global Markets	12/6/2021	KWD	208,000	USD	689,335		1,825		—
Citigroup Global Markets	12/6/2021	QAR	3,109,600	USD	853,770		—		(281	)
Citigroup Global Markets	12/6/2021	SAR	14,305,000	USD	3,812,430		—		(549	)
Citigroup Global Markets	12/6/2021	SAR	747,000	USD	199,067		—		(45	)
Goldman Sachs & Co.	12/6/2021	USD	80,231	EGP	1,263,600		—		(157	)
Goldman Sachs & Co.	12/6/2021	USD	687,603	KWD	208,000		—		(93	)
Goldman Sachs & Co.	12/6/2021	USD	4,012,155	SAR	15,052,000		—		(64	)
Citigroup Global Markets	12/7/2021	AED	3,361,200	USD	915,009		—		(71	)
Goldman Sachs & Co.	12/7/2021	USD	915,085	AED	3,361,200		—		(6	)
Goldman Sachs & Co.	1/5/2022	AED	1,209,000	USD	329,141		1		—
Goldman Sachs & Co.	1/5/2022	AED	3,361,200	USD	915,036		—		(21	)

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	1/5/2022	BRL	9,131,600	USD	1,605,655	$	—	$	(5,897	)
JP Morgan & Chase Co.	1/5/2022	BRL	10,056,600	USD	1,766,020		—		(8,777	)
RBC Capital Markets	1/5/2022	BRL	7,955,700	USD	1,399,112		—		(4,916	)
Goldman Sachs & Co.	1/5/2022	CLP	279,999,300	USD	334,859		—		(2,165	)
RBC Capital Markets	1/5/2022	CLP	95,364,400	USD	114,040		—		(747	)
JP Morgan & Chase Co.	1/5/2022	CNH	18,733,700	USD	2,930,094		—		(3,576	)
RBC Capital Markets	1/5/2022	CNH	19,092,300	USD	2,986,041		—		(3,785	)
Goldman Sachs & Co.	1/5/2022	COP	669,847,400	USD	166,486		—		(495	)
JP Morgan & Chase Co.	1/5/2022	CZK	3,093,000	USD	136,782		—		(657	)
Goldman Sachs & Co.	1/5/2022	EGP	1,263,600	USD	79,349		56		—
JP Morgan & Chase Co.	1/5/2022	EUR	199,800	USD	225,224		—		(1,728	)
Goldman Sachs & Co.	1/5/2022	HKD	68,373,800	USD	8,770,527		2,240		—
JP Morgan & Chase Co.	1/5/2022	HKD	67,853,400	USD	8,703,774		2,223		—
RBC Capital Markets	1/5/2022	HKD	84,383,700	USD	10,823,974		2,571		—
JP Morgan & Chase Co.	1/5/2022	HUF	46,347,000	USD	142,687		—		(1,420	)
RBC Capital Markets	1/5/2022	HUF	44,286,400	USD	136,379		—		(1,321	)
Goldman Sachs & Co.	1/5/2022	IDR	8,853,743,800	USD	615,913		20		—
JP Morgan & Chase Co.	1/5/2022	IDR	8,266,267,700	USD	574,605		—		(421	)
RBC Capital Markets	1/5/2022	IDR	6,923,536,600	USD	481,102		—		(520	)
Goldman Sachs & Co.	1/5/2022	INR	530,163,500	USD	7,034,285		5,771		—
JP Morgan & Chase Co.	1/5/2022	INR	532,468,500	USD	7,058,640		—		(432	)
JP Morgan & Chase Co.	1/5/2022	KRW	8,470,366,000	USD	7,127,238		1		—
RBC Capital Markets	1/5/2022	KRW	8,535,208,400	USD	7,183,612		1,814		—
Goldman Sachs & Co.	1/5/2022	KWD	208,000	USD	687,036		—		(1	)
Goldman Sachs & Co.	1/5/2022	MXN	15,081,900	USD	696,897		—		(1,154	)
JP Morgan & Chase Co.	1/5/2022	MXN	14,587,300	USD	674,230		—		(929	)
RBC Capital Markets	1/5/2022	MXN	15,863,400	USD	733,110		—		(1,112	)
RBC Capital Markets	1/5/2022	MYR	6,418,800	USD	1,519,063		—		(3,084	)
Goldman Sachs & Co.	1/5/2022	PHP	21,273,200	USD	421,260		—		(492	)
JP Morgan & Chase Co.	1/5/2022	PHP	4,455,000	USD	88,118		—		(204	)
JP Morgan & Chase Co.	1/5/2022	PHP	423,100	USD	8,385		—		(3	)
RBC Capital Markets	1/5/2022	PHP	16,343,200	USD	323,788		—		(224	)
Goldman Sachs & Co.	1/5/2022	PLN	2,339,100	USD	564,094		—		(3,980	)
JP Morgan & Chase Co.	1/5/2022	PLN	1,336,300	USD	322,260		—		(2,274	)
Goldman Sachs & Co.	1/5/2022	QAR	3,109,600	USD	853,934		—		(97	)
Goldman Sachs & Co.	1/5/2022	SAR	15,052,000	USD	4,011,620		—		(192	)
Goldman Sachs & Co.	1/5/2022	THB	5,609,000	USD	166,353		—		(140	)
JP Morgan & Chase Co.	1/5/2022	THB	63,516,900	USD	1,879,059		—		(6,325	)
JP Morgan & Chase Co.	1/5/2022	TRY	925,200	USD	68,494		2,051		—
JP Morgan & Chase Co.	1/5/2022	TRY	859,000	USD	62,919		1,230		—
RBC Capital Markets	1/5/2022	TRY	1,744,100	USD	129,233		3,981		—
Goldman Sachs & Co.	1/5/2022	TWD	171,295,800	USD	6,179,502		19,400		—
JP Morgan & Chase Co.	1/5/2022	TWD	149,584,300	USD	5,414,424		35,107		—
RBC Capital Markets	1/5/2022	TWD	159,741,700	USD	5,774,979		30,383		—
RBC Capital Markets	1/5/2022	TWD	8,437,000	USD	303,943		533		—
JP Morgan & Chase Co.	1/5/2022	USD	260,719	BRL	1,485,000		1,355		—
RBC Capital Markets	1/5/2022	USD	1,986,685	HKD	15,487,000		—		(626	)
JP Morgan & Chase Co.	1/5/2022	USD	414,409	INR	31,268,000		119		—
JP Morgan & Chase Co.	1/5/2022	USD	300,654	KRW	356,750,000		—		(473	)
JP Morgan & Chase Co.	1/5/2022	USD	63,924	PLN	265,000		434		—
Goldman Sachs & Co.	1/5/2022	USD	293,200	SAR	1,100,000		—		(17	)
JP Morgan & Chase Co.	1/5/2022	ZAR	28,980,900	USD	1,799,871		—		(12,589	)
RBC Capital Markets	1/5/2022	ZAR	26,291,800	USD	1,632,781		—		(11,504	)
Goldman Sachs & Co.	1/11/2022	RUB	175,698,100	USD	2,326,073		—		(22,870	)
JP Morgan & Chase Co.	1/11/2022	RUB	123,135,500	USD	1,633,010		—		(13,213	)
Goldman Sachs & Co.	1/11/2022	USD	265,549	RUB	19,920,000		765		—
Total unrealized appreciation (depreciation)						$	1,169,248	$	(305,222	)

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

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

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

RUB Russian Ruble

SAR Saudi Riyal

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

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, 2021 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 (f)	$	108,092,629		$	—		$	172,573	$	108,265,202
Preferred Stocks (f)		2,171,097			—			—		2,171,097
Corporate Bonds		—			1,009			—		1,009
Rights (f)		—			77			0		77
Warrants		450			—			203		653
Short-Term Investments (f)		2,950,385			—			—		2,950,385
Derivatives (g)
Forward Foreign Currency Contracts		—			1,169,248			—		1,169,248
TOTAL	$	113,214,561		$	1,170,334		$	172,776	$	114,557,671
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—		$	(305,222	)	$	—	$	(305,222	)
Futures Contracts		(120,311	)		—			—		(120,311	)
TOTAL	$	(120,311	)	$	(305,222	)	$	—	$	(425,533	)

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

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

During the period ended November 30, 2021, the amount of transfers from Level 1 to Level 3 was $118,080 and from Level 3 to Level 2 was $633. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investment was transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 95.9%
Australia — 0.5%
BHP Group PLC (Cost $2,829,882)		115,374	$	3,170,874
Austria — 0.4%
Erste Group Bank AG		18,502		809,319
OMV AG		8,241		438,987
Raiffeisen Bank International AG		8,105		241,011
Verbund AG		3,590		376,607
voestalpine AG		6,248		211,726
(Cost $1,845,786)				2,077,650
Belgium — 1.2%
Ageas SA/NV		9,149		473,452
Anheuser-Busch InBev SA/NV		41,729		2,330,987
Elia Group SA/NV		1,628		202,910
Etablissements Franz Colruyt NV		2,816		132,025
Groupe Bruxelles Lambert SA		6,337		686,483
KBC Group NV		13,502		1,133,441
Proximus SADP (a)		7,916		143,820
Sofina SA		860		398,714
Solvay SA		3,938		441,785
UCB SA		6,914		753,850
Umicore SA		10,838		528,652
(Cost $9,103,782)				7,226,119
Chile — 0.1%
Antofagasta PLC (Cost $324,771)		21,547		395,459
Denmark — 4.0%
A.P. Moller — Maersk A/S, Class A		165		472,270
A.P. Moller — Maersk A/S, Class B		323		974,004
Ambu A/S, Class B (a)		9,179		260,066
Carlsberg A/S, Class B		5,458		848,937
Chr Hansen Holding A/S		5,785		430,404
Coloplast A/S, Class B		6,456		1,056,343
Danske Bank A/S		37,133		613,240
Demant A/S*		5,959		285,056
DSV A/S		11,153		2,428,632
Genmab A/S*		3,608		1,396,368
GN Store Nord AS		6,871		395,006
Novo Nordisk A/S, Class B		92,028		9,889,312
Novozymes A/S, Class B		11,428		866,275
Orsted AS, 144A		10,311		1,328,301
Pandora A/S		5,448		676,244
ROCKWOOL International A/S, Class B		470		195,803
Tryg A/S		20,026		485,396
Vestas Wind Systems A/S		55,219		1,852,478
(Cost $17,733,880)				24,454,135
Finland — 1.9%
Elisa OYJ		7,534		452,507
Fortum OYJ		23,746		684,300
Kesko OYJ, Class B		15,122		475,737
Kone OYJ, Class B		18,575		1,226,879
Neste OYJ		23,115		1,094,990
Nokia OYJ*		293,292		1,634,674
Nordea Bank Abp		177,647		2,110,759

	Number of Shares		Value
Finland (Continued)
Orion OYJ, Class B		5,802	$	238,790
Sampo OYJ, Class A		27,085		1,332,816
Stora Enso OYJ, Class R		31,766		539,487
UPM-Kymmene OYJ		29,236		1,062,668
Wartsila OYJ Abp		26,217		365,266
(Cost $10,960,434)				11,218,873
France — 16.5%
Accor SA*		9,432		279,936
Aeroports de Paris*		1,724		201,580
Air Liquide SA		25,898		4,282,870
Airbus SE*		32,238		3,609,315
Alstom SA (a)		17,565		627,097
Amundi SA, 144A		3,234		269,391
Arkema SA		3,256		426,868
AXA SA		105,934		2,925,404
BioMerieux		2,355		334,385
BNP Paribas SA		61,471		3,839,864
Bollore SA		47,707		256,239
Bouygues SA		12,105		411,162
Bureau Veritas SA		15,694		497,648
Capgemini SE		8,776		2,031,380
Carrefour SA		34,415		570,620
Cie de Saint-Gobain		27,678		1,763,470
Cie Generale des Etablissements Michelin SCA		9,347		1,383,357
CNP Assurances		9,153		223,906
Covivio REIT		2,685		222,959
Credit Agricole SA		67,540		924,221
Danone SA		35,754		2,108,123
Dassault Aviation SA		1,325		125,624
Dassault Systemes SE		36,304		2,189,959
Edenred		13,840		620,304
Eiffage SA		4,517		421,191
Electricite de France SA		25,330		355,925
Engie SA		100,017		1,453,030
EssilorLuxottica SA		15,695		3,150,904
Eurazeo SE		2,101		172,392
Faurecia SE		6,383		274,357
Gecina SA REIT		2,458		332,842
Getlink SE		23,655		350,094
Hermes International		1,729		3,241,302
Ipsen SA		2,028		198,118
Kering SA		4,097		3,166,064
Klepierre SA REIT*		11,729		248,545
La Francaise des Jeux SAEM, 144A		5,245		243,288
Legrand SA		14,742		1,618,056
L’Oreal SA		13,711		6,180,987
LVMH Moet Hennessy Louis Vuitton SE		15,166		11,809,362
Orange SA (a)		108,639		1,171,704
Orpea SA		2,738		258,971
Pernod Ricard SA		11,471		2,634,377
Publicis Groupe SA		12,496		809,772
Remy Cointreau SA		1,277		299,787
Renault SA*		10,305		332,609
Safran SA		18,687		2,093,438
Sanofi		62,183		5,913,956

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
France (Continued)
Sartorius Stedim Biotech		1,495	$	884,024
Schneider Electric SE		29,484		5,223,657
SEB SA		1,508		223,868
Societe Generale SA		44,693		1,396,156
Sodexo SA*		4,949		415,562
Suez SA		19,634		439,438
Teleperformance		3,248		1,336,027
Thales SA		5,680		466,894
TotalEnergies SE		136,895		6,304,812
Ubisoft Entertainment SA*		4,948		254,258
Unibail-Rodamco-Westfield REIT*		6,999		461,967
Valeo		12,847		372,112
Veolia Environnement SA		36,002		1,159,569
Vinci SA		29,419		2,791,241
Vivendi SE		42,336		540,149
Wendel SE		1,502		172,216
Worldline SA, 144A*		13,100		689,129
(Cost $91,873,320)				99,987,832
Germany — 12.1%
adidas AG		10,411		3,017,310
Allianz SE		22,565		4,924,728
BASF SE		50,259		3,299,088
Bayer AG		53,712		2,711,927
Bayerische Motoren Werke AG		18,163		1,750,475
Bechtle AG		4,297		310,815
Beiersdorf AG		5,569		557,180
Brenntag SE		8,617		739,782
Carl Zeiss Meditec AG		2,240		449,521
Commerzbank AG*		56,657		400,628
Continental AG*		5,981		642,355
Covestro AG, 144A		10,406		588,184
Daimler AG		46,734		4,399,088
Delivery Hero SE, 144A*		8,846		1,180,796
Deutsche Bank AG*(b)		112,742		1,362,996
Deutsche Boerse AG		10,419		1,637,725
Deutsche Lufthansa AG*		32,006		194,594
Deutsche Post AG		54,167		3,204,846
Deutsche Telekom AG		182,546		3,227,114
E.ON SE		123,725		1,528,609
Evonik Industries AG		11,491		346,780
Fresenius Medical Care AG & Co. KGaA		11,240		672,802
Fresenius SE & Co. KGaA		22,841		867,654
GEA Group AG		8,550		433,727
Hannover Rueck SE		3,210		562,998
HeidelbergCement AG		7,967		534,352
HelloFresh SE*		9,015		914,018
Henkel AG & Co. KGaA		5,503		409,095
Infineon Technologies AG		71,289		3,228,296
KION Group AG		4,042		437,317
Knorr-Bremse AG		3,878		385,972
LANXESS AG		4,469		259,902
LEG Immobilien SE		3,913		548,060
Merck KGaA		7,104		1,763,601
MTU Aero Engines AG		2,977		556,907
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		7,680		2,076,003

	Number of Shares		Value
Germany (Continued)
Nemetschek SE		3,175	$	402,566
Puma SE		5,732		693,946
Rational AG		277		255,778
RWE AG		34,756		1,346,084
SAP SE		57,073		7,325,748
Scout24 SE, 144A		4,742		315,145
Siemens AG		41,792		6,696,154
Siemens Energy AG*		21,875		581,510
Siemens Healthineers AG, 144A		15,452		1,127,152
Symrise AG		6,935		979,191
Telefonica Deutschland Holding AG		56,016		149,799
Uniper SE		4,856		211,586
United Internet AG		4,895		184,030
Volkswagen AG		1,818		508,026
Vonovia SE		30,085		1,671,851
Zalando SE, 144A*		12,117		1,102,925
(Cost $76,947,207)				73,676,736
Ireland — 1.4%
CRH PLC		42,630		2,075,041
DCC PLC		5,374		395,809
Experian PLC		50,425		2,266,722
Flutter Entertainment PLC*		9,066		1,231,240
Kerry Group PLC, Class A		8,647		1,064,993
Kingspan Group PLC		8,528		988,439
Smurfit Kappa Group PLC		13,461		687,281
(Cost $7,408,368)				8,709,525
Italy — 3.0%
Amplifon SpA		6,504		318,061
Assicurazioni Generali SpA		59,781		1,202,053
Atlantia SpA*		27,040		494,644
Davide Campari-Milano NV		28,023		409,020
DiaSorin SpA		1,342		287,270
Enel SpA		445,638		3,389,706
Eni SpA		138,639		1,830,478
Ferrari NV		6,861		1,802,873
FinecoBank Banca Fineco SpA		33,430		587,272
Infrastrutture Wireless Italiane SpA, 144A		17,709		203,549
Intesa Sanpaolo SpA		907,902		2,178,229
Mediobanca Banca di Credito Finanziario SpA (a)		33,552		371,762
Moncler SpA		11,293		820,698
Nexi SpA, 144A*		25,778		396,278
Poste Italiane SpA, 144A		28,213		356,440
Prysmian SpA		13,742		511,026
Recordati Industria Chimica e Farmaceutica SpA		5,939		373,412
Snam SpA		110,725		624,602
Telecom Italia SpA		551,137		287,521
Terna—Rete Elettrica Nazionale		76,052		567,184
UniCredit SpA		115,308		1,397,941
(Cost $19,072,317)				18,410,019
Jordan — 0.1%
Hikma Pharmaceuticals PLC (Cost $302,237)		9,300		273,963

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Luxembourg — 0.4%
ArcelorMittal SA		36,790	$	998,445
Aroundtown SA		53,504		321,598
Eurofins Scientific SE		7,280		932,461
Tenaris SA		25,354		249,067
(Cost $2,304,682)				2,501,571
Netherlands — 9.5%
ABN AMRO Bank NV, 144A		22,614		323,147
Adyen NV, 144A*		1,083		3,006,095
Aegon NV		96,891		429,757
Akzo Nobel NV		10,337		1,089,319
Argenx SE*		2,559		716,834
ASM International NV		2,580		1,161,029
ASML Holding NV		22,574		17,910,590
Euronext NV, 144A		4,606		453,676
EXOR NV		6,035		531,802
Heineken Holding NV		6,096		508,486
Heineken NV		14,044		1,400,647
IMCD NV		3,054		679,201
ING Groep NV		213,460		2,955,375
JDE Peet’s NV		5,535		151,282
Just Eat Takeaway.com NV, 144A*		9,920		620,903
Koninklijke Ahold Delhaize NV		57,337		1,928,019
Koninklijke DSM NV		9,601		2,070,448
Koninklijke KPN NV		184,384		543,895
Koninklijke Philips NV		50,279		1,778,784
NN Group NV		14,760		735,526
Prosus NV*		50,983		4,100,584
QIAGEN NV*		12,338		685,634
Randstad NV		6,374		402,786
Royal Dutch Shell PLC, Class A		224,136		4,700,877
Royal Dutch Shell PLC, Class B		201,271		4,222,393
Stellantis NV		111,228		1,909,816
Universal Music Group NV		39,236		1,126,233
Wolters Kluwer NV		14,659		1,650,176
(Cost $48,387,757)				57,793,314
Norway — 1.0%
Adevinta ASA*		13,724		196,652
Aker BP ASA		6,840		216,592
DNB Bank ASA		50,300		1,102,261
Equinor ASA		54,056		1,366,857
Gjensidige Forsikring ASA		10,773		244,653
Mowi ASA		23,421		533,958
Norsk Hydro ASA		72,044		469,166
Orkla ASA		39,824		364,664
Schibsted ASA, Class A		3,672		164,142
Schibsted ASA, Class B		5,328		205,826
Telenor ASA		37,844		560,052
Yara International ASA		9,048		445,770
(Cost $5,639,571)				5,870,593
Poland — 0.0%
InPost SA*
(Cost $196,609)		10,549		117,662

	Number of Shares		Value
Portugal — 0.2%
EDP — Energias de Portugal SA		155,281	$	851,288
Galp Energia SGPS SA		27,034		253,491
Jeronimo Martins SGPS SA		15,576		339,428
(Cost $1,393,411)				1,444,207
Spain — 3.4%
ACS Actividades de Construccion y Servicios SA		13,190		317,276
Aena SME SA, 144A*		4,148		609,200
Amadeus IT Group SA*		24,559		1,573,102
Banco Bilbao Vizcaya Argentaria SA		365,173		1,947,507
Banco Santander SA		948,175		2,957,146
CaixaBank SA		235,978		608,574
Cellnex Telecom SA, 144A*		28,028		1,654,173
EDP Renovaveis SA		15,208		390,136
Enagas SA		13,176		300,203
Endesa SA		16,963		381,581
Ferrovial SA (a)		26,144		728,202
Grifols SA (a)		15,522		278,664
Iberdrola SA		313,872		3,525,452
Industria de Diseno Textil SA		59,629		1,884,040
Naturgy Energy Group SA		10,527		290,110
Red Electrica Corp. SA		24,122		512,529
Repsol SA		79,049		877,759
Siemens Gamesa Renewable Energy SA*		13,597		362,841
Telefonica SA (a)		280,345		1,270,645
(Cost $27,154,525)				20,469,140
Sweden — 5.5%
Alfa Laval AB		17,227		668,978
Assa Abloy AB, Class B (a)		54,585		1,536,651
Atlas Copco AB, Class A		36,828		2,267,156
Atlas Copco AB, Class B		21,381		1,117,015
Boliden AB		15,099		521,862
Electrolux AB, Class B		12,176		273,489
Embracer Group AB*		27,067		293,112
Epiroc AB, Class A		36,616		891,082
Epiroc AB, Class B		20,666		417,423
EQT AB		16,240		961,917
Essity AB, Class B		33,692		1,077,785
Evolution AB, 144A		9,514		1,003,373
Fastighets AB Balder, Class B*		5,578		418,868
Getinge AB, Class B		12,409		521,521
H & M Hennes & Mauritz AB, Class B (a)		40,461		718,070
Hexagon AB, Class B		107,883		1,579,564
Husqvarna AB, Class B		22,570		318,816
ICA Gruppen AB		5,740		339,988
Industrivarden AB, Class A		6,677		199,077
Industrivarden AB, Class C		8,573		253,800
Investment AB Latour, Class B		8,107		306,817
Investor AB, Class A		27,598		666,723
Investor AB, Class B		99,603		2,319,522
Kinnevik AB, Class B*		12,955		463,638
L E Lundbergforetagen AB, Class B		4,080		224,512
Lifco AB, Class B		12,494		339,945
Lundin Energy AB		11,377		403,189

See Notes to Financial Statements. 61

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Nibe Industrier AB, Class B		77,841	$	1,113,803
Sagax AB, Class B		8,640		338,489
Sandvik AB		62,004		1,543,309
Securitas AB, Class B		17,345		251,263
Sinch AB, 144A*		27,558		370,324
Skandinaviska Enskilda Banken AB, Class A (a)		88,692		1,295,628
Skanska AB, Class B		18,023		416,815
SKF AB, Class B		20,999		482,845
Svenska Cellulosa AB SCA, Class B		33,998		556,043
Svenska Handelsbanken AB, Class A		79,797		848,288
Swedbank AB, Class A		49,340		997,910
Swedish Match AB		86,941		635,121
Tele2 AB, Class B (a)		27,046		387,293
Telefonaktiebolaget LM Ericsson, Class B		158,847		1,606,177
Telia Co. AB		144,825		560,794
Volvo AB, Class A		10,567		231,606
Volvo AB, Class B		78,566		1,702,997
(Cost $29,225,895)				33,442,598
Switzerland — 16.1%
ABB Ltd.		89,772		3,118,380
Adecco Group AG		8,615		401,636
Alcon, Inc.		27,353		2,166,669
Bachem Holding AG		333		240,850
Baloise Holding AG		2,529		379,054
Barry Callebaut AG		194		460,672
Chocoladefabriken Lindt & Spruengli AG		6		741,136
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		56		689,897
Cie Financiere Richemont SA		28,518		4,246,403
Clariant AG*		11,118		218,594
Coca-Cola HBC AG*		11,347		350,412
Credit Suisse Group AG		144,867		1,406,301
EMS-Chemie Holding AG		371		354,411
Geberit AG		1,978		1,516,384
Givaudan SA		506		2,480,257
Glencore PLC*		545,816		2,592,219
Holcim Ltd.*		28,766		1,392,788
Julius Baer Group Ltd.		12,188		759,916
Kuehne + Nagel International AG		2,943		845,345
Logitech International SA		9,446		749,671
Lonza Group AG		4,074		3,297,186
Nestle SA		153,919		19,783,718
Novartis AG		119,671		9,573,159
Partners Group Holding AG		1,249		2,163,183
Roche Holding AG		1,676		697,382
Roche Holding AG		38,408		15,046,498
Schindler Holding AG		1,079		268,913
Schindler Holding AG Participation Certificates		2,249		580,593
SGS SA		332		1,004,263
Sika AG		7,744		3,042,602
Sonova Holding AG		2,972		1,121,723
STMicroelectronics NV		37,403		1,829,309
Straumann Holding AG		566		1,206,538

	Number of Shares		Value
Switzerland (Continued)
Swatch Group AG — Bearer		1,591	$	470,342
Swatch Group AG — Registered		2,738		156,725
Swiss Life Holding AG		1,699		980,481
Swiss Prime Site AG		4,182		397,223
Swiss Re AG		16,629		1,565,722
Swisscom AG		1,415		786,685
Temenos AG		3,739		479,975
UBS Group AG		192,682		3,345,516
VAT Group AG, 144A		1,438		693,899
Vifor Pharma AG		2,682		301,489
Zurich Insurance Group AG		8,246		3,405,107
(Cost $80,528,175)				97,309,226
United Kingdom — 18.6%
3i Group PLC		53,388		984,817
abrdn PLC		115,625		358,758
Admiral Group PLC		10,226		402,154
Anglo American PLC		70,719		2,607,143
Ashtead Group PLC		24,409		1,962,050
Associated British Foods PLC		19,630		502,036
AstraZeneca PLC		84,680		9,320,451
Auto Trader Group PLC, 144A		51,267		499,506
AVEVA Group PLC		6,396		272,799
Aviva PLC		213,756		1,094,497
BAE Systems PLC		174,995		1,275,852
Barclays PLC		926,683		2,270,406
Barratt Developments PLC		54,567		506,113
Berkeley Group Holdings PLC		6,190		352,676
BP PLC		1,098,461		4,754,496
British American Tobacco PLC		119,339		4,015,490
British Land Co. PLC REIT		49,946		337,974
BT Group PLC*		485,590		1,024,256
Bunzl PLC		18,039		688,061
Burberry Group PLC		21,659		506,255
CNH Industrial NV		55,800		927,410
Coca-Cola Europacific Partners PLC		11,236		554,721
Compass Group PLC*		97,468		1,895,804
Croda International PLC		7,650		1,029,113
Diageo PLC		127,754		6,455,599
Entain PLC*		32,018		710,700
Evraz PLC		28,983		222,025
Ferguson PLC		12,119		1,847,891
GlaxoSmithKline PLC		275,092		5,579,347
Halma PLC		21,065		840,743
Hargreaves Lansdown PLC		19,112		339,839
HSBC Holdings PLC		1,116,443		6,226,569
Imperial Brands PLC		51,506		1,056,277
Informa PLC*		82,922		515,018
InterContinental Hotels Group PLC*		10,164		601,399
Intertek Group PLC		8,752		621,562
J Sainsbury PLC		92,089		338,763
JD Sports Fashion PLC		141,330		418,967
Johnson Matthey PLC		10,583		295,009
Kingfisher PLC		115,335		485,939
Land Securities Group PLC REIT		37,728		364,782
Legal & General Group PLC		325,685		1,221,036
Lloyds Banking Group PLC		3,883,040		2,416,870

See Notes to Financial Statements. 62

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
London Stock Exchange Group PLC		17,875	$	1,545,712
M&G PLC		138,700		344,764
Melrose Industries PLC		238,379		459,697
Mondi PLC		26,266		600,664
National Grid PLC		198,607		2,658,808
NatWest Group PLC		316,114		893,805
Next PLC		7,301		763,398
Ocado Group PLC*		26,689		637,314
Pearson PLC		42,935		338,726
Persimmon PLC		17,481		636,322
Phoenix Group Holdings PLC		35,889		305,571
Prudential PLC		143,171		2,429,637
Reckitt Benckiser Group PLC		39,036		3,172,065
RELX PLC		105,757		3,287,028
Rentokil Initial PLC		102,942		840,066
Rio Tinto PLC		61,365		3,763,965
Rolls-Royce Holdings PLC*		455,165		741,550
Sage Group PLC		58,272		598,136
Schroders PLC		6,637		303,292
Segro PLC REIT		66,467		1,245,526
Severn Trent PLC		13,251		508,605
Smith & Nephew PLC		47,884		775,345
Smiths Group PLC		21,782		417,733
Spirax-Sarco Engineering PLC		4,004		832,317
SSE PLC		56,835		1,173,122
St James’s Place PLC		30,042		618,694
Standard Chartered PLC		144,939		802,274
Taylor Wimpey PLC		194,386		408,209
Tesco PLC		419,879		1,545,423
Unilever PLC		141,959		7,285,734
United Utilities Group PLC		37,558		541,711
Vodafone Group PLC		1,518,209		2,207,731
Whitbread PLC*		10,811		403,018
WPP PLC		65,565		908,605
(Cost $126,541,572)				112,695,740
TOTAL COMMON STOCKS (Cost $559,774,181)				581,245,236
PREFERRED STOCKS — 0.8%
Germany — 0.8%
Bayerische Motoren Werke AG		3,053		240,291
FUCHS PETROLUB SE		3,822		171,647
Henkel AG & Co. KGaA		9,967		787,860
Porsche Automobil Holding SE		8,466		712,224
Sartorius AG		1,438		989,918
Volkswagen AG		10,158		1,862,355
(Cost $5,163,816)				4,764,295
TOTAL PREFERRED STOCKS (Cost $5,163,816)				4,764,295

	Number of Shares		Value
RIGHTS — 0.0%
Germany — 0.0%
Vonovia SE*, expires 1/7/22 (Cost $0)		29,471	$	103,946
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		48,882		53,245
EXCHANGE-TRADED FUNDS — 0.1%
iShares Core MSCI Europe ETF (Cost $283,083)		5,500		308,660
SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $3,622,161)		3,622,161		3,622,161
CASH EQUIVALENTS — 4.6%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (c)		640,592		640,464
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)		27,286,976		27,286,976
TOTAL CASH EQUIVALENTS (Cost $27,927,568)				27,927,440
TOTAL INVESTMENTS — 102.0% (Cost $596,770,809)			$	618,024,983
Other assets and liabilities, net — (2.0%)				(12,184,285	)
NET ASSETS — 100.0%			$	605,840,698

See Notes to Financial Statements. 63

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
COMMON STOCKS — 0.2%
Germany — 0.2%
Deutsche Bank AG *(b)
		1,491,094		247,241		(87,132	)		5,170		(293,377	)		—		—		112,742		1,362,996
SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01%, (c)(d)
		14,135,967		—		(10,513,806	) (e)		—		—			340		—		3,622,161		3,622,161
CASH EQUIVALENTS — 4.6%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (c)
		640,273		255		—			—		(64	)		260		—		640,592		640,464
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		1,333,863		145,736,587		(119,783,474	)		—		—			2,180		—		27,286,976		27,286,976
		17,601,197		145,984,083		(130,384,412	)		5,170		(293,441	)		2,780		—		31,662,471		32,912,597

* 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, 2021 amounted to $3,685,736, which is 0.6% of net assets.

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

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $323,663.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

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, 2021, 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	12	$	2,201,714	$	2,115,252	12/17/2021	$	(86,462	)
CAC40 10 EURO Futures	EUR	57		4,520,417		4,341,473	12/17/2021		(178,944	)
DAX Index Futures	EUR	8		3,501,213		3,434,737	12/17/2021		(66,476	)
FTSE 100 Index Futures	GBP	66		6,191,505		6,214,155	12/17/2021		22,650
FTSE/MIB Index Futures	EUR	6		882,828		877,862	12/17/2021		(4,966	)
IBEX 35 Index Futures	EUR	9		904,483		850,582	12/17/2021		(53,901	)
OMXS30 Index Futures	SEK	58		1,501,905		1,443,004	12/17/2021		(58,901	)
SWISS MKT IX Futures	CHF	28		3,686,024		3,720,625	12/17/2021		34,601
Total net unrealized depreciation								$	(392,399	)

As of November 30, 2021, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	12/3/2021	CHF	28,635,800	USD	31,361,765	$	165,116	$	—
JP Morgan & Chase Co.	12/3/2021	CHF	28,603,922	USD	31,327,675		165,756		—
JP Morgan & Chase Co.	12/3/2021	CHF	1,222,200	USD	1,309,750		—		(21,749	)
RBC Capital Markets	12/3/2021	CHF	3,066,000	USD	3,358,020		17,833		—
RBC Capital Markets	12/3/2021	CHF	23,784,917	USD	26,049,790		137,831		—

See Notes to Financial Statements. 64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	12/3/2021	DKK	46,260,600	USD	7,200,570	$	145,353	$	—
Citigroup Global Markets	12/3/2021	DKK	9,061,000	USD	1,410,333		28,437		—
JP Morgan & Chase Co.	12/3/2021	DKK	2,366,800	USD	358,108		—		(2,853	)
JP Morgan & Chase Co.	12/3/2021	DKK	51,986,842	USD	8,091,873		163,345		—
RBC Capital Markets	12/3/2021	DKK	55,528,700	USD	8,643,346		174,649		—
Citigroup Global Markets	12/3/2021	EUR	90,995,800	USD	105,361,762		2,148,404		—
JP Morgan & Chase Co.	12/3/2021	EUR	3,870,400	USD	4,354,893		—		(35,167	)
JP Morgan & Chase Co.	12/3/2021	EUR	85,421,623	USD	98,910,381		2,019,617		—
RBC Capital Markets	12/3/2021	EUR	83,719,173	USD	96,940,775		1,981,041		—
RBC Capital Markets	12/3/2021	EUR	6,149,000	USD	7,120,056		145,460		—
Citigroup Global Markets	12/3/2021	GBP	34,548,054	USD	47,355,812		1,404,676		—
JP Morgan & Chase Co.	12/3/2021	GBP	1,436,200	USD	1,921,916		11,677		—
JP Morgan & Chase Co.	12/3/2021	GBP	34,077,950	USD	46,712,316		1,386,448		—
RBC Capital Markets	12/3/2021	GBP	1,523,000	USD	2,087,623		61,935		—
RBC Capital Markets	12/3/2021	GBP	28,658,620	USD	39,283,861		1,166,051		—
Citigroup Global Markets	12/3/2021	NOK	15,514,000	USD	1,833,535		118,272		—
JP Morgan & Chase Co.	12/3/2021	NOK	751,100	USD	84,372		1,329		—
JP Morgan & Chase Co.	12/3/2021	NOK	17,723,091	USD	2,094,619		135,113		—
RBC Capital Markets	12/3/2021	NOK	18,440,700	USD	2,179,430		140,583		—
Citigroup Global Markets	12/3/2021	SEK	10,380,000	USD	1,208,824		57,290		—
Citigroup Global Markets	12/3/2021	SEK	96,887,850	USD	11,283,348		534,820		—
JP Morgan & Chase Co.	12/3/2021	SEK	106,085,936	USD	12,354,899		585,956		—
JP Morgan & Chase Co.	12/3/2021	SEK	4,388,500	USD	485,043		—		(1,807	)
RBC Capital Markets	12/3/2021	SEK	88,572,800	USD	10,315,380		489,305		—
Goldman Sachs & Co.	12/3/2021	USD	30,945,009	CHF	28,635,800		251,639		—
JP Morgan & Chase Co.	12/3/2021	USD	32,230,519	CHF	29,826,122		262,900		—
RBC Capital Markets	12/3/2021	USD	29,016,192	CHF	26,850,917		235,954		—
Goldman Sachs & Co.	12/3/2021	USD	8,373,117	DKK	55,321,600		63,996		—
JP Morgan & Chase Co.	12/3/2021	USD	8,226,488	DKK	54,353,642		63,000		—
RBC Capital Markets	12/3/2021	USD	8,404,475	DKK	55,528,700		64,223		—
Goldman Sachs & Co.	12/3/2021	USD	102,426,692	EUR	90,995,800		786,665		—
JP Morgan & Chase Co.	12/3/2021	USD	100,507,101	EUR	89,292,023		773,722		—
RBC Capital Markets	12/3/2021	USD	101,157,503	EUR	89,868,173		776,827		—
Goldman Sachs & Co.	12/3/2021	USD	45,707,075	GBP	34,548,054		244,061		—
JP Morgan & Chase Co.	12/3/2021	USD	46,985,327	GBP	35,514,150		250,779		—
RBC Capital Markets	12/3/2021	USD	39,930,374	GBP	30,181,620		213,124		—
Goldman Sachs & Co.	12/3/2021	USD	1,702,698	NOK	15,514,000		12,565		—
JP Morgan & Chase Co.	12/3/2021	USD	2,027,602	NOK	18,474,191		14,947		—
RBC Capital Markets	12/3/2021	USD	2,023,910	NOK	18,440,700		14,937		—
Goldman Sachs & Co.	12/3/2021	USD	11,820,605	SEK	107,267,850		79,458		—
JP Morgan & Chase Co.	12/3/2021	USD	12,173,894	SEK	110,474,436		81,900		—
RBC Capital Markets	12/3/2021	USD	9,760,486	SEK	88,572,800		65,588		—
Goldman Sachs & Co.	1/5/2022	CHF	28,635,800	USD	30,992,132		—		(251,953	)
JP Morgan & Chase Co.	1/5/2022	CHF	29,826,122	USD	32,278,654		—		(264,173	)
RBC Capital Markets	1/5/2022	CHF	1,115,000	USD	1,206,727		—		(9,833	)
RBC Capital Markets	1/5/2022	CHF	26,850,917	USD	29,059,497		—		(237,129	)
Goldman Sachs & Co.	1/5/2022	DKK	55,321,600	USD	8,382,505		—		(65,729	)
JP Morgan & Chase Co.	1/5/2022	DKK	54,353,642	USD	8,236,898		—		(63,518	)
RBC Capital Markets	1/5/2022	DKK	55,528,700	USD	8,415,161		—		(64,700	)
Goldman Sachs & Co.	1/5/2022	EUR	90,995,800	USD	102,577,472		—		(784,181	)
JP Morgan & Chase Co.	1/5/2022	EUR	89,292,023	USD	100,653,986		—		(772,356	)
RBC Capital Markets	1/5/2022	EUR	89,868,173	USD	101,303,179		—		(777,609	)
Goldman Sachs & Co.	1/5/2022	GBP	34,548,054	USD	45,745,424		—		(241,096	)
JP Morgan & Chase Co.	1/5/2022	GBP	35,514,150	USD	47,023,398		—		(249,081	)
RBC Capital Markets	1/5/2022	GBP	30,181,620	USD	39,963,091		—		(211,319	)
Goldman Sachs & Co.	1/5/2022	NOK	15,514,000	USD	1,702,381		—		(12,515	)
JP Morgan & Chase Co.	1/5/2022	NOK	18,474,191	USD	2,027,224		—		(14,888	)
JP Morgan & Chase Co.	1/5/2022	NOK	1,405,000	USD	153,928		—		(1,378	)

See Notes to Financial Statements. 65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets		1/5/2022		NOK	18,440,700		USD	2,023,532	$	—	$	(14,877	)
Goldman Sachs & Co.		1/5/2022		SEK	107,267,850		USD	11,838,151		—		(79,674	)
JP Morgan & Chase Co.		1/5/2022		SEK	20,685,000		USD	2,281,849		—		(16,325	)
JP Morgan & Chase Co.		1/5/2022		SEK	110,474,436		USD	12,192,906		—		(81,181	)
RBC Capital Markets		1/5/2022		SEK	88,572,800		USD	9,775,951		—		(64,790	)
JP Morgan & Chase Co.		1/5/2022		USD	240,127		DKK	1,583,000		1,615		—
RBC Capital Markets		1/5/2022		USD	3,118,137		EUR	2,766,000		23,748		—
RBC Capital Markets		1/5/2022		USD	1,412,874		GBP	1,067,000		7,397		—
Total unrealized appreciation (depreciation)									$	17,675,342	$	(4,339,881	)

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, 2021 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 (f)	$	581,245,236		$	—		$	—	$	581,245,236
Preferred Stocks		4,764,295			—			—		4,764,295
Rights		103,946			—			—		103,946
Warrants		53,245			—			—		53,245
Exchange-Traded Funds		308,660			—			—		308,660
Short-Term Investments (f)		31,549,601			—			—		31,549,601
Derivatives (g)
Forward Foreign Currency Contracts		—			17,675,342			—		17,675,342
Futures Contracts		57,251			—			—		57,251
TOTAL	$	618,082,234		$	17,675,342		$	—	$	635,757,576
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—		$	(4,339,881	)	$	—	$	(4,339,881	)
Futures Contracts		(449,650	)		—			—		(449,650	)
TOTAL	$	(449,650	)	$	(4,339,881	)	$	—	$	(4,789,531	)

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

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

See Notes to Financial Statements. 66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.4%
Austria — 1.1%
Agrana Beteiligungs AG		43	$	851
ANDRITZ AG		160		7,621
AT&S Austria Technologie & Systemtechnik AG		59		2,897
BAWAG Group AG, 144A*		169		9,861
CA Immobilien Anlagen AG		100		4,117
DO & CO AG*		13		969
Erste Group Bank AG		840		36,743
EVN AG		92		2,650
FACC AG*		51		427
IMMOFINANZ AG*(a)		203		4,720
Lenzing AG*		36		4,303
Oesterreichische Post AG		101		4,192
OMV AG		367		19,550
Palfinger AG		35		1,354
Porr AG*(a)		19		262
Raiffeisen Bank International AG		371		11,032
S IMMO AG		116		2,594
S&T AG (a)		108		2,336
Schoeller-Bleckmann Oilfield Equipment AG*		35		1,187
Semperit AG Holding		26		768
Telekom Austria AG*		389		3,282
UNIQA Insurance Group AG		336		2,927
Verbund AG		171		17,939
Vienna Insurance Group AG Wiener Versicherung Gruppe		92		2,556
voestalpine AG		282		9,556
Wienerberger AG		285		10,505
Zumtobel Group AG		67		661
(Cost $141,559)				165,860
Belgium — 3.0%
Ackermans & van Haaren NV		59		9,783
Aedifica SA REIT		89		11,931
Ageas SA/NV		416		21,528
AGFA-Gevaert NV*		430		1,731
Akka Technologies*		31		1,680
Anheuser-Busch InBev SA/NV		1,894		105,799
Barco NV		156		3,130
Befimmo SA REIT		66		2,350
Bekaert SA		84		3,397
bpost SA*		235		1,906
Cie d’Entreprises CFE		19		1,978
Cofinimmo SA REIT		66		10,374
D’ieteren SA/NV		52		9,477
Econocom Group SA/NV		298		1,136
Elia Group SA/NV		74		9,223
Etablissements Franz Colruyt NV		128		6,001
Euronav NV		403		3,787
Fagron		187		2,804
Galapagos NV*		104		5,003
Gimv NV		46		2,770
Groupe Bruxelles Lambert SA		274		29,682
Immobel SA		11		901
Intervest Offices & Warehouses NV REIT		51		1,585

	Number of Shares		Value
Belgium (Continued)
Ion Beam Applications		51	$	821
KBC Ancora		91		4,322
KBC Group NV		622		52,214
Kinepolis Group NV*		35		1,863
Melexis NV		52		6,057
Mithra Pharmaceuticals SA*		32		726
Montea NV REIT		27		3,907
Ontex Group NV*(a)		188		1,573
Orange Belgium SA		10		219
Proximus SADP (a)		376		6,831
Recticel SA		68		1,279
Retail Estates NV REIT		18		1,413
Sofina SA		38		17,618
Solvay SA		183		20,530
Telenet Group Holding NV		116		4,155
Tessenderlo Group SA*		52		1,961
UCB SA		315		34,345
Umicore SA		490		23,901
Van de Velde NV		13		459
VGP NV		17		4,540
Warehouses De Pauw CVA REIT		327		15,190
X-Fab Silicon Foundries SE, 144A*		123		1,301
Xior Student Housing NV REIT		48		2,708
(Cost $546,503)				455,889
Finland — 3.6%
Admicom OYJ		10		890
Aktia Bank OYJ		108		1,494
Anora Group OYJ		93		1,124
BasWare OYJ*		17		615
Cargotec OYJ, Class B		107		5,009
Caverion OYJ		306		2,124
Citycon OYJ (a)		180		1,400
Elisa OYJ		352		21,142
Finnair OYJ*(a)		1,305		836
Fortum OYJ		1,095		31,555
F-Secure OYJ		204		1,182
Harvia OYJ		33		2,058
Huhtamaki OYJ		235		10,106
Kamux Corp.		117		1,494
Kemira OYJ		240		3,574
Kesko OYJ, Class B		656		20,638
Kojamo OYJ		290		6,670
Kone OYJ, Class B		846		55,878
Konecranes OYJ		141		5,477
Marimekko OYJ		15		1,480
Metsa Board OYJ		415		3,991
Metso Outotec OYJ		1,553		15,728
Musti Group OYJ*		64		2,157
Neles OYJ		256		3,824
Neste OYJ		1,054		49,930
Nokia OYJ*		13,407		74,724
Nokian Renkaat OYJ		331		12,332
Oriola OYJ, Class B		267		591
Orion OYJ, Class B		252		10,371
Outokumpu OYJ*		866		5,046
Puuilo OYJ*		104		868
QT Group OYJ*		41		6,240

See Notes to Financial Statements. 67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Finland (Continued)
Remedy Entertainment OYJ		9	$	403
Revenio Group OYJ		61		3,871
Rovio Entertainment OYJ, 144A		122		936
Sampo OYJ, Class A		1,241		61,068
Sanoma OYJ		163		2,477
Stora Enso OYJ, Class R		1,451		24,643
Talenom OYJ		49		701
TietoEVRY OYJ		230		6,714
Tokmanni Group Corp.		140		2,944
UPM-Kymmene OYJ		1,328		48,270
Uponor OYJ		124		2,852
Valmet OYJ		323		13,261
Wartsila OYJ Abp		1,187		16,538
YIT OYJ		322		1,607
(Cost $473,195)				546,833
France — 31.3%
AB Science SA*		60		826
ABC arbitrage		52		428
Accor SA*		431		12,792
Aeroports de Paris*		74		8,653
Air France-KLM*(a)		715		2,980
Air Liquide SA		1,176		194,480
Airbus SE*		1,466		164,131
AKWEL		19		431
Albioma SA		51		1,928
ALD SA, 144A		274		3,841
Alstom SA		789		28,168
Altarea SCA REIT		8		1,473
Alten SA		73		12,087
Amundi SA, 144A		142		11,829
Aramis Group SAS, 144A*		52		991
Arkema SA		153		20,059
Atos SE		231		9,903
Aubay		12		721
AXA SA		4,804		132,664
Believe SA*		51		1,024
Beneteau SA*		67		982
BioMerieux		99		14,057
BNP Paribas SA		2,798		174,781
Boiron SA		13		531
Bollore SA		2,255		12,112
Bonduelle SCA		27		604
Bouygues SA		569		19,327
Bureau Veritas SA		728		23,084
Capgemini SE		398		92,125
Carmila SA REIT		142		1,968
Carrefour SA		1,532		25,401
Casino Guichard Perrachon SA*(a)		93		2,108
Cellectis SA*		60		505
CGG SA*		1,790		1,198
Chargeurs SA		45		1,287
Cie de Saint-Gobain		1,258		80,152
Cie des Alpes*		22		303
Cie Generale des Etablissements Michelin SCA		422		62,456
Cie Plastic Omnium SA		138		3,462
CNP Assurances		429		10,494

	Number of Shares		Value
France (Continued)
Coface SA		220	$	2,997
Covivio REIT		124		10,297
Credit Agricole SA		3,086		42,229
Danone SA		1,624		95,754
Dassault Aviation SA		60		5,689
Dassault Systemes SE		1,650		99,533
Derichebourg SA*		279		2,927
Edenred		623		27,923
Eiffage SA		212		19,768
Electricite de France SA		1,139		16,005
Elior Group SA, 144A*		250		1,608
Elis SA*		481		7,555
Engie SA		4,496		65,317
Eramet SA*		19		1,486
Esker SA		13		5,101
EssilorLuxottica SA		713		143,141
Eurazeo SE		100		8,205
Europcar Mobility Group, 144A*		7,522		4,351
Eutelsat Communications SA		427		5,412
Faurecia SE		277		11,906
Fnac Darty SA		35		2,122
Gaztransport Et Technigaz SA		51		4,112
Gecina SA REIT		115		15,572
Getlink SE		1,096		16,221
Groupe Guillin		12		354
Guerbet		12		481
Hermes International		79		148,099
ICADE REIT		69		4,903
ID Logistics Group*		5		1,945
Imerys SA		83		3,249
Interparfums SA		48		3,658
Ipsen SA		91		8,890
IPSOS		100		4,536
JCDecaux SA*		151		3,870
Kaufman & Broad SA		31		1,165
Kering SA		186		143,736
Klepierre SA REIT*		529		11,210
Korian SA		200		5,925
La Francaise des Jeux SAEM, 144A		248		11,503
Lagardere SA*		77		1,996
Legrand SA		665		72,989
LISI		40		989
LNA Sante SA		13		748
L’Oreal SA		623		280,852
LVMH Moet Hennessy Louis Vuitton SE		690		537,285
Maisons du Monde SA, 144A		100		2,320
Manitou BF SA		19		571
McPhy Energy SA*(a)		48		1,227
Mercialys SA REIT		121		1,131
Mersen SA		43		1,565
Metropole Television SA		59		1,136
Neoen SA, 144A*		87		3,651
Nexans SA		63		5,844
Nexity SA		100		4,289
Orange SA		4,924		53,107
Orpea SA		121		11,445
Pernod Ricard SA		521		119,650

See Notes to Financial Statements. 68

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
France (Continued)
PEUGEOT INVEST		11	$	1,422
Pharmagest Interactive		18		1,741
Publicis Groupe SA		569		36,873
Quadient SA		83		1,800
Remy Cointreau SA		57		13,381
Renault SA*		486		15,686
Rexel SA*		614		11,298
Rubis SCA		230		6,333
Safran SA		851		95,335
Sanofi		2,827		268,864
Sartorius Stedim Biotech		68		40,210
Schneider Electric SE		1,343		237,938
SCOR SE		368		11,598
SEB SA		65		9,650
SES-imagotag SA*		12		882
SMCP SA, 144A*		91		790
Societe BIC SA		60		3,093
Societe Generale SA		2,019		63,071
Sodexo SA*		218		18,305
SOITEC*		52		13,717
Sopra Steria Group SACA		40		7,104
SPIE SA		319		7,988
Suez SA		881		19,718
Technicolor SA*		472		1,441
Technip Energies NV*		227		3,089
Teleperformance		146		60,055
Television Francaise 1		100		964
Thales SA		270		22,194
TotalEnergies SE		6,237		287,250
Trigano SA		20		3,527
Ubisoft Entertainment SA*		238		12,230
Unibail-Rodamco-Westfield REIT*		311		20,527
Valeo		576		16,684
Vallourec SA*		342		3,006
Valneva SE*(a)		169		5,370
Veolia Environnement SA		1,629		52,468
Verallia SA, 144A		186		6,248
Vicat SA		50		1,936
Vilmorin & Cie SA		20		1,227
Vinci SA		1,337		126,853
Virbac SA		10		4,695
Vivendi SE		1,934		24,675
Voltalia SA*		56		1,263
Wendel SE		64		7,338
Worldline SA, 144A*		589		30,985
(Cost $3,912,325)				4,786,718
Germany — 24.3%
1&1 AG		104		2,953
Aareal Bank AG		155		5,112
About You Holding SE*		92		2,441
Adesso SE		7		1,486
adidas AG		473		137,085
ADVA Optical Networking SE*		108		1,563
AIXTRON SE		306		6,144
Allianz SE		1,024		223,484
alstria office REIT-AG REIT		385		8,514
Amadeus Fire AG		13		2,677

	Number of Shares		Value
Germany (Continued)
Atoss Software AG		10	$	2,359
AURELIUS Equity Opportunities SE & Co. KGaA		100		2,980
Aurubis AG		75		6,446
BASF SE		2,285		149,991
Basler AG		7		1,165
Bayer AG		2,445		123,448
Bayerische Motoren Werke AG		823		79,317
BayWa AG		32		1,336
Bechtle AG		201		14,539
Beiersdorf AG		248		24,812
Bertrandt AG		13		865
Bike24 Holding AG*		47		990
Bilfinger SE		63		2,033
Borussia Dortmund GmbH & Co. KGaA*		193		902
Brenntag SE		379		32,538
CANCOM SE		96		6,927
Carl Zeiss Meditec AG		101		20,269
CECONOMY AG*		432		1,723
Cewe Stiftung & Co. KGaA		13		1,872
Commerzbank AG*		2,497		17,657
CompuGroup Medical SE & Co. KGaA		62		4,753
Continental AG*		270		28,998
Covestro AG, 144A		470		26,566
CropEnergies AG		116		1,552
CTS Eventim AG & Co. KGaA*		144		9,367
Daimler AG (a)		2,129		200,403
Datagroup SE*		11		1,037
Delivery Hero SE, 144A*(a)		403		53,794
Dermapharm Holding SE		45		4,144
Deutsche Bank AG*(b)		5,143		62,177
Deutsche Beteiligungs AG		35		1,532
Deutsche Boerse AG		472		74,192
Deutsche EuroShop AG		100		1,596
Deutsche Lufthansa AG*		1,408		8,561
Deutsche Pfandbriefbank AG, 144A		317		3,714
Deutsche Post AG		2,463		145,726
Deutsche Telekom AG		8,279		146,359
Deutz AG*		290		1,968
DIC Asset AG		107		1,750
Draegerwerk AG & Co. KGaA		4		235
Duerr AG		123		4,899
E.ON SE		5,581		68,953
Eckert & Ziegler Strahlen- und Medizintechnik AG		35		3,842
Einhell Germany AG		4		944
Elmos Semiconductor SE		22		1,095
ElringKlinger AG*		67		818
Encavis AG (a)		252		4,653
Energiekontor AG		16		1,352
Evonik Industries AG		527		15,904
Evotec SE*		330		15,644
Fielmann AG		56		3,671
flatexDEGIRO AG*		76		1,829
Fraport AG Frankfurt Airport Services Worldwide*		99		6,189
Freenet AG		322		8,173

See Notes to Financial Statements. 69

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Germany (Continued)
Fresenius Medical Care AG & Co. KGaA		510	$	30,527
Fresenius SE & Co. KGaA		1,025		38,936
GEA Group AG		371		18,820
Gerresheimer AG		73		6,710
GFT Technologies SE		43		1,863
GRENKE AG		70		2,409
Hamborner REIT AG REIT		195		2,085
Hamburger Hafen und Logistik AG		59		1,303
Hannover Rueck SE		150		26,308
HeidelbergCement AG		365		24,481
Heidelberger Druckmaschinen AG*		656		1,797
HelloFresh SE*		404		40,961
Henkel AG & Co. KGaA		258		19,180
Hensoldt AG		99		1,419
HOCHTIEF AG		60		4,535
Home24 SE*		52		726
Hornbach Baumarkt AG		15		612
Hornbach Holding AG & Co. KGaA		19		2,385
HUGO BOSS AG		155		9,074
Hypoport SE*		8		4,362
Indus Holding AG		35		1,175
Infineon Technologies AG		3,248		147,084
Instone Real Estate Group SE, 144A		111		2,329
Jenoptik AG		113		4,585
JOST Werke AG, 144A		31		1,589
K+S AG*		482		8,213
KION Group AG		180		19,475
Kloeckner & Co. SE*		172		1,858
Knorr-Bremse AG		181		18,015
Koenig & Bauer AG*		28		900
Krones AG		35		3,557
KWS Saat SE & Co. KGaA		35		2,906
LANXESS AG		203		11,806
LEG Immobilien SE		179		25,071
LPKF Laser & Electronics AG		68		1,352
MBB SE		5		683
Medios AG*		16		715
Merck KGaA		321		79,690
METRO AG		291		3,294
MLP SE		148		1,338
MorphoSys AG*		76		3,060
MTU Aero Engines AG		133		24,880
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		348		94,069
Nagarro SE*		20		4,128
Nemetschek SE		144		18,258
New Work SE		7		1,577
Nordex SE*(a)		297		5,312
Norma Group SE		72		2,647
Northern Data AG*		12		1,492
OHB SE		13		497
PATRIZIA AG		108		2,447
Pfeiffer Vacuum Technology AG		12		2,872
PNE AG		156		1,368
ProSiebenSat.1 Media SE		387		5,703
Puma SE		262		31,719
PVA TePla AG*		49		2,395

	Number of Shares		Value
Germany (Continued)
Rational AG		13	$	12,004
Rheinmetall AG		106		9,451
RWE AG		1,599		61,929
SAF-Holland SA*		107		1,358
Salzgitter AG*		82		2,436
SAP SE		2,595		333,088
Scout24 SE, 144A		210		13,956
Secunet Security Networks AG		3		1,403
SGL Carbon SE*		115		1,007
Siemens AG		1,902		304,749
Siemens Energy AG*		982		26,105
Siemens Healthineers AG, 144A		700		51,062
Siltronic AG (a)		38		5,775
Sixt SE*		36		5,859
SMA Solar Technology AG		27		1,312
Software AG		121		5,146
Steico SE		18		2,094
STRATEC SE		18		2,727
Stroeer SE & Co. KGaA		74		5,711
Suedzucker AG		166		2,402
Symrise AG		319		45,041
Synlab AG*		113		2,896
TAG Immobilien AG		369		10,253
Takkt AG		76		1,239
TeamViewer AG, 144A*		415		5,643
Telefonica Deutschland Holding AG		2,472		6,611
thyssenkrupp AG*		1,010		11,150
Uniper SE		217		9,455
United Internet AG		230		8,647
Varta AG (a)		43		5,491
VERBIO Vereinigte BioEnergie AG		59		4,567
Vitesco Technologies Group AG*		51		2,267
Volkswagen AG		80		22,355
Vonovia SE		1,371		76,188
Vossloh AG		26		1,324
Wacker Chemie AG		40		6,898
Wacker Neuson SE		68		1,993
Westwing Group AG*		33		943
Wuestenrot & Wuerttembergische AG		43		835
Zalando SE, 144A*		551		50,154
Zeal Network SE		26		1,135
zooplus AG*		15		8,166
(Cost $3,501,187)				3,709,395
Ireland — 2.2%
AerCap Holdings NV*		333		18,661
AIB Group PLC*		2,003		4,392
Bank of Ireland Group PLC*		2,365		12,909
Cairn Homes PLC		2,144		2,680
CRH PLC		1,934		94,139
Dalata Hotel Group PLC*		423		1,631
Flutter Entertainment PLC*		415		56,361
Glanbia PLC		498		6,444
Glenveagh Properties PLC, 144A*		1,747		2,255
Hibernia REIT PLC REIT		1,580		2,312
Irish Residential Properties REIT PLC REIT		1,310		2,246
Kerry Group PLC, Class A		395		48,649
Kingspan Group PLC		379		43,928

See Notes to Financial Statements. 70

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Ireland (Continued)
Origin Enterprises PLC		298	$	1,174
Smurfit Kappa Group PLC		613		31,298
Uniphar PLC		550		2,788
(Cost $288,933)				331,867
Italy — 6.9%
A2A SpA		3,982		7,799
ACEA SpA		125		2,535
AMCO—Asset Management Co SpA, Class B*(c)		13		0
Amplifon SpA		303		14,817
Anima Holding SpA, 144A		656		3,091
Arnoldo Mondadori Editore SpA*		223		506
Ascopiave SpA		117		456
Assicurazioni Generali SpA		2,747		55,236
Atlantia SpA*		1,222		22,354
Autogrill SpA*		438		2,853
Azimut Holding SpA		278		7,724
Banca Carige SpA*		462		324
Banca Generali SpA (a)		134		5,503
Banca IFIS SpA		44		737
Banca Mediolanum SpA		524		4,902
Banca Monte dei Paschi di Siena SpA*(a)		678		620
Banca Popolare di Sondrio SCPA		1,047		4,061
Banco BPM SpA		3,334		9,324
BFF Bank SpA, 144A		380		2,862
Biesse SpA*		28		713
BPER Banca		2,458		4,689
Brembo SpA		378		5,011
Brunello Cucinelli SpA*		75		4,755
Buzzi Unicem SpA		217		4,559
Carel Industries SpA, 144A		99		2,661
Cementir Holding NV		60		557
Cerved Group SpA*		95		1,099
CIR SpA-Compagnie Industriali*		1,805		994
Credito Emiliano SpA		216		1,406
Danieli & C Officine Meccaniche SpA (a)		27		767
Danieli & C Officine Meccaniche SpA-RSP		76		1,362
Datalogic SpA		43		721
Davide Campari-Milano NV		1,301		18,989
De’ Longhi SpA		164		5,502
DiaSorin SpA		63		13,486
Digital Value SpA*		8		998
doValue SpA, 144A		214		1,857
El.En. SpA		76		1,310
Enav SpA, 144A*		703		2,920
Enel SpA		20,221		153,809
Eni SpA		6,276		82,863
ERG SpA		148		4,874
Esprinet SpA		130		1,768
Falck Renewables SpA		306		3,005
Ferrari NV		313		82,247
Fila SpA		51		501
Fincantieri SpA*(a)		1,167		780
FinecoBank Banca Fineco SpA		1,515		26,614
Gruppo MutuiOnline SpA		51		2,400
GVS SpA, 144A		164		2,061
Hera SpA		2,029		7,835

	Number of Shares		Value
Italy (Continued)
Illimity Bank SpA*		151	$	2,211
Immobiliare Grande Distribuzione SIIQ SpA REIT*		148		581
Infrastrutture Wireless Italiane SpA, 144A		792		9,103
Interpump Group SpA		168		11,355
Intesa Sanpaolo SpA		41,172		98,779
Iren SpA		1,444		4,340
Italgas SpA		1,238		7,818
Italmobiliare SpA		35		1,256
Juventus Football Club SpA*(a)		1,177		578
La Doria SpA		11		206
Leonardo SpA*		969		6,574
Maire Tecnimont SpA		282		1,249
MARR SpA		84		1,705
Mediobanca Banca di Credito Finanziario SpA (a)		1,554		17,219
MFE-MediaForEurope NV		602		1,636
Moncler SpA		503		36,555
Nexi SpA, 144A*		1,173		18,032
OVS SpA, 144A*		545		1,666
Pharmanutra SpA		10		805
Piaggio & C SpA		402		1,244
Pirelli & C SpA, 144A		911		5,608
Poste Italiane SpA, 144A		1,304		16,475
Prysmian SpA		625		23,242
RAI Way SpA, 144A		249		1,426
Recordati Industria Chimica e Farmaceutica SpA		250		15,719
Reply SpA		47		9,131
Saipem SpA*(a)		1,446		2,889
Salcef SpA		40		984
Salvatore Ferragamo SpA*		100		2,285
Sanlorenzo SpA		13		530
Saras SpA*		1,374		864
Seco SpA*		84		795
Sesa SpA		20		3,983
Snam SpA		4,965		28,008
Societa Cattolica Di Assicurazione SPA*		120		729
SOL SpA		91		2,147
Tamburi Investment Partners SpA		271		2,920
Technogym SpA, 144A		334		3,089
Telecom Italia SpA		23,461		12,239
Terna—Rete Elettrica Nazionale		3,476		25,923
Tinexta SpA		68		2,792
Tod’s SpA*		20		1,152
UniCredit SpA		5,305		64,315
Unipol Gruppo SpA		1,065		5,560
Webuild SpA		948		2,139
Wiit SpA		25		931
Zignago Vetro SpA		35		661
(Cost $961,595)				1,048,265
Luxembourg — 1.0%
ADLER Group SA, 144A (a)		173		1,694
APERAM SA		131		6,289
ArcelorMittal SA		1,676		45,485
Aroundtown SA		2,537		15,249
B&S Group SARL, 144A		59		466

See Notes to Financial Statements. 71

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Luxembourg (Continued)
Befesa SA, 144A*		91	$	6,037
Corestate Capital Holding SA*(a)		27		235
Eurofins Scientific SE		333		42,653
Global Fashion Group SA*(a)		177		1,363
Grand City Properties SA		268		6,352
SES SA		881		6,886
Shurgard Self Storage SA		66		4,087
Solutions 30 SE*(a)		223		1,625
Stabilus SA		57		3,791
Tenaris SA		1,152		11,317
(Cost $165,111)				153,529
Malta — 0.0%
Media & Games Invest SE*(a) (Cost $1,378)		213		1,221
Netherlands — 15.5%
Aalberts NV		243		14,937
ABN AMRO Bank NV, 144A		1,055		15,076
Accell Group NV*		75		3,279
Adyen NV, 144A*		49		136,010
Aegon NV		4,355		19,317
Akzo Nobel NV		465		49,002
Alfen Beheer BV, 144A*		47		4,563
AMG Advanced Metallurgical Group NV		75		2,092
Arcadis NV		183		8,156
Argenx SE*		113		31,654
ASM International NV		117		52,651
ASML Holding NV		1,023		811,665
ASR Nederland NV		338		14,463
Basic-Fit NV, 144A*		117		5,079
BE Semiconductor Industries NV		161		15,290
Boskalis Westminster		201		5,448
Brunel International NV		60		710
CM.com NV*		48		1,562
Corbion NV		149		6,908
Eurocommercial Properties NV		104		2,045
Euronext NV, 144A		214		21,078
EXOR NV		268		23,616
Fastned BV*		20		1,182
Flow Traders, 144A		76		2,655
ForFarmers NV		51		200
Fugro NV*		282		2,074
Heineken Holding NV		287		23,940
Heineken NV		644		64,228
IMCD NV		142		31,580
ING Groep NV		9,708		134,408
Intertrust NV, 144A*		205		4,743
JDE Peet’s NV		254		6,942
Just Eat Takeaway.com NV, 144A*		439		27,477
Koninklijke Ahold Delhaize NV		2,595		87,260
Koninklijke BAM Groep NV*		728		2,171
Koninklijke DSM NV		434		93,592
Koninklijke KPN NV		8,338		24,595
Koninklijke Philips NV		2,284		80,804
Koninklijke Vopak NV		165		6,280
NN Group NV		658		32,790
NSI NV REIT		45		1,779

	Number of Shares		Value
Netherlands (Continued)
OCI NV*		248	$	6,795
Pharming Group NV*		1,341		1,070
PostNL NV		1,087		4,645
Prosus NV*		2,321		186,679
QIAGEN NV*		567		31,509
Randstad NV		300		18,958
SBM Offshore NV		365		5,152
Shop Apotheke Europe NV, 144A*		34		6,189
SIF Holding NV		20		277
Signify NV, 144A		309		14,063
Sligro Food Group NV*		60		1,309
Stellantis NV		5,070		87,053
TKH Group NV		99		5,546
TomTom NV*		172		1,484
Universal Music Group NV		1,805		51,811
Van Lanschot Kempen NV		68		1,612
Vastned Retail NV REIT		36		921
Wereldhave NV REIT		92		1,242
Wolters Kluwer NV		663		74,634
(Cost $1,460,639)				2,374,250
Poland — 0.0%
InPost SA* (Cost $8,728)		471		5,253
Portugal — 0.5%
Altri SGPS SA		156		867
Banco Comercial Portugues SA, Class R*		21,689		3,530
Corticeira Amorim SGPS SA		119		1,501
CTT-Correios de Portugal SA		307		1,443
EDP — Energias de Portugal SA		6,879		37,712
Galp Energia SGPS SA		1,203		11,280
Jeronimo Martins SGPS SA		713		15,538
Navigator Co. SA		599		2,110
NOS SGPS SA		372		1,418
REN — Redes Energeticas Nacionais SGPS SA		822		2,298
Semapa-Sociedade de Investimento e Gestao		58		762
Sonae SGPS SA		1,930		2,063
(Cost $79,224)				80,522
Spain — 7.0%
Acciona SA		57		10,181
Acerinox SA		416		4,646
ACS Actividades de Construccion y Servicios SA		593		14,264
Aena SME SA, 144A*		186		27,317
Almirall SA		142		1,730
Amadeus IT Group SA*		1,119		71,676
Applus Services SA		306		2,726
Atresmedia Corp. de Medios de Comunicacion SA*		202		807
Audax Renovables SA		755		1,086
Banco Bilbao Vizcaya Argentaria SA		16,582		88,434
Banco de Sabadell SA*		14,235		9,628
Banco Santander SA		43,143		134,553
Bankinter SA		1,594		7,853

See Notes to Financial Statements. 72

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Spain (Continued)
CaixaBank SA		10,862	$	28,012
Cellnex Telecom SA, 144A*		1,267		74,777
Cia de Distribucion Integral Logista Holdings SA		155		2,878
CIE Automotive SA		112		3,109
Construcciones y Auxiliar de Ferrocarriles SA		44		1,752
Corp. Financiera Alba SA		48		2,621
Distribuidora Internacional de Alimentacion SA*		31,424		567
Ebro Foods SA		165		3,181
EDP Renovaveis SA		713		18,291
eDreams ODIGEO SA*		182		1,451
Enagas SA		599		13,648
Ence Energia y Celulosa SA*		259		636
Endesa SA		754		16,961
Faes Farma SA		680		2,548
Ferrovial SA		1,181		32,895
Fluidra SA		209		8,000
Gestamp Automocion SA, 144A*		369		1,613
Global Dominion Access SA, 144A		242		1,197
Grenergy Renovables SA*		26		920
Grifols SA (a)		748		13,429
Grupo Catalana Occidente SA		109		3,455
Iberdrola SA		14,231		159,844
Indra Sistemas SA*		361		4,209
Industria de Diseno Textil SA		2,696		85,183
Inmobiliaria Colonial Socimi SA REIT*		717		6,505
Laboratorios Farmaceuticos Rovi SA		46		3,370
Lar Espana Real Estate Socimi SA REIT		218		1,164
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		1,594		2,766
Mapfre SA (a)		2,418		4,961
Mediaset Espana Comunicacion SA*		534		2,565
Melia Hotels International SA*		258		1,614
Merlin Properties Socimi SA REIT		864		9,642
Metrovacesa SA, 144A*		92		763
Miquel y Costas & Miquel SA		80		1,190
Naturgy Energy Group SA		470		12,953
Neinor Homes SA, 144A*		130		1,613
Pharma Mar SA		38		2,469
Prosegur Cash SA, 144A		1,224		797
Prosegur Cia de Seguridad SA		625		1,576
Red Electrica Corp. SA		1,085		23,053
Repsol SA		3,614		40,130
Sacyr SA		969		2,299
Siemens Gamesa Renewable Energy SA*		596		15,904
Solaria Energia y Medio Ambiente SA*		157		2,938
Soltec Power Holdings SA*		129		972
Talgo SA, 144A*		242		1,264
Tecnicas Reunidas SA*		76		596
Telefonica SA (a)		12,524		56,764
Unicaja Banco SA, 144A		3,128		2,760
Viscofan SA		90		5,726
Zardoya Otis SA		430		3,419
(Cost $1,337,522)				1,065,851
Switzerland — 0.6%
STMicroelectronics NV (Cost $33,363)		1,698		83,046

	Number of Shares		Value
United Kingdom — 0.4%
CNH Industrial NV		2,549	$	42,365
Coca-Cola Europacific Partners PLC		508		25,080
(Cost $45,739)				67,445
TOTAL COMMON STOCKS (Cost $12,957,001)				14,875,944
PREFERRED STOCKS — 1.5%
Germany — 1.5%
Bayerische Motoren Werke AG		135		10,625
Draegerwerk AG & Co. KGaA		19		1,232
FUCHS PETROLUB SE		176		7,904
Henkel AG & Co. KGaA		446		35,255
Jungheinrich AG		108		5,085
Porsche Automobil Holding SE		376		31,632
Sartorius AG		64		44,058
Schaeffler AG		325		2,525
Sixt SE		39		3,552
STO SE & Co. KGaA		5		1,171
Volkswagen AG		463		84,886
(Cost $201,037)				227,925
TOTAL PREFERRED STOCKS (Cost $201,037)				227,925
RIGHTS — 0.1%
France — 0.0%
Altarea SCA*(a), expires 12/13/21 (Cost $0)		8		17
Germany — 0.1%
Vonovia SE*, expires 1/7/22 (Cost $0)		1,324		4,670
Italy — 0.0%
Juventus Football Club SpA*, expires 1/10/22 (Cost $223)		1,177		91
TOTAL RIGHTS (Cost $223)				4,778
WARRANTS — 0.0%
Italy — 0.0%
Webuild SpA*(c), expires 8/2/30 (Cost $0)		39		31
Spain — 0.0%
Abengoa SA*, expires 3/31/25 (Cost $43)		7,125		81
TOTAL WARRANTS (Cost $43)				112
EXCHANGE-TRADED FUNDS — 0.4%
iShares Currency Hedged MSCI Eurozone ETF (Cost $66,767)		1,786		65,171
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $123,685)		123,685		123,685

See Notes to Financial Statements. 73

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) (Cost $48,899)		48,899	$	48,899
TOTAL INVESTMENTS — 100.5% (Cost $13,397,655)			$	15,346,514
Other assets and liabilities, net — (0.5%)				(70,246	)
NET ASSETS — 100.0%			$	15,276,268

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
COMMON STOCKS — 0.4%
Germany — 0.4%
Deutsche Bank AG *(b)
		72,547		5,236		(1,790	)		(2,476	)		(11,340	)		—		—		5,143		62,177
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01%,(d)(e)
		655,154		—		(531,469	) (f)		—			—			10		—		123,685		123,685
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d)
		17,223		583,051		(551,375	)		—			—			4		—		48,899		48,899
		744,924		588,287		(1,084,634	)		(2,476	)		(11,340	)		14		—		177,727		234,761

* 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, 2021 amounted to $214,362, which is 1.4% 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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $104,648.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

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.

Securities are listed in country of domicile.

At November 30, 2021, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
EURO STOXX 50 Futures	EUR	4	$	186,813	$184,949		12/17/2021	$	(1,864	)

As of November 30, 2021, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	12/3/2021	EUR	3,903,100	USD	4,519,302	$	92,152	$	—
Citigroup Global Markets	12/3/2021	EUR	419,000	USD	485,152		9,895		—
JP Morgan & Chase Co.	12/3/2021	EUR	4,356,530	USD	5,044,461		103,001		—

See Notes to Financial Statements. 74

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	12/3/2021	EUR	4,815,000	USD	5,575,423	$	113,937	$	—
Goldman Sachs & Co.	12/3/2021	USD	4,865,042	EUR	4,322,100		37,365		—
JP Morgan & Chase Co.	12/3/2021	USD	4,903,710	EUR	4,356,530		37,750		—
RBC Capital Markets	12/3/2021	USD	5,419,865	EUR	4,815,000		41,621		—
Goldman Sachs & Co.	1/5/2022	EUR	4,322,100	USD	4,872,204		—		(37,247	)
JP Morgan & Chase Co.	1/5/2022	EUR	4,356,530	USD	4,910,877		—		(37,683	)
RBC Capital Markets	1/5/2022	EUR	4,815,000	USD	5,427,670		—		(41,663	)
JP Morgan & Chase Co.	1/5/2022	USD	47,402	EUR	42,000		305		—
Total unrealized appreciation (depreciation)						$	436,026	$	(116,593	)

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, 2021 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (g)	$	14,867,778		$	8,166		$	0	$	14,875,944
Preferred Stocks		227,925			–			–		227,925
Rights (g)		4,761			17			–		4,778
Warrants (g)		81			–			31		112
Exchange-Traded Funds		65,171			–			–		65,171
Short-Term Investments (g)		172,584			–			–		172,584
Derivatives (h)
Forward Foreign Currency Contracts		–			436,026			–		436,026
TOTAL	$	15,338,300		$	444,209		$	31	$	15,782,540
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (h)
Forward Foreign Currency Contracts	$	–		$	(116,593	)	$	–	$	(116,593	)
Futures Contracts		(1,864	)		–			–		(1,864	)
TOTAL	$	(1,864	)	$	(116,593	)	$	–	$	(118,457	)

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

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

During the period ended November 30, 2021, the amount of transfers from Level 3 to Level 1 was $847. The investments were transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 75

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 92.4%
Communication Services — 4.8%
Deutsche Telekom AG		28,156	$	497,752
Scout24 SE, 144A		746		49,578
Telefonica Deutschland Holding AG		8,963		23,969
United Internet AG		818		30,753
(Cost $662,656)				602,052
Consumer Discretionary — 16.4%
adidas AG		1,609		466,319
Bayerische Motoren Werke AG		2,796		269,467
Continental AG*		929		99,774
Daimler AG		7,231		680,657
Delivery Hero SE, 144A*		1,368		182,606
Puma SE		891		107,869
Volkswagen AG		274		76,567
Zalando SE, 144A*		1,878		170,941
(Cost $1,852,394)				2,054,200
Consumer Staples — 2.3%
Beiersdorf AG		851		85,143
HelloFresh SE*		1,395		141,437
Henkel AG & Co. KGaA		879		65,345
(Cost $262,117)				291,925
Financials — 13.6%
Allianz SE		3,484		760,370
Commerzbank AG*		8,463		59,843
Deutsche Bank AG*(a)		17,463		211,119
Deutsche Boerse AG		1,605		252,284
Hannover Rueck SE		509		89,273
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,184		320,050
(Cost $1,820,670)				1,692,939
Health Care — 10.2%
Bayer AG		8,301		419,119
Carl Zeiss Meditec AG		339		68,030
Fresenius Medical Care AG & Co. KGaA		1,734		103,794
Fresenius SE & Co. KGaA		3,540		134,473
Merck KGaA		1,092		271,094
QIAGEN NV*		1,929		107,196
Siemens Healthineers AG, 144A		2,381		173,683
(Cost $1,931,302)				1,277,389
Industrials — 16.6%
Brenntag SE		1,306		112,122
Deutsche Lufthansa AG*		5,043		30,661
Deutsche Post AG		8,374		495,456
GEA Group AG		1,305		66,200
KION Group AG		609		65,890
Knorr-Bremse AG		612		60,912
MTU Aero Engines AG		451		84,368
Rational AG		43		39,706
Siemens AG		6,463		1,035,539
Siemens Energy AG*		3,376		89,745
(Cost $1,588,432)				2,080,599
Information Technology — 14.0%
Bechtle AG		691		49,982

	Number of Shares		Value
Information Technology (Continued)
Infineon Technologies AG		11,031	$	499,535
Nemetschek SE		492		62,382
SAP SE		8,822		1,132,370
(Cost $1,172,329)				1,744,269
Materials — 7.5%
BASF SE		7,761		509,446
Covestro AG, 144A		1,634		92,359
Evonik Industries AG		1,771		53,446
HeidelbergCement AG		1,248		83,704
LANXESS AG		702		40,826
Symrise AG		1,086		153,338
(Cost $1,184,447)				933,119
Real Estate — 3.2%
Aroundtown SA		8,438		50,718
LEG Immobilien SE		615		86,138
Vonovia SE		4,643		258,016
(Cost $362,685)				394,872
Utilities — 3.8%
E.ON SE		18,959		234,236
RWE AG		5,425		210,108
Uniper SE		783		34,117
(Cost $463,343)				478,461
TOTAL COMMON STOCKS (Cost $11,300,375)				11,549,825
PREFERRED STOCKS — 5.9%
Consumer Discretionary — 3.5%
Bayerische Motoren Werke AG		490		38,566
Porsche Automobil Holding SE		1,294		108,861
Volkswagen AG		1,568		287,475
(Cost $568,953)				434,902
Consumer Staples — 1.0%
Henkel AG & Co. KGaA (Cost $175,804)		1,508		119,203
Health Care — 1.2%
Sartorius AG (Cost $40,739)		221		152,136
Materials — 0.2%
FUCHS PETROLUB SE (Cost $25,432)		586		26,318
TOTAL PREFERRED STOCKS (Cost $810,928)				732,559
RIGHTS — 0.1%
Real Estate — 0.1%
Vonovia SE* , expires 1/7/22 (Cost $0)		4,540		16,013
EXCHANGE-TRADED FUNDS — 0.4%
iShares Currency Hedged MSCI Germany ETF (b) (Cost $53,195)		1,650		52,272

See Notes to Financial Statements. 76

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $49,200)		49,200	$	49,200
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $24,065)		24,065		24,065
TOTAL INVESTMENTS — 99.4% (Cost $12,237,763)			$	12,423,934
Other assets and liabilities, net — 0.6%				80,389
NET ASSETS — 100.0%			$	12,504,323

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
COMMON STOCKS — 1.7%
Financials — 1.7%
Deutsche Bank AG *(a)
		272,537		18,187			(28,338	)		(4,015	)		(47,252	)		—		—		17,463		211,119
SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01%, (c)(d)
		28,434		20,766	(e)		—			—			—			0		—		49,200		49,200
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		179,133		675,070			(830,138	)		—			—			15		—		24,065		24,065
		480,104		714,023			(858,476	)		(4,015	)		(47,252	)		15		—		90,728		284,384

* 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, 2021 amounted to $47,520, which is 0.4% 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, 2021.

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, 2021, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
DAX Mini Futures	EUR	2	$	174,298	$171,737		12/17/2021	$	(2,561	)

As of November 30, 2021, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	12/3/2021	EUR	3,233,267	USD	3,743,719	$	76,337	$	—
Citigroup Global Markets	12/3/2021	EUR	204,000	USD	236,208		4,818		—

See Notes to Financial Statements. 77

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets		12/3/2021		EUR	25,000		USD	28,992	$	635	$	—
JP Morgan & Chase Co.		12/3/2021		EUR	3,813,000		USD	4,415,103		90,150		—
RBC Capital Markets		12/3/2021		EUR	3,918,919		USD	4,537,826		92,733		—
Goldman Sachs & Co.		12/3/2021		USD	3,897,197		EUR	3,462,267		29,932		—
JP Morgan & Chase Co.		12/3/2021		USD	4,291,913		EUR	3,813,000		33,040		—
RBC Capital Markets		12/3/2021		USD	4,411,218		EUR	3,918,919		33,875		—
Goldman Sachs & Co.		1/5/2022		EUR	3,462,267		USD	3,902,934		—		(29,837	)
JP Morgan & Chase Co.		1/5/2022		EUR	3,813,000		USD	4,298,185		—		(32,982	)
RBC Capital Markets		1/5/2022		EUR	3,918,919		USD	4,417,570		—		(33,909	)
JP Morgan & Chase Co.		1/5/2022		USD	172,680		EUR	153,000		1,112		—
Total unrealized appreciation (depreciation)									$	362,632	$	(96,728	)

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, 2021 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 (f)	$	11,549,825		$	—		$	—	$	11,549,825
Preferred Stocks (f)		732,559			—			—		732,559
Rights		16,013			—			—		16,013
Exchange-Traded Funds		52,272			—			—		52,272
Short-Term Investments (f)		73,265			—			—		73,265
Derivatives (g)
Forward Foreign Currency Contracts		—			362,632			—		362,632
TOTAL	$	12,423,934		$	362,632		$	—	$	12,786,566
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—		$	(96,728	)	$	—	$	(96,728	)
Futures Contracts		(2,561	)		—			—		(2,561	)
TOTAL	$	(2,561	)	$	(96,728	)	$	—	$	(99,289	)

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

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

See Notes to Financial Statements. 78

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.2%
Communication Services — 7.8%
Capcom Co. Ltd.		8,300	$	207,730
CyberAgent, Inc.		20,100		372,179
Dentsu Group, Inc.		10,636		339,682
Hakuhodo DY Holdings, Inc.		11,380		170,446
Kakaku.com, Inc.		6,736		189,205
KDDI Corp.		79,015		2,306,803
Koei Tecmo Holdings Co. Ltd.		3,120		131,248
Konami Holdings Corp.		4,664		239,730
Nexon Co. Ltd.		24,264		483,842
Nintendo Co. Ltd.		5,521		2,447,048
Nippon Telegraph & Telephone Corp.		63,152		1,745,919
SoftBank Corp.		140,800		1,946,300
SoftBank Group Corp.		59,386		3,168,024
Square Enix Holdings Co. Ltd.		4,300		225,585
Toho Co. Ltd.		5,698		254,566
Z Holdings Corp.		132,028		878,357
(Cost $14,256,064)				15,106,664
Consumer Discretionary — 19.0%
Aisin Corp.		7,223		266,465
Bandai Namco Holdings, Inc.		9,707		758,887
Bridgestone Corp.		28,007		1,140,994
Denso Corp.		21,310		1,570,607
Fast Retailing Co. Ltd.		2,889		1,722,640
Hikari Tsushin, Inc.		1,052		153,191
Honda Motor Co. Ltd.		80,445		2,206,927
Iida Group Holdings Co. Ltd.		7,666		159,241
Isuzu Motors Ltd.		29,095		394,334
Koito Manufacturing Co. Ltd.		5,172		298,785
Mazda Motor Corp.*		26,904		218,498
McDonald’s Holdings Co. Japan Ltd.		3,819		170,619
Mercari, Inc.*		5,100		310,868
Nissan Motor Co. Ltd.*		114,847		571,924
Nitori Holdings Co. Ltd.		3,947		629,579
Open House Co. Ltd.		4,000		227,894
Oriental Land Co. Ltd.		9,825		1,550,652
Pan Pacific International Holdings Corp.		20,300		347,687
Panasonic Corp.		109,644		1,205,226
Rakuten Group, Inc.		43,038		442,050
Rinnai Corp.		1,755		166,440
Ryohin Keikaku Co. Ltd.		12,200		198,054
Sekisui Chemical Co. Ltd.		18,452		301,180
Sekisui House Ltd.		30,552		597,336
Sharp Corp.		10,055		112,973
Shimano, Inc.		3,684		1,023,379
Sony Group Corp.		62,093		7,594,424
Stanley Electric Co. Ltd.		6,546		170,954
Subaru Corp.		30,117		570,847
Sumitomo Electric Industries Ltd.		37,613		495,639
Suzuki Motor Corp.		17,889		725,625
Toyota Motor Corp.		522,665		9,252,467
USS Co. Ltd.		10,118		149,127
Yamaha Corp.		6,707		345,333
Yamaha Motor Co. Ltd.		14,824		374,944
ZOZO, Inc.		6,434		205,767
(Cost $30,784,003)				36,631,557

	Number of Shares		Value
Consumer Staples — 6.5%
Aeon Co. Ltd.		32,402	$	758,058
Ajinomoto Co., Inc.		22,701		684,233
Asahi Group Holdings Ltd.		22,497		834,719
Cosmos Pharmaceutical Corp. (a)		1,000		155,793
Ito En Ltd.		2,700		159,322
Japan Tobacco, Inc.		59,889		1,204,562
Kao Corp.		23,784		1,217,658
Kikkoman Corp.		7,248		555,294
Kirin Holdings Co. Ltd.		40,689		654,062
Kobayashi Pharmaceutical Co. Ltd.		2,600		205,175
Kobe Bussan Co. Ltd.		6,900		261,264
Kose Corp.		1,588		192,046
Lawson, Inc.		2,369		116,108
Lion Corp.		11,388		162,304
MEIJI Holdings Co. Ltd.		6,093		358,998
Nisshin Seifun Group, Inc.		9,275		134,241
Nissin Foods Holdings Co. Ltd.		2,970		219,134
Pola Orbis Holdings, Inc.		4,379		78,333
Seven & i Holdings Co. Ltd.		37,102		1,494,781
Shiseido Co. Ltd.		19,607		1,128,007
Suntory Beverage & Food Ltd.		6,936		245,753
Toyo Suisan Kaisha Ltd.		4,512		183,618
Tsuruha Holdings, Inc.		1,997		226,139
Unicharm Corp.		19,874		859,416
Welcia Holdings Co. Ltd.		4,700		167,360
Yakult Honsha Co. Ltd.		6,438		322,939
(Cost $14,403,134)				12,579,317
Energy — 0.6%
ENEOS Holdings, Inc.		152,537		571,364
Idemitsu Kosan Co. Ltd.		10,660		276,414
Inpex Corp.		50,444		418,154
(Cost $1,919,981)				1,265,932
Financials — 8.8%
Chiba Bank Ltd.		24,460		143,036
Concordia Financial Group Ltd.		52,438		191,595
Dai-ichi Life Holdings, Inc.		49,219		995,832
Daiwa Securities Group, Inc.		68,944		384,808
Japan Exchange Group, Inc.		24,832		540,203
Japan Post Bank Co. Ltd.		20,725		170,149
Japan Post Holdings Co. Ltd.*		120,670		913,819
Japan Post Insurance Co. Ltd.		10,400		161,748
Mitsubishi HC Capital, Inc.		33,216		156,919
Mitsubishi UFJ Financial Group, Inc.		603,642		3,211,663
Mizuho Financial Group, Inc.		118,477		1,469,498
MS&AD Insurance Group Holdings, Inc.		22,089		648,004
Nomura Holdings, Inc.		151,577		640,181
ORIX Corp.		60,027		1,192,203
Resona Holdings, Inc.		103,076		378,983
SBI Holdings, Inc.		12,099		312,978
Shizuoka Bank Ltd.		22,982		162,654
Sompo Holdings, Inc.		15,675		648,162
Sumitomo Mitsui Financial Group, Inc.		64,072		2,098,984
Sumitomo Mitsui Trust Holdings, Inc.		16,262		512,166
T&D Holdings, Inc.		26,749		317,576
Tokio Marine Holdings, Inc.		30,871		1,558,912
Tokyo Century Corp.		2,000		95,899
(Cost $20,143,209)				16,905,972

See Notes to Financial Statements. 79

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Health Care — 9.6%
Asahi Intecc Co. Ltd.		10,400	$	228,913
Astellas Pharma, Inc.		92,235		1,452,047
Chugai Pharmaceutical Co. Ltd.		32,935		1,072,241
Daiichi Sankyo Co. Ltd.		86,383		2,158,524
Eisai Co. Ltd.		11,812		718,219
Hoya Corp.		18,286		2,915,148
Kyowa Kirin Co. Ltd.		13,260		371,869
M3, Inc.		21,684		1,173,835
Medipal Holdings Corp.		8,682		156,688
Nippon Shinyaku Co. Ltd.		2,300		170,920
Olympus Corp.		54,576		1,225,890
Ono Pharmaceutical Co. Ltd.		17,683		391,956
Otsuka Holdings Co. Ltd.		19,200		704,235
Santen Pharmaceutical Co. Ltd.		17,174		228,511
Shionogi & Co. Ltd.		13,008		911,774
Sumitomo Dainippon Pharma Co. Ltd.		9,548		116,737
Sysmex Corp.		8,244		1,032,734
Taisho Pharmaceutical Holdings Co. Ltd.		1,946		96,065
Takeda Pharmaceutical Co. Ltd.		78,023		2,092,164
Terumo Corp.		31,702		1,297,977
(Cost $16,376,720)				18,516,447
Industrials — 21.8%
AGC, Inc.		9,362		459,673
ANA Holdings, Inc.*		7,618		150,931
Benefit One, Inc.		3,900		183,554
Central Japan Railway Co.		7,126		983,462
Dai Nippon Printing Co. Ltd.		10,543		248,383
Daifuku Co. Ltd.		5,000		402,088
Daikin Industries Ltd.		12,248		2,508,437
East Japan Railway Co.		14,985		926,131
FANUC Corp.		9,489		1,867,411
Fuji Electric Co. Ltd.		6,406		336,636
Hankyu Hanshin Holdings, Inc.		11,640		346,517
Hino Motors Ltd.		14,560		121,596
Hitachi Construction Machinery Co. Ltd.		5,520		161,154
Hitachi Ltd.		47,734		2,824,302
Hoshizaki Corp.		2,654		202,393
ITOCHU Corp.		58,288		1,681,062
Japan Airlines Co. Ltd.*		7,154		130,125
Kajima Corp.		22,776		252,070
Keio Corp.		5,136		232,184
Keisei Electric Railway Co. Ltd.		6,584		181,150
Kintetsu Group Holdings Co. Ltd.*		8,110		233,897
Komatsu Ltd.		43,637		1,000,638
Kubota Corp.		50,663		1,061,801
Kurita Water Industries Ltd.		4,842		227,032
Lixil Corp.		13,316		328,556
Makita Corp.		10,944		482,549
Marubeni Corp.		76,487		688,508
MINEBEA MITSUMI, Inc.		17,724		470,403
MISUMI Group, Inc.		13,820		585,029
Mitsubishi Corp.		61,891		1,856,703
Mitsubishi Electric Corp.		89,526		1,128,233
Mitsubishi Heavy Industries Ltd.		15,702		355,755
Mitsui & Co. Ltd.		76,971		1,741,185
Miura Co. Ltd.		4,600		162,171

	Number of Shares		Value
Industrials (Continued)
MonotaRO Co. Ltd.		11,800	$	235,509
NGK Insulators Ltd.		13,164		209,278
Nidec Corp.		22,090		2,540,541
Nihon M&A Center Holdings, Inc.		15,000		442,562
Nippon Express Co. Ltd.		3,739		214,016
Nippon Yusen KK		8,112		531,064
Obayashi Corp.		31,808		235,250
Odakyu Electric Railway Co. Ltd.		13,877		268,492
Persol Holdings Co. Ltd.		8,600		249,551
Recruit Holdings Co. Ltd.		66,891		4,083,822
Secom Co. Ltd.		10,172		689,682
SG Holdings Co. Ltd.		15,600		346,406
Shimizu Corp.		28,268		179,309
SMC Corp.		2,858		1,836,897
Sohgo Security Services Co. Ltd.		3,422		146,525
Sumitomo Corp.		55,873		764,185
Taisei Corp.		9,152		267,998
Tobu Railway Co. Ltd.		8,890		201,733
Tokyu Corp.		24,922		346,375
TOPPAN, Inc.		13,639		207,900
Toshiba Corp.		20,123		805,917
TOTO Ltd.		7,038		313,187
Toyota Industries Corp.		7,299		601,820
Toyota Tsusho Corp.		10,431		457,253
West Japan Railway Co.		10,579		458,406
Yamato Holdings Co. Ltd.		13,817		306,080
Yaskawa Electric Corp.		11,782		530,547
(Cost $37,361,251)				41,992,024
Information Technology — 15.3%
Advantest Corp.		9,900		874,959
Azbil Corp.		6,000		266,466
Brother Industries Ltd.		12,222		211,278
Canon, Inc.		49,097		1,085,880
Disco Corp.		1,400		403,769
FUJIFILM Holdings Corp.		17,657		1,395,096
Fujitsu Ltd.		9,740		1,619,528
GMO Payment Gateway, Inc.		2,000		269,474
Hamamatsu Photonics KK		6,988		431,514
Hirose Electric Co. Ltd.		1,566		263,921
Ibiden Co. Ltd.		5,300		331,499
Itochu Techno-Solutions Corp.		4,800		156,907
Keyence Corp.		9,586		5,964,377
Kyocera Corp.		15,808		941,334
Lasertec Corp.		3,700		973,650
Murata Manufacturing Co. Ltd.		28,445		2,108,808
NEC Corp.		11,893		538,702
Nomura Research Institute Ltd.		16,322		704,661
NTT Data Corp.		30,940		655,287
Obic Co. Ltd.		3,462		642,875
Omron Corp.		9,217		894,098
Oracle Corp.		1,972		194,697
Otsuka Corp.		5,760		264,470
Renesas Electronics Corp.*		62,900		802,422
Ricoh Co. Ltd.		32,934		292,235
Rohm Co. Ltd.		4,312		405,508
SCSK Corp.		7,500		142,987

See Notes to Financial Statements. 80

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Seiko Epson Corp.		13,724	$	222,187
Shimadzu Corp.		11,336		482,383
SUMCO Corp.		16,800		369,783
TDK Corp.		18,984		755,766
TIS, Inc.		11,200		347,786
Tokyo Electron Ltd.		7,314		3,871,984
Trend Micro, Inc.		6,572		380,825
Yokogawa Electric Corp.		10,908		206,030
(Cost $19,814,628)				29,473,146
Materials — 4.7%
Asahi Kasei Corp.		60,384		572,402
Hitachi Metals Ltd.*		10,746		199,833
JFE Holdings, Inc.		23,919		278,475
JSR Corp.		10,251		384,520
Kansai Paint Co. Ltd.		8,806		198,658
Mitsubishi Chemical Holdings Corp.		63,696		502,761
Mitsubishi Gas Chemical Co., Inc.		8,376		139,977
Mitsui Chemicals, Inc.		9,081		244,629
Nippon Paint Holdings Co. Ltd. (a)		34,915		368,502
Nippon Sanso Holdings Corp.		7,780		165,394
Nippon Steel Corp.		41,437		623,012
Nissan Chemical Corp.		6,002		347,265
Nitto Denko Corp.		7,018		490,487
Oji Holdings Corp.		40,984		190,353
Shin-Etsu Chemical Co. Ltd.		17,431		2,929,968
Sumitomo Chemical Co. Ltd.		70,956		328,933
Sumitomo Metal Mining Co. Ltd.		12,305		460,805
Toray Industries, Inc.		68,342		399,526
Tosoh Corp.		12,400		178,921
(Cost $9,215,129)				9,004,421
Real Estate — 3.3%
Daito Trust Construction Co. Ltd.		3,251		353,473
Daiwa House Industry Co. Ltd.		27,417		804,306
Daiwa House REIT Investment Corp. REIT		106		303,366
GLP J REIT		212		338,157
Hulic Co. Ltd.		19,810		188,575
Japan Metropolitan Fund Invest REIT		347		300,231
Japan Real Estate Investment Corp. REIT		62		359,269
Mitsubishi Estate Co. Ltd.		58,624		811,665
Mitsui Fudosan Co. Ltd.		45,182		933,739
Nippon Building Fund, Inc. REIT		74		458,265
Nippon Prologis REIT, Inc. REIT (a)		101		330,159
Nomura Real Estate Holdings, Inc.		5,528		120,551
Nomura Real Estate Master Fund, Inc. REIT		213		304,138
Orix JREIT, Inc. REIT		128		204,397
Sumitomo Realty & Development Co. Ltd.		15,150		474,330
(Cost $7,225,290)				6,284,621
Utilities — 0.8%
Chubu Electric Power Co., Inc.		32,034		324,775
Kansai Electric Power Co., Inc.		35,007		318,062
Osaka Gas Co. Ltd.		18,689		302,073
Tokyo Electric Power Co. Holdings, Inc.*		72,884		195,372

	Number of Shares		Value
Utilities (Continued)
Tokyo Gas Co. Ltd.		18,765	$	322,891
(Cost $2,255,900)				1,463,173
TOTAL COMMON STOCKS (Cost $173,755,309)				189,223,274
EXCHANGE-TRADED FUNDS — 0.0%
iShares MSCI Japan ETF (Cost $30,640)		450		29,849
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $385,800)		385,800		385,800
CASH EQUIVALENTS — 1.3%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (b)		117,803		117,779
DWS Government Money Market Series “Institutional Shares”, 0.04% (b)		2,344,607		2,344,607
TOTAL CASH EQUIVALENTS (Cost $2,462,408)				2,462,386
TOTAL INVESTMENTS — 99.7% (Cost $176,634,157)			$	192,101,309
Other assets and liabilities, net — 0.3%				658,531
NET ASSETS — 100.0%			$	192,759,840

See Notes to Financial Statements. 81

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2021 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01%, (b)(c)
		1,854,074		—		(1,468,274	) (d)		—		—			150		—		385,800		385,800
CASH EQUIVALENTS — 1.3%
DWS ESG Liquidity Fund “Capital Shares”, 0.08% (b)
		117,744		47		—			—		(12	)		47		—		117,803		117,779
DWS Government Money Market Series “Institutional Shares”, 0.04% (b)
		5,191,109		42,115,663		(44,962,165	)		—		—			792		—		2,344,607		2,344,607
		7,162,927		42,115,710		(46,430,439	)		—		(12	)		989		—		2,848,210		2,848,186

* 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, 2021 amounted to $1,040,620, which is 0.5% of net assets.

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

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $705,069.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

REIT: Real Estate Investment Trust

At November 30, 2021, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
Nikkei 225 Futures	JPY	3	$	779,878	$	729,066	12/09/2021	$	(50,812	)
TOPIX Index Futures	JPY	24		4,300,403		4,025,656	12/09/2021		(274,747	)
Total unrealized depreciation								$	(325,559	)

As of November 30, 2021, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Citigroup Global Markets	12/3/2021	JPY	8,533,093,100	USD	74,847,098	$	—	$	(649,281	)
JP Morgan & Chase Co.	12/3/2021	JPY	7,064,517,900	USD	61,967,064		—		(536,124	)
RBC Capital Markets	12/3/2021	JPY	6,661,241,100	USD	58,430,453		—		(504,751	)
Citigroup Global Markets	12/3/2021	USD	116,406	JPY	13,269,000		991		—
Goldman Sachs & Co.	12/3/2021	USD	75,035,044	JPY	8,519,824,100		343,938		—
JP Morgan & Chase Co.	12/3/2021	USD	62,218,055	JPY	7,064,517,900		285,133		—
RBC Capital Markets	12/3/2021	USD	58,666,348	JPY	6,661,241,100		268,857		—
Goldman Sachs & Co.	1/5/2022	JPY	8,519,824,100	USD	75,091,324		—		(342,355	)
JP Morgan & Chase Co.	1/5/2022	JPY	7,064,517,900	USD	62,263,569		—		(284,974	)
RBC Capital Markets	1/5/2022	JPY	6,661,241,100	USD	58,709,522		—		(268,447	)
RBC Capital Markets	1/5/2022	USD	3,946,684	JPY	447,771,000		17,836		—
Total unrealized appreciation (depreciation)						$	916,755	$	(2,585,932	)

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

JPY Japanese Yen

USD U.S. Dollar

See Notes to Financial Statements. 82

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2021 (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, 2021 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 (e)	$	189,223,274		$	—		$	—	$	189,223,274
Exchange-Traded Funds		29,849			—			—		29,849
Short-Term Investments (e)		2,848,186			—			—		2,848,186
Derivatives (f)
Forward Foreign Currency Contracts		—			916,755			—		916,755
TOTAL	$	192,101,309		$	916,755		$	—	$	193,018,064
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (f)
Forward Foreign Currency Contracts	$	—		$	(2,585,932	)	$	—	$	(2,585,932	)
Futures Contracts		(325,559	)		—			—		(325,559	)
TOTAL	$	(325,559	)	$	(2,585,932	)	$	—	$	(2,911,491	)

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

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

See Notes to Financial Statements. 83

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2021 (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	$	134,665,883	$	110,438,038	$	585,112,386		$	15,111,753
Investment in affiliated securities at value		129,224		—		1,362,996			62,177
Investment in DWS ESG Liquidity Fund*		—		—		640,464			—
Investment in DWS Government Money Market Series*		5,435,979		2,085,759		27,286,976			48,899
Investment in DWS Government & Agency Securities Portfolio**		1,087,572		864,626		3,622,161			123,685
Cash		—		76		4			—
Foreign currency at value		282,928		279,108		1,161,283			14,105
Receivable for return of collateral pledged for forward foreign currency contracts		—		—		—			27,354
Unrealized appreciation on forward foreign currency contracts		3,001,636		1,169,248		17,675,342			436,026
Deposit with broker for futures contracts		257,788		167,854		1,773,520			13,316
Receivables:
Investment securities sold		855,583		1,747,291		1,901,443			33,657
Dividends		241,475		49,453		522,998			4,234
Interest		128		68		523			2
Securities lending income		1,268		1,153		5,312			292
Foreign tax reclaim		101,990		363		1,519,363			16,263
Total assets	$	146,061,454	$	116,803,037	$	642,584,771		$	15,891,763
Liabilities
Due to custodian	$	578	$	—	$	—		$	—
Payable upon return of securities loaned		1,087,572		864,626		3,622,161			123,685
Payable upon return of deposit for forward foreign currency contracts		2,467,830		600,000		16,412,179			—
Unrealized depreciation on forward foreign currency contracts		881,410		305,222		4,339,881			116,593
Payables:
Investment securities purchased		2,502,342		1,693,785		11,462,367			362,522
Investment advisory fees		47,356		62,568		229,756			5,933
Variation margin on futures contracts		71,100		49,083		677,729			6,762
Deferred foreign tax payable		143,518		349,481		—			—
Total liabilities		7,201,706		3,924,765		36,744,073			615,495
Net Assets, at value	$	138,859,748	$	112,878,272	$	605,840,698		$	15,276,268
Net Assets Consist of
Paid-in capital	$	120,846,579	$	107,118,614	$	687,791,767		$	15,430,971
Distributable earnings (loss)		18,013,169		5,759,658		(81,951,069	)		(154,703	)
Net Assets, at value	$	138,859,748	$	112,878,272	$	605,840,698		$	15,276,268
Number of Common Shares outstanding		4,250,001		4,250,800		17,450,001			400,001
Net Asset Value	$	32.67	$	26.55	$	34.72		$	38.19
Investment in non-affiliated securities at cost	$	113,160,381	$	81,377,280	$	562,428,280		$	13,086,774
Investment in affiliated securities at cost	$	151,354	$	—	$	2,792,800		$	138,297
Value of securities loaned	$	1,953,624	$	1,712,402	$	3,685,736		$	214,362
Investment in DWS ESG Liquidity Fund at cost*	$	—	$	—	$	640,592		$	—
Investment in DWS Government Money Market Series at cost*	$	5,435,979	$	2,085,759	$	27,286,976		$	48,899
Investment in DWS Government & Agency Securities Portfolio at cost**	$	1,087,572	$	864,626	$	3,622,161		$	123,685
Non-cash collateral for securities on loan	$	968,472	$	905,006	$	323,663		$	104,648
Foreign currency at cost	$	289,306	$	283,365	$	1,144,156		$	13,973
*   Includes collateral held for forward foreign currency contracts	$	2,467,830	$	600,000	$	16,412,179		$	—

** Represents collateral on securities loaned.

See Notes to Financial Statements. 84

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2021 (Unaudited)

	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Assets
Investment in non-affiliated securities at value	$	12,139,550		$	189,253,123
Investment in affiliated securities at value		211,119			—
Investment in DWS ESG Liquidity Fund		—			117,779
Investment in DWS Government Money Market Series		24,065			2,344,607
Investment in DWS Government & Agency Securities Portfolio*		49,200			385,800
Cash		—			1
Foreign currency at value		2,901			437,805
Receivable for return of collateral pledged for forward foreign currency contracts		27,883			1,091,084
Unrealized appreciation on forward foreign currency contracts		362,632			916,755
Deposit with broker for futures contracts		12,898			195,850
Receivables:
Investment securities sold		19,591			2,009,109
Dividends		—			1,143,720
Interest		1			109
Securities lending income		21			224
Foreign tax reclaim		28,938			—
Total assets	$	12,878,799		$	197,895,966
Liabilities
Payable upon return of securities loaned	$	49,200		$	385,800
Unrealized depreciation on forward foreign currency contracts		96,728			2,585,932
Payables:
Investment securities purchased		216,944			1,972,594
Investment advisory fees		4,893			74,679
Variation margin on futures contracts		6,711			117,121
Total liabilities		374,476			5,136,126
Net Assets, at value	$	12,504,323		$	192,759,840
Net Assets Consist of
Paid-in capital	$	19,841,761		$	338,963,428
Distributable earnings (loss)		(7,337,438	)		(146,203,588	)
Net Assets, at value	$	12,504,323		$	192,759,840
Number of Common Shares outstanding		400,800			3,950,800
Net Asset Value	$	31.20		$	48.79
Investment in non-affiliated securities at cost	$	11,600,665		$	173,785,949
Investment in affiliated securities at cost	$	563,833		$	—
Value of securities loaned	$	47,520		$	1,040,620
Investment in DWS ESG Liquidity Fund at cost	$	—		$	117,801
Investment in DWS Government Money Market Series at cost	$	24,065		$	2,344,607
Investment in DWS Government & Agency Securities Portfolio at cost*	$	49,200		$	385,800
Non-cash collateral for securities on loan	$	—		$	705,069
Foreign currency at cost	$	2,880		$	458,490

* Represents collateral on securities loaned.

See Notes to Financial Statements. 85

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2021 (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*	$	1,445,138		$	1,472,404		$	5,180,416		$	84,199
Income distributions from affiliated funds		682			336			2,440			4
Affiliated securities lending income		73			46			340			10
Unaffiliated non-cash dividend income		193,384			93,956			1,499,730			58,756
Unaffiliated securities lending income, net of borrower rebates		16,374			8,120			142,747			6,644
Total investment income		1,655,651			1,574,862			6,825,673			149,613
Expenses
Investment advisory fees		270,877			380,787			1,377,586			35,046
Other expenses		292			81			1,539			57
Total expenses		271,169			380,868			1,379,125			35,103
Less fees waived (see note 3):
Waiver		(390	)		(198	)		(1,420	)		(2	)
Net expenses		270,779			380,670			1,377,705			35,101
Net investment income (loss)		1,384,872			1,194,192			5,447,968			114,512
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(291,651	)		(260,435	)		(2,245,727	)		8,939
Investments in affiliates		—			—			—			(2,476	)
In-kind redemptions		—			—			9,122,554			—
In-kind redemptions in affiliates		—			—			5,170			—
Futures contracts		195,917			(30,896	)		955,804			7,449
Foreign currency transactions		(66,430	)		(121,117	)		(281,922	)		(2,516	)
Forward foreign currency contracts		2,845,385			727,277			17,305,338			655,529
Net realized gain (loss)		2,683,221			314,829			24,861,217			666,925
Net change in unrealized appreciation (depreciation) on:
Investments***		(8,340,583	)		(13,928,987	)		(31,649,370	)		(971,810	)
Investments in affiliates		(26,159	)		—			(293,441	)		(11,340	)
Futures contracts		(273,652	)		(149,506	)		(469,946	)		(3,335	)
Foreign currency translations		(16,221	)		(9,017	)		(217,418	)		(1,148	)
Forward foreign currency contracts		3,480,787			1,969,444			22,737,060			544,323
Net change in unrealized appreciation (depreciation)		(5,175,828	)		(12,118,066	)		(9,893,115	)		(443,310	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(2,492,607	)		(11,803,237	)		14,968,102			223,615
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,107,735	)	$	(10,609,045	)	$	20,416,070		$	338,127
*   Unaffiliated foreign tax withheld	$	164,380		$	199,018		$	587,014		$	25,070
**   Including foreign taxes	$	2		$	1,396		$	—		$	—
***  Including change in deferred foreign taxes	$	37,960		$	71,521		$	—		$	—

See Notes to Financial Statements. 86

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended November 30, 2021 (Unaudited)

	Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	24,164		$	1,752,251
Income distributions from affiliated funds		15			839
Affiliated securities lending income		0			150
Unaffiliated securities lending income, net of borrower rebates		35			18,438
Total investment income		24,214			1,771,678
Expenses
Investment advisory fees		30,669			447,465
Other expenses		57			925
Total expenses		30,726			448,390
Less fees waived (see note 3):
Waiver		(7	)		(503	)
Net expenses		30,719			447,887
Net investment income (loss)		(6,505	)		1,323,791
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(4,414	)		(1,396,340	)
Investments in affiliates		(3,168	)		—
In-kind redemptions		413,595			1,571,027
In-kind redemptions in affiliates		(847	)		—
Futures contracts		9,786			170,621
Foreign currency transactions		1,038			(1,105	)
Forward foreign currency contracts		586,779			8,387,930
Net realized gain (loss)		1,002,769			8,732,133
Net change in unrealized appreciation (depreciation) on:
Investments		(1,669,132	)		(4,285,645	)
Investments in affiliates		(47,252	)		(12	)
Futures contracts		(5,516	)		(330,440	)
Foreign currency translations		(3,123	)		(38,970	)
Forward foreign currency contracts		481,987			(2,024,780	)
Net change in unrealized appreciation (depreciation)		(1,243,036	)		(6,679,847	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(240,267	)		2,052,286
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(246,772	)	$	3,376,077
*   Unaffiliated foreign tax withheld	$	3,949		$	192,204

See Notes to Financial Statements. 87

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, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,384,872		$	2,329,775		$	1,194,192		$	1,631,239
Net realized gain (loss)		2,683,221			(3,526,996	)		314,829			(472,807	)
Net change in net unrealized appreciation (depreciation)		(5,175,828	)		31,627,186			(12,118,066	)		36,415,472
Net increase (decrease) in net assets resulting from operations		(1,107,735	)		30,429,965			(10,609,045	)		37,573,904
Distributions to Shareholders		(1,733,655	)		(2,298,657	)		(930,386	)		(2,035,453	)
Fund Shares Transactions
Proceeds from shares sold		16,562,174			10,818,162			6,963,090			2,940,585
Value of shares redeemed		—			(12,480,284	)		—			(10,412,487	)
Net increase (decrease) in net assets resulting from fund share transactions		16,562,174			(1,662,122	)		6,963,090			(7,471,902	)
Total net increase (decrease) in Net Assets		13,720,784			26,469,186			(4,576,341	)		28,066,549
Net Assets
Beginning of period		125,138,964			98,669,778			117,454,613			89,388,064
End of period	$	138,859,748		$	125,138,964		$	112,878,272		$	117,454,613
Changes in Shares Outstanding
Shares outstanding, beginning of period		3,750,001			3,850,001			4,000,800			4,250,800
Shares sold		500,000			350,000			250,000			100,000
Shares redeemed		—			(450,000	)		—			(350,000	)
Shares outstanding, end of period		4,250,001			3,750,001			4,250,800			4,000,800

See Notes to Financial Statements. 88

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, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	5,447,968		$	11,962,486		$	114,512		$	394,276
Net realized gain (loss)		24,861,217			(48,260,226	)		666,925			(398,314	)
Net change in net unrealized appreciation (depreciation)		(9,893,115	)		157,104,698			(443,310	)		5,590,054
Net increase (decrease) in net assets resulting from operations		20,416,070			120,806,958			338,127			5,586,016
Distributions to Shareholders		(9,412,482	)		(11,732,653	)		(230,025	)		(395,611	)
Fund Shares Transactions
Proceeds from shares sold		67,689,854			115,314,044			—			—
Value of shares redeemed		(35,959,578	)		(148,297,491	)		—			(11,099,293	)
Net increase (decrease) in net assets resulting from fund share transactions		31,730,276			(32,983,447	)		—			(11,099,293	)
Total net increase (decrease) in Net Assets		42,733,864			76,090,858			108,102			(5,908,888	)
Net Assets
Beginning of period		563,106,834			487,015,976			15,168,166			21,077,054
End of period	$	605,840,698		$	563,106,834		$	15,276,268		$	15,168,166
Changes in Shares Outstanding
Shares outstanding, beginning of period		16,550,001			18,100,001			400,001			750,001
Shares sold		1,950,000			3,500,000			—			—
Shares redeemed		(1,050,000	)		(5,050,000	)		—			(350,000	)
Shares outstanding, end of period		17,450,001			16,550,001			400,001			400,001

See Notes to Financial Statements. 89

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, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	(6,505	)	$	484,443		$	1,323,791		$	2,843,396
Net realized gain (loss)		1,002,769			(2,021,372	)		8,732,133			9,760,485
Net change in net unrealized appreciation (depreciation)		(1,243,036	)		5,178,235			(6,679,847	)		36,388,150
Net increase (decrease) in net assets resulting from operations		(246,772	)		3,641,306			3,376,077			48,992,031
Distributions to Shareholders		(256,077	)		(431,830	)		(4,661,580	)		(5,950,806	)
Fund Shares Transactions
Proceeds from shares sold		—			—			2,440,193			11,284,280
Value of shares redeemed		(1,617,438	)		(3,898,792	)		(7,199,304	)		(76,451,354	)
Net increase (decrease) in net assets resulting from fund share transactions		(1,617,438	)		(3,898,792	)		(4,759,111	)		(65,167,074	)
Total net increase (decrease) in Net Assets		(2,120,287	)		(689,316	)		(6,044,614	)		(22,125,849	)
Net Assets
Beginning of period		14,624,610			15,313,926			198,804,454			220,930,303
End of period	$	12,504,323		$	14,624,610		$	192,759,840		$	198,804,454
Changes in Shares Outstanding
Shares outstanding, beginning of period		450,800			600,800			4,050,800			5,550,800
Shares sold		—			—			50,000			250,000
Shares redeemed		(50,000	)		(150,000	)		(150,000	)		(1,750,000	)
Shares outstanding, end of period		400,800			450,800			3,950,800			4,050,800

See Notes to Financial Statements. 90

DBX ETF Trust

Financial Highlights

Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	33.37		$	25.63		$	26.61		$	27.71		$	26.20		$	22.62
Income (loss) from investment operations:
Net investment income (loss)(a)		0.34			0.64			0.62			0.73			0.67			0.64
Net realized and unrealized gain (loss)		(0.59	)		7.73			(0.76	)		(1.12	)		1.51			3.42
Total from investment operations		(0.25	)		8.37			(0.14	)		(0.39	)		2.18			4.06
Less distributions from:
Net investment income		(0.45	)		(0.63	)		(0.84	)		(0.71	)		(0.67	)		(0.48	)
Total distributions		(0.45	)		(0.63	)		(0.84	)		(0.71	)		(0.67	)		(0.48	)
Net Asset Value, end of period	$	32.67		$	33.37		$	25.63		$	26.61		$	27.71		$	26.20
Total Return (%)		(0.78	)**(b)		33.10	(b)		(0.78	)(b)		(1.30	)(b)		8.43			18.30
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		139			125			99			98			127			105
Ratio of expenses before fee waiver (%)		0.40	*		0.40			0.41			0.41			0.40			0.40
Ratio of expenses after fee waiver (%)		0.40	*		0.40			0.41			0.41			0.40			0.40
Ratio of net investment income (loss) (%)		1.90	*		2.15			2.29			2.74			2.46			2.67
Portfolio turnover rate (%)(c)		2	**		14			10			13			11			15
Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	29.36		$	21.03		$	21.81		$	23.91		$	21.47		$	18.62
Income (loss) from investment operations:
Net investment income (loss)(a)		0.29			0.39			0.58			0.52			0.41			0.35
Net realized and unrealized gain (loss)		(2.87	)		8.42			(0.74	)		(2.02	)		2.39			2.81
Total from investment operations		(2.58	)		8.81			(0.16	)		(1.50	)		2.80			3.16
Less distributions from:
Net investment income		(0.23	)		(0.48	)		(0.62	)		(0.60	)		(0.36	)		(0.31	)
Total distributions		(0.23	)		(0.48	)		(0.62	)		(0.60	)		(0.36	)		(0.31	)
Net Asset Value, end of period	$	26.55		$	29.36		$	21.03		$	21.81		$	23.91		$	21.47
Total Return (%)		(8.86	)**(b)		42.20	(b)		(1.01	)(b)		(6.18	)(b)		13.09			17.19
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		113			117			89			112			195			188
Ratio of expenses before fee waiver (%)		0.65	*		0.65			0.66			0.66			0.65			0.65
Ratio of expenses after fee waiver (%)		0.65	*		0.65			0.66			0.66			0.65			0.65
Ratio of net investment income (loss) (%)		1.96	*		1.48			2.62			2.29			1.74			1.74
Portfolio turnover rate (%)(c)		4	**		13			20			13			15			43

(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. 91

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	34.02		$	26.91		$	28.31		$	28.71		$	28.29		$	25.65
Income (loss) from investment operations:
Net investment income (loss)(a)		0.31			0.77			0.52			0.75			0.68			0.76
Net realized and unrealized gain (loss)		0.96			7.07			(1.06	)		(0.26	)		0.39			4.40
Total from investment operations		1.27			7.84			(0.54	)		0.49			1.07			5.16
Less distributions from:
Net investment income		(0.57	)		(0.73	)		(0.86	)		(0.89	)		(0.65	)		(0.85	)
Net realized gains		—			—			—			—			—			(1.67	)
Total distributions		(0.57	)		(0.73	)		(0.86	)		(0.89	)		(0.65	)		(2.52	)
Net Asset Value, end of period	$	34.72		$	34.02		$	26.91		$	28.31		$	28.71		$	28.29
Total Return (%)		3.75	**(b)		29.68	(b)		(2.16	)(b)		1.88	(b)		3.82			21.77
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		606			563			487			849			1,543			2,747
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.46			0.47			0.45			0.45
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.46			0.47			0.45			0.45
Ratio of net investment income (loss) (%)		1.54	*		2.58			1.79			2.67			2.41			2.95
Portfolio turnover rate (%)(c)		3	**		9			13			7			11			17
Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	37.92		$	28.10		$	29.80		$	30.90		$	30.29		$	25.64
Income (loss) from investment operations:
Net investment income (loss)(a)		0.29			0.76			0.40			0.71			0.62			0.73
Net realized and unrealized gain (loss)		0.56			9.71			(1.15	)		(1.13	)		0.63			4.84
Total from investment operations		0.85			10.47			(0.75	)		(0.42	)		1.25			5.57
Less distributions from:
Net investment income		(0.58	)		(0.65	)		(0.95	)		(0.68	)		(0.64	)		(0.92	)
Total distributions		(0.58	)		(0.65	)		(0.95	)		(0.68	)		(0.64	)		(0.92	)
Net Asset Value, end of period	$	38.19		$	37.92		$	28.10		$	29.80		$	30.90		$	30.29
Total Return (%)		2.23	**(b)		37.79	(b)		(2.80	)(b)		(1.34	)(b)		4.19			22.56
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		15			15			21			31			42			65
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.47			0.47			0.45			0.45
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.46			0.47			0.45			0.45
Ratio of net investment income (loss) (%)		1.09	*		2.37			1.31			2.42			2.05			2.76
Portfolio turnover rate (%)(c)		4	**		10			11			5			14			16

(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. 92

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	32.44		$	25.49		$	25.77		$	27.93		$	27.87		$	23.40
Income (loss) from investment operations:
Net investment income (loss)(a)		(0.02	)		0.95			0.24			0.53			0.57			0.40
Net realized and unrealized gain (loss)		(0.65	)		6.84			0.08			(2.02	)		(0.09	)		4.78
Total from investment operations		(0.67	)		7.79			0.32			(1.49	)		0.48			5.18
Less distributions from:
Net investment income		(0.57	)		(0.84	)		(0.60	)		(0.67	)		(0.42	)		(0.71	)
Total distributions		(0.57	)		(0.84	)		(0.60	)		(0.67	)		(0.42	)		(0.71	)
Net Asset Value, end of period	$	31.20		$	32.44		$	25.49		$	25.77		$	27.93		$	27.87
Total Return (%)		(2.15	)**(b)		31.15	(b)		1.15	(b)		(5.48	)(b)		1.73			22.93
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		13			15			15			23			36			66
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.45			0.46			0.45			0.45
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.45			0.46			0.45			0.45
Ratio of net investment income (loss) (%)		(0.10	)*		3.29			0.90			2.03			2.04			1.63
Portfolio turnover rate (%)(c)		4	**		15			14			11			17			12
Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	49.08		$	39.80		$	37.95		$	42.95		$	38.65		$	34.32
Income (loss) from investment operations:
Net investment income (loss)(a)		0.33			0.62			0.67			0.64			0.52			0.53
Net realized and unrealized gain (loss)		0.53			9.82			2.27			(4.24	)		4.69			4.22
Total from investment operations		0.86			10.44			2.94			(3.60	)		5.21			4.75
Less distributions from:
Net investment income		(1.15	)		(1.16	)		(1.09	)		(1.40	)		(0.91	)		(0.42	)
Total distributions		(1.15	)		(1.16	)		(1.09	)		(1.40	)		(0.91	)		(0.42	)
Net Asset Value, end of period	$	48.79		$	49.08		$	39.80		$	37.95		$	42.95		$	38.65
Total Return (%)		1.75	**(b)		26.96	(b)		7.88	(b)		(8.59	)(b)		13.74			14.08
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		193			199			221			414			1,153			1,780
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.46			0.47			0.46			0.45
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.46			0.47			0.46			0.45
Ratio of net investment income (loss) (%)		1.33	*		1.41			1.69			1.55			1.24			1.50
Portfolio turnover rate (%)(c)		3	**		12			12			15			12			22

(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. 93

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2021, the Trust consists of thirty-five 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 track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

Fund	Underlying Index
Xtrackers 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.

94

DBX ETF Trust

Notes to Financial Statements (Unaudited)(Continued)

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 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.

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.

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

95

DBX ETF Trust

Notes to Financial Statements (Unaudited)(Continued)

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

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

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

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

Investment Transactions and Investment Income    Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis.

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.

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.

96

DBX ETF Trust

Notes to Financial Statements (Unaudited)(Continued)

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, 2021, the Funds did not incur any interest or penalties.

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

	Short-Term		Long-Term		Total Amount
Xtrackers MSCI All World ex US Hedged Equity ETF	$	2,278,369	$	6,424,609	$	8,702,978
Xtrackers MSCI Emerging Markets Hedged Equity ETF		12,359,976		9,777,356		22,137,332
Xtrackers MSCI Europe Hedged Equity ETF		18,103,809		129,350,904		147,454,713
Xtrackers MSCI Eurozone Hedged Equity ETF		570,465		2,643,459		3,213,924
Xtrackers MSCI Germany Hedged Equity ETF		1,879,317		6,851,124		8,730,441
Xtrackers MSCI Japan Hedged Equity ETF		69,568,208		96,803,481		166,371,689

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

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	98,166,648	$	27,998,795	$	34,441,292	$	(6,442,497	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		78,245,387		38,944,258		45,983,485		(7,039,227	)
Xtrackers MSCI Europe Hedged Equity ETF		527,787,042		45,055,821		96,739,297		(51,683,476	)
Xtrackers MSCI Eurozone Hedged Equity ETF		13,046,854		2,720,158		4,195,288		(1,475,130	)
Xtrackers MSCI Germany Hedged Equity ETF		13,016,939		1,629,242		3,395,732		(1,766,490	)
Xtrackers MSCI Japan Hedged Equity ETF		183,514,023		16,783,487		34,008,779		(17,225,292	)

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, 2021, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending    The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends

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generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2021, 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 (0.03% annualized effective rate as of November 30, 2021) 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, 2021, 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, 2021
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	$	1,087,572	$	—	$	36,969	$	931,503	$	2,056,044
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,056,044
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Common Stocks	$	864,626	$	—	$	44,667	$	860,339	$	1,769,632
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,769,632
Xtrackers MSCI Europe Hedged Equity ETF
Common Stocks	$	3,622,161	$	—	$	—	$	323,663	$	3,945,824
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	3,945,824
Xtrackers MSCI Eurozone Hedged Equity ETF
Common Stocks	$	123,685	$	—	$	1,532	$	103,116	$	228,333
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	228,333
Xtrackers MSCI Germany Hedged Equity ETF
Exchange-Traded Funds	$	49,200	$	—	$	—	$	—	$	49,200
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	49,200
Xtrackers MSCI Japan Hedged Equity ETF
Common Stocks	$	385,800	$	—	$	10,950	$	694,119	$	1,090,869
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,090,869

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.

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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, 2021, The 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, 2021 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, 2021.

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, 2021, 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.

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, 2021 is included in a table following the Funds’ Schedule of Investments.

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The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2021 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*	$	5,009	Unrealized depreciation on futures contracts*	$	180,489
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		3,001,636	Unrealized depreciation on forward foreign currency contracts	$	881,410
		Total	$	3,006,645	Total	$	1,061,899
Xtrackers MSCI Emerging Markets Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	120,311
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,169,248	Unrealized depreciation on forward foreign currency contracts		305,222
		Total	$	1,169,248	Total	$	425,533
Xtrackers MSCI Europe Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	57,251	Unrealized depreciation on futures contracts*	$	449,650
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		17,675,342	Unrealized depreciation on forward foreign currency contracts		4,339,881
		Total	$	17,732,593	Total	$	4,789,531
Xtrackers MSCI Eurozone Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	1,864
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		436,026	Unrealized depreciation on forward foreign currency contracts		116,593
		Total	$	436,026	Total	$	118,457
Xtrackers MSCI Germany Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	2,561
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		362,632	Unrealized depreciation on forward foreign currency contracts		96,728
		Total	$	362,632	Total	$	99,289
Xtrackers MSCI Japan Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	325,559
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		916,755	Unrealized depreciation on forward foreign currency contracts		2,585,932
		Total	$	916,755		$	2,911,491

* 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.

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Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2021 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	$	195,917		$	2,845,385		$	3,041,302
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(30,896	)		727,277			696,381
Xtrackers MSCI Europe Hedged Equity ETF		955,804			17,305,338			18,261,142
Xtrackers MSCI Eurozone Hedged Equity ETF		7,449			655,529			662,978
Xtrackers MSCI Germany Hedged Equity ETF		9,786			586,779			596,565
Xtrackers MSCI Japan Hedged Equity ETF		170,621			8,387,930			8,558,551
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	$	(273,652	)	$	3,480,787		$	3,207,135
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(149,506	)		1,969,444			1,819,938
Xtrackers MSCI Europe Hedged Equity ETF		(469,946	)		22,737,060			22,267,114
Xtrackers MSCI Eurozone Hedged Equity ETF		(3,335	)		544,323			540,988
Xtrackers MSCI Germany Hedged Equity ETF		(5,516	)		481,987			476,471
Xtrackers MSCI Japan Hedged Equity ETF		(330,440	)		(2,024,780	)		(2,355,220	)

For the period ended November 30, 2021 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	$	3,603,027	$	(129,754,942	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		2,191,710		(109,721,906	)
Xtrackers MSCI Europe Hedged Equity ETF		13,138,964		(592,792,399	)
Xtrackers MSCI Eurozone Hedged Equity ETF		82,063		(15,185,168	)
Xtrackers MSCI Germany Hedged Equity ETF		155,846		(13,248,846	)
Xtrackers MSCI Japan Hedged Equity ETF		5,221,386		(191,309,120	)

As of November 30, 2021, 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 Other expenses 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

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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
Citigroup Global Markets	$	668,937	$	(73,256	)	$	595,681	$	—	$	73,256	$	(73,256	)	$	—		$	—
Goldman Sachs & Co.		205,989		(202,167	)		—		3,822		202,167		(202,167	)		—			—
JP Morgan & Chase Co.		1,100,995		(313,069	)		787,926		—		313,069		(313,069	)		—			—
RBC Capital Markets		1,025,715		(292,918	)		732,797		—		292,918		(292,918	)		—			—
	$	3,001,636	$	(881,410	)	$	2,116,404	$	3,822	$	881,410	$	(881,410	)	$	—		$	—
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Citigroup Global Markets	$	208,966	$	(21,231	)	$	—	$	187,735	$	21,231	$	(21,231	)	$	—		$	—
Goldman Sachs & Co.		69,546		(60,925	)		—		8,621		60,925		(60,925	)		—			—
JP Morgan & Chase Co.		493,154		(127,331	)		300,000		65,823		127,331		(127,331	)		—			—
RBC Capital Markets		397,582		(95,735	)		300,000		1,847		95,735		(95,735	)		—			—
	$	1,169,248	$	(305,222	)	$	600,000	$	264,026	$	305,222	$	(305,222	)	$	—		$	—
Xtrackers MSCI Europe Hedged Equity ETF
Citigroup Global Markets	$	4,602,368	$	—		$	4,602,368	$	—	$	—	$	—		$	—		$	—
Goldman Sachs & Co.		1,438,384		(1,435,148	)		—		3,236		1,435,148		(1,435,148	)		—			—
JP Morgan & Chase Co.		5,918,104		(1,524,476	)		4,393,628		—		1,524,476		(1,524,476	)		—			—
RBC Capital Markets		5,716,486		(1,380,257	)		4,336,229		—		1,380,257		(1,380,257	)		—			—
	$	17,675,342	$	(4,339,881	)	$	13,332,225	$	3,236	$	4,339,881	$	(4,339,881	)	$	—		$	—
Xtrackers MSCI Eurozone Hedged Equity ETF
Citigroup Global Markets	$	102,047	$	—		$	—	$	102,047	$	—	$	—		$	—		$	—
Goldman Sachs & Co.		37,365		(37,247	)		—		118		37,247		(37,247	)		—			—
JP Morgan & Chase Co.		141,056		(37,683	)		—		103,373		37,683		(37,683	)		—			—
RBC Capital Markets		155,558		(41,663	)		—		113,895		41,663		(41,663	)		—			—
	$	436,026	$	(116,593	)	$	—	$	319,433	$	116,593	$	(116,593	)	$	—		$	—
Xtrackers MSCI Germany Hedged Equity ETF
Citigroup Global Markets	$	81,790	$	—		$	—	$	81,790	$	—	$	—		$	—		$	—
Goldman Sachs & Co.		29,932		(29,837	)		—		95		29,837		(29,837	)		—			—
JP Morgan & Chase Co.		124,302		(32,982	)		—		91,320		32,982		(32,982	)		—			—
RBC Capital Markets		126,608		(33,909	)		—		92,699		33,909		(33,909	)		—			—
	$	362,632	$	(96,728	)	$	—	$	265,904	$	96,728	$	(96,728	)	$	—		$	—
Xtrackers MSCI Japan Hedged Equity ETF
Citigroup Global Markets	$	991	$	(991	)	$	—	$	—	$	649,281	$	(991	)	$	(251,084	)	$	397,206
Goldman Sachs & Co.		343,938		(342,355	)		—		1,583		342,355		(342,355	)		—			—
JP Morgan & Chase Co.		285,133		(285,133	)		—		—		821,098		(285,133	)		(450,000	)		85,965
RBC Capital Markets		286,693		(286,693	)		—		—		773,198		(286,693	)		(390,000	)		96,505
	$	916,755	$	(915,172	)	$	—	$	1,583	$	2,585,932	$	(915,172	)	$	(1,091,084	)	$	579,676

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

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

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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, 2021, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers MSCI All World ex US Hedged Equity ETF	$	390
Xtrackers MSCI Emerging Markets Hedged Equity ETF		198
Xtrackers MSCI Europe Hedged Equity ETF		1,420
Xtrackers MSCI Eurozone Hedged Equity ETF		2
Xtrackers MSCI Germany Hedged Equity ETF		7
Xtrackers MSCI Japan Hedged Equity ETF		503

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

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

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

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

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4. Investment Portfolio Transactions

For the period ended November 30, 2021, 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	$	11,867,568	$	2,665,919
Xtrackers MSCI Emerging Markets Hedged Equity ETF		12,013,070		4,467,246
Xtrackers MSCI Europe Hedged Equity ETF		39,381,416		15,301,946
Xtrackers MSCI Eurozone Hedged Equity ETF		1,504,617		603,038
Xtrackers MSCI Germany Hedged Equity ETF		1,268,173		459,781
Xtrackers MSCI Japan Hedged Equity ETF		10,386,028		5,681,817

For the period ended November 30, 2021, 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	$	11,807,993	$	—
Xtrackers MSCI Emerging Markets Hedged Equity ETF		1,399,256		—
Xtrackers MSCI Europe Hedged Equity ETF		65,588,006		35,349,292
Xtrackers MSCI Germany Hedged Equity ETF		—		1,589,683
Xtrackers MSCI Japan Hedged Equity ETF		2,355,346		6,986,746

5. Fund Share Transactions

As of November 30, 2021, 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

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

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership; custody risks associated with investing through Shanghai — Hong Kong and Shenzhen — Hong Kong Stock Connect programs, Renminbi Qualified Foreign Institutional Investor program or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese

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Notes to Financial Statements (Unaudited)(Continued)

securities when it would otherwise be advisable; and different and less stringent financial reporting standards. In addition, in June 2021, President Biden issued an executive order (“CMIC Order”) prohibiting U.S. persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company” (“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designated as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.

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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2021.

8. Other — COVID-19 Pandemic

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

105

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.

106

DBX ETF Trust

Privacy Policy Notice (Unaudited)

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

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

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

Rev. 12/2021

107

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. 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.

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, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.

In June 2016, citizens of the United Kingdom approved a referendum to leave the European Union (EU) and in March 2017, the United Kingdom initiated the formal process of withdrawing from the EU. 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 © 2022 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured  |  No Bank Guarantee  |  May Lose Value

DBX ETF Trust

Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-049077-6 (1/22) DBX005040 (1/23)

November 30, 2021

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
Shareholder Letter		1
Portfolio Summary
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		2
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		3
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		4
Xtrackers Municipal Infrastructure Revenue Bond ETF		5
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		6
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		7
Fees and Expenses		8
Schedule of Investments
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		9
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		21
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		26
Xtrackers Municipal Infrastructure Revenue Bond ETF		41
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		49
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		56
Statements of Assets and Liabilities		60
Statements of Operations		62
Statements of Changes in Net Assets		64
Financial Highlights		67
Notes to Financial Statements		70
Additional Information		80
Privacy Policy Notice		81

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semi-annual report for six of our ETFs tracking the fixed income and equity dividend markets for the period ended November 30, 2021.

The global reopening continued during the reporting period, with trade restrictions being lifted in developed and emerging markets, accelerating the pace of economic recovery compared to expectations, and moving inflation above central bank targets. This led financial markets to price in a faster pace of monetary tightening by most central banks. The U.S. GDP¹ growth moderated during the period, mainly due to supply chain disruptions and a decline in spending. The Eurozone witnessed higher-than-expected GDP growth in Q3 2021, led by expansion in France and Italy. However, inflation resulted in a drag in consumer confidence, and the fourth wave of COVID-19 infections depressed market sentiment. China’s economy witnessed a drop in GDP growth as retail sales remained below pre-pandemic levels.

After experiencing high growth in Q2 2021, the U.S. economy moderated in Q3 2021 due to a sharp decline in household spending and as supply bottlenecks caused material shortages. The unemployment rate, however, dropped to its lowest since March 2020 as sectors such as leisure and hospitality, transportation and warehousing saw increased employment. At the November meeting, along with the reappointment of Jerome Powell as Federal Reserve Board (FRB) chair, FRB officials for the first time indicated the withdrawal of monetary stimulus through a gradual reduction in bond purchases. They also indicated the reduction in bond purchases would continue until the liquidation of the program by late spring or early summer of 2022. Expectations of a sooner than expected interest rate increase have pushed the short-term government bond yield higher, leading to a flattening of the yield curve. The U.S. high-yield spreads widened during the period, led by fear of higher inflation, even though corporate default rates were at their lowest since May 2019.

The Eurozone GDP advanced during the period, helped by a gradual reopening of the economy. However, this resulted in inflation rising to its highest level since 2008; it was at its highest in nearly 30 years in Germany. The European Central Bank (ECB) reiterated that the current spike in inflation is transitory and that the very generous monetary policy will be reassessed at some point in the future. The ECB’s green bond issuance to finance climate change-related projects saw good demand. A significant event in emerging markets was the collapse of Chinese real estate giant Evergrande, leading to rising investor concern about cross-defaults. However, the Chinese authorities managed to contain the threat with a hefty stimulus and a trading ban on the company’s bond. The People’s Bank of China, seeking to limit risk taking in the property sector, kept interest rates steady for 19 months in a row. The Bank of Japan, citing lower GDP projections for the year, kept short-term interest rates unchanged. Policymakers in several other countries continued their dovish policies to cushion their respective economies from a further drop owing to the pandemic.

At the start of the reporting period, improving vaccine coverage in many countries diverted investor focus away from the pandemic toward the post-pandemic process of normalization. However, by the end of November, regions such as Europe and Africa were experiencing rising COVID-19 cases along with the threat of new strains or variants. Despite this, economic growth is expected to continue as the markets now focus on central bank action toward a possible tapering. Interest rates, however, are expected to remain low as governments, firms and individuals try to adjust to new issues such as disrupted integrated-circuit supply and high shipping rates.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

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

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers 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. On August 24, 2021 the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF name changed to Xtrackers Bloomberg US Investment Grade Corporate ESG ETF. At that time, the Underlying Index was renamed from the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index. The name changes had no impact on the Fund’s investment objective, policies, or investment strategy. It is not possible to invest directly into an index.

Quality* as of November 30, 2021

Description	% of Market Value
AAA		2.0%
AA		16.0%
A		43.8%
BBB		38.2%
Total		100.0%

The quality ratings represents the average 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, 2021

United States	88.4%
Canada	3.5%
United Kingdom	3.3%
Other	4.8%
Total	100.0%

Sector Diversification* as of November 30, 2021

Financial	32.6%
Consumer, Non-cyclical	17.7%
Technology	11.1%
Communications	8.6%
Utilities	8.3%
Industrial	7.8%
Consumer, Cyclical	6.4%
Energy	5.0%
Basic Materials	2.5%
Total	100.0%

Modified duration to worst as of November 30, 2021: 8.7 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 9.

2

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, 2021

Description	% of Market Value
AA		8.1%
A		10.0%
BBB		37.6%
BB		22.3%
B		18.5%
CCC		3.0%
CC		0.5%
Total		100.0%

The quality ratings represents the average 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, 2021

Indonesia	4.9%
Saudi Arabia	4.8%
Uruguay	4.7%
Qatar	4.2%
Panama	4.1%
Russia	4.0%
Philippines	3.7%
Dominican Republic	3.5%
Ukraine	3.4%
Peru	3.2%
Brazil	3.2%
Mexico	3.1%
United Arab Emirates	3.1%
Turkey	3.1%
Colombia	3.0%
Oman	2.8%
Ghana	2.5%
Chile	2.5%
Bahrain	2.1%
Egypt	2.0%
Hungary	2.0%
Other	30.1%
Total	100.0%

Modified duration to worst as of November 30, 2021: 8.2 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 percentage 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 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 expo-sure with ESG aspects. It is not possible to invest directly into an index.

Quality* as of November 30, 2021

Description	% of Market Value
BBB		9.1%
BB		55.0%
B		26.5%
CCC		9.3%
CC		0.1%
		100.0%

The quality ratings represents the average 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, 2021

United States	87.0%
Canada	3.6%
Other	9.4%
Total	100.0%

Sector Diversification* as of November 30, 2021

Consumer, Cyclical	19.8%
Communications	17.0%
Consumer, Non-cyclical	15.8%
Energy	13.6%
Financial	12.7%
Industrial	10.0%
Basic Materials	5.7%
Technology	3.8%
Utilities	1.5%
Diversified	0.1%
Total	100.0%

Modified duration to worst as of November 30, 2021: 4.0 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 securities lending collateral and cash equivalents.

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

4

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, 2021

Description	% of Market Value
AAA		4.9%
AA		47.6%
A		43.7%
BBB		3.8%
Total		100.0%

The quality ratings represents the higher of Moody’s Investor Services, Inc. (“Moody’s”) or S&P Global Ratings (S&P) credit ratings. The ratings of Moody’s and S&P 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, 2021

Transportation	34.1%
Airport	27.2%
Water	19.8%
Power	8.2%
General	6.6%
Development	2.4%
Utilities	1.7%
Total	100.0%

Modified duration to worst as of November 30, 2021: 6.2 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 41.

5

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, 2021 (25.8% of Net Assets)

Description	% of Net Assets
Roche Holding AG (Switzerland)		4.9%
Novartis AG (Switzerland)		4.1%
Unilever PLC (United Kingdom)		3.1%
Sanofi (France)		2.5%
GlaxoSmithKline PLC (United Kingdom)		2.4%
Allianz SE (Germany)		2.1%
BHP Group Ltd. (Australia)		1.9%
British American Tobacco PLC (United Kingdom)		1.7%
Rio Tinto PLC (United Kingdom)		1.6%
Iberdrola SA (Spain)		1.5%

Country Diversification* as of November 30, 2021

United Kingdom	14.4%
Switzerland	13.5%
Japan	11.4%
Australia	6.7%
Taiwan	6.6%
China	5.6%
France	4.9%
Canada	4.6%
Germany	3.9%
Hong Kong	3.9%
Italy	2.5%
Russia	2.4%
Brazil	2.1%
Other	17.5%
Total	100.0%

Sector Diversification* as of November 30, 2021

Financials	22.8%
Materials	17.0%
Health Care	14.5%
Consumer Staples	10.8%
Utilities	7.8%
Communication Services	7.9%
Industrials	5.1%
Information Technology	4.6%
Consumer Discretionary	4.3%
Real Estate	2.8%
Energy	2.4%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 49.

6

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 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, 2021 (37.5% of Net Assets)

Description	% of Net Assets
Unilever PLC (United Kingdom)		5.1%
Roche Holding AG (Switzerland)		5.0%
Novartis AG (Switzerland)		5.0%
Sanofi (France)		4.1%
GlaxoSmithKline PLC (United Kingdom)		3.9%
Allianz SE (Germany)		3.4%
BHP Group Ltd. (Australia)		3.2%
British American Tobacco PLC (United Kingdom)		2.8%
Rio Tinto PLC (United Kingdom)		2.6%
Iberdrola SA (Spain)		2.4%

Country Diversification* as of November 30, 2021

United Kingdom	22.5%
Japan	17.8%
Switzerland	16.3%
Australia	8.0%
France	7.9%
Germany	6.3%
Hong Kong	4.1%
Italy	4.1%
Spain	3.3%
Singapore	2.6%
Other	7.1%
Total	100.0%

Sector Diversification* as of November 30, 2021

Financials	18.9%
Health Care	18.3%
Materials	15.6%
Consumer Staples	14.5%
Utilities	9.9%
Communication Services	8.2%
Industrials	5.9%
Consumer Discretionary	5.7%
Real Estate	2.1%
Energy	0.7%
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 56.

7

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, 2021 to November 30, 2021).

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, 2021		Ending Account Value November 30, 2021		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Actual	$	1,000.00	$	1,018.70		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.32		0.15	%	$	0.76
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Actual	$	1,000.00	$	977.70		0.35	%	$	1.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.35	%	$	1.78
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	1,007.80		0.20	%	$	1.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07		0.20	%	$	1.01
Xtrackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	1,009.20		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.32		0.15	%	$	0.76
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Actual	$	1,000.00	$	926.20		0.20	%	$	0.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07		0.20	%	$	1.01
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Actual	$	1,000.00	$	922.30		0.20	%	$	0.96
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07		0.20	%	$	1.01

(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 365.

8

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF

November 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 99.0%
Basic Materials — 2.5%
Chemicals — 1.9%
Air Products and Chemicals, Inc., 2.80%, 5/15/50	$	4,000	$	4,144
Dow Chemical Co. 7.375%, 11/1/29		10,000		13,492
2.10%, 11/15/30		10,000		9,854
3.60%, 11/15/50		5,000		5,490
DuPont de Nemours, Inc. 4.205%, 11/15/23		10,000		10,576
5.419%, 11/15/48		8,000		11,268
Ecolab, Inc., 2.70%, 11/1/26		15,000		15,757
Linde, Inc., 2.00%, 8/10/50		5,000		4,496
LYB International Finance III LLC 3.375%, 5/1/30		8,000		8,714
2.25%, 10/1/30		10,000		10,016
LyondellBasell Industries NV, 4.625%, 2/26/55		8,000		9,973
Nutrien Ltd. 2.95%, 5/13/30		10,000		10,537
5.00%, 4/1/49		6,000		8,097
PPG Industries, Inc., 1.20%, 3/15/26		6,000		5,879
Sherwin-Williams Co., 4.50%, 6/1/47		13,000		16,311
(Cost $136,351)				144,604
Forest Products & Paper — 0.1%
International Paper Co., 4.80%, 6/15/44
(Cost $8,658)		8,000		10,245
Iron/Steel — 0.2%
Steel Dynamics, Inc. 2.80%, 12/15/24		2,000		2,079
3.25%, 1/15/31		12,000		12,657
(Cost $14,794)				14,736
Mining — 0.3%
Newmont Corp. 2.25%, 10/1/30		10,000		9,785
4.875%, 3/15/42		5,000		6,287
Rio Tinto Finance USA Ltd., 2.75%, 11/2/51		5,000		4,996
(Cost $19,802)				21,068
Communications — 8.5%
Advertising — 0.1%
Interpublic Group of Cos., Inc., 2.40%, 3/1/31
(Cost $5,113)		5,000		5,027
Internet — 1.9%
Alphabet, Inc. 1.998%, 8/15/26		22,000		22,664
2.05%, 8/15/50		5,000		4,541
2.25%, 8/15/60		5,000		4,567

	Principal Amount		Value
Internet (Continued)
Amazon.com, Inc. 5.20%, 12/3/25	$	13,000	$	14,861
1.00%, 5/12/26		10,000		9,889
1.65%, 5/12/28		5,000		4,974
1.50%, 6/3/30		12,000		11,599
2.10%, 5/12/31		10,000		10,072
3.10%, 5/12/51		10,000		10,839
4.25%, 8/22/57		13,000		16,933
3.25%, 5/12/61		10,000		11,041
Booking Holdings, Inc., 3.60%, 6/1/26		8,000		8,647
eBay, Inc. 1.90%, 3/11/25		5,000		5,070
4.00%, 7/15/42		7,000		7,995
(Cost $144,289)				143,692
Media — 1.8%
Discovery Communications LLC 3.45%, 3/15/25		10,000		10,576
5.20%, 9/20/47		5,000		6,308
4.65%, 5/15/50		5,000		5,933
4.00%, 9/15/55		6,000		6,428
TWDC Enterprises 18 Corp.,MTN, 2.95%, 6/15/27 (a)		13,000		13,920
ViacomCBS, Inc. 4.95%, 1/15/31		16,000		18,993
4.95%, 5/19/50 (a)		7,000		8,862
Walt Disney Co. 1.75%, 8/30/24		4,000		4,060
3.70%, 3/23/27		11,000		12,076
2.65%, 1/13/31		20,000		20,811
2.75%, 9/1/49		8,000		7,857
4.70%, 3/23/50		10,000		13,421
3.60%, 1/13/51		5,000		5,740
3.80%, 5/13/60		7,000		8,324
(Cost $137,157)				143,309
Telecommunications — 4.7%
Bell Telephone Co. of Canada or Bell Canada,Series US-4, 3.65%, 3/17/51		3,000		3,368
British Telecommunications PLC, 5.125%, 12/4/28		10,000		11,359
Cisco Systems, Inc. 2.60%, 2/28/23		10,000		10,257
2.20%, 9/20/23		5,000		5,130
5.50%, 1/15/40		7,000		9,865
Corning, Inc. 5.35%, 11/15/48		4,000		5,581
4.375%, 11/15/57		3,000		3,702
Deutsche Telekom International Finance BV, 8.75%, 6/15/30		10,000		14,647
Motorola Solutions, Inc., 2.30%, 11/15/30		10,000		9,773
Orange SA, 5.50%, 2/6/44		6,000		8,274

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Telecommunications (Continued)
Rogers Communications, Inc. 4.50%, 3/15/43	$	8,000	$	9,265
4.30%, 2/15/48		2,000		2,293
3.70%, 11/15/49		5,000		5,274
Telefonica Europe BV, 8.25%, 9/15/30		25,000		35,667
TELUS Corp., 3.70%, 9/15/27		10,000		10,934
Verizon Communications, Inc. 3.376%, 2/15/25		5,000		5,312
4.016%, 12/3/29		8,000		8,968
2.55%, 3/21/31		11,000		11,122
144A, 2.355%, 3/15/32		20,000		19,788
4.40%, 11/1/34		25,000		29,326
4.272%, 1/15/36		17,000		20,069
4.812%, 3/15/39		20,000		25,131
2.875%, 11/20/50		15,000		14,578
3.55%, 3/22/51		5,000		5,485
2.987%, 10/30/56		9,000		8,724
3.00%, 11/20/60		10,000		9,670
3.70%, 3/22/61		12,000		13,282
Vodafone Group PLC 4.125%, 5/30/25		15,000		16,332
4.375%, 2/19/43		16,000		18,772
5.25%, 5/30/48		6,000		7,824
4.25%, 9/17/50		5,000		5,787
(Cost $338,159)				365,559
Consumer, Cyclical — 6.4%
Apparel — 0.3%
NIKE, Inc. 2.75%, 3/27/27		8,000		8,478
3.625%, 5/1/43		11,000		12,736
VF Corp., 2.40%, 4/23/25		5,000		5,157
(Cost $25,565)				26,371
Auto Manufacturers — 1.2%
American Honda Finance Corp., MTN, 2.15%, 9/10/24		35,000		35,960
Cummins, Inc., 1.50%, 9/1/30		11,000		10,476
PACCAR Financial Corp., MTN, 1.90%, 2/7/23		5,000		5,077
Toyota Motor Credit Corp. GMTN, 3.45%, 9/20/23		10,000		10,485
3.65%, 1/8/29		20,000		22,399
1.90%, 9/12/31		7,000		6,898
(Cost $89,923)				91,295
Auto Parts & Equipment — 0.1%
Lear Corp., 3.50%, 5/30/30
(Cost $10,679)		10,000		10,677
Home Builders — 0.2%
D.R. Horton, Inc., 5.75%, 8/15/23		8,000		8,554

	Principal Amount		Value
Home Builders (Continued)
MDC Holdings, Inc., 3.966%, 8/6/61	$	2,000	$	1,966
NVR, Inc., 3.00%, 5/15/30		5,000		5,212
(Cost $15,945)				15,732
Home Furnishings — 0.1%
Whirlpool Corp., 2.40%, 5/15/31
(Cost $6,018)		6,000		6,023
Leisure Time — 0.1%
Harley-Davidson, Inc., 3.50%, 7/28/25
(Cost $5,291)		5,000		5,300
Office Furnishings — 0.1%
Steelcase, Inc., 5.125%, 1/18/29
(Cost $5,327)		5,000		5,686
Retail — 4.2%
AutoNation, Inc., 3.50%, 11/15/24		5,000		5,269
Costco Wholesale Corp., 1.75%, 4/20/32		10,000		9,762
Darden Restaurants, Inc., 3.85%, 5/1/27		3,000		3,249
Dollar General Corp., 3.875%, 4/15/27		8,000		8,819
Dollar Tree, Inc., 4.00%, 5/15/25		5,000		5,393
Home Depot, Inc. 3.75%, 2/15/24		10,000		10,563
3.00%, 4/1/26		8,000		8,521
2.70%, 4/15/30		28,000		29,380
3.90%, 6/15/47		2,000		2,404
4.50%, 12/6/48		5,000		6,558
2.375%, 3/15/51		5,000		4,666
2.75%, 9/15/51		5,000		5,051
3.50%, 9/15/56		10,000		11,459
Lowe’s Cos., Inc. 3.65%, 4/5/29		14,000		15,437
2.625%, 4/1/31		15,000		15,348
4.375%, 9/15/45		6,000		7,340
4.55%, 4/5/49		4,000		5,121
3.00%, 10/15/50		5,000		5,044
McDonald’s Corp. MTN, 1.45%, 9/1/25		10,000		10,046
MTN, 2.125%, 3/1/30		21,000		21,012
MTN, 4.45%, 9/1/48		5,000		6,226
MTN, 3.625%, 9/1/49		10,000		11,179
Starbucks Corp. 3.85%, 10/1/23		10,000		10,478
4.00%, 11/15/28		2,000		2,252
2.55%, 11/15/30		2,000		2,040
4.50%, 11/15/48		5,000		6,274
3.50%, 11/15/50 (a)		5,000		5,439
Target Corp. 2.50%, 4/15/26		7,000		7,349

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Retail (Continued)
4.00%, 7/1/42	$	6,000	$	7,444
TJX Cos., Inc., 2.25%, 9/15/26		8,000		8,268
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24		5,000		5,311
4.10%, 4/15/50 (a)		5,000		5,677
Walmart, Inc. 2.85%, 7/8/24		10,000		10,492
1.05%, 9/17/26		15,000		14,836
1.50%, 9/22/28		5,000		4,957
1.80%, 9/22/31		16,000		15,825
2.65%, 9/22/51		10,000		10,348
(Cost $314,320)				324,837
Toys/Games/Hobbies — 0.1%
Hasbro, Inc., 3.90%, 11/19/29
(Cost $6,071)		6,000		6,608
Consumer, Non-cyclical — 17.5%
Agriculture — 0.2%
Archer-Daniels-Midland Co., 4.50%, 3/15/49		8,000		10,736
Bunge Ltd. Finance Corp., 2.75%, 5/14/31		4,000		4,042
(Cost $14,132)				14,778
Beverages — 1.9%
Coca-Cola Co. 3.45%, 3/25/30		25,000		27,686
4.20%, 3/25/50		10,000		12,954
Fomento Economico Mexicano SAB de CV, 3.50%, 1/16/50		10,000		10,738
Keurig Dr Pepper, Inc. 2.55%, 9/15/26		30,000		31,109
4.597%, 5/25/28		5,000		5,718
PepsiCo, Inc. 0.40%, 10/7/23		12,000		11,947
2.75%, 3/19/30		21,000		22,220
1.95%, 10/21/31		10,000		9,947
2.75%, 10/21/51		10,000		10,381
(Cost $140,873)				142,700
Biotechnology — 1.8%
Amgen, Inc. 3.625%, 5/22/24		10,000		10,559
4.40%, 5/1/45		25,000		30,041
3.375%, 2/21/50		5,000		5,236
4.663%, 6/15/51		4,000		5,142
3.00%, 1/15/52		3,000		2,937
2.77%, 9/1/53		5,000		4,734
Baxalta, Inc., 5.25%, 6/23/45		10,000		13,492
Biogen, Inc. 4.05%, 9/15/25		10,000		10,882
144A, 3.25%, 2/15/51		5,000		4,993
Gilead Sciences, Inc. 2.95%, 3/1/27		15,000		15,815

	Principal Amount		Value
Biotechnology (Continued)
1.65%, 10/1/30 (a)	$	2,000	$	1,911
4.00%, 9/1/36		9,000		10,340
4.75%, 3/1/46		5,000		6,351
4.15%, 3/1/47		6,000		7,116
2.80%, 10/1/50		8,000		7,788
(Cost $131,202)				137,337
Commercial Services — 0.6%
Equifax, Inc., 2.60%, 12/15/25		8,000		8,297
Moody’s Corp., 5.25%, 7/15/44		6,000		8,214
PayPal Holdings, Inc. 2.85%, 10/1/29		5,000		5,272
3.25%, 6/1/50		5,000		5,419
Quanta Services, Inc., 2.90%, 10/1/30		5,000		5,145
RELX Capital, Inc., 4.00%, 3/18/29		5,000		5,558
S&P Global, Inc., 2.30%, 8/15/60		5,000		4,442
Verisk Analytics, Inc., 3.625%, 5/15/50		5,000		5,523
(Cost $47,339)				47,870
Cosmetics/Personal Care — 0.7%
Colgate-Palmolive Co., MTN, 4.00%, 8/15/45		3,000		3,852
Estee Lauder Cos., Inc., 2.00%, 12/1/24		20,000		20,533
Procter & Gamble Co. 2.85%, 8/11/27		11,000		11,734
3.60%, 3/25/50		5,000		6,332
Unilever Capital Corp. 1.75%, 8/12/31		10,000		9,764
Series 30Y, 2.625%, 8/12/51		5,000		5,060
(Cost $55,613)				57,275
Food — 1.8%
Campbell Soup Co., 4.15%, 3/15/28		5,000		5,569
Conagra Brands, Inc. 4.30%, 5/1/24		7,000		7,486
5.40%, 11/1/48 (a)		5,000		6,817
General Mills, Inc. 3.20%, 2/10/27		6,000		6,401
144A, 3.00%, 2/1/51		10,000		10,272
Hershey Co., 2.65%, 6/1/50		4,000		4,102
J M Smucker Co., 2.125%, 3/15/32		10,000		9,685
Kellogg Co., 2.10%, 6/1/30		5,000		4,927
Kroger Co. 4.50%, 1/15/29 (a)		12,000		13,894
4.45%, 2/1/47		3,000		3,662
3.95%, 1/15/50		3,000		3,480

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Food (Continued)
McCormick & Co., Inc., 3.40%, 8/15/27	$	5,000	$	5,375
Mondelez International, Inc., 2.75%, 4/13/30		10,000		10,394
Sysco Corp. 3.75%, 10/1/25		5,000		5,379
3.25%, 7/15/27		17,000		18,074
6.60%, 4/1/50		5,000		7,899
Tyson Foods, Inc., 4.55%, 6/2/47		10,000		12,595
(Cost $127,882)				136,011
Healthcare-Products — 0.7%
Baxter International, Inc., 2.60%, 8/15/26		7,000		7,265
Danaher Corp., 2.60%, 10/1/50		5,000		4,896
DH Europe Finance II SARL, 2.60%, 11/15/29		5,000		5,190
PerkinElmer, Inc., 3.625%, 3/15/51		5,000		5,518
Thermo Fisher Scientific, Inc. 0.797%, 10/18/23		15,000		14,970
4.497%, 3/25/30		3,000		3,580
2.00%, 10/15/31		4,000		3,920
4.10%, 8/15/47		5,000		6,305
(Cost $51,762)				51,644
Healthcare-Services — 1.4%
Aetna, Inc., 3.875%, 8/15/47		5,000		5,688
Anthem, Inc. 1.50%, 3/15/26		20,000		19,880
2.25%, 5/15/30		10,000		9,984
3.125%, 5/15/50		12,000		12,392
HCA, Inc. 4.75%, 5/1/23		15,000		15,784
4.125%, 6/15/29		2,000		2,203
5.50%, 6/15/47		7,000		9,222
5.25%, 6/15/49		3,000		3,871
Humana, Inc., 3.125%, 8/15/29		13,000		13,675
Laboratory Corp. of America Holdings, 3.60%, 2/1/25		10,000		10,608
Quest Diagnostics, Inc. 2.95%, 6/30/30		5,000		5,220
2.80%, 6/30/31		3,000		3,099
(Cost $107,041)				111,626
Household Products/Wares — 0.3%
Clorox Co., 3.50%, 12/15/24		13,000		13,845
Kimberly-Clark Corp. 2.75%, 2/15/26		5,000		5,303
2.875%, 2/7/50		7,000		7,337
(Cost $26,223)				26,485

	Principal Amount		Value
Pharmaceuticals — 8.1%
AbbVie, Inc. 3.80%, 3/15/25	$	20,000	$	21,397
3.60%, 5/14/25		25,000		26,646
4.25%, 11/14/28		12,000		13,523
4.70%, 5/14/45		17,000		21,219
4.45%, 5/14/46		11,000		13,387
4.875%, 11/14/48		3,000		3,908
4.25%, 11/21/49		12,000		14,473
AmerisourceBergen Corp., 4.30%, 12/15/47		6,000		7,098
Astrazeneca Finance LLC, 0.70%, 5/28/24		12,000		11,889
AstraZeneca PLC 1.375%, 8/6/30		5,000		4,714
6.45%, 9/15/37		10,000		14,845
4.375%, 11/16/45		4,000		5,162
3.00%, 5/28/51		3,000		3,188
Becton Dickinson and Co., 4.669%, 6/6/47		10,000		12,720
Bristol-Myers Squibb Co. 0.75%, 11/13/25		5,000		4,880
3.40%, 7/26/29		22,000		24,103
1.45%, 11/13/30		20,000		19,054
4.25%, 10/26/49		18,000		22,524
Cardinal Health, Inc., 3.41%, 6/15/27		13,000		13,960
Cigna Corp. 3.75%, 7/15/23		6,000		6,263
4.375%, 10/15/28		26,000		29,518
4.80%, 7/15/46		10,000		12,696
4.90%, 12/15/48		4,000		5,196
3.40%, 3/15/51		8,000		8,486
CVS Health Corp. 3.875%, 7/20/25		27,000		29,114
4.30%, 3/25/28		3,000		3,378
3.25%, 8/15/29		19,000		20,227
4.78%, 3/25/38		10,000		12,230
5.125%, 7/20/45		13,000		17,097
5.05%, 3/25/48		8,000		10,594
4.25%, 4/1/50		10,000		12,198
Eli Lilly & Co. 2.75%, 6/1/25		5,000		5,252
3.95%, 3/15/49		5,000		6,273
2.25%, 5/15/50		5,000		4,665
GlaxoSmithKline Capital PLC, 3.375%, 6/1/29		12,000		13,137
GlaxoSmithKline Capital, Inc. 2.80%, 3/18/23		10,000		10,267
3.875%, 5/15/28		5,000		5,623
Johnson & Johnson 2.05%, 3/1/23		15,000		15,236
5.95%, 8/15/37		10,000		14,519
3.70%, 3/1/46		11,000		13,180
3.50%, 1/15/48		3,000		3,519
2.45%, 9/1/60		5,000		4,814
McKesson Corp., 1.30%, 8/15/26		5,000		4,895

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Pharmaceuticals (Continued)
Merck & Co., Inc. 2.80%, 5/18/23	$	20,000	$	20,636
4.15%, 5/18/43		5,000		6,089
3.70%, 2/10/45		8,000		9,299
4.00%, 3/7/49		3,000		3,710
Novartis Capital Corp. 2.00%, 2/14/27		15,000		15,251
2.75%, 8/14/50		10,000		10,270
Sanofi, 3.625%, 6/19/28		3,000		3,395
Shire Acquisitions Investments Ireland DAC, 2.875%, 9/23/23		20,000		20,639
Zoetis, Inc. 2.00%, 5/15/30		3,000		2,948
4.70%, 2/1/43		2,000		2,565
4.45%, 8/20/48		3,000		3,900
(Cost $597,335)				625,769
Energy — 4.9%
Oil & Gas — 0.8%
Marathon Petroleum Corp. 3.80%, 4/1/28		10,000		10,759
4.50%, 4/1/48		6,000		6,900
Phillips 66 2.15%, 12/15/30		5,000		4,803
5.875%, 5/1/42		5,000		6,803
4.875%, 11/15/44		3,000		3,739
Valero Energy Corp. 2.85%, 4/15/25		5,000		5,206
3.40%, 9/15/26		15,000		15,910
2.15%, 9/15/27		4,000		3,991
3.65%, 12/1/51		5,000		4,917
(Cost $60,975)				63,028
Oil & Gas Services — 0.5%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 4.08%, 12/15/47		6,000		6,746
Halliburton Co. 3.80%, 11/15/25		1,000		1,082
2.92%, 3/1/30 (a)		28,000		28,669
NOV, Inc., 3.95%, 12/1/42		2,000		1,973
(Cost $32,872)				38,470
Pipelines — 3.6%
Boardwalk Pipelines LP, 3.40%, 2/15/31		5,000		5,180
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27		10,000		11,337
Enbridge, Inc. 3.70%, 7/15/27		25,000		26,987
3.40%, 8/1/51		5,000		5,131
Enterprise Products Operating LLC 3.95%, 2/15/27		12,000		13,107
2.80%, 1/31/30		20,000		20,693
3.30%, 2/15/53		25,000		25,033

	Principal Amount		Value
Pipelines (Continued)
MPLX LP 1.75%, 3/1/26	$	15,000	$	14,849
2.65%, 8/15/30		15,000		14,848
4.90%, 4/15/58		8,000		9,362
ONEOK, Inc. 2.75%, 9/1/24		20,000		20,691
4.35%, 3/15/29		10,000		10,996
5.20%, 7/15/48		5,000		6,053
Sabine Pass Liquefaction LLC 5.00%, 3/15/27		10,000		11,264
4.50%, 5/15/30		5,000		5,672
TransCanada PipeLines Ltd.
4.10%, 4/15/30		2,000		2,225
2.50%, 10/12/31		10,000		9,861
7.625%, 1/15/39		13,000		20,225
4.875%, 5/15/48		3,000		3,828
Transcontinental Gas Pipe Line Co. LLC, 4.60%, 3/15/48		10,000		12,227
Williams Cos., Inc. 4.00%, 9/15/25		1,000		1,080
3.50%, 11/15/30		5,000		5,323
2.60%, 3/15/31		22,000		21,820
(Cost $266,952)				277,792
Financial — 32.3%
Banks — 21.7%
Banco Santander SA, 2.958%, 3/25/31		20,000		20,353
Bank of America Corp. 3.004%, 12/20/23		120,000		122,742
MTN, 1.898%, 7/23/31		15,000		14,359
Series N, 2.651%, 3/11/32		10,000		10,116
2.687%, 4/22/32		30,000		30,436
2.299%, 7/21/32		10,000		9,824
MTN, 4.33%, 3/15/50		8,000		10,050
MTN, 4.083%, 3/20/51		10,000		12,228
MTN, 2.831%, 10/24/51		10,000		9,961
Series N, 3.483%, 3/13/52		18,000		20,109
2.972%, 7/21/52		10,000		10,203
Bank of Montreal, MTN, 1.25%, 9/15/26		15,000		14,708
Bank of New York Mellon Corp. MTN, 2.20%, 8/16/23		5,000		5,119
MTN, 3.95%, 11/18/25		30,000		32,937
Bank of Nova Scotia 3.40%, 2/11/24		25,000		26,297
4.50%, 12/16/25		5,000		5,543
Barclays PLC, 2.667%, 3/10/32		40,000		39,663
Citigroup, Inc. 3.875%, 3/26/25		5,000		5,354
3.30%, 4/27/25		5,000		5,317
4.40%, 6/10/25		10,000		10,879
4.45%, 9/29/27		35,000		39,048
4.125%, 7/25/28		20,000		21,991
2.976%, 11/5/30		5,000		5,213
2.666%, 1/29/31		20,000		20,366

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Banks (Continued)
2.572%, 6/3/31	$	20,000	$	20,145
2.561%, 5/1/32		5,000		5,039
4.75%, 5/18/46		5,000		6,320
4.65%, 7/23/48		5,000		6,604
Citizens Bank NA/Providence RI, 3.70%, 3/29/23		10,000		10,367
Cooperatieve Rabobank UA, 5.25%, 5/24/41		10,000		13,951
Credit Suisse Group AG, 4.55%, 4/17/26		15,000		16,590
Deutsche Bank AG, 3.70%, 5/30/24 (b)		10,000		10,533
Deutsche Bank AG/New York NY, 3.035%, 5/28/32 (b)		15,000		15,091
Discover Bank, 2.70%, 2/6/30		10,000		10,225
Goldman Sachs Group, Inc. 3.625%, 1/22/23		15,000		15,489
4.00%, 3/3/24		15,000		15,935
MTN, 3.85%, 7/8/24		10,000		10,609
3.50%, 1/23/25		10,000		10,579
3.50%, 11/16/26		20,000		21,307
3.80%, 3/15/30		10,000		10,973
2.615%, 4/22/32		7,000		7,016
2.65%, 10/21/32		20,000		20,103
6.25%, 2/1/41		10,000		14,551
MTN, 4.80%, 7/8/44		5,000		6,417
5.15%, 5/22/45		5,000		6,551
4.75%, 10/21/45		10,000		13,055
HSBC Holdings PLC, 6.10%, 1/14/42		20,000		28,685
HSBC USA, Inc., 3.50%, 6/23/24		60,000		63,502
ING Groep NV, 3.95%, 3/29/27		10,000		10,946
JPMorgan Chase & Co. 3.20%, 1/25/23		15,000		15,449
2.70%, 5/18/23		15,000		15,379
4.023%, 12/5/24		10,000		10,574
2.083%, 4/22/26		40,000		40,690
3.20%, 6/15/26		10,000		10,619
2.739%, 10/15/30		10,000		10,277
2.522%, 4/22/31		30,000		30,301
2.956%, 5/13/31		30,000		31,008
3.964%, 11/15/48		20,000		23,808
3.109%, 4/22/51		10,000		10,514
3.328%, 4/22/52		12,000		13,095
KeyCorp, MTN, 4.10%, 4/30/28		5,000		5,675
Lloyds Banking Group PLC, 1.627%, 5/11/27		35,000		34,495
Mitsubishi UFJ Financial Group, Inc. 3.287%, 7/25/27		20,000		21,444
4.05%, 9/11/28		12,000		13,538
3.741%, 3/7/29		5,000		5,514
Mizuho Financial Group, Inc., 2.564%, 9/13/31		15,000		14,775

	Principal Amount		Value
Banks (Continued)
Morgan Stanley GMTN, 3.125%, 1/23/23	$	20,000	$	20,548
Series F, 3.875%, 4/29/24		15,000		15,924
GMTN, 3.70%, 10/23/24		5,000		5,331
0.79%, 5/30/25		30,000		29,558
MTN, 2.72%, 7/22/25		5,000		5,163
2.188%, 4/28/26		10,000		10,214
MTN, 3.125%, 7/27/26		5,000		5,293
GMTN, 4.35%, 9/8/26		5,000		5,526
GMTN, 2.699%, 1/22/31		30,000		30,861
GMTN, 2.239%, 7/21/32		10,000		9,808
4.30%, 1/27/45		5,000		6,199
4.375%, 1/22/47		15,000		19,060
GMTN, 5.597%, 3/24/51		5,000		7,627
NatWest Group PLC, 1.642%, 6/14/27		30,000		29,532
PNC Financial Services Group, Inc. 3.90%, 4/29/24		20,000		21,288
2.20%, 11/1/24		10,000		10,317
3.45%, 4/23/29		5,000		5,470
Royal Bank of Canada, GMTN, 2.25%, 11/1/24		30,000		30,937
Santander Holdings USA, Inc., 4.40%, 7/13/27		10,000		11,070
Santander UK PLC, 4.00%, 3/13/24		10,000		10,643
State Street Corp. 3.10%, 5/15/23		10,000		10,353
3.152%, 3/30/31		8,000		8,714
Sumitomo Mitsui Financial Group, Inc. 3.784%, 3/9/26		5,000		5,421
2.632%, 7/14/26		5,000		5,189
3.364%, 7/12/27		30,000		32,407
Toronto-Dominion Bank MTN, 1.90%, 12/1/22		25,000		25,358
GMTN, 3.50%, 7/19/23		10,000		10,468
Truist Bank 3.00%, 2/2/23		15,000		15,385
3.20%, 4/1/24		5,000		5,245
Truist Financial Corp. MTN, 3.70%, 6/5/25		15,000		16,215
MTN, 1.95%, 6/5/30 (a)		10,000		9,915
US Bancorp 2.40%, 7/30/24		20,000		20,718
Series DMTN, 3.00%, 7/30/29		5,000		5,296
MTN, 1.375%, 7/22/30		6,000		5,677
Westpac Banking Corp. 3.35%, 3/8/27		15,000		16,181
2.15%, 6/3/31		10,000		10,026
(Cost $1,632,534)				1,673,491
Diversified Financial Services — 4.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.875%, 8/14/24		20,000		20,677
2.45%, 10/29/26		10,000		10,036
3.30%, 1/30/32		12,000		12,090

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Diversified Financial Services (Continued)
Air Lease Corp. 0.80%, 8/18/24	$	15,000	$	14,730
1.875%, 8/15/26		15,000		14,779
Ally Financial, Inc., 4.625%, 3/30/25		30,000		32,813
American Express Co. 3.40%, 2/27/23		25,000		25,809
4.05%, 12/3/42		3,000		3,620
BlackRock, Inc., 3.20%, 3/15/27		15,000		16,291
Charles Schwab Corp. 2.65%, 1/25/23		10,000		10,222
4.625%, 3/22/30		10,000		11,957
CME Group, Inc. 3.75%, 6/15/28		8,000		8,942
5.30%, 9/15/43		5,000		7,037
Intercontinental Exchange, Inc., 3.00%, 9/15/60		10,000		9,753
Mastercard, Inc. 2.00%, 3/3/25		14,000		14,395
3.80%, 11/21/46		8,000		9,602
Nasdaq, Inc., 1.65%, 1/15/31		8,000		7,484
Nomura Holdings, Inc., 2.679%, 7/16/30		10,000		10,047
ORIX Corp., 3.25%, 12/4/24		5,000		5,283
Raymond James Financial, Inc., 4.65%, 4/1/30		15,000		17,486
Synchrony Financial, 4.375%, 3/19/24		10,000		10,628
Visa, Inc. 2.80%, 12/14/22		7,000		7,143
3.15%, 12/14/25		5,000		5,348
2.75%, 9/15/27		5,000		5,309
4.15%, 12/14/35		13,000		15,539
3.65%, 9/15/47		4,000		4,719
2.00%, 8/15/50		5,000		4,443
(Cost $312,271)				316,182
Insurance — 2.9%
Aflac, Inc., 3.60%, 4/1/30		5,000		5,548
Allstate Corp., 4.20%, 12/15/46		5,000		6,259
American International Group, Inc. 2.50%, 6/30/25		20,000		20,702
3.40%, 6/30/30		5,000		5,421
4.375%, 1/15/55		7,000		8,819
Arch Capital Group Ltd., 3.635%, 6/30/50		5,000		5,508
Chubb INA Holdings, Inc. 3.35%, 5/3/26		10,000		10,786
4.35%, 11/3/45		5,000		6,394
Equitable Holdings, Inc., 4.35%, 4/20/28		10,000		11,265
Hartford Financial Services Group, Inc., 2.90%, 9/15/51		5,000		4,994

	Principal Amount		Value
Insurance (Continued)
Lincoln National Corp., 3.35%, 3/9/25	$	13,000	$	13,840
Manulife Financial Corp., 4.15%, 3/4/26		5,000		5,521
Marsh & McLennan Cos., Inc. 4.375%, 3/15/29		10,000		11,412
2.25%, 11/15/30		5,000		4,973
MetLife, Inc., 4.60%, 5/13/46		5,000		6,496
Principal Financial Group, Inc., 2.125%, 6/15/30		10,000		9,920
Progressive Corp. 2.45%, 1/15/27		15,000		15,702
4.125%, 4/15/47		3,000		3,702
Prudential Financial, Inc. MTN, 2.10%, 3/10/30 (a)		8,000		8,098
MTN, 4.60%, 5/15/44		10,000		12,682
3.905%, 12/7/47		12,000		14,138
Travelers Cos., Inc., 3.75%, 5/15/46		9,000		10,675
Voya Financial, Inc., 3.65%, 6/15/26		5,000		5,439
Willis North America, Inc. 2.95%, 9/15/29		5,000		5,164
5.05%, 9/15/48		5,000		6,493
(Cost $209,576)				219,951
Real Estate Investment Trusts — 3.6%
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31		20,000		21,757
American Tower Corp. 3.50%, 1/31/23		15,000		15,443
3.80%, 8/15/29 (a)		2,000		2,172
2.90%, 1/15/30		20,000		20,459
Boston Properties LP 3.125%, 9/1/23		5,000		5,168
3.40%, 6/21/29		10,000		10,650
Brixmor Operating Partnership LP, 3.65%, 6/15/24		10,000		10,550
Crown Castle International Corp. 3.65%, 9/1/27		2,000		2,154
3.80%, 2/15/28		6,000		6,542
2.25%, 1/15/31		16,000		15,516
2.10%, 4/1/31		4,000		3,829
Digital Realty Trust LP, 3.60%, 7/1/29		6,000		6,551
Duke Realty LP, 3.75%, 12/1/24		5,000		5,337
Equinix, Inc. 2.625%, 11/18/24		25,000		25,787
2.95%, 9/15/51		5,000		4,781
ERP Operating LP, 4.50%, 7/1/44		8,000		10,147
Healthpeak Properties, Inc., 3.00%, 1/15/30		5,000		5,266
Host Hotels & Resorts LP,Series J, 2.90%, 12/15/31		6,000		5,842

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Kilroy Realty LP, 2.65%, 11/15/33	$	8,000	$	7,829
Kimco Realty Corp., 4.25%, 4/1/45		7,000		8,277
Prologis LP, 4.375%, 2/1/29		20,000		23,287
Realty Income Corp., 3.25%, 1/15/31		5,000		5,377
Regency Centers LP, 3.60%, 2/1/27		10,000		10,815
Ventas Realty LP, 4.40%, 1/15/29		12,000		13,606
Welltower, Inc.
3.625%, 3/15/24		10,000		10,533
4.25%, 4/15/28		10,000		11,242
Weyerhaeuser Co., 4.00%, 4/15/30		9,000		10,093
(Cost $270,625)				279,010
Industrial — 7.7%
Aerospace/Defense — 0.1%
Teledyne Technologies, Inc., 1.60%, 4/1/26
(Cost $5,039)		5,000		4,968
Building Materials — 0.8%
Carrier Global Corp. 2.493%, 2/15/27		10,000		10,234
3.577%, 4/5/50		6,000		6,423
Johnson Controls International PLC, 4.50%, 2/15/47		8,000		10,023
Martin Marietta Materials, Inc. 3.45%, 6/1/27		3,000		3,226
2.40%, 7/15/31		8,000		7,970
Masco Corp., 2.00%, 10/1/30		5,000		4,819
Owens Corning, 4.30%, 7/15/47		7,000		8,250
Vulcan Materials Co., 3.50%, 6/1/30		10,000		10,878
(Cost $58,210)				61,823
Electrical Components & Equipment — 0.1%
Emerson Electric Co., 2.75%, 10/15/50
(Cost $5,134)		5,000		5,000
Electronics — 0.5%
Agilent Technologies, Inc., 2.30%, 3/12/31		5,000		4,956
Amphenol Corp., 2.20%, 9/15/31		6,000		5,911
Flex Ltd., 4.875%, 5/12/30		3,000		3,418
Fortive Corp., 3.15%, 6/15/26		5,000		5,334
TD SYNNEX Corp., 144A, 1.25%, 8/9/24		10,000		9,894

	Principal Amount		Value
Electronics (Continued)
Vontier Corp., 144A, 2.95%, 4/1/31	$	10,000	$	9,954
(Cost $39,114)				39,467
Environmental Control — 0.4%
Republic Services, Inc. 2.30%, 3/1/30		5,000		5,023
3.05%, 3/1/50		5,000		5,214
Waste Connections, Inc. 2.60%, 2/1/30		5,000		5,127
2.20%, 1/15/32		5,000		4,904
Waste Management, Inc. 3.15%, 11/15/27		3,000		3,202
1.50%, 3/15/31		10,000		9,391
(Cost $33,630)				32,861
Hand/Machine Tools — 0.1%
Stanley Black & Decker, Inc., 2.30%, 3/15/30
(Cost $10,679)		10,000		10,257
Machinery-Construction & Mining — 0.6%
Caterpillar Financial Services Corp. 0.65%, 7/7/23		7,000		7,001
MTN, 0.45%, 5/17/24		20,000		19,754
MTN, 0.80%, 11/13/25		5,000		4,892
Caterpillar, Inc. 3.803%, 8/15/42		5,000		5,890
3.25%, 9/19/49		7,000		7,779
(Cost $44,116)				45,316
Machinery-Diversified — 0.9%
CNH Industrial Capital LLC, 1.875%, 1/15/26		7,000		7,030
Deere & Co., 3.90%, 6/9/42		8,000		9,676
John Deere Capital Corp. MTN, 2.05%, 1/9/25		10,000		10,301
MTN, 3.45%, 3/13/25		10,000		10,728
MTN, 2.00%, 6/17/31		7,000		6,989
Otis Worldwide Corp., 3.362%, 2/15/50		11,000		11,899
Rockwell Automation, Inc., 1.75%, 8/15/31		8,000		7,826
Xylem, Inc., 2.25%, 1/30/31		7,000		7,036
(Cost $69,486)				71,485
Miscellaneous Manufacturing — 0.9%
3M Co. MTN, 2.25%, 3/15/23		5,000		5,096
MTN, 3.25%, 2/14/24		5,000		5,245
MTN, 4.00%, 9/14/48		10,000		12,301
Carlisle Cos., Inc., 2.20%, 3/1/32		10,000		9,679
Eaton Corp., 4.15%, 11/2/42		8,000		9,554
Illinois Tool Works, Inc., 3.50%, 3/1/24		10,000		10,522

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Miscellaneous Manufacturing (Continued)
Parker-Hannifin Corp., 3.25%, 6/14/29	$	10,000	$	10,652
Trane Technologies Global Holding Co. Ltd., 4.25%, 6/15/23		10,000		10,488
(Cost $72,000)				73,537
Packaging & Containers — 0.2%
Sonoco Products Co., 3.125%, 5/1/30		2,000		2,118
WRKCo, Inc. 3.00%, 9/15/24		10,000		10,452
3.75%, 3/15/25		5,000		5,362
(Cost $18,031)				17,932
Transportation — 3.0%
Canadian National Railway Co. 2.75%, 3/1/26		5,000		5,258
2.45%, 5/1/50		5,000		4,719
Canadian Pacific Railway Co. 2.90%, 2/1/25		10,000		10,481
2.05%, 3/5/30		9,000		8,914
3.10%, 12/2/51		3,000		3,091
CSX Corp. 2.40%, 2/15/30		15,000		15,277
3.80%, 11/1/46		15,000		17,291
FedEx Corp. 3.25%, 4/1/26		5,000		5,368
4.25%, 5/15/30		5,000		5,700
2.40%, 5/15/31		5,000		5,018
5.25%, 5/15/50 (a)		15,000		20,318
Kansas City Southern, 3.50%, 5/1/50		5,000		5,505
Norfolk Southern Corp. 2.90%, 8/25/51		5,000		5,041
4.05%, 8/15/52		16,000		19,468
Ryder System, Inc., MTN, 2.90%, 12/1/26		5,000		5,232
Union Pacific Corp. 2.40%, 2/5/30		11,000		11,263
2.375%, 5/20/31		10,000		10,215
2.891%, 4/6/36		5,000		5,239
3.839%, 3/20/60		19,000		22,569
3.55%, 5/20/61		5,000		5,653
United Parcel Service, Inc. 2.50%, 9/1/29		10,000		10,455
4.45%, 4/1/30		15,000		17,701
3.75%, 11/15/47		7,000		8,466
(Cost $219,156)				228,242
Trucking & Leasing — 0.1%
GATX Corp., 4.00%, 6/30/30
(Cost $6,968)		6,000		6,685
Technology — 11.0%
Computers — 3.9%
Apple, Inc. 2.40%, 5/3/23		7,000		7,174

	Principal Amount		Value
Computers (Continued)
3.00%, 2/9/24	$	20,000	$	20,849
2.75%, 1/13/25		10,000		10,475
3.20%, 5/13/25		12,000		12,782
2.45%, 8/4/26		9,000		9,381
3.20%, 5/11/27		10,000		10,775
1.65%, 2/8/31		6,000		5,826
1.70%, 8/5/31		10,000		9,735
4.45%, 5/6/44		12,000		15,482
3.85%, 8/4/46		15,000		17,943
3.75%, 11/13/47		15,000		17,784
2.95%, 9/11/49		2,000		2,091
2.65%, 5/11/50		4,000		3,987
2.65%, 2/8/51		10,000		9,951
2.80%, 2/8/61		8,000		8,016
Dell International LLC / EMC Corp. 6.02%, 6/15/26		15,000		17,517
5.30%, 10/1/29		20,000		23,804
Hewlett Packard Enterprise Co. 4.90%, 10/15/25		10,000		11,127
1.75%, 4/1/26		7,000		7,013
6.35%, 10/15/45		3,000		4,073
HP, Inc., 3.40%, 6/17/30		10,000		10,518
International Business Machines Corp. 3.625%, 2/12/24		15,000		15,849
3.50%, 5/15/29		15,000		16,333
1.95%, 5/15/30		10,000		9,769
4.00%, 6/20/42		12,000		13,898
4.25%, 5/15/49		5,000		6,176
NetApp, Inc., 1.875%, 6/22/25		5,000		5,062
(Cost $287,878)				303,390
Office/Business Equipment — 0.1%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25
(Cost $10,279)		10,000		10,290
Semiconductors — 2.1%
Analog Devices, Inc., 2.95%, 10/1/51		5,000		5,239
Applied Materials, Inc. 4.35%, 4/1/47		3,000		3,892
2.75%, 6/1/50		3,000		3,076
Intel Corp. 3.70%, 7/29/25		15,000		16,219
2.60%, 5/19/26		10,000		10,496
3.15%, 5/11/27		6,000		6,452
4.10%, 5/11/47		12,000		14,479
3.05%, 8/12/51		6,000		6,224
3.10%, 2/15/60		7,000		7,162
4.95%, 3/25/60		7,000		9,959
Lam Research Corp. 4.875%, 3/15/49		2,000		2,774
2.875%, 6/15/50		5,000		5,128
Marvell Technology, Inc., 1.65%, 4/15/26		6,000		5,968
Micron Technology, Inc., 2.703%, 4/15/32		10,000		10,060

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Semiconductors (Continued)
NVIDIA Corp. 2.85%, 4/1/30	$	12,000	$	12,737
3.70%, 4/1/60		4,000		4,806
NXP BV / NXP Funding LLC / NXP USA, Inc., 144A, 2.50%, 5/11/31		12,000		12,018
Texas Instruments, Inc. 2.25%, 5/1/23		5,000		5,097
4.15%, 5/15/48		5,000		6,404
TSMC Arizona Corp., 2.50%, 10/25/31		12,000		12,274
(Cost $155,442)				160,464
Software — 4.9%
Activision Blizzard, Inc. 3.40%, 9/15/26		7,000		7,502
2.50%, 9/15/50		2,000		1,744
Adobe, Inc., 2.15%, 2/1/27		7,000		7,217
Autodesk, Inc., 2.40%, 12/15/31		5,000		4,950
Broadridge Financial Solutions, Inc., 2.60%, 5/1/31		5,000		5,048
Electronic Arts, Inc., 1.85%, 2/15/31		5,000		4,793
Fidelity National Information Services, Inc. 0.375%, 3/1/23		17,000		16,923
2.25%, 3/1/31		7,000		6,853
Fiserv, Inc. 4.20%, 10/1/28		15,000		16,795
3.50%, 7/1/29		10,000		10,677
Microsoft Corp. 2.00%, 8/8/23		10,000		10,214
2.40%, 8/8/26		10,000		10,438
3.30%, 2/6/27		15,000		16,272
3.50%, 2/12/35		10,000		11,489
3.70%, 8/8/46		8,000		9,721
2.525%, 6/1/50		11,000		10,934
2.921%, 3/17/52		20,000		21,282
3.95%, 8/8/56		2,000		2,558
2.675%, 6/1/60		5,000		5,036
3.041%, 3/17/62		3,000		3,278
Oracle Corp. 3.40%, 7/8/24		10,000		10,518
2.50%, 4/1/25		15,000		15,469
2.95%, 5/15/25		5,000		5,224
2.80%, 4/1/27		5,000		5,185
2.95%, 4/1/30		9,000		9,298
2.875%, 3/25/31		17,000		17,410
4.30%, 7/8/34		20,000		22,628
4.00%, 7/15/46		10,000		10,811
4.00%, 11/15/47		10,000		10,776
3.60%, 4/1/50		7,000		7,093
3.95%, 3/25/51		10,000		10,775
3.85%, 4/1/60		10,000		10,439
4.10%, 3/25/61		8,000		8,758
Roper Technologies, Inc., 3.80%, 12/15/26		13,000		14,173

	Principal Amount		Value
Software (Continued)
salesforce.com, Inc. 0.625%, 7/15/24	$	10,000	$	9,920
3.70%, 4/11/28		5,000		5,580
3.05%, 7/15/61		8,000		8,442
VMware, Inc. 4.70%, 5/15/30		6,000		6,961
2.20%, 8/15/31		5,000		4,865
(Cost $367,982)				378,049
Utilities — 8.2%
Electric — 5.6%
Avangrid, Inc., 3.20%, 4/15/25		15,000		15,832
Baltimore Gas and Electric Co., 2.90%, 6/15/50		11,000		11,246
CenterPoint Energy Houston Electric LLC Series Z, 2.40%, 9/1/26		5,000		5,199
Series AC, 4.25%, 2/1/49		7,000		8,988
Series AF, 3.35%, 4/1/51		5,000		5,622
CenterPoint Energy, Inc. 1.45%, 6/1/26		5,000		4,931
2.95%, 3/1/30		5,000		5,205
2.65%, 6/1/31		5,000		5,087
Commonwealth Edison Co. 2.55%, 6/15/26		15,000		15,693
2.20%, 3/1/30		20,000		20,220
4.00%, 3/1/48		5,000		6,001
3.00%, 3/1/50		6,000		6,222
Series 130, 3.125%, 3/15/51		15,000		15,842
Connecticut Light and Power Co., Series A, 2.05%, 7/1/31		10,000		9,995
Consolidated Edison Co. of New York, Inc. Series 20A, 3.35%, 4/1/30		10,000		10,804
2.40%, 6/15/31		12,000		12,104
Series 20B, 3.95%, 4/1/50		19,000		22,216
4.625%, 12/1/54		5,000		6,365
Series C, 3.00%, 12/1/60		5,000		4,823
3.60%, 6/15/61		10,000		10,868
Entergy Mississippi LLC, 3.50%, 6/1/51		5,000		5,692
Entergy Texas, Inc., 1.75%, 3/15/31		10,000		9,465
Eversource Energy Series N, 3.80%, 12/1/23		15,000		15,790
Series L, 2.90%, 10/1/24		15,000		15,617
3.45%, 1/15/50		13,000		13,969
ITC Holdings Corp., 3.35%, 11/15/27		10,000		10,722
NSTAR Electric Co., 3.10%, 6/1/51		2,000		2,187
Ohio Power Co., Series Q, 1.625%, 1/15/31 (a)		15,000		14,376
Oncor Electric Delivery Co. LLC 0.55%, 10/1/25		12,000		11,622
2.75%, 5/15/30		12,000		12,629
3.10%, 9/15/49		14,000		15,077

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Electric (Continued)
PECO Energy Co., 3.05%, 3/15/51	$	7,000	$	7,472
PPL Electric Utilities Corp., 3.00%, 10/1/49		10,000		10,521
Public Service Electric and Gas Co. MTN, 2.25%, 9/15/26		5,000		5,160
MTN, 1.90%, 8/15/31		15,000		14,794
MTN, 3.80%, 3/1/46		13,000		15,404
MTN, 2.05%, 8/1/50		5,000		4,442
San Diego Gas & Electric Co. Series VVV, 1.70%, 10/1/30		10,000		9,592
Series RRR, 3.75%, 6/1/47		10,000		11,595
Sempra Energy 4.05%, 12/1/23		10,000		10,590
3.40%, 2/1/28		8,000		8,627
(Cost $424,135)				428,606
Gas — 1.7%
Atmos Energy Corp. 3.00%, 6/15/27		7,000		7,444
1.50%, 1/15/31		6,000		5,654
3.375%, 9/15/49		8,000		8,738
2.85%, 2/15/52		4,000		4,021
CenterPoint Energy Resources Corp., 3.55%, 4/1/23		15,000		15,512
ONE Gas, Inc., 2.00%, 5/15/30		16,000		15,728
Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31		20,000		20,092
Southern California Gas Co. 3.20%, 6/15/25		10,000		10,570
Series XX, 2.55%, 2/1/30		10,000		10,311
Series VV, 4.30%, 1/15/49		20,000		25,458
Southwest Gas Corp., 3.18%, 8/15/51		8,000		7,985
(Cost $129,505)				131,513

	Principal Amount		Value
Water — 0.9%
American Water Capital Corp. 3.40%, 3/1/25	$	10,000	$	10,607
2.95%, 9/1/27		10,000		10,590
2.80%, 5/1/30		2,000		2,079
2.30%, 6/1/31		10,000		10,045
3.45%, 5/1/50		11,000		12,062
3.25%, 6/1/51		13,000		13,878
Essential Utilities, Inc. 2.40%, 5/1/31		8,000		8,024
3.351%, 4/15/50		5,000		5,319
(Cost $75,070)				72,604
TOTAL CORPORATE BONDS
(Cost $7,400,523)				7,642,677
	Number of Shares
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $36,822)		36,822		36,822
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $26,753)		26,753		26,753
TOTAL INVESTMENTS — 99.8% (Cost $7,464,098)			$	7,706,252
Other assets and liabilities, net — 0.2%				17,872
NET ASSETS — 100.0%			$	7,724,124

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
CORPORATE BONDS — 0.3%
Financial — 0.3%
Deutsche Bank AG , 3.70%, 5/28/32 (b)
		10,805		17		—			—		(289	)		184		—		10,000		10,533
Deutsche Bank AG/New York NY , 3.035%, 5/30/24 (b)
		—		15,098		—			—		(7	)		15		—		15,000		15,091
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		41,760		—		(4,938	) (e)		—		—			1		—		36,822		36,822
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		108,903		249,417		(331,567)			—		—			5		—		26,753		26,753
		161,468		264,532		(336,505	)		—		(296	)		205		—		88,575		89,199

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (Continued)

November 30, 2021 (Unaudited)

(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, 2021 amounted to $80,969, which is 1.0% of net assets.

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

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $45,834.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

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, 2021 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 (f)	$	—	$	7,642,677	$	—	$	7,642,677
Short-Term Investments (f)		63,575		—		—		63,575
TOTAL	$	63,575	$	7,642,677	$	—	$	7,706,252

(f) 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 Emerging Markets Sovereign ETF

November 30, 2021 (Unaudited)

	Principal Amount		Value
SOVEREIGN BONDS — 98.1%
Argentina — 1.8%
Argentine Republic Government International Bond 1.00%, 7/9/29	$	67,589	$	22,372
Step Up Coupon, 0.50% to 7/9/23, 0.75% to 7/9/27, 1.75% to 7/9/30		434,076		135,215
Step Up Coupon, 1.125% to 7/9/22, 1.50% to 7/9/23, 3.625% to 7/9/24, 4.125% to 7/9/27, 4.75% to 7/9/28, 5.00% to 7/9/35		558,008		156,800
Step Up Coupon, 2.00% to 7/9/22, 3.85% to 7/9/23, 4.25% to 7/9/24, 5.00% to 7/9/38		293,407		97,411
Step Up Coupon, 2.50% to 7/9/22, 3.50% to 7/9/29, 4.875% to 7/9/41		269,501		83,545
Step Up Coupon, 1.125% to 7/9/22, 1.50% to 7/9/23, 3.625% to 7/9/24, 4.125% to 7/9/27, 4.375% to 7/9/28, 5.00% to 7/9/46		54,000		15,309
(Cost $806,507)				510,652
Armenia — 0.8%
Republic of Armenia International Bond, REGS, 7.15%, 3/26/25 (Cost $216,663)		200,000		224,745
Azerbaijan — 0.7%
Republic of Azerbaijan International Bond, REGS, 4.75%, 3/18/24 (Cost $213,503)		200,000		211,607
Bahrain — 2.1%
Bahrain Government International Bond REGS, 6.125%, 7/5/22		200,000		205,006
REGS, 7.00%, 1/26/26		200,000		220,089
REGS, 6.00%, 9/19/44		200,000		177,208
(Cost $627,999)				602,303
Barbados — 0.2%
Barbados Government International Bond, REGS, 6.50%, 10/1/29 (Cost $48,692)		50,000		50,570
Belarus — 0.6%
Republic of Belarus International Bond, REGS, 5.875%, 2/24/26 (Cost $189,352)		200,000		180,500
Belize — 0.0%
Belize Government International Bond, REGS, 4.938%, 2/20/34, PIK (Cost $11,931)		26,254		13,502
Bolivia — 0.4%
Bolivian Government International Bond, REGS, 5.95%, 8/22/23 (Cost $98,344)		100,000		104,311

	Principal Amount		Value
Brazil — 3.1%
Brazilian Government International Bond 4.625%, 1/13/28	$	200,000	$	203,759
4.50%, 5/30/29		100,000		99,798
3.875%, 6/12/30		175,000		164,906
8.25%, 1/20/34		45,000		58,290
7.125%, 1/20/37		125,000		146,283
5.625%, 1/7/41		100,000		98,449
5.00%, 1/27/45		100,000		90,171
5.625%, 2/21/47		50,000		48,366
(Cost $961,598)				910,022
Cayman Islands — 0.7%
Sharjah Sukuk Program Ltd., 3.20%, 7/13/31 (Cost $199,639)		200,000		201,250
Chile — 2.5%
Chile Government International Bond 3.24%, 2/6/28		100,000		105,417
2.55%, 7/27/33		200,000		196,550
3.10%, 5/7/41		200,000		197,200
3.86%, 6/21/47		200,000		220,110
(Cost $740,946)				719,277
China — 0.8%
China Government International Bond, 3.50%, 10/19/28 (Cost $231,919)		200,000		226,384
Colombia — 2.9%
Colombia Government International Bond 3.875%, 4/25/27		200,000		201,935
3.25%, 4/22/32		100,000		89,350
6.125%, 1/18/41		150,000		156,321
5.625%, 2/26/44		175,000		171,680
5.00%, 6/15/45		250,000		228,558
(Cost $942,425)				847,844
Costa Rica — 1.5%
Costa Rica Government International Bond REGS, 4.25%, 1/26/23		200,000		202,570
REGS, 6.125%, 2/19/31		100,000		100,502
REGS, 7.158%, 3/12/45		150,000		144,204
(Cost $412,648)				447,276
Croatia — 0.8%
Croatia Government International Bond, REGS, 6.00%, 1/26/24
(Cost $222,593)		200,000		220,327
Dominican Republic — 3.4%
Dominican Republic International Bond REGS, 6.875%, 1/29/26		200,000		228,000
REGS, 6.00%, 7/19/28		100,000		110,500
REGS, 4.50%, 1/30/30		100,000		99,521
REGS, 5.30%, 1/21/41		150,000		144,188
REGS, 7.45%, 4/30/44		200,000		232,000
REGS, 6.85%, 1/27/45		175,000		188,787
(Cost $952,256)				1,002,996

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Principal Amount		Value
Ecuador — 1.8%
Ecuador Government International Bond REGS, 7/31/30, Zero Coupon	$	50,000	$	27,375
Step Up Coupon, 144A, 5.00% to 7/31/22, 5.50% to 7/31/23, 6.00% to 7/31/24, 6.90% to 7/31/30		185,000		151,238
Step Up Coupon, 144A, 1.00% to 7/31/22, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35		345,000		223,819
Step up Coupon, REGS, 1.00% to 7/31/22, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35		55,000		35,681
Step Up Coupon, 144A, 0.50% to 7/31/22, 1.50% to 7/31/23, 2.50% to 7/31/24, 5.00% to 7/31/26, 5.50% to 7/31/27, 6.00% to 7/31/28, 6.50% to 7/31/29, 6.90% to 7/31/40		161,000		91,971
Step up Coupon, REGS, 0.50% to 7/31/22, 1.50% to 7/31/23, 2.50% to 7/31/24, 5.00% to 7/31/26, 5.50% to 7/31/27, 6.00% to 7/31/28, 6.50% to 7/31/29, 6.90% to 7/31/40		5,000		2,856
(Cost $513,669)				532,940
Egypt — 1.9%
Egypt Government International Bond REGS, 7.50%, 1/31/27		200,000		201,500
REGS, 7.600%, 3/1/29		200,000		191,750
REGS, 8.700%, 3/1/49		200,000		171,750
(Cost $637,886)				565,000
El Salvador — 0.7%
El Salvador Government International Bond REGS, 6.375%, 1/18/27		40,000		26,253
REGS, 8.625%, 2/28/29		60,000		41,104
144A, 7.65%, 6/15/35		110,000		68,931
REGS, 7.65%, 6/15/35		130,000		81,463
(Cost $306,204)				217,751
Ghana — 2.5%
Ghana Government International Bond REGS, 7.625%, 5/16/29		200,000		163,250
REGS, 10.75%, 10/14/30		200,000		220,250
REGS, 8.125%, 3/26/32		250,000		196,750
REGS, 7.875%, 2/11/35		200,000		152,000
(Cost $856,493)				732,250
Guatemala — 0.6%
Guatemala Government Bond REGS, 4.90%, 6/1/30		100,000		107,318
REGS, 6.125%, 6/1/50		50,000		55,908
(Cost $170,059)				163,226
Hungary — 1.9%
Hungary Government International Bond 5.375%, 2/21/23		100,000		105,517
5.75%, 11/22/23		96,000		104,723

	Principal Amount		Value
Hungary (Continued)
7.625%, 3/29/41	$	100,000	$	163,088
REGS, 3.125%, 9/21/51		200,000		190,485
(Cost $555,840)				563,813
Indonesia — 4.8%
Indonesia Government International Bond 4.75%, 2/11/29		200,000		231,500
3.85%, 10/15/30 (a)		250,000		278,202
REGS, 8.50%, 10/12/35		200,000		314,335
REGS, 6.625%, 2/17/37		200,000		273,230
REGS, 7.75%, 1/17/38		200,000		299,104
(Cost $1,398,132)				1,396,371
Ivory Coast — 0.5%
Ivory Coast Government International Bond, REGS, 5.75%, 12/31/32 (a)
(Cost $134,886)		136,389		134,001
Jamaica — 1.4%
Jamaica Government International Bond 6.75%, 4/28/28		181,000		208,128
7.875%, 7/28/45		150,000		207,015
(Cost $375,432)				415,143
Jordan — 0.7%
Jordan Government International Bond, REGS, 5.75%, 1/31/27
(Cost $205,875)		200,000		207,401
Kazakhstan — 1.0%
Kazakhstan Government International Bond, REGS, 6.50%, 7/21/45
(Cost $294,835)		200,000		287,500
Kenya — 1.4%
Republic of Kenya Government International Bond REGS, 6.875%, 6/24/24		200,000		212,415
REGS, 7.25%, 2/28/28		200,000		210,500
(Cost $415,167)				422,915
Kuwait — 0.7%
Kuwait International Government Bond, REGS, 3.50%, 3/20/27
(Cost $215,854)		200,000		218,187
Lebanon — 0.0%
Lebanon Government International Bond, MTN, 6.85%, 5/25/29 (b)
(Cost $22,895)		25,000		2,875
Malaysia — 0.5%
Malaysia Wakala Sukuk Bhd, REGS, 2.07%, 4/28/31 (a)
(Cost $153,089)		150,000		150,756
Mexico — 3.1%
Mexico Government International Bond 3.60%, 1/30/25		200,000		213,313
MTN, 8.30%, 8/15/31		50,000		72,375

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Principal Amount		Value
Mexico (Continued)
Series A, MTN, 7.50%, 4/8/33	$	50,000	$	69,174
6.05%, 1/11/40		76,000		93,421
MTN, 4.75%, 3/8/44		106,000		114,064
5.55%, 1/21/45		40,000		47,285
4.60%, 1/23/46		100,000		105,257
4.60%, 2/10/48		75,000		78,696
4.50%, 1/31/50		50,000		51,720
GMTN, 5.75%, 10/12/10		40,000		45,425
(Cost $878,617)				890,730
Mongolia — 0.7%
Mongolia Government International Bond, REGS, 5.125%, 12/5/22
(Cost $190,873)		200,000		205,500
Morocco — 0.7%
Morocco Government International Bond, REGS, 5.50%, 12/11/42
(Cost $246,334)		200,000		216,058
Namibia — 0.7%
Namibia International Bonds, REGS, 5.25%, 10/29/25
(Cost $208,930)		200,000		210,754
Oman — 2.8%
Oman Government International Bond REGS, 5.375%, 3/8/27		200,000		206,125
REGS, 5.625%, 1/17/28		200,000		206,500
REGS, 6.00%, 8/1/29		200,000		209,000
REGS, 6.75%, 1/17/48		200,000		193,250
(Cost $712,342)				814,875
Panama — 4.0%
Panama Government International Bond 3.75%, 3/16/25		100,000		105,825
7.125%, 1/29/26		100,000		119,999
3.875%, 3/17/28		150,000		160,931
6.70%, 1/26/36		200,000		263,598
4.30%, 4/29/53		50,000		52,158
4.50%, 4/1/56		250,000		267,071
3.87%, 7/23/60		200,000		193,346
(Cost $1,224,841)				1,162,928
Papua New Guinea — 0.2%
Papua New Guinea Government International Bond, REGS, 8.375%, 10/4/28
(Cost $50,410)		50,000		50,384
Paraguay — 0.8%
Paraguay Government International Bond, REGS, 6.10%, 8/11/44
(Cost $258,160)		200,000		236,329
Peru — 3.2%
Peruvian Government International Bond 7.35%, 7/21/25		50,000		59,885
4.125%, 8/25/27		75,000		82,408
2.783%, 1/23/31		100,000		99,325

	Principal Amount		Value
Peru (Continued)
8.75%, 11/21/33	$	100,000	$	154,496
3.00%, 1/15/34		100,000		98,500
6.55%, 3/14/37		40,000		53,769
3.30%, 3/11/41		75,000		72,994
5.625%, 11/18/50		150,000		204,364
2.78%, 12/1/60		125,000		106,317
(Cost $981,176)				932,058
Philippines — 3.7%
Philippine Government International Bond 3.00%, 2/1/28		100,000		106,416
3.75%, 1/14/29		200,000		222,766
9.50%, 2/2/30		200,000		308,957
3.95%, 1/20/40		100,000		109,862
3.70%, 3/1/41		100,000		107,217
3.70%, 2/2/42		200,000		213,883
(Cost $1,090,110)				1,069,101
Poland — 1.4%
Republic of Poland Government International Bond 3.00%, 3/17/23		100,000		102,589
3.25%, 4/6/26		300,000		320,357
(Cost $425,286)				422,946
Qatar — 4.2%
Qatar Government International Bond REGS, 4.00%, 3/14/29		200,000		224,900
144A, 9.75%, 6/15/30		184,000		289,340
144A, 6.40%, 1/20/40		200,000		292,750
REGS, 6.40%, 1/20/40		100,000		146,375
REGS, 5.103%, 4/23/48		200,000		266,875
(Cost $1,207,028)				1,220,240
Romania — 1.7%
Romanian Government International Bond REGS, 4.875%, 1/22/24		100,000		106,813
REGS, 3.00%, 2/14/31 (a)		100,000		99,000
144A, 6.125%, 1/22/44		70,000		89,162
REGS, 5.125%, 6/15/48		100,000		114,625
REGS, 4.00%, 2/14/51 (a)		90,000		88,065
(Cost $518,209)				497,665
Russia — 4.0%
Russian Foreign Bond — Eurobond REGS, 4.75%, 5/27/26		200,000		220,500
144A, 4.375%, 3/21/29		200,000		222,100
REGS, 4.375%, 3/21/29		200,000		222,100
REGS, 5.10%, 3/28/35		200,000		235,750
REGS, 5.25%, 6/23/47		200,000		253,750
(Cost $1,154,114)				1,154,200
Saudi Arabia — 4.7%
Saudi Government International Bond REGS, 3.25%, 10/26/26		250,000		266,750
REGS, 4.375%, 4/16/29		200,000		228,900
REGS, 2.75%, 2/3/32		200,000		205,125
REGS, 2.25%, 2/2/33		200,000		193,750

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Principal Amount		Value
Saudi Arabia (Continued)
REGS, 4.50%, 10/26/46	$	200,000	$	234,100
REGS, 5.00%, 4/17/49		200,000		251,400
(Cost $1,357,731)				1,380,025
Senegal — 0.7%
Senegal Government International Bond, REGS, 6.25%, 5/23/33
(Cost $199,518)		200,000		202,875
South Africa — 1.8%
Republic of South Africa Government International Bond 4.30%, 10/12/28		200,000		199,480
5.65%, 9/27/47		200,000		184,888
6.30%, 6/22/48		150,000		150,582
(Cost $516,703)				534,950
Sri Lanka — 1.2%
Sri Lanka Government International Bond REGS, 5.75%, 4/18/23		100,000		61,629
REGS, 6.85%, 3/14/24		100,000		58,873
144A, 7.85%, 3/14/29		200,000		111,435
REGS, 7.55%, 3/28/30		200,000		111,385
(Cost $471,155)				343,322
Trinidad and Tobago — 0.7%
Trinidad & Tobago Government International Bond, REGS, 4.375%, 1/16/24 (a)
(Cost $205,641)		200,000		205,398
Turkey — 3.0%
Turkey Government International Bond 5.75%, 3/22/24		71,000		71,012
7.375%, 2/5/25		55,000		56,553
4.25%, 4/14/26		100,000		91,149
4.875%, 10/9/26		200,000		185,223
5.125%, 2/17/28		85,000		77,724
11.875%, 1/15/30		140,000		179,987
8.00%, 2/14/34		75,000		78,225
6.875%, 3/17/36		100,000		93,567
7.25%, 3/5/38		50,000		48,791
(Cost $915,188)				882,231
Ukraine — 3.3%
Ukraine Government International Bond REGS, 7.75%, 9/1/24		100,000		100,500
144A, 7.75%, 9/1/25		100,000		100,500
REGS, 7.75%, 9/1/25		300,000		301,500
REGS, 7.75%, 9/1/27		250,000		250,625
REGS, 9.75%, 11/1/28		200,000		216,700
(Cost $1,010,919)				969,825
United Arab Emirates — 3.0%
Abu Dhabi Government International Bond REGS, 0.75%, 9/2/23		200,000		199,700
REGS, 3.125%, 10/11/27		200,000		214,500
REGS, 4.125%, 10/11/47		200,000		239,000
REGS, 3.875%, 4/16/50		200,000		232,250
(Cost $904,079)				885,450

	Principal Amount		Value
Uruguay — 4.6%
Uruguay Government International Bond 4.375%, 1/23/31	$	400,000	$	460,455
7.875%, 1/15/33		70,000		103,034
7.625%, 3/21/36		30,000		45,006
5.10%, 6/18/50		360,000		466,918
4.975%, 4/20/55		215,000		274,860
(Cost $1,313,133)				1,350,273
Uzbekistan — 0.7%
Republic of Uzbekistan International Bond, REGS, 4.75%, 2/20/24
(Cost $211,338)		200,000		207,750
Zambia — 0.5%
Zambia Government International Bond, REGS, 8.97%, 7/30/27 (b)
(Cost $99,316)		200,000		152,500
TOTAL SOVEREIGN BONDS (Cost $29,484,482)				28,682,062
	Number of Shares
SECURITIES LENDING COLLATERAL — 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $489,078)		489,078		489,078
CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $147,950)		147,950		147,950
TOTAL INVESTMENTS — 100.3% (Cost $30,121,510)			$	29,319,090
Other assets and liabilities, net — (0.3%)				(101,385	)
NET ASSETS — 100.0%			$	29,217,705

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
SECURITIES LENDING COLLATERAL — 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		500,718		—		(11,640	) (e)		—		—		17		—		489,078		489,078
CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		417,754		1,335,543		(1,605,347	)		—		—		40		—		147,950		147,950
		918,472		1,335,543		(1,616,987	)		—		—		57		—		637,028		637,028

(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, 2021 amounted to $507,026, which is 1.7% of net assets.

(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.

(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, 2021.

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, 2021 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 (f)	$	—	$	28,682,062	$	—	$	28,682,062
Short-Term Investments (f)		637,028		—		—		637,028
TOTAL	$	637,028	$	28,682,062	$	—	$	29,319,090

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

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 98.7%
Basic Materials — 5.6%
Chemicals — 2.5%
Ashland LLC, 6.875%, 5/15/43	$	10,000	$	12,800
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		10,000		9,566
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A, 4.75%, 6/15/27		10,000		10,384
Chemours Co., 144A, 5.75%, 11/15/28		25,000		25,812
Cornerstone Chemical Co., 144A, 6.75%, 8/15/24		10,000		8,900
CVR Partners LP / CVR Nitrogen Finance Corp., 144A, 6.125%, 6/15/28 (a)		12,000		12,450
Element Solutions, Inc., 144A, 3.875%, 9/1/28		10,000		9,925
HB Fuller Co., 4.25%, 10/15/28		21,000		21,578
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 144A, 9.00%, 7/1/28		25,000		26,656
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		15,000		14,831
Ingevity Corp., 144A, 4.50%, 2/1/26		45,000		45,396
Methanex Corp. 5.25%, 12/15/29		30,000		31,725
5.65%, 12/1/44		10,000		10,289
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		50,000		51,938
144A, 5.25%, 6/1/27		20,000		21,150
Olympus Water US Holding Corp. 144A, 4.25%, 10/1/28		20,000		19,300
144A, 6.25%, 10/1/29		20,000		19,200
Rain CII Carbon LLC / CII Carbon Corp., 144A, 7.25%, 4/1/25		10,000		10,200
Rayonier AM Products, Inc., 144A, 5.50%, 6/1/24 (a)		20,000		19,825
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/29 (a)		30,000		27,753
TPC Group, Inc., 144A, 10.50%, 8/1/24		10,000		7,100
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 144A, 5.375%, 9/1/25		15,000		15,225
144A, 5.125%, 4/1/29		10,000		10,038
Tronox, Inc., 144A, 4.625%, 3/15/29		35,000		33,941
Valvoline, Inc., 144A, 4.25%, 2/15/30		52,000		51,805
Venator Finance Sarl / Venator Materials LLC, 144A, 5.75%, 7/15/25 (a)		10,000		9,324
WR Grace Holdings LLC 144A, 5.625%, 10/1/24		20,000		21,375
144A, 4.875%, 6/15/27		15,000		15,075

	Principal Amount		Value
Chemicals (Continued)
144A, 5.625%, 8/15/29	$	30,000	$	30,241
(Cost $599,611)				603,802
Forest Products & Paper — 0.2%
Clearwater Paper Corp., 144A, 4.75%, 8/15/28		10,000		10,125
Domtar Corp., 6.75%, 2/15/44 (a)		10,000		10,575
Mercer International, Inc., 5.125%, 2/1/29		25,000		24,750
Sylvamo Corp., 144A, 7.00%, 9/1/29		10,000		10,262
(Cost $56,177)				55,712
Iron/Steel — 0.8%
Allegheny Technologies, Inc., 5.125%, 10/1/31		20,000		19,802
Big River Steel LLC / BRS Finance Corp., 144A, 6.625%, 1/31/29		37,000		39,682
Carpenter Technology Corp., 6.375%, 7/15/28		20,000		21,000
Cleveland-Cliffs, Inc. 5.875%, 6/1/27		25,000		25,875
6.25%, 10/1/40		29,000		31,247
Infrabuild Australia Pty Ltd., 144A, 12.00%, 10/1/24		7,000		7,368
Mineral Resources Ltd., 144A, 8.125%, 5/1/27		21,000		22,660
United States Steel Corp. 6.875%, 3/1/29 (a)		10,000		10,500
6.65%, 6/1/37		10,000		10,763
(Cost $178,067)				188,897
Mining — 2.1%
Alcoa Nederland Holding BV 144A, 5.50%, 12/15/27		35,000		37,292
144A, 4.125%, 3/31/29		35,000		35,831
Arconic Corp. 144A, 6.00%, 5/15/25		23,000		24,193
144A, 6.125%, 2/15/28 (a)		18,000		18,739
Compass Minerals International, Inc., 144A, 6.75%, 12/1/27		25,000		25,713
Constellium SE, 144A, 3.75%, 4/15/29		30,000		28,531
Eldorado Gold Corp., 144A, 6.25%, 9/1/29		10,000		10,114
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		98,000		103,207
144A, 4.375%, 4/1/31		25,000		25,281
Freeport-McMoRan, Inc. 5.40%, 11/14/34		75,000		89,344
5.45%, 3/15/43		20,000		24,727
Hudbay Minerals, Inc., 144A, 6.125%, 4/1/29		6,000		6,232
JW Aluminum Continuous Cast Co., 144A, 10.25%, 6/1/26		15,000		15,788
Kaiser Aluminum Corp., 144A, 4.50%, 6/1/31		15,000		14,644

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, 2021 (Unaudited)

	Principal Amount		Value
Mining (Continued)
Novelis Corp., 144A, 4.75%, 1/30/30	$	40,000	$	40,500
(Cost $481,422)				500,136
Communications — 16.8%
Advertising — 0.8%
Clear Channel Outdoor Holdings, Inc. 144A, 7.75%, 4/15/28 (a)		35,000		36,608
144A, 7.50%, 6/1/29		35,000		36,050
Lamar Media Corp., 3.75%, 2/15/28		50,000		50,063
National CineMedia LLC, 144A, 5.875%, 4/15/28 (a)		10,000		9,042
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 5.00%, 8/15/27		40,000		40,421
Terrier Media Buyer, Inc., 144A, 8.875%, 12/15/27		20,000		21,269
(Cost $192,400)				193,453
Internet — 0.7%
ANGI Group LLC, 144A, 3.875%, 8/15/28 (a)		10,000		9,512
Arches Buyer, Inc., 144A, 6.125%, 12/1/28 (a)		15,000		15,112
Endure Digital, Inc., 144A, 6.00%, 2/15/29 (a)		10,000		9,228
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A, 5.25%, 12/1/27		10,000		10,400
144A, 3.50%, 3/1/29		40,000		38,100
Match Group Holdings II LLC, 144A, 4.625%, 6/1/28		20,000		20,325
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		25,000		25,195
Rakuten Group, Inc., 144A, 5.125%, Perpetual (b)		30,000		30,138
(Cost $162,261)				158,010
Media — 7.8%
Cable One, Inc., 144A, 4.00%, 11/15/30		10,000		9,650
CCO Holdings LLC / CCO Holdings Capital Corp.
144A, 5.125%, 5/1/27		175,000		180,469
144A, 4.75%, 3/1/30		100,000		102,375
4.50%, 5/1/32		50,000		49,812
CSC Holdings LLC
144A, 5.50%, 4/15/27		25,000		25,679
144A, 5.375%, 2/1/28		20,000		20,575
144A, 6.50%, 2/1/29		30,000		31,762
144A, 5.75%, 1/15/30		100,000		97,990
144A, 4.625%, 12/1/30		35,000		32,506
144A, 4.50%, 11/15/31		30,000		29,100
Cumulus Media New Holdings, Inc., 144A, 6.75%, 7/1/26 (a)		10,000		10,400

	Principal Amount		Value
Media (Continued)
Diamond Sports Group LLC / Diamond Sports Finance Co.
144A, 5.375%, 8/15/26	$	25,000	$	11,187
144A, 6.625%, 8/15/27		25,000		5,375
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 144A, 5.875%, 8/15/27		60,000		61,162
DISH DBS Corp.
5.875%, 11/15/24		60,000		60,825
7.75%, 7/1/26		70,000		72,188
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		50,000		50,320
Gray Television, Inc., 144A, 7.00%, 5/15/27		50,000		53,000
Houghton Mifflin Harcourt Publishers, Inc., 144A, 9.00%, 2/15/25		25,000		26,563
iHeartCommunications, Inc., 144A, 4.75%, 1/15/28		50,000		50,000
LCPR Senior Secured Financing DAC, 144A, 5.125%, 7/15/29		40,000		39,847
Liberty Interactive LLC, 8.25%, 2/1/30		15,000		16,081
McGraw-Hill Education, Inc.
144A, 5.75%, 8/1/28		10,000		9,675
144A, 8.00%, 8/1/29		10,000		9,775
News Corp., 144A, 3.875%, 5/15/29		50,000		49,204
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		100,000		104,125
Quebecor Media, Inc., 5.75%, 1/15/23		100,000		104,250
Radiate Holdco LLC / Radiate Finance, Inc., 144A, 6.50%, 9/15/28		25,000		24,305
Scripps Escrow II, Inc., 144A, 5.375%, 1/15/31		20,000		20,200
Sinclair Television Group, Inc., 144A, 5.50%, 3/1/30		20,000		18,175
Sirius XM Radio, Inc.
144A, 5.00%, 8/1/27		80,000		82,500
144A, 4.00%, 7/15/28		30,000		29,589
144A, 5.50%, 7/1/29		54,000		57,375
144A, 4.125%, 7/1/30		10,000		9,788
144A, 3.875%, 9/1/31		20,000		18,981
TEGNA, Inc.
4.625%, 3/15/28		20,000		20,025
5.00%, 9/15/29		25,000		25,156
Univision Communications, Inc.
144A, 6.625%, 6/1/27		50,000		53,500
144A, 4.50%, 5/1/29		20,000		20,000
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		10,000		10,125
UPC Holding BV, 144A, 5.50%, 1/15/28		100,000		103,375
Virgin Media Vendor Financing Notes IV DAC, 144A, 5.00%, 7/15/28		25,000		24,676

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, 2021 (Unaudited)

	Principal Amount		Value
Media (Continued)
Ziggo BV, 144A, 4.875%, 1/15/30	$	40,000	$	40,475
(Cost $1,910,883)				1,872,140
Telecommunications — 7.5%
Altice France Holding SA, 144A, 6.00%, 2/15/28 (a)		35,000		32,944
Altice France SA
144A, 8.125%, 2/1/27		30,000		32,026
144A, 5.50%, 1/15/28		62,000		61,457
Avaya, Inc., 144A, 6.125%, 9/15/28		15,000		15,544
Cincinnati Bell, Inc., 144A, 8.00%, 10/15/25		25,000		26,099
CommScope Technologies LLC, 144A, 5.00%, 3/15/27		50,000		45,062
CommScope, Inc.
144A, 6.00%, 3/1/26		50,000		51,187
144A, 8.25%, 3/1/27		50,000		49,125
144A, 4.75%, 9/1/29		25,000		24,317
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		50,000		52,312
Consolidated Communications, Inc., 144A, 6.50%, 10/1/28		45,000		46,856
Embarq Corp., 7.995%, 6/1/36		60,000		66,300
Frontier Communications Holdings LLC
144A, 5.875%, 10/15/27		15,000		15,486
144A, 5.00%, 5/1/28		25,000		25,100
144A, 6.75%, 5/1/29		25,000		25,719
144A, 6.00%, 1/15/30		25,000		24,654
Hughes Satellite Systems Corp., 5.25%, 8/1/26		20,000		21,925
Iliad Holding SASU
144A, 6.50%, 10/15/26		20,000		20,525
144A, 7.00%, 10/15/28		20,000		20,512
Intrado Corp., 144A, 8.50%, 10/15/25 (a)		10,000		9,438
Level 3 Financing, Inc., 144A, 4.25%, 7/1/28		25,000		24,500
Ligado Networks LLC
144A, 15.50%, 11/1/23 PIK		64,700		54,995
144A, 17.50%, 5/1/24 PIK		16,312		10,725
Lumen Technologies, Inc.
Series W, 6.75%, 12/1/23		100,000		108,000
Series P, 7.60%, 9/15/39		10,000		10,726
Nokia OYJ, 6.625%, 5/15/39		25,000		33,568
Plantronics, Inc., 144A, 4.75%, 3/1/29 (a)		26,000		23,498
SoftBank Group Corp., REGS, 3.125%, 1/6/25		200,000		196,112
Sprint Capital Corp.
6.875%, 11/15/28		35,000		43,287
8.75%, 3/15/32		70,000		103,600

	Principal Amount		Value
Telecommunications (Continued)
Sprint Corp., 7.125%, 6/15/24	$	20,000	$	22,400
Switch Ltd., 144A, 3.75%, 9/15/28		25,000		24,750
Telecom Italia Capital SA, 7.721%, 6/4/38		50,000		57,188
Telesat Canada / Telesat LLC, 144A, 6.50%, 10/15/27		25,000		19,743
T-Mobile USA, Inc.
2.625%, 4/15/26		10,000		10,006
5.375%, 4/15/27		75,000		77,805
3.50%, 4/15/31		50,000		50,875
United States Cellular Corp., 6.70%, 12/15/33		10,000		12,190
Viasat, Inc., 144A, 5.625%, 9/15/25		50,000		50,719
Vmed O2 UK Financing I PLC
144A, 4.25%, 1/31/31		25,000		24,020
144A, 4.75%, 7/15/31		20,000		19,825
Vodafone Group PLC
7.00%, 4/4/79		60,000		72,168
5.125%, 6/4/81		25,000		25,438
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		30,000		31,305
Zayo Group Holdings, Inc., 144A, 6.125%, 3/1/28		25,000		23,469
(Cost $1,817,522)				1,797,500
Consumer, Cyclical — 19.5%
Airlines — 1.3%
American Airlines Inc/AAdvantage Loyalty IP Ltd.
144A, 5.50%, 4/20/26		60,000		61,575
144A, 5.75%, 4/20/29		50,000		52,187
American Airlines, Inc., 144A, 11.75%, 7/15/25		40,000		48,612
Delta Air Lines, Inc., 7.375%, 1/15/26		60,000		69,536
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		20,000		20,550
United Airlines Holdings, Inc., 4.875%, 1/15/25 (a)		50,000		51,254
(Cost $284,495)				303,714
Apparel — 0.7%
Hanesbrands, Inc., 144A, 4.625%, 5/15/24		42,000		43,811
William Carter Co., 144A, 5.50%, 5/15/25		115,000		119,742
(Cost $161,846)				163,553
Auto Manufacturers — 2.5%
Allison Transmission, Inc., 144A, 3.75%, 1/30/31		20,000		19,180
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		40,000		43,400

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, 2021 (Unaudited)

	Principal Amount		Value
Auto Manufacturers (Continued)
Ford Motor Co.
4.346%, 12/8/26	$	100,000	$	106,250
9.625%, 4/22/30		25,000		36,406
7.45%, 7/16/31		100,000		135,000
Ford Motor Credit Co. LLC, 5.125%, 6/16/25		200,000		216,000
Mclaren Finance PLC, 144A, 7.50%, 8/1/26		25,000		25,381
PM General Purchaser LLC, 144A, 9.50%, 10/1/28		10,000		10,343
(Cost $552,330)				591,960
Auto Parts & Equipment — 1.4%
American Axle & Manufacturing, Inc., 6.50%, 4/1/27 (a)		30,000		31,200
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		70,000		74,288
Cooper-Standard Automotive, Inc., 144A, 5.625%, 11/15/26		35,000		28,808
Dana, Inc., 5.375%, 11/15/27		25,000		26,187
Goodyear Tire & Rubber Co.
5.25%, 4/30/31 (a)		25,000		25,781
5.625%, 4/30/33		25,000		26,592
Real Hero Merger Sub 2, Inc., 144A, 6.25%, 2/1/29		50,000		50,313
Tenneco, Inc.
5.00%, 7/15/26 (a)		13,000		12,456
144A, 5.125%, 4/15/29		28,000		27,090
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		30,000		32,063
(Cost $326,113)				334,778
Distribution/Wholesale — 1.0%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		50,000		50,687
Avient Corp., 144A, 5.75%, 5/15/25		50,000		52,015
BCPE Empire Holdings, Inc., 144A, 7.625%, 5/1/27		14,000		14,018
G-III Apparel Group Ltd., 144A, 7.875%, 8/15/25		10,000		10,663
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		46,000		45,241
Univar Solutions USA Inc., 144A, 5.125%, 12/1/27		20,000		21,000
Wolverine Escrow LLC, 144A, 9.00%, 11/15/26 (a)		48,000		45,720
(Cost $228,744)				239,344
Entertainment — 2.6%
Affinity Gaming, 144A, 6.875%, 12/15/27		25,000		25,687
Caesars Entertainment, Inc.
144A, 6.25%, 7/1/25		50,000		52,037
144A, 8.125%, 7/1/27 (a)		50,000		55,022

	Principal Amount		Value
Entertainment (Continued)
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25	$	50,000	$	52,059
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 4/15/27 (a)		50,000		51,125
Churchill Downs, Inc., 144A, 4.75%, 1/15/28		10,000		10,211
International Game Technology PLC, 144A, 6.50%, 2/15/25		65,000		70,769
Live Nation Entertainment, Inc., 144A, 6.50%, 5/15/27		25,000		27,063
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A, 4.875%, 5/1/29		20,000		19,869
Mohegan Gaming & Entertainment, 144A, 8.00%, 2/1/26		15,000		15,375
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In, 144A, 8.50%, 11/15/27		10,000		10,840
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A, 5.625%, 9/1/29		10,000		10,113
144A, 5.875%, 9/1/31		10,000		10,063
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29		20,000		20,376
Scientific Games International, Inc., 144A, 8.25%, 3/15/26		75,000		79,031
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		50,000		50,500
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A, 4.875%, 11/1/27		15,000		15,356
WMG Acquisition Corp., 144A, 3.00%, 2/15/31		25,000		23,563
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 144A, 5.125%, 10/1/29		27,000		26,494
(Cost $610,629)				625,553
Food Service — 0.3%
Aramark Services, Inc., 144A, 5.00%, 4/1/25		54,000		54,877
TKC Holdings, Inc., 144A, 10.50%, 5/15/29		25,000		26,188
(Cost $81,592)				81,065
Home Builders — 1.3%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 4.875%, 2/15/30		25,000		25,086
Empire Communities Corp., 144A, 7.00%, 12/15/25		20,000		20,555
K Hovnanian Enterprises, Inc., 144A, 10.50%, 2/15/26 (a)		25,000		26,750

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, 2021 (Unaudited)

	Principal Amount		Value
Home Builders (Continued)
KB Home
7.625%, 5/15/23	$	20,000	$	21,227
4.00%, 6/15/31		25,000		25,254
M/I Homes, Inc., 4.95%, 2/1/28		25,000		25,938
Mattamy Group Corp., 144A, 5.25%, 12/15/27		10,000		10,434
Meritage Homes Corp., 6.00%, 6/1/25		20,000		22,300
Picasso Finance Sub, Inc., 144A, 6.125%, 6/15/25		17,000		17,680
Shea Homes LP / Shea Homes Funding Corp., 144A, 4.75%, 2/15/28		10,000		10,037
Taylor Morrison Communities, Inc., 144A, 5.75%, 1/15/28		51,000		56,045
Toll Brothers Finance Corp., 4.875%, 3/15/27		30,000		33,638
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24		20,000		21,800
(Cost $308,220)				316,744
Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31 (Cost $30,073)		30,000		28,950
Housewares — 0.5%
Newell Brands, Inc., 4.70%, 4/1/26		80,000		85,775
Scotts Miracle-Gro Co., 144A, 4.00%, 4/1/31		20,000		19,497
SWF Escrow Issuer Corp., 144A, 6.50%, 10/1/29		10,000		9,565
(Cost $114,761)				114,837
Leisure Time — 1.6%
Carnival Corp.
144A, 5.75%, 3/1/27		66,000		64,515
144A, 9.875%, 8/1/27		15,000		16,912
144A, 4.00%, 8/1/28		30,000		29,400
Life Time, Inc., 144A, 5.75%, 1/15/26		40,000		40,500
NCL Corp. Ltd.
144A, 3.625%, 12/15/24		35,000		32,288
144A, 5.875%, 3/15/26		40,000		39,100
Royal Caribbean Cruises Ltd.
144A, 9.125%, 6/15/23		80,000		85,114
144A, 5.50%, 4/1/28		45,000		43,931
Viking Cruises Ltd., 144A, 5.875%, 9/15/27		25,000		23,438
(Cost $369,869)				375,198
Lodging — 1.6%
Boyd Gaming Corp., 144A, 4.75%, 6/15/31		10,000		9,950

	Principal Amount		Value
Lodging (Continued)
Genting New York LLC / GENNY Capital, Inc., 144A, 3.30%, 2/15/26	$	11,000	$	10,909
Hilton Domestic Operating Co., Inc.
144A, 5.75%, 5/1/28		147,000		156,462
144A, 4.00%, 5/1/31		50,000		50,141
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A, 5.00%, 6/1/29		20,000		19,881
Marriott Ownership Resorts, Inc., 4.75%, 1/15/28		30,000		30,150
Station Casinos LLC, 144A, 4.50%, 2/15/28		15,000		15,019
Travel + Leisure Co., 6.00%, 4/1/27		50,000		52,887
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.50%, 3/1/25		45,000		45,169
(Cost $373,767)				390,568
Retail — 4.5%
1011778 BC ULC / New Red Finance, Inc., 144A, 4.00%, 10/15/30		50,000		47,720
99 Escrow Issuer, Inc., 144A, 7.50%, 1/15/26		10,000		8,551
Asbury Automotive Group, Inc., 144A, 4.625%, 11/15/29		50,000		50,645
Bath & Body Works, Inc., 6.875%, 11/1/35		50,000		60,250
Bed Bath & Beyond, Inc., 5.165%, 8/1/44		7,000		6,177
Carvana Co., 144A, 5.875%, 10/1/28		25,000		25,187
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.875%, 4/1/29		25,000		23,442
Golden Nugget, Inc., 144A, 6.75%, 10/15/24		50,000		50,000
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 144A, 7.00%, 8/15/28		10,000		9,000
IRB Holding Corp., 144A, 7.00%, 6/15/25		50,000		52,857
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		50,000		47,875
Lithia Motors, Inc.
144A, 4.625%, 12/15/27		15,000		15,731
144A, 4.375%, 1/15/31		50,000		52,312
Macy’s Retail Holdings LLC
3.625%, 6/1/24		14,000		14,550
5.125%, 1/15/42		15,000		14,545
Michaels Cos., Inc., 144A, 7.875%, 5/1/29		45,000		44,888
Murphy Oil USA, Inc., 144A, 3.75%, 2/15/31		25,000		24,094
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		60,000		62,874

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, 2021 (Unaudited)

	Principal Amount		Value
Retail (Continued)
Nordstrom, Inc., 4.375%, 4/1/30	$	75,000	$	73,875
Park River Holdings, Inc.
144A, 5.625%, 2/1/29		10,000		9,475
144A, 6.75%, 8/1/29		10,000		9,950
Party City Holdings, Inc., 144A, 8.75%, 2/15/26		25,000		25,250
Penske Automotive Group, Inc., 3.50%, 9/1/25		10,000		10,194
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		25,000		25,288
QVC, Inc.
4.45%, 2/15/25		50,000		52,909
5.95%, 3/15/43		5,000		5,024
Sizzling Platter LLC / Sizzling Platter Finance Corp., 144A, 8.50%, 11/28/25		10,000		10,188
Specialty Building Products Holdings LLC / SBP Finance Corp., 144A, 6.375%, 9/30/26		72,000		74,160
SRS Distribution, Inc., 144A, 6.00%, 12/1/29		25,000		24,836
Staples, Inc., 144A, 7.50%, 4/15/26		70,000		69,694
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		20,000		19,841
Yum! Brands, Inc., 144A, 4.75%, 1/15/30		50,000		52,852
(Cost $1,043,707)				1,074,234
Toys/Games/Hobbies — 0.1%
Mattel, Inc.
144A, 3.375%, 4/1/26		25,000		25,377
144A, 5.875%, 12/15/27		5,000		5,375
(Cost $31,123)				30,752
Consumer, Non-cyclical — 15.6%
Agriculture — 0.0%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27
(Cost $9,160)		9,000		9,322
Beverages — 0.1%
Triton Water Holdings, Inc., 144A, 6.25%, 4/1/29
(Cost $30,361)		30,000		29,325
Biotechnology — 0.1%
Emergent BioSolutions, Inc., 144A, 3.875%, 8/15/28 (a)
(Cost $23,636)		25,000		23,805
Commercial Services — 4.5%
Adtalem Global Education, Inc., 144A, 5.50%, 3/1/28		10,000		9,637

	Principal Amount		Value
Commercial Services (Continued)
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A, 6.625%, 7/15/26	$	50,000	$	51,750
144A, 9.75%, 7/15/27		38,000		39,947
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		20,000		19,437
AMN Healthcare, Inc., 144A, 4.625%, 10/1/27		20,000		20,650
Aptim Corp., 144A, 7.75%, 6/15/25		10,000		9,075
APX Group, Inc., 144A, 5.75%, 7/15/29		20,000		19,701
ASGN, Inc., 144A, 4.625%, 5/15/28		50,000		51,530
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, 5.375%, 3/1/29 (a)		49,000		50,164
Brink’s Co., 144A, 4.625%, 10/15/27		10,000		10,223
Garda World Security Corp., 144A, 4.625%, 2/15/27		10,000		9,825
Gartner, Inc., 144A, 4.50%, 7/1/28		35,000		36,507
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		30,000		31,126
IHS Markit Ltd., 4.75%, 8/1/28		50,000		58,237
Metis Merger Sub LLC, 144A, 6.50%, 5/15/29		20,000		19,600
MPH Acquisition Holdings LLC, 144A, 5.75%, 11/1/28 (a)		25,000		22,269
NESCO Holdings II, Inc., 144A, 5.50%, 4/15/29		35,000		35,602
Nielsen Finance LLC / Nielsen Finance Co.
144A, 5.625%, 10/1/28		50,000		51,125
144A, 4.75%, 7/15/31		20,000		19,400
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.25%, 4/15/24		100,000		105,000
144A, 5.75%, 4/15/26		30,000		31,875
144A, 3.375%, 8/31/27		20,000		18,975
144A, 6.25%, 1/15/28		25,000		25,469
RR Donnelley & Sons Co., 144A, 8.50%, 4/15/29		25,000		37,374
Sabre GLBL, Inc., 144A, 7.375%, 9/1/25		50,000		52,000
Service Corp. International, 5.125%, 6/1/29		50,000		53,437
Square, Inc., 144A, 3.50%, 6/1/31		30,000		30,488
United Rentals North America, Inc.
4.875%, 1/15/28		100,000		104,609
5.25%, 1/15/30		15,000		16,234
WASH Multifamily Acquisition, Inc., 144A, 5.75%, 4/15/26		27,000		27,810
(Cost $1,056,697)				1,069,076

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, 2021 (Unaudited)

	Principal Amount		Value
Cosmetics/Personal Care — 0.4%
Coty, Inc., 144A, 6.50%, 4/15/26	$	25,000	$	25,670
Edgewell Personal Care Co.
144A, 5.50%, 6/1/28		60,000		62,550
144A, 4.125%, 4/1/29		10,000		9,863
(Cost $96,059)				98,083
Food — 2.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A, 5.875%, 2/15/28		73,000		76,932
144A, 3.50%, 3/15/29		20,000		19,864
B&G Foods, Inc., 5.25%, 4/1/25 (a)		34,000		34,552
Kraft Heinz Foods Co.
3.00%, 6/1/26		15,000		15,562
4.25%, 3/1/31		15,000		17,250
5.00%, 7/15/35		10,000		12,322
5.20%, 7/15/45		45,000		57,324
4.375%, 6/1/46		55,000		63,816
4.875%, 10/1/49		50,000		62,500
5.50%, 6/1/50		25,000		33,969
Lamb Weston Holdings, Inc., 144A, 4.125%, 1/31/30		40,000		39,813
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		30,000		30,994
Post Holdings, Inc.
144A, 4.625%, 4/15/30		50,000		49,609
144A, 4.50%, 9/15/31		20,000		19,325
Safeway, Inc., 7.25%, 2/1/31		10,000		11,825
TreeHouse Foods, Inc., 4.00%, 9/1/28 (a)		10,000		9,495
United Natural Foods, Inc., 144A, 6.75%, 10/15/28		10,000		10,763
US Foods, Inc., 144A, 4.75%, 2/15/29		39,000		39,679
(Cost $594,550)				605,594
Healthcare-Products — 1.2%
Avantor Funding, Inc., 144A, 4.625%, 7/15/28		81,000		84,033
Hill-Rom Holdings, Inc., 144A, 4.375%, 9/15/27		25,000		25,961
Hologic, Inc., 144A, 3.25%, 2/15/29		30,000		29,625
Mozart Debt Merger Sub, Inc.
144A, 3.875%, 4/1/29		70,000		69,300
144A, 5.25%, 10/1/29 (a)		40,000		40,100
Teleflex, Inc., 4.625%, 11/15/27		25,000		25,969
(Cost $276,164)				274,988
Healthcare-Services — 4.5%
Akumin, Inc., 144A, 7.00%, 11/1/25		16,000		15,080
Catalent Pharma Solutions, Inc., 144A, 5.00%, 7/15/27		35,000		36,181

	Principal Amount		Value
Healthcare-Services (Continued)
Centene Corp.
4.625%, 12/15/29	$	100,000	$	106,785
3.00%, 10/15/30		21,000		20,974
2.50%, 3/1/31		35,000		33,512
Charles River Laboratories International, Inc., 144A, 4.00%, 3/15/31		25,000		25,219
CHS/Community Health Systems, Inc.
144A, 6.875%, 4/1/28		15,000		14,250
144A, 6.875%, 4/15/29		40,000		39,400
144A, 4.75%, 2/15/31		25,000		24,633
DaVita, Inc.
144A, 4.625%, 6/1/30		50,000		49,437
144A, 3.75%, 2/15/31		25,000		23,375
Encompass Health Corp., 4.75%, 2/1/30		35,000		35,481
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		20,000		12,437
Global Medical Response, Inc., 144A, 6.50%, 10/1/25		10,000		10,056
HCA, Inc.
7.69%, 6/15/25		100,000		117,350
7.50%, 11/6/33		50,000		71,500
Molina Healthcare, Inc.
144A, 4.375%, 6/15/28		20,000		20,338
144A, 3.875%, 11/15/30		10,000		10,075
Prime Healthcare Services, Inc., 144A, 7.25%, 11/1/25		25,000		26,380
Radiology Partners, Inc., 144A, 9.25%, 2/1/28		10,000		10,238
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		50,000		52,312
Select Medical Corp., 144A, 6.25%, 8/15/26		30,000		31,538
Surgery Center Holdings, Inc., 144A, 6.75%, 7/1/25 (a)		20,000		20,250
Tenet Healthcare Corp.
144A, 4.875%, 1/1/26		100,000		102,625
144A, 6.25%, 2/1/27		110,000		114,400
144A, 6.125%, 10/1/28		30,000		30,825
US Renal Care, Inc., 144A, 10.625%, 7/15/27		25,000		25,745
(Cost $1,079,076)				1,080,396
Household Products/Wares — 0.2%
ACCO Brands Corp., 144A, 4.25%, 3/15/29 (a)		10,000		9,838
Central Garden & Pet Co., 4.125%, 10/15/30 (a)		10,000		10,000
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, 7.00%, 12/31/27		15,000		14,538
(Cost $35,832)				34,376
Pharmaceuticals — 2.1%
AdaptHealth LLC, 144A, 5.125%, 3/1/30		20,000		19,800

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, 2021 (Unaudited)

	Principal Amount		Value
Pharmaceuticals (Continued)
Bausch Health Americas, Inc., 144A, 9.25%, 4/1/26	$	30,000	$	31,463
Bausch Health Cos., Inc.
144A, 6.125%, 4/15/25		27,000		27,473
144A, 7.00%, 1/15/28		72,000		69,750
144A, 5.00%, 1/30/28		20,000		17,825
144A, 5.25%, 2/15/31		25,000		21,547
Elanco Animal Health, Inc.
5.272%, 8/28/23		18,000		19,102
5.90%, 8/28/28		20,000		22,875
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 144A, 9.50%, 7/31/27 (a)		20,000		20,221
Endo Luxembourg Finance Co I Sarl / Endo US, Inc., 144A, 6.125%, 4/1/29		24,000		23,460
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		60,000		63,376
Lannett Co., Inc., 144A, 7.75%, 4/15/26 (a)		20,000		15,300
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A, 4.125%, 4/30/28		15,000		14,981
144A, 5.125%, 4/30/31 (a)		30,000		30,675
P&L Development LLC / PLD Finance Corp., 144A, 7.75%, 11/15/25		30,000		30,450
Par Pharmaceutical, Inc., 144A, 7.50%, 4/1/27		15,000		15,206
Prestige Brands, Inc.
144A, 5.125%, 1/15/28		30,000		31,200
144A, 3.75%, 4/1/31		30,000		28,706
(Cost $523,274)				503,410
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena International SA, 144A, 6.125%, 2/1/25
(Cost $14,994)		15,000		15,450
Energy — 13.4%
Energy-Alternate Sources — 0.2%
Atlantica Sustainable Infrastructure PLC, 144A, 4.125%, 6/15/28		10,000		10,056
TerraForm Power Operating LLC, 144A, 5.00%, 1/31/28		43,000		45,096
(Cost $56,592)				55,152
Oil & Gas — 6.1%
Antero Resources Corp., 144A, 7.625%, 2/1/29		40,000		44,044
Apache Corp., 5.10%, 9/1/40		75,000		81,649
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 7.00%, 11/1/26		25,000		25,500

	Principal Amount		Value
Oil & Gas (Continued)
Callon Petroleum Co.
6.125%, 10/1/24	$	25,000	$	24,250
144A, 8.00%, 8/1/28 (a)		10,000		9,850
CNX Resources Corp., 144A, 7.25%, 3/14/27		20,000		21,200
Colgate Energy Partners III LLC, 144A, 5.875%, 7/1/29		10,000		9,950
Comstock Resources, Inc., 144A, 6.75%, 3/1/29		45,000		46,969
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		35,000		35,437
CVR Energy, Inc., 144A, 5.25%, 2/15/25		60,000		57,756
Encino Acquisition Partners Holdings LLC, 144A, 8.50%, 5/1/28		20,000		20,325
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28		20,000		20,850
Ensign Drilling, Inc., 144A, 9.25%, 4/15/24		10,000		9,900
EQT Corp., 6.625%, 2/1/25		150,000		167,250
Gulfport Energy Operating Corp., 8.00%, 5/17/26		20,000		22,138
Hilcorp Energy I LP / Hilcorp Finance Co., 144A, 5.75%, 2/1/29		50,000		49,862
Laredo Petroleum, Inc., 9.50%, 1/15/25		40,000		40,100
Matador Resources Co., 5.875%, 9/15/26		30,000		30,630
Moss Creek Resources Holdings, Inc., 144A, 7.50%, 1/15/26		30,000		26,568
Murphy Oil Corp.
5.75%, 8/15/25		50,000		51,234
6.375%, 12/1/42		15,000		14,944
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		35,000		30,450
Nabors Industries, Inc., 144A, 7.375%, 5/15/27		20,000		19,627
Parkland Corp.
144A, 5.875%, 7/15/27		10,000		10,525
144A, 4.625%, 5/1/30		25,000		24,537
Patterson-UTI Energy, Inc.
3.95%, 2/1/28		10,000		9,891
5.15%, 11/15/29		10,000		10,390
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28		40,000		24,100
Precision Drilling Corp., 144A, 7.125%, 1/15/26 (a)		20,000		20,200
Range Resources Corp.
4.875%, 5/15/25		50,000		51,437
9.25%, 2/1/26		50,000		53,725
SM Energy Co.
144A, 10.00%, 1/15/25		100,000		109,750
6.50%, 7/15/28		20,000		20,500

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, 2021 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Southwestern Energy Co.
6.45%, 1/23/25	$	60,000	$	65,550
5.375%, 3/15/30		30,000		31,238
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27		30,000		31,200
Transocean Guardian Ltd., 144A, 5.875%, 1/15/24		67,000		63,650
Transocean, Inc.
144A, 7.50%, 1/15/26		25,000		18,193
144A, 11.50%, 1/30/27		15,000		14,175
144A, 8.00%, 2/1/27		10,000		6,925
6.80%, 3/15/38		15,000		7,816
Viper Energy Partners LP, 144A, 5.375%, 11/1/27		25,000		25,813
(Cost $1,367,765)				1,460,098
Oil & Gas Services — 1.3%
Archrock Partners LP / Archrock Partners Finance Corp., 144A, 6.25%, 4/1/28		30,000		30,823
CGG SA, 144A, 8.75%, 4/1/27 (a)		13,000		12,935
CSI Compressco LP / CSI Compressco Finance, Inc., 144A, 7.50%, 4/1/25		10,000		10,150
Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25		10,000		9,288
Oceaneering International, Inc., 4.65%, 11/15/24		74,000		75,110
Transocean Proteus Ltd., 144A, 6.25%, 12/1/24		13,750		13,836
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26		50,000		51,363
Weatherford International Ltd.
144A, 11.00%, 12/1/24		28,000		29,120
144A, 8.625%, 4/30/30		40,000		39,500
Welltec A/S, 144A, 9.50%, 12/1/22		30,000		30,318
(Cost $289,197)				302,443
Pipelines — 5.8%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A, 5.75%, 1/15/28		50,000		51,630
Buckeye Partners LP, 144A, 4.50%, 3/1/28		50,000		49,062
Cheniere Energy Partners LP, 4.50%, 10/1/29		50,000		52,687
Cheniere Energy, Inc., 4.625%, 10/15/28		50,000		51,750
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		30,000		30,456
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25		100,000		101,030

	Principal Amount		Value
Pipelines (Continued)
DCP Midstream Operating LP
5.375%, 7/15/25	$	50,000	$	53,637
5.125%, 5/15/29		15,000		16,687
144A, 6.75%, 9/15/37		25,000		33,656
DT Midstream, Inc., 144A, 4.375%, 6/15/31		50,000		49,935
EnLink Midstream LLC, 5.375%, 6/1/29		25,000		25,250
EnLink Midstream Partners LP
4.15%, 6/1/25		30,000		31,050
5.60%, 4/1/44		25,000		24,008
EQM Midstream Partners LP
4.75%, 7/15/23		34,000		35,445
5.50%, 7/15/28		25,000		26,625
144A, 4.75%, 1/15/31		25,000		25,312
6.50%, 7/15/48		10,000		11,706
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27		30,000		30,000
7.75%, 2/1/28		25,000		24,563
Global Partners LP / GLP Finance Corp., 7.00%, 8/1/27		15,000		15,525
Hess Midstream Operations LP, 144A, 5.625%, 2/15/26		50,000		51,675
Holly Energy Partners LP / Holly Energy Finance Corp., 144A, 5.00%, 2/1/28		25,000		25,003
ITT Holdings LLC, 144A, 6.50%, 8/1/29		20,000		19,453
New Fortress Energy, Inc.
144A, 6.75%, 9/15/25		25,000		24,094
144A, 6.50%, 9/30/26		25,000		23,563
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		40,000		40,072
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23 (a)		20,000		19,275
NuStar Logistics LP, 5.625%, 4/28/27		50,000		51,500
Rockies Express Pipeline LLC, 144A, 4.95%, 7/15/29		35,000		36,552
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 8.50%, 10/15/26		25,000		25,156
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A, 6.00%, 12/31/30		20,000		19,769
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
6.50%, 7/15/27		100,000		106,650
144A, 4.00%, 1/15/32		25,000		25,922
Venture Global Calcasieu Pass LLC
144A, 3.875%, 8/15/29		30,000		30,143
144A, 4.125%, 8/15/31		30,000		30,713
Western Midstream Operating LP
5.30%, 2/1/30		50,000		54,125
5.45%, 4/1/44		25,000		29,281

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, 2021 (Unaudited)

	Principal Amount		Value
Pipelines (Continued)
5.30%, 3/1/48	$	25,000	$	29,188
6.50%, 2/1/50		15,000		17,193
(Cost $1,318,112)				1,399,341
Financial — 12.6%
Banks — 1.9%
CIT Group, Inc. 5.00%, 8/1/23		50,000		53,000
6.125%, 3/9/28		25,000		29,532
Deutsche Bank AG, 4.50%, 4/1/25 (c)		125,000		133,998
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25 (a)		44,000		43,945
144A, 7.625%, 5/1/26		15,000		14,424
Intesa Sanpaolo SpA 144A, 5.71%, 1/15/26		40,000		44,484
144A, 4.198%, 6/1/32		25,000		25,158
Popular, Inc., 6.125%, 9/14/23		50,000		53,407
UniCredit SpA, 144A, 5.459%, 6/30/35		37,000		40,322
(Cost $427,976)				438,270
Diversified Financial Services — 3.6%
AerCap Holdings NV, 5.875%, 10/10/79 (a)		10,000		10,286
Ally Financial, Inc., 5.75%, 11/20/25		50,000		56,711
Asteroid Private Merger Sub, Inc., 144A, 8.50%, 11/15/29		25,000		25,781
Cobra AcquisitionCo LLC, 144A, 6.375%, 11/1/29		25,000		24,781
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		25,000		23,469
144A, 3.625%, 10/1/31		25,000		23,172
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		20,000		20,050
Enact Holdings, Inc., 144A, 6.50%, 8/15/25		20,000		21,825
Global Aircraft Leasing Co. Ltd., 144A, 6.50%, 9/15/24, 6.50% Cash or 7.25% PIK, PIK		71,965		69,806
Home Point Capital, Inc., 144A, 5.00%, 2/1/26 (a)		20,000		18,606
LD Holdings Group LLC 144A, 6.50%, 11/1/25		5,000		4,805
144A, 6.125%, 4/1/28 (a)		5,000		4,602
LPL Holdings, Inc., 144A, 4.00%, 3/15/29		25,000		25,250
Midcap Financial Issuer Trust, 144A, 6.50%, 5/1/28		20,000		20,577
Nationstar Mortgage Holdings, Inc., 144A, 5.50%, 8/15/28		56,000		56,114
Navient Corp. 5.50%, 1/25/23		50,000		51,906
MTN, 5.625%, 8/1/33		25,000		23,353

	Principal Amount		Value
Diversified Financial Services (Continued)
NFP Corp. 144A, 4.875%, 8/15/28	$	20,000	$	19,700
144A, 6.875%, 8/15/28		30,000		29,737
OneMain Finance Corp. 6.875%, 3/15/25		120,000		132,150
7.125%, 3/15/26		45,000		50,667
PennyMac Financial Services, Inc., 144A, 4.25%, 2/15/29		30,000		27,788
PHH Mortgage Corp., 144A, 7.875%, 3/15/26 (a)		20,000		20,700
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 3.875%, 3/1/31		40,000		39,512
StoneX Group, Inc., 144A, 8.625%, 6/15/25		10,000		10,600
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		10,000		9,925
144A, 5.75%, 6/15/27		10,000		9,864
144A, 5.50%, 4/15/29		15,000		14,306
VistaJet Malta Finance PLC / XO Management Holding, Inc., 144A, 10.50%, 6/1/24		15,000		16,125
(Cost $836,361)				862,168
Insurance — 1.6%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		35,000		34,912
144A, 4.25%, 2/15/29		36,000		33,860
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 6.75%, 10/15/27		41,000		41,615
AmWINS Group, Inc., 144A, 4.875%, 6/30/29		15,000		14,812
AssuredPartners, Inc., 144A, 5.625%, 1/15/29		20,000		19,350
Genworth Holdings, Inc., 4.80%, 2/15/24 (a)		50,000		52,100
Global Atlantic Fin Co., 144A, 4.70%, 10/15/51		15,000		15,207
HUB International Ltd., 144A, 7.00%, 5/1/26		80,000		82,000
Liberty Mutual Group, Inc. 144A, 7.80%, 3/15/37		10,000		14,027
144A, 4.125%, 12/15/51		30,000		29,978
144A, 4.30%, 2/1/61		10,000		9,350
MBIA, Inc., 5.70%, 12/1/34		10,000		9,938
Radian Group, Inc., 6.625%, 3/15/25		25,000		27,406
(Cost $378,471)				384,555
Real Estate — 0.9%
Cushman & Wakefield US Borrower LLC, 144A, 6.75%, 5/15/28		20,000		21,600
Howard Hughes Corp. 144A, 5.375%, 8/1/28		35,000		36,601
144A, 4.375%, 2/1/31		10,000		9,913

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, 2021 (Unaudited)

	Principal Amount		Value
Real Estate (Continued)
Hunt Cos., Inc., 144A, 5.25%, 4/15/29	$	25,000	$	24,312
Kennedy-Wilson, Inc. 4.75%, 3/1/29		15,000		15,195
5.00%, 3/1/31		10,000		10,225
Newmark Group, Inc., 6.125%, 11/15/23		10,000		10,663
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 9.375%, 4/1/27		75,000		81,196
144A, 5.75%, 1/15/29		15,000		15,206
(Cost $223,837)				224,911
Real Estate Investment Trusts — 3.9%
American Finance Trust, Inc. / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28		20,000		19,794
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 5.75%, 5/15/26 (a)		45,000		46,462
Diversified Healthcare Trust, 4.375%, 3/1/31		15,000		14,194
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.75%, 9/15/30		25,000		24,570
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		75,000		76,125
144A, 4.50%, 2/15/31		50,000		49,125
iStar, Inc., 4.75%, 10/1/24		25,000		25,934
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		45,000		44,959
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 144A, 4.625%, 6/15/25		72,000		77,220
5.75%, 2/1/27		100,000		113,000
MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27		50,000		52,462
3.50%, 3/15/31		25,000		24,781
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A, 4.875%, 5/15/29		10,000		10,013
RHP Hotel Properties LP / RHP Finance Corp., 144A, 4.50%, 2/15/29		20,000		19,550
SBA Communications Corp. 3.875%, 2/15/27		50,000		51,234
144A, 3.125%, 2/1/29		40,000		38,100
Service Properties Trust 7.50%, 9/15/25		40,000		42,550
4.95%, 2/15/27		25,000		23,975
4.95%, 10/1/29		25,000		23,384
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 7.875%, 2/15/25		50,000		52,413

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 144A, 6.50%, 2/15/29	$	36,000	$	34,560
VICI Properties LP / VICI Note Co., Inc. 144A, 3.50%, 2/15/25		15,000		15,225
144A, 4.25%, 12/1/26		50,000		51,688
(Cost $904,199)				931,318
Venture Capital — 0.7%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29		58,000		59,885
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.25%, 5/15/26		50,000		51,625
5.25%, 5/15/27		45,000		45,813
(Cost $159,017)				157,323
Industrial — 9.9%
Aerospace/Defense — 2.3%
Bombardier, Inc. 144A, 7.50%, 12/1/24		71,000		73,840
144A, 7.125%, 6/15/26		25,000		25,875
144A, 7.875%, 4/15/27 (a)		65,000		67,112
Howmet Aerospace, Inc. 5.125%, 10/1/24		86,000		92,496
6.875%, 5/1/25		20,000		22,900
5.95%, 2/1/37		25,000		29,281
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		50,000		52,563
4.60%, 6/15/28		25,000		23,750
TransDigm, Inc. 144A, 6.25%, 3/15/26		27,000		28,148
7.50%, 3/15/27		50,000		52,250
4.875%, 5/1/29		35,000		34,133
Triumph Group, Inc., 144A, 6.25%, 9/15/24		50,000		50,375
(Cost $529,556)				552,723
Building Materials — 0.7%
Builders FirstSource, Inc., 144A, 5.00%, 3/1/30		25,000		26,624
Standard Industries, Inc. 144A, 4.75%, 1/15/28		70,000		70,700
144A, 4.375%, 7/15/30		17,000		16,809
144A, 3.375%, 1/15/31		17,000		15,750
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		27,000		28,276
Victors Merger Corp., 144A, 6.375%, 5/15/29		10,000		9,375
(Cost $167,019)				167,534
Electrical Components & Equipment — 0.6%
EnerSys, 144A, 5.00%, 4/30/23		50,000		51,750

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, 2021 (Unaudited)

	Principal Amount		Value
Electrical Components & Equipment (Continued)
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25	$	50,000	$	52,875
144A, 7.25%, 6/15/28		40,000		43,500
(Cost $145,578)				148,125
Electronics — 0.8%
Imola Merger Corp., 144A, 4.75%, 5/15/29		49,000		49,297
Sensata Technologies BV, 144A, 5.625%, 11/1/24		100,000		109,875
Sensata Technologies, Inc., 144A, 3.75%, 2/15/31		20,000		19,813
(Cost $175,963)				178,985
Engineering & Construction — 0.7%
AECOM, 5.125%, 3/15/27		35,000		37,627
Artera Services LLC, 144A, 9.033%, 12/4/25		15,000		15,131
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25		55,000		54,450
Cellnex Finance Co. SA, 144A, 3.875%, 7/7/41		20,000		19,547
MasTec, Inc., 144A, 4.50%, 8/15/28		10,000		10,287
Tutor Perini Corp., 144A, 6.875%, 5/1/25 (a)		30,000		30,155
(Cost $162,553)				167,197
Environmental Control — 0.9%
Clean Harbors, Inc., 144A, 5.125%, 7/15/29		5,000		5,328
Covanta Holding Corp., 6.00%, 1/1/27		50,000		51,795
GFL Environmental, Inc. 144A, 3.75%, 8/1/25		50,000		50,875
144A, 4.00%, 8/1/28 (a)		20,000		19,400
144A, 3.50%, 9/1/28		10,000		9,737
144A, 4.75%, 6/15/29		25,000		25,000
Madison IAQ LLC, 144A, 5.875%, 6/30/29		50,000		48,152
(Cost $211,460)				210,287
Machinery-Construction & Mining — 0.1%
Terex Corp., 144A, 5.00%, 5/15/29
(Cost $20,432)		20,000		20,405
Machinery-Diversified — 0.2%
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A, 7.75%, 4/15/26
(Cost $47,670)		50,000		50,187
Miscellaneous Manufacturing — 0.2%
FXI Holdings, Inc., 144A, 12.25%, 11/15/26		25,000		28,094
Hillenbrand, Inc., 5.75%, 6/15/25		15,000		15,698
(Cost $37,744)				43,792

	Principal Amount		Value
Packaging & Containers — 2.9%
ARD Finance SA, 144A, 6.50%, 6/30/27, 6.50% Cash or 7.25% PIK, PIK	$	80,000	$	82,800
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29		10,000		9,728
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144A, 4.125%, 8/15/26		25,000		25,312
Ball Corp. 5.25%, 7/1/25		20,000		21,975
4.875%, 3/15/26		76,000		82,792
2.875%, 8/15/30		30,000		28,524
Berry Global, Inc., 144A, 5.625%, 7/15/27		39,000		40,463
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 9/30/26		30,000		31,650
Graham Packaging Co., Inc., 144A, 7.125%, 8/15/28		25,000		25,500
Graphic Packaging International LLC 4.125%, 8/15/24		46,000		48,415
144A, 3.50%, 3/1/29		10,000		9,887
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A, 6.00%, 9/15/28		10,000		10,150
Intertape Polymer Group, Inc., 144A, 4.375%, 6/15/29		20,000		19,975
LABL, Inc. 144A, 10.50%, 7/15/27		50,000		52,063
144A, 5.875%, 11/1/28		25,000		24,926
Mauser Packaging Solutions Holding Co., 144A, 7.25%, 4/15/25 (a)		35,000		34,475
Owens-Brockway Glass Container, Inc., 144A, 5.875%, 8/15/23		36,000		37,620
Sealed Air Corp., 144A, 5.50%, 9/15/25		57,000		62,629
Trivium Packaging Finance BV, 144A, 5.50%, 8/15/26		50,000		52,000
(Cost $695,740)				700,884
Transportation — 0.4%
Altera Infrastructure LP/Teekay Offshore Finance Corp., 144A, 8.50%, 7/15/23		10,000		5,550
First Student Bidco, Inc. / First Transit Parent, Inc., 144A, 4.00%, 7/31/29		25,000		23,809
Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 144A, 10.75%, 7/1/25		10,000		10,606
Watco Cos. LLC / Watco Finance Corp., 144A, 6.50%, 6/15/27		35,000		36,925
XPO Logistics, Inc., 144A, 6.25%, 5/1/25		25,000		26,130
(Cost $108,397)				103,020

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Principal Amount		Value
Trucking & Leasing — 0.1%
Fortress Transportation and Infrastructure Investors LLC, 144A, 5.50%, 5/1/28
(Cost $18,578)	$	18,000	$	17,685
Technology — 3.7%
Computers — 1.1%
Booz Allen Hamilton, Inc., 144A, 3.875%, 9/1/28		40,000		40,301
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25		10,000		10,600
Exela Intermediate LLC / Exela Finance, Inc., 144A, 10.00%, 7/15/23		10,000		8,250
NCR Corp., 144A, 6.125%, 9/1/29		25,000		26,578
Presidio Holdings, Inc., 144A, 8.25%, 2/1/28		25,000		26,125
Seagate HDD Cayman 4.875%, 6/1/27		10,000		10,912
4.091%, 6/1/29		60,000		61,698
144A, 3.375%, 7/15/31		5,000		4,738
Vericast Corp., 144A, 11.00%, 9/15/26		20,000		21,000
Western Digital Corp., 4.75%, 2/15/26		50,000		54,083
(Cost $256,412)				264,285
Office/Business Equipment — 0.4%
Pitney Bowes, Inc. 4.625%, 3/15/24		10,000		10,275
144A, 6.875%, 3/15/27		12,000		12,375
Xerox Corp. 4.375%, 3/15/23		25,000		25,687
6.75%, 12/15/39		27,000		29,464
Xerox Holdings Corp., 144A, 5.50%, 8/15/28 (a)		25,000		25,188
(Cost $102,004)				102,989
Semiconductors — 0.2%
Amkor Technology, Inc., 144A, 6.625%, 9/15/27		15,000		15,844
Entegris, Inc., 144A, 4.375%, 4/15/28		10,000		10,237
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		15,000		15,356
(Cost $41,619)				41,437
Software — 2.0%
Black Knight InfoServ LLC, 144A, 3.625%, 9/1/28		12,000		11,700
Camelot Finance SA, 144A, 4.50%, 11/1/26		15,000		15,544
CDK Global, Inc., 144A, 5.25%, 5/15/29		25,000		26,531
Clarivate Science Holdings Corp., 144A, 4.875%, 7/1/29		38,000		37,335
Fair Isaac Corp., 144A, 4.00%, 6/15/28		20,000		20,075

	Principal Amount		Value
Software (Continued)
MSCI, Inc. 144A, 4.00%, 11/15/29	$	50,000	$	51,890
144A, 3.625%, 11/1/31		25,000		25,489
Open Text Corp., 144A, 3.875%, 12/1/29		25,000		24,883
Open Text Holdings, Inc., 144A, 4.125%, 2/15/30		30,000		29,813
PTC, Inc., 144A, 3.625%, 2/15/25		25,000		25,281
Rackspace Technology Global, Inc., 144A, 5.375%, 12/1/28 (a)		50,000		48,250
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		50,000		52,125
Twilio, Inc., 3.875%, 3/15/31		33,000		32,835
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		70,000		72,692
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		14,000		14,140
(Cost $497,623)				488,583
Utilities — 1.5%
Electric — 1.3%
Calpine Corp.
144A, 5.25%, 6/1/26		45,000		46,055
144A, 5.00%, 2/1/31		25,000		24,129
144A, 3.75%, 3/1/31		20,000		19,150
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/28		50,000		52,687
Edison International, Series A, 5.375%, Perpetual (b)		43,000		44,320
NextEra Energy Operating Partners LP, 144A, 4.50%, 9/15/27		50,000		53,063
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A, 4.50%, 8/15/28		20,000		20,400
PG&E Corp. 5.00%, 7/1/28 (a)		20,000		20,700
5.25%, 7/1/30		20,000		20,650
Pike Corp., 144A, 5.50%, 9/1/28		10,000		10,075
(Cost $308,749)				311,229
Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.625%, 5/20/24
(Cost $53,356)		50,000		53,563
TOTAL CORPORATE BONDS
(Cost $23,197,395)				23,623,214
	Number of Shares
SECURITIES LENDING COLLATERAL — 1.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $268,412)		268,412		268,412

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) (Cost $122,390)		122,390	$	122,390
TOTAL INVESTMENTS — 100.3% (Cost $23,588,197)			$	24,014,016
Other assets and liabilities, net — (0.3%)				(63,615	)
NET ASSETS — 100.0%			$	23,950,401

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
CORPORATE BONDS — 0.6%
Financial — 0.6%
Deutsche Bank AG, 4.50%, 4/1/25 (c)
		81,427		53,086			—			—		(515	)		2,736		—		125,000		133,998
SECURITIES LENDING COLLATERAL — 1.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e)
		123,494		144,918	(f)		—			—		—			13		—		268,412		268,412
CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d)
		104,701		1,997,879			(1,980,190	)		—		—			30		—		122,390		122,390
		309,622		2,195,883			(1,980,190	)		—		(515	)		2,779		—		515,802		524,800

(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, 2021 amounted to $803,172, which is 3.4% of net assets.

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

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $563,714.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

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.

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (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, 2021 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 (g)	$	—	$	23,623,214	$	—	$	23,623,214
Short-Term Investments (g)		390,802		—		—		390,802
TOTAL	$	390,802	$	23,623,214	$	—	$	24,014,016

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

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

November 30, 2021 (Unaudited)

	Principal Amount		Value
MUNICIPAL BONDS — 98.2%
Alabama — 0.3%
Alabama Federal Aid Highway Finance Authority, Government FD/ Grant Revenue, Series A, 5.00%, 6/1/37	$	200,000	$	248,320
Lower Alabama Gas District, Natural Gas Revenue, Series A, 5.00%, 9/1/31		160,000		205,325
(Cost $416,972)				453,645
Arizona — 1.6%
City of Mesa AZ Utility System Revenue, Multiple Utility Revenue, Series A, 5.00%, 7/1/43		500,000		626,717
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/33		35,000		43,413
Series A, 5.00%, 1/1/38		450,000		538,528
Series A, 5.00%, 1/1/39		500,000		615,909
Series A, 5.00%, 1/1/47		500,000		634,813
(Cost $2,313,636)				2,459,380
California — 19.7%
Alameda Corridor Transportation Authority,Transit Revenue, Series B, 5.00%, 10/1/35		165,000		194,260
Bay Area Toll Authority, Highway Revenue Tolls, 3.25%, 4/1/36		260,000		280,282
Series S-7, 4.00%, 4/1/37		65,000		75,307
4.00%, 4/1/38		25,000		28,944
Series 7, 4.00%, 4/1/42		250,000		288,536
Sub-Series S-H, 5.00%, 4/1/44		490,000		611,504
4.00%, 4/1/47		255,000		292,589
4.00%, 4/1/49		25,000		28,650
Sub-Series S-8, 3.00%, 4/1/54		300,000		316,885
Series F-1, 4.00%, 4/1/56		200,000		229,466
Series F-1, 5.00%, 4/1/56		100,000		122,755
Sub-Series S-8, 5.00%, 4/1/56		900,000		1,124,880
City of Long Beach CA Harbor Revenue, Private Airport & Marina Revenue, Series C, 5.00%, 5/15/47		30,000		36,095
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/34		40,000		51,886
Series A, 5.00%, 5/15/36		35,000		45,298
5.00%, 5/15/37		30,000		38,773
Series A, 5.00%, 5/15/38		235,000		303,428
5.00%, 5/15/39		40,000		51,623
5.00%, 5/15/40		55,000		70,871
Series D, AMT, 5.00%, 5/15/43		125,000		154,188
Series A, AMT, 4.00%, 5/15/44		1,225,000		1,409,838
Series C, AMT, 5.00%, 5/15/44		200,000		242,828
Series A, AMT, 5.00%, 5/15/46		250,000		317,099
Series A, AMT, 5.00%, 5/15/47		100,000		119,639
Series B, 5.00%, 5/15/48		250,000		321,937

	Principal Amount		Value
California (Continued)
Series F, AMT, 3.00%, 5/15/49	$	330,000	$	346,272
Series F, AMT, 4.00%, 5/15/49		500,000		572,013
Series D, AMT, 5.00%, 5/15/49		100,000		122,458
Series C, AMT, 4.00%, 5/15/50		500,000		578,253
City of Sacramento CA Transient Occupancy Tax Revenue, Hotel Occupancy Tax, Series A, 5.00%, 6/1/48		25,000		29,627
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 5.00%, 11/1/32		150,000		185,297
Series D, 3.00%, 11/1/50		340,000		365,615
Series C, 4.00%, 11/1/50		1,000,000		1,194,048
East Bay Municipal Utility District Water System Revenue, Water Revenue, Series A, 5.00%, 6/1/45		100,000		122,055
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Series A, 5.00%, 6/1/33		100,000		122,416
Series A, 5.00%, 6/1/33		25,000		33,044
Series A, 5.00%, 6/1/34		155,000		204,494
Series A, 5.00%, 6/1/35		25,000		32,904
Series A, 5.00%, 6/1/37		375,000		491,464
Series A, 5.00%, 7/1/42		225,000		273,567
Series A, 5.00%, 7/1/44		175,000		218,269
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, Series A, 4.00%, 10/1/42		100,000		109,495
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series D, 5.00%, 7/1/32		50,000		64,640
Series D, 5.00%, 7/1/34		30,000		37,640
Series D, 5.00%, 7/1/35		130,000		162,896
Series B, 5.00%, 7/1/39		100,000		130,289
Series B, 5.00%, 7/1/40		260,000		338,188
Series A, 5.00%, 7/1/42		500,000		599,436
Series C, 5.00%, 7/1/42		120,000		146,194
Series D, 5.00%, 7/1/43		125,000		155,088
Series D, 5.00%, 7/1/44		105,000		133,086
Series A, 5.00%, 7/1/45		60,000		74,883
Series A, 5.00%, 7/1/46		750,000		870,196
Series C, 5.00%, 7/1/47		175,000		212,563
Los Angeles Department of Water & Power Water System Revenue, Water Revenue, Series A, 5.00%, 7/1/41		300,000		350,308
Series A, 5.00%, 7/1/41		200,000		240,545
Series A, 5.00%, 7/1/41		165,000		214,762
Series B, 5.00%, 7/1/43		315,000		391,951
Series A, 5.00%, 7/1/44		50,000		60,081
Series A, 5.00%, 7/1/48		60,000		73,201
Series A, 5.00%, 7/1/50		210,000		269,748
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/48		500,000		645,930

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
California (Continued)
Metropolitan Water District of Southern California, Water Revenue, Series C, 5.00%, 7/1/39	$	25,000	$	32,691
Series C, 5.00%, 7/1/40		100,000		130,261
Series A, 5.00%, 10/1/45		210,000		268,407
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 3/1/41		990,000		1,170,908
Riverside County Transportation Commission, Highway Revenue Tolls, Series B-1, 3.00%, 6/1/49		1,000,000		1,059,695
Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 4.00%, 8/15/45		400,000		477,735
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/49		200,000		246,804
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series 2020A, AMT, 5.00%, 5/1/37		1,100,000		1,394,039
Series A, AMT, 5.00%, 5/1/37		1,000,000		1,241,322
Series A, AMT, 5.00%, 5/1/39		50,000		61,864
AMT, 5.00%, 5/1/43		320,000		388,535
Series A, AMT, 5.00%, 5/1/44		150,000		184,514
Series E, AMT, 5.00%, 5/1/45		1,225,000		1,502,693
Series C, 5.00%, 5/1/46		600,000		706,313
Series A, AMT, 5.00%, 5/1/47		200,000		239,007
Series D, AMT, 5.25%, 5/1/48		870,000		1,065,623
Series A, AMT, 4.00%, 5/1/49		1,300,000		1,482,459
Series A, AMT, 5.00%, 5/1/49		200,000		245,057
Series F, 5.00%, 5/1/50		900,000		1,110,281
Series E, AMT, 5.00%, 5/1/50		370,000		453,265
San Francisco City & County Airport Comm-San Francisco International Airport, Private Airport & Marina Revenue, Series D, AMT, 5.00%, 5/1/48		75,000		90,724
San Francisco City & County Public Utilities Commission Wastewater Revenue, Sewer Revenue, Series A, 4.00%, 10/1/43		85,000		99,260
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/1/33		305,000		413,370
State of California Department of Water Resources, Water Revenue, Series BB, 5.00%, 12/1/32		70,000		94,080
Series BB, 5.00%, 12/1/33		45,000		60,379
Series BB, 5.00%, 12/1/34		25,000		33,470
Series BB, 5.00%, 12/1/35		25,000		33,401
(Cost $29,888,335)				31,216,634

	Principal Amount		Value
Colorado — 3.0%
City & Co.unty of Denver Co., Hotel Occupancy Tax, Series A, 4.00%, 8/1/51	$	700,000	$	831,044
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 12/1/32		285,000		351,587
Series A, AMT, 5.00%, 12/1/34		330,000		405,838
Sub-Series A, AMT, 5.00%, 12/1/36		300,000		418,377
Series A, AMT, 5.00%, 12/1/38		320,000		391,588
Series A, AMT, 4.00%, 12/1/43		650,000		740,571
Series A, AMT, 5.00%, 12/1/43		325,000		395,316
Series A, AMT, 5.00%, 12/1/48		700,000		845,988
Sub-Series B, 5.00%, 12/1/48		40,000		49,228
City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, Series B, 4.00%, 11/15/51		100,000		119,632
Colorado Bridge Enterprise, Miscellaneous Revenue, AMT, 4.00%, 6/30/51		250,000		279,204
(Cost $4,529,056)				4,828,373
Connecticut — 0.4%
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue, 5.00%, 5/1/37		300,000		385,640
5.00%, 5/1/38		250,000		320,811
(Cost $692,131)				706,451
District of Columbia — 4.2%
District of Columbia Water & Sewer Authority, Water Revenue, Series A, 5.00%, 10/1/39		245,000		287,320
Series B, 5.00%, 10/1/49		250,000		305,578
District of Columbia, Income Tax Revenue, Series A, 4.00%, 3/1/39		80,000		95,259
Series A, 5.00%, 3/1/44		500,000		634,426
Series C, 5.00%, 5/1/45		125,000		159,700
Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue, AMT, 5.00%, 10/1/42		130,000		157,644
Series A, AMT, 5.00%, 10/1/46		400,000		508,380
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, Series B, 4.00%, 10/1/44		1,000,000		1,139,977
Series B, 5.00%, 10/1/47		500,000		612,614
Series B, 3.00%, 10/1/50		700,000		733,892
Series B, 4.00%, 10/1/53		1,350,000		1,519,443
Washington Metropolitan Area Transit Authority, Transit Revenue, Series B, 5.00%, 7/1/42		365,000		438,964
(Cost $6,419,507)				6,593,197

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Florida — 8.3%
Central Florida Expressway Authority, Highway Revenue Tolls, 5.00%, 7/1/38	$	105,000	$	127,125
City of Cape Coral FL Water & Sewer Revenue, Water Revenue, 5.00%, 10/1/39		150,000		182,911
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/47		100,000		124,832
City of Tampa FL Water & Wastewater System Revenue, Water Revenue, Series A, 5.00%, 10/1/54		1,000,000		1,272,047
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		100,000		115,248
Series A, AMT, 4.00%, 10/1/49		150,000		171,796
County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 9/1/44		500,000		570,838
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 10/1/40		520,000		620,693
Series A, AMT, 4.00%, 10/1/44		400,000		456,924
Series A, AMT, 5.00%, 10/1/44		1,000,000		1,226,557
Series A, AMT, 5.00%, 10/1/49		380,000		462,337
County of Miami-Dade FL Transit System, Sales Tax Revenue, 4.00%, 7/1/38		90,000		100,699
Series A, 4.00%, 7/1/49		500,000		581,614
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, 5.00%, 10/1/43		50,000		62,066
Series A, 4.00%, 10/1/44		165,000		187,596
Series B, 4.00%, 10/1/44		150,000		175,488
Series A, 3.375%, 10/1/47		105,000		114,713
4.00%, 10/1/48		400,000		462,634
Series B, 3.00%, 10/1/49		355,000		383,099
Series B, 4.00%, 10/1/49		1,000,000		1,157,081
4.00%, 10/1/51		275,000		324,340
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Sub-Series A, AMT, 5.00%, 10/1/42		250,000		300,663
Series A, AMT, 5.00%, 10/1/44		165,000		203,871
Sub-Series A, AMT, 4.00%, 10/1/47		40,000		45,177
Sub-Series A, AMT, 5.00%, 10/1/47		100,000		120,202
Series A, AMT, 4.00%, 10/1/49		500,000		572,652
Sub-Series A, AMT, 5.00%, 10/1/52		500,000		599,722
Series A, AMT, 3.25%, 10/1/54		250,000		266,316
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		195,000		241,247
JEA Electric System Revenue, Electric, Power & Light Revenue, Series 3A, 3.00%, 10/1/40		500,000		541,506

	Principal Amount		Value
Florida (Continued)
Putnam County Development Authority, Electric, Power & Light Revenue, Series A, 5.00%, 3/15/42	$	250,000	$	299,570
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		1,000,000		1,143,866
(Cost $12,689,735)				13,215,430
Georgia — 0.9%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 7/1/49		200,000		228,203
City of Atlanta GA Water & Wastewater, Water Revenue, Series B, 5.00%, 11/1/47		250,000		306,936
Development Authority of Burke County, Electric, Power & Light Revenue, Series C, 4.125%, 11/1/45		25,000		28,394
Series D, 4.125%, 11/1/45		290,000		329,367
George L Smith II Congress Center Authority, Industrial Revenue, Series A, 4.00%, 1/1/54		350,000		397,492
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		36,164
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Revenue, Series C, 3.25%, 7/1/39		120,000		130,570
(Cost $1,374,048)				1,457,126
Hawaii — 0.3%
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43
(Cost $444,088)		400,000		483,328
Illinois — 6.4%
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series A, 5.00%, 1/1/35		50,000		63,286
Series A, 4.00%, 1/1/36		250,000		296,302
Series B, 5.00%, 1/1/37		25,000		29,869
Series B, 5.00%, 1/1/38		145,000		173,129
Series B, 5.00%, 1/1/39		50,000		59,653
Series D, AMT, 5.00%, 1/1/42		825,000		971,426
Series A, AMT, 4.00%, 1/1/43		40,000		45,635
Series B, 4.00%, 1/1/44		75,000		86,001
Series D, 5.00%, 1/1/47		930,000		1,103,592
Series B, 5.00%, 1/1/48		1,285,000		1,565,501
Series D, 5.00%, 1/1/52		460,000		545,078
Series D, AMT, 5.00%, 1/1/52		1,150,000		1,355,242
Series B, 4.00%, 1/1/53		100,000		113,829
Series A, AMT, 4.375%, 1/1/53		25,000		28,665
Series B, 5.00%, 1/1/53		500,000		607,656
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/41		30,000		38,508
Series A, 5.00%, 1/1/42		550,000		662,840

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Illinois (Continued)
Series A, 4.00%, 1/1/44	$	340,000	$	395,520
Series A, 5.00%, 1/1/44		800,000		992,456
Series A, 5.00%, 1/1/45		775,000		981,233
(Cost $9,747,569)				10,115,421
Indiana — 0.2%
Indiana Finance Authority, Sewer Revenue, Series A, 5.00%, 10/1/41		100,000		118,984
Indiana Municipal Power Agency, Electric, Power & Light Revenue, 5.00%, 1/1/42		200,000		236,504
(Cost $331,463)				355,488
Kentucky — 0.2%
Kentucky Economic Development Finance Authority, Lease Revenue, Series A, 4.00%, 12/1/41		255,000		296,234
Kentucky Municipal Power Agency, Electric, Power & Light Revenue, Series A, 4.00%, 9/1/39		45,000		49,370
Louisville & Jefferson County Metropolitan Sewer District, Sewer Revenue, Series A, 3.00%, 5/15/46		10,000		10,579
(Cost $328,776)				356,183
Louisiana — 0.8%
East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		245,000		285,207
Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42		100,000		118,929
Louisiana Local Government Environmental Facilities & Community Development Authority, Industrial Revenue, 3.50%, 11/1/32		535,000		587,371
New Orleans Aviation Board, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 1/1/48		250,000		295,022
(Cost $1,220,562)				1,286,529
Maryland — 0.7%
Maryland State Transportation Authority, Highway Revenue Tolls, 4.00%, 7/1/50		750,000		881,941
State of Maryland Department of Transportation, Fuel Sales Tax Revenue, 3.50%, 10/1/33		190,000		211,468
(Cost $1,076,518)				1,093,409
Massachusetts — 1.0%
Commonwealth of Massachusetts, Hotel Occupancy Tax, 5.50%, 1/1/34		185,000		252,606
Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series B-1, 5.00%, 7/1/50		35,000		43,191
Series A-1, 4.00%, 7/1/51		180,000		215,351

	Principal Amount		Value
Massachusetts (Continued)
Massachusetts Port Authority, Private Airport & Marina Revenue, Series C, AMT, 5.00%, 7/1/44	$	400,000	$	490,468
Series E, AMT, 5.00%, 7/1/51		505,000		637,842
(Cost $1,607,620)				1,639,458
Michigan — 0.9%
Great Lakes Water Authority Sewage Disposal System Revenue, Water Revenue, Series C, 5.00%, 7/1/36		430,000		508,300
Great Lakes Water Authority Water Supply System Revenue, Water Revenue, Series A, 5.00%, 7/1/46		125,000		145,561
Lansing Board of Water & Light, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/44		575,000		720,315
Series A, 5.00%, 7/1/48		90,000		112,177
(Cost $1,427,338)				1,486,353
Minnesota — 0.1%
Minneapolis-St Paul Metropolitan Airports Commission, Private Airport & Marina Revenue, Series C, 5.00%, 1/1/46
(Cost $120,354)		100,000		118,747
Missouri — 0.2%
Metropolitan St Louis Sewer District, Sewer Revenue, Series A, 5.00%, 5/1/47
(Cost $275,371)		245,000		292,925
Nevada — 0.9%
County of Clark Department of Aviation, Private Airport & Marina Revenue, Sub-Series A-2, 5.00%, 7/1/40		50,000		61,204
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 5.00%, 7/1/43		840,000		1,014,406
Series B, 4.00%, 7/1/49		250,000		281,063
(Cost $1,245,277)				1,356,673
New Jersey — 2.0%
New Jersey Transportation Trust Fund Authority, Appropriations, Series A, 4.00%, 6/15/36		100,000		117,472
New Jersey Turnpike Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/31		10,000		12,056
Series B, 5.00%, 1/1/31		20,000		24,726
Series B, 5.00%, 1/1/32		30,000		37,084
Series G, 4.00%, 1/1/33		130,000		151,652
Series A, 5.00%, 1/1/33		45,000		54,203
Series B, 5.00%, 1/1/33		135,000		166,819
Series A, 5.00%, 1/1/34		25,000		30,081
Series B, 5.00%, 1/1/34		130,000		160,704
Series G, 5.00%, 1/1/35		295,000		364,319
Series G, 5.00%, 1/1/37		40,000		49,250

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
New Jersey (Continued)
Series G, 3.25%, 1/1/38	$	595,000	$	649,248
Series E, 5.00%, 1/1/45		500,000		564,120
Series A, 5.00%, 1/1/48		685,000		842,221
(Cost $3,028,339)				3,223,955
New York — 22.9%
Long Island Power Authority, Electric, Power & Light Revenue, 5.00%, 9/1/33		95,000		119,943
5.00%, 9/1/35		40,000		50,569
5.00%, 9/1/42		185,000		225,519
Series B, 5.00%, 9/1/46		100,000		117,691
5.00%, 9/1/47		60,000		73,028
Metropolitan Transportation Authority, Fuel Sales Tax Revenue, Series A, 5.25%, 11/15/32		350,000		423,467
Metropolitan Transportation Authority, Transit Revenue, Series D, 5.00%, 11/15/32		25,000		30,204
Series C-1, 5.00%, 11/15/33		30,000		36,212
Series D, 5.00%, 11/15/33		50,000		60,354
Series C-1, 5.00%, 11/15/34		50,000		60,245
Series C-1, 4.00%, 11/15/35		30,000		33,984
Series C-1, 3.25%, 11/15/36		430,000		462,052
Series C-1, 4.00%, 11/15/37		155,000		174,728
Series B, 5.00%, 11/15/37		900,000		1,048,814
Series C-1, 4.00%, 11/15/38		50,000		56,279
Series A-2, 4.00%, 11/15/41		500,000		578,069
Series D, 4.00%, 11/15/42		325,000		362,912
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		122,146
Series E, 4.00%, 11/15/45		1,000,000		1,139,526
Series C-1, 4.75%, 11/15/45		1,000,000		1,196,641
Sub-Series A, 5.00%, 11/15/45		75,000		90,015
Series D, 4.00%, 11/15/46		790,000		877,122
Series D-2, 4.00%, 11/15/48		630,000		715,577
Series A-1-GROUP 1, 5.00%, 11/15/48		600,000		728,418
Series D-3, 4.00%, 11/15/49		140,000		158,914
Series D-3, 4.00%, 11/15/50		250,000		283,559
Series C-1, 5.00%, 11/15/50		1,110,000		1,345,667
Series A-1, 4.00%, 11/15/52		775,000		872,507
Series B, 5.00%, 11/15/52		115,000		137,377
Series A-1-GROUP 2, 4.00%, 11/15/54		845,000		979,008
Series C-1, 5.25%, 11/15/55		250,000		308,085
New York City Transitional Finance Authority Future Tax Secured Revenue, Income Tax Revenue, Series A, Sub-Series E-1, 5.00%, 2/1/36		200,000		240,808
Sub-Series A-1, 5.00%, 5/1/40		500,000		586,826
Sub-Series A-1, 4.00%, 5/1/42		15,000		16,534
New York City Water & Sewer System, Water Revenue, Series EE, 5.00%, 6/15/33		500,000		609,692
Series CC-1, 4.00%, 6/15/37		95,000		109,522
Sub-Series CC-1, 5.00%, 6/15/38		500,000		599,830
Series AA, 4.00%, 6/15/40		1,490,000		1,772,639
Series FF, 5.00%, 6/15/40		100,000		123,770

	Principal Amount		Value
New York (Continued)
Sub-Series EE-2, 5.00%, 6/15/40	$	135,000	$	170,670
4.00%, 6/15/42		400,000		474,163
Series AA-2, 4.00%, 6/15/42		500,000		597,739
Series BB-1, 3.00%, 6/15/44		150,000		162,225
Sub-Series CC-1, 5.00%, 6/15/46		300,000		352,864
Series DD, 5.00%, 6/15/47		1,000,000		1,192,592
Series CC-1, 5.00%, 6/15/48		965,000		1,162,968
Series DD-1, 5.00%, 6/15/48		300,000		366,911
Series BB-1, 4.00%, 6/15/49		200,000		234,631
Series CC-1, 4.00%, 6/15/49		200,000		234,631
Series DD-1, 5.00%, 6/15/49		400,000		496,503
Series AA-1, 3.00%, 6/15/50		245,000		261,603
Series BB-1, 3.00%, 6/15/50		1,000,000		1,067,769
Series DD-1, 3.00%, 6/15/50		500,000		532,177
Series BB-1, 4.00%, 6/15/50		285,000		336,291
Series GG-1, 4.00%, 6/15/50		605,000		708,313
Sub-Series DD-1, 4.00%, 6/15/50		600,000		702,460
Series AA-1, 5.00%, 6/15/50		140,000		179,221
Series AA-1, 3.00%, 6/15/51		300,000		320,197
Series CC-1, 5.00%, 6/15/51		250,000		322,013
New York Convention Center Development Corp., Hotel Occupancy Tax, Series A, 5.00%, 11/15/46		25,000		29,354
New York Liberty Development Corp., Industrial Revenue, 2.625%, 9/15/69		505,000		523,098
New York Power Authority, Electric, Power & Light Revenue, Series A, 3.25%, 11/15/60		2,000,000		2,178,412
Series A, 4.00%, 11/15/60		525,000		611,028
New York State Dormitory Authority, Income Tax Revenue, Series A, 4.00%, 3/15/37		25,000		29,939
New York State Environmental Facilities Corp., Water Revenue, 5.00%, 6/15/42		50,000		61,103
Sub-Series E, 5.00%, 6/15/42		100,000		122,206
5.00%, 6/15/47		50,000		61,012
New York Transportation Development Corp., Industrial Revenue, AMT, 5.00%, 1/1/30		485,000		587,382
AMT, 5.00%, 1/1/31		175,000		211,076
AMT, 5.00%, 1/1/32		40,000		48,129
AMT, 5.00%, 1/1/34		500,000		599,786
AMT, 4.00%, 1/1/36		270,000		303,764
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, 5.00%, 11/1/31		700,000		906,190
Triborough Bridge & Tunnel Authority, Highway Revenue Tolls, Series A, 4.00%, 11/15/54		450,000		526,935
Triborough Bridge & Tunnel Authority, Miscellaneous Taxes, Series A-1, 5.00%, 5/15/51		2,000,000		2,565,428
(Cost $34,330,081)				36,169,036

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
North Carolina — 0.4%
City of Charlotte NC Airport Special Facilities Revenue, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/47	$	25,000	$	30,503
County of Union NC Enterprise System Revenue, Water Revenue, 3.00%, 6/1/51		505,000		549,718
(Cost $565,719)				580,221
Ohio — 1.0%
Franklin County Convention Facilities Authority, Industrial Revenue, 5.00%, 12/1/51		100,000		114,640
Northeast Ohio Regional Sewer District, Sewer Revenue, 3.00%, 11/15/40		100,000		111,071
Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, Series A, 5.00%, 2/15/46		275,000		355,348
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, Series A, 5.00%, 12/1/29		10,000		12,298
Series A, 5.00%, 6/1/30		10,000		12,306
Series A, 5.00%, 12/1/50		750,000		955,945
(Cost $1,535,452)				1,561,608
Oklahoma — 0.5%
Oklahoma Turnpike Authority, Highway Revenue Tolls, Series C, 4.00%, 1/1/42		350,000		400,553
Series A, 5.00%, 1/1/43		280,000		335,859
(Cost $679,559)				736,412
Oregon — 0.9%
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, Series 24B, AMT, 5.00%, 7/1/47		1,000,000		1,178,010
State of Oregon Department of Transportation, Fuel Sales Tax Revenue, Series A, 5.00%, 11/15/40		75,000		97,887
Sub-Series A, 5.00%, 11/15/42		65,000		82,658
(Cost $1,250,533)				1,358,555
Pennsylvania — 5.6%
Allegheny County Airport Authority, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 1/1/51		450,000		558,926
City of Philadelphia PA Airport Revenue, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/42		50,000		59,685
Series B, AMT, 5.00%, 7/1/47		300,000		356,155
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 11/1/45		500,000		638,365
Series A, 5.00%, 10/1/48		35,000		43,121
Series A, 5.00%, 11/1/50		500,000		630,749

	Principal Amount		Value
Pennsylvania (Continued)
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, 5.00%, 7/1/42	$	365,000	$	438,091
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series A, 5.25%, 12/1/44		565,000		720,955
Series A, 5.00%, 12/1/48		480,000		592,889
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Series B-2, 5.00%, 6/1/34		500,000		606,410
Sub-Series B-1, 5.00%, 6/1/42		100,000		119,327
Series A, 3.00%, 12/1/42		160,000		170,110
Series A-1, 5.00%, 12/1/42		25,000		30,174
Series A-2, 5.00%, 12/1/43		250,000		309,667
Sub-Series A, 5.00%, 12/1/44		500,000		625,211
Series A-1, 5.00%, 12/1/46		900,000		1,053,750
Series A-1, 5.00%, 12/1/47		500,000		609,254
Sub-Series A, 4.00%, 12/1/49		100,000		117,075
Series B, 5.00%, 12/1/50		960,000		1,225,111
(Cost $8,521,023)				8,905,025
South Carolina — 0.7%
South Carolina Ports Authority, Private Airport & Marina Revenue, Series A, 3.00%, 7/1/49		100,000		106,082
South Carolina Public Service Authority, Electric, Power & Light Revenue, Series A, 4.00%, 12/1/42		465,000		546,196
South Carolina Public Service Authority, Nuclear Revenue, Series A, 5.00%, 12/1/55		365,000		416,096
(Cost $1,012,154)				1,068,374
Tennessee — 1.3%
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, Series B, 5.00%, 7/1/49		125,000		154,688
Series B, AMT, 4.00%, 7/1/54		550,000		625,960
Series A, 5.00%, 7/1/54		525,000		653,622
Series B, AMT, 5.00%, 7/1/54		500,000		615,377
(Cost $2,004,481)				2,049,647
Texas — 7.4%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series E, 5.00%, 1/1/45		100,000		124,314
Series B, 5.00%, 1/1/46		100,000		125,775
Series B, 4.00%, 1/1/51		50,000		58,027
City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 11/15/49		625,000		789,650
City of Austin TX Water & Wastewater System Revenue, Water Revenue, Series C, 5.00%, 11/15/50		305,000		392,349
City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, Series C, 4.00%, 10/1/49		100,000		119,264

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Texas (Continued)
City of Houston TX Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 4.00%, 7/1/46	$	500,000	$	585,051
City of Houston TX Combined Utility System, Water Revenue, Series B, 5.00%, 11/15/36		500,000		599,017
Series B, 5.00%, 11/15/42		30,000		36,818
Series D, 5.00%, 11/15/43		30,000		37,591
Series C, 3.00%, 11/15/47		600,000		646,833
Series C, 4.00%, 11/15/49		55,000		65,530
Series B, 5.00%, 11/15/49		200,000		251,322
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, 5.00%, 2/1/34		220,000		283,430
5.00%, 2/1/47		150,000		180,103
County of Harris TX, Highway Revenue Tolls, Series A, 5.00%, 8/15/47		200,000		234,307
Dallas Fort Worth International Airport, Private Airport & Marina Revenue, 4.00%, 11/1/34		35,000		42,429
4.00%, 11/1/35		85,000		102,820
Series B, 4.00%, 11/1/45		500,000		588,461
Harris County Toll Road Authority, Highway Revenue Tolls, Series A, 4.00%, 8/15/48		555,000		635,358
4.00%, 8/15/50		670,000		788,823
Harris County-Houston Sports Authority, Hotel Occupancy Tax, Series A, 3.125%, 11/15/56		100,000		105,372
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 4.00%, 1/1/36		225,000		265,095
Series A, 4.00%, 1/1/37		25,000		29,399
Series A, 3.00%, 1/1/38		500,000		538,442
Series A, 5.00%, 1/1/43		125,000		152,637
Series A, 5.00%, 1/1/48		1,500,000		1,824,142
Series B, 5.00%, 1/1/48		390,000		461,710
4.25%, 1/1/49		30,000		34,407
Series B, 3.00%, 1/1/51		250,000		261,692
San Antonio Water System, Water Revenue, Series A, 4.00%, 5/15/51		250,000		298,738
Texas Water Development Board, Water Revenue, 4.00%, 10/15/45		30,000		35,879
Series A, 5.00%, 10/15/45		600,000		694,626
5.00%, 10/15/46		50,000		59,527
4.00%, 4/15/51		150,000		177,708
West Harris County Regional Water Authority, Water Revenue, 3.00%, 12/15/58		50,000		52,882
(Cost $11,284,772)				11,679,528

	Principal Amount		Value
Utah — 0.9%
City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue, Series B, 5.00%, 7/1/42	$	70,000	$	84,269
Series A, AMT, 5.00%, 7/1/43		400,000		483,050
Series A, AMT, 5.00%, 7/1/47		500,000		597,141
Series B, 5.00%, 7/1/47		30,000		36,025
Series A, AMT, 5.25%, 7/1/48		225,000		274,011
(Cost $1,354,912)				1,474,496
Virginia — 2.1%
Chesapeake Bay Bridge & Tunnel District, Highway Revenue Tolls, 5.00%, 7/1/41		190,000		222,084
Hampton Roads Transportation Accountability Commission, Sales Tax Revenue, Series A, 4.00%, 7/1/45		100,000		118,739
Series A, 4.00%, 7/1/55		700,000		822,963
Series A, 5.00%, 7/1/60		500,000		627,900
Virginia Small Business Financing Authority, Highway Revenue Tolls, AMT, 5.00%, 12/31/52		550,000		654,282
AMT, 5.00%, 12/31/56		750,000		891,599
(Cost $3,157,516)				3,337,567
Washington — 0.8%
Energy Northwest, Nuclear Revenue, Series A, 5.00%, 7/1/38		300,000		379,463
Port of Seattle WA, Private Airport & Marina Revenue, Series C, AMT, 5.25%, 5/1/42		190,000		226,573
AMT, 5.00%, 4/1/44		500,000		611,897
(Cost $1,123,826)				1,217,933
West Virginia — 0.2%
West Virginia Parkways Authority, Highway Revenue Tolls, 5.00%, 6/1/47
(Cost $325,947)		250,000		321,275
Wisconsin — 0.2%
Wisconsin Department of Transportation, Miscellaneous Revenue, Series 2, 5.00%, 7/1/30		45,000		55,235
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44		245,000		299,841
(Cost $323,758)				355,076
Guam — 0.1%
Guam Government Waterworks Authority, Water Revenue, 5.00%, 1/1/46
(Cost $129,870)		125,000		140,887

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2021 (Unaudited)

	Principal Amount		Value
Puerto Rico — 1.1%
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, Series CC, 5.25%, 7/1/36	$	540,000	$	582,965
Series N, 5.25%, 7/1/36		365,000		394,008
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, Series L, 5.25%, 7/1/35		655,000		711,701
Series L, 5.25%, 7/1/41		25,000		27,260
(Cost $1,751,699)				1,715,934
TOTAL MUNICIPAL BONDS
(Cost $148,527,997)				155,410,279
TOTAL INVESTMENTS — 98.2% (Cost $148,527,997)			$	155,410,279
Other assets and liabilities, net — 1.8%				2,824,545
NET ASSETS — 100.0%			$	158,234,824

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, 2021 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)	$	—	$	155,410,279	$	—	$	155,410,279
TOTAL	$	—	$	155,410,279	$	—	$	155,410,279

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

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.6%
Australia — 6.5%
ASX Ltd.		1,080	$	69,249
Aurizon Holdings Ltd.		10,793		25,790
BHP Group Ltd.		16,557		462,194
BHP Group PLC		11,804		322,719
Coles Group Ltd.		7,382		94,320
Evolution Mining Ltd.		10,017		28,623
Fortescue Metals Group Ltd.		9,461		114,109
Magellan Financial Group Ltd.		773		18,175
Medibank Pvt Ltd.		15,284		37,388
Rio Tinto Ltd.		2,069		137,167
Wesfarmers Ltd.		6,321		254,841
(Cost $1,510,662)				1,564,575
Austria — 0.2%
OMV AG
(Cost $44,939)		850		44,939
Belgium — 0.2%
Etablissements Franz Colruyt NV		294		13,680
Solvay SA		411		45,763
(Cost $59,443)				59,443
Brazil — 1.8%
Atacadao SA		2,922		7,930
B3 SA — Brasil Bolsa Balcao		34,016		66,904
BB Seguridade Participacoes SA		4,017		14,849
Engie Brasil Energia SA		977		6,664
Equatorial Energia SA		5,066		20,242
Hypera SA		2,332		11,196
TIM SA		4,882		11,927
Vale SA		22,245		275,471
Vibra Energia SA		6,600		25,425
(Cost $552,592)				440,608
Canada — 4.5%
Algonquin Power & Utilities Corp.		3,847		51,851
BCE, Inc.		423		21,200
Canadian Tire Corp. Ltd., Class A		337		44,355
Great-West Lifeco, Inc.		1,668		48,214
Hydro One Ltd., 144A		1,924		46,840
iA Financial Corp., Inc.		642		33,972
IGM Financial, Inc.		464		16,700
Manulife Financial Corp.		10,767		191,704
Nutrien Ltd.		3,185		210,248
Power Corp. of Canada		3,089		99,234
Shaw Communications, Inc., Class B		2,521		72,714
Sun Life Financial, Inc. (a)		3,244		171,532
TELUS Corp.		2,607		59,342
(Cost $964,888)				1,067,906
Chile — 0.3%
Antofagasta PLC		2,157		39,381
Cia Cervecerias Unidas SA		887		7,027
Enel Americas SA		135,071		17,286
(Cost $69,669)				63,694

	Number of Shares		Value
China — 5.5%
A-Living Smart City Services Co. Ltd., 144A		3,110	$	7,332
Anhui Conch Cement Co. Ltd., Class A		1,300		7,384
Anhui Conch Cement Co. Ltd., Class H		7,411		33,700
Baoshan Iron & Steel Co. Ltd., Class A		7,500		7,668
China Coal Energy Co. Ltd., Class H		11,296		5,680
China Communications Services Corp. Ltd., Class H		13,781		6,576
China Construction Bank Corp., Class A		3,300		2,981
China Construction Bank Corp., Class H		538,751		351,066
China Feihe Ltd., 144A		19,867		26,453
China Hongqiao Group Ltd.		12,877		12,487
China Lesso Group Holdings Ltd.		5,922		8,645
China Medical System Holdings Ltd.		7,793		12,835
China Pacific Insurance Group Co. Ltd., Class A		2,800		11,895
China Pacific Insurance Group Co. Ltd., Class H		14,279		41,395
China Railway Group Ltd., Class A		6,600		5,485
China Railway Group Ltd., Class H		21,132		10,057
China Railway Signal & Communication Corp. Ltd., Class A		5,000		3,811
China Shenhua Energy Co. Ltd., Class A		2,700		8,273
China Shenhua Energy Co. Ltd., Class H		18,177		37,679
China State Construction Engineering Corp. Ltd., Class A		15,000		10,915
China Vanke Co. Ltd., Class A		4,000		11,454
China Vanke Co. Ltd., Class H		8,967		20,313
China Yangtze Power Co. Ltd., Class A (b)		9,100		27,870
China Yuhua Education Corp. Ltd., 144A		9,683		4,633
CIFI Holdings Group Co. Ltd.		17,045		9,292
Country Garden Holdings Co. Ltd.		46,092		40,677
Gemdale Corp., Class A		1,900		2,980
Haitian International Holdings Ltd.		3,475		9,539
Hello Group, Inc., ADR (a)		966		11,177
Hengan International Group Co. Ltd.		4,040		19,511
Hengli Petrochemical Co. Ltd., Class A		2,000		6,621
Huaxin Cement Co. Ltd., Class A		600		1,667
Industrial & Commercial Bank of China Ltd., Class A		20,800		14,939
Industrial & Commercial Bank of China Ltd., Class H		314,851		166,394
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		3,200		2,660
Jiangsu Expressway Co. Ltd., Class H		6,017		5,850
Lenovo Group Ltd.		40,309		41,209
Logan Group Co. Ltd.		7,392		7,140
Longfor Group Holdings Ltd., 144A		10,174		48,287
New China Life Insurance Co. Ltd., Class A		900		5,350
New China Life Insurance Co. Ltd., Class H		4,363		11,669
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,800		4,584
People’s Insurance Co. Group of China Ltd., Class H		48,404		14,156

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, 2021 (Unaudited)

	Number of Shares		Value
China (Continued)
PICC Property & Casualty Co. Ltd., Class H		40,506	$	34,656
Postal Savings Bank of China Co. Ltd., Class A		8,400		6,692
Postal Savings Bank of China Co. Ltd., Class H, 144A		47,359		32,136
Powerlong Real Estate Holdings Ltd.		9,363		5,645
Seazen Group Ltd. (b)		11,775		8,504
Seazen Holdings Co. Ltd., Class A		600		2,926
Shaanxi Coal Industry Co. Ltd., Class A		3,000		5,589
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		6,040		5,472
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,658		8,496
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		600		897
Shenergy Co. Ltd., Class A		3,400		3,284
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,000		2,790
Sichuan Chuantou Energy Co. Ltd., Class A		2,000		3,582
Sinopharm Group Co. Ltd., Class H		7,591		16,495
Sinotruk Hong Kong Ltd.		3,750		5,561
Tingyi Cayman Islands Holding Corp.		10,981		21,269
Uni-President China Holdings Ltd.		6,780		6,653
Want Want China Holdings Ltd.		29,765		25,161
Yunnan Baiyao Group Co. Ltd., Class A		400		5,541
Zhejiang Expressway Co. Ltd., Class H		6,275		5,916
Zhejiang Weixing New Building Materials Co. Ltd., Class A		300		872
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,600		2,846
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		7,002		4,599
(Cost $1,592,268)				1,315,871
Denmark — 0.2%
Tryg A/S
(Cost $45,688)		1,984		47,730
Egypt — 0.0%
Eastern Co. SAE
(Cost $5,481)		5,836		4,147
Finland — 1.1%
Elisa OYJ		788		46,974
Fortum OYJ		2,480		70,932
Orion OYJ, Class B		590		24,100
UPM-Kymmene OYJ		2,984		107,649
(Cost $234,202)				249,655
France — 4.8%
AXA SA		10,810		296,284
Bouygues SA		1,260		42,477
Danone SA		3,639		212,954
Sanofi		6,357		600,055
(Cost $1,126,911)				1,151,770

	Number of Shares		Value
Germany — 3.8%
Allianz SE		2,302	$	498,637
BASF SE		5,175		337,150
Evonik Industries AG		1,217		36,452
GEA Group AG		861		43,350
(Cost $954,513)				915,589
Greece — 0.1%
Hellenic Telecommunications Organization SA		1,265		21,721
JUMBO SA		603		8,410
(Cost $31,845)				30,131
Hong Kong — 3.8%
Beijing Enterprises Holdings Ltd.		2,992		10,113
BOC Hong Kong Holdings Ltd.		20,596		62,217
China Everbright Environment Group Ltd.		22,219		14,763
China Gas Holdings Ltd.		17,021		30,610
China Overseas Land & Investment Ltd.		21,287		49,041
China Resources Cement Holdings Ltd.		14,088		10,301
China Resources Land Ltd.		17,929		74,629
China State Construction International Holdings Ltd.		11,618		11,773
China Taiping Insurance Holdings Co. Ltd.		8,843		12,319
CK Infrastructure Holdings Ltd.		3,715		21,516
CLP Holdings Ltd.		9,129		89,465
Guangdong Investment Ltd.		16,026		21,338
Hang Lung Properties Ltd.		11,550		22,905
Hang Seng Bank Ltd.		4,266		75,516
Henderson Land Development Co. Ltd.		8,202		33,562
HKT Trust & HKT Ltd. (c)		22,243		30,187
Hopson Development Holdings Ltd.		3,602		8,779
Kingboard Holdings Ltd.		3,805		19,084
Kingboard Laminates Holdings Ltd.		4,679		8,295
Kunlun Energy Co. Ltd.		22,061		20,771
Lee & Man Paper Manufacturing Ltd.		6,478		4,470
Nine Dragons Paper Holdings Ltd.		8,838		9,931
Power Assets Holdings Ltd.		7,670		46,192
Sino Land Co. Ltd.		18,394		21,990
SITC International Holdings Co. Ltd.		7,483		29,996
Sun Hung Kai Properties Ltd.		7,248		88,138
Wharf Real Estate Investment Co. Ltd.		9,302		47,131
Xinyi Glass Holdings Ltd.		10,386		25,339
Yuexiu Property Co. Ltd.		9,791		9,143
(Cost $1,036,637)				909,514
India — 1.1%
Bajaj Auto Ltd.		392		16,902
Bharat Petroleum Corp. Ltd.		4,853		23,893
GAIL India Ltd.		8,720		15,061
Hero MotoCorp Ltd.		714		23,270
Hindustan Petroleum Corp. Ltd.		3,635		14,273
Indian Oil Corp. Ltd.		11,225		17,767
ITC Ltd.		16,255		47,833
NTPC Ltd.		26,796		45,372
Petronet LNG Ltd.		3,887		11,371
Power Grid Corp. of India Ltd.		17,277		47,530
(Cost $247,456)				263,272

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, 2021 (Unaudited)

	Number of Shares		Value
Indonesia — 1.2%
PT Adaro Energy Tbk		88,894	$	10,551
PT Bank Mandiri Persero Tbk		103,705		50,685
PT Bank Rakyat Indonesia Persero Tbk		381,732		109,009
PT Indofood Sukses Makmur Tbk		29,362		12,916
PT Telkom Indonesia Persero Tbk		274,169		76,379
PT Unilever Indonesia Tbk		40,718		12,736
PT United Tractors Tbk		9,021		13,447
(Cost $246,576)				285,723
Italy — 2.5%
Assicurazioni Generali SpA		6,181		123,353
Enel SpA		45,429		342,962
Snam SpA		11,229		62,868
Terna—Rete Elettrica Nazionale		7,837		58,009
(Cost $654,314)				587,192
Japan — 11.2%
Asahi Kasei Corp.		7,000		66,057
Bridgestone Corp.		3,200		129,781
Daiwa House Industry Co. Ltd.		3,200		93,454
Honda Motor Co. Ltd.		9,100		248,528
Iida Group Holdings Co. Ltd.		800		16,543
ITOCHU Corp.		6,700		192,364
Kajima Corp.		2,600		28,646
KDDI Corp.		9,000		261,570
Kirin Holdings Co. Ltd.		4,700		75,212
Mitsubishi Gas Chemical Co., Inc.		900		14,973
Mitsui & Co. Ltd.		8,700		195,921
Mitsui Chemicals, Inc.		1,000		26,818
MS&AD Insurance Group Holdings, Inc.		2,478		72,368
Nintendo Co. Ltd.		630		277,978
Nippon Telegraph & Telephone Corp.		7,200		198,159
Nippon Yusen KK		900		58,655
Nomura Real Estate Holdings, Inc.		700		15,197
Obayashi Corp.		3,500		25,770
Osaka Gas Co. Ltd.		2,100		33,790
Sekisui House Ltd.		3,375		65,690
SoftBank Corp.		16,100		221,553
Sompo Holdings, Inc.		1,800		74,096
T&D Holdings, Inc.		3,000		35,457
Taisei Corp.		1,100		32,067
Tokio Marine Holdings, Inc.		3,500		175,948
Tosoh Corp.		1,600		22,983
USS Co. Ltd.		1,300		19,074
(Cost $2,680,698)				2,678,652
Kuwait — 0.1%
Mobile Telecommunications Co. KSCP
(Cost $21,978)		11,461		21,558
Malaysia — 0.7%
Malayan Banking Bhd		24,909		47,198
MISC Bhd		6,900		10,895
Petronas Gas Bhd		4,300		17,174
Public Bank Bhd		81,900		76,620
RHB Bank Bhd		9,409		11,796
Sime Darby Bhd		17,400		9,048
(Cost $157,851)				172,731

	Number of Shares		Value
Mexico — 0.9%
Arca Continental SAB de CV		2,408	$	14,653
Coca-Cola Femsa SAB de CV		2,890		14,163
Grupo Mexico SAB de CV, Series B		17,445		72,834
Kimberly-Clark de Mexico SAB de CV, Class A		7,972		12,491
Megacable Holdings SAB de CV, Series CPO		1,343		3,715
Orbia Advance Corp. SAB de CV		5,706		13,260
Wal-Mart de Mexico SAB de CV		29,412		92,221
(Cost $196,277)				223,337
Netherlands — 1.3%
Koninklijke Ahold Delhaize NV		5,819		194,203
NN Group NV		1,491		73,743
Randstad NV		694		43,527
(Cost $274,431)				311,473
New Zealand — 0.1%
Spark New Zealand Ltd.
(Cost $29,103)		10,577		33,022
Norway — 0.6%
Aker BP ASA		673		21,155
Gjensidige Forsikring ASA		1,183		26,669
Orkla ASA		4,126		37,504
Yara International ASA		920		44,993
(Cost $137,703)				130,321
Peru — 0.1%
Southern Copper Corp.
(Cost $27,554)		471		27,554
Philippines — 0.1%
Globe Telecom, Inc.		157		10,227
PLDT, Inc.		400		13,337
(Cost $17,510)				23,564
Poland — 0.2%
Cyfrowy Polsat SA		1,662		14,095
Polskie Gornictwo Naftowe i Gazownictwo SA		9,254		12,386
Powszechny Zaklad Ubezpieczen SA		3,311		28,769
(Cost $55,121)				55,250
Russia — 2.3%
Alrosa PJSC		14,479		25,033
Inter RAO UES PJSC		188,952		10,873
LUKOIL PJSC		2,350		208,236
MMC Norilsk Nickel PJSC		353		103,013
Mobile TeleSystems PJSC, ADR		2,615		20,946
Novolipetsk Steel PJSC		8,593		24,991
PhosAgro PJSC, GDR		781		17,229
Polymetal International PLC		1,987		37,105
Polyus PJSC		192		37,429
Severstal PAO		1,174		24,884
Tatneft PJSC		7,791		49,952
(Cost $550,888)				559,691

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
Saudi Arabia — 0.6%
Abdullah Al Othaim Markets Co.		313	$	8,927
Advanced Petrochemical Co.		552		10,079
Jarir Marketing Co.		337		16,654
Saudi Telecom Co.		3,322		98,289
(Cost $124,506)				133,949
Singapore — 1.5%
Oversea-Chinese Banking Corp. Ltd.		18,908		151,413
Singapore Exchange Ltd.		4,341		28,272
Singapore Technologies Engineering Ltd.		9,500		26,398
United Overseas Bank Ltd.		6,600		122,599
Venture Corp. Ltd.		1,500		20,249
(Cost $343,574)				348,931
South Africa — 1.0%
African Rainbow Minerals Ltd.		717		9,218
Anglo American Platinum Ltd.		296		31,421
Exxaro Resources Ltd.		1,338		12,676
Gold Fields Ltd.		4,951		58,181
Impala Platinum Holdings Ltd.		4,557		57,546
Kumba Iron Ore Ltd.		354		10,019
Sanlam Ltd.		10,475		36,216
SPAR Group Ltd.		1,027		10,422
(Cost $256,521)				225,699
South Korea — 1.1%
Cheil Worldwide, Inc.		367		6,704
DB Insurance Co. Ltd.		266		12,047
Korea Zinc Co. Ltd.		50		20,772
KT&G Corp.		643		44,332
LG Uplus Corp.		1,074		12,251
POSCO		413		90,743
S-1 Corp.		100		6,187
Samsung Fire & Marine Insurance Co. Ltd.		178		30,269
Samsung Life Insurance Co. Ltd.		391		19,683
SK Square Co. Ltd. *		96		5,495
SK Telecom Co. Ltd.		148		6,790
(Cost $278,652)				255,273
Spain — 1.8%
Enagas SA		1,462		33,061
Iberdrola SA		32,019		356,946
Red Electrica Corp. SA		2,393		50,464
(Cost $358,890)				440,471
Sweden — 0.7%
Electrolux AB, Class B (a)		1,335		29,790
ICA Gruppen AB		560		32,953
Lundin Energy AB		1,182		41,616
Securitas AB, Class B		1,711		24,624
Tele2 AB, Class B		2,736		38,923
(Cost $161,645)				167,906
Switzerland — 13.2%
Adecco Group AG		909		42,042
Baloise Holding AG		272		40,444
Holcim Ltd.		2,909		139,729

	Number of Shares		Value
Switzerland (Continued)
Novartis AG		12,263	$	973,195
Roche Holding AG		3,036		1,179,919
SGS SA		33		99,029
Swiss Life Holding AG		181		103,624
Swiss Re AG		1,678		156,739
Swisscom AG		151		83,283
Zurich Insurance Group AG		840		344,115
(Cost $3,138,701)				3,162,119
Taiwan — 6.5%
ASE Technology Holding Co. Ltd.		18,323		67,217
Asia Cement Corp.		11,638		17,580
Asustek Computer, Inc.		3,922		49,722
Cathay Financial Holding Co. Ltd.		44,036		95,026
Compal Electronics, Inc.		24,239		20,181
CTBC Financial Holding Co. Ltd.		103,040		90,423
Fubon Financial Holding Co. Ltd.		42,262		111,110
Hon Hai Precision Industry Co. Ltd.		69,724		259,542
Largan Precision Co. Ltd.		559		40,008
Lite-On Technology Corp.		12,223		26,508
MediaTek, Inc.		8,446		306,802
Micro-Star International Co. Ltd.		3,923		22,998
Nien Made Enterprise Co. Ltd.		981		13,407
Novatek Microelectronics Corp.		3,242		54,277
President Chain Store Corp.		3,144		30,417
Quanta Computer, Inc.		15,006		46,360
Shanghai Commercial & Savings Bank Ltd.		20,909		34,855
Shin Kong Financial Holding Co. Ltd.		60,589		22,990
SinoPac Financial Holdings Co. Ltd.		57,656		31,727
Synnex Technology International Corp.		7,966		16,732
Taishin Financial Holding Co. Ltd.		57,305		38,335
Taiwan Cement Corp.		28,761		47,583
Wistron Corp.		15,316		15,754
Wiwynn Corp.		410		15,483
WPG Holdings Ltd.		8,868		16,043
Yuanta Financial Holding Co. Ltd.		52,200		44,494
Zhen Ding Technology Holding Ltd.		3,967		13,982
(Cost $1,329,033)				1,549,556
Thailand — 0.2%
Bangkok Commercial Asset Management PCL		3,800		2,210
Bangkok Commercial Asset Management PCL, NVDR		7,800		4,537
Osotspa PCL, NVDR		7,300		6,932
PTT Exploration & Production PCL, NVDR		8,100		27,282
Ratch Group PCL, NVDR		3,600		4,621
Sri Trang Gloves Thailand PCL, NVDR		6,000		5,342
(Cost $61,318)				50,924
Turkey — 0.1%
BIM Birlesik Magazalar AS		2,575		13,459
Eregli Demir ve Celik Fabrikalari TAS		7,664		13,010
Ford Otomotiv Sanayi AS		415		7,689
(Cost $36,553)				34,158

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

	Number of Shares		Value
United Arab Emirates — 1.6%
Abu Dhabi National Oil Co. for Distribution PJSC		12,892	$	14,531
Aldar Properties PJSC		21,131		23,127
Emirates NBD Bank PJSC		14,222		51,109
Emirates Telecommunications Group Co. PJSC		19,390		168,609
First Abu Dhabi Bank PJSC		24,524		128,058
(Cost $292,289)				385,434
United Kingdom — 14.1%
3i Group PLC		5,421		99,475
Admiral Group PLC		1,126		44,050
Anglo American PLC		7,224		264,930
BAE Systems PLC		17,826		129,286
British American Tobacco PLC		12,249		409,998
GlaxoSmithKline PLC		28,122		567,383
Hargreaves Lansdown PLC		2,078		36,757
Imperial Brands PLC		5,337		108,878
National Grid PLC		20,274		269,995
Persimmon PLC		1,753		63,477
Rio Tinto PLC		6,305		384,711
Schroders PLC		678		30,821
St James’s Place PLC		3,131		64,144
Tesco PLC		43,001		157,444
Unilever PLC		14,535		742,079
(Cost $3,466,253)				3,373,428
TOTAL COMMON STOCKS (Cost $23,375,133)				23,366,760
PREFERRED STOCKS — 0.3%
Brazil — 0.3%
Bradespar SA		1,395	$	12,287
Cia Energetica de Minas Gerais		6,018		13,999
Gerdau SA		6,341		28,962
(Cost $56,804)				55,248
TOTAL PREFERRED STOCKS (Cost $56,804)				55,248

	Number of Shares		Value
RIGHTS — 0.0%
China — 0.0%
CIFI Holdings Group Co. Ltd.*, expires 12/27/21 (Cost $0)		852	$	27
EXCHANGE-TRADED FUNDS — 0.5%
WisdomTree Emerging Markets High Dividend Fund		650		27,274
Xtrackers MSCI EAFE High Dividend Yield Equity ETF(a)(d)		4,000		89,840
TOTAL EXCHANGE-TRADED FUNDS (Cost $122,306)				117,114
SECURITIES LENDING COLLATERAL — 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (e)(f) (Cost $321,432)		321,432		321,432
TOTAL INVESTMENTS — 99.7% (Cost $23,875,675)			$	23,860,581
Other assets and liabilities, net — 0.3%				73,773
NET ASSETS — 100.0%			$	23,934,354

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
EXCHANGE-TRADED FUNDS — 0.4%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (a)(d)
		1,257		205,196		(108,094	)		(4,036	)		(4,483	)		1,856		—		4,000		89,840
SECURITIES LENDING COLLATERAL — 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01%(e)(f)
		1,010,219		—		(688,787	) (g)		—			—			11		—		321,432		321,432
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (e)
		—		1,774,263		(1,774,263	)		—			—			8		—		—		—
		1,011,476		1,979,459		(2,571,144	)		(4,036	)		(4,483	)		1,875		—		325,432		411,272

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (Unaudited)

* 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, 2021 amounted to $312,324, which is 1.3% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

(d) Affiliated fund advised by DBX Advisors LLC.

(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. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $11,156.

(g) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

ADR: American Depositary Receipt

CPO: Ordinary Participation Certificates

GDR: Global Depositary Receipt

KSCP: Kuwait Shareholding Company Public

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock 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, 2021, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
EURO STOXX 50 Futures	EUR	2	$	92,362	$	91,781	12/17/2021	$	(581	)
MSCI EAFE Futures	USD	2		230,330		223,550	12/17/2021		(6,780	)
MSCI Emerging Markets Index Future	USD	1		64,640		60,615	12/17/2021		(4,025	)
Total unrealized depreciation								$	(11,386	)

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. 54

DBX ETF Trust

Schedule of Investments

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

November 30, 2021 (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, 2021 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 (h)	$	23,330,386		$	—	$	36,374	$	23,366,760
Preferred Stocks		55,248			—		—		55,248
Rights		—			27		—		27
Exchange-Traded Funds		117,114			—		—		117,114
Short-Term Investments (h)		321,432			—		—		321,432
TOTAL	$	23,824,180		$	27	$	36,374	$	23,860,581
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (i)
Futures Contracts	$	(11,386	)	$	—	$	—	$	(11,386	)
TOTAL	$	(11,386	)	$	—	$	—	$	(11,386	)

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

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

During the period ended November 30, 2021, the amount of transfers from Level 1 to Level 3 was $34,251. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.3%
Australia — 7.9%
ASX Ltd.		5	$	321
Aurizon Holdings Ltd.		574,715		1,373,281
BHP Group Ltd.		920,926		25,707,929
Coles Group Ltd.		409,714		5,234,950
Computershare Ltd.		15		203
Evolution Mining Ltd.		573,163		1,637,797
Fortescue Metals Group Ltd.		528,519		6,374,437
Magellan Financial Group Ltd.		916		21,537
Medibank Pvt Ltd.		859,706		2,103,033
Rio Tinto Ltd.		115,656		7,667,552
Wesfarmers Ltd.		353,973		14,270,985
(Cost $67,748,840)				64,392,025
Austria — 0.3%
OMV AG
(Cost $2,369,872)		44,825		2,369,872
Belgium — 0.4%
Etablissements Franz Colruyt NV		16,522		768,807
Solvay SA		22,482		2,503,244
(Cost $3,272,051)				3,272,051
Chile — 0.3%
Antofagasta PLC
(Cost $2,247,240)		122,474		2,236,058
Denmark — 0.3%
Tryg A/S
(Cost $2,594,854)		112,374		2,703,412
Finland — 1.7%
Elisa OYJ		44,420		2,647,955
Fortum OYJ		138,931		3,973,635
Orion OYJ, Class B		33,172		1,355,011
UPM-Kymmene OYJ		167,072		6,027,203
(Cost $12,472,239)				14,003,804
France — 7.9%
AXA SA		599,332		16,426,708
Bouygues SA		71,729		2,418,108
Danone SA		204,127		11,945,502
Sanofi		355,061		33,515,210
(Cost $64,378,287)				64,305,528
Germany — 6.2%
Allianz SE		128,780		27,895,098
BASF SE		284,758		18,551,908
Evonik Industries AG		66,821		2,001,437
GEA Group AG		48,213		2,427,432
(Cost $50,655,115)				50,875,875
Hong Kong — 4.1%
BOC Hong Kong Holdings Ltd.		1,153,461		3,484,419
CK Asset Holdings Ltd.		1,313		7,512
CK Infrastructure Holdings Ltd.		205,534		1,190,359
CLP Holdings Ltd.		510,872		5,006,589
Hang Lung Properties Ltd.		633,579		1,256,455
Hang Seng Bank Ltd.		238,255		4,217,525
Henderson Land Development Co. Ltd.		455,640		1,864,443

	Number of Shares		Value
Hong Kong (Continued)
HKT Trust & HKT Ltd. (a)		1,175,707	$	1,595,590
Power Assets Holdings Ltd.		431,181		2,596,759
Sino Land Co. Ltd.		1,047,577		1,252,386
SITC International Holdings Co. Ltd.		415,048		1,663,738
Sun Hung Kai Properties Ltd.		407,657		4,957,238
Wharf Real Estate Investment Co. Ltd.		522,602		2,647,919
Xinyi Glass Holdings Ltd.		565,746		1,380,284
(Cost $34,564,847)				33,121,216
Italy — 4.0%
Assicurazioni Generali SpA (b)		346,414		6,913,346
Enel SpA		2,538,840		19,166,718
Snam SpA		631,103		3,533,378
Terna—Rete Elettrica Nazionale		438,598		3,246,479
(Cost $36,127,070)				32,859,921
Japan — 17.7%
Asahi Kasei Corp.		394,574		3,723,511
Bridgestone Corp.		178,600		7,243,410
Concordia Financial Group Ltd.		341,500		1,242,146
Daiwa House Industry Co. Ltd.		177,371		5,179,992
Honda Motor Co. Ltd.		506,400		13,830,168
Iida Group Holdings Co. Ltd.		44,200		914,013
ITOCHU Corp.		372,200		10,686,265
Japan Tobacco, Inc.		1,000		20,023
Kajima Corp.		141,500		1,558,999
KDDI Corp.		503,300		14,627,593
Kirin Holdings Co. Ltd.		256,400		4,103,032
Mitsubishi Gas Chemical Co., Inc.		49,797		828,451
Mitsui & Co. Ltd.		484,200		10,904,042
Mitsui Chemicals, Inc.		55,700		1,493,738
MS&AD Insurance Group Holdings, Inc.		139,200		4,065,236
Nintendo Co. Ltd.		34,900		15,399,093
Nippon Telegraph & Telephone Corp.		401,300		11,044,630
Obayashi Corp.		203,700		1,499,786
Sekisui House Ltd.		192,824		3,753,059
SoftBank Corp.		895,500		12,323,033
Sompo Holdings, Inc.		99,500		4,095,847
T&D Holdings, Inc.		168,724		1,994,166
Taisei Corp.		59,800		1,743,256
Tokio Marine Holdings, Inc.		196,176		9,861,928
Tosoh Corp.		82,320		1,182,473
USS Co. Ltd.		67,800		994,802
(Cost $144,466,756)				144,312,692
Netherlands — 1.9%
Koninklijke Ahold Delhaize NV		326,724		10,904,101
NN Group NV		84,893		4,198,711
(Cost $12,730,928)				15,102,812
New Zealand — 0.2%
Spark New Zealand Ltd. (Cost $1,726,653)		604,327		1,886,721
Norway — 0.9%
Aker BP ASA		38,886		1,222,316
Gjensidige Forsikring ASA		62,361		1,405,823
Orkla ASA		234,150		2,128,368

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Norway (Continued)
Yara International ASA		52,003	$	2,543,261
(Cost $7,721,615)				7,299,768
Singapore — 2.6%
Oversea-Chinese Banking Corp. Ltd.		1,059,307		8,482,800
Singapore Exchange Ltd.		250,850		1,633,731
Singapore Technologies Engineering Ltd.		496,300		1,379,064
United Overseas Bank Ltd.		369,600		6,865,560
Venture Corp. Ltd.		87,400		1,179,866
Wilmar International Ltd.		584,100		1,750,830
(Cost $20,710,822)				21,291,851
Spain — 3.3%
Enagas SA		78,124		1,766,642
Endesa SA		99,040		2,211,195
Iberdrola SA		1,788,689		19,940,203
Red Electrica Corp. SA		134,674		2,840,021
(Cost $26,137,181)				26,758,061
Sweden — 1.1%
Electrolux AB, Class B		70,446		1,571,988
ICA Gruppen AB		31,299		1,841,787
Lundin Energy AB		63,155		2,223,547
Securitas AB, Class B		97,895		1,408,872
Tele2 AB, Class B (b)		155,909		2,218,018
(Cost $8,908,456)				9,264,212
Switzerland — 16.2%
Adecco Group AG		48,444		2,240,548
Baloise Holding AG		14,556		2,164,368
Holcim Ltd.		163,781		7,866,939
Novartis AG		510,663		40,526,357
Roche Holding AG		104,983		40,800,882
Swiss Life Holding AG		9,865		5,647,803
Swiss Re AG		93,505		8,734,139
Swisscom AG		8,084		4,458,692
Zurich Insurance Group AG		47,000		19,254,052
(Cost $130,253,293)				131,693,780

	Number of Shares		Value
United Kingdom — 22.3%
Admiral Group PLC		60,163	$	2,353,645
Anglo American PLC		402,106		14,746,666
BAE Systems PLC		1,003,744		7,279,844
British American Tobacco PLC		680,171		22,766,628
GlaxoSmithKline PLC		1,569,719		31,670,275
Hargreaves Lansdown PLC		110,964		1,962,789
Imperial Brands PLC		295,515		6,028,704
National Grid PLC		1,127,329		15,013,007
Persimmon PLC		99,603		3,606,677
Rio Tinto PLC		350,888		21,410,060
Schroders PLC		38,815		1,764,464
St James’s Place PLC		169,087		3,464,029
Tesco PLC		2,412,950		8,834,786
Unilever PLC		808,975		41,301,892
(Cost $186,422,010)				182,203,466
TOTAL COMMON STOCKS (Cost $815,508,129)				809,953,125
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $65,732)		65,732		65,732
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $215,160)		215,160		215,160
TOTAL INVESTMENTS — 99.3% (Cost $815,789,021)			$	810,234,017
Other assets and liabilities, net — 0.7%				5,658,803
NET ASSETS — 100.0%			$	815,892,820

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		38,049,568		—		(37,983,836	) (e)		—		—		285		—		65,732		65,732
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		508,224		28,903,815		(29,196,879	)		—		—		189		—		215,160		215,160
		38,557,792		28,903,815		(67,180,715	)		—		—		474		—		280,892		280,892

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

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)

November 30, 2021 (Unaudited)

(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, 2021 amounted to $2,574,854, which is 0.3% of net assets.

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $2,902,550.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

Securities are listed in country of domicile.

At November 30, 2021, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
CAC40 10 EURO Futures	EUR	20	$	1,605,850	$	1,511,906	12/17/2021	$	(93,944	)
EURO STOXX 50 Futures	EUR	6		284,044		275,344	12/17/2021		(8,700	)
FTSE 100 Index Futures	GBP	3		288,362		280,986	12/17/2021		(7,376	)
MSCI EAFE Futures	USD	41		4,778,493		4,582,775	12/17/2021		(195,718	)
Total unrealized depreciation								$	(305,738	)

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

GBP Pound Sterling

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, 2021 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 (f)	$	809,953,125		$	—	$	—	$	809,953,125
Short-Term Investments (f)		280,892			—		—		280,892
TOTAL	$	810,234,017		$	—	$	—	$	810,234,017
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contracts	$	(305,738	)	$	—	$	—	$	(305,738	)
TOTAL	$	(305,738	)	$	—	$	—	$	(305,738	)

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

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

See Notes to Financial Statements. 58

This Page is Intentionally Left Blank

59

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2021 (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	$	7,617,053		$	28,682,062		$	23,489,216		$	155,410,279
Investment in affiliated securities at value		25,624			—			133,998			—
Investment in DWS Government Money Market Series		26,753			147,950			122,390			—
Investment in DWS Government & Agency Securities Portfolio*		36,822			489,078			268,412			—
Cash		—			—			—			603,396
Receivables:
Investment securities sold		97,282			96,837			925,132			1,792,928
Interest		56,610			398,415			356,182			1,691,932
Securities lending income		22			121			602			—
Total assets	$	7,860,166		$	29,814,463		$	25,295,932		$	159,498,535
Liabilities
Payable upon return of securities loaned	$	36,822		$	489,078		$	268,412		$	—
Payables:
Investment securities purchased		98,367			99,150			1,073,144			1,244,393
Investment advisory fees		853			8,530			3,975			19,318
Total liabilities		136,042			596,758			1,345,531			1,263,711
Net Assets, at value	$	7,724,124		$	29,217,705		$	23,950,401		$	158,234,824
Net Assets Consist of
Paid-in capital	$	8,567,872		$	30,814,995		$	24,812,777		$	151,347,062
Distributable earnings (loss)		(843,748	)		(1,597,290	)		(862,376	)		6,887,762
Net Assets, at value	$	7,724,124		$	29,217,705		$	23,950,401		$	158,234,824
Number of Common Shares outstanding		350,001			1,400,001			1,150,001			5,400,001
Net Asset Value	$	22.07		$	20.87		$	20.83		$	29.30
Investment in non-affiliated securities at cost	$	7,375,516		$	29,484,482		$	23,064,175		$	148,527,997
Investment in affiliated securities at cost	$	25,007		$	—		$	133,220		$	—
Value of securities loaned	$	80,969		$	507,026		$	803,172		$	—
Investment in DWS Government Money Market Series at cost	$	26,753		$	147,950		$	122,390		$	—
Investment in DWS Government & Agency Securities Portfolio at cost*	$	36,822		$	489,078		$	268,412		$	—
Non-cash collateral for securities on loan	$	45,834		$	—		$	563,714		$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 60

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2021 (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	$	23,449,309		$	809,953,125
Investment in affiliated securities at value		89,840			—
Investment in DWS Government Money Market Series		—			215,160
Investment in DWS Government & Agency Securities Portfolio*		321,432			65,732
Foreign currency at value		87,033			1,966,401
Deposit with broker for futures contracts		22,425			417,604
Receivables:
Investment securities sold		4,129,740			172,481,178
Capital shares		1,212,054			85,309,775
Variation margin on futures contracts		—			40,414
Dividends		66,905			3,185,567
Interest		2			14
Securities lending income		225			7,887
Foreign tax reclaim		36,942			1,226,603
Total assets	$	29,415,907		$	1,074,869,460
Liabilities
Due to custodian	$	74,541		$	—
Payable upon return of securities loaned		321,432			65,732
Payables:
Investment securities purchased		3,881,810			188,266,036
Capital shares		1,196,726			70,509,278
Investment advisory fees		4,065			135,594
Variation margin on futures contracts		2,386			—
Deferred foreign tax payable		593			—
Total liabilities		5,481,553			258,976,640
Net Assets, at value	$	23,934,354		$	815,892,820
Net Assets Consist of
Paid-in capital	$	28,110,215		$	885,455,456
Distributable earnings (loss)		(4,175,861	)		(69,562,636	)
Net Assets, at value	$	23,934,354		$	815,892,820
Number of Common Shares outstanding		1,000,001			36,450,001
Net Asset Value	$	23.93		$	22.38
Investment in non-affiliated securities at cost	$	23,460,137		$	815,508,129
Investment in affiliated securities at cost	$	94,106		$	—
Value of securities loaned	$	312,324		$	2,574,854
Investment in DWS Government Money Market Series at cost	$	—		$	215,160
Investment in DWS Government & Agency Securities Portfolio at cost*	$	321,432		$	65,732
Non-cash collateral for securities on loan	$	11,156		$	2,902,550
Foreign currency at cost	$	90,986		$	1,979,800

* Represents collateral on securities loaned.

See Notes to Financial Statements. 61

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2021 (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	$	90,914		$	641,260		$	586,507		$	1,735,431
Affiliated interest income		199			—			2,736			—
Income distributions from affiliated funds		5			40			30			—
Affiliated securities lending income		1			17			13			—
Unaffiliated securities lending income, net of borrower rebates		154			672			2,912			—
Total investment income		91,273			641,989			592,198			1,735,431
Expenses
Investment advisory fees		5,532			53,149			23,273			112,702
Other expenses		25			25			25			57
Total expenses		5,557			53,174			23,298			112,759
Less fees waived (see note 3):
Waiver		(3	)		(20	)		(15	)		—
Net expenses		5,554			53,154			23,283			112,759
Net investment income (loss)		85,719			588,835			568,915			1,622,672
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		48,100			12,788			157,242			(60,023	)
In-kind redemptions		51,457			—			—			—
Net realized gain (loss)		99,557			12,788			157,242			(60,023	)
Net change in unrealized appreciation (depreciation) on:
Investments		(24,150	)		(1,260,226	)		(599,653	)		(275,923	)
Investments in affiliates		(296	)		—			(515	)		—
Net change in unrealized appreciation (depreciation)		(24,446	)		(1,260,226	)		(600,168	)		(275,923	)
Net realized and unrealized gain (loss) on investments		75,111			(1,247,438	)		(442,926	)		(335,946	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	160,830		$	(658,603	)	$	125,989		$	1,286,726

See Notes to Financial Statements. 62

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended November 30, 2021 (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*	$	590,210		$	15,358,767
Income distributions from affiliated funds		1,864			189
Affiliated securities lending income		11			285
Unaffiliated securities lending income, net of borrower rebates		1,986			42,585
Total investment income		594,071			15,401,826
Expenses
Investment advisory fees		24,779			790,040
Other expenses		57			1,147
Total expenses		24,836			791,187
Less fees waived (see note 3):
Waiver		(80	)		(104	)
Net expenses		24,756			791,083
Net investment income (loss)		569,315			14,610,743
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(212,548	)		(12,996,325	)
Investments in affiliates		(4,036	)		—
In-kind redemptions		380,428			13,779,011
Futures contracts		823			395,336
Foreign currency transactions		(8,169	)		(293,284	)
Net realized gain (loss)		156,498			884,738
Net change in unrealized appreciation (depreciation) on:
Investments***		(2,573,775	)		(80,895,683	)
Investments in affiliates		(4,483	)		—
Futures contracts		(12,476	)		(624,616	)
Foreign currency translations		(5,762	)		(100,218	)
Net change in unrealized appreciation (depreciation)		(2,596,496	)		(81,620,517	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(2,439,998	)		(80,735,779	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,870,683	)	$	(66,125,036	)
*   Unaffiliated foreign tax withheld	$	47,700		$	534,364
**   Including foreign taxes	$	2		$	—
***  Net of change in deferred foreign taxes	$	(2,054	)	$	—

See Notes to Financial Statements. 63

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, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	85,719		$	215,759		$	588,835		$	1,041,498
Net realized gain (loss)		99,557			251,449			12,788			484,854
Net change in net unrealized appreciation (depreciation)		(24,446	)		(229,678	)		(1,260,226	)		348,646
Net increase (decrease) in net assets resulting from operations		160,830			237,530			(658,603	)		1,874,998
Distributions to Shareholders		(90,000	)		(218,315	)		(609,000	)		(1,002,086	)
Fund Shares Transactions
Proceeds from shares sold		1,097,308			—			—			20,615,556
Value of shares redeemed		(1,119,611	)		(2,252,359	)		—			(5,440,721	)
Net increase (decrease) in net assets resulting from fund share transactions		(22,303	)		(2,252,359	)		—			15,174,835
Total net increase (decrease) in Net Assets		48,527			(2,233,144	)		(1,267,603	)		16,047,747
Net Assets
Beginning of period		7,675,597			9,908,741			30,485,308			14,437,561
End of period	$	7,724,124		$	7,675,597		$	29,217,705		$	30,485,308
Changes in Shares Outstanding
Shares outstanding, beginning of period		350,001			450,001			1,400,001			700,001
Shares sold		50,000			—			—			950,000
Shares redeemed		(50,000	)		(100,000	)		—			(250,000	)
Shares outstanding, end of period		350,001			350,001			1,400,001			1,400,001

See Notes to Financial Statements. 64

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, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	568,915		$	1,052,055		$	1,622,672		$	2,810,931
Net realized gain (loss)		157,242			1,012,134			(60,023	)		742,159
Net change in net unrealized appreciation (depreciation)		(600,168	)		479,819			(275,923	)		5,541,055
Net increase (decrease) in net assets resulting from operations		125,989			2,544,008			1,286,726			9,094,145
Distributions to Shareholders		(572,990	)		(1,059,815	)		(1,611,032	)		(2,889,288	)
Fund Shares Transactions
Proceeds from shares sold		7,440,810			2,107,141			20,627,785			46,362,718
Value of shares redeemed		—			(5,206,838	)		—			(11,773,539	)
Net increase (decrease) in net assets resulting from fund share transactions		7,440,810			(3,099,697	)		20,627,785			34,589,179
Total net increase (decrease) in Net Assets		6,993,809			(1,615,504	)		20,303,479			40,794,036
Net Assets
Beginning of period		16,956,592			18,572,096			137,931,345			97,137,309
End of period	$	23,950,401		$	16,956,592		$	158,234,824		$	137,931,345
Changes in Shares Outstanding
Shares outstanding, beginning of period		800,001			950,001			4,700,001			3,500,001
Shares sold		350,000			100,000			700,000			1,600,000
Shares redeemed		—			(250,000	)		—			(400,000	)
Shares outstanding, end of period		1,150,001			800,001			5,400,001			4,700,001

See Notes to Financial Statements. 65

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, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	569,315		$	1,040,851		$	14,610,743		$	29,157,054
Net realized gain (loss)		156,498			138,229			884,738			20,670,571
Net change in net unrealized appreciation (depreciation)		(2,596,496	)		5,024,661			(81,620,517	)		94,017,999
Net increase (decrease) in net assets resulting from operations		(1,870,683	)		6,203,741			(66,125,036	)		143,845,624
Distributions to Shareholders		(745,885	)		(1,043,240	)		(23,034,304	)		(24,511,986	)
Fund Shares Transactions
Proceeds from shares sold		7,563,405			2,655,173			248,465,898			394,847,467
Value of shares redeemed		(3,641,840	)		(5,014,288	)		(82,054,321	)		(184,212,039	)
Net increase (decrease) in net assets resulting from fund share transactions		3,921,565			(2,359,115	)		166,411,577			210,635,428
Total net increase (decrease) in Net Assets		1,304,997			2,801,386			77,252,237			329,969,066
Net Assets
Beginning of period		22,629,357			19,827,971			738,640,583			408,671,517
End of period	$	23,934,354		$	22,629,357		$	815,892,820		$	738,640,583
Changes in Shares Outstanding
Shares outstanding, beginning of period		850,001			950,001			29,550,001			20,550,001
Shares sold		300,000			100,000			10,550,000			16,750,000
Shares redeemed		(150,000	)		(200,000	)		(3,650,000	)		(7,750,000	)
Shares outstanding, end of period		1,000,001			850,001			36,450,001			29,550,001

See Notes to Financial Statements. 66

DBX ETF Trust

Financial Highlights

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	21.93		$	22.02		$	23.04		$	23.84		$	24.09		$	23.79
				��
Income (loss) from investment operations:
Net investment income (loss)(a)		0.26			0.53			0.73			0.83			0.78			0.73
Net realized and unrealized gain (loss)		0.15			(0.10	)(b)		(0.98	)		(0.32	)		(0.28	)		0.39
Total from investment operations		0.41			0.43			(0.25	)		0.51			0.50			1.12
Less distributions from:
Net investment income		(0.27	)		(0.52	)		(0.77	)		(0.83	)		(0.75	)		(0.82	)
Net realized gains		—			—			—			(0.48	)		—			—
Total distributions		(0.27	)		(0.52	)		(0.77	)		(1.31	)		(0.75	)		(0.82	)
Net Asset Value, end of period	$	22.07		$	21.93		$	22.02		$	23.04		$	23.84		$	24.09
Total Return (%)		1.87	**(c)		1.95	(c)		(1.16	)(c)		2.28	(c)		2.05			4.79
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		8			8			10			7			10			6
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.24			0.25			0.25			0.25
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.24			0.25			0.25			0.25
Ratio of net investment income (loss) (%)		2.32	*		2.34			3.18			3.53			3.22			3.04
Portfolio turnover rate (%)(d)		19	**		29			57			25			33			26
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	21.78		$	20.63		$	23.10		$	24.36		$	24.91		$	23.96
Income (loss) from investment operations:
Net investment income (loss)(a)		0.42			0.84			0.89			1.05			0.99			1.07
Net realized and unrealized gain (loss)		(0.89	)		1.12			(2.37	)		(0.29	)		(0.48	)		1.18
Total from investment operations		(0.47	)		1.96			(1.48	)		0.76			0.51			2.25
Less distributions from:
Net investment income		(0.44	)		(0.81	)		(0.99	)		(1.04	)		(1.02	)		(1.30	)
Net realized gains		—			—			—			(0.98	)		(0.04	)		—
Total distributions		(0.44	)		(0.81	)		(0.99	)		(2.02	)		(1.06	)		(1.30	)
Net Asset Value, end of period	$	20.87		$	21.78		$	20.63		$	23.10		$	24.36		$	24.91
Total Return (%)		(2.23	)**(c)		9.57	(c)		(6.79	)(c)		3.31	(c)		2.03			9.61
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		29			30			14			7			9			6
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.44			0.45			0.45			0.47
Ratio of expenses after fee waiver (%)		0.35	*		0.35			0.44			0.45			0.45			0.47
Ratio of net investment income (loss) (%)		3.88	*		3.87			3.85			4.37			3.94			4.35
Portfolio turnover rate (%)(d)		9	**		35			26			31			48			35

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

(b) Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.

(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. 67

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 11/30/2021 (Unaudited)				Years Ended May 31,
					2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	21.20			$	19.55		$	21.72		$	22.68		$	23.42		$	22.23
Income (loss) from investment operations:
Net investment income (loss)(a)		0.52				1.23			1.26			1.32			1.27			1.17
Net realized and unrealized gain (loss)		(0.35	)			1.67			(2.19	)		(0.82	)		(0.53	)		1.30
Total from investment operations		0.17				2.90			(0.93	)		0.50			0.74			2.47
Less distributions from:
Net investment income		(0.54	)			(1.25	)		(1.24	)		(1.46	)		(1.48	)		(1.28	)
Total distributions		(0.54	)			(1.25	)		(1.24	)		(1.46	)		(1.48	)		(1.28	)
Net Asset Value, end of period	$	20.83			$	21.20		$	19.55		$	21.72		$	22.68		$	23.42
Total Return (%)		0.78	**(b)			15.22	(b)		(4.58	)(b)		2.18	(b)		3.24	(b)		11.40
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		24				17			19			7			3			11
Ratio of expenses before fee waiver (%)		0.20	*			0.20			0.33	(c)		0.35	(c)		0.35	(c)		0.39
Ratio of expenses after fee waiver (%)		0.20	*	��		0.20			0.19	(c)		0.14	(c)		0.33	(c)		0.39
Ratio of net investment income (loss) (%)		4.89	*			5.94			6.06			5.91			5.47			5.08
Portfolio turnover rate (%)(d)		18	**			56			113			19			50			33
Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)				Years Ended May 31,
					2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	29.35			$	27.75		$	27.70		$	26.52		$	26.71		$	27.17
Income (loss) from investment operations:
Net investment income (loss)(a)		0.32				0.70			0.76			0.75			0.70			0.66
Net realized and unrealized gain (loss)		(0.05	)			1.63			0.00	(e)		1.18			(0.20	)		(0.46	)
Total from investment operations		0.27				2.33			0.76			1.93			0.50			0.20
Less distributions from:
Net investment income		(0.32	)			(0.73	)		(0.71	)		(0.75	)		(0.69	)		(0.66	)
Total distributions		(0.32	)			(0.73	)		(0.71	)		(0.75	)		(0.69	)		(0.66	)
Net Asset Value, end of period	$	29.30			$	29.35		$	27.75		$	27.70		$	26.52		$	26.71
Total Return (%)		0.92	**			8.50			2.77			7.45	(b)		1.87			0.77
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		158				138			97			68			58			60
Ratio of expenses (%)		0.15	*			0.15			0.15			0.25			0.30			0.30
Ratio of expenses after fee waiver (%)		0.15	*			0.15			0.15			0.22			0.30			0.30
Ratio of net investment income (loss) (%)		2.16	*			2.42			2.72			2.85			2.61			2.50
Portfolio turnover rate (%)(d)		6	**			10			12			25			28			0

(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 included 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. 68

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 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	26.62		$	20.87		$	23.69		$	25.42		$	26.14		$	22.96
Income (loss) from investment operations:
Net investment income (loss)(a)		0.59			1.16			0.94			1.21			1.35			1.02
Net realized and unrealized gain (loss)		(2.52	)		5.75			(2.78	)		(1.92	)		(1.20	)		3.07
Total from investment operations		(1.93	)		6.91			(1.84	)		(0.71	)		0.15			4.09
Less distributions from:
Net investment income		(0.76	)		(1.16	)		(0.98	)		(1.02	)		(0.87	)		(0.60	)
Net realized gains		—			—			—			—			—			(0.31	)
Total distributions		(0.76	)		(1.16	)		(0.98	)		(1.02	)		(0.87	)		(0.91	)
Net Asset Value, end of period	$	23.93		$	26.62		$	20.87		$	23.69		$	25.42		$	26.14
Total Return (%)		(7.38	)**(b)		34.16	(b)		(8.19	)(b)		(2.82	)(b)		0.54			18.17
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		24			23			20			24			27			4
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.32			0.45
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.32			0.45
Ratio of net investment income (loss) (%)		4.60	*		4.92			3.94			4.96			5.29			4.17
Portfolio turnover rate (%)(c)		17	**		57			40			30			76			36
Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	25.00		$	19.89		$	22.00		$	23.69		$	24.99		$	23.16
Income (loss) from investment operations:
Net investment income (loss)(a)		0.44			1.21			0.85			1.36			1.50			1.06
Net realized and unrealized gain (loss)		(2.34	)		4.94			(2.00	)		(2.25	)		(1.99	)		3.03
Total from investment operations		(1.90	)		6.15			(1.15	)		(0.89	)		(0.49	)		4.09
Less distributions from:
Net investment income		(0.72	)		(1.04	)		(0.96	)		(0.80	)		(0.81	)		(0.95	)
Net realized gains		—			—			—			—			—			(1.31	)
Total distributions		(0.72	)		(1.04	)		(0.96	)		(0.80	)		(0.81	)		(2.26	)
Net Asset Value, end of period	$	22.38		$	25.00		$	19.89		$	22.00		$	23.69		$	24.99
Total Return (%)		(7.77	)**(b)		31.74	(b)		(5.58	)(b)		(3.76	)(b)		(2.02	)		18.93	(d)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		816			739			409			244			24			5
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.33			0.45
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.33			0.45
Ratio of net investment income (loss) (%)		3.70	*		5.38			3.86			6.06			6.28			4.48
Portfolio turnover rate (%)(c)		16	**		57			57			20			56			41

(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.

(d) The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.32%.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 69

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2021, the Trust consists of thirty-five 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 track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

Fund	Underlying Index
Xtrackers 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

* On August 24, 2021, the Fund changed its name from Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF to Xtrackers Bloomberg US Investment Grade Corporate ESG ETF and its Underlying Index from Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index to the Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral 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 Barclays 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 Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index is reconstituted and rebalanced on a monthly basis.

70

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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. The J.P. Morgan ESG DM Corporate High Yield USD 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. 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 returns of the segment 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.

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF are diversified series of the Trust. Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund, with the exception 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, 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.

71

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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.

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

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

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

72

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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. 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, 2021, the Funds did not incur any interest or penalties.

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

	Short-Term		Long-Term		Total Amount
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	458,820	$	735,360	$	1,194,180
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		59,556		804,847		864,403
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		37,555		1,468,929		1,506,484
Xtrackers Municipal Infrastructure Revenue Bond ETF		182,839		18,457		201,296
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		817,005		3,452,192		4,269,197
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		19,350,281		36,584,957		55,935,238

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

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	7,473,934	$	263,424	$	327,012	$	(63,588	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		29,946,402		419,403		1,128,984		(709,581	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		15,999,164		1,011,869		1,068,573		(56,704	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		126,816,514		7,157,777		7,260,884		(103,107	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		21,063,292		2,381,055		2,927,049		(545,994	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		706,080,778		62,447,293		69,050,218		(6,602,925	)

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, 2021, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending    The Funds, except the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2021, 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 (0.03% annualized effective rate as of November 30, 2021) on the cash collateral invested in DWS Government & Agency Securities Portfolio.

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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, 2021, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end with the exception of Xtrackers J.P. Morgan ESG Emerging Markets Sovereign Bond ETF. Due to the increase in market values of securities on loan on November 30, 2021, the value of the related collateral was less than the value of securities on loan at period end for Xtrackers J.P. Morgan ESG Emerging Markets Sovereign Bond ETF. On the next business day, additional collateral was received, and the value of the collateral exceeded the value of the securities on loan.

Remaining Contractual Maturity of the Agreements, as of November 30, 2021
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days			Total
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Corporate Bonds	$	36,822	$	—	$	4,584	$	41,250		$	82,656
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions										$	82,656
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Corporate Bonds	$	489,078	$	—	$	—	$	—		$	489,078
									��
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions										$	489,078
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Corporate Bonds	$	268,412	$	—	$	47,764	$	515,950		$	832,126
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions										$	832,126
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Common Stocks	$	235,592		—	$	484	$	10,672		$	246,748
Exchange-Traded Funds		85,840		—		—		—		$	85,840
Total Borrowings	$	321,432	$	—	$	484	$	10,672		$	332,588
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions										$	332,588
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	65,732	$	—	$	—	$	2,902,550		$	2,968,282
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions										$	2,968,282

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, 2021, 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

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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, 2021 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, 2021 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*	$	—	Unrealized depreciation on futures contracts*	$	11,386
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	305,738

* 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, 2021 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	$	823
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		395,336

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts—Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	(12,476	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		(624,616	)

For the period ended November 30, 2021 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	236,326
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		6,189,425

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

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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 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	%

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, 2021, 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 fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2021, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	3
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		20
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		15
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		6
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		104

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 and extraordinary expenses.

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

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

The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the

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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, 2021, 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	$	1,397,234	$	1,384,305
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		3,275,590		2,713,912
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		3,949,109		3,990,354
Xtrackers Municipal Infrastructure Revenue Bond ETF		16,272,849		8,240,311
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		6,279,171		4,170,790
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		194,953,723		122,026,519

For the period ended November 30, 2021, 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	$	1,087,374	$	1,096,278
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		7,375,693		—
Xtrackers Municipal Infrastructure Revenue Bond ETF		14,804,401		—
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		4,722,210		3,318,299
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		165,430,218		78,713,258

5. Fund Share Transactions

As of November 30, 2021, 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, 2021, 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 Bloomberg US Investment Grade Corporate ESG ETF		58	%
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		32	%
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		33	%

7. Investing in Emerging Markets

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

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8. 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 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.

9. 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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2021.

10. Other — COVID-19 Pandemic

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

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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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Privacy Policy Notice (Unaudited)

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

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

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

Rev. 12/2021

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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. 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. ESEB and HDEF are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. 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, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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 © 2022 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured  |  No Bank Guarantee  |  May Lose Value

DBX ETF Trust

Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203
Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-049075-6 (1/22) DBX005042 (1/23)

November 30, 2021

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
Shareholder Letter		1
Portfolio Summary
Xtrackers Harvest CSI 300 China A-Shares ETF		3
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		4
Xtrackers MSCI All China Equity ETF		5
Xtrackers MSCI China A Inclusion Equity ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF		8
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		14
Xtrackers MSCI All China Equity ETF		22
Xtrackers MSCI China A Inclusion Equity ETF		27
Statements of Assets and Liabilities		36
Statements of Operations		37
Statements of Changes in Net Assets		38
Financial Highlights		40
Notes to Financial Statements		42
Additional Information		52
Privacy Policy Notice		53

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for our flagship ETFs tracking China’s equity market for the period ended November 30, 2021.

The global economy continued to recover during the reporting period, driven by expansive fiscal and monetary policies and rapid vaccination roll-out. The economic recovery, however, remained divergent between advanced and emerging markets due to disparities in vaccine access and policy support. The U.S. economy experienced accelerated growth in Q2 2021, although the growth rate moderated in Q3 2021 due to a decline in household spending and exports. The Eurozone economy grew more than expected, with France and Italy being the major contributors. China’s economic growth remained positive, although the growth rate continued to decline throughout 2021. China’s zero-tolerance policy towards COVID-19, which called for more frequent lockdowns, was responsible for this decline to some extent. Structural changes involving crackdowns on the property sector and technology giants as well as carbon emission cuts also took a toll on the world’s second largest economy.

China was the first major economy in the world to rebound rapidly. The country’s economy grew at an impressive rate at the beginning of 2021 as it emerged from the pandemic ahead of other global economies. However, the recovery lost steam, impeded by the government’s regulatory policies. The industrial sector was hit by a power crunch due to a coal shortage as well as environmental restrictions on the highly polluting steel industry. Beijing’s efforts to reduce leverage, following the Evergrande collapse, proved to be a huge drag on the sector that makes up about a quarter of the country’s GDP¹. Global supply constraints also played a role in dampening industrial output and put pressure on company earnings. Furthermore, COVID-19 flare-ups led to targeted restrictions under the authorities’ zero-tolerance approach, taking a toll on retail sales momentum. Nevertheless, stability in labor markets eased some of the concerns surrounding economic growth momentum.

On the policy front, the People’s Bank of China (PBoC) cut banks’ reserve requirement ratio in its July meeting on realization that the economy was weaker than expected and it required easier credit conditions. The collapse of real estate giant Evergrande made investors worry about the threat of cross defaults; however, China managed to contain the threat by announcing a hefty stimulus and implementing a trading ban on Evergrande’s bonds. Considering the uncertainties amid a regulatory crackdown on the property sector, power shortages at factories, and lackluster consumer spending, the PBoC has kept its monetary policy unchanged since April 2020. As China was ahead of the curve in the recovery, it was also one of the first countries to normalize its macroeconomic policies. However, the intensity of China’s fiscal contraction in the first half of this year was way beyond expectations, contributing to the growth slowdown.

Looking ahead, growth could moderate further as the government’s clampdown on the real estate sector and the broader regulatory uncertainty could weigh on momentum. New variants of the virus could provide further headwinds to the global economy. Power constraints could likely limit industrial output, although recent reforms to coal pricing should boost supply of the commodity and support electricity availability. Easing of commodity prices and waning supply chain disruptions could provide further relief to companies and policymakers. Investors would also look at fiscal and monetary policy response from the authorities to support growth by ensuring enough liquidity to avoid any spikes in interest rates.

1

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

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

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers 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, 2021 (23.2% of Net Assets)

Description	% of Net Assets
Kweichow Moutai Co. Ltd.		6.1%
China Merchants Bank Co. Ltd.		3.1%
Ping An Insurance Group Co. of China Ltd.		2.6%
Wuliangye Yibin Co. Ltd.		2.2%
LONGi Green Energy Technology Co. Ltd.		2.0%
Midea Group Co. Ltd.		1.7%
East Money Information Co. Ltd.		1.5%
BYD Co. Ltd.		1.4%
WuXi AppTec Co. Ltd.		1.3%
Industrial Bank Co. Ltd.		1.3%

Sector Diversification* as of November 30, 2021

Financials	23.4%
Consumer Staples	16.1%
Information Technology	15.6%
Industrials	11.4%
Health Care	9.7%
Consumer Discretionary	8.9%
Materials	8.4%
Utilities	2.0%
Real Estate	1.8%
Communication Services	1.5%
Energy	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 8.

3

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, 2021 (9.0% of Net Assets)

Description	% of Net Assets
TBEA Co. Ltd.		1.3%
Guangzhou Tinci Materials Technology Co. Ltd.		1.2%
Gotion High-tech Co. Ltd.		1.0%
Sunwoda Electronic Co. Ltd.		1.0%
GEM Co. Ltd.		0.8%
Hangzhou Silan Microelectronics Co. Ltd.		0.8%
JiuGui Liquor Co. Ltd.		0.8%
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.		0.7%
China Baoan Group Co. Ltd.		0.7%
Ningbo Shanshan Co. Ltd.		0.7%

Sector Diversification* as of November 30, 2021

Materials	22.3%
Industrials	20.0%
Information Technology	17.8%
Health Care	8.5%
Consumer Discretionary	8.1%
Consumer Staples	6.7%
Financials	4.8%
Communication Services	3.2%
Real Estate	3.1%
Utilities	2.8%
Energy	2.7%
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 14.

4

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, Inc. (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, 2021 (71.6% of Net Assets)

Description	% of Net Assets
Xtrackers MSCI China A Inclusion Equity ETF		43.8%	��
Tencent Holdings Ltd.		7.6%
Alibaba Group Holding Ltd.		5.6%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		5.4%
Meituan		2.8%
JD.com, Inc.		1.7%
China Construction Bank Corp.		1.4%
NIO, Inc.		1.2%
Wuxi Biologics Cayman, Inc.		1.1%
NetEase, Inc.		1.0%

Sector Diversification * as of November 30, 2021

Consumer Discretionary	21.5%
Financials	14.6%
Communication Services	11.3%
Information Technology	10.3%
Industrials	10.2%
Consumer Staples	9.1%
Health Care	8.4%
Materials	7.4%
Real Estate	3.0%
Utilities	2.5%
Energy	1.7%
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 22.

5

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, 2021 (19.4% of Net Assets)

Description	% of Net Assets
Kweichow Moutai Co. Ltd.		5.5%
Contemporary Amperex Technology Co. Ltd.		3.5%
China Merchants Bank Co. Ltd.		2.3%
Wuliangye Yibin Co. Ltd.		1.9%
BYD Co. Ltd.		1.2%
Ping An Insurance Group Co. of China Ltd.		1.1%
LONGi Green Energy Technology Co. Ltd.		1.0%
China Yangtze Power Co. Ltd.		1.0%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		1.0%
China Tourism Group Duty Free Corp. Ltd.		0.9%

Sector Diversification* as of November 30, 2021

Financials	17.7%
Industrials	16.5%
Consumer Staples	15.9%
Information Technology	14.8%
Materials	11.6%
Health Care	10.0%
Consumer Discretionary	6.8%
Utilities	2.2%
Energy	1.7%
Real Estate	1.6%
Communication Services	1.2%
Total	100.0%

* 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 27.

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 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, 2021 to, November 30, 2021).

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, 2021		Ending Account Value November 30, 2021		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	920.20		0.65	%	$	3.13
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	1,078.70		0.65	%	$	3.39
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers MSCI All China Equity ETF(2)
Actual	$	1,000.00	$	858.30		0.22	%	$	1.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.97		0.22	%	$	1.12
Xtrackers MSCI China A Inclusion Equity ETF
Actual	$	1,000.00	$	956.30		0.60	%	$	2.94
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06		0.60	%	$	3.04

(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 365.

(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.

7

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 1.5%
China United Network Communications Ltd., Class A		15,313,281	$	9,332,526
Focus Media Information Technology Co. Ltd., Class A		7,894,163		8,766,470
Giant Network Group Co. Ltd., Class A		1,123,885		1,782,963
Mango Excellent Media Co. Ltd., Class A		545,134		3,725,560
Perfect World Co. Ltd., Class A		935,851		2,769,408
Wanda Film Holding Co. Ltd., Class A *		710,160		1,532,648
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,025,422		3,799,529
Zhejiang Century Huatong Group Co. Ltd., Class A *		3,020,920		3,478,104
(Cost $33,266,032)				35,187,208
Consumer Discretionary — 8.8%
Beijing Roborock Technology Co. Ltd., Class A		21,377		2,726,176
BYD Co. Ltd., Class A		695,493		33,286,219
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		118,624		4,043,258
China Tourism Group Duty Free Corp. Ltd., Class A		743,090		23,979,870
Chongqing Changan Automobile Co. Ltd., Class A		2,407,954		6,569,726
FAW Jiefang Group Co. Ltd., Class A		809,900		1,315,380
Fuyao Glass Industry Group Co. Ltd., Class A		1,101,827		7,959,323
Great Wall Motor Co. Ltd., Class A		952,230		8,953,190
Gree Electric Appliances, Inc., of Zhuhai, Class A		3,681,889		19,986,819
Guangzhou Automobile Group Co. Ltd., Class A		1,655,401		4,266,886
Haier Smart Home Co. Ltd., Class A		2,926,333		12,511,550
Hangzhou Robam Appliances Co. Ltd., Class A		387,612		1,915,989
Huayu Automotive Systems Co. Ltd., Class A		1,260,626		5,108,639
Midea Group Co. Ltd., Class A		3,749,190		39,915,197
Offcn Education Technology Co. Ltd., Class A *		1,418,951		2,124,025
Oppein Home Group, Inc., Class A		154,975		2,956,124
SAIC Motor Corp. Ltd., Class A		2,703,573		8,471,889
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		1,179,301		1,765,293
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,989,523		2,784,556
Songcheng Performance Development Co. Ltd., Class A		1,225,022		2,539,903
Suning.com Co. Ltd., Class A *		2,761,902		1,670,199
TCL Technology Group Corp., Class A		10,688,843		10,308,568
Zhejiang Supor Co. Ltd., Class A		163,838		1,583,695
(Cost $133,415,154)				206,742,474

	Number of Shares		Value
Consumer Staples — 16.0%
Anhui Gujing Distillery Co. Ltd., Class A		95,716	$	3,813,756
Beijing Shunxin Agriculture Co. Ltd., Class A		378,363		1,907,713
Chongqing Brewery Co. Ltd., Class A *		186,058		4,225,576
DaShenLin Pharmaceutical Group Co. Ltd., Class A		189,953		1,052,029
Foshan Haitian Flavouring & Food Co. Ltd., Class A		974,736		17,193,569
Guangdong Haid Group Co. Ltd., Class A		658,063		6,631,795
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,099,669		4,915,822
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		4,682,876		28,811,475
Jiangsu King’s Luck Brewery JSC Ltd., Class A		477,707		4,235,696
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		454,602		12,445,948
Jiangxi Zhengbang Technology Co. Ltd., Class A		1,175,164		1,788,634
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		420,808		2,171,294
Juewei Food Co. Ltd., Class A		244,528		2,493,483
Kweichow Moutai Co. Ltd., Class A		473,680		143,653,048
Luzhou Laojiao Co. Ltd., Class A		561,347		20,283,967
Muyuan Foods Co. Ltd., Class A		1,986,105		16,346,800
New Hope Liuhe Co. Ltd., Class A *		1,613,227		3,641,258
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		371,190		18,075,288
Tongwei Co. Ltd., Class A		2,052,989		14,485,238
Tsingtao Brewery Co. Ltd., Class A		275,082		4,267,627
Wens Foodstuffs Group Co. Ltd., Class A		3,412,475		8,549,278
Wuliangye Yibin Co. Ltd., Class A		1,468,432		50,281,658
Yifeng Pharmacy Chain Co. Ltd., Class A		295,882		2,098,338
Yonghui Superstores Co. Ltd., Class A		2,943,983		1,794,181
(Cost $186,390,654)				375,163,471
Energy — 1.2%
China Merchants Energy Shipping Co. Ltd., Class A		2,439,241		1,674,308
China Oilfield Services Ltd., Class A		463,228		985,901
China Petroleum & Chemical Corp., Class A		10,068,298		6,389,056
China Shenhua Energy Co. Ltd., Class A		2,535,415		7,781,671
PetroChina Co. Ltd., Class A		7,424,841		5,492,971
Shaanxi Coal Industry Co. Ltd., Class A		3,193,903		5,959,879
(Cost $23,404,080)				28,283,786
Financials — 23.4%
Agricultural Bank of China Ltd., Class A		21,843,300		9,984,136
AVIC Industry-Finance Holdings Co. Ltd., Class A		4,033,882		2,433,065
Bank of Beijing Co. Ltd., Class A		11,231,043		7,726,689
Bank of Chengdu Co. Ltd., Class A		1,634,845		2,878,601
Bank of China Ltd., Class A		16,119,100		7,722,179

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Bank of Communications Co. Ltd., Class A		20,764,850	$	14,905,422
Bank of Hangzhou Co. Ltd., Class A		2,277,174		4,921,686
Bank of Jiangsu Co. Ltd., Class A		9,015,065		8,340,334
Bank of Nanjing Co. Ltd., Class A		3,916,043		5,578,970
Bank of Ningbo Co. Ltd., Class A (a)		2,763,169		16,874,580
Bank of Shanghai Co. Ltd., Class A		7,504,688		8,428,260
BOC International China Co. Ltd., Class A		619,100		1,323,483
Caitong Securities Co. Ltd., Class A		1,834,276		2,932,997
Changjiang Securities Co. Ltd., Class A		2,990,790		3,377,645
China CITIC Bank Corp. Ltd., Class A		2,506,736		1,771,823
China Construction Bank Corp., Class A		5,089,528		4,604,678
China Everbright Bank Co. Ltd., Class A		12,517,204		6,586,450
China Galaxy Securities Co. Ltd., Class A		1,086,871		1,780,580
China Great Wall Securities Co. Ltd., Class A		672,238		1,305,091
China International Capital Corp. Ltd., Class A		197,800		1,478,878
China Life Insurance Co. Ltd., Class A		1,266,463		5,878,266
China Merchants Bank Co. Ltd., Class A		9,395,094		73,032,782
China Merchants Securities Co. Ltd., Class A		2,892,260		7,732,077
China Minsheng Banking Corp. Ltd., Class A		15,969,008		9,757,236
China Pacific Insurance Group Co. Ltd., Class A		2,593,068		11,033,726
China Zheshang Bank Co. Ltd., Class A		6,379,339		3,436,917
Chinalin Securities Co. Ltd., Class A		200,900		329,758
Chongqing Rural Commercial Bank Co. Ltd., Class A		4,588,967		2,753,452
CITIC Securities Co. Ltd., Class A		6,532,511		24,389,820
CSC Financial Co. Ltd., Class A		755,265		3,325,230
East Money Information Co. Ltd., Class A		6,385,993		34,746,061
Everbright Securities Co. Ltd., Class A		1,447,744		3,285,935
Founder Securities Co. Ltd., Class A		3,100,586		3,774,372
GF Securities Co. Ltd., Class A		2,330,190		8,542,627
Guosen Securities Co. Ltd., Class A		2,226,116		3,856,760
Guotai Junan Securities Co. Ltd., Class A		3,474,002		9,129,043
Guoyuan Securities Co. Ltd., Class A		2,348,577		2,748,276
Haitong Securities Co. Ltd., Class A		7,377,731		13,709,033
Hithink RoyalFlush Information Network Co. Ltd., Class A		168,790		3,110,943
Hongta Securities Co. Ltd., Class A		761,580		1,337,385
Huatai Securities Co. Ltd., Class A		3,868,293		9,612,251
Huaxia Bank Co. Ltd., Class A		4,701,561		4,165,052
Industrial & Commercial Bank of China Ltd., Class A		26,453,784		19,030,602
Industrial Bank Co. Ltd., Class A		10,964,758		31,017,873
Industrial Securities Co. Ltd., Class A		4,141,199		5,567,998
Nanjing Securities Co. Ltd., Class A		1,431,280		2,140,232
New China Life Insurance Co. Ltd., Class A		648,429		3,861,139
Orient Securities Co. Ltd., Class A		3,149,356		6,955,147

	Number of Shares		Value
Financials (Continued)
People’s Insurance Co. Group of China Ltd., Class A		2,147,298	$	1,568,355
Ping An Bank Co. Ltd., Class A		7,422,956		20,333,991
Ping An Insurance Group Co. of China Ltd., Class A		8,155,029		61,766,355
Postal Savings Bank of China Co. Ltd., Class A		8,117,700		6,477,329
SDIC Capital Co. Ltd., Class A		2,049,089		2,578,057
Shanghai Pudong Development Bank Co. Ltd., Class A		8,886,660		11,878,658
Shenwan Hongyuan Group Co. Ltd., Class A		7,065,644		5,604,571
Sinolink Securities Co. Ltd., Class A		1,796,675		3,002,690
SooChow Securities Co. Ltd., Class A		2,269,347		3,118,949
Tianfeng Securities Co. Ltd., Class A		3,155,960		1,913,454
Western Securities Co. Ltd., Class A		1,422,609		1,751,866
Zheshang Securities Co. Ltd., Class A		1,164,265		2,271,291
Zhongtai Securities Co. Ltd., Class A		574,363		938,251
(Cost $458,091,247)				546,419,357
Health Care — 9.6%
Aier Eye Hospital Group Co. Ltd., Class A		2,078,183		13,931,807
Asymchem Laboratories Tianjin Co. Ltd., Class A		112,147		9,038,874
Autobio Diagnostics Co. Ltd., Class A		140,471		1,235,148
Beijing Tiantan Biological Products Corp. Ltd., Class A		536,204		2,527,524
Beijing Tongrentang Co. Ltd., Class A		531,256		3,029,907
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		54,760		2,154,619
Betta Pharmaceuticals Co. Ltd., Class A		189,833		2,481,709
BGI Genomics Co. Ltd., Class A		164,231		2,450,631
Bloomage Biotechnology Corp. Ltd., Class A		58,320		1,477,122
Changchun High & New Technology Industry Group, Inc., Class A		214,126		9,530,986
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		267,917		784,835
Chongqing Zhifei Biological Products Co. Ltd., Class A		605,904		12,265,594
Gan & Lee Pharmaceuticals Co. Ltd., Class A		57,580		651,002
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		529,350		2,442,834
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		220,430		3,789,187
Hangzhou Tigermed Consulting Co. Ltd., Class A		405,863		8,751,570
Huadong Medicine Co. Ltd., Class A		657,530		3,500,148
Hualan Biological Engineering, Inc., Class A		838,020		3,804,096
Humanwell Healthcare Group Co. Ltd., Class A		747,261		2,494,196
Intco Medical Technology Co. Ltd., Class A		250,582		2,569,780
Jafron Biomedical Co. Ltd., Class A		310,224		2,490,466
Jiangsu Hengrui Medicine Co. Ltd., Class A		3,410,722		26,877,550

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Lepu Medical Technology Beijing Co. Ltd., Class A		968,197	$	3,371,543
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A *		2,070,816		2,426,496
Ovctek China, Inc., Class A		396,750		3,558,380
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		912,612		8,027,373
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		875,838		2,531,284
Shanghai RAAS Blood Products Co. Ltd., Class A		2,763,501		2,843,153
Shenzhen Kangtai Biological Products Co. Ltd., Class A		311,288		5,618,977
Topchoice Medical Corp., Class A *		171,302		5,314,896
Walvax Biotechnology Co. Ltd., Class A		1,185,029		12,806,093
WuXi AppTec Co. Ltd., Class A		1,373,677		31,070,366
Yunnan Baiyao Group Co. Ltd., Class A		394,432		5,472,423
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		231,323		16,241,480
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		639,506		2,161,654
Zhejiang NHU Co. Ltd., Class A		1,200,002		5,471,776
(Cost $156,488,660)				225,195,479
Industrials — 11.4%
AECC Aviation Power Co. Ltd., Class A		905,171		9,147,680
Air China Ltd., Class A *		2,471,617		3,098,013
Beijing New Building Materials PLC, Class A		796,534		3,334,270
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		15,532,683		11,027,680
China CSSC Holdings Ltd., Class A		1,447,926		5,449,196
China Eastern Airlines Corp. Ltd., Class A *		3,638,865		2,663,490
China Railway Group Ltd., Class A		7,944,695		6,613,820
China Southern Airlines Co. Ltd., Class A *		4,912,826		4,722,610
China State Construction Engineering Corp. Ltd., Class A		16,326,000		11,898,632
COSCO SHIPPING Holdings Co. Ltd., Class A *		4,809,793		13,122,768
CRRC Corp. Ltd., Class A		9,590,161		9,173,656
Daqin Railway Co. Ltd., Class A		4,662,928		4,460,415
Eve Energy Co. Ltd., Class A		872,184		20,034,272
Gongniu Group Co. Ltd., Class A		73,475		1,817,804
Han’s Laser Technology Industry Group Co. Ltd., Class A		675,732		4,792,162
Jiangsu Hengli Hydraulic Co. Ltd., Class A		424,444		5,248,799
Jiangsu Zhongtian Technology Co. Ltd., Class A		2,050,159		5,983,186
Metallurgical Corp. of China Ltd., Class A		5,660,609		3,369,781
NARI Technology Co. Ltd., Class A		2,179,464		14,176,015
Power Construction Corp. of China Ltd., Class A		6,091,528		6,286,238
Sany Heavy Industry Co. Ltd., Class A		4,557,796		15,678,274

	Number of Shares		Value
Industrials (Continued)
SF Holding Co. Ltd., Class A		1,404,383	$	13,506,695
Shanghai Electric Group Co. Ltd., Class A		4,248,803		3,230,065
Shanghai International Airport Co. Ltd., Class A *		743,127		5,037,833
Shanghai International Port Group Co. Ltd., Class A		3,103,005		2,334,626
Shanghai M&G Stationery, Inc., Class A		322,941		2,840,603
Shenzhen Inovance Technology Co. Ltd., Class A		1,199,979		12,364,505
Spring Airlines Co. Ltd., Class A *		299,591		2,588,158
Sungrow Power Supply Co. Ltd., Class A		785,307		19,918,538
Weichai Power Co. Ltd., Class A		3,665,371		8,883,480
XCMG Construction Machinery Co. Ltd., Class A		3,782,174		3,522,860
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,204,177		6,335,732
YTO Express Group Co. Ltd., Class A		1,021,193		2,585,664
Yunda Holding Co. Ltd., Class A		890,435		2,780,468
Zhejiang Chint Electrics Co. Ltd., Class A		843,981		6,866,915
Zhejiang Dingli Machinery Co. Ltd., Class A		206,961		2,676,368
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,485,003		5,418,459
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,327,920		3,648,611
(Cost $175,430,962)				266,638,341
Information Technology — 15.6%
360 Security Technology, Inc., Class A *		1,729,471		3,248,955
Advanced Micro-Fabrication Equipment Inc China, Class A *		195,581		4,916,175
Avary Holding Shenzhen Co. Ltd., Class A		568,224		3,591,508
Beijing Kingsoft Office Software, Inc., Class A		143,373		6,099,292
Beijing Shiji Information Technology Co. Ltd., Class A		409,984		1,826,301
BOE Technology Group Co. Ltd., Class A		23,345,275		17,674,425
Chaozhou Three-Circle Group Co. Ltd., Class A		898,413		5,884,524
China Greatwall Technology Group Co. Ltd., Class A		1,422,022		3,140,443
China Railway Signal & Communication Corp. Ltd., Class A		3,061,160		2,336,801
China Resources Microelectronics Ltd., Class A		230,118		2,587,269
Dawning Information Industry Co. Ltd., Class A		886,139		3,891,691
Foxconn Industrial Internet Co. Ltd., Class A		2,736,894		4,801,870
Gigadevice Semiconductor Beijing, Inc., Class A		413,232		9,775,032
Glodon Co. Ltd., Class A		753,211		7,557,546
GoerTek, Inc., Class A		1,832,453		14,990,050

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		272,426	$	2,971,804
Hangzhou First Applied Material Co. Ltd., Class A		302,272		5,773,388
Hundsun Technologies, Inc., Class A		932,038		8,551,062
Iflytek Co. Ltd., Class A		1,380,105		11,705,909
Inspur Electronic Information Industry Co. Ltd., Class A		837,406		4,274,828
JCET Group Co. Ltd., Class A		1,000,564		5,217,737
Lens Technology Co. Ltd., Class A		1,205,899		3,975,782
Lingyi iTech Guangdong Co., Class A *		2,327,960		2,479,159
LONGi Green Energy Technology Co. Ltd., Class A		3,322,960		45,628,392
Luxshare Precision Industry Co. Ltd., Class A		3,745,707		23,327,932
Montage Technology Co. Ltd., Class A		372,886		4,820,898
National Silicon Industry Group Co. Ltd., Class A *		420,373		1,957,097
NAURA Technology Group Co. Ltd., Class A		198,555		12,069,238
OFILM Group Co. Ltd., Class A *		1,798,212		2,474,254
Sanan Optoelectronics Co. Ltd., Class A		2,109,008		11,604,264
Shanghai Baosight Software Co. Ltd., Class A		362,454		3,773,985
Shengyi Technology Co. Ltd., Class A		1,013,181		3,755,764
Shennan Circuits Co. Ltd., Class A		166,461		2,745,371
Shenzhen Goodix Technology Co. Ltd., Class A		185,935		3,213,449
Shenzhen Sunway Communication Co. Ltd., Class A		793,362		3,115,378
Shenzhen Transsion Holdings Co. Ltd., Class A		187,438		4,924,940
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,130,120		4,262,025
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		1,693,198		11,967,943
Unigroup Guoxin Microelectronics Co. Ltd., Class A		334,257		12,122,296
Unisplendour Corp. Ltd., Class A		1,209,593		4,913,229
Universal Scientific Industrial Shanghai Co. Ltd., Class A		640,393		1,547,042
Will Semiconductor Co. Ltd. Shanghai, Class A		405,121		17,332,421
Wingtech Technology Co. Ltd., Class A		488,959		9,423,588
Wuhan Guide Infrared Co. Ltd., Class A		826,091		3,156,961
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,263,510		3,008,688
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		748,200		9,315,921
Yealink Network Technology Corp. Ltd., Class A		244,578		2,974,582
Yonyou Network Technology Co. Ltd., Class A		1,302,254		6,655,988
Zhejiang Dahua Technology Co. Ltd., Class A		1,504,430		5,801,266
ZTE Corp., Class A		2,395,925		11,545,901
(Cost $239,829,708)				364,710,364

	Number of Shares		Value
Materials — 8.4%
Aluminum Corp. of China Ltd., Class A *		5,027,167	$	4,106,066
Anhui Conch Cement Co. Ltd., Class A		1,837,816		10,455,618
Baoshan Iron & Steel Co. Ltd., Class A		6,705,339		6,867,008
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,378,060		8,556,461
Bluestar Adisseo Co., Class A		433,215		806,345
China Jushi Co. Ltd., Class A		1,868,683		5,136,567
China Molybdenum Co. Ltd., Class A		5,503,385		5,091,485
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,650,150		13,949,749
Citic Pacific Special Steel Group Co. Ltd., Class A		803,255		2,573,848
Ganfeng Lithium Co. Ltd., Class A		612,093		16,104,877
Hengli Petrochemical Co. Ltd., Class A		1,638,527		5,433,017
Hengyi Petrochemical Co. Ltd., Class A		1,713,228		2,817,482
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		17,106,227		7,765,177
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,557,973		2,129,468
Jiangxi Copper Co. Ltd., Class A		795,001		2,845,845
Kingfa Sci & Tech Co. Ltd., Class A		1,374,841		2,930,431
LB Group Co. Ltd., Class A		921,355		4,046,349
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,723,398		4,396,133
Rongsheng Petrochemical Co. Ltd., Class A		2,366,618		6,022,023
Shandong Gold Mining Co. Ltd., Class A		1,406,543		4,219,740
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,136,884		5,250,041
Shanghai Putailai New Energy Technology Co. Ltd., Class A		167,480		4,787,774
Wanhua Chemical Group Co. Ltd., Class A		1,210,861		18,210,939
Yunnan Energy New Material Co. Ltd., Class A		409,316		16,343,066
Zhejiang Huayou Cobalt Co. Ltd., Class A		643,539		13,080,020
Zhejiang Longsheng Group Co. Ltd., Class A		2,090,700		4,108,169
Zhongjin Gold Corp. Ltd., Class A		1,538,444		2,012,917
Zijin Mining Group Co. Ltd., Class A		10,489,252		16,722,832
(Cost $110,811,013)				196,769,447
Real Estate — 1.8%
China Fortune Land Development Co. Ltd., Class A *		1,422,087		737,122
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,337,524		4,203,982
China Vanke Co. Ltd., Class A		5,118,242		14,679,824
Gemdale Corp., Class A		1,598,902		2,511,430
Greenland Holdings Corp. Ltd., Class A		2,838,270		1,827,834
Jinke Properties Group Co. Ltd., Class A		2,170,812		1,404,814
Poly Developments and Holdings Group Co. Ltd., Class A		5,362,001		11,664,763

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Real Estate (Continued)
Seazen Holdings Co. Ltd., Class A		697,322	$	3,406,379
Shanghai Lingang Holdings Corp. Ltd., Class A		774,320		1,724,630
(Cost $43,398,509)				42,160,778
Utilities — 2.0%
CGN Power Co. Ltd., Class A		9,038,879		4,117,294
China National Nuclear Power Co. Ltd., Class A		4,301,101		4,614,234
China Yangtze Power Co. Ltd., Class A (a)		8,777,564		26,926,227
GD Power Development Co. Ltd., Class A		6,932,700		2,765,893
Huaneng Lancang River Hydropower, Inc., Class A		1,715,900		1,617,121

	Number of Shares		Value
Utilities (Continued)
Huaneng Power International, Inc., Class A		3,186,442	$	3,108,113
SDIC Power Holdings Co. Ltd., Class A		2,250,763		3,517,646
(Cost $36,970,106)				46,666,528
TOTAL COMMON STOCKS (Cost $1,597,496,125)				2,333,937,233
TOTAL INVESTMENTS — 99.7% (Cost $1,597,496,125)			$	2,333,937,233
Other assets and liabilities, net — 0.3%				6,074,747
NET ASSETS — 100.0%			$	2,340,011,980

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

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, 2021 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 (b)	$	2,290,136,426	$	—	$	43,800,807	$	2,333,937,233
TOTAL	$	2,290,136,426	$	—	$	43,800,807	$	2,333,937,233

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

The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

Balance at May 31, 2021	$	—
Purchases		15,523,576
Sales		(11,682,033	)
Realized gain (loss)		(835,098	)
Change in unrealized gain (loss)		(1,551,198	)
Transfers into Level 3 (c)		42,345,560
Transfer out of Level 3 (c)		—
Balance at November 30, 2021		43,800,807
Change in unrealized gain (loss) related to investments still held at November 30, 2021		(1,551,198	)

(c) During the period ended November 30, 2021, the amount of transfers between Level 1 and Level 3 was $42,345,560. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.

Transfers between price levels are recognized at the beginning of the reporting period.

Quantitative Disclosure About Significant Unobservable Inputs

Asset Class	Fair Value at 11/30/2021		Valuation Technique	Unobservable Input
Foreign Stock	$	43,800,807	Market Approach	Last Traded Price

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2021 (Unaudited)

Qualitative Disclosure About Unobservable Inputs

Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading. A significant change between last traded price, and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement.

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 3.2%
Beijing Enlight Media Co. Ltd., Class A		46,000	$	73,337
Beijing Gehua CATV Network Co. Ltd., Class A		37,600		44,885
Bluefocus Intelligent Communications Group Co. Ltd., Class A		78,600		85,557
China South Publishing & Media Group Co. Ltd., Class A		27,400		39,551
Chinese Universe Publishing and Media Group Co. Ltd., Class A		25,889		43,470
Dr Peng Telecom & Media Group Co. Ltd., Class A*		54,400		55,712
G-bits Network Technology Xiamen Co. Ltd., Class A		1,673		98,769
Hangzhou Shunwang Technology Co. Ltd., Class A		19,600		44,794
Inmyshow Digital Technology Group Co. Ltd., Class A		20,800		41,231
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		71,300		32,926
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		27,300		29,202
Kunlun Tech Co. Ltd., Class A		31,600		104,779
Leo Group Co. Ltd., Class A		261,295		97,680
NanJi E-Commerce Co. Ltd., Class A		75,800		77,747
Oriental Pearl Group Co. Ltd., Class A		77,000		94,942
Ourpalm Co. Ltd., Class A*		106,600		67,478
People.cn Co. Ltd., Class A		22,300		45,710
Wasu Media Holding Co. Ltd., Class A		18,900		21,731
Xinhuanet Co. Ltd., Class A		8,550		24,160
Youzu Interactive Co. Ltd., Class A*		28,300		68,189
Zhejiang Daily Digital Culture Group Co. Ltd., Class A		29,900		37,712
Zhejiang Huace Film & Television Co. Ltd., Class A		43,800		39,146
(Cost $1,281,197)				1,268,708
Consumer Discretionary — 8.1%
Anhui Jianghuai Automobile Group Corp. Ltd., Class A		51,700		137,320
Anhui Xinhua Media Co. Ltd., Class A		22,900		16,977
Anhui Zhongding Sealing Parts Co. Ltd., Class A		29,500		109,678
Autel Intelligent Technology Corp. Ltd., Class A		7,080		83,549
BAIC BluePark New Energy Technology Co. Ltd., Class A*		83,700		157,237
Beiqi Foton Motor Co. Ltd., Class A*		180,100		101,839
BTG Hotels Group Co. Ltd., Class A*		19,145		69,766
Chengdu Fusen Noble-House Industrial Co. Ltd., Class A		5,770		11,129
China Grand Automotive Services Group Co. Ltd., Class A*		155,000		61,352
Chongqing Department Store Co. Ltd., Class A		7,795		30,769
Chongqing Sokon Industry Group Co. Ltd., Class A*		15,800		172,828

	Number of Shares		Value
Consumer Discretionary (Continued)
Chow Tai Seng Jewellery Co. Ltd., Class A		17,200	$	47,143
DongFeng Automobile Co. Ltd., Class A		32,300		36,630
Eastern Pioneer Driving School Co. Ltd., Class A		14,180		19,066
Ecovacs Robotics Co. Ltd., Class A		8,833		227,439
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		12,700		47,596
Hang Zhou Great Star Industrial Co. Ltd., Class A*		26,853		135,098
Hisense Visual Technology Co. Ltd., Class A		30,700		64,038
HLA Group Corp. Ltd., Class A		50,200		50,149
Joyoung Co. Ltd., Class A		11,900		42,468
Keboda Technology Co. Ltd., Class A		1,900		25,964
KingClean Electric Co. Ltd., Class A		4,500		21,707
Liaoning Cheng Da Co. Ltd., Class A		41,258		119,760
New Guomai Digital Culture Co. Ltd., Class A		12,400		26,450
Ningbo Huaxiang Electronic Co. Ltd., Class A		19,800		64,160
Ningbo Joyson Electronic Corp., Class A		32,020		115,024
Ningbo Tuopu Group Co. Ltd., Class A		17,107		180,165
Rainbow Digital Commercial Co. Ltd., Class A		18,300		17,247
Shanghai Jinjiang International Hotels Co. Ltd., Class A		14,300		117,203
Shenzhen MTC Co. Ltd., Class A*		71,600		55,333
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A*		37,250		41,951
Sichuan Changhong Electric Co. Ltd., Class A		142,800		66,168
Suofeiya Home Collection Co. Ltd., Class A		24,918		66,146
Visual China Group Co. Ltd., Class A		19,500		55,623
Wangfujing Group Co. Ltd., Class A		22,530		100,114
Wanxiang Qianchao Co. Ltd., Class A		53,300		53,078
Weifu High-Technology Group Co. Ltd., Class A		20,000		66,033
Wuchan Zhongda Group Co. Ltd., Class A		117,200		111,558
Wuhan Department Store Group Co. Ltd., Class A		16,709		25,799
Xiamen Intretech, Inc., Class A		9,330		48,976
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		69,138		47,783
Zhejiang Semir Garment Co. Ltd., Class A		31,500		35,772
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		61,500		55,158
Zhejiang Yasha Decoration Co. Ltd., Class A		25,600		29,917
(Cost $2,181,031)				3,169,160
Consumer Staples — 6.6%
Anhui Kouzi Distillery Co. Ltd., Class A		13,900		144,469
Anhui Yingjia Distillery Co. Ltd., Class A		9,400		100,814
Beijing Dabeinong Technology Group Co. Ltd., Class A		128,462		183,013
Beijing Yanjing Brewery Co. Ltd., Class A		52,400		55,968

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, 2021 (Unaudited)

	Number of Shares		Value
Consumer Staples (Continued)
Bestore Co. Ltd., Class A		2,200	$	14,617
Bright Dairy & Food Co. Ltd., Class A		24,700		53,656
By-health Co. Ltd., Class A		33,100		122,386
C&S Paper Co. Ltd., Class A		25,800		67,433
Chacha Food Co. Ltd., Class A		11,800		99,308
Chongqing Fuling Zhacai Group Co. Ltd., Class A		20,738		105,865
COFCO Sugar Holding Co. Ltd., Class A		42,400		63,335
Fujian Sunner Development Co. Ltd., Class A		28,900		99,458
Guangdong Marubi Biotechnology Co. Ltd., Class A		2,200		10,442
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		19,700		92,273
Heilongjiang Agriculture Co. Ltd., Class A		28,300		63,388
Jiajiayue Group Co. Ltd., Class A		9,300		21,196
JiuGui Liquor Co. Ltd., Class A		8,800		310,423
Laobaixing Pharmacy Chain JSC, Class A		7,954		53,822
New Hope Dairy Co. Ltd., Class A		7,400		16,854
Opple Lighting Co. Ltd., Class A		5,790		17,798
Pengdu Agriculture & Animal Husbandry Co. Ltd., Class A*		127,420		81,657
Proya Cosmetics Co. Ltd., Class A		3,922		122,376
Shandong Yisheng Livestock & Poultry Breeding Co. Ltd., Class A*		23,600		39,812
Shanghai Bailian Group Co. Ltd., Class A		31,100		64,579
Shanghai Flyco Electrical Appliance Co. Ltd., Class A		1,800		11,516
Shanghai Jahwa United Co. Ltd., Class A		13,164		86,574
Shenzhen Agricultural Products Group Co. Ltd., Class A		25,900		25,182
Sichuan Swellfun Co. Ltd., Class A		7,499		153,490
Sichuan Teway Food Group Co. Ltd., Class A		6,014		23,285
Tech-Bank Food Co. Ltd., Class A		57,020		56,693
Toly Bread Co. Ltd., Class A		14,989		72,561
Yantai Changyu Pioneer Wine Co. Ltd., Class A		5,200		25,181
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		40,754		153,888
(Cost $2,171,174)				2,613,312
Energy — 2.7%
China Petroleum Engineering Corp.		64,200		28,235
China Suntien Green Energy Corp. Ltd., Class A		5,400		14,190
CNOOC Energy Technology & Services Ltd., Class A		77,900		33,894
COFCO Capital Holdings Co. Ltd., Class A		7,000		8,906
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		51,100		47,436
Guanghui Energy Co. Ltd., Class A*		156,800		146,542
Guizhou Gas Group Corp. Ltd., Class A		8,600		13,225
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		29,700		54,068
Jizhong Energy Resources Co. Ltd., Class A		40,800		36,016

	Number of Shares		Value
Energy (Continued)
Nanjing Tanker Corp., Class A*		132,600	$	40,406
Oriental Energy Co. Ltd., Class A		44,800		88,946
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		46,770		78,605
Shanxi Coking Coal Energy Group Co. Ltd., Class A		79,050		99,084
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		46,400		78,712
Sinopec Oilfield Service Corp., Class A*		72,700		23,066
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		22,341		136,962
Yanzhou Coal Mining Co. Ltd., Class A		34,600		123,476
(Cost $686,541)				1,051,769
Financials — 4.8%
Bank of Changsha Co. Ltd., Class A		44,600		54,782
Bank of Guiyang Co. Ltd., Class A		96,400		98,118
Bank of Qingdao Co. Ltd., Class A		31,500		23,453
Bank of Suzhou Co. Ltd., Class A		62,200		65,165
Bank of Xi’an Co. Ltd., Class A		46,400		30,974
Bank of Zhengzhou Co. Ltd., Class A*		66,960		35,549
Dongxing Securities Co. Ltd., Class A		64,600		121,357
First Capital Securities Co. Ltd., Class A		133,400		145,836
Guolian Securities Co. Ltd., Class A		18,900		37,257
Huaan Securities Co. Ltd., Class A		113,015		90,355
Huaxi Securities Co. Ltd., Class A		61,700		89,936
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		105,755		113,952
Jiangsu Financial Leasing Co. Ltd., Class A		45,900		36,769
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A		48,400		43,105
Jiangsu Zijin Rural Commercial Bank Co. Ltd., Class A		70,200		34,844
Minmetals Capital Co. Ltd., Class A		83,400		66,809
Northeast Securities Co. Ltd., Class A		55,249		76,194
Oceanwide Holdings Co. Ltd., Class A*		59,600		16,477
Pacific Securities Co. Ltd., Class A*		271,000		135,361
Polaris Bay Group Co. Ltd., Class A*		48,000		71,549
Qingdao Rural Commercial Bank Corp., Class A		102,900		61,741
Sealand Securities Co. Ltd., Class A		153,970		94,320
Shaanxi International Trust Co. Ltd., Class A		80,790		39,212
Shanghai AJ Group Co. Ltd., Class A		37,205		37,985
Shanxi Securities Co. Ltd., Class A		86,340		85,709
Southwest Securities Co. Ltd., Class A		133,000		101,529
Wuxi Rural Commercial Bank Co. Ltd., Class A		57,800		50,660
Xiamen Bank Co. Ltd., Class A		11,100		11,856
(Cost $1,941,984)				1,870,854
Health Care — 8.5%
Anhui Anke Biotechnology Group Co. Ltd., Class A		44,808		93,043
Apeloa Pharmaceutical Co. Ltd., Class A		23,000		149,275
Beijing SL Pharmaceutical Co. Ltd., Class A		24,500		41,177
Blue Sail Medical Co. Ltd., Class A		24,200		63,707

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, 2021 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
China Animal Husbandry Industry Co. Ltd., Class A		23,757	$	41,308
China National Accord Medicines Corp. Ltd., Class A		5,373		28,036
China National Medicines Corp. Ltd., Class A		14,533		70,491
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		19,849		39,346
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		15,018		57,628
Daan Gene Co. Ltd., Class A		37,918		126,503
Dezhan Healthcare Co. Ltd., Class A		34,400		20,857
Dian Diagnostics Group Co. Ltd., Class A		17,040		90,520
Double Medical Technology, Inc., Class A		1,800		13,356
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A		25,100		47,941
Guangzhou Wondfo Biotech Co. Ltd., Class A		10,440		63,495
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A*		27,200		25,634
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A*		47,050		50,032
Hainan Poly Pharm Co. Ltd., Class A		10,299		84,362
Haisco Pharmaceutical Group Co. Ltd., Class A		6,200		18,377
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		10,400		29,551
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		27,285		154,328
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		35,900		92,534
Jinyu Bio-Technology Co. Ltd., Class A		43,404		109,217
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		46,056		86,520
Jointown Pharmaceutical Group Co. Ltd., Class A		34,700		74,507
Livzon Pharmaceutical Group, Inc., Class A		14,662		83,068
Maccura Biotechnology Co. Ltd., Class A		15,000		73,628
Micro-Tech Nanjing Co. Ltd., Class A		1,591		62,550
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		14,060		92,026
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		21,200		62,370
Shandong Pharmaceutical Glass Co. Ltd., Class A		18,600		130,652
Shenzhen Chipscreen Biosciences Co. Ltd., Class A*		9,613		54,207
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		14,200		35,686
Shenzhen Neptunus Bioengineering Co. Ltd., Class A*		63,350		32,538
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A*		17,300		76,793
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		32,300		87,009
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		44,100		131,610

	Number of Shares		Value
Health Care (Continued)
Tasly Pharmaceutical Group Co. Ltd., Class A		35,200	$	75,028
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		69,000		47,904
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A		11,362		43,938
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		55,100		95,548
Vcanbio Cell & Gene Engineering Corp. Ltd., Class A*		14,900		52,331
Winning Health Technology Group Co. Ltd., Class A		65,900		162,719
Yifan Pharmaceutical Co. Ltd., Class A		28,600		75,695
Zhejiang Conba Pharmaceutical Co. Ltd., Class A*		72,340		47,495
Zhejiang Medicine Co. Ltd., Class A		26,500		71,052
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		10,200		89,815
(Cost $2,890,635)				3,355,407
Industrials — 20.0%
AECC Aero-Engine Control Co. Ltd., Class A		30,900		149,974
AVIC Electromechanical Systems Co. Ltd., Class A		86,200		230,174
AVICOPTER PLC, Class A		14,300		163,518
Beijing Bei Mo Gao Ke Friction Material Co. Ltd., Class A		3,430		67,835
Beijing Originwater Technology Co. Ltd., Class A		85,600		95,059
Bohai Leasing Co. Ltd., Class A*		94,800		45,862
China Aluminum International Engineering Corp. Ltd., Class A*		15,100		9,226
China Baoan Group Co. Ltd., Class A		100,980		281,218
China Energy Engineering Corp. Ltd.*		502,518		193,383
China First Heavy Industries, Class A*		110,200		60,756
China International Marine Containers Group Co. Ltd., Class A		41,920		112,133
China Meheco Co. Ltd., Class A		20,387		35,993
China Merchants Port Group Co. Ltd., Class A		8,600		21,803
China National Chemical Engineering Co. Ltd., Class A		90,900		158,770
China Railway Hi-tech Industry Co. Ltd., Class A		51,600		62,245
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A		29,200		36,876
China XD Electric Co. Ltd., Class A		81,100		74,266
CITIC Heavy Industries Co. Ltd., Class A		70,400		52,525
CMST Development Co. Ltd., Class A		33,600		32,827
COSCO SHIPPING Development Co. Ltd., Class A		153,600		77,928
Deppon Logistics Co. Ltd., Class A		11,800		18,071
Dongfang Electric Corp. Ltd., Class A		43,400		139,065
East Group Co. Ltd., Class A		36,700		65,485
Eternal Asia Supply Chain Management Ltd., Class A		59,700		58,232

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, 2021 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Fangda Carbon New Material Co. Ltd., Class A		89,400	$	169,631
Fujian Longking Co. Ltd., Class A		30,400		39,871
Gotion High-tech Co. Ltd., Class A*		39,381		411,470
Guangshen Railway Co. Ltd., Class A*		134,000		42,937
Guangxi Liugong Machinery Co. Ltd., Class A		43,230		51,606
Guangzhou Port Co. Ltd., Class A		47,500		23,651
Guosheng Financial Holding, Inc., Class A*		45,487		68,947
Hefei Meiya Optoelectronic Technology, Inc., Class A		10,900		66,686
Henan Pinggao Electric Co. Ltd., Class A		31,400		43,550
Hongfa Technology Co. Ltd., Class A		20,480		233,285
Infore Environment Technology Group Co. Ltd., Class A		38,700		48,387
Jiangsu Expressway Co. Ltd., Class A		16,900		22,166
Jihua Group Corp. Ltd., Class A*		104,100		44,639
Juneyao Airlines Co. Ltd., Class A		23,240		53,368
Kaishan Group Co. Ltd., Class A		16,200		39,899
Kuang-Chi Technologies Co. Ltd., Class A*		50,200		182,696
Liaoning Port Co. Ltd., Class A		228,620		60,329
Ming Yang Smart Energy Group Ltd., Class A		37,700		188,722
North Industries Group Red Arrow Co. Ltd., Class A*		27,947		132,744
Orient Group, Inc., Class A*		114,590		52,917
Qingdao Port International Co. Ltd., Class A		27,000		23,198
Qingdao TGOOD Electric Co. Ltd., Class A		24,481		115,974
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		15,900		68,680
Shandong Hi-speed Co. Ltd., Class A		23,900		18,695
Shanghai Construction Group Co. Ltd., Class A		165,400		80,537
Shanghai Environment Group Co. Ltd., Class A		26,840		51,433
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		13,649		32,051
Shanghai Tunnel Engineering Co. Ltd., Class A		73,000		57,790
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		14,200		28,170
Shanxi Coal International Energy Group Co. Ltd., Class A		30,400		38,391
Shenzhen Airport Co. Ltd., Class A*		41,500		46,152
Shenzhen Tagen Group Co. Ltd., Class A		50,809		41,898
Siasun Robot & Automation Co. Ltd., Class A*		51,100		82,431
Sichuan Road & Bridge Co. Ltd., Class A		55,600		104,799
Sieyuan Electric Co. Ltd., Class A		23,980		206,334
Sinochem International Corp., Class A		55,300		72,268
Sinoma International Engineering Co., Class A		41,550		76,293
Sinotrans Ltd., Class A		61,100		42,227
State Grid Yingda Co. Ltd., Class A		45,900		52,846
STO Express Co. Ltd., Class A*		23,600		30,731

	Number of Shares		Value
Industrials (Continued)
Sunwoda Electronic Co. Ltd., Class A		46,200	$	384,244
Suzhou Anjie Technology Co. Ltd., Class A		11,850		31,251
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		50,200		44,787
TangShan Port Group Co. Ltd., Class A		113,574		44,955
TBEA Co. Ltd., Class A		143,000		514,139
Tian Di Science & Technology Co. Ltd., Class A		65,700		43,239
Tianjin Port Co. Ltd., Class A		55,576		33,871
Topsec Technologies Group, Inc., Class A		46,280		136,444
Tus Environmental Science And Technology Development Co. Ltd., Class A*		34,300		24,190
Wolong Electric Group Co. Ltd., Class A		32,439		100,835
Xiamen C & D, Inc., Class A		64,100		81,251
Xiamen ITG Group Corp. Ltd., Class A		57,048		60,933
Xuji Electric Co. Ltd., Class A		24,500		103,864
Yantai Eddie Precision Machinery Co. Ltd., Class A		13,580		67,682
Yutong Bus Co. Ltd., Class A		53,900		93,467
Zhefu Holding Group Co. Ltd., Class A		63,900		67,047
Zhejiang Wanliyang Co. Ltd., Class A		27,700		66,786
Zhejiang Weiming Environment Protection Co. Ltd., Class A		14,776		83,901
Zhejiang Weixing New Building Materials Co. Ltd., Class A		24,880		72,453
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		41,100		81,793
Zhongshan Broad Ocean Motor Co. Ltd., Class A		67,000		86,716
Zhuzhou Kibing Group Co. Ltd., Class A		62,900		157,880
(Cost $5,107,914)				7,873,351
Information Technology — 17.8%
Accelink Technologies Co. Ltd., Class A		17,300		63,314
Addsino Co. Ltd., Class A		50,600		130,027
Aisino Corp., Class A		43,700		91,361
Amlogic Shanghai Co. Ltd., Class A*		7,977		151,747
Arcsoft Corp. Ltd., Class A		7,988		61,304
Beijing E-Hualu Information Technology Co. Ltd., Class A*		15,740		82,155
Beijing Jetsen Technology Co. Ltd., Class A*		79,600		59,264
Beijing Orient National Communication Science & Technology Co. Ltd., Class A*		32,419		53,366
Beijing Sinnet Technology Co. Ltd., Class A		42,200		97,770
Beijing Teamsun Technology Co. Ltd., Class A		44,560		48,924
Beijing Thunisoft Corp. Ltd., Class A		32,600		61,088
Beijing Ultrapower Software Co. Ltd., Class A*		77,600		70,330
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		35,100		85,345
China National Software & Service Co. Ltd., Class A		11,600		94,491
China TransInfo Technology Co. Ltd., Class A		37,600		86,994

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, 2021 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
DHC Software Co. Ltd., Class A		74,700	$	85,184
Doushen Beijing Education & Technology, Inc., Class A*		26,620		17,185
Eastern Communications Co. Ltd., Class A		19,700		35,275
Fiberhome Telecommunication Technologies Co. Ltd., Class A		27,200		75,834
Fujian Star-net Communication Co. Ltd., Class A		18,200		72,040
GCL System Integration Technology Co. Ltd., Class A*		137,500		93,301
GRG Banking Equipment Co. Ltd., Class A		48,900		88,483
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		28,200		130,624
Guangzhou Haige Communications Group, Inc. Co., Class A		73,900		120,951
Hangzhou Lion Electronics Co. Ltd., Class A		1,700		36,315
Hangzhou Silan Microelectronics Co. Ltd., Class A		32,480		316,663
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		33,000		103,409
Hengtong Optic-electric Co. Ltd., Class A		55,800		144,441
Huagong Tech Co. Ltd., Class A		40,059		188,765
Hytera Communications Corp. Ltd., Class A		38,900		36,110
Ingenic Semiconductor Co. Ltd., Class A		7,300		156,044
IRICO Display Devices Co. Ltd., Class A*		55,600		61,307
Leyard Optoelectronic Co. Ltd., Class A		80,600		130,524
MLS Co. Ltd., Class A		29,600		79,039
Neusoft Corp., Class A*		34,900		61,232
Newland Digital Technology Co. Ltd., Class A		29,140		81,380
Ninestar Corp., Class A		25,400		174,905
PCI Technology Group Co. Ltd., Class A		55,350		69,552
Raytron Technology Co. Ltd., Class A		8,733		119,064
Rockchip Electronics Co. Ltd., Class A		6,400		147,834
Shanghai 2345 Network Holding Group Co. Ltd., Class A*		226,848		77,677
Shanghai Aiko Solar Energy Co. Ltd., Class A		32,100		115,109
Shanghai Belling Co. Ltd., Class A		22,300		97,971
Shenzhen Aisidi Co. Ltd., Class A		24,500		48,527
Shenzhen Everwin Precision Technology Co. Ltd., Class A		28,536		69,295
Shenzhen Huaqiang Industry Co. Ltd., Class A		12,840		32,693
Shenzhen Kaifa Technology Co. Ltd., Class A		37,400		90,761
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A		23,400		50,759
Shenzhen Kinwong Electronic Co. Ltd., Class A		10,320		46,847
Shenzhen Sunlord Electronics Co. Ltd., Class A		25,300		151,367
Shenzhen Suntak Circuit Technology Co. Ltd., Class A		15,300		38,811
Sinosoft Co. Ltd., Class A		13,720		58,660

	Number of Shares		Value
Information Technology (Continued)
StarPower Semiconductor Ltd., Class A		1,900	$	143,250
Taiji Computer Corp. Ltd., Class A		16,419		74,274
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		12,400		72,260
Tianma Microelectronics Co. Ltd., Class A		48,800		95,814
Tianshui Huatian Technology Co. Ltd., Class A		86,200		186,982
TongFu Microelectronics Co. Ltd., Class A		26,600		91,041
Venustech Group, Inc., Class A		29,200		131,862
Visionox Technology, Inc., Class A*		37,200		51,419
Wangsu Science & Technology Co. Ltd., Class A		78,400		75,487
Westone Information Industry, Inc., Class A		22,904		204,667
Wonders Information Co. Ltd., Class A*		46,494		86,759
Wuhu Token Science Co. Ltd., Class A		94,800		170,346
Wuxi Taiji Industry Co. Ltd., Class A		59,100		76,770
Xiamen Faratronic Co. Ltd., Class A		5,300		217,444
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A		5,200		26,724
Zhejiang Crystal-Optech Co. Ltd., Class A		44,262		121,735
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		25,100		283,191
Zhongji Innolight Co. Ltd., Class A		22,600		135,391
(Cost $5,177,982)				6,986,834
Materials — 22.3%
ADAMA Ltd., Class A		16,600		20,728
Angang Steel Co. Ltd., Class A		92,500		52,741
BBMG Corp., Class A		154,800		65,407
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A*		54,500		62,406
Beijing Shougang Co. Ltd., Class A*		47,400		47,203
Chengzhi Co. Ltd., Class A*		24,209		56,316
Chifeng Jilong Gold Mining Co. Ltd., Class A*		45,400		119,232
China Hainan Rubber Industry Group Co. Ltd., Class A		68,300		56,751
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A*		55,800		48,469
China West Construction Group Co. Ltd., Class A		19,500		22,665
Chongqing Iron & Steel Co. Ltd., Class A*		258,900		81,332
COFCO Biotechnology Co. Ltd., Class A		43,285		79,411
CSG Holding Co. Ltd., Class A		54,361		83,764
Fangda Special Steel Technology Co. Ltd., Class A		41,246		46,840
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A*		119,800		39,704
GEM Co. Ltd., Class A		185,852		329,871
Grace Fabric Technology Co. Ltd., Class A		6,900		9,657
Guangdong HEC Technology Holding Co. Ltd., Class A*		57,605		99,530
Guangdong Hongda Blasting Co. Ltd., Class A		17,400		82,593
Guangdong Tapai Group Co. Ltd., Class A		27,600		43,222

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Guangzhou Tinci Materials Technology Co. Ltd., Class A		22,034	$	467,226
Hainan Mining Co. Ltd., Class A*		15,400		30,430
Hangzhou Iron & Steel Co., Class A		65,510		52,272
Hesteel Co. Ltd., Class A		159,300		58,300
Hongda Xingye Co. Ltd., Class A		90,578		87,498
Hoshine Silicon Industry Co. Ltd., Class A		5,800		140,597
Huabao Flavours & Fragrances Co. Ltd., Class A		4,800		53,115
Huafon Microfibre Shanghai Technology Co. Ltd.*		47,250		36,885
Huaibei Mining Holdings Co. Ltd., Class A		38,500		64,464
Huapont Life Sciences Co. Ltd., Class A		61,450		71,039
Huaxin Cement Co. Ltd., Class A		26,272		73,124
Hubei Xingfa Chemicals Group Co. Ltd., Class A		25,920		162,649
Hunan Gold Corp. Ltd., Class A*		32,800		53,683
Hunan Valin Steel Co. Ltd., Class A		127,720		100,908
Jiangsu Shagang Co. Ltd., Class A		68,100		60,008
Jiangsu Yangnong Chemical Co. Ltd., Class A		7,300		151,929
Jilin Yatai Group Co. Ltd., Class A		125,900		65,061
Jinduicheng Molybdenum Co. Ltd., Class A		39,800		46,511
Levima Advanced Materials Corp., Class A		7,900		50,776
Lianhe Chemical Technology Co. Ltd., Class A		28,859		81,412
Liuzhou Iron & Steel Co. Ltd., Class A		19,800		16,048
Luxi Chemical Group Co. Ltd., Class A		44,500		107,851
Maanshan Iron & Steel Co. Ltd., Class A		92,700		52,564
Nanjing Hanrui Cobalt Co. Ltd., Class A		8,500		131,001
Nanjing Iron & Steel Co. Ltd., Class A		119,100		65,663
Ningbo Shanshan Co. Ltd., Class A		43,761		257,280
ORG Technology Co. Ltd., Class A		65,650		73,214
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		167,500		99,450
Red Avenue New Materials Group Co. Ltd., Class A		7,000		57,186
Rising Nonferrous Metals Share Co. Ltd., Class A*		7,400		63,487
Sansteel Minguang Co. Ltd. Fujian, Class A		47,550		48,697
Satellite Chemical Co. Ltd., Class A		26,900		166,897
SGIS Songshan Co. Ltd., Class A		46,500		29,945
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A		16,000		20,407
Shandong Chenming Paper Holdings Ltd., Class A		47,350		53,401
Shandong Iron and Steel Co. Ltd., Class A		212,130		57,643
Shandong Nanshan Aluminum Co. Ltd., Class A		277,700		191,487
Shandong Sinocera Functional Material Co. Ltd., Class A		30,900		217,923
Shandong Sun Paper Industry JSC Ltd., Class A		61,300		110,536
Shanghai Huayi Group Co. Ltd., Class A		21,900		32,954
Shanxi Meijin Energy Co. Ltd., Class A*		82,700		175,363

	Number of Shares		Value
Materials (Continued)
Shanxi Taigang Stainless Steel Co. Ltd., Class A		88,100	$	99,219
Shanying International Holding Co. Ltd., Class A		121,100		60,678
Shenghe Resources Holding Co. Ltd., Class A		47,790		167,620
Shenzhen Capchem Technology Co. Ltd., Class A		11,000		209,409
Shenzhen Jinjia Group Co. Ltd., Class A		40,400		96,645
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		14,740		73,161
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		100,500		77,508
Sichuan Hebang Biotechnology Co. Ltd., Class A*		204,780		108,718
Sinoma Science & Technology Co. Ltd., Class A		26,200		150,208
Skshu Paint Co. Ltd., Class A		5,840		109,177
Tangshan Jidong Cement Co. Ltd., Class A (a)		37,081		68,961
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		48,500		71,762
Tianshan Aluminum Group Co. Ltd., Class A		20,900		26,854
Tongkun Group Co. Ltd., Class A		64,400		199,679
Tongling Nonferrous Metals Group Co. Ltd., Class A		285,400		153,762
Transfar Zhilian Co. Ltd., Class A		47,600		67,888
Weihai Guangwei Composites Co. Ltd., Class A		12,200		161,542
Western Mining Co. Ltd., Class A		74,400		151,102
Xiamen Tungsten Co. Ltd., Class A		33,420		137,375
Xinfengming Group Co. Ltd., Class A		29,416		65,749
Xinjiang Tianshan Cement Co. Ltd., Class A		24,300		50,688
Xinjiang Zhongtai Chemical Co. Ltd., Class A		67,100		102,866
Xinxing Ductile Iron Pipes Co. Ltd., Class A		88,450		51,821
Xinyu Iron & Steel Co. Ltd., Class A		61,900		51,919
Yintai Gold Co. Ltd., Class A		64,908		91,655
Yunnan Aluminium Co. Ltd., Class A*		73,100		122,743
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		120,600		94,904
Yunnan Copper Co. Ltd., Class A		40,800		88,502
Yunnan Tin Co. Ltd., Class A*		39,230		114,181
Zhejiang Hailiang Co. Ltd., Class A		37,800		75,997
Zhejiang Juhua Co. Ltd., Class A		52,790		109,453
Zhejiang Runtu Co. Ltd., Class A		31,000		43,920
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A		6,960		27,844
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		52,521		82,000
(Cost $5,571,985)				8,750,236
Real Estate — 3.1%
Beijing Capital Development Co. Ltd., Class A		45,000		33,362

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Real Estate (Continued)
Beijing Urban Construction Investment & Development Co. Ltd., Class A		47,720	$	31,481
China Merchants Property Operation & Service Co. Ltd., Class A		16,800		33,751
China Sports Industry Group Co. Ltd., Class A		26,801		48,916
China-Singapore Suzhou Industrial Park Development Group Co. Ltd., Class A		11,500		16,943
Cinda Real Estate Co. Ltd., Class A*		27,500		13,822
Financial Street Holdings Co. Ltd., Class A		43,800		37,908
Grandjoy Holdings Group Co. Ltd., Class A*		45,400		23,818
Greattown Holdings Ltd., Class A		61,164		33,818
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		44,800		28,147
Huafa Industrial Co. Ltd. Zhuhai, Class A		63,040		51,985
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		68,100		41,075
Nanjing Gaoke Co. Ltd., Class A		31,920		45,124
Red Star Macalline Group Corp. Ltd., Class A*		16,900		22,483
RiseSun Real Estate Development Co. Ltd., Class A		77,700		50,526
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A		13,000		24,095
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		34,000		55,755
Shanghai Shimao Co. Ltd., Class A		37,800		18,346
Shanghai SMI Holding Co. Ltd., Class A		48,300		29,588
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		30,700		71,657
Sichuan Languang Development Co. Ltd., Class A*		58,165		15,257
Suning Universal Co. Ltd., Class A*		58,700		40,845
Tahoe Group Co. Ltd., Class A*		33,300		10,618
Tianjin Guangyu Development Co. Ltd., Class A		21,500		69,567
Xiangcai Co. Ltd., Class A		17,200		27,016
Xinhu Zhongbao Co. Ltd., Class A		162,100		73,074
Yango Group Co. Ltd., Class A		75,600		34,437
Youngor Group Co. Ltd., Class A		107,400		110,327
Zhejiang China Commodities City Group Co. Ltd., Class A		106,100		76,661

	Number of Shares		Value
Real Estate (Continued)
Zhongtian Financial Group Co. Ltd., Class A*		153,900	$	63,092
(Cost $1,461,998)				1,233,494
Utilities — 2.8%
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		172,990		88,037
CECEP Wind-Power Corp., Class A		118,400		119,023
Chengdu Xingrong Environment Co. Ltd., Class A		69,500		65,826
Chongqing Gas Group Corp. Ltd., Class A		12,200		16,193
Datang International Power Generation Co. Ltd., Class A		95,100		37,792
ENN Natural Gas Co. Ltd., Class A		22,800		69,978
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		67,500		56,935
Huadian Power International Corp. Ltd., Class A		126,100		71,899
Hubei Energy Group Co. Ltd., Class A		75,600		54,029
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		118,700		68,425
Jinko Power Technology Co. Ltd., Class A		33,200		48,706
Luenmei Quantum Co. Ltd., Class A		35,350		44,808
Shanghai Electric Power Co. Ltd., Class A		30,000		46,933
Shenergy Co. Ltd., Class A		94,949		91,870
Shenzhen Energy Group Co. Ltd., Class A		55,260		70,046
Shenzhen Gas Corp. Ltd., Class A		23,300		33,084
State Grid Information & Communication Co. Ltd., Class A		19,100		57,572
Zhongshan Public Utilities Group Co. Ltd., Class A		34,760		45,590
(Cost $873,969)				1,086,746
TOTAL COMMON STOCKS (Cost $29,346,410)				39,259,871
TOTAL INVESTMENTS — 99.9% (Cost $29,346,410)			$	39,259,871
Other assets and liabilities, net — 0.1%				50,762
NET ASSETS — 100.0%			$	39,310,633

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

JSC: Joint Stock Company

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2021 (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, 2021 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 (b)	$	39,190,910	$	—	$	68,961	$	39,259,871
TOTAL	$	39,190,910	$	—	$	68,961	$	39,259,871

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

During the period ended November 30, 2021, the amount of transfers from Level 1 to Level 3 was $ 89,361. The investment was transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity.

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 50.6%
Communication Services — 10.6%
Alibaba Pictures Group Ltd.*		77,021	$	7,904
Autohome, Inc., ADR		392		13,395
Baidu, Inc., ADR*		1,633		244,689
Bilibili, Inc., ADR*(a)		1,002		66,142
China Literature Ltd., 144A*(a)		2,438		17,106
China Tower Corp. Ltd., Class H, 144A		290,426		36,881
Hello Group, Inc., ADR (a)		1,078		12,472
iQIYI, Inc., ADR*		1,462		9,123
JOYY, Inc., ADR (a)		378		19,354
Kanzhun Ltd., ADR*		208		6,652
Kingsoft Corp. Ltd.		5,126		22,224
Kuaishou Technology, 144A*		1,472		16,040
NetEase, Inc., ADR		2,434		262,215
Tencent Holdings Ltd.		33,591		1,979,477
Tencent Music Entertainment Group, ADR*		4,045		29,083
Weibo Corp., ADR*(a)		397		15,805
(Cost $2,575,821)				2,758,562
Consumer Discretionary — 18.0%
Alibaba Group Holding Ltd.*		88,418		1,443,795
ANTA Sports Products Ltd.		6,813		108,542
Bosideng International Holdings Ltd.		21,941		15,423
Brilliance China Automotive Holdings Ltd.*(b)		21,577		20,205
BYD Co. Ltd., Class H		4,636		182,208
China Education Group Holdings Ltd.		2,497		4,593
China Meidong Auto Holdings Ltd.		3,550		17,213
China Yuhua Education Corp. Ltd., 144A		8,669		4,148
Dada Nexus Ltd., ADR*		346		6,252
Dongfeng Motor Group Co. Ltd., Class H		17,251		16,021
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,210		17,685
Geely Automobile Holdings Ltd.		35,805		106,324
GOME Retail Holdings Ltd.*(a)		38,282		3,339
Great Wall Motor Co. Ltd., Class H		19,651		82,175
Guangzhou Automobile Group Co. Ltd., Class H		19,224		19,678
Haidilao International Holding Ltd., 144A		6,251		13,808
Haier Smart Home Co. Ltd., Class H		12,683		47,505
HengTen Networks Group Ltd.*(a)		20,000		8,466
Huazhu Group Ltd., ADR*		994		39,283
JD Health International, Inc., 144A*		2,078		18,125
JD.com, Inc., ADR*		5,235		440,316
Jiumaojiu International Holdings Ltd., 144A		4,089		8,487
Li Auto, Inc., ADR*(a)		3,318		117,590
Li Ning Co. Ltd.		12,908		146,700
Meituan, Class B, 144A*		23,965		731,629
Minth Group Ltd.		4,788		22,172
New Oriental Education & Technology Group, Inc., ADR*		9,614		21,247
NIO, Inc., ADR*		8,148		318,831
Pinduoduo, Inc., ADR*		2,556		169,974
Shenzhou International Group Holdings Ltd.		4,816		90,811

	Number of Shares		Value
Consumer Discretionary (Continued)
TAL Education Group, ADR*(a)		2,395	$	12,406
Tongcheng-Elong Holdings Ltd.*		5,633		11,677
Topsports International Holdings Ltd., 144A		8,830		10,262
Trip.com Group Ltd., ADR*		3,074		84,535
Vipshop Holdings Ltd., ADR*		2,720		26,574
XPeng, Inc., ADR*(a)		2,264		124,520
Yadea Group Holdings Ltd., 144A		5,998		10,756
Yum China Holdings, Inc.		2,525		126,502
Zhongsheng Group Holdings Ltd.		3,996		32,882
(Cost $4,702,005)				4,682,659
Consumer Staples — 1.9%
Anhui Gujing Distillery Co. Ltd., Class B		606		8,387
China Feihe Ltd., 144A		21,874		29,125
China Mengniu Dairy Co. Ltd.*		19,223		107,262
China Resources Beer Holdings Co. Ltd.		9,268		75,848
Dali Foods Group Co. Ltd., 144A		15,548		8,177
Hengan International Group Co. Ltd.		4,632		22,370
Nongfu Spring Co. Ltd., Class H, 144A (a)		5,397		30,945
RLX Technology, Inc., ADR*(a)		3,684		15,141
Smoore International Holdings Ltd., 144A (a)		10,769		64,372
Sun Art Retail Group Ltd. (a)		12,000		4,879
Tingyi Cayman Islands Holding Corp.		14,121		27,351
Tsingtao Brewery Co. Ltd., Class H		3,011		24,275
Uni-President China Holdings Ltd.		10,119		9,930
Vinda International Holdings Ltd. (a)		1,833		4,961
Want Want China Holdings Ltd.		35,785		30,250
Yihai International Holding Ltd.*		3,169		16,992
(Cost $459,676)				480,265
Energy — 0.7%
China Coal Energy Co. Ltd., Class H		6,317		3,176
China Oilfield Services Ltd., Class H		10,800		8,562
China Petroleum & Chemical Corp., Class H		148,709		65,047
China Shenhua Energy Co. Ltd., Class H		19,680		40,795
China Suntien Green Energy Corp. Ltd., Class H		5,373		3,770
PetroChina Co. Ltd., Class H		130,129		56,586
Yanzhou Coal Mining Co. Ltd., Class H (a)		9,062		14,228
(Cost $227,726)				192,164
Financials — 6.5%
360 DigiTech, Inc., ADR*		521		12,129
Agricultural Bank of China Ltd., Class H		158,101		52,120
Bank of China Ltd., Class H		482,868		167,855
Bank of Communications Co. Ltd., Class H		54,225		31,578
China Bohai Bank Co. Ltd., Class H, 144A		10,000		2,976
China Cinda Asset Management Co. Ltd., Class H		67,760		10,865
China CITIC Bank Corp. Ltd., Class H		59,433		25,539
China Construction Bank Corp., Class H		572,347		372,958
China Everbright Bank Co. Ltd., Class H		21,679		7,453
China Galaxy Securities Co. Ltd., Class H		25,207		13,904
China Huarong Asset Management Co. Ltd., Class H, 144A*(b)		82,025		10,732

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Financials (Continued)
China International Capital Corp. Ltd., Class H, 144A		8,578	$	20,796
China Life Insurance Co. Ltd., Class H		47,750		78,646
China Merchants Bank Co. Ltd., Class H		23,443		181,329
China Minsheng Banking Corp. Ltd., Class H (a)		38,001		14,623
China Pacific Insurance Group Co. Ltd., Class H		16,072		46,592
China Taiping Insurance Holdings Co. Ltd.		10,235		14,258
CITIC Securities Co. Ltd., Class H		14,043		33,505
Far East Horizon Ltd. (a)		10,110		8,780
GF Securities Co. Ltd., Class H		7,823		13,627
Haitong Securities Co. Ltd., Class H		17,454		14,665
Huatai Securities Co. Ltd., Class H, 144A		8,322		11,935
Industrial & Commercial Bank of China Ltd., Class H		341,620		180,541
New China Life Insurance Co. Ltd., Class H		5,407		14,461
Noah Holdings Ltd., ADR*		243		8,852
People’s Insurance Co. Group of China Ltd., Class H		59,821		17,495
PICC Property & Casualty Co. Ltd., Class H		43,050		36,833
Ping An Insurance Group Co. of China Ltd., Class H		36,318		251,799
Postal Savings Bank of China Co. Ltd., Class H, 144A		47,786		32,426
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		2,982		10,175
(Cost $2,104,101)				1,699,447
Health Care — 3.5%
3SBio, Inc., 144A*		7,526		6,439
Akeso, Inc., 144A*		1,732		11,020
Alibaba Health Information Technology Ltd.*		25,589		23,600
BeiGene Ltd., ADR*		287		99,741
CanSino Biologics, Inc., Class H, 144A*(a)		432		9,498
China Medical System Holdings Ltd.		7,983		13,148
China Traditional Chinese Medicine Holdings Co. Ltd.		9,251		4,462
CSPC Pharmaceutical Group Ltd.		58,189		60,310
Genscript Biotech Corp.*		6,769		35,600
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		781		12,453
Hansoh Pharmaceutical Group Co. Ltd., 144A		6,650		13,580
Hutchmed China Ltd., ADR*		469		15,880
Hygeia Healthcare Holdings Co. Ltd., 144A		1,043		8,114
I-Mab, ADR*		196		11,850
Innovent Biologics, Inc., 144A*		6,456		57,431
Jinxin Fertility Group Ltd., 144A*(a)		8,479		11,855
Legend Biotech Corp., ADR*		111		5,718
Microport Scientific Corp.		4,602		19,244
Pharmaron Beijing Co. Ltd., Class H, 144A		759		15,646
Ping An Healthcare and Technology Co. Ltd., 144A*(a)		2,788		10,514
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		12,780		18,066

	Number of Shares		Value
Health Care (Continued)
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,087	$	15,978
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,384		7,997
Sino Biopharmaceutical Ltd.		65,861		48,070
Sinopharm Group Co. Ltd., Class H		8,546		18,570
Venus MedTech Hangzhou, Inc., Class H, 144A*		1,300		6,453
WuXi AppTec Co. Ltd., Class H, 144A		1,965		43,782
Wuxi Biologics Cayman, Inc., 144A*		20,781		283,092
Zai Lab Ltd., ADR*		458		31,717
(Cost $709,704)				919,828
Industrials — 1.9%
51job, Inc., ADR*		176		10,155
Air China Ltd., Class H*		15,036		9,470
AviChina Industry & Technology Co. Ltd., Class H		20,128		13,271
Beijing Capital International Airport Co. Ltd., Class H*		13,526		7,877
BOC Aviation Ltd., 144A		1,406		9,928
China Communications Services Corp. Ltd., Class H		17,954		8,567
China Conch Venture Holdings Ltd.		10,857		52,991
China Everbright Environment Group Ltd.		27,044		17,969
China Lesso Group Holdings Ltd.		7,660		11,182
China Merchants Port Holdings Co. Ltd.		11,300		17,423
China Railway Group Ltd., Class H		23,051		10,970
China Southern Airlines Co. Ltd., Class H*(a)		7,005		3,873
China State Construction International Holdings Ltd.		15,215		15,418
CITIC Ltd.		36,253		32,738
COSCO SHIPPING Holdings Co. Ltd., Class H*		18,250		31,229
COSCO SHIPPING Ports Ltd.		12,859		10,111
CRRC Corp. Ltd., Class H		13,432		5,961
DiDi Global, Inc., ADR*(a)		1,818		13,871
Fosun International Ltd.		16,223		17,730
Haitian International Holdings Ltd.		5,161		14,167
Jiangsu Expressway Co. Ltd., Class H		9,691		9,423
Sany Heavy Equipment International Holdings Co. Ltd.		6,064		6,308
Shenzhen International Holdings Ltd.		8,510		9,279
Sinotruk Hong Kong Ltd.		4,628		6,863
Weichai Power Co. Ltd., Class H		13,962		24,823
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,986		6,588
Zhejiang Expressway Co. Ltd., Class H		12,281		11,579
Zhuzhou CRRC Times Electric Co. Ltd.		2,701		17,808
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		9,545		6,269
ZTO Express Cayman, Inc., ADR		2,646		83,640
(Cost $502,892)				497,481
Information Technology — 2.9%
AAC Technologies Holdings, Inc.		4,920		21,458
Agora, Inc., ADR*		293		6,124

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
BYD Electronic International Co. Ltd. (a)		3,775	$	14,018
China Youzan Ltd.*		87,939		7,896
Chinasoft International Ltd.*		15,592		26,160
Chindata Group Holdings Ltd., ADR*		432		4,087
Daqo New Energy Corp., ADR*		326		18,693
Flat Glass Group Co. Ltd., Class H (a)		2,598		11,397
GDS Holdings Ltd., ADR*(a)		522		29,253
Hua Hong Semiconductor Ltd., 144A*		3,809		25,505
Kingboard Holdings Ltd.		4,179		20,960
Kingboard Laminates Holdings Ltd.		7,362		13,051
Kingdee International Software Group Co. Ltd.*		15,764		47,823
Kingsoft Cloud Holdings Ltd., ADR*(a)		350		6,048
Lenovo Group Ltd.		43,939		44,920
Ming Yuan Cloud Group Holdings Ltd.*(a)		2,598		7,432
Sunny Optical Technology Group Co. Ltd.		4,223		127,732
TravelSky Technology Ltd., Class H		5,434		8,992
Vnet Group, Inc., ADR*		528		5,132
Weimob, Inc., 144A*(a)		9,959		12,085
Xiaomi Corp., Class B, 144A*		86,667		214,337
Xinyi Solar Holdings Ltd.		29,335		53,809
ZTE Corp., Class H		4,868		13,207
(Cost $619,609)				740,119
Materials — 1.0%
Aluminum Corp. of China Ltd., Class H*		32,474		15,954
Anhui Conch Cement Co. Ltd., Class H		8,295		37,720
China Hongqiao Group Ltd.		13,079		12,683
China Molybdenum Co. Ltd., Class H		19,894		12,274
China National Building Material Co. Ltd., Class H		26,177		28,273
China Resources Cement Holdings Ltd.		18,200		13,307
Dongyue Group Ltd.		7,000		13,307
Ganfeng Lithium Co. Ltd., Class H, 144A		1,560		30,436
Huabao International Holdings Ltd.		5,198		14,969
Jiangxi Copper Co. Ltd., Class H		7,896		12,721
Lee & Man Paper Manufacturing Ltd.		7,636		5,270
MMG Ltd.*		17,324		6,289
Nine Dragons Paper Holdings Ltd.		11,247		12,638
Shandong Gold Mining Co. Ltd., Class H, 144A		3,898		7,000
Zijin Mining Group Co. Ltd., Class H		36,149		48,039
(Cost $225,638)				270,880
Real Estate — 2.2%
Agile Group Holdings Ltd.		5,508		3,632
A-Living Smart City Services Co. Ltd., 144A		2,946		6,946
China Evergrande Group (a)		13,241		3,889
China Jinmao Holdings Group Ltd.		34,733		10,604
China Overseas Land & Investment Ltd.		22,196		51,135
China Overseas Property Holdings Ltd. (a)		4,582		4,302
China Resources Land Ltd.		18,112		75,391
China Resources Mixc Lifestyle Services Ltd., 144A		3,464		17,151
China Vanke Co. Ltd., Class H		9,251		20,956
CIFI Ever Sunshine Services Group Ltd.		4,196		7,083

	Number of Shares		Value
Real Estate (Continued)
CIFI Holdings Group Co. Ltd.		21,735	$	11,849
Country Garden Holdings Co. Ltd.		48,900		43,155
Country Garden Services Holdings Co. Ltd.		9,391		56,798
Greentown China Holdings Ltd.		5,198		7,708
Greentown Service Group Co. Ltd.		9,476		9,092
Guangzhou R&F Properties Co. Ltd., Class H (a)		7,005		3,792
Hopson Development Holdings Ltd.		4,084		9,953
KE Holdings, Inc., ADR*		2,154		43,102
KWG Group Holdings Ltd.		9,355		6,936
Logan Group Co. Ltd.		9,840		9,504
Longfor Group Holdings Ltd., 144A		11,235		53,323
Powerlong Real Estate Holdings Ltd.		10,000		6,029
Seazen Group Ltd.*(b)		14,457		10,441
Shimao Group Holdings Ltd.		8,022		9,261
Shimao Services Holdings Ltd., 144A (a)		4,000		4,956
Sunac China Holdings Ltd.		16,430		29,590
Sunac Services Holdings Ltd., 144A		3,464		5,519
Wharf Holdings Ltd.		8,042		28,110
Yuexiu Property Co. Ltd.		10,775		10,062
(Cost $773,644)				560,269
Utilities — 1.4%
Beijing Enterprises Holdings Ltd.		3,905		13,199
Beijing Enterprises Water Group Ltd.		39,553		14,764
CGN Power Co. Ltd., Class H, 144A		53,397		14,658
China Gas Holdings Ltd.		19,068		34,292
China Longyuan Power Group Corp. Ltd., Class H		20,129		41,312
China Power International Development Ltd.		25,895		13,220
China Resources Gas Group Ltd.		6,157		31,868
China Resources Power Holdings Co. Ltd.		13,969		36,285
ENN Energy Holdings Ltd.		5,010		94,084
Guangdong Investment Ltd.		19,703		26,234
Huaneng Power International, Inc., Class H		26,126		11,696
Kunlun Energy Co. Ltd.		25,051		23,586
(Cost $307,304)				355,198
TOTAL COMMON STOCKS (Cost $13,208,120)				13,156,872
RIGHTS — 0.0%
Real Estate — 0.0%
CIFI Holdings Group Co. Ltd.*, expires 12/27/21 (Cost $0)		1,087		35
EXCHANGE-TRADED FUNDS — 49.2%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)		34,219		1,411,534
Xtrackers MSCI China A Inclusion Equity ETF (c)		379,130		11,390,923
TOTAL EXCHANGE-TRADED FUNDS (Cost $10,237,749)				12,802,457

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $221,622)		221,622	$	221,622
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) (Cost $27,759)		27,759		27,759
TOTAL INVESTMENTS — 100.7% (Cost $23,695,250)			$	26,208,745
Other assets and liabilities, net — (0.7%)				(189,065	)
NET ASSETS — 100.0%			$	26,019,680

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
EXCHANGE-TRADED FUNDS — 49.2%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)
		1,716,704		72,289		(511,012	)		53,344		80,209			—		—		34,219		1,411,534
Xtrackers MSCI China A Inclusion Equity ETF (c)
		13,524,060		219,748		(1,750,101	)		550,630		(1,153,414	)		—		—		379,130		11,390,923
SECURITIES LENDING COLLATERAL — 0.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e)
		1,306,704		—		(1,085,082	)(f)		—		—			36		—		221,622		221,622
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d)
		4,222		169,808		(146,271	)		—		—			3		—		27,759		27,759
		16,551,690		461,845		(3,492,466	)		603,974		(1,073,205	)		39		—		662,730		13,051,838

* 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, 2021 amounted to $644,411, which is 2.5% of net assets.

(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 cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $442,387.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

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.

At November 30, 2021, 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	3	$	47,001	$46,182		12/30/2021	$	(819	)

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.

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2021 (Unaudited)

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, 2021 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (g)	$	13,115,494		$	—	$	41,378	$	13,156,872
Rights		—			35		—		35
Exchange-Traded Funds		12,802,457			—		—		12,802,457
Short-Term Investments (g)		249,381			—		—		249,381
TOTAL	$	26,167,332		$	35	$	41,378	$	26,208,745
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (h)
Futures Contracts	$	(819	)	$	—	$	—	$	(819	)
TOTAL	$	(819	)	$	—	$	—	$	(819	)

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

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

During the period ended November 30, 2021, the amount of transfers from Level 1 to Level 3 was $ 19,180. The investment was transferred from Level 1 to Level 3 due the lack of observable market data due to a decrease in market activity.

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF

November 30, 2021 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 1.2%
Beijing Enlight Media Co. Ltd., Class A		6,200	$	9,869
China United Network Communications Ltd., Class A		59,100		35,959
Focus Media Information Technology Co. Ltd., Class A		27,923		30,958
G-bits Network Technology Xiamen Co. Ltd., Class A		100		5,894
Giant Network Group Co. Ltd., Class A		3,300		5,227
Kunlun Tech Co. Ltd., Class A		2,300		7,614
Mango Excellent Media Co. Ltd., Class A		3,700		25,246
Perfect World Co. Ltd., Class A		3,700		10,931
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,300		15,907
Zhejiang Century Huatong Group Co. Ltd., Class A*		14,720		16,920
(Cost $143,945)				164,525
Consumer Discretionary — 6.8%
Autel Intelligent Technology Corp. Ltd., Class A		765		9,013
Beijing Roborock Technology Co. Ltd., Class A		130		16,552
BYD Co. Ltd., Class A		3,498		167,142
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		500		17,015
China Tourism Group Duty Free Corp. Ltd., Class A		3,743		120,592
Chongqing Changan Automobile Co. Ltd., Class A		12,140		33,068
Ecovacs Robotics Co. Ltd., Class A		900		23,136
FAW Jiefang Group Co. Ltd., Class A		5,700		9,242
Fuyao Glass Industry Group Co. Ltd., Class A		4,009		28,913
Great Wall Motor Co. Ltd., Class A		4,300		40,364
Haier Smart Home Co. Ltd., Class A		12,000		51,223
Hang Zhou Great Star Industrial Co. Ltd., Class A*		2,300		11,553
Hangzhou Robam Appliances Co. Ltd., Class A		1,900		9,377
Huayu Automotive Systems Co. Ltd., Class A		6,300		25,489
Huizhou Desay Sv Automotive Co. Ltd., Class A		900		19,622
Jason Furniture Hangzhou Co. Ltd., Class A		1,300		13,649
Liaoning Cheng Da Co. Ltd., Class A		3,200		9,274
Mianyang Fulin Precision Co. Ltd., Class A*		1,400		8,187
NavInfo Co. Ltd., Class A*		4,100		10,017
Ningbo Joyson Electronic Corp., Class A		3,000		10,759
Ningbo Tuopu Group Co. Ltd., Class A		2,200		23,132
Oppein Home Group, Inc., Class A		940		17,901
SAIC Motor Corp. Ltd., Class A		14,727		46,073
Sailun Group Co. Ltd., Class A		6,100		13,306
Shandong Linglong Tyre Co. Ltd., Class A		2,800		16,905

	Number of Shares		Value
Consumer Discretionary (Continued)
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,700	$	13,911
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		6,900		10,312
Shenzhen Kedali Industry Co. Ltd., Class A		400		11,056
Shenzhen MTC Co. Ltd., Class A*		9,100		7,021
Shenzhen Overseas Chinese Town Co. Ltd., Class A		16,500		15,344
Songcheng Performance Development Co. Ltd., Class A		5,243		10,853
Suning.com Co. Ltd., Class A*		15,864		9,578
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A		1,100		19,320
TCL Technology Group Corp., Class A		27,600		26,575
Wangfujing Group Co. Ltd., Class A		1,800		7,985
Wuchan Zhongda Group Co. Ltd., Class A		9,900		9,408
Xiamen Intretech, Inc., Class A		1,300		6,813
Zhejiang Semir Garment Co. Ltd., Class A		5,200		5,896
Zhejiang Supor Co. Ltd., Class A		1,100		10,616
(Cost $529,899)				916,192
Consumer Staples — 15.9%
Angel Yeast Co. Ltd., Class A		1,600		14,056
Anhui Gujing Distillery Co. Ltd., Class A		800		31,824
Anhui Kouzi Distillery Co. Ltd., Class A		1,200		12,452
Anhui Yingjia Distillery Co. Ltd., Class A		1,200		12,849
Beijing Dabeinong Technology Group Co. Ltd., Class A		7,800		11,094
Beijing Shunxin Agriculture Co. Ltd., Class A		1,600		8,054
By-health Co. Ltd., Class A		3,400		12,551
C&S Paper Co. Ltd., Class A		2,500		6,524
Chacha Food Co. Ltd., Class A		1,100		9,243
Chongqing Brewery Co. Ltd., Class A*		900		20,407
Chongqing Fuling Zhacai Group Co. Ltd., Class A		1,700		8,664
DaShenLin Pharmaceutical Group Co. Ltd., Class A		1,480		8,183
Foshan Haitian Flavouring & Food Co. Ltd., Class A		6,730		118,519
Fu Jian Anjoy Foods Co. Ltd., Class A		500		13,620
Fujian Sunner Development Co. Ltd., Class A		2,600		8,933
Guangdong Haid Group Co. Ltd., Class A		3,300		33,203
Heilongjiang Agriculture Co. Ltd., Class A		3,500		7,827
Henan Shuanghui Investment & Development Co. Ltd., Class A		5,400		24,100
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		11,613		71,333
Jiangsu King’s Luck Brewery JSC Ltd., Class A		2,500		22,131
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,924		79,922
Jiangxi Zhengbang Technology Co. Ltd., Class A		5,600		8,510
JiuGui Liquor Co. Ltd., Class A		600		21,131
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		1,600		8,242

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Consumer Staples (Continued)
Juewei Food Co. Ltd., Class A		1,200	$	12,217
Kweichow Moutai Co. Ltd., Class A		2,450		741,806
Laobaixing Pharmacy Chain JSC, Class A		940		6,350
Luzhou Laojiao Co. Ltd., Class A		2,806		101,229
Muyuan Foods Co. Ltd., Class A		10,085		82,871
New Hope Liuhe Co. Ltd., Class A*		8,972		20,218
Proya Cosmetics Co. Ltd., Class A		400		12,461
Shanghai Bailian Group Co. Ltd., Class A		3,200		6,634
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		1,480		13,535
Shanghai Jahwa United Co. Ltd., Class A		1,400		9,192
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		2,274		110,554
Sichuan Swellfun Co. Ltd., Class A		900		18,391
Toly Bread Co. Ltd., Class A		1,940		9,376
Tongwei Co. Ltd., Class A		8,700		61,285
Tsingtao Brewery Co. Ltd., Class A		1,400		21,684
Wens Foodstuffs Group Co. Ltd., Class A		12,044		30,125
Wuliangye Yibin Co. Ltd., Class A		7,454		254,824
Yifeng Pharmacy Chain Co. Ltd., Class A		1,386		9,813
Yihai Kerry Arawana Holdings Co. Ltd., Class A		2,700		26,048
Yonghui Superstores Co. Ltd., Class A		15,466		9,410
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		2,400		9,048
(Cost $968,022)				2,140,443
Energy — 1.7%
China Merchants Energy Shipping Co. Ltd., Class A		17,180		11,773
China Petroleum & Chemical Corp., Class A		59,750		37,854
China Shenhua Energy Co. Ltd., Class A		12,900		39,528
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		7,500		6,951
Guanghui Energy Co. Ltd., Class A*		12,800		11,943
Offshore Oil Engineering Co. Ltd., Class A		9,700		6,556
PetroChina Co. Ltd., Class A		40,935		30,235
Shaanxi Coal Industry Co. Ltd., Class A		18,399		34,277
Shanxi Coking Coal Energy Group Co. Ltd., Class A		8,200		10,262
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		5,900		9,993
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		1,900		11,629
Yanzhou Coal Mining Co. Ltd., Class A		4,900		17,458
(Cost $191,934)				228,459
Financials — 17.6%
Agricultural Bank of China Ltd., Class A		144,217		65,812
AVIC Industry-Finance Holdings Co. Ltd., Class A		15,310		9,219
Bank of Beijing Co. Ltd., Class A		41,714		28,652
Bank of Changsha Co. Ltd., Class A		7,000		8,584
Bank of Chengdu Co. Ltd., Class A		6,650		11,690
Bank of China Ltd., Class A		70,112		33,534
Bank of Communications Co. Ltd., Class A		75,738		54,278
Bank of Hangzhou Co. Ltd., Class A		11,240		24,254

	Number of Shares		Value
Financials (Continued)
Bank of Jiangsu Co. Ltd., Class A		29,499	$	27,247
Bank of Nanjing Co. Ltd., Class A		19,000		27,024
Bank of Ningbo Co. Ltd., Class A (a)		12,050		73,470
Bank of Shanghai Co. Ltd., Class A		26,535		29,752
BOC International China Co. Ltd., Class A		3,700		7,897
Caitong Securities Co. Ltd., Class A		6,600		10,536
Changjiang Securities Co. Ltd., Class A		10,000		11,275
China Construction Bank Corp., Class A		19,200		17,343
China Everbright Bank Co. Ltd., Class A		78,831		41,413
China Galaxy Securities Co. Ltd., Class A		8,600		14,066
China Great Wall Securities Co. Ltd., Class A		5,100		9,885
China International Capital Corp. Ltd., Class A		2,100		15,675
China Life Insurance Co. Ltd., Class A		5,614		26,015
China Merchants Bank Co. Ltd., Class A		39,843		309,217
China Merchants Securities Co. Ltd., Class A		14,031		37,449
China Minsheng Banking Corp. Ltd., Class A		67,871		41,403
China Pacific Insurance Group Co. Ltd., Class A		12,977		55,129
China Zheshang Bank Co. Ltd., Class A		34,400		18,503
Chongqing Rural Commercial Bank Co. Ltd., Class A		16,900		10,124
CITIC Securities Co. Ltd., Class A		20,555		76,620
CSC Financial Co. Ltd., Class A		8,500		37,363
Dongxing Securities Co. Ltd., Class A		5,500		10,315
East Money Information Co. Ltd., Class A		19,840		107,774
Everbright Securities Co. Ltd., Class A		7,737		17,532
First Capital Securities Co. Ltd., Class A		9,100		9,932
Founder Securities Co. Ltd., Class A		15,700		19,081
GF Securities Co. Ltd., Class A		11,600		42,457
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		5,265		7,348
Guolian Securities Co. Ltd., Class A		3,700		7,282
Guosen Securities Co. Ltd., Class A		11,900		20,583
Guotai Junan Securities Co. Ltd., Class A		14,251		37,388
Guoyuan Securities Co. Ltd., Class A		8,290		9,685
Haitong Securities Co. Ltd., Class A		18,414		34,161
Hithink RoyalFlush Information Network Co. Ltd., Class A		1,100		20,241
Huaan Securities Co. Ltd., Class A		9,820		7,838
Huatai Securities Co. Ltd., Class A		14,180		35,178
Huaxi Securities Co. Ltd., Class A		5,200		7,567
Huaxia Bank Co. Ltd., Class A		25,598		22,640
Industrial & Commercial Bank of China Ltd., Class A		121,033		86,929
Industrial Bank Co. Ltd., Class A		39,885		112,646
Industrial Securities Co. Ltd., Class A		13,400		17,988
Nanjing Securities Co. Ltd., Class A		7,500		11,197
New China Life Insurance Co. Ltd., Class A		4,164		24,755
Northeast Securities Co. Ltd., Class A		5,000		6,884
Orient Securities Co. Ltd., Class A		11,751		25,909
Pacific Securities Co. Ltd., Class A*		13,500		6,732
People’s Insurance Co. Group of China Ltd., Class A		12,800		9,334

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Ping An Bank Co. Ltd., Class A		37,266	$	101,919
Ping An Insurance Group Co. of China Ltd., Class A		20,609		155,840
Postal Savings Bank of China Co. Ltd., Class A		50,700		40,389
Qingdao Rural Commercial Bank Corp., Class A		12,300		7,368
SDIC Capital Co. Ltd., Class A		12,080		15,174
Sealand Securities Co. Ltd., Class A		9,560		5,847
Shanghai Pudong Development Bank Co. Ltd., Class A		56,027		74,769
Shanxi Securities Co. Ltd., Class A		6,780		6,720
Shenwan Hongyuan Group Co. Ltd., Class A		42,895		33,970
Sinolink Securities Co. Ltd., Class A		6,000		10,011
SooChow Securities Co. Ltd., Class A		7,210		9,893
Southwest Securities Co. Ltd., Class A		13,200		10,060
Tianfeng Securities Co. Ltd., Class A		17,200		10,411
Western Securities Co. Ltd., Class A		8,200		10,081
Zheshang Securities Co. Ltd., Class A		7,300		14,218
Zhongtai Securities Co. Ltd., Class A		11,400		18,592
(Cost $1,947,983)				2,378,067
Health Care — 10.0%
Aier Eye Hospital Group Co. Ltd., Class A		10,418		69,727
Apeloa Pharmaceutical Co. Ltd., Class A		2,200		14,255
Asymchem Laboratories Tianjin Co. Ltd., Class A		500		40,234
Autobio Diagnostics Co. Ltd., Class A		1,140		10,008
Beijing Tiantan Biological Products Corp. Ltd., Class A		2,540		11,954
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		800		31,426
Betta Pharmaceuticals Co. Ltd., Class A		800		10,442
BGI Genomics Co. Ltd., Class A		800		11,918
CanSino Biologics, Inc., Class A*		193		8,474
Changchun High & New Technology Industry Group, Inc., Class A		800		35,551
China National Medicines Corp. Ltd., Class A		1,500		7,264
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,675		6,417
Chongqing Zhifei Biological Products Co. Ltd., Class A		3,100		62,653
Daan Gene Co. Ltd., Class A		2,996		9,979
Dong-E-E-Jiao Co. Ltd., Class A		1,200		7,700
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		2,400		11,058
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		900		15,446
Hangzhou Tigermed Consulting Co. Ltd., Class A		750		16,146
Huadong Medicine Co. Ltd., Class A		3,460		18,388
Hualan Biological Engineering, Inc., Class A		3,440		15,590
Humanwell Healthcare Group Co. Ltd., Class A		3,300		10,997

	Number of Shares		Value
Health Care (Continued)
Imeik Technology Development Co. Ltd., Class A		400	$	35,428
Intco Medical Technology Co. Ltd., Class A		1,100		11,263
Jafron Biomedical Co. Ltd., Class A		1,550		12,423
Jiangsu Hengrui Medicine Co. Ltd., Class A		12,176		95,795
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		2,000		11,294
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		4,200		7,877
Joinn Laboratories China Co. Ltd., Class A		600		13,173
Jointown Pharmaceutical Group Co. Ltd., Class A		4,000		8,575
Lepu Medical Technology Beijing Co. Ltd., Class A		3,600		12,516
Livzon Pharmaceutical Group, Inc., Class A		1,000		5,656
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		8,432		9,864
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		2,349		15,350
Ovctek China, Inc., Class A		1,660		14,864
PharmaBlock Sciences Nanjing, Inc., Class A		400		9,563
Pharmaron Beijing Co. Ltd., Class A		1,300		37,024
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		2,238		6,573
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		3,800		33,371
Shanghai Junshi Biosciences Co. Ltd., Class A*		1,202		11,489
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		3,900		11,253
Shanghai RAAS Blood Products Co. Ltd., Class A		13,400		13,764
Shenzhen Kangtai Biological Products Co. Ltd., Class A		1,300		23,428
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,300		129,278
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		1,200		9,138
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A*		2,100		9,307
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		3,380		9,090
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		2,300		6,853
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		4,300		7,444
Topchoice Medical Corp., Class A*		600		18,586
Walvax Biotechnology Co. Ltd., Class A		3,100		33,446
Winning Health Technology Group Co. Ltd., Class A		4,210		10,378
WuXi AppTec Co. Ltd., Class A		4,936		111,463
Yunnan Baiyao Group Co. Ltd., Class A		2,370		32,829
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		1,196		83,836
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		3,020		10,192

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		1,700	$	15,979
Zhejiang NHU Co. Ltd., Class A		5,120		23,308
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		1,100		9,670
(Cost $847,159)				1,346,967
Industrials — 16.3%
AECC Aero-Engine Control Co. Ltd., Class A		2,200		10,660
AECC Aviation Power Co. Ltd., Class A		5,100		51,457
Air China Ltd., Class A*		13,300		16,644
AVIC Electromechanical Systems Co. Ltd., Class A		7,600		20,261
AVICOPTER PLC, Class A		1,200		13,700
Beijing New Building Materials PLC, Class A		3,300		13,791
Beijing Originwater Technology Co. Ltd., Class A		6,800		7,539
Beijing United Information Technology Co. Ltd., Class A		700		13,046
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		77,300		54,791
China Baoan Group Co. Ltd., Class A		5,000		13,902
China CSSC Holdings Ltd., Class A		8,900		33,440
China Eastern Airlines Corp. Ltd., Class A*		16,300		11,912
China National Chemical Engineering Co. Ltd., Class A		12,200		21,274
China Railway Group Ltd., Class A		38,000		31,583
China Southern Airlines Co. Ltd., Class A*		19,600		18,811
China State Construction Engineering Corp. Ltd., Class A		78,700		57,265
Contemporary Amperex Technology Co. Ltd., Class A		4,500		479,861
COSCO SHIPPING Development Co. Ltd., Class A		14,600		7,395
COSCO SHIPPING Holdings Co. Ltd., Class A*		24,350		66,327
CRRC Corp. Ltd., Class A		47,900		45,745
Dongfang Electric Corp. Ltd., Class A		5,400		17,275
Eve Energy Co. Ltd., Class A		3,662		83,980
Fangda Carbon New Material Co. Ltd., Class A		7,573		14,346
Ginlong Technologies Co. Ltd., Class A		500		19,993
Gotion High-tech Co. Ltd., Class A*		2,400		25,036
Guangdong Kinlong Hardware Products Co. Ltd., Class A		600		14,396
Hefei Meiya Optoelectronic Technology, Inc., Class A		1,200		7,330
Hongfa Technology Co. Ltd., Class A		1,400		15,921
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,508		30,964
Jiangsu Zhongtian Technology Co. Ltd., Class A		5,900		17,191
Kuang-Chi Technologies Co. Ltd., Class A*		4,100		14,897
Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A		300		9,941
Metallurgical Corp. of China Ltd., Class A		36,314		21,583

	Number of Shares		Value
Industrials (Continued)
Ming Yang Smart Energy Group Ltd., Class A		4,000	$	19,991
NARI Technology Co. Ltd., Class A		10,600		68,834
North Industries Group Red Arrow Co. Ltd., Class A*		2,600		12,330
Power Construction Corp. of China Ltd., Class A		29,300		30,188
Riyue Heavy Industry Co. Ltd., Class A		2,000		11,419
Sany Heavy Industry Co. Ltd., Class A		16,250		55,807
SF Holding Co. Ltd., Class A		9,400		90,258
Shanghai Construction Group Co. Ltd., Class A		19,000		9,237
Shanghai Electric Group Co. Ltd., Class A		24,800		18,823
Shanghai International Airport Co. Ltd., Class A*		1,895		12,826
Shanghai International Port Group Co. Ltd., Class A		19,400		14,572
Shanghai M&G Stationery, Inc., Class A		1,900		16,685
Shenzhen Inovance Technology Co. Ltd., Class A		5,100		52,465
Sichuan Road & Bridge Co. Ltd., Class A		9,600		18,065
Sieyuan Electric Co. Ltd., Class A		1,400		12,027
Sinotrans Ltd., Class A		9,600		6,624
Spring Airlines Co. Ltd., Class A*		1,698		14,645
Sungrow Power Supply Co. Ltd., Class A		2,800		70,904
Sunwoda Electronic Co. Ltd., Class A		3,100		25,741
Suzhou Maxwell Technologies Co. Ltd., Class A		200		22,111
TBEA Co. Ltd., Class A		7,281		26,136
Titan Wind Energy Suzhou Co. Ltd., Class A		3,400		11,085
Topsec Technologies Group, Inc., Class A		2,300		6,770
Weichai Power Co. Ltd., Class A		13,400		32,424
Wuxi Shangji Automation Co. Ltd., Class A		500		17,395
XCMG Construction Machinery Co. Ltd., Class A		14,349		13,344
Xiamen C & D, Inc., Class A		5,800		7,340
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		6,643		19,064
Yantai Eddie Precision Machinery Co. Ltd., Class A		1,760		8,757
Youngy Co. Ltd., Class A*		500		11,252
YTO Express Group Co. Ltd., Class A		5,900		14,915
Yunda Holding Co. Ltd., Class A		5,710		17,801
Yutong Bus Co. Ltd., Class A		3,600		6,233
Zhefu Holding Group Co. Ltd., Class A		10,800		11,313
Zhejiang Chint Electrics Co. Ltd., Class A		4,117		33,443
Zhejiang Dingli Machinery Co. Ltd., Class A		980		12,653
Zhejiang HangKe Technology, Inc. Co., Class A		794		15,311
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		7,030		25,609
Zhejiang Weiming Environment Protection Co. Ltd., Class A		2,200		12,472
Zhejiang Weixing New Building Materials Co. Ltd., Class A		3,300		9,594

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Zhuzhou Kibing Group Co. Ltd., Class A		5,400	$	13,532
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		14,150		15,488
(Cost $1,152,327)				2,207,740
Information Technology — 14.7%
360 Security Technology, Inc., Class A*		13,700		25,695
Addsino Co. Ltd., Class A		3,100		7,953
Advanced Micro-Fabrication Equipment Inc China, Class A*		1,169		29,337
Avary Holding Shenzhen Co. Ltd., Class A		3,100		19,562
Beijing BDStar Navigation Co. Ltd., Class A*		1,100		6,762
Beijing E-Hualu Information Technology Co. Ltd., Class A*		1,440		7,504
Beijing Kingsoft Office Software, Inc., Class A		760		32,279
Beijing Shiji Information Technology Co. Ltd., Class A		2,040		9,073
Beijing Sinnet Technology Co. Ltd., Class A		3,200		7,402
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		400		11,644
BOE Technology Group Co. Ltd., Class A		71,802		54,272
Chaozhou Three-Circle Group Co. Ltd., Class A		3,458		22,613
China Greatwall Technology Group Co. Ltd., Class A		6,200		13,670
China National Software & Service Co. Ltd., Class A		1,000		8,133
China Railway Signal & Communication Corp. Ltd., Class A		13,918		10,607
China TransInfo Technology Co. Ltd., Class A		3,200		7,392
China Zhenhua Group Science & Technology Co. Ltd., Class A		1,000		18,980
Dawning Information Industry Co. Ltd., Class A		2,600		11,400
DHC Software Co. Ltd., Class A		6,500		7,400
Fiberhome Telecommunication Technologies Co. Ltd., Class A		2,100		5,845
Flat Glass Group Co. Ltd., Class A		2,800		19,992
Foxconn Industrial Internet Co. Ltd., Class A		13,400		23,472
GCL System Integration Technology Co. Ltd., Class A*		10,900		7,384
Gigadevice Semiconductor Beijing, Inc., Class A		1,312		30,985
GoerTek, Inc., Class A		6,577		53,715
GRG Banking Equipment Co. Ltd., Class A		4,600		8,310
Guangzhou Haige Communications Group, Inc. Co., Class A		4,700		7,680
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		1,300		14,158
Hangzhou First Applied Material Co. Ltd., Class A		1,860		35,468
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,600		25,307

	Number of Shares		Value
Information Technology (Continued)
Hengtong Optic-electric Co. Ltd., Class A		4,300	$	11,113
Huagong Tech Co. Ltd., Class A		2,000		9,409
Hundsun Technologies, Inc., Class A		2,897		26,536
Iflytek Co. Ltd., Class A		4,334		36,701
Ingenic Semiconductor Co. Ltd., Class A		900		19,207
Inspur Electronic Information Industry Co. Ltd., Class A		2,688		13,700
JA Solar Technology Co. Ltd., Class A		3,100		42,274
JCET Group Co. Ltd., Class A		3,400		17,702
Lakala Payment Co. Ltd., Class A		1,600		7,128
Lens Technology Co. Ltd., Class A		9,800		32,258
Leyard Optoelectronic Co. Ltd., Class A		4,900		7,922
Lingyi iTech Guangdong Co., Class A*		14,100		14,991
LONGi Green Energy Technology Co. Ltd., Class A		10,374		142,217
Luxshare Precision Industry Co. Ltd., Class A		13,533		84,146
Maxscend Microelectronics Co. Ltd., Class A		620		36,441
Montage Technology Co. Ltd., Class A		1,510		19,491
National Silicon Industry Group Co. Ltd., Class A*		4,047		18,811
NAURA Technology Group Co. Ltd., Class A		1,000		60,687
Ninestar Corp., Class A		2,100		14,437
OFILM Group Co. Ltd., Class A*		6,300		8,654
Raytron Technology Co. Ltd., Class A		891		12,128
Sanan Optoelectronics Co. Ltd., Class A		8,579		47,127
Sangfor Technologies, Inc., Class A		800		24,614
SG Micro Corp., Class A		450		24,205
Shanghai Baosight Software Co. Ltd., Class A		2,070		21,518
Shengyi Technology Co. Ltd., Class A		4,600		17,024
Shennan Circuits Co. Ltd., Class A		980		16,136
Shenzhen Goodix Technology Co. Ltd., Class A		900		15,529
Shenzhen Kaifa Technology Co. Ltd., Class A		3,300		7,995
Shenzhen SC New Energy Technology Corp., Class A		700		13,304
Shenzhen Sunlord Electronics Co. Ltd., Class A		1,600		9,557
Shenzhen Sunway Communication Co. Ltd., Class A		1,800		7,057
Shenzhen Transsion Holdings Co. Ltd., Class A		1,252		32,843
StarPower Semiconductor Ltd., Class A		300		22,582
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		3,200		12,049
Thunder Software Technology Co. Ltd., Class A		800		19,691
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		1,400		8,145
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		6,200		43,752
Tianma Microelectronics Co. Ltd., Class A		4,500		8,821
Tianshui Huatian Technology Co. Ltd., Class A		5,900		12,777

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
TongFu Microelectronics Co. Ltd., Class A		2,400	$	8,201
Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,200		43,449
Unisplendour Corp. Ltd., Class A		5,408		21,931
Universal Scientific Industrial Shanghai Co. Ltd., Class A		2,800		6,753
Westone Information Industry, Inc., Class A		1,600		14,274
Will Semiconductor Co. Ltd., Class A		1,700		72,614
Wingtech Technology Co. Ltd., Class A		2,364		45,487
Wuhan Guide Infrared Co. Ltd., Class A		4,374		16,688
Wuhu Token Science Co. Ltd., Class A		4,400		7,894
WUS Printed Circuit Kunshan Co. Ltd., Class A		4,010		9,533
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		1,600		19,889
Xiamen Faratronic Co. Ltd., Class A		400		16,384
Yealink Network Technology Corp. Ltd., Class A		1,800		21,856
Yonyou Network Technology Co. Ltd., Class A		6,426		32,791
Zhejiang Dahua Technology Co. Ltd., Class A		5,800		22,329
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,500		28,160
Zhongji Innolight Co. Ltd., Class A		1,500		8,971
Zhuzhou Hongda Electronics Corp. Ltd., Class A		700		10,586
ZTE Corp., Class A		7,600		36,565
(Cost $1,202,685)				1,989,028
Materials — 11.5%
Aluminum Corp. of China Ltd., Class A*		26,108		21,290
Anhui Conch Cement Co. Ltd., Class A		7,564		42,963
Anhui Honglu Steel Construction Group Co. Ltd., Class A		1,000		7,966
Baoshan Iron & Steel Co. Ltd., Class A		44,057		45,046
BBMG Corp., Class A		17,100		7,213
Beijing Easpring Material Technology Co. Ltd., Class A		800		13,148
Chengtun Mining Group Co. Ltd., Class A		5,100		9,277
Chengxin Lithium Group Co. Ltd., Class A*		1,600		15,052
Chifeng Jilong Gold Mining Co. Ltd., Class A*		3,300		8,653
China Jushi Co. Ltd., Class A		7,772		21,329
China Minmetals Rare Earth Co. Ltd., Class A		1,900		13,271
China Molybdenum Co. Ltd., Class A		35,400		32,697
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		6,993		59,020
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		3,800		8,086
Do-Fluoride New Materials Co. Ltd., Class A		1,400		10,692
Ganfeng Lithium Co. Ltd., Class A		2,200		57,791
GEM Co. Ltd., Class A		9,500		16,834
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,840		38,953

	Number of Shares		Value
Materials (Continued)
Hangzhou Oxygen Plant Group Co. Ltd., Class A		2,000	$	8,183
Hengli Petrochemical Co. Ltd., Class A		11,120		36,812
Hengyi Petrochemical Co. Ltd., Class A		7,160		11,756
Hesteel Co. Ltd., Class A		20,200		7,381
Hoshine Silicon Industry Co. Ltd., Class A		800		19,361
Huafon Chemical Co. Ltd., Class A		9,300		15,605
Huaxin Cement Co. Ltd., Class A		2,800		7,781
Hubei Xingfa Chemicals Group Co. Ltd., Class A		2,100		13,156
Hunan Valin Steel Co. Ltd., Class A		12,900		10,175
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		87,400		39,610
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		17,795		14,790
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A*		6,800		7,710
Jiangsu Eastern Shenghong Co. Ltd., Class A		6,500		24,147
Jiangsu Yangnong Chemical Co. Ltd., Class A		600		12,467
Jiangsu Yoke Technology Co. Ltd., Class A		900		11,267
Jiangxi Copper Co. Ltd., Class A		4,044		14,453
Kingfa Sci & Tech Co. Ltd., Class A		5,300		11,278
LB Group Co. Ltd., Class A		4,700		20,608
Luxi Chemical Group Co. Ltd., Class A		3,800		9,195
Ningxia Baofeng Energy Group Co. Ltd., Class A		12,200		31,070
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		17,300		10,255
Rongsheng Petrochemical Co. Ltd., Class A		19,328		49,102
Satellite Chemical Co. Ltd., Class A		3,380		20,937
Shandong Gold Mining Co. Ltd., Class A		6,853		20,526
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		4,170		19,225
Shandong Nanshan Aluminum Co. Ltd., Class A		24,100		16,591
Shandong Sun Paper Industry JSC Ltd., Class A		5,500		9,901
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,340		38,245
Shanxi Meijin Energy Co. Ltd., Class A*		8,100		17,148
Shanxi Taigang Stainless Steel Co. Ltd., Class A		11,500		12,930
Shenghe Resources Holding Co. Ltd., Class A		3,500		12,256
Shenzhen Capchem Technology Co. Ltd., Class A		800		15,205
Shenzhen Senior Technology Material Co. Ltd., Class A		1,400		10,077
Sichuan Hebang Biotechnology Co. Ltd., Class A*		16,700		8,852
Sichuan New Energy Power Co. Ltd.*		2,400		11,216
Sichuan Yahua Industrial Group Co. Ltd., Class A		2,200		10,626
Sinoma Science & Technology Co. Ltd., Class A		3,200		18,316

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2021 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Sinopec Shanghai Petrochemical Co. Ltd., Class A		11,770	$	8,490
Skshu Paint Co. Ltd., Class A		740		13,812
Tangshan Jidong Cement Co. Ltd., Class A (a)		3,100		5,756
Tianshan Aluminum Group Co. Ltd., Class A		8,700		11,160
Tibet Summit Resources Co. Ltd., Class A		1,700		10,160
Tongkun Group Co. Ltd., Class A		4,500		13,930
Tongling Nonferrous Metals Group Co. Ltd., Class A		21,100		11,349
Transfar Zhilian Co. Ltd., Class A		6,190		8,814
Wanhua Chemical Group Co. Ltd., Class A		6,000		90,091
Weihai Guangwei Composites Co. Ltd., Class A		1,000		13,220
Western Superconducting Technologies Co. Ltd., Class A		786		11,968
Xiamen Tungsten Co. Ltd., Class A		2,600		10,670
Xinjiang Zhongtai Chemical Co. Ltd., Class A		4,800		7,347
Yintai Gold Co. Ltd., Class A		5,280		7,444
YongXing Special Materials Technology Co. Ltd., Class A		800		18,159
Yunnan Aluminium Co. Ltd., Class A*		6,300		10,561
Yunnan Energy New Material Co. Ltd., Class A		1,700		67,767
Yunnan Tin Co. Ltd., Class A*		3,100		9,008
Zhejiang Huayou Cobalt Co. Ltd., Class A		2,332		47,321
Zhejiang Juhua Co. Ltd., Class A		5,500		11,385
Zhejiang Longsheng Group Co. Ltd., Class A		6,500		12,752
Zhejiang Yongtai Technology Co. Ltd., Class A*		1,700		16,728
Zhongjin Gold Corp. Ltd., Class A		9,700		12,671
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		5,200		8,106
Zijin Mining Group Co. Ltd., Class A		38,997		62,071
(Cost $974,164)				1,558,234
Real Estate — 1.6%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		15,515		27,858
China Vanke Co. Ltd., Class A		18,396		52,677
Gemdale Corp., Class A		9,422		14,775
Greenland Holdings Corp. Ltd., Class A		17,181		11,047
Jinke Properties Group Co. Ltd., Class A		10,400		6,719
Poly Developments and Holdings Group Co. Ltd., Class A		22,873		49,678
RiseSun Real Estate Development Co. Ltd., Class A		3,300		2,142
Seazen Holdings Co. Ltd., Class A		4,513		22,010
Shanghai Lingang Holdings Corp. Ltd., Class A		3,200		7,116
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		3,200		7,457
Youngor Group Co. Ltd., Class A		9,100		9,333

	Number of Shares		Value
Real Estate (Continued)
Zhejiang China Commodities City Group Co. Ltd., Class A		11,000	$	7,935
(Cost $228,361)				218,747
Utilities — 2.2%
CECEP Solar Energy Co. Ltd., Class A		5,600		8,782
CECEP Wind-Power Corp., Class A		9,500		9,534
China National Nuclear Power Co. Ltd., Class A		27,784		29,758
China Yangtze Power Co. Ltd., Class A (a)		45,700		139,963
ENN Natural Gas Co. Ltd., Class A		4,500		13,789
GD Power Development Co. Ltd., Class A		33,500		13,344
Huadian Power International Corp. Ltd., Class A		13,700		7,799
Huaneng Power International, Inc., Class A		14,800		14,413
SDIC Power Holdings Co. Ltd., Class A		13,195		20,588
Shenergy Co. Ltd., Class A		9,800		9,467
Shenzhen Energy Group Co. Ltd., Class A		7,600		9,618
Sichuan Chuantou Energy Co. Ltd., Class A		7,300		13,073
(Cost $228,206)				290,128
TOTAL COMMON STOCKS (Cost $8,414,685)				13,438,530
CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $72,219)		72,219		72,219
TOTAL INVESTMENTS — 100.0% (Cost $8,486,904)			$	13,510,749
Other assets and liabilities, net — (0.0)%				(4,974	)
NET ASSETS — 100.0%			$	13,505,775

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2021 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

	Value ($) at 5/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers Harvest CSI 300 China A-Shares ETF (c)
		4,212		—			(3,710	)		1,510		(2,012	)		—		—		—		—
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)
		—		0	(d)		—			—		—			0		—		—		—
CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b)
		65,391		1,807,133			(1,800,305	)		—		—			23		—		72,219		72,219
		69,603		1,810,791			(1,807,673	)		1,510		(2,012	)		23		—		72,219		72,219

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

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

(c) Affiliated fund advised by DBX Advisors LLC.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2021.

JSC: Joint Stock Company

At November 30, 2021, 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	4	$	62,668	$61,576		12/30/2021	$	(1,092	)

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

Currency Abbreviations

USD U.S. Dollar

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, 2021 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 (e)	$	13,219,341		$	—	$	219,189	$	13,438,530
Short-Term Investments (e)		72,219			—		—		72,219
TOTAL	$	13,291,560		$	—	$	219,189	$	13,510,749
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (f)
Futures Contracts	$	(1,092	)	$	—	$	—	$	(1,092	)
TOTAL	$	(1,092	)	$	—	$	—	$	(1,092	)

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

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

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI China A Inclusion Equity ETF (Continued)

November 30, 2021 (Unaudited)

The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

Balance at May 31, 2021	$	—
Purchases		11,568
Sales		(34,828	)
Realized gain (loss)		2,548
Change in unrealized gain (loss)		(13,563	)
Transfers into Level 3 (g)		253,464
Transfer out of Level 3 (g)		—
Balance at November 30, 2021		219,189
Change in unrealized gain (loss) related to investments still held at November 30, 2021		(13,563	)

(g) During the period ended November 30, 2021, the amount of transfers between Level 1 and Level 3 was $253,464. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.

Transfers between price levels are recognized at the beginning of the reporting period.

Quantitative Disclosure About Significant Unobservable Inputs

Asset Class	Fair Value at 11/30/2021		Valuation Technique	Unobservable Input
Foreign Stock	$	219,189	Market Approach	Last traded price

Qualitative Disclosure About Unobservable Inputs

Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading. A significant change between last traded price, and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement.

See Notes to Financial Statements. 35

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2021 (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	$	2,333,937,233		$	39,259,871			$	13,156,907		$	13,438,530
Investment in affiliated securities at value		—			—				12,802,457			—
Investment in DWS Government Money Market Series		—			—				27,759			72,219
Investment in DWS Government & Agency Securities Portfolio*		—			—				221,622			—
Cash		3,512,426			2,077				—			—
Foreign currency at value		13,446,021	†		85,884	†			18,615			—
Deposit with broker for futures contracts		—			—				2,970			3,960
Receivables:
Investment securities sold		—			—				304,599			29,146
Capital shares		15,573			—				—			—
Dividends		—			—				4,202			—
Interest		—			—				1			11
Securities lending income		—			—				539			—
Total assets	$	2,350,911,253		$	39,347,832			$	26,539,671		$	13,543,866
Liabilities
Due to foreign custodian	$	—		$	—			$	—		$	30,493
Payable upon return of securities loaned		—			—				221,622			—
Payables:
Investment securities purchased		—			16,649				292,996			—
Capital shares		9,631,158			—				—			—
Investment advisory fees		1,268,115			20,550				5,127			7,270
Variation margin on futures contracts		—			—				246			328
							��
Total liabilities		10,899,273			37,199				519,991			38,091
Net Assets, at value	$	2,340,011,980		$	39,310,633			$	26,019,680		$	13,505,775
Net Assets Consist of
Paid-in capital	$	1,877,228,974		$	46,301,934			$	35,253,553		$	11,682,132
Distributable earnings (loss)		462,783,006			(6,991,301	)			(9,233,873	)		1,823,643
Net Assets, at value	$	2,340,011,980		$	39,310,633			$	26,019,680		$	13,505,775
Number of Common Shares outstanding		60,800,001			950,001				650,001			450,001
Net Asset Value	$	38.49		$	41.38			$	40.03		$	30.01
Investment in non-affiliated securities at cost	$	1,597,496,125		$	29,346,410			$	13,208,120		$	8,414,685
Investment in affiliated securities at cost	$	—		$	—			$	10,237,749		$	—
Value of securities loaned	$	—		$	—			$	644,411		$	—
Investment in DWS Government Money Market Series at cost	$	—		$	—			$	27,759		$	72,219
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—			$	221,622		$	—
Non-cash collateral for securities on loan	$	—		$	—			$	442,387		$	—
Foreign currency at cost	$	13,395,404		$	84,497			$	18,626		$	(30,492	)

* Represents collateral on securities loaned.

† Included in foreign currency at value is $128,425 and $16,679 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

See Notes to Financial Statements. 36

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2021 (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 dividend income*	$	35,426,958		$	377,021		$	198,475		$	185,062
Income distributions from affiliated funds		—			—			3			23
Affiliated securities lending income		—			—			36			0
Unaffiliated securities lending income, net of borrower rebates		—			—			10,513			40
Total investment income		35,426,958			377,021			209,027			185,125
Expenses
Investment advisory fees		7,950,880			124,049			79,262			44,944
Other expenses		172			57			57			57
Total expenses		7,951,052			124,106			79,319			45,001
Less fees waived (see note 3):
Waiver		—			—			(43,653	)		(23	)
Net expenses		7,951,052			124,106			35,666			44,978
Net investment income (loss)		27,475,906			252,915			173,361			140,147
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(4,781,613	)		3,165,829			(740,269	)		168,429
Investments in affiliates		—			—			27,302			1,510
In-kind redemptions		—			—			133,530			—
In-kind redemptions in affiliates		—			—			576,672			—
Futures contracts		—			—			(20,815	)		(18,607	)
Foreign currency transactions		(727,995	)		1,169			(558	)		1,461
Net realized gain (loss)		(5,509,608	)		3,166,998			(24,138	)		152,793
Net change in unrealized appreciation (depreciation) on:
Investments		(251,342,919	)		(696,833	)		(3,859,472	)		(962,058	)
Investments in affiliates		—			—			(1,073,205	)		(2,012	)
Futures contracts		—			—			(889	)		926
Foreign currency translations		49,818			(465	)		(73	)		(10	)
Net change in unrealized appreciation (depreciation)		(251,293,101	)		(697,298	)		(4,933,639	)		(963,154	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(256,802,709	)		2,469,700			(4,957,777	)		(810,361	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(229,326,803	)	$	2,722,615		$	(4,784,416	)	$	(670,214	)
*   Unaffiliated foreign tax withheld	$	3,989,481		$	42,813		$	14,673		$	21,049

See Notes to Financial Statements. 37

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, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	27,475,906		$	17,436,230		$	252,915		$	129,615
Net realized gain (loss)		(5,509,608	)		(13,438,458	)		3,166,998			2,408,129
Net change in net unrealized appreciation (depreciation)		(251,293,101	)		738,559,351			(697,298	)		8,629,959
Net increase (decrease) in net assets resulting from operations		(229,326,803	)		742,557,123			2,722,615			11,167,703
Distributions to Shareholders		—			(21,126,939	)		—			(153,080	)
Fund Shares Transactions
Proceeds from shares sold		526,801,005			2,035,428,349			2,067,797			1,786,849
Value of shares redeemed		(672,451,268	)		(1,312,632,305	)		(5,755,969	)		(2,872,080	)
Net increase (decrease) in net assets resulting from fund share transactions		(145,650,263	)		722,796,044			(3,688,172	)		(1,085,231	)
Total net increase (decrease) in Net Assets		(374,977,066	)		1,444,226,228			(965,557	)		9,929,392
Net Assets
Beginning of period		2,714,989,046			1,270,762,818			40,276,190			30,346,798
End of period	$	2,340,011,980		$	2,714,989,046		$	39,310,633		$	40,276,190
Changes in Shares Outstanding
Shares outstanding, beginning of period		64,900,001			46,750,001			1,050,001			1,100,001
Shares sold		13,250,000			54,150,000			50,000			50,000
Shares redeemed		(17,350,000	)		(36,000,000	)		(150,000	)		(100,000	)
Shares outstanding, end of period		60,800,001			64,900,001			950,001			1,050,001

See Notes to Financial Statements. 38

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, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	173,361		$	305,332		$	140,147		$	95,035
Net realized gain (loss)		(24,138	)		(145,482	)		152,793			815,728
Net change in net unrealized appreciation (depreciation)		(4,933,639	)		8,357,826			(963,154	)		4,387,542
Net increase (decrease) in net assets resulting from operations		(4,784,416	)		8,517,676			(670,214	)		5,298,305
Distributions to Shareholders		—			(227,422	)		—			(106,403	)
Fund Shares Transactions
Proceeds from shares sold		—			9,229,394			—			1,666,468
Value of shares redeemed		(4,177,911	)		(2,131,579	)		(1,514,797	)		(5,154,277	)
Net increase (decrease) in net assets resulting from fund share transactions		(4,177,911	)		7,097,815			(1,514,797	)		(3,487,809	)
Total net increase (decrease) in Net Assets		(8,962,327	)		15,388,069			(2,185,011	)		1,704,093
Net Assets
Beginning of period		34,982,007			19,593,938			15,690,786			13,986,693
End of period	$	26,019,680		$	34,982,007		$	13,505,775		$	15,690,786
Changes in Shares Outstanding
Shares outstanding, beginning of period		750,001			600,001			500,001			700,001
Shares sold		—			200,000			—			50,000
Shares redeemed		(100,000	)		(50,000	)		(50,000	)		(250,000	)
Shares outstanding, end of period		650,001			750,001			450,001			500,001

See Notes to Financial Statements. 39

DBX ETF Trust

Financial Highlights

Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	41.83		$	27.18		$	26.27		$	29.56		$	25.84		$	23.74
Income (loss) from investment operations:
Net investment income (loss)(a)		0.44			0.30			0.29			0.22			0.25			0.30
Net realized and unrealized gain (loss)		(3.78	)		14.67			0.91	(b)		(3.22	)		3.73			1.97
Total from investment operations		(3.34	)		14.97			1.20			(3.00	)		3.98			2.27
Less distributions from:
Net investment income		—			(0.32	)		(0.29	)		—			(0.26	)		(0.17	)
Net realized gains		—			—			—			(0.29	)		—			—
Total distributions		—			(0.32	)		(0.29	)		(0.29	)		(0.26	)		(0.17	)
Net Asset Value, end of period	$	38.49		$	41.83		$	27.18		$	26.27		$	29.56		$	25.84
Total Return (%)		(7.98	)**		55.20			4.50			(10.02	)		15.38			9.62
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2,340			2,715			1,271			1,449			686			367
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.66			0.67
Ratio of net investment income (loss) (%)		2.25	*		0.79			1.05			0.87			0.82			1.24
Portfolio turnover rate (%)(c)		33	**		78			115			81			65			68
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	38.36		$	27.59		$	25.93		$	32.53		$	31.36		$	33.00
Income (loss) from investment operations:
Net investment income (loss)(a)		0.26			0.13			0.17			0.20			0.04			(0.03	)
Net realized and unrealized gain (loss)		2.76			10.79			1.65			(6.80	)		1.13			(1.61	)
Total from investment operations		3.02			10.92			1.82			(6.60	)		1.17			(1.64	)
Less distributions from:
Net investment income		—			(0.15	)		(0.16	)		—			—			—
Total distributions		—			(0.15	)		(0.16	)		—			—			—
Net Asset Value, end of period	$	41.38		$	38.36		$	27.59		$	25.93		$	32.53		$	31.36
Total Return (%)		7.87	**		39.64			7.02			(20.29	)		3.73			(4.97	)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		39			40			30			74			24			20
Ratio of expenses (%)		0.65	*		0.65			0.65			0.65			0.65			0.67
Ratio of net investment income (loss) (%)		1.33	*		0.37			0.63			0.74			0.10			(0.09	)
Portfolio turnover rate (%)(c)		25	**		34			48			16			29			51

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

(b) Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 40

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI All China Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	46.64		$	32.66		$	31.13		$	37.78		$	30.54		$	28.36
Income (loss) from investment operations:
Net investment income (loss)(a)		0.23			0.48			0.76			0.36			0.79			0.91
Net realized and unrealized gain (loss)		(6.84	)		13.85			2.21			(6.42	)		6.75			4.26
Total from investment operations		(6.61	)		14.33			2.97			(6.06	)		7.54			5.17
Less distributions from:
Net investment income		—			(0.35	)		(1.44	)		(0.59	)		(0.30	)		(2.99	)
Total distributions		—			(0.35	)		(1.44	)		(0.59	)		(0.30	)		(2.99	)
Net Asset Value, end of period	$	40.03		$	46.64		$	32.66		$	31.13		$	37.78		$	30.54
Total Return (%)(b)		(14.17	)**		43.94			9.35			(15.89	)		24.71			20.03
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		26			35			20			227			36			5
Ratio of expenses before fee waiver (%)(c)		0.50	*		0.50			0.50			0.50			0.60			0.60
Ratio of expenses after fee waiver (%)(c)		0.22	*		0.25			0.26			0.28			0.36			0.35
Ratio of net investment income (loss) (%)		1.09	*		1.10			2.27			1.07			2.10			3.10
Portfolio turnover rate (%)(d)		3	**		8			14			102			3			7
Xtrackers MSCI China A Inclusion Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
				2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	31.38		$	19.98		$	18.75		$	20.80		$	19.53		$	21.86
Income (loss) from investment operations:
Net investment income (loss)(a)		0.28			0.20			0.41			0.15			0.52			0.29
Net realized and unrealized gain (loss)		(1.65	)		11.44			1.19			(2.03	)		1.30			1.05
Total from investment operations		(1.37	)		11.64			1.60			(1.88	)		1.82			1.34
Less distributions from:
Net investment income		—			(0.24	)		(0.37	)		(0.17	)		(0.55	)		(2.82	)
Net realized gains		—			—			—			—			—			(0.85	)
Total distributions		—			(0.24	)		(0.37	)		(0.17	)		(0.55	)		(3.67	)
Net Asset Value, end of period	$	30.01		$	31.38		$	19.98		$	18.75		$	20.80		$	19.53
Total Return (%)(b)		(4.37	)**		58.37			8.49			(8.91	)		9.12			6.42	(e)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		14			16			14			83			2			3
Ratio of expenses before fee waiver (%)(c)		0.60	*		0.60			0.60			0.60			0.70			0.72
Ratio of expenses after fee waiver (%)(c)		0.60	*		0.60			0.60			0.60			0.05			0.05
Ratio of net investment income (loss) (%)		1.87	*		0.74			2.03			0.75			2.38			1.41
Portfolio turnover rate (%)(d)		10	**		33			27			180			3			6

(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 included these indirect fees and expenses.

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

(e) The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.41%.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 41

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

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

As of November 30, 2021, the Trust consists of thirty-five 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 track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

Fund	Underlying Index
Xtrackers 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. It is a modified free-float market capitalization weighted index 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 a rules-based, free-float adjusted market capitalization index comprised of equity securities that are 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, B-Shares, H-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.

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

42

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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.

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.

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

43

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; 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 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, 2021, the Funds did not incur any interest or penalties.

44

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

	Short-Term		Long-Term		Total Amount
Xtrackers Harvest CSI 300 China A-Shares ETF	$	90,874,516	$	88,372,243	$	179,246,759
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		14,207,936		5,251,103		19,459,039
Xtrackers MSCI All China Equity ETF		7,314,851		4,531,447		11,846,298
Xtrackers MSCI China A Inclusion Equity ETF		3,350,913		—		3,350,913

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, 2021, 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 MSCI China A Inclusion Equity ETF	$	9,410

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

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Harvest CSI 300 China A-Shares ETF	$	1,842,673,593	$	866,287,191	$	933,007,498	$	(66,720,307	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		30,740,431		9,421,665		11,670,470		(2,248,805	)
Xtrackers MSCI All China Equity ETF		28,950,002		7,253,489		8,003,840		(750,351	)
Xtrackers MSCI China A Inclusion Equity ETF		9,835,476		5,854,181		6,172,745		(318,564	)

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, 2021, 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 interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non People’s Republic of 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.

With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains

45

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, 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 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. 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 RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation 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    The Xtrackers MSCI All China Equity ETF and Xtrackers MSCI China A Inclusion Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2021, 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 (0.03% annualized effective rate as of November 30, 2021) 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.

46

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

As of November 30, 2021, 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, 2021
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI All China Equity ETF
Common Stocks	$	221,622	$	1,202	$	32,020	$	409,165	$	664,009
Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	664,009

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, 2021, 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, 2021 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, 2021 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 China Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	819
Xtrackers MSCI China A Inclusion Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	1,092

* 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.

47

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2021 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	$	(20,815	)
Xtrackers MSCI China A Inclusion Equity ETF		(18,607	)
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts— Equity Contracts
Xtrackers MSCI All China Equity ETF	$	(889	)
Xtrackers MSCI China A Inclusion Equity ETF		926

For the period ended November 30, 2021 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers MSCI All China Equity ETF	$	72,208
Xtrackers MSCI China A Inclusion Equity ETF		65,495

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	%

48

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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, 2022, 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, 2021, the Advisor waived $43,651 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 investments in affiliated funds. For the period ended November 30, 2021, the Advisor waived $8 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, 2021, the Advisor waived expenses of the Funds as follows:

	Expenses Waived
Xtrackers MSCI All China Equity ETF	$	2
Xtrackers MSCI China A Inclusion Equity ETF		15

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

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

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

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

4. Investment Portfolio Transactions

For the period ended November 30, 2021, 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	$	804,693,064	$	923,591,948
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		9,625,078		12,996,232
Xtrackers MSCI All China Equity ETF		829,498		2,437,463
Xtrackers MSCI China A Inclusion Equity ETF		1,442,374		2,832,107

For the period ended November 30, 2021, the cost of in-kind purchases and proceeds from in-kind sale were as follows:

	Purchases		Sales
Xtrackers MSCI All China Equity ETF		—	$	2,387,734

49

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

5. Fund Share Transactions

As of November 30, 2021, 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 activities of these shareholders could have a material impact on the Fund. As of November 30, 2021, Xtrackers MSCI All China Equity ETF held 84% 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 limitations; restrictions on foreign ownership which require US investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers; custody risks associated with investing through Stock Connect, an RQFII 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 US and other countries to restrict the ability of investors outside China to invest in Chinese issuers. In addition, in June 2021, President Biden issued an executive order (“CMIC Order”) prohibiting US persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company” (“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designed as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers 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

50

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

$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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2021.

9. Other — COVID-19 Pandemic

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

51

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.

52

DBX ETF Trust

Privacy Policy Notice (Unaudited)

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

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

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

Rev. 12/2021

53

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, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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 © 2022 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured  |  No Bank Guarantee  |  May Lose Value

DBX ETF Trust

Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong	Administrator, custodian, fund accounting agent, lending agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203	Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019

R-049076-6 (1/22) DBX005039 (1/23)

(b) Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.

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 3, 2022

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 3, 2022

By (Signature and Title)	/s/ Diane Kenneally
	Diane Kenneally
	Treasurer and Chief Financial Officer

Date February 3, 2022